Gold - Commodity or currency?

This is a discussion on Gold - Commodity or currency? within the Commodities forums, part of the Trading Choices category; Originally Posted by forker You know I had a feeling you'd be the first to reply. You going to be ...

View Poll Results: Gold - a commodity or currency?
It's a commodity 21 41.18%
It's a currency 23 45.10%
other 7 13.73%
Voters: 51. You may not vote on this poll

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Old Sep 23, 2011, 5:03pm   #345
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Default Re: Gold - Commodity or currency?
Quote:
Originally Posted by forker View Post
You know I had a feeling you'd be the first to reply. You going to be buying the rounds then!
Be my pleasure...

However, I was expecting a witty reply from NT - not you...
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Old Sep 23, 2011, 8:02pm   #346
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If in doubt trail out. Adjust Stop imo.

I have it perhaps testing 1450 if 1600-1650 doesn't hold.

I think it has to be tested - perhaps must even. Markets do not move in straight lines. This is amazing but I guess panick and fear can do that to a man...
May I ask did you take the short when you made this prediction (on August 8th) Atilla? If you did, you did well to hold on to it as the price surpassed $1900.
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Old Sep 24, 2011, 2:44am   #347
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May I ask did you take the short when you made this prediction (on August 8th) Atilla? If you did, you did well to hold on to it as the price surpassed $1900.
Original call was placed on another thread here http://www.trade2win.com/boards/meta...ml#post1661472

I was expecting another attempt at 2000 from the bulls before selling but could see gold making lower highs since August and 2000 being a round number pull back was pure statistical certainty. Absolute pie in the sky imho. Even more so when people start mentioning 3000

My original target at the start of the year was 1650 so we've well exceeded this. I'm still expecting 1450s to be tested but 1650 is likely to become support as it was resistance on the way up imo.
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Old Sep 24, 2011, 2:50am   #348
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Be my pleasure...

However, I was expecting a witty reply from NT - not you...
Good trade.
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Thanks! The post above is recommended by: Atilla
Old Sep 26, 2011, 8:04am   #349
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Default Re: Gold - Commodity or currency?
Quote:
Originally Posted by Atilla View Post
Original call was placed on another thread here http://www.trade2win.com/boards/meta...ml#post1661472

I was expecting another attempt at 2000 from the bulls before selling but could see gold making lower highs since August and 2000 being a round number pull back was pure statistical certainty. Absolute pie in the sky imho. Even more so when people start mentioning 3000

My original target at the start of the year was 1650 so we've well exceeded this. I'm still expecting 1450s to be tested but 1650 is likely to become support as it was resistance on the way up imo.

Oh right. Good call Atilla!

Looks like we might be sticking a temporary bottom in today. $100 rally since this morning.
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Old Sep 26, 2011, 8:42am   #350
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Oh right. Good call Atilla!

Looks like we might be sticking a temporary bottom in today. $100 rally since this morning.

Thought 1650 would see a bounce. Text book round number theory.

I still feel 1450 also likely to be tested. Euro fiasco may hold up the procession.

If Euro stabilises then test of 1450 is almost a certainty imho.
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Old Sep 26, 2011, 9:20am   #351
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Default Re: Gold - Commodity or currency?
Interesting times in the pm market!

Thought the markets would be more patient for QE3 but I was obviously wrong. I wasn't expecting it to be announced at this point but others must have been.

There's alot of fear. Very early this morning someone panic sold me £8k worth of Gold 10% below spot on an exchange Sold it 45 mins later at spot for 9% gain.
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Old Oct 30, 2011, 4:09pm   #352
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Gold is a form of wealth that cannot be printed or created. It can be mined, however that comes at a cost. The more that is mined, the harder it is to find more.

Since it cannot be created, the best of all traders frequently use it to settle debts or payments. I don't call that a currency. Technically it might be a commodity, however, that is vague and undescriptive.

Gold is a form of wealth. It is a form of value.

A currency might tie its value to the amount of gold on hand, however that can be dangerous because the central bank might hoard the gold and charge interest for use of the currency (usury).


All transactions are promises to deliver value and only living beings can make promises.

Example:
I promise you xxx.
You promise me yyy.

Delivered?

Yes/no

Transaction.
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