Gold at another new record high. Ho. Hum.

[nickndfl]

The USD Index is actually strengthening which means momentum is very strong. I am waiting for a pullback, but who knows where it will happen.

 

[Casey Jones]

The USD Index is actually strengthening which means momentum is very strong. I am waiting for a pullback, but who knows where it will happen.

A Chinese guy, Eric something, was on Luongo's podcast, talking about the Chinese love of gold - and their psychology. Among other traits, he says the Chinese buy to hold. They don't think of it as investment; they think of it as money in the sock.

But he says the average Chinese saver-investors are excited by sudden moves - and neat round numbers. He predicted that if gold went to $3000 USD, the average investor's view would shift - seeing it, no longer as a savings vehicle, but as speculatory investment.

He predicted that Asian demand would explode, preventing a large pullback in gold prices, even if the US economy faked signs of strength.

 

[pmbug]

Eric Yeung. I've been following his X/twitter account (@KingKong9888) for a while now.

 

[nickndfl]

It needed to pull back a bit just look at the chart. Spot prices will not go straight up all the time. The question is do you buy on a $40 drop like today or look for sub-$2700 spot gold?

I am buying ETFs to move cash out of bonds. I think if Trump wins the Dow is going to 50k, but I do not know how PMs will react? I suppose silver and platinum spot prices will increase at a faster velocity because of their industrial demand component which fits the current narrative of silver passing gold performance.

 

[WinkWink]

 

[Ttazzman]

It needed to pull back a bit just look at the chart. Spot prices will not go straight up all the time. The question is do you buy on a $40 drop like today or look for sub-$2700 spot gold?

I am buying ETFs to move cash out of bonds. I think if Trump wins the Dow is going to 50k, but I do not know how PMs will react? I suppose silver and platinum spot prices will increase at a faster velocity because of their industrial demand component which fits the current narrative of silver passing gold performance.

silver hit the top of the chart trend channelany higher would have been a breakout move....will probably drop to the bottom of trend channel which seems to be about 32.5ish .......if you chart watch this seems very predictable ......personally i really dont care till i find something else to do with my $

 

[Cigarlover]

Breakout on silver was around 32.80. A retest to the breakout level is pretty common. The 20day MA should be right around there as well.

Gold still well within the uptrend channel so same thing, maybe a pullback to the 20 day to shake out some weak hands?

Miners don't seem to be pulling back very much at all.

 

[Goldhedge]

America's Gold & Silver were ROBBED before...Bullion Dealer Asked, COULD IT HAPPEN AGAIN?!​

In this video my bullion dealer discusses the gold and silver confiscation executive orders in the 1930s with a gold and silver stacker in his shop. Tim Marschner of The Coin and Stamp Shop talks about why the United States left the gold standard and turned to fiat currency. Do you think a modern silver and or gold confiscation is possible? Is a confiscation of physical precious metals by our government likely? Watch as this avid stacker buys several gold and silver coins as a hedge against our out-of-control government, evil central bank, and the failing US dollar as the world's reserve currency. Do you agree with this stacker's reason for exchange his currency for precious metals? Tim also warns his viewer about the upcoming US Presidential election. Never before has stacking precious metals been as important to do as it is today. Make sure you build a stack of silver rounds, silver bars, silver coins, and gold coins as essential barter and wealth preservation!
14

 

[rblong2us]

I’ve been a bit distracted with clearing up and sorting blocked drains caused by ‘storm’ Bert so haven’t been motivated to comment but

On Monday (25th Nov ) gold went from a new ath of $ 2716 to $2610
A genuine move of over $100 in one day

And nobody here thought it worthy of comment ……

remember when we got excited by 10 or 20 dollar moves ?
How times have changed .

Maybe it’s because moves in bitcoin can be several 1000’s in a day, so 100 in gold is chump change by comparison.

 

[pmbug]

Mr. Slammy's gonna do what he do. Nothing goes straight up. Won't make any difference in the long run.

Also, you'll need to forgive folks in the USA - It's Thanksgiving holiday this week. People generally busy travelling to or hosting family and other distractions abound.

 

[rblong2us]

Mr. Slammy's gonna do what he do. Nothing goes straight up. Won't make any difference in the long run.

Yes, totally agree Bug. Just that this was a straight $100 move in a single day and possibly the first I can recall in 12 years of watching.

 

[pmbug]

At long last complaints of gold price manipulation and suppression got some respect this week from the Official Monetary and Financial Institutions Forum, a snooty group based in London.

The group published a long paper heralding gold's restoration to the center of the world financial system, "Gold and the New World Disorder," and the paper's chapter titled "Market Disruption -- The Short Squeeze" has this to say:

With record demand for gold, much of it from BRICs-related countries, the risks of a squeeze are increasing. This could have several catalysts.

'Bullion banks' holding concentrated gold short positions might need to buy back the metal during another price run.

Analysts have long argued that these short positions suggest market manipulation, citing the disproportionate control held by a few entities.

Lawsuits against banks for manipulating the precious metals markets have yielded some success in recent years. During these lawsuits, some former 'bullion bank' traders have commented about how these gold market strategies might make the market vulnerable to a short squeeze -- either by accident or design.

Academic and other studies provide evidence that 'shorting gold' has historically been used to suppress the gold price, often linked to central bank sales and futures contracts on commodity exchanges.

There is also room for market disruption from imbalances stemming from allocated and unallocated gold accounts, when market participants own just a claim on gold rather than specific bars. Recent analysis suggests that the unallocated-to-allocated gold ratio at the London Bullion Market Association could range from 20:1 to even 100:1. For every ounce of physical gold backing these accounts, there might be 20 to 100 ounces of unallocated paper gold claims.

This indicates a fractional-reserve system where future claims may far exceed the physical gold available. Predicting the timing of such a squeeze is speculative, given the size of some of these positions and growing world financial and economic tensions. However, with suspicions rising that some BRICs countries could be considering 'weaponizing' gold against the West, financial markets could be in for a bumpy ride."

...

It's 'official' at last: Gold price has been suppressed by extreme shorting and may explode | Gold Anti-Trust Action Committee | Exposing the long-term manipulation of the gold market

gata.org

Short squeeze in gold as paper market breaks down? Is the gold market rapture close at hand?

 

[searcher]

Still No New Highs For Gold Since 1980

When comparing intraday highs, the latest gold price peak of $2785 is far cheaper than its 1980 ($3407) inflation-adjusted price.

goldseek.com