Silver and gold surged to 3 month highs with gold in Australia dollars picking up $50 in an overnight session. Word behind the scenes is that the unwind of synthetic hedge funds, which dominate pricing in PMs, is the major factor. Throughout 2012/2013 as gold CFD's were booming, Chinese demand for physical gold was soaring as the price plunged due to the forward hedging required in the CFD transactions which pressured gold swaps and futures lower and thus dominated pricing.
As CFD unwinds hit en masse these flows must unwind, covering hedges and ensuring the underlying gold is there. If it's not, it must be bought.
Shadow was hopelessly wrong about the Gold Bull Market. What else is he wrong about?
Silver and gold surged to 3 month highs with gold in Australia dollars picking up $50 in an overnight session. Word behind the scenes is that the unwind of synthetic hedge funds, which dominate pricing in PMs, is the major factor. Throughout 2012/2013 as gold CFD's were booming, Chinese demand for physical gold was soaring as the price plunged due to the forward hedging required in the CFD transactions which pressured gold swaps and futures lower and thus dominated pricing.
As CFD unwinds hit en masse these flows must unwind, covering hedges and ensuring the underlying gold is there. If it's not, it must be bought.
My new hobby just got more expensive.
Better get luckier with the detector (actually, it's not that simple - gold nuggets are generally of too high a purity for jewellery. Bloke at the club made up a ring with a nugget he'd found once, apparently it looked great but broke shortly after. Pure or near-pure stuff is too soft, that's why we have 9 and 18 carat gold.)
Better get luckier with the detector (actually, it's not that simple - gold nuggets are generally of too high a purity for jewellery. Bloke at the club made up a ring with a nugget he'd found once, apparently it looked great but broke shortly after. Pure or near-pure stuff is too soft, that's why we have 9 and 18 carat gold.)
stick to 925 Silver while you are learning Leftee. Have you made your first chain bracelet yet?
Any expressed market opinion is my own and is not to be taken as financial advice
stick to 925 Silver while you are learning Leftee. Have you made your first chain bracelet yet?
Not yet but the workshop was very interesting. Some of them were just casting the molten metal but other people were actually making stuff completely by hand by the looks. I'm focussing on lapidary work at present because the times suit me more than the silver/goldsmithing workshops but ultimately I want to learn it all.
I once spoke to an old bloke at the local show who was selling cut stones and jewellery. He remarked that he was just a pensioner but his hobby allowed him to sit back in his lounge chair chewing a chocolate biscuit rather than a sao. I liked the idea. By the time my body doesn't allow me to work hard anymore I will hopefully have built up the skills necessary to keep something going on the side (as long as my eyesight isn't too badly shot) and also just to give me something to do. Gemstones have long been in the family and I have two pending sapphire mining claims near Sapphire township so it's just the logical extension. Dad dug the things for over 40 years but always had someone else cut them and set them, I want to learn the full trade.
Not yet but the workshop was very interesting. Some of them were just casting the molten metal but other people were actually making stuff completely by hand by the looks. I'm focussing on lapidary work at present because the times suit me more than the silver/goldsmithing workshops but ultimately I want to learn it all.
I once spoke to an old bloke at the local show who was selling cut stones and jewellery. He remarked that he was just a pensioner but his hobby allowed him to sit back in his lounge chair chewing a chocolate biscuit rather than a sao. I liked the idea. By the time my body doesn't allow me to work hard anymore I will hopefully have built up the skills necessary to keep something going on the side (as long as my eyesight isn't too badly shot) and also just to give me something to do. Gemstones have long been in the family and I have two pending sapphire mining claims near Sapphire township so it's just the logical extension. Dad dug the things for over 40 years but always had someone else cut them and set them, I want to learn the full trade.
I'm sorry to hear that. I worked with a gem hound once - lovely guy but a hopeless case of rock-hunter-itis. He just couldn't stop digging stuff up hoping for the big one.
There is no known cure, it's terminal.
BTW what has happened to MB? The webpage is defaulting to previous days posts.
That's right, it cannot be cured - only suppressed by the missus It also tends to be hereditary, grandfather had it (there are still literally drumfulls of stuff he collected in dad's shed), dad was similarly afflicted and I have it as well. The gene seems to have skipped my brother though.
Dad in fact did find a fairly big one many years ago at his old claim. It went 155 carats.
It's been sitting in his collection for over 30 years, only work done was the windows - the smooth polished faces ground on the stone to allow better vision into it to determine the quality. Unfortunately, it's just a tad dark. There is material in it that would cut but the resulting stones would be very dark (with the exception of the small electric blue piece). He's decided to have it carved - a practice mostly carried out on the central QLD gemfield since it's one of a small number of places in the world that sapphires come large enough to carve.
I was shown a big one out there a while ago, about three-quarters the size of the one above. It is almost perfect - no cracks or flaws or rubbishy corundum in it. Light green in natural light, orange from another direction and pink in artificial light. He said I could have it for $150 000 - I wasn't financial enough Speaking to a cutter out there, he has seen it and says that the shape is almost ideal as well and that the cut stone could easily fetch $1 million.
If I dig long and hard enough, maybe lady luck will smile on me with a similar big find But then, accumulating a good supply of smaller ones is still well worth it.
Quote:
BTW what has happened to MB? The webpage is defaulting to previous days posts.
I kept getting error messages from it this morning. Still not working for me.
stick to 925 Silver while you are learning Leftee. Have you made your first chain bracelet yet?
Not posting today's gold graph for us Peter.
Last time it dropped one quarter of the value it rose last night , your were up posting a thread on if at 4 am in the morning.wenker
Perhaps he's still simmering over not seening this coming? But I'm sure he will be along in the months to come telling us about his big position in gold like last time.
That's an interesting link mmm though the paywall prevented me reading it. I'm thinking perhaps China Russia and the rest of the big economies have enough gold now to set up system beyond US control so let the price fly.
Mind you I have to admit I still believe this is around gold's natural price as measured for what it could buy over the last few thousand years. Then there is the 1933 experience, where governments re valued it 50% overnight so anything is on the cards.
No need to confiscate this time either because no on owns it except a few mad in the head goldbugs lol lol lol.
Shadow was hopelessly wrong about the Gold Bull Market. What else is he wrong about?
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