Gold Price - Where is it heading?

[noirua]

 

[noirua]

 

[noirua]

SPROTT MONEY NEWS 30 October 2020: Https://www.sprottmoney.com/blog/Gold-and-Silver-Consolidate-Ahead-of-a-Long-Bull-Market-Weekly-Wrap-Up-October-30-2020

 

[noirua]

 

[peter2]

Where is the price of gold going? I'd have to say, down. Certainly over the past three months. The daily chart is unsettling. The weekly chart remains bullish in the longer term.

I'm thinking that money that would normally go to gold may be going into bitcoin.

Edit: Has ripple just doubled in the last few days?

 

[Trav.]

I don't normally track the price of gold, but I am intrigued by what is happening and the impact to gold stocks that in most cases have hedged their sales months ahead but are getting hit like they are selling for the spot price (terminology might be a little dodgy as I am still learning)

So it appears that the $1800 level is a key support level and I will be watching to see if Gold rebounds.

Holding EVN and NCM who are suffering like most oz goldine

 

[Trav.]

that in most cases have hedged their sales months ahead

Just to add to this I looked up EVN's hedge as per below and the current gold price is $2,463 AUD which is significantly higher than the $1,877 AUD hedged amount ( 275,000oz )



Their Australian mines produced approx 143,383oz last quarter so I am answering my own query here as EVN only hedged 25,000oz per quarter, so they are exposed to the market fluctuations more than I thought for the rest of the gold produce and in this case approx 118,383oz.

 

[frugal.rock]

Edit: Has ripple just doubled in the last few days?

More than doubled.

Insto's and sophisticates have decided they want a bit of crypto.
(JP Morgan etc)

I see it as:
if gold can hold at $1800 and crypto settles, all is ok for now, but if immediate trend continues, ie, gold down and crypto up, then things need to be rethunk.
Then theres oil to throw into the mix as well. A proper head bender.

 

[frugal.rock]

And just like that, an odd situation has emerged.
Gold stocks have come back today.
XGD up 2.7% and the largest positive indicie today.
Cryptocurrencies started getting dumped down last night and have continued that trend today.



The odd thing is, POG has been positive flat at a breath above $1800 while oil is up around 0.5%
and Aus bonds were down but the 1 year has closed at + 6.7% after being in negative territory.
I think the keyword is rotation...
I think we will see this run to safety push gold up again.
I think oil is about to tank again (back to $40), and I was going to sell Origin just before close today, but hoping the tide turns for that boat after open tomorrow...

Just assumptions from observations.

 

[frugal.rock]

Glad I didn't move to buy crypto....
Tanking big time.
How many people would have lost money again, or now become the new holders (investors lol) waiting for the next spike ?
POG up ~0.3% to $ 1812.6 US
Oil down 1.5%...
There will be a scramble tomorrow...

 

[finicky]

I don't understand it and I am not going to try. If something doesn't spark my interest I am not going to waste my limited time investigating it when I lack the aptitude anyway.

So from that lack of qualification I say, "might as well try to catch the wind". It's a Ponzi sceme for gen x, millennials and gen insane. Almost all people in my country town, I would venture, don't understand crypto, most people in Africa don't, but everyone everywhere would stoop for a 1/20th oz of gold and celebrate the find. Like Paul McCartney said, regarding I believe the offensive arriviste upstarts of Oasis, paraphrased, "It takes lot to become a real super group, good luck son"

I've seen comments that it's just as good as gold because the only value of gold is that someone else will buy it from you, it has neglible utility. Well a lot of knowledge skill and sweat goes into making gold and that is all captured in its refined substance. You might find a good coin in an attic or under the floor boards and be glad, there isnt any gladness in a unique code of 1s and 0s. Gold is for stupid people and there are a fkg lot of us. Anyway the crypto exchanges aren't even reliable, I can sell a gold oz on the local IGA notice board.
A hard hard time of zero bull**** is fast approaching and ethereum will be blasted to dust.

 

[sptrawler]

I have thought over my lifetime, gold is strong when uncertainty is high.

 

[peter2]

Transferring from gold-physical thread to this trading one. Physical holders are all bulls.

I'm comfortable looking for a long setup at this level 1750 - 1770. Price went through 200sma in Mar20 and rallied quickly. I'm hoping to see same thing at this level and will be looking for it on the 4hr chart.

Get into it and I'm holding for $200 - $300 move. It may take me a couple of attempts using only $10-$20 risk.

I was very tempted to buy into the BTC dip last week but very concerned by lack of security and won't hold a CFD for months.

 

[qldfrog]

Transferring from gold-physical thread to this trading one. Physical holders are all bulls.

I'm comfortable looking for a long setup at this level 1750 - 1770. Price went through 200sma in Mar20 and rallied quickly. I'm hoping to see same thing at this level and will be looking for it on the 4hr chart.

Get into it and I'm holding for $200 - $300 move. It may take me a couple of attempts using only $10-$20 risk.

I was very tempted to buy into the BTC dip last week but very concerned by lack of security and won't hold a CFD for months.

I kept gold and even increased exposure yesterday, but noted today (in the US) BTC up 4.5% whereas all others are in red from oil to gold and stocks

 

[explod]

Desperate times. Purchased more SVL yesterday, the capping should break down soon IMHO, of course timing is hard to decide, just have to hang on to what you feel is safe in the longer term.

TRADING ALERT: Bullion Banks Using Today’s Orchestrated Takedown In Gold To Cover Shorts | King World News

 

[sptrawler]

Desperate times. Purchased more SVL yesterday, the capping should break down soon IMHO, of course timing is hard to decide, just have to hang on to what you feel is safe in the longer term.

TRADING ALERT: Bullion Banks Using Today’s Orchestrated Takedown In Gold To Cover Shorts | King World News

If this issue with China goes pear shaped and ramps up, gold and silver may well be a safe haven for some currency hedging, the Aussie $ could get hammered in a major trade war with China.
Just my thoughts

 

[explod]

A considerable jump up in the gold price overnight. It has broken above the down trend line from it's high in August last year of near US$2100. Silver also rising well too. Uncertainty in the markets will drive this in my view.

So an interesting start to 2021.

Your SLV should do well today qldfrog

 

[peter2]

The gold price is now at a very interesting level. As you know I've been bullish gold for quite some time. I've taken some licks Aug - Nov20 but bought near the Nov low and still holding some of it. I may sell the remainder at this level and watch what happens to determine the next trade. It may be a short back down to 1890 or another long if price finds more demand here.

 

[rederob]

The gold price is now at a very interesting level. As you know I've been bullish gold for quite some time. I've taken some licks Aug - Nov20 but bought near the Nov low and still holding some of it. I may sell the remainder at this level and watch what happens to determine the next trade. It may be a short back down to 1890 or another long if price finds more demand here.

View attachment 117857

Gold was yesterday well into overbought territory and a correction was imminent. Below is is a continuation of the chart I posted elsewhere on November 30 which proposed where gold might head:
Some think the big dipper overnight was US election-based. POG was going to correct any day, and I rate it more as a coincidence.
We know Biden is going to raid Treasury to fund massive spending, so it could be a bit later than I proposed that POG is back over $2000. But the longer this drags out the happier I will be as the base to greater higher needs a solid foundation.

 

[frugal.rock]

I suspect money is rotating out of gold and into crypto?.

Crypto's have absolutely gone nuts, Bitcoin all time highs, Stellar tripling in a few days, ETH up over 100% also from a month or so ago etc.

Pick any crypto, it's behaved irrationally imo. (XRP Ripple not included, nuts anyway but setback by court case)

Any thoughts on this hypothesis @rederob
Cheers.