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Wake up Goldbugs, Gold Skyrocketed overnight; Who would have thought...
Topic Started: 20 Jun 2014, 06:49 AM (22,003 Views)
Poontang
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With such a supposed great job number out of the USA, gold price should have been hammered last night.

It barely blinked...
There are some people who seem angry and continuously look for conflict.
Walk away, the battle they are fighting isn't with you, it's with themselves.

The first lesson of economics is scarcity: There is not enough of anything to satisfy all who want it.
The first lesson of politics is to disregard the first lesson of economics. ~ Thomas Sowell.

Who was the fool, who the wise man, who the beggar or the Emperor? Whether rich or poor, all are equal in death.
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GloomBoomDoom
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http://www.news.com.au/finance/markets/price-of-gold-set-to-rise-as-price-fixing-under-review/story-e6frfm30-1226980070217
MSE
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Count du Monet
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Poontang
4 Jul 2014, 10:25 AM
With such a supposed great job number out of the USA, gold price should have been hammered last night.

It barely blinked...
The thing to look at is interest rates. If these rise then gold is hammered.

As for minor swings the central banks of the world are dedicated to obscuring the symmetry between gold and interest rates.
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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miw
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Count du Monet
7 Jul 2014, 06:56 PM
The thing to look at is interest rates. If these rise then gold is hammered.

As for minor swings the central banks of the world are dedicated to obscuring the symmetry between gold and interest rates.
Gold has been holding up quite nicely the past week or two, despite the fact that bond yields have risen appreciably.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
AREPS™
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szokolay
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It would seem all the usual metrics and events that effect the price of gold no longer do?
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miw
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szokolay
7 Jul 2014, 08:37 PM
It would seem all the usual metrics and events that effect the price of gold no longer do?
Most of the "usual metrics" are pretty mythical.

If the "usual metrics" actually worked well, there would be a bunch of trading strategies based on the gold price (but not necessarily trading gold) that you could mechanise and make a mozza out of. But back-tested, they do not work very well because the patterns that people think they see are not actually there in reality.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
AREPS™
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Count du Monet
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szokolay
7 Jul 2014, 08:37 PM
It would seem all the usual metrics and events that effect the price of gold no longer do?
It's all been the usual metrics. Greenspan brought in the post 911 emergency rates of 1% and gold never looked back. The FED was told by the BIZ to raise rates and from the 2004 to 2006 they tried and failed. Big QE with the GFC and gold climbs against the USD.

In the 90's they could obscure it long term because they had gold to dis-hoard. These days the only tool they got is Comex which can obscure the short term.

Long term while Western currencies are devalued at around 5.5% pa, gold will simply rise to that.

And remember the last item in the Central Bank bag of tricks is to force the gold price up!
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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Admin
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Quote:
 
Banks could lose control of benchmark gold price fix

July 8, 2014 - 8:42AM
James Titcomb

Banks could lose sole responsibility for setting the gold price benchmark under new rules proposed by the industry.

Other parties such as miners and refiners may enter the London gold fix, which has been controlled by banks for almost a century but has come under scrutiny following allegations that the system is open to manipulation.

At a summit held by the World Gold Council (WGC) on Monday, regulators, banks and investors convened to discuss options for the fix, the gold price benchmark that influences trading in the precious metal.

The fix is currently decided twice a day by four banks – HSBC, Barclays, Scotiabank and Societe Generale – who reach a consensus based on submissions from each party.

However, it has been heavily scrutinised following scandals related to Libor, another key benchmark. Britain's Financial Conduct Authority (FCA) fined Barclays £26m earlier this year for failings related to the fix, and MPs were told last week that the market was possibly rigged.

Politicians on the UK's Treasury Select Committee called for the FCA to investigate manipulation of the fix, after its head of market infrastructure and policy, David Bailey, said that participants in it are potentially able to distort the benchmark.

Natalie Dempster, managing director for central banks and public policy at the WGC, said those involved in Monday’s negotiations agreed that other bodies were needed in the gold fix.

Read more: http://www.smh.com.au/business/markets/banks-could-lose-control-of-benchmark-gold-price-fix-20140708-zszmn.html
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Poontang
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Gold is up $15 tonight..... I have an incomplete order still open for more shares in an ASX listed Gold Miner.. May not get then all now, price will probably go up on the opening bell....
There are some people who seem angry and continuously look for conflict.
Walk away, the battle they are fighting isn't with you, it's with themselves.

The first lesson of economics is scarcity: There is not enough of anything to satisfy all who want it.
The first lesson of politics is to disregard the first lesson of economics. ~ Thomas Sowell.

Who was the fool, who the wise man, who the beggar or the Emperor? Whether rich or poor, all are equal in death.
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Poontang
10 Jul 2014, 11:15 PM
Gold is up $15 tonight..... I have an incomplete order still open for more shares in an ASX listed Gold Miner.. May not get then all now, price will probably go up on the opening bell....
No bulls posting gold graphs today .

http://www.smh.com.au/business/markets/gold-prices-soars-on-portugal-worries-india-duty-20140711-zt3q2.html
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