One may as well ask what is the use of a piece of plastic with pretty colours printed on it (that that has no *intrinsic value and you don't really truly own, by the way).What is the use of GOLD?
ie: What is it good for?
Ie; Why would anybody want it?
There are so many other things I Want in Life Much More Than Gold!
View attachment 142841
Indeed.On Wall St at Friday, 4pm: Dow -2.8%, S&P 500 -3.9%, Nasdaq -4.7%
Spot gold -2.3% to $US1828.45 an ounce
not much safety here though AUD -1.9% to 69.24 US cents, as well.
AUD Gold 2620+ nowAUD Gold still at a relatively healthy $2,637
Top summary gg! So let me get this straight, if the AUD exchange rate is down the POG goes up. Or if the AUD rate rises the POG goes down!As most have noted Gold has taken a hit in USD and is in profit for many in AUD who bought at a higher USD Gold price.
It is one of the anomalies of trading, the knee bone is attached to the thigh bone.
Or Go or Chess. Each move is a prelude to and determines another event.
It can be tiring or exciting.
I'll not be buying Gold today at this AUD/USD exchange rate. I'll either be holding or selling.
We are heading in to Hong Kong trading shortly so hopefully the British ( those that have not fled to Singapore ) and Chinese Gold traders will push it up on Chinese lockdowns and upcoming wedding and celebration days.
gg
Yes just treat gold/silver as a currency and store of value in itself, thats what i do. And i treat fiat as just a medium to buy stuff from the shops. Be your own bankTop summary gg! So let me get this straight, if the AUD exchange rate is down the POG goes up. Or if the AUD rate rises the POG goes down!
Yes, in my experience.Top summary gg! So let me get this straight, if the AUD exchange rate is down the POG goes up. Or if the AUD rate rises the POG goes down!
Trading economics can be a complex issue. Yet in the same sense, stay with the basics and not get lost in the moment as I always do! Figure it to be common sense (cents)Yes just treat gold/silver as a currency and store of value in itself, thats what i do. And i treat fiat as just a medium to buy stuff from the shops. Be your own bank
Yes, in my experience.
Always a risk though. If AUD/USD falls and Gold in USD rises = Great Profits
AUD/USD rises and Gold in USD falls = Great Losses
Problem is in Australia unless you trade Gold on overseas markets or derivatives or bar you only have a 6 hour window ( 8 hours in bar ) in which to make a decision. Which is probably not a bad thing as looking at it too much can cause too much anxiety or elation and lead to loss of sleep or put your heart rate up.
gg
If you buy gold or silver you are in actual fact in two trades. You are long the metal but you also in a currency trade, viz short AUD/USD.Yes, in my experience.
Always a risk though. If AUD/USD falls and Gold in USD rises = Great Profits
AUD/USD rises and Gold in USD falls = Great Losses
Problem is in Australia unless you trade Gold on overseas markets or derivatives or bar you only have a 6 hour window ( 8 hours in bar ) in which to make a decision. Which is probably not a bad thing as looking at it too much can cause too much anxiety or elation and lead to loss of sleep or put your heart rate up.
gg
hard to say? The price of the AUD insinuates the price of AUS Gold. I don't know the price of Australian Gold but I know the AUD is, going either way if not falling, but looks to be climbing in the long term as I speak. decreasing the POG in Australia. I also know that the XAU/USD has been climbing this morning and looks to decline. Good Question! Early Days?Gold is up at the moment. So what happens if gold goes up in USD and our dollar goes up too? Will gold go down or up? This is a genuine question because I'm very confused about how forex affects the gold price
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