Where Is Gold Going In This Market

[Naam]

With all those supposed qualifications and credentials and bearing in mind he was the person who determined the strategy and policies armed with a slew of data? He must have understood the dynamics of globalisation at a very early stage and the downward effect on wages versus the effect on housing prices from cheap and readily available finance? If he didn't then he deserves to lose all those qualifications. For him to come out and say something so naive regarding the housing bubble as “It's a very unlikely possibility, we have never had a decline in house prices on a nationwide basis “ made him look totally dumb ( as well is a compulsive liar ) !

Midas,

aren't you forgetting something on which we both used to agree inspite of our different perspectives? was Bernanke free to determine and implement strategies and policies (that he made more than once dumb remarks is besides my point)?

[midas]

With all those supposed qualifications and credentials and bearing in mind he was the person who determined the strategy and policies armed with a slew of data? He must have understood the dynamics of globalisation at a very early stage and the downward effect on wages versus the effect on housing prices from cheap and readily available finance? If he didn't then he deserves to lose all those qualifications. For him to come out and say something so naive regarding the housing bubble as “It's a very unlikely possibility, we have never had a decline in house prices on a nationwide basis “ made him look totally dumb ( as well is a compulsive liar ) !

Midas,

aren't you forgetting something on which we both used to agree inspite of our different perspectives? was Bernanke free to determine and implement strategies and policies (that he made more than once dumb remarks is besides my point)?

I take your point

[binjalin]

I'm with jayman

peak and dive ready to climb after? cant see it breaking 1710 then slide to 1550 then 1800+ maybe

[manarak]

hope you're out of your shortie Keyzer, Gold is spiking today above 1700.

[Naam]

hope you're out of your shortie Keyzer, Gold is spiking today above 1700.

and Dollar is "spiking" down

[binjalin]

I'm 'out' if it spikes 1720 ish then back again in 6 months

[Jayman]

1716.71 is the 72 fibo from the Feb highs.. I will be watching that level next to see if it holds.

[manarak]

dam_n, I'm not in the market and I feel like I'll be missing the gold rally.

[binjalin]

1716.71 is the 72 fibo from the Feb highs.. I will be watching that level next to see if it holds.

when do you see it turning down? late next week?

[Jayman]

1716.71 is the 72 fibo from the Feb highs.. I will be watching that level next to see if it holds.

when do you see it turning down? late next week?

Quite honestly I'm much more short than long gold right now and will be happy whenever it decides to turn back down. Yesterdays ADP numbers were much better than expected and that is a good sign that the NFP numbers today will be good. They are expected to be bad (as they were yesterday) so if they print good that will really disappoint the QE3 crowd and we could easily see a retreat in gold.

1689.81 is the 61.8 fibo on that same Feb high so if we can get a close below that I will consider it a great sign. Of course as I write this I see gold is making a bit of a retreat (1692). Now Obama was given the NFP numbers yesterday and he is speaking at the DNC right now and Mr. Market is no idiot. All eyes will be on if he uses strong language that the job market is improving as if the numbers are good it will be a major boost to his campaign. In fact, that could be why we are seeing gold retrace right now.

Let me just make something clear about the 72 fibo level I previously mentioned. I will be watching for that level to contain the bull rally. If that breaks, then there is not much in the way to 1790.55 (yearly high). I'm betting we will get a move down before that level is tested but with the ecb announcing the bond purchases yesterday and so many hopes and dreams of QE3 it might be a bad bet. That being said, I think we need to test the lower trendline that preceded this rally before we set new all time highs.

edit: http://www.marketwatch.com/story/text-of-obamas-convention-speech-2012-09-06?siteid=rss&rss=1

there is the text to the speech Obama just gave. I haven't read it yet but by the looks of gold I'm thinking he tipped his hat to positive job numbers.

Edited September 7, 2012 by Jayman

[manarak]

ECB confirmed they will be buying every crap bond thrown at them.

[expat63]

Gold are going down for sure. Normally when the stock market is down, the gold price is going up. But not now. I know from gold mining here in Thailand. They said that next 12 month they need minimum 0.8 to 1 gram / ton stone to make profit. ½ a year ago they forecast only 0.4 gram/ton.

This manly due to that China don’t by the same amount anymore

Edited September 7, 2012 by expat63

[Jayman]

Gold are going down for sure. Normally when the stock market is down, the gold price is going up. But not now. I know from gold mining here in Thailand. They said that next 12 month they need minimum 0.8 to 1 gram / ton stone to make profit. ½ a year ago they forecast only 0.4 gram/ton.

This manly due to that China don’t by the same amount anymore

Yes but Russia is buying gold like it's going out of style... 1/2 a billion usd of gold a month according to the folks at WGC

http://www.marketwatch.com/story/why-is-putin-stockpiling-gold-2012-09-05

[expat63]

Gold are going down for sure. Normally when the stock market is down, the gold price is going up. But not now. I know from gold mining here in Thailand. They said that next 12 month they need minimum 0.8 to 1 gram / ton stone to make profit. ½ a year ago they forecast only 0.4 gram/ton.

This manly due to that China don’t by the same amount anymore

Yes but Russia is buying gold like it's going out of style... 1/2 a billion usd of gold a month according to the folks at WGC

http://www.marketwat...gold-2012-09-05

Sometimes read about the author - Brett Arends. He is te owner of smartmoney.com. What we say in my country: "seeding his own field"

[manarak]

I'm now posting FX and gold related trading infos/analysis here:

[Jayman]

guess my hopes that jobs numbers would print good were not fulfilled... gold going up up up.... 1730 now.

[mccw]

A federal judge has upheld a verdict that strips a Pennsylvania family of their grandfathers gold coins worth an estimated $80 million and has ordered ownership transferred to the US government.

Judge Legrome Davis of the Eastern District Court of Pennsylvania affirmed a 2011 jury decision that a box of 1933 Saint-Gaudens double eagle coins discovered by the family of Israel Switt, a deceased dealer and collector, is the property of the United States.

In the midst of the Great Depression, then-President Franklin Roosevelt ordered that Americas supply of double eagles manufactured at the Philadelphia Mint be destroyed and melted into gold bars. Of the 445,500 or so coins created, though, some managed to escape the kiln and ended up into the hands of collectors. In 2003, Switts family opened a safe deposit back that their grandfather kept, revealing 10 coins among that turned out to be among the worlds most valuable collectables in the currency realm today.

Switts descendants, the Langbords, thought the coins had been gifted to their grandfather years earlier by Mint cashier George McCann and took the coins to the Mint to have their authenticity verified, but the government quickly took hold of the items and refused to relinquish the find to the family. The Langbords responded with a lawsuit that ended last year in a victory for the feds.

Because the government ordered the destruction of their entire supply of coins decades earlier, the court found that Switts family was illegally in possession of the stash. Even though they may had been presented to the dealer by a Philadelphia Mint staffer, Judge Davis agrees with last years ruling that Mr. McCann broke the law.

"The coins in question were not lawfully removed from the United States Mint, the judge rules.

Despite this decision, though, the attorney representing Switts family says the government has no right to remove their own items and transfer property back to the state.

"This is a case that raises many novel legal questions, including the limits on the government's power to confiscate property. The Langbord family will be filing an appeal and looks forward to addressing these important issues before the 3rd Circuit," Barry Berke, an attorney for the Langbords, tells ABCNews.com

[Jayman]

A federal judge has upheld a verdict that strips a Pennsylvania family of their grandfathers gold coins worth an estimated $80 million and has ordered ownership transferred to the US government.

Judge Legrome Davis of the Eastern District Court of Pennsylvania affirmed a 2011 jury decision that a box of 1933 Saint-Gaudens double eagle coins discovered by the family of Israel Switt, a deceased dealer and collector, is the property of the United States.

In the midst of the Great Depression, then-President Franklin Roosevelt ordered that Americas supply of double eagles manufactured at the Philadelphia Mint be destroyed and melted into gold bars. Of the 445,500 or so coins created, though, some managed to escape the kiln and ended up into the hands of collectors. In 2003, Switts family opened a safe deposit back that their grandfather kept, revealing 10 coins among that turned out to be among the worlds most valuable collectables in the currency realm today.

Switts descendants, the Langbords, thought the coins had been gifted to their grandfather years earlier by Mint cashier George McCann and took the coins to the Mint to have their authenticity verified, but the government quickly took hold of the items and refused to relinquish the find to the family. The Langbords responded with a lawsuit that ended last year in a victory for the feds.

Because the government ordered the destruction of their entire supply of coins decades earlier, the court found that Switts family was illegally in possession of the stash. Even though they may had been presented to the dealer by a Philadelphia Mint staffer, Judge Davis agrees with last years ruling that Mr. McCann broke the law.

"The coins in question were not lawfully removed from the United States Mint, the judge rules.

Despite this decision, though, the attorney representing Switts family says the government has no right to remove their own items and transfer property back to the state.

"This is a case that raises many novel legal questions, including the limits on the government's power to confiscate property. The Langbord family will be filing an appeal and looks forward to addressing these important issues before the 3rd Circuit," Barry Berke, an attorney for the Langbords, tells ABCNews.com

This is quite old story actually that I had been following. The claim here is that this series of coins were all recalled and melted down back in the '30's. So they claim the guy that ended up with them stole them or at the very least received stolen goods from the US gov

Very hard to prove.. but they still managed to win and take back the coins.

[12DrinkMore]

This is quite old story actually that I had been following. The claim here is that this series of coins were all recalled and melted down back in the '30's. So they claim the guy that ended up with them stole them or at the very least received stolen goods from the US gov

Very hard to prove.. but they still managed to win and take back the coins.

Isn't there some Statute of Limitations over there in the Land of Freedom and Opportunity? Eighty years is a long long way back.

But I guess this will be the last case.

Anybody else with similar stuff will go and auction them in London, hmm, maybe not Uncle Sam has connections there, Europe, hmm maybe not, more connections there.

Private sales to known collectors is the way to go.

No tax and no FED on your back.

[binjalin]

guess my hopes that jobs numbers would print good were not fulfilled... gold going up up up.... 1730 now.

yes but will it continue and for how long? I still worry about the billions in cash companies have getting onto the market, raising shares and devaluing Au

[Jayman]

guess my hopes that jobs numbers would print good were not fulfilled... gold going up up up.... 1730 now.

yes but will it continue and for how long? I still worry about the billions in cash companies have getting onto the market, raising shares and devaluing Au

Is my personal opinion that we are not far from a major market event that will take the US equities market down. That will in turn pull gold down. After that major crash then I would hope to see gold not only recover but really explode. My physical gold holdings are as a hedge against that scenario. In the meantime I'm short on paper gold as I expect to see another large move down before the explosion. Of course, I don't have a crystal ball and might be completely wrong about all of this. The physical gold/silver I own I feel very comfortable with for the long term. The paper gold trades I have open are more a trade to make money and I could end up losing big on them. I know the paper gold trades are high risk but also high return potential. They also cause me stress on days when gold makes big moves up.

[binjalin]

guess my hopes that jobs numbers would print good were not fulfilled... gold going up up up.... 1730 now.

yes but will it continue and for how long? I still worry about the billions in cash companies have getting onto the market, raising shares and devaluing Au

Is my personal opinion that we are not far from a major market event that will take the US equities market down. That will in turn pull gold down. After that major crash then I would hope to see gold not only recover but really explode. My physical gold holdings are as a hedge against that scenario. In the meantime I'm short on paper gold as I expect to see another large move down before the explosion. Of course, I don't have a crystal ball and might be completely wrong about all of this. The physical gold/silver I own I feel very comfortable with for the long term. The paper gold trades I have open are more a trade to make money and I could end up losing big on them. I know the paper gold trades are high risk but also high return potential. They also cause me stress on days when gold makes big moves up.

yes I tend to agree and that's why i will sell very soon my Gold and Silver - and buy back later - but that could be a disastrous mistake of course

[Jayman]

guess my hopes that jobs numbers would print good were not fulfilled... gold going up up up.... 1730 now.

yes but will it continue and for how long? I still worry about the billions in cash companies have getting onto the market, raising shares and devaluing Au

Is my personal opinion that we are not far from a major market event that will take the US equities market down. That will in turn pull gold down. After that major crash then I would hope to see gold not only recover but really explode. My physical gold holdings are as a hedge against that scenario. In the meantime I'm short on paper gold as I expect to see another large move down before the explosion. Of course, I don't have a crystal ball and might be completely wrong about all of this. The physical gold/silver I own I feel very comfortable with for the long term. The paper gold trades I have open are more a trade to make money and I could end up losing big on them. I know the paper gold trades are high risk but also high return potential. They also cause me stress on days when gold makes big moves up.

yes I tend to agree and that's why i will sell very soon my Gold and Silver - and buy back later - but that could be a disastrous mistake of course

That is why I never sell physical gold/silver but rather paper gold. Selling physical with the hopes to buy it back later scares me.

[falkan]

up again today, maybe next month we see thai gold at ฿2700 then time to sell

[12DrinkMore]

up again today, maybe next month we see thai gold at ฿2700 then time to sell

If gold goes to ฿2700 then a large number of people will be feeling very ill indeed.

[falkan]

up again today, maybe next month we see thai gold at ฿2700 then time to sell

If gold goes to ฿2700 then a large number of people will be feeling very ill indeed.

why? ฿2600 before this month end is my guess..

[farang000999]

Finally some lifeblood. Let's hit 2000 by year end.

[Naam]

up again today, maybe next month we see thai gold at ฿2700 then time to sell

If gold goes to ฿2700 then a large number of people will be feeling very ill indeed.

...and curse their karma

[yoshiwara]

guess my hopes that jobs numbers would print good were not fulfilled... gold going up up up.... 1730 now.

yes but will it continue and for how long? I still worry about the billions in cash companies have getting onto the market, raising shares and devaluing Au

Is my personal opinion that we are not far from a major market event that will take the US equities market down. That will in turn pull gold down. After that major crash then I would hope to see gold not only recover but really explode. My physical gold holdings are as a hedge against that scenario. In the meantime I'm short on paper gold as I expect to see another large move down before the explosion. Of course, I don't have a crystal ball and might be completely wrong about all of this. The physical gold/silver I own I feel very comfortable with for the long term. The paper gold trades I have open are more a trade to make money and I could end up losing big on them. I know the paper gold trades are high risk but also high return potential. They also cause me stress on days when gold makes big moves up.

If you are going to talk as if you do, then you might as well have one.

[edgarfriendly]

I'm 'out' if it spikes 1720 ish then back again in 6 months

So you're now 'out' yes?

Gold are going down for sure. Normally when the stock market is down, the gold price is going up. But not now. I know from gold mining here in Thailand. They said that next 12 month they need minimum 0.8 to 1 gram / ton stone to make profit. ½ a year ago they forecast only 0.4 gram/ton.

This manly due to that China don’t by the same amount anymore

Really?

guess my hopes that jobs numbers would print good were not fulfilled... gold going up up up.... 1730 now.

1738 - 25,400 - 25,500 Its held up over the weekend, lets see how the goldshop loiterers do with their recurring scheme to sell it down so they can buy back in again the same day...

Edited September 10, 2012 by edgarfriendly