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Thread: GOLD

  1. #61
    Legend shasta's Avatar
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    Quote Originally Posted by JBmurc View Post
    In the October 22 session on the TOCOM Goldman Sachs COVERED 23 short contracts and BOUGHT 703 long contracts which brings their long position to 2,971 contracts and makes them now NET LONG 543 contracts. This is the LARGEST long position they have held in 30 months. In 30 months they have been net short every day except for two days. The only other day they were net long was on 9/29/08 and was only 28 contracts net long."
    JBMurc

    I always thought $US750/oz would be the bottom, before a spring back up past $US1000/oz again & beyond...

    Gold smashed thru that barrier & down to a 12 month lows, so now im not so sure...

    What i do believe is that Gold & in particular Silver will reach new highs sometime in 2009.

    How long can the US keep printing money & putting a plaster on a shark bite?

  2. #62
    Legend shasta's Avatar
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    Quote Originally Posted by shasta View Post
    JBMurc

    I always thought $US750/oz would be the bottom, before a spring back up past $US1000/oz again & beyond...

    Gold smashed thru that barrier & down to a 12 month lows, so now im not so sure...

    What i do believe is that Gold & in particular Silver will reach new highs sometime in 2009.

    How long can the US keep printing money & putting a plaster on a shark bite?

    Holly hell, Gold & silver have gone and sh*t themselves

  3. #63
    action-reaction arco's Avatar
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    If you check the Ichimoku thread I put up some gold charts yesterday.
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  4. #64
    FEAR n GREED JBmurc's Avatar
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    Cool

    yeah I see GOLD falling like a stone of late very scary when I have a BULL WARRANT in GOLD 910 jan 25 exp. need GOLD to rally strong over NOV-DEC
    Hoping the major shorts all start covering soon

    GOLD up $13 atm
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  5. #65
    action-reaction arco's Avatar
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    Keeping my fingers crossed for you JB.

    FYI. I noticed this today from Colin Twiggs
    Gold Pennant

    By Colin Twiggs
    October 21, 2008 5:00 a.m. ET (8:00 p.m. AET)

    These extracts from my trading diary are for educational purposes and should not be interpreted as investment or trading advice. Full terms and conditions can be found at Terms of Use.
    Gold

    Since breaking through support at $820, spot gold has consolidated in a small pennant, signaling continuation. Expect a test of $740. Failure would offer a target of $560, calculated as 740 - ( 920 - 740 ). Respect of support is less likely because of the down-trend; and would signal another test of $920.
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  6. #66
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    Quote Originally Posted by dumbass View Post
    gold chart from all time high counts best as a corrective move lower.

    it doesnt look like a new impulse wave lower but overlapping corrrective waves.

    downward channel developing with possibilty of 680 coming into play which may be a good place to look for a reversal.
    680 hit and reversed

    theres quite a bit of evidence to suggest gold may be ready to run to the upside

  7. #67
    Senior Member ananda77's Avatar
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    Quote Originally Posted by dumbass View Post
    680 hit and reversed

    theres quite a bit of evidence to suggest gold may be ready to run to the upside
    ...agree wholeheartedly with that sentiment, although I DO NOT CARE ONE BIT whether or not bullion makes Trash Cash in the short term;

    ...it does look like as if the US$-run, impressive as it was, is coming to an end;

    ...am still wondering whether or not the bullion shortage was 'by Design' or a 'real' as a result of just not enough prefabricated stock; personal sentiment leans toward 'real';

    ...anyway, think the only reason bullion got viciously hammered as it did during the acute crisis and the US$ became the preferred safety joice of investors worldwide is, because the physical bullion market was simply unable to play it's safety role by supplying enough bars and coins;

    ...no matter what, this is the time now to look forward to physical bullion as much as you can afford as part of your portfolio, as the foundations for the next, even more vicious crisis are now being laid with unerring precision...and in the meantime till the next one hits even harder, the buying power of trash cash will be steadily eroded day after day...

    Kind Regards

  8. #68
    Legend shasta's Avatar
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    Quote Originally Posted by ananda77 View Post
    ...agree wholeheartedly with that sentiment, although I DO NOT CARE ONE BIT whether or not bullion makes Trash Cash in the short term;

    ...it does look like as if the US$-run, impressive as it was, is coming to an end;

    ...am still wondering whether or not the bullion shortage was 'by Design' or a 'real' as a result of just not enough prefabricated stock; personal sentiment leans toward 'real';

    ...anyway, think the only reason bullion got viciously hammered as it did during the acute crisis and the US$ became the preferred safety joice of investors worldwide is, because the physical bullion market was simply unable to play it's safety role by supplying enough bars and coins;

    ...no matter what, this is the time now to look forward to physical bullion as much as you can afford as part of your portfolio, as the foundations for the next, even more vicious crisis are now being laid with unerring precision...and in the meantime till the next one hits even harder, the buying power of trash cash will be steadily eroded day after day...

    Kind Regards
    It’s gold rush, even at premium

    NAGPUR: The global slowdown brought a Dhanteras bonanza for Indian consumers. Gold prices crashed right amidst the festive season and consumers rushed to make Dhanteras purchases. So heavy has been the demand that in Nagpur [COLOR=blue! important][COLOR=blue! important]gold[/COLOR][/COLOR] was being quoted at a premium of Rs 400 against its basic market rate of Rs 12,000 per tola (10 grams) on Saturday. Traders say the situation will continue on Sunday too. World Gold Council claimed that 50 tonnes of gold was sold in the last 20 days in the country.

    Gold is weak in the international market for a host of factors. Firstly, financial institutions in the West are resorting to selling off their gold holdings to tide over the liquidity crisis. “This has proved a boon for Indian consumer as the yellow metal has become cheaper at home,” said Ashok Minawala president of All India Gems and Jewellery Federation. Many harried speculators in the US had squared off their trades, pulling down the rates too, add traders.

    Gold rates fell to $699 per ounce on Friday before settling at $732. This was a god-sent for Indian consumers, who are eager to buy gold on Dhanteras. Just before the auspicious day, prices dwindled to Rs 12,000 per tola (10 grams) as compared to an all-time high of Rs 14,000. Even traders who were expecting a dull Dhanteras had their cash registers ringing.

    In fact, jewellers are now faced with a supply crunch and wholesalers are charging a premium over and above the base price, which is calculated by adding the local [COLOR=blue! important][COLOR=blue! important]taxes[/COLOR][/COLOR] to the dollar rates.

    Nilesh Rathi of SMS Bhav, an online rate information agency, said that against the wholesale price of Rs 12,100 in Mumbai which is the centre, in Nagpur it is being quoted at Rs 12,400, while at some counters it is as high as Rs 12,600. There is a bank holiday on Sunday, so are bullion traders closed for Diwali, which has put tremendous pressure on the supply side leading to the premium. The rates in bigger centres like Mumbai, Delhi or Ahmedabad are between Rs 12,100 to 12,150 due to the proximity of supply points. Even many of the couriers who ferry gold to smaller centres are on a vacation which has added to the supply shortage.

    It is the middle class buyer who is driving the market. The sixth pay commission arrears has brought a huge funds in the market. So did several employees in the private sector get bonus. “A windfall gain coupled with low rates has buoyed the buying,” said Ajay Shah of Shreeji Jewellers.

    Kumudini Kadhao, a housewife had no plans to buy gold this year, had the rates not fallen. “I feel the rates are comfortable for me to purchase. It has been a tradition in our house to buy gold on Dhanteras and the low prices have surely helped.”

    Sudhanshu Mishra, an executive in a private firm said, says he could buy one more ornament for his wife due to the low prices. Otherwise, he had plans to buy just for namesake this Dhanteras. So were Ravindra and Pratima Dewtale, happy over the fall in prices. “It has been a Dhanteras gift for us,” said the couple.






  9. #69
    action-reaction arco's Avatar
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    Good evening day trading gold.

    All positions closed

    +3200

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  10. #70
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    is this an a-b-c with c forming a diagonal triangle
    looking for a downside breakout , maybe already starting...

    guess not then ....
    Last edited by peat; 30-10-2008 at 12:31 AM.
    For clarity, nothing I say is advice....

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