Where Is Gold Going In This Market

[churchill]

And I'll say it again, Gold is not meant to create wealth but rather preserve it. You don't buy gold as an investment hoping to make money, you buy gold in order to preserve the value of your wealth.

Spot Gold (NY Close): $1660.00 // +1.57 // +0.09%

Prices appear to be carving out a Falling Wedge bullish reversal chart formation, with a Harami candlestick pattern above support at 1638.84 reinforcing the likelihood of a bounce. Initial resistance lines up in the 1666.37-1677.05 area, with a break above that validating the Wedge setup and exposing resistance barriers at the 1700/oz figure as well as 1718.05.

If your first quote is true, why would you ever need to look at the ticker?

Because I trade paper gold for profit. But all the physical metal I own I am holding for preservation of value in my savings for the long run.

There is a huge difference between trading paper gold on margin and owning physical gold in your portfolio.

I'll be honest and say I haven't read all this thread but it's not clear to me which type of "gold" the OP refers to. I assume, since "gold" and "market" are both being used that we are not talking about buying physical gold for our ladies but probably more the trade able paper gold market.

I think it was started when gold was around $500 .. and there have been some bulls - Flying - all the way up and some thorns .. Naam .. all the way up and probably quite a few bears ... Lanna & others ..

Really just to judge the direction .. not weekly trade but a longer say monthly ++ view ..

I am trading stocks .. more silver than gold at this stage .. which have underperformed ..but I think better times are ahead..

one view ..

Gold and its miners look ready for a big move

http://screwtapefile...dy-for-big.html

and some charts for our resident expert to consider ..

The Silver 'Pennant'

http://screwtapefile...er-pennant.html

Edited March 19, 2012 by churchill

[Naam]

Greece solved , Euro OK ..

Feels.. Calm before the Storm ...

Greece is not solved Prime Minister. the patient is kept only alive by artificial means. let's see whether the Greek lesson will turn speculators away from Portugal and Spain. indirect quantitative easing by ECB is only a short term solution. "calm before the storm" is correct.

[Jayman]

I don't own many stocks but what I do own in mostly in gold/silver mining. I too very much think gold will be much higher in the long run. I feel very confident on converting paper income over to physical metals whenever I build up some savings. I find these dips to be great buying opportunities.

[churchill]

Greece solved , Euro OK ..

Feels.. Calm before the Storm ...

Greece is not solved Prime Minister. the patient is kept only alive by artificial means. let's see whether the Greek lesson will turn speculators away from Portugal and Spain. indirect quantitative easing by ECB is only a short term solution. "calm before the storm" is correct.

I was being sarcastic Naam ..

[Naam]

Greece solved , Euro OK ..

Feels.. Calm before the Storm ...

Greece is not solved Prime Minister. the patient is kept only alive by artificial means. let's see whether the Greek lesson will turn speculators away from Portugal and Spain. indirect quantitative easing by ECB is only a short term solution. "calm before the storm" is correct.

I was being sarcastic Naam ..

i don't like when people try to take my privileges away

[gogobar8]

Greece solved , Euro OK ..

Feels.. Calm before the Storm ...

Greece is not solved Prime Minister. the patient is kept only alive by artificial means. let's see whether the Greek lesson will turn speculators away from Portugal and Spain. indirect quantitative easing by ECB is only a short term solution. "calm before the storm" is correct.

I was being sarcastic Naam ..

i don't like when people try to take my privileges away

Nor does anybody else.

Gold, freedom of speech etc

You can't beat the system though.

[gogobar8]

He is a well rounded experienced investor that knows how

to pick the meat clean off the bone of any investment he makes.

little do you know Flying. if today i had all the dough which i lost with

various investments during the last 30 years i'd be able to finance the

campaign "Flying for president of the U.S. of A.!"

Well we could still give the campaign a try on what you have left?

I figure a couple of bumper stickers would be a good start?

I could attend all the debates with a tin foil hat & let them know what is what....

On 2nd thought maybe a nice grilled chicken stand in LOS?

Nothing wrong with a nice grilled chicken stand in LOS if you can pull it away at night with a Lexus 400.

PS. I know this thread is about trading futures and considerable wealth opportunity...Jayman put me straight.

Eternal debate about the haves and the have not's will continue long after we are gone.

To win you need to be armed to the hilt with the latest information and able to make calculated decisions quickly with little or no risk. Hedge Funds devour information (enabled by the silicon chip) like no other business.

If you are going to do a grilled chicken, do it well. If you can smile at the same time, everybody's happy.

[churchill]

WGC Accumulated Gold Demand: USA-China-India-BRICS

http://yfrog.com/h3rgpnp

[gogobar8]

WGC Accumulated Gold Demand: USA-China-India-BRICS

http://yfrog.com/h3rgpnp

Sounds like you are in denial Mr Churchill.

Plenty of wealth will no doubt make it easier to live with.

[gogobar8]

I don't own many stocks but what I do own in mostly in gold/silver mining. I too very much think gold will be much higher in the long run. I feel very confident on converting paper income over to physical metals whenever I build up some savings. I find these dips to be great buying opportunities.

And don't forget Jayman, there's some guy down a mine busting his a''' and hands getting the stuff to the surface.

Respect.

[mccw]

And we are talking just about Thai gold shop price?

[flying]

And we are talking just about Thai gold shop price?

No Gold is Gold ( for the most part once % is adjusted for) & all based on World spot price.

Thai gold shops do not create their own price

[Naam]

And we are talking just about Thai gold shop price?

No Gold is Gold ( for the most part once % is adjusted for) & all based on World spot price.

Thai gold shops do not create their own price...

...and adjust their prices several times daily according to the international spot price.

[Naam]

what say your cyclists Flying? it is advisable that i stock up some physical this week? and no... i am not drunk in the early morning and neither does Mrs Naam force me into it.

[flying]

what say your cyclists Flying? it is advisable that i stock up some physical this week? and no... i am not drunk in the early morning and neither does Mrs Naam force me into it.

Actually he has been saying the physical for the long out ( 3 years out) & the gold stocks for the short term. 3 months out

Understood though that he has a large physical holding & does not move it....but this latest advice he gives to folks asking what to

buy NOW

So actually he is also saying for those that have no physical now is a good entry

For those that have & want to invest for short term returns gold stocks are at a good place & relatively stronger now than

physical.

hmmmm 1818?

[edgarfriendly]

And we are talking just about Thai gold shop price?

No Gold is Gold ( for the most part once % is adjusted for) & all based on World spot price.

Thai gold shops do not create their own price...

...and adjust their prices several times daily according to the international spot price.

Yesterday I saw for the first time, 23950 at hua seng heng, while thongbai didn't go below 24000.

im aware of some smaller retailers adding a 100 or so to the rate especially around tourist areas...MBK for example.

ef

[Jayman]

Paper trading and manipulation in precious metals

http://www.tdvgoldentrader.com/blog/2012/3/19/paper-trading-and-manipulation-in-precious-metals.html

Also... there is definitely a difference between spot gold/silver price and what it costs to obtain physical gold/silver. Anyone that tells you they are the same is completely out of touch with the market.

The difference in price between spot and the actual cost of the metal in hand is called the premium. No one buys the physical metal without paying a premium. This included Thai baht gold from the gold shops.

[mccw]

The premium on physical has gotten huge from the uk bullion dealers. The spot price has dropped by say close to 20% where as the price of a 1oz coin has barely moved since the high times. Any speculation on why this is?

I'd guess it reflects actual demand on physical as opposed to manipulation of the paper / spot price.

Thai shop gold price is very nice to be regulated at just 100 over spot. And 400 for wearable items is a bargain. Look at fallang jewellery at 9 or 18 ct for crazy over price if by weight of actually metal content.

Thai gold shop is the best. Wish I was there right now to snap up some physical.

[edgarfriendly]

If what u say is true, and a baht if gold is displayed at 24000, what would be 'the premium'?

the 100 baht over the sell price?

or is it somehow incorporated into the 24000?

Or am i completely out of touch with the market?

ef

[Jayman]

If what u say is true, and a baht if gold is displayed at 24000, what would be 'the premium'?

the 100 baht over the sell price?

or is it somehow incorporated into the 24000?

Or am i completely out of touch with the market?

ef

you are completely out of touch

what grade of gold are you quoting? And what spot are you quoting? All on thai exchage or on london or COMEX? what do you call spot? What you see written on the window of Thai gold shop?

[Jayman]

If what u say is true, and a baht if gold is displayed at 24000, what would be 'the premium'?

the 100 baht over the sell price?

or is it somehow incorporated into the 24000?

Or am i completely out of touch with the market?

ef

If you see 24000 written on the window at thia gold shop then this the selling price (or buying price as they often write 2 numbers on window) this is NOT spot.

This is the price they are buying or selling at and the premium is priced in.

Also, that price is NOT for 100% pure gold or comex GFD gold. It is for thai based 96.5%

True spot is for pure gold.

Edited March 21, 2012 by Jayman

[Naam]

If what u say is true, and a baht if gold is displayed at 24000, what would be 'the premium'?

the 100 baht over the sell price?

or is it somehow incorporated into the 24000?

Or am i completely out of touch with the market?

ef

there is a premium to pay which is above the usual THB 100 per Baht weight to pay when you buy small units, e.g. one and two-baht biscuits. this premium is normally up to a certain extent negotiable and depends on the quantity you buy.

unfortunately (i have been told) you are not paid any premium when selling small units.

[Jayman]

If what u say is true, and a baht if gold is displayed at 24000, what would be 'the premium'?

the 100 baht over the sell price?

or is it somehow incorporated into the 24000?

Or am i completely out of touch with the market?

ef

there is a premium to pay which is above the usual THB 100 per Baht weight to pay when you buy small units, e.g. one and two-baht biscuits. this premium is normally up to a certain extent negotiable and depends on the quantity you buy.

unfortunately (i have been told) you are not paid any premium when selling small units.

If we are talking about thai gold shops and the prices on the windows then lets be clear that the price on window is NOT spot. It is the prices that the gold shop is basing it's selling/buying prices on. Some of the higher end shops will sell you gold bars for that price.. others will charge you 1-200 thb per baht over that price for gold bars. Nearly all gold shops will charge you a premium on top of the window price for jewelry and that premium is based off of the deign you are buying.

Of course when you sell back jewelry to the gold shop you won't get any premium. In fact you won't even get the rate they have on the window. You will be offered less. The gold shop has to sell the gold back to get melted and processed. The cost is taken away from when you receive.

If you are buying gold from Thai shops and want the lowest premium for the best buy/sell prices then you buy gold bars (tong taeng). I would NOT buy them from any old shop as the purity might not be what they say. Either buy from Seng Heng in BKK or Arora is a reputable dealer that will sell you bars they affirm to being on the money. They will also buy their own bars back for only a small price under the window price.

Edited March 21, 2012 by Jayman

[edgarfriendly]

i didnt call anything spot.

i asked four questions.

Now i'm out of touch.

[Naam]

i didnt call anything spot.

i asked four questions.

Now i'm out of touch.

i answered your questions Edgar. what is still unclear?

[metisdead]

A comment on moderation has been removed as well as an off topic post.

[mccw]

I just saw George Osborn boast how Britons gold reserves are now worth 11billion Great British Pounds; followed by a cuss of labour for selling 400 tons for only 2bn which now apparently would of been worth 6 times that.

So they didn't sell all our gold, just about half of it, or has the government been quietly buying more? You rarely hear anything as a matter of policy about it.

[churchill]

GOLD RESERVES

"We are also taking the opportunity to rebuild Britain's reserves, which had fallen to historically low levels. I can confirm our gold holdings have risen in value to 11 billion pounds."

http://uk.reuters.com/article/2012/03/21/uk-budget-statement-highlights-idUKLNE82K02J20120321

[Jayman]

I just saw George Osborn boast how Britons gold reserves are now worth 11billion Great British Pounds; followed by a cuss of labour for selling 400 tons for only 2bn which now apparently would of been worth 6 times that.

So they didn't sell all our gold, just about half of it, or has the government been quietly buying more? You rarely hear anything as a matter of policy about it.

UK Has No Plans To Increase Gold Reserves

By Adam Button || March 21, 2012 at 13:58 GMT

|| 0 comments || Add comment

The UK Treasury is clarifying Osborne’s comments, which hinted at gold buying.

Next, we wait for verdicts from the ratings agencies but it’s hard to imagine there will be any quibbles.

[Jayman]

http://www.nysun.com...anke-101/87752/

Bernanke 101

Editorial of The New York Sun | March 21, 2012 Print Send Comment

Chairman Bernanke’s decision to use the first of his four lectures at George Washington University to attack the gold standard certainly puts the hay down where us mules can get to it. “Ben Bernanke’s first lesson on economics: Forget about the gold standard,” is how Politico led its story. The Fed chairman used a series of slides to guide his remarks to a bright looking group of students. The “strength of a gold standard is its greatest weakness too,” one slide said. “Because the money supply is determined by the supply of gold, it cannot be adjusted in response to changing economic conditions.” Mr. Bernanke insisted he understands “the impulse” behind the gold standard, “but I think if you look at actual history the gold standard didn’t work well.”

http://uk.news.yahoo.com/treasury-says-no-plans-add-gold-holdings-141420463.html

Treasury says no plans to add to gold holdings

Reuters – 1 hour 15 minutes ago

LONDON (Reuters) - The Treasury said on Wednesday there were no plans to add to gold reserves, after Chancellor George Osborne said in a presentation of the budget that he would take the opportunity to rebuild the country's reserves.

Edited March 21, 2012 by Jayman