Gold Price - Where is it heading?

[DaveTrade]

Good evening DaveTrade
Just sitting back watching the footy, Sea Eagles v Broncos. 50 077 people packed into Suncorp Stadium, great stuff. Sport is alive and well in Queensland.

If something is going to happen it will be on the weekend - Murphy's Law ... and cannot do a thing about it ... ):

Luv to know why your mate is suggesting that GDX could pull back to $30, of course anything is possible, who would know for sure... but, rcw1 don't think so, cannot foresee that happening anytime soon, Crystal Ball methodologies cloudy but positive ...

Have a very nice weekend.

Kind regards
rcw1

It all looks bullish to me at the moment but after getting a recommendation to go short tonight (put option) I thought that Murphy's Law might show a change after tonight's session just at the start of the weekend. The person that gave me the recommendation was someone that I purchased an options course from.

 

[frugal.rock]

Good one Dave.
Had expected $2020 as a given, but that was just the balcony it bounced off. ?

 

[Sean K]

It's been a wild three days.

Holding above $2K looks positive.

GLD failed at that top. JPM still in control perhaps. CBs continuing to buy truck loads might break them.

Once she breaks through, blue skies.

 

[DaveTrade]

Showing a different look at the gold market, a big picture look that shows how this market is resonating with the ninety period SMA. All three time zones show that the ninety period trend is up and this indicator is providing dynamic support and resistance for this market.

 

[divs4ever]

Too busy with the popcorn. ?

wow ! that is a BIG BAG of popcorn to do that to your thighs

 

[Garpal Gumnut]

JP Morgan are long Gold and Growth stocks from Friday's Bloomberg.

Bloomberg - Are you a robot?

Investors are likely to favor gold and technology stocks as those bets are expected to provide a buffer against the possibility of a US recession this year, according to strategists at JPMorgan Chase & Co.

The trade defined as “long duration” is expressed by being overweight on gold, growth stocks such as technology companies and currencies (short USD), strategists including Nikolaos Panigirtzoglou and Mika Inkinen wrote in a note, adding the bet is far from crowded in rates due to the highly inverted yield curve.

gg

 

[DaveTrade]

 

[DaveTrade]

 

[ducati916]

And the clues continue to mount:


In the very short term:



Because Tax receipts have collapsed:



The banking 'crisis' is not actually a banking crisis: it is yet another example of Treasury Market dysfunction. This is not going to go away particularly now that the TGA is or will be empty within a week or so and the Treasury will have to (again) issue CMBs. These are for days and possibly for weeks as opposed to 3 months and 1 month.

JPM is in pretty dire straits re. GLD custody. It is (apparently) fly-wheeling it out to the spot market trying to keep a lid on the leverage that it creates suppressing the futures price.

Bolivia has now (like Ghana) switched to a gold backed currency as it had run out of USTs and USD to buy energy, so it will use its local currency and settle in gold after shorting oil in the futures market.

Gold will likely remain volatile as the 'war' is being fought in the UST/Gold/USD markets.

*When I say gold, silver will shadow gold. Take your pick.

jog on
duc

 

[rcw1]

 

[rcw1]

so rudimentary of rcw1 ha ha ha ha ha ha
Hoping it will kick in and motor onto that barrier level (yeah) US $2043 and bounce .... and lev-it-ate .... ha ha ha ha ha See what it does then.

Have a very nice evening.
Kind regards
rcw1

 

[noirua]

Live gold price - http://www.kitconet.com/images/sp_en_8.gif

My guess is for US$2,300 by the end of July.

 

[Telamelo]

View attachment 156797

Live gold price - http://www.kitconet.com/images/sp_en_8.gif

My guess is for US$2,300 by the end of July.

Agree @noirua as likewise, am very bullish on Gold

 

[Sean K]

View attachment 156797

Live gold price - http://www.kitconet.com/images/sp_en_8.gif

My guess is for US$2,300 by the end of July.

My dart throw:

US $2700 by 24 December.

AUD $3990.

VEF $6,777,854,439.

 

[Sean K]

My dart throw:

US $2700 by 24 December.

AUD $3990.

VEF $6,777,854,439.

Putting USD and AUD into VEF made me think of a little trip I did in South America in 2008, From the Amazon to the Caribbean.

It's probably one of the toughest backpacking trips I've ever done, and I've been to war four times, so this was tough.

The reason I'm recounting this is that Venezuela has incredible natural beauty and natural resources, including gold. I stayed in a gold mining town called Santa Elena, just over the border from Brazil and it was like the wild west. Venezuelan's were filling up their cars for 10c a litre and driving over the border selling their petrol for $1.50.

An ounce of gold in Venezuela is now worth:

$6,777,854,439

I still have some $500K Bolivars in my overseas money stash. They are being used as toilet paper now.

 

[DannyB0000]

My dart throw:

US $2700 by 24 December.

AUD $3990.

VEF $6,777,854,439.

Could get there sooner if the debt ceiling debate drags on like it did in 2011. The US could start defaulting on its debt as early as June 1.

So far the republicans and the Democrats can't agree on spending cuts to support lifting their debt ceiling. the Democrats and the Republicans are playing a game of chicken to so see who blinks first.

Assuming there is a historic default in America, then all bets are off where Gold prices go

 

[Telamelo]

Could get there sooner if the debt ceiling debate drags on like it did in 2011. The US could start defaulting on its debt as early as June 1.

So far the republicans and the Democrats can't agree on spending cuts to support lifting their debt ceiling. the Democrats and the Republicans are playing a game of chicken to so see who blinks first.

Assuming there is a historic default in America, then all bets are off where Gold prices go View attachment 156811

Gold could be on the verge of a history-making breakout. Head of Commodity Strategy at Saxo Bank – Ole Hansen – sees gold potentially pushing past US$3,000/oz before the end of the year.

A credit crunch could be brewing in the US, there are around US$9 trillion of uninsured deposits - and almost half of 4,800 US banks have burned through their capital buffer and are running on negative equity.

Meanwhile, M&A activity is starting to become more prevalent in the market, as larger miners and developers seek to consolidate potentially undervalued gold projects.

Gold verging on a breakout to all time highs as portfolios seek shelter - News

Gold is continuing to trade above US$2,000/oz amid a looming credit crunch that is brewing in the US. Almost half of 4,800 US banks have burned through their capital buffer and are running on negative equity - while there are around US$9 trillion of uninsured deposits.

reachmarkets.com.au

 

[rcw1]

Gold could be on the verge of a history-making breakout. Head of Commodity Strategy at Saxo Bank – Ole Hansen – sees gold potentially pushing past US$3,000/oz before the end of the year.

A credit crunch could be brewing in the US, there are around US$9 trillion of uninsured deposits - and almost half of 4,800 US banks have burned through their capital buffer and are running on negative equity.

Meanwhile, M&A activity is starting to become more prevalent in the market, as larger miners and developers seek to consolidate potentially undervalued gold projects.

Gold verging on a breakout to all time highs as portfolios seek shelter - News

Gold is continuing to trade above US$2,000/oz amid a looming credit crunch that is brewing in the US. Almost half of 4,800 US banks have burned through their capital buffer and are running on negative equity - while there are around US$9 trillion of uninsured deposits.

reachmarkets.com.au

Good evening Telamelo
Found that article a most interesting read, thanks for that, especially, ... Falling head grades are ... with the average head grade of the world’s primary gold operations declining 7.5% from its 10-year peak." Moreover, "Central bank’s increased their net gold reserves by 1,136 tonnes worth US$70 billion in 2022 – the largest amount of any year in records going back to 1950. This trend continued into 2023 during the March quarter, as central banks bought a net 228 tonnes of the precious metal, the highest amount for the year-to-date period since they became net buyers in 2010. ..."

Most greedy of them and safe (pardon the pun) of them....


Kind regards
rcw1

 

[rcw1]

 

[Sean K]

Getting whiplash.

I think it's better watch a weekly or monthly chart.