Australian (ASX) Stock Market Forum

Gold Price - Where is it heading?

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eskys said:
But what is gold hinged on if not currency gg? I can't think the way you do. No other country or currency will take over USD. US and his buddies will rule for a long time to come
Click to expand...
I probably should have qualified my previous answer @eskys

Garpal Gumnut said:
It is all a joke.

It really is.

Forget about the currencies is what I do, and just concentrate on Gold. ( In $USD until the Chinese, Russians , Japanese, Bantu or some other mob take over )

gg
Click to expand...

I don't trade forex, I do change AUD in to USD and back again frequently as I have a cigar money stock only trading account with IG with which I trade both US and AU stocks. I've had it for 3-4 years and it is presently down about 2%. It has been as high as 25% positive. It's money I can afford to lose and great fun when I wake up in the middle of the night or see something on ASF that makes me go hmmmmmm.

So in a way I follow the AUD/USD and this is reflected in my Gold holdings in $AUD.

My pattern recently has been :

Buy Gold when Gold is down in $USD and sell when it marches past significant resistance in $USD, as in those $2000 bursts in recent times. ( I also sold some aussie Gold miners on those bursts, but only hold a US miner atm. )

My reasoning is that the difference in the forex is not as great as the gain in $AUD, nor is the fall in price of Gold in $AUD as great as in $USD when it falls.

Also in my real world ( not my cigar money world ) I use Gold as long term physical holdings (bar), and in my SMSF Stock Portfolio as an insurance policy against somebody like Cousin Putin starting a world war ( not that it is likely to happen ) and a crash occurring in the market.

Gold is not a get rich quick experience in my experience. It requires patience and an appetite for risk and loss in the short term.

I'm undecided what to do when Gold goes over $USD2000 next time, although my sentiment atm. is to hold as I believe it will go much further on the third attempt.

I agree that it will be a big mountain to climb to dislodge the $USD as the defacto reserve currency. I have in fact some notes in that currency stashed should Cousin Putin forget to take his medications some night.

gg
 
Garpal Gumnut said:
It is all a joke.

It really is.

Forget about the currencies is what I do, and just concentrate on Gold. ( In $USD until the Chinese, Russians , Japanese, Bantu or some other mob take over )

gg
Click to expand...
you are probably better of buying a good metal detector , and go for a slow walk alone the beach or any other places with loose soil/sand ( regularly )
 
Captain_Chaza said:
I have found that 2-3 year resistance tops are irrelevant
No one, as far as I know leaves their Sell orders on for 2-3 years and becomes a resistance
They have either died and the Heirs do what Heirs do
Or they have simply Sold over the years

Salute and Gods' speed
View attachment 151873
Click to expand...

You think this line is irrelevant?

1674173480199.png
 
Garpal Gumnut said:
I probably should have qualified my previous answer @eskys



I don't trade forex, I do change AUD in to USD and back again frequently as I have a cigar money stock only trading account with IG with which I trade both US and AU stocks. I've had it for 3-4 years and it is presently down about 2%. It has been as high as 25% positive. It's money I can afford to lose and great fun when I wake up in the middle of the night or see something on ASF that makes me go hmmmmmm.

So in a way I follow the AUD/USD and this is reflected in my Gold holdings in $AUD.

My pattern recently has been :

Buy Gold when Gold is down in $USD and sell when it marches past significant resistance in $USD, as in those $2000 bursts in recent times. ( I also sold some aussie Gold miners on those bursts, but only hold a US miner atm. )

My reasoning is that the difference in the forex is not as great as the gain in $AUD, nor is the fall in price of Gold in $AUD as great as in $USD when it falls.

Also in my real world ( not my cigar money world ) I use Gold as long term physical holdings (bar), and in my SMSF Stock Portfolio as an insurance policy against somebody like Cousin Putin starting a world war ( not that it is likely to happen ) and a crash occurring in the market.

Gold is not a get rich quick experience in my experience. It requires patience and an appetite for risk and loss in the short term.

I'm undecided what to do when Gold goes over $USD2000 next time, although my sentiment atm. is to hold as I believe it will go much further on the third attempt.

I agree that it will be a big mountain to climb to dislodge the $USD as the defacto reserve currency. I have in fact some notes in that currency stashed should Cousin Putin forget to take his medications some night.

gg
Click to expand...
Thank you for your reply, gg, and an insightful one at that.

I didn't trade gold for a very long time until last year, so a new comer to this metal in a way. Learning new things all the time......and what a better way to learn from someone like yourself with years of experience in this metal.

Agree that gold doesn't drop much in AUD (only noticed that recently and today. I forgot to check the price of gold in AUD yesterday or the day before) I told myself that I have to start following gold in AUD a few weeks ago but have since forgotten what I thought was a good idea.

POG went up last night and not all gold stocks went up as good as I had hoped.....mine is dragging her feet.....

Good luck with your trades, and have a great weekend, so glad it's the end of week..........rest well, gg, everyone.......
 
Almost a year ago POG broke above its pennant formation and got within a whisker of its 2020 high.
Then, like Russia at Kyiv's doorstep, it was subsequently decimated from March onwards.
Presently it's trading slightly above its 5 year trend and I have shaded a "purple patch" for it to run to.
That might not be too soon though, as it has to add another $155 to reach its former glory.
With many speculators burnt by crypto, gold is again looking like the safe haven it has always been.
As noted by @InsvestoBoy's earlier post, POG in AUD terms is also shining, so we just need that gloss to rub off on our miners.

1674262931348.png
 
www.afr.com

Give me that gold time religion

One concern that has long nagged at sophisticated crypto sceptics is that most of the negative things one could say about bitcoin can also be said about gold.
www.afr.com www.afr.com

… and yet Bitcoin has risen from 16K to 23K in the past nearly 2 months.

I was waiting for crypto capitulation but it seems there are still plenty who love the stuff.

I don’t get it.
 

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