Gold

[Daytr]

Because its rally night! haha. It's not always Thursday, but when I traded gold for 5 years more often than not a big night would occur on a Thursday.
To be honest we could never work out a good explanation, perhaps more data than average is released on a Thursday? Or perhaps no one wants to get caught up in a Friday doldrum trading day

[Skol]

The moment gold spikes upwards the GLD ETF loses 7 tonnes. Smart gold 'investors' are taking Wells Fargo's advice.
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Precious-Metals Upswing is a Chance to Get Out: Wells Fargo
.
By Brendan Conway

There’s an upswing of interest — and price gains — in gold and precious-metals miners lately. To Wells Fargo Advisors, it’s a good opportunity to get out.

Here’s what Wells’ Sameer Samana says on the subject in a note released Wednesday:


In our opinion, precious metals are now in a downtrend and the path of least resistance is lower. Bounces in downtrends tend to be small in size and quick in duration. Thus, we believe the recent reprieve in gold and precious metals prices should be taken advantage of to eliminate exposure. Investors concerned about higher inflation and weakness in the dollar should consider this an opportunity to rotate towards a more broadly diversified basket of commodities[.]

[Skol]

In the Year of the Horse (2 days away) avoid metals and mining according to feng shui. You won't need to be Albert Einstein to work out what might happen to the gold price.

[Minerbarejet]

Going on feng shui and Chinese horrorscopes now eh Skol? Can you tell me when the year of the Moose is and what fresh calamity it will bring?

Being a Canadian you should know this Moosie. 2014 is the Year of the Moose.
Although you weren't born in a moose year it pretty well describes you to a T.
As an aside I was born in a moose year.
Year of the Moose

1918, 1930, 1942, 1954, 1966, 1978, 1990, 2002, 2014People born in the Year of the Moose are popular. They are cheerful, skillful with money, and perceptive, although they sometimes talk too much. The are wise, talented, good with their hands, and sometimes have a weakness for members of the opposite sex. They are impatient and hot-blooded about everything except their daily work. They like entertainment and large crowds of other people like themselves. They are very independent and rarely listen to advice.

[Skol]

Going on feng shui and Chinese horrorscopes now eh Skol? Can you tell me when the year of the Moose is and what fresh calamity it will bring?

The Moose is regarded as an unintelligent, slothful, dawdling animal that makes it an easy target for hunters. They're not known for their high IQ which is why they're often run over and end up lost in cities. They also have fits of bad temper so in the Year of the Moose gold will be the best investment, in all other years it will be a bad investment.

[Bobcat.]

...or the year of the cat?

Humbug.

Gold is up this morning to lift nicely above the rest of this week's close prices. It may yet test again the downward trendline at around 1270USD before the week is out.

http://www.kitco.com/news/2014-01-29/template_jimw.htm

Trading to it.

BC

[Daytr]

Yep BC gold is reacting nicely to the FED tapering as expected. Hey & what do you know, equities in the US are off. The market is still short covering in gold & I suspect if we see a break of $1270-1300 area there will be more.

Tapering will suck the wind out of equities & gold will benefit, as we have been seeing in 2014.

[Aaron]

Tapering will suck the wind out of equities & gold will benefit, as we have been seeing in 2014.

I thought tapering was bad for gold as there is less chance QE will destroy the value of a dollar.

[Skol]

The line of least resistance for gold is downward, there's nothing positive. All the economic and political catastrophes promised by the goldbugs have amounted to nothing.

As usual.

[Bobcat.]

You're like a broken record, Skol. It's obvious to the rest of us that Equities are entering a Bear market (except for precious metal diggers of course which will get a boost from the doom and gloom that comes with it). $10m tapering is nothing in the bigger scheme of things and so the remaining $65b/month bond buying will continue the devaluation of fiat currencies. That is, Gold and Silver benefit two fold...as evidenced by today's pivots around the Fed announcement and lift from 1260USD / 19.70USD.

Looking good for the ASX PMs today. OGC up 6% and TGZ up 12% in Toronto.

Tonight's regular bullish run may indeed take the price of gold well over 1270USD.

BC