Gold

[Daytr]

Amen Peat!

[Bobcat.]

Amen Peat!

We don't need to gang up on anyone, fellas. Just as success brings its own reward, so too does bigotry bring its own shame. There's a little bit of Skol in all of us (I would like to think not much but enough to make me think twice about condemning the poor chap for his wayward approach and/or views). Let's play the ball rather than the man.

Back to the subject...I see that OGC and NCM are sailing well into the head wind that comes with this week's lacklustre performance in the price of Gold, but many PM stocks are not holding well (e.g. AQG after this morning's announcement - an opportunity at $2.65?).

There seem to be two conflicting views on what will happen tomorrow night (more often than not a rally night):

a) PoG falls as a result of the ECB reinforcing a dovish stance on Inflation and Interest rates - i.e. forecasting an imminent reduction in Interest Rates (probably next time 'round rather than tomorrow night); or

b) PoG climbs as a result of no new dovish signals, since priced in already over the past few days is the EU's low inflation and expectation that the ECB will eventually lower interest rates.

http://www.kitco.com/news/2013-11-05...uts-Rates.html

Anyone care to vote which way this will go?

BC

[Daytr]

BC, unfortunately its Skol that makes it personal, just have look at some of his comments. All I am saying is ignore him, don't think that's ganging up on him. Its up to you mate, but I have him on ignore.

In regards gold, it's fall seems to have slowed, so could be a sign its ready to move higher again.

[blueswan]

I have been trading gold for a few years now some good years and bad. I trade more on the Technical side and still waiting for a break out above 1360 before I start buying again since trend line has been intact since Oct of last year.

[Skol]

BC, unfortunately its Skol that makes it personal

Only when Daytr gets on here and gloats about making 100% in 3 months, but doesn't mention any losses. Sounds like a ponzi scheme.

[Bobcat.]

I..still waiting for a break out above 1360 before I start buying again since trend line has been intact since Oct of last year.

Different strokes for different folks, Blueswan. It depends how conservative (risk averse) or speculative (risk-tolerant) you choose to be:

Key Support Levels are: 1309, 1307 and 1300 (strong) -- a breakthrough these would mean that Bears are in control (at least short-term)
Key Resistance Levels are: 1318, 1322, 1330 (strong-ish), 1343 and 1362 (strong) -- the more of these that are busted, the more that Bulls are in control (short to medium term).

I'm of the view that Friday morning's European Community Bank comments around its Interest Rate decision will be the determining factor:

IR decision: 1:45am
ECB Press Conference: 2:30am
ECB President Draghi speaks: 8am (all NZ Std times)

Until then, don't be surpised if Gold trades in a narrow range.

BC

[skid]

US jobs report?

[Skol]

What makes you think those who have a small amount for insurance ,dont have plenty of other pots on the boil.
If thats the case its not frustrating at all--its just a safe guard against bad times---Do you think the share market will go on forever?
''Everyone but those who own gold are getting rich''--Ill remember that line

I have consistently referred to "overexposed" goldbugs. It's common sense that if you have more than a tiny amount of gold, then at the current time you're losing out.
Shares and property rule right now.

No the sharemarket won't go on forever but bull and bear markets go on longer then you think and the gold bear market's only just started.

I've been selling some shares, I sold ALL today, I bought them for $3.14, hope to buy them back cheaper later.

My trading account is 30% cash.

[Bobcat.]

Key Support Levels are: 1309, 1307 and 1300 (strong) -- a breakthrough these would mean that Bears are in control (at least short-term)
Key Resistance Levels are: 1318, 1322, 1330 (strong-ish), 1343 and 1362 (strong) -- the more of these that are busted, the more that Bulls are in control (short to medium term).
BC

OK, so here's an update:
Overnight, the US reported very poor levels of gasoline, Crude oil and distillates stocks held in storage.

http://www.gcitrading.com/forex-economic-calendar.htm

This impacted the value of the USD and the PoG rose as a result to bust through 1318 and touch on the 1322 resistance level. Since then it formed a wedge pattern around 1317/1318 which has just now been broken to the upside. As I write, it's trading at 1318.40.

I maintain that a narrow range is most likely until the ECB IR decision and comments re inflation and possible QE for Europe. Also at 2:30am (NZT) tonight, we get the US Initial jobless claims and GDP (with analysts generally predicting 335k and 2% respectively). If the actuals are worse than this then expect the POG to lift higher; conversely, if actuals are better than expected, then probably more downward pressure on the POG (I'm putting money on the former rather than the latter holding true).

Politically, the Obama Admin has been looking for an excuse to blame the Tea Party for more damage to the economy, and the liberal (degenerate) mainstream US media has been happy to put their oar in, ignoring the fact that Obama refused to negotiate, insisting on more money for him to spend regardless of the future consequences on the health of the economy and well being of America's children who will now be expected to pay back (with interest) even more debt than he has burdened them with already.

The GDP factor is a big one - if the US GDP to Debt ratio worsens much further it will soon qualify (technically not politically) for an IMF bailout.

[skid]

ally, the Obama Admin has been looking for an excuse to blame the Tea Party for more damage to the economy, and the liberal (degenerate) mainstream US media has been happy to put their oar in, ignoring the fact that Obama refused to negotiate, insisting on more money for him to spend regardless of the future consequences on the health of the economy and well being of America's children who will now be expected to pay back (with interest) even more debt than he has burdened them with already.

The GDP factor is a big one - if the US GDP to Debt ratio worsens much further it will soon qualify (technically not politically) for an IMF bailout.

Definitely agree with the spending issue--but the Tea party scenario was a bit radical with horrible timing--IMO someone with some balls should get a corporate tax in place that that actually helps the country instead of plundering it--but of course they are the ones that get the politicians elected so thats probably a pipe dream