Gold

[Skol]

Gold up, up & away... haha

As the XGD sinks twice the amount of the XJO.

[Bobcat.]

Big selloff started as soon as London opened. POG dropped $10 in less than 5mins...currently sitting at $USD1342.

I thought the USD may have just spiked but it hasn't. This is a Big-boy Gold dump.

Nothing relevant on CNBC. Looking on-line now for anything FOMC related.

Is anybody apart from Skol aware of what might have triggered this?

BC

[Daytr]

Gold has had a pretty good run recently BC, its always going to have a few pullbacks. There were probably a few stops under $1350 that would have been triggered. Not sure its much more than that. Lets wait until Thursday, as we all know what night that is... rally night ! haha. However I will reserve my call on that until the day. 24-48 hours is a long time in this market!

[peat]

There was a Reuters news peice saying Gold hit 5 week high and was due for a correction about an hour before the selloff.

Tue Oct 29, 2013 3:48am EDT
* Gold up for 4th day on bets Fed will keep stimulus
* Prices climb close to 5-week high hit on Monday
* Gold due for correction, physical demand could weigh-analysts

However I personally am not keen on attributing the market action to news events so - just sayin....

[Bobcat.]

Yes, brief corrections are not uncommon. It looks to be holding well now, with support established around 1345USD, which is not bad given that the DJIA is up 100 points overnight and this is the first significant correction in just over one week. It was the brevity ($10 in 5 mins) that startled me but it shouldn't really what with computerised trading and the cumulative effect of multiple stops around prices with psychological significance (i.e. 1350USD) and a previous resistance level (i.e. 1353USD).

Ship is once again steady with its compass working and course set to north.

One man's problem is another man's opportunity - there could be some mild panic in trading today making easier to pick up some PM stocks at a better price. I'll be putting in some cheeky bids with funds released from a little profit taking earlier this week. Targeting SOC, CHN, MYG and PRU.

BC

[peat]

One man's problem is another man's opportunity
BC

Attachment 4960
indeed

[Skol]

Skol,
We all know that from Jan this year until early October, Gold was in a bear market...you are not contributing any insights reminding us of that, or by taking a cheap shot at Daytr.

Over the past week, however, there has been a definitive change in market sentiment towards gold (you don't need to research very deeply to see that). Daytr, myself, JBMurc, etc have been trying for three weeks now to pursuade you and inform others of this turnaround...but you have chosen to ignore it (to save face?) and worse -- mislead others in your stubborn belief that the POG was/is still about to plummet.

Your arguments are now very thin, and it is getting increasingly easy for us to ignore them, especially when you not only mislead people in your ignorance (that we can forgive) but also deliberately misinterpret what your fellow posters are meaning in their posts so as to appear to still be the guru (which of course to anyone bothered to search through your track record of posts, clearly you are not).

Like Datyr, I too am putting you on 'ignore' until such a time that you a) admit you have been wrong, and b) begin providing something better informed and more constructive to this debate.

BC

A bit unfortunate.

Just in time for a $20 fall in gold and a rout today in gold stocks, while regular dividend paying stocks that I own like ALL, ABC and SGP march onward and upward. lol

[skid]

ALL up 7 (1.4%) so far so good ONWARD
ABC down 1(.3%) well not so bad but still Downward
SGP down 9(2.2%) humm not so good definitely Downward

Average down 1.1% gold down also see you've both got something in common

[Bobcat.]

Gold diggers and explorers CHN, MYG, AZS and OGC have all risen nicely today given the PoG correction over the past 24 hours. SCI, TGZ and PGI are all holding.

Pleased to have taken profit on PRU before their latest Activity report (not good reading and the market has responded accordingly - AISC of $USD1342/oz is far worse than Alacer's (701/oz), Troy's ($1000/oz), Teranga's ($1080/oz), NewCrest's ($1,093/oz) and most others; and although a 5% improvement on last quarter, it needs to improve a lot more. They promise sub $1000/oz for FY'14 to FY'24 but that's dreamsville without a solid road. KCN is also getting punished for its higher AISC ($1044/oz c.f. $824/oz last quarter). The industry is very cost-sensitive at the mo'.

On the brighter side, EVN published one of the more encouraging PM Digger reports lately (falling Cash and All-in Sustaining costs, increased production, cash in bank of $3.7m plus unsold concentrate and gold dore totalling $23m, etc). Will likely up my holding if it falls any closer to 80c.

BC

[Skol]

ALL up 7 (1.4%) so far so good ONWARD
ABC down 1(.3%) well not so bad but still Downward
SGP down 9(2.2%) humm not so good definitely Downward

Average down 1.1% gold down also see you've both got something in common

Do it over a year or 2 years compared with gold, and take into account dividends. Gold!!! OMG

I think I should do it for you (not incl. dividends)

Last 2 years:

ABC +30.5%
ALL +90%
SGP +24%

Gold -24%.
XGD -64%

"Hope springs eternal in the human breast"

Alexander Pope

But I did buy some AWE today, we'll see how that progresses.