New thread...
in Asian trading Gold is near the $1600 mark. Up 2%!
Silver up 2.5% near $17.
Will it continue or will there be a sell off later...
DING!!
$1603.
We're off
The selloff happened shortly after the market opened tonight . There was some profit taking . Now everybody is on while trying to get bargains so I would look for an influx of up tonight throughout the evening on the Asian market .Originally Posted by Warlord
Do something Danke
We have had silver up to 16.90 and gold at 1603.70 already .
Do something Danke
In Asian trading that is a big move...
I'm fixed with my dealer at the lower prices. At this rate im going to be waiting a while for my gold.
Gold up 3% in London trading.. $1609
Silver up 3.2%
FTSE up 0.6%, DAX down 0.5%.
Looks like markets are jittery...
An interesting analysis here:
https://schiffgold.com/key-gold-news...afe-haven-bid/In the first place, some analysts believe the coronavirus scare is causing a bit of a tug-o-war on gold. On the one hand, we have the expected safe-haven buying. But fear of a sharp economic downturn also raises concern that consumer demand for gold could drop, particularly in big jewelry markets such as India and China. Worry that a longterm economic slowdown could hit consumers in these countries particularly hard could be putting some downward demand pressure on gold. China and India rank as the first and second biggest gold consuming countries in the world and account for about 1,000 tons per year.
But there is a more fundamental reason we saw a big gold sell-off as stock markets crashed, and it is not a good sign for the overall state of the market.
In a nutshell – panic.
Traders and investors were scrambling to liquidate assets to raise capital for margin calls. In other words, they were selling gold to keep afloat. As one analyst told MarketWatch, “Investors are selling anything with a bid and running for cover, and that includes typical hedges like gold.”
We’ve seen this same thing happen before – in the early stages of the 2008 crash. As the MarketWatch article pointed out, there was a rash of gold-selling as the stock market began to tank in ’08.
"Once investors understood and appreciated the scope of central bank stimulus coming down the pike, they began buying gold.”
From there, the price of the yellow metal more than doubled.
In a note to clients, RBC Capital Markets reiterated that investors were “cashing out to cover losses and meet margin calls in other markets.”
"We do not view this as a loss in faith in gold’s role as a ‘perceived safe haven’ or a fundamental shift in the attitude toward gold.”
More central bank easing is almost certainly in the cards. CME Group’s FedWatch translates Fed funds futures pricing into traders’ monetary policy expectations. As of Friday morning, it was pricing in a 72% chance of a quarter-point rate cut at the Fed’s March meeting, and better than even odds of two more such rate cuts by the end of July. And futures are beginning to point to an even bigger 50 basis-point cut in March.
Federal Reserve Chairman Jerome Powell up expectations with an unusual move Friday, releasing a note saying the central bank will “act as appropriate” to support the economy, raising expectations we could see another cut as early as the March meeting. The Bank of Japan also issued a statement saying it will “strive to provide ample liquidity.”
As Peter Schiff said during an interview on Fox Business last week, gold is in the most “unloved bull market ever.”
"We’ve been climbing this wall of worry, so I think too many people look to take profits. They really have no idea how high the price of gold is going to go. And it’s not the coronavirus that’s driving it. It’s Fed monetary policy. And especially the additional easing that I think the markets are correctly starting to price in that is going to result from the coronavirus.”
As the stock market really started selling off, it wasn’t just profit-taking. It was a panic rush to liquidate gold and raise cash. But the rebound Monday indicates the safe-haven bid is not dead. MineLife Pty senior resource analyst Gavin Wendt told Bloomberg gold’s fundamentals “remain overwhelmingly strong.”
"Any near-term price corrections aren’t significant in terms of the bigger picture. Bullion’s retreat last week was nowhere as bad as the 10%-plus drubbing equity markets took, so it can be argued gold has passed its safe-haven challenge.”
Dow up 2.3%
Gold meeting resistance at $1600 but holding up well for now at around $1594
Y'all should read up on how the bankers game the metals paper futures markets via an activity called "spreading". The sharp drop last week was spreader liquidation and resulting collapse in open interest that occurs with it as futures expiration approaches at the end of the month. You can time physical spot price purchases by understanding the spreading system they use to control the spot prices via futures. Now that the spreading is over for the month, paper spot price starts rising again.
Harvey Organ explains it on his blog. Go to his section on "spreading". It's repeated in each blog post so any date post has it.
harveyorganblog.com
Last edited by devil21; 03-02-2020 at 12:30 PM.
"Let it not be said that we did nothing."-Ron Paul
"We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book
Thanks devil. I suggest you check out http://www.gata.org/ as well.
Physical demand is strong. My dealer can't fulfill my order this month and has told me it might take a few weeks to get my bullion.
Harvey and GATA are closely associated so there's a lot of cross-over in their research/info. Harvey's explanation of spreading is repeated in each blog post so any dated post has the info.Thanks devil. I suggest you check out http://www.gata.org/ as well.
Physical demand is strong. My dealer can't fulfill my order this month and has told me it might take a few weeks to get my bullion.
"Let it not be said that we did nothing."-Ron Paul
"We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book
I think by Thurs the Dow could be up 8 3/4 percent from the low and gold back over 1600 .
Do something Danke
You and @Krugminator2 called the bottom. If I traded futures I would have made a fortune but i'm just a humble gold bug
One day does not a bottom make. Smells like a buy the rumor (monetary stimulus "hopes" headline) sell the news (no action behind the rumor) set up.You and @Krugminator2 called the bottom. If I traded futures I would have made a fortune but i'm just a humble gold bug
"Let it not be said that we did nothing."-Ron Paul
"We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book
True,. i don't watch but I suspect CNBC are ramping up the market with Buffett and that clown Jim Cramer. I still remember on the eve of the finacial crisis Cramer was saying BUY bank stocks LOL. The guy is a disgrace.
While Buffett tells the masses to buy stocks he is actually sitting on the sidelines
https://www.marketwatch.com/story/he...ist-2020-03-02
Nobody knows what the bottom is , one day the bottom could be 15K but that could be five or six years from now. Then I probably will buy a few things .
Do something Danke
You and @Krugminator2 called the bottom. If I traded futures I would have made a fortune but i'm just a humble gold bug
If I were to guess I would say the market takes out the lows from Friday in the next couple of weeks. I just thought it would it would bounce. As it is I am out.
Looks like 1600 Gold and 17.00 silver tonight on the Asian market . Tomorrow the dow probably goes back to 27 K .
Do something Danke
NIKKEI down slightly
This video is suppressed by Google/YT based on search terms but it's still there.
Look at the market numbers! Then figure how much of current valuations are due to entirely fictional Wall St computer dollars wash trading back and forth, compared to the real economy. In a new crash, safe to say we mostly go back to those numbers in the video???
Last edited by devil21; 03-03-2020 at 03:12 AM.
"Let it not be said that we did nothing."-Ron Paul
"We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book
Gold up 0.6% to 1603 in London trading. Hoping that $1600 is now the support level.
FTSE up 2.1%
Schiff podcast. Talks gold, stocks, politics
https://www.youtube.com/watch?v=Q9xNHMPPNsc
Federal Reserve makes rare between-meetings rate cut
50 basis points...
Gold surging.. $1617
1646.7
Do something Danke
UP 3.5%, Silver also up over 3%
Options trader bets $2 million on a monster rally for gold
https://www.cnbc.com/2020/03/03/opti...-for-gold.html
He's betting on a strike price of $1725 for June...
It's not @devil21 is it?
^^^^I wish!
Markets priced the rate cut in yesterday, I guess. I thought the Fed would hold off until the 18th meeting. Most of the talking heads are saying it was unnecessary and a bad move by the Fed. Of course Orange Man tweets he wants even more cuts and QE, while he simultaneously says everyone else are currency manipulators but not us.
Last edited by devil21; 03-03-2020 at 12:18 PM.
"Let it not be said that we did nothing."-Ron Paul
"We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book
Print the FRN's - Spread The Wealth
Socialist Trump and his FED money printing machine are killing the American Dream, so PM's are gong UP.
Make America the Land of the Free & the Home of the Brave again
Bad move by the Fed. No matter how it was accomplished, yesterday’s run up instilled some confidence. The emergency meeting and rate cut instantly destroyed that confidence. Not only that, they used up some of their very limited room to lower rates.^^^^I wish!
Markets priced the rate cut in yesterday, I guess. I thought the Fed would hold off until the 18th meeting. Most of the talking heads are saying it was unnecessary and a bad move by the Fed. Of course Orange Man tweets he wants even more cuts and QE, while he simultaneously says everyone else are currency manipulators but not us.
Just another reason that central planning does not work. Far too many factors involved.
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