GOLD & SILVER - next move?

[TWI]

I think people will look at this gold price in months to come and wonder why they didn't get involved.
I see that some new ETC's launched on LSE yesterday and included Platinum and Palladium fudns that will hold physical to back investment. This is quite dangerous in PL and PA as there is so little produced anyway...could lead to extreme PGM moves.

 

[Atilla]

Or you could interpret it as rising interest rates being an acknowledgement of inflation and governments' preparedness to counter inflation even if it means unpopular increases in rates. So rates going up now may prevent inflation gettting out of hand later. Hence gold down. All of which is why I prefer to trade what I see rather than what I think! For the record, short some silver here, no position in gold.

ECB and the UK yes but not the US.

Driving factor for gold is the dollar and inflation in the US. I don't think the Sterling or Euro has much impact on gold.

You need to take a view on the Fed raising rates and the value of the Dollar? If you talk about governments' preparedness to tackle it and you have faith in the Fed and dollar that's cool.

Not sure what you mean by hence gold is down?

Gold = $687... on my ticker.

See what you trade not what you think. I'm with you on that one for sure.

 

[catracho]

Is gold a BUY here or are we in for a larger correction? Seems to have support at 670 then 667 a break below there targets 655 small long at these levels

 

[Jack o'Clubs]

Is gold a BUY here or are we in for a larger correction? Seems to have support at 670 then 667 a break below there targets 655 small long at these levels

feels lower to me. I've been adding to my silver shorts since my last post, and also added small gold shorts yesterday. I've been going on chart pattern rather than anything else, but may be of interest that gold's COT data supports short positions, commercials are increasingly net short and now not far from the level last seen in February when gold fell about $55

 

[TWI]

http://www.atimes.com/atimes/Global_Economy/ID24Dj01.html

More on the good old Oil Business. Real people of working for the greater good of only themselves.

 

[catracho]

feels lower to me. I've been adding to my silver shorts since my last post, and also added small gold shorts yesterday. I've been going on chart pattern rather than anything else, but may be of interest that gold's COT data supports short positions, commercials are increasingly net short and now not far from the level last seen in February when gold fell about $55

short now at these levels (686 cash)..a move above 695 would put me back to waiting
let's see what happens!

 

[Atilla]

short now at these levels (686 cash)..a move above 695 would put me back to waiting
let's see what happens!

I think Gold might go a little lower too.

Too much good news around at the moment.

Primary factors strength of dollar and geopolitical situations. As the latter has eased no need for gold to be so high up. Can't see any confrontation anywhere with Iran now. Peace talks in Korea going on too. I know this is a little off thread but there is a good joke at the end of the article... Sorry.

Also, the TA looks like a short to me. Long term still bullish without correction in US twin defecits but in short term a short looks kewl.

Will I participate. No. Got may hands full with the DOW and saving some for FX.

Good luck everyone.

 

[Atilla]

Did anybody get some today... I didn't and wish I did. Boo hoo hoo.

There is always tomorrow.

I think this is going all the way down to 650 and probably test 640 too.

I'm hoping to go short tomorrow. Expecting a back to BB and hopefuly a break out to the down side.

Good luck everyone.

 

[TWI]

Not being a keen shorter of precious metals I am well out and remain flat into the weekend. Will look to buy as soon as I see this dip is over. I think we could see a temporary deeper correction early next week but do not expect any sustained downside before the buyers come in.

 

[Jack o'Clubs]

Not being a keen shorter of precious metals I am well out and remain flat into the weekend. Will look to buy as soon as I see this dip is over. I think we could see a temporary deeper correction early next week but do not expect any sustained downside before the buyers come in.

I've been short gold and silver for a while, but to me palladium is looking like a clear buy here. Reluctant to be long PA while short the metals which tend to follow it, so will be flat gold and silver on the Sunday night open while setting up a buy stop order for June PA at $369.

 

[Atilla]

Russia scored a breakthrough on Saturday

http://www.atimes.com/atimes/Global_Economy/ID24Dj01.html

More on the good old Oil Business. Real people of working for the greater good of only themselves.

Here is an important development in energy supply as relating to the Caspian energy fields.

Russia scored a breakthrough Saturday in an intensifying rivalry between world powers for Central Asia's vast energy resources by securing a landmark pipeline deal.

 

[catracho]

NEM signalling a potential downmove in gold?

See attached chart..

Looks like NEM nearing support at 40 again...(obvious)...a break of 40 may be a fast move down to 35 (coincide with a general market correction? ) Keep eye on how it behaves at 40 level..a break may signal further weakness in gold (metal) price...

 

[SAHD72]

A Q for the goldbugs

Evening all

Excuse me butting into your thread but this seemed like the best place to post it I have a quick question for all you followers of the gold stuff.

I wish to buy some "physical" gold for my daughters birthday as a present (one she wont get to play with) something a little more interisting than her CTF and a bit of a change from shares, money, unitised funds etc etc.

After some searching on the net I have come across ATS and goldline as recognised dealers and suppliers of gold for investors to keep at home in small bar amounts. I wondered if anyone else had any experience of these providers or knew of any other reputable sources within the UK.

Many thanks in anticipation.

SAHD

 

[catracho]

I've used ATS bullion for purchases of Krugerrands, very easy. Did it over the phone, coins are delivered to you , insured until you sign for them. If you buy more than 5k in one go you have to provide ID (passport, address etc)..not always the case - but i guess HMG wants to know who owns it and where it is..normally I buy in less than 5k, and no more than 10k a year

 

[catracho]

Silver approaching buy level..

see chart (weekly)..

Silver may be a buy at 12.5..one concern is lower high...so keep eye on any rally off the 50 week moving average..a weak rally may be a sign to reverse and short (aggressive) or wait for break of same and retest (conservative)

 

[SAHD72]

catracho

Many thanks catracho, with something like this its nice to get some feedback other than what they post on their own site.

SAHD

 

[TWI]

Gonna be a hard gring with this dollar strength. I have some silver length but that is all right now. Will wait for a more definitive reversal before getting back involved in any size. I still see dips as buying opportunities the bullish view is unchanged.

 

[Atilla]

Gonna be a hard gring with this dollar strength. I have some silver length but that is all right now. Will wait for a more definitive reversal before getting back involved in any size. I still see dips as buying opportunities the bullish view is unchanged.

Hi everyone,

Reflecting on gold, I can't help thinking there is too much good news for it to go up and feel there is more down side. I'm going more on general gut instinct and vibes off the air if I may say so.

I know we are at a long time trend line since August 06 but I feel with the markets rising Dollar gaining some strength at the prospect of perhaps another interest rise or in response to the Yuan strengthening perhaps an improvement in BoP but these are likely to be short term few month or till end of year.

Also, Rice promoting Iranian art in Washington and speaking to the Iranians tells me the ice in relations is not thawing but perhaps warming up a little (no pun on GW)...

640-635 still will be the ultimate test as to whether gold will perk back up or perhaps even test 550 again which had been hinted before.

I think it all depends on the markets at the mo.
If the markets surge until June then gold will slide a little more.
If the markets sink after June then gold will probably bounce of 640 levels and go back up to 670 regions again.

I'm not in the market at the moment but will be looking to short if thought process above looks like unfolding. If it goes all wrong I'll watch and enjoy the view.


Finally decided to go short @ 663. SL @ 666

Expecting 653 regions in the next week or so.

 

[Atilla]

Hi everyone,

Reflecting on gold, I can't help thinking there is too much good news for it to go up and feel there is more down side. I'm going more on general gut instinct and vibes off the air if I may say so.

I know we are at a long time trend line since August 06 but I feel with the markets rising Dollar gaining some strength at the prospect of perhaps another interest rise or in response to the Yuan strengthening perhaps an improvement in BoP but these are likely to be short term few month or till end of year.

Also, Rice promoting Iranian art in Washington and speaking to the Iranians tells me the ice in relations is not thawing but perhaps warming up a little (no pun on GW)...

640-635 still will be the ultimate test as to whether gold will perk back up or perhaps even test 550 again which had been hinted before.

I think it all depends on the markets at the mo.
If the markets surge until June then gold will slide a little more.
If the markets sink after June then gold will probably bounce of 640 levels and go back up to 670 regions again.

I'm not in the market at the moment but will be looking to short if thought process above looks like unfolding. If it goes all wrong I'll watch and enjoy the view.


Finally decided to go short @ 663. SL @ 666

Expecting 653 regions in the next week or so.

Moving SL to 662. At least lock some profits in after that nice little $3 drop.

The falls don't seem to convincing though and I think it reflect indecision in the markets.

There is a very long strong trend line on the weekly charts since Aug 06.

We may well have a bounce of this line. Especially if the indeces and markets fall now that June and summertime are just round the corner.

This is a very brave short but got to stick with it. Still looking for lower 650 regions.

 

[Atilla]

Moving SL to 662. At least lock some profits in after that nice little $3 drop.

The falls don't seem to convincing though and I think it reflect indecision in the markets.

There is a very long strong trend line on the weekly charts since Aug 06.

We may well have a bounce of this line. Especially if the indeces and markets fall now that June and summertime are just round the corner.

This is a very brave short but got to stick with it. Still looking for lower 650 regions.

With GBPUSD rising so strongly and the trend line holding I've decided to close my short gold position @ 658.9. Better safe than sorry.

Really looking for gold to either bounce off it's trend line or fall through to 640-50 regions.

Time will tell.