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Wake up Goldbugs, Gold Skyrocketed overnight; Who would have thought...
Topic Started: 20 Jun 2014, 06:49 AM (22,008 Views)
goldbug
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Shadow
21 Jun 2014, 11:43 AM
LOL, you're like a funny little clown, sent here to amuse me
No shadow, I'm here to point out the fact that your calls on gold were wrong. And I see you are in damage control mode now, posting up another thread to try lambasting gold. I must have really gotten to you this time :lol :lol
Frank Castle
21 Jun 2014, 12:29 PM
apex
21 Jun 2014, 12:15 PM
doubleview
21 Jun 2014, 11:00 AM
Haha Lol alright! wtf is this!

Is a bit like Frank who keeps on saying he has people on ignore and then keeps responding.
You're a fken imbecile
I see the shit you dumb monkeys say when people quote it and on occasion, I respond.
He's never far behind shadow but I see he's now the new mascot since timmy has run away.
Edited by goldbug, 21 Jun 2014, 12:37 PM.
Shadow was hopelessly wrong about the Gold Bull Market.
What else is he wrong about?
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peter fraser
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Quote:
 
Few Predicted Gold’s Rally, Few Believe It’ll Last
By Ira Iosebashvili and Tatyana Shumsky
LINK
It’s hard to find anyone who believes the recent gold rally will last much longer. Even so, the rally still deserves some respect.

“We’re not convinced that gold’s recent rally has further longevity,” UBS says.

“Current price levels present a selling opportunity,” Barclays says.

“We are unlikely to see prices propel much above $1,330 an ounce,” TD Bank says.

Indeed, many believe Thursday’s 3.3% rally—the largest in nine months—was sparked by a combination of massive short-positioning, tensions in Iraq and the Fed brushing off signs of inflation. Many are recommending investors take profit.

Then again, at the beginning of the month, few saw a $75-plus rally coming, so investors may want to take any talk of gold’s downside with a grain of salt. And market data show that new buyers have also flocked to gold in recent days.

Comex open interest, a measure of futures contracts left open overnight, rose 1.6% by the end of business Thursday to 387,266 contracts. If bears were simply closing out their bets and leaving the market, that measure would have fallen.


Any expressed market opinion is my own and is not to be taken as financial advice
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Curious Non-Economist
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peter fraser
22 Jun 2014, 11:26 PM
“Current price levels present a selling opportunity,” Barclays says.


Ooohhhh, Barclays. Well, there is a dis-interested third party. Not like they were party to gold price fixing.
Edited by Curious Non-Economist, 23 Jun 2014, 12:04 AM.
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peter fraser
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Curious Non-Economist
23 Jun 2014, 12:03 AM


Ooohhhh, Barclays. Well, there is a dis-interested third party. Not like they were party to gold price fixing.
maybe, maybe not - doesn't mean that it doesn't present a selling opportunity.
Any expressed market opinion is my own and is not to be taken as financial advice
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szokolay
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Yes it could well be a selling opportunity, though the advice of the large commercial banks to sell would seem a contrary indicator. They have a track record of calls urging investors to go long at the top and short at the bottom. The exact opposite of what makes money.
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Curious Non-Economist
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peter fraser
23 Jun 2014, 12:26 AM
maybe, maybe not - doesn't mean that it doesn't present a selling opportunity.
When you sell, you generate a tax event, profit or loss. So for the individual investor, the opportunity is not always so clear cut. In the Western world, you buy and sell at the paper price. In most of Asia, the price for physical delivery has already de-coupled from the paper price, so it is largely irrelevant anyway.

szokolay
23 Jun 2014, 01:07 AM
Yes it could well be a selling opportunity, though the advice of the large commercial banks to sell would seem a contrary indicator. They have a track record of calls urging investors to go long at the top and short at the bottom. The exact opposite of what makes money.
Yes, an investment bank makes recommendations that are strangely the inverse of the positions of their prop-trading desk.
Edited by Curious Non-Economist, 23 Jun 2014, 09:18 PM.
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peter fraser
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Curious Non-Economist
23 Jun 2014, 09:16 PM
When you sell, you generate a tax event, profit or loss. So for the individual investor, the opportunity is not always so clear cut. In the Western world, you buy and sell at the paper price. In most of Asia, the price for physical delivery has already de-coupled from the paper price, so it is largely irrelevant anyway.
Your answer really doesn't add anything. We are not in Asia and we always have choices to make on selling or not selling for tax reasons, but when prices rise it usually does represent an opportunity to take a profit or minimise a loss.
Any expressed market opinion is my own and is not to be taken as financial advice
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Catweasel
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Catweasel say a Japanese the gold apparently a most a pure in a world.

Isn't is a amazing?

Catweasel would like its little ones to stroke its imagine for a few the minutes.

http://www.japantimes.co.jp/community/2001/10/28/general/kyushus-hoard-of-the-purest-gold/#.U6g275SSySo
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Admin
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Quote:
 
Gold extends two-month high

Gold prices have extended their two-month high as sustained worries about instability in the Middle East and dovish remarks from England's central bank prompt investors to buy the precious metal.

Gold for August delivery, the most active contract, on Tuesday rose $US2.90, or 0.2 per cent, to settle at $US1,321.30 a troy ounce on the Comex division of the New York Mercantile Exchange. This was gold's highest settlement since April 14, when prices closed at $US1,327.50 an ounce.

Gold futures have moved higher in recent weeks, as a violent conflict in Iraq spurred investor appetite for the haven asset. Some investors view gold as a safer bet than Treasury bonds and other assets during periods of geopolitical unrest.

Yesterday, al Qaeda-linked Islamist militants took complete control of Iraq's largest oil refinery, dealing a blow to the Iraqi government's efforts to protect crucial infrastructure vital to the country's economy.

More than 1,000 people were killed in Iraq between June 5 and June 22, as Islamist insurgents captured large swaths of the country's north and west, a spokesman for the United Nations human-rights office said.

"The world's gotten a lot scarier lately," Charles Nedoss, a senior market strategist with LaSalle Futures, a brokerage in Chicago, said.

A more dovish stance from the Bank of England also gave gold prices a boost.

BOE Governor Mark Carney said that the UK's first interest rate increase since 2009 would depend on the economy, signalling that rates could remain low for longer.

Mr Carney said subdued wage growth points to spare capacity in the economy that should be used up before monetary policy is tightened.

"Investors were caught off guard to hear what sounded like dovish sentiment suggesting that Britain's labour market has more slack than anticipated which may delay stimulus exit," traders at TD Securities said in a note.

The more dovish stance burnished gold's allure as a store of value. Some investors buy gold to hedge against the impact of accommodative monetary policy and as a currency alternative, because the precious metal's value isn't linked to a particular government or country.

In other markets, silver prices followed gold higher. Silver for July delivery, the most active contract, rose US12.7 cents, or 0.6 per cent, to settle at $US21.043 a troy ounce on the Comex. This was silver's highest settlement since March 17, when prices closed at $US21.275 an ounce.

Read more: http://www.businessspectator.com.au/news/2014/6/25/commodities/gold-extends-two-month-high
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peter fraser
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Gold Euphoria Won’t Last With Yellen’s Rally Fading
By Debarati Roy, Nicholas Larkin and Fareeha Ali Jun 25, 2014

Bloomberg's Julie Hyman, Greg Bender and Bob Iaccino, chief market strategist at Tethy’s Partners, put gold futures in focus. They speak in "On The Markets" on "In The Loop."
LINK

After the biggest gold slump in three decades left investors heartbroken, they’re following Taylor Swift’s advice and never, ever getting back together.

Janet Yellen, the one person able to make the lovers reconcile, did her best. Prices surged the most since September the day after the Fed chair signaled last week that low interest rates are here to stay. Traders and analysts surveyed by Bloomberg News aren’t expecting the euphoria to last. Volatility in futures is near a four-year low, at a time when trading volumes and open interest in Comex contracts are waning.

Prices will average $1,250 an ounce next quarter, about 5 percent less than now, according to the median of 15 estimates. The analysts were surveyed before and after the Fed’s June 18 outlook, and the forecast was unchanged. Even after a 28 percent plunge in 2013, the bears are emboldened by this year’s records in equity markets, and gold assets in exchange-traded products have shrunk to the smallest since 2009.

“The surge in gold can’t sustain itself,” Donald Selkin, who helps manage about $3 billion of assets as chief market strategist at National Securities Corp. in New York, said June 20. “It was a temporary spike because of a confluence of events: Iraq and Yellen. People will be looking at other areas for excitement. Holdings are down, so people are leaving gold in search of something better.”

Price Outlook

Gold for immediate delivery rose 9.8 percent to $1,319.52 an ounce in London this year, according to Bloomberg generic pricing. Bullion advanced on demand for haven assets as fighting erupted in Ukraine and Iraq.

Prices have slumped from a record $1,921.17 reached in September 2011. The Standard & Poor’s GSCI gauge of 24 commodities gained 5.5 percent since the end of December, while the MSCI All-Country World Index of equities rose 4.9 percent. The Bloomberg U.S. Treasury Bond Index added 2.7 percent.

The median of 15 analyst and trader estimates compiled by Bloomberg by June 18 showed gold will average $1,240 in the fourth quarter and $1,300 in the first three months of next year. By June 20, they were predicting $1,225 and $1,270 for the periods, not swayed by Yellen’s outlook for low borrowing costs and echoing the sentiment of Swift’s Grammy-nominated pop hit, “We Are Never Ever Getting Back Together.”

“You’ve had a bit of safe-haven demand and a bit of inflation-hedge demand,” Georgette Boele, a precious-metals analyst at ABN Amro Group NV in Amsterdam, said June 20. “The view doesn’t change on gold, because this is temporary. The other drivers have not changed.”

Volume Drops

Daily London trading volumes that averaged about 18.3 million ounces for the four months through April were about 16 percent less than a year earlier, and the least for the period since 2010, according to the London Bullion Market Association.

Open interest, or the aggregate number of Comex futures contracts yet to be closed, liquidated or delivered, was at the lowest since May 2009 in April. Average daily volumes this year are about 24 percent lower than in 2013 and 60-day historical volatility fell on June 17 to the lowest since October 2010.

While the Fed said June 18 it sees interest rates staying low after it ends bond buying, the bank trimmed purchases for a fifth consecutive meeting, to $35 billion. Rising home and equity prices and an improving global economy should help stoke above-trend growth in the U.S., Yellen told reporters that day. Bullion jumped 70 percent from December 2008 to June 2011 as the central bank bought debt.

Geopolitical Risk

Investors sold 49.9 metric tons from gold-backed ETPs this year, compared with a record 869.1 tons that wiped more than $73 billion off their value in 2013.

Geopolitical concerns will support prices, said Jim Russell, who helps oversee $120 billion as a senior equity-strategist for U.S. Bank Wealth Management in Cincinnati. Bullion reached a six-month high in March as Russia annexed the Crimean peninsula. U.S. Secretary of State John Kerry said in Baghdad yesterday that President Barack Obama is gathering the information he’d need if he decides to order airstrikes to counter the advance of Sunni militants in Iraq.

“I am confident in gold because Yellen put to rest concerns about interest rates rising,” Adrian Day, president of Adrian Day Asset Management in Annapolis, Maryland, said yesterday. “History tells us that the geopolitical situation gives gold short-term boosts. If we see dramatic changes in Iraq, then there will be bigger changes in the price of gold.”

Mint Sales

American buying is slowing. Sales of American Eagle gold coins by the U.S. Mint totaled 252,500 ounces this year, 60 percent less than in the first six months of last year and the lowest for the period since 2008, data on its website show.

Holdings in global ETPs fell to 1,712.9 tons on June 20, the lowest since October 2009, data compiled by Bloomberg show. The selling compares with average annual purchases of 291 tons in the nine years through 2012. Hedge funds are holding a net-long position of 66,572 futures and options contracts, U.S. government data show. That’s down 52 percent since this year’s peak in March.

“People are not focusing on gold,” John Toohey, the San Antonio, Texas-based vice president of equity investments at USAA Investments, which manages about $62 billion of assets in mutual funds, said June 19. “Barring temporary events like Ukraine or Iraq we don’t see any long-term fundamental reasons out there that could push gold higher.”
Any expressed market opinion is my own and is not to be taken as financial advice
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