Gold

[Bobcat.]

[Want to put money on the price of gold rising this week off the back of flakey US data?]

I never heard back from you on this bet, Skol. Did you not want to put your money where your mouth is?

The price of Gold over the past 12 hours has lifted $30.

Troy (TRY.ASX) yesterday and today tested support at its bottom of 99c. Now lifting. Did you buy some as suggested? Get in matey before this reversing tide starts pulling many others along.

BC

[Bobcat.]

Technically, the Bears' downward trend line was busted overnight at 1,240USD, and since then Gold has touched 1,250USD. Bulls’ next upside price breakout objective is to produce a close above solid technical resistance at last week’s high of 1,258USD. Bears' next near-term downside breakout price objective is closing prices below solid technical support at 1,200USD, which is now looking less likely.

The positive jobs data released last night (ADP nonfarm employment lift of 215k against expectations of only 173k) did very little damage to Gold, and the bottom feeder bulls stepped in soon after to spike Gold up $20 in just one hour.

I'm biased towards another lift tonight once US GDP data is released but more important US economic data is released tomorrow night - nonfarm payrolls and unemployment rate. Gold's response to that data will IMO set its course for the rest of this month.

BC

[Skol]

I never heard back from you on this bet, Skol. Did you not want to put your money where your mouth is?

The price of Gold over the past 12 hours has lifted $30.

Troy (TRY.ASX) yesterday and today tested support at its bottom of 99c. Now lifting. Did you buy some as suggested? Get in matey before this reversing tide starts pulling many others along.

BC

I won't be buying anything gold or silver thanks, I like being solvent.

TRY looks deader than a dead dingos donger, but thanks for the offer.

Every rise in gold will probably be sold off by speculators anxious to get their money out of the gold millstone before the final capitulation.

SPDR Gold Trust is now down 600 tonnes from it's peak holdings.

US$23,919,600,000 worth of gold.

[Bobcat.]

Looking at the paper gold ETFs for yesterday shows clearly that all the major ETFs are now purchasing, including Skol's favourite (SPDR Gold Trust, which is up 1.7% on the previous day):

http://etfdb.com/type/commodity/prec...tals/gold-etf/

Long may it continue.

Re TRY, there is a seller who for the past three weeks has been selling down to a limit of $1. Once he's done, sure as the sun rises tomorrow morning, this stock price will rise. I'm guessing it will be over $1.10 sometime next week.

Do you want to put a beer on it, Skol?

BC

[Skol]

Looking at the paper gold ETFs for yesterday shows clearly that all the major ETFs are now purchasing, including Skol's favourite (SPDR Gold Trust, which is up 1.7% on the previous day):

http://etfdb.com/type/commodity/prec...tals/gold-etf/

Long may it continue.

Re TRY, there is a seller who for the past three weeks has been selling down to a limit of $1. Once he's done, sure as the sun rises tomorrow morning, this stock price will rise. I'm guessing it will be over $1.10 sometime next week.

Do you want to put a beer on it, Skol?

BC

Have you been drinking? SPDR Gold Trust down 3 tonnes last night.

You're grasping at straws. Put a beer on it? No thanks, I haven't been to CHC yet to pick up my free dinner from bermuda after I won a bet with him over peak oil several years ago.

[Skol]

Daytr,

"it's Thursday, rally night".

lol

[Bobcat.]

Price of Gold was supported off a higher low last night at 1,219USD.

Observe on tab 2 (Gold2) the rising trade volume and low but rising RSI.

http://www.kitco.com/news/2013-12-05/template_jimw.htm

DJIA and S&P500 also still tracking down further overnight from last week's 16,000+ and 1800+ highs.

China's territory grab with its recently declared East China Sea Air Defense Identification zone is worrying not only Japan, Taiwan and Sth Korea but also the US who senses it may be drawn into the affair militarily.

Tonight's US nonfarm payroll jobs data if lower than expectation may well provide the catalyst required to ignite a bullish run in Gold.

Meanwhile however today's PM trading on the ASX is likely to be flat or slightly down as traders close positions for the weekend.

I'm getting a few buy signals. OGC for example is a quality company with a low forecasted PE and good buying interest from Bearing Point. It was down 7% in Toronto last night and so will provide a buying opportunity today when it likewise drops (into the 150s?) on the ASX.

BC

[Skol]

Re TRY, there is a seller who for the past three weeks has been selling down to a limit of $1. Once he's done, sure as the sun rises tomorrow morning, this stock price will rise. I'm guessing it will be over $1.10 sometime next week.

Do you want to put a beer on it, Skol?

BC

TRY .95
Lucky you didn't bet me.

[Bobcat.]

TRY .95
Lucky you didn't bet me.

Read the quote, Skol. The bet was on TRY getting to $1.10 sometime next week. You're a bit ahead of yourself. I'm still confident it will be...provided US employment data tonight has very little shine to it and Equities continue to drift, etc. Let's see. My wager stands but you need to accept or decline by midnight tonight, otherwise it lapses.

BTW, I forget how to embed a graph like you've just done - please remind me.

[Skol]

Read the quote, Skol. The bet was on TRY getting to $1.10 sometime next week. You're a bit ahead of yourself. I'm still confident it will be...provided US employment data tonight has very little shine to it and Equities continue to drift, etc. Let's see. My wager stands but you need to accept or decline by midnight tonight, otherwise it lapses.

BTW, I forget how to embed a graph like you've just done - please remind me.

OK, you're on, a beer if this dog does or doesn't make $1.10 by sometime next week.