Gold

[BFG]

thnaks for that link... I have been following the swiss vote with interest..... thought that the gold reserve bill would get through to be honest.

Partner and her mum are Swiss, said it never had a hope in hell!

[Skol]

A massacre, XGD down nearly 8%.

[BFG]

insider trading that is.... hope you shorted gold with this knowledge

I had no idea it would do this to the market! Although the majority decline can be placed on oil and not the referendum. Those expecting it to gain after a YES vote were a bit deluded to begin with...

Anyways, is this the final bloodletting we've been waiting for or is it just another leg down? I remember betting $850 p/oz for end of year price, and I was half kidding when I did so, but man, ain't so funny now!

[digger]

So what is going on? Oil up nearly $60 last night. Are my eyes deceiving me or is my computer playing up,or am I dreaming?? Got me licked from 12 hours ago.

[Minerbarejet]

So what is going on? Oil up nearly $60 last night. Are my eyes deceiving me or is my computer playing up,or am I dreaming?? Got me licked from 12 hours ago.

You ok up there digger. Just checked Kitco and oil is 68.00. Golds up 40 something so good for NTL.
Cheers
Miner

[BFG]

Wow, I can't believe what I woke up to today. Last night gold was down $28. It's now slammed through $1200 and is up $47.50 and still going! Extreme volatility I have never seen before intraday. Wow.

Reasons cited are that Moodys downgraded Japan, causing Asian shorts to cover, which then extended to COMEX as the USD got sold into and is now looking very top heavy on the charts and at risk of being heavily shorted for a near-term pullback. Oil also seeing a bounce after being oversold.

Copper and silver also well up.

WOW!

[Minerbarejet]

71.00 is a pretty enormous range for 1 day. Hope you are on the right side of it all.

[cyclist]

Wow, I can't believe what I woke up to today. Last night gold was down $28. It's now slammed through $1200 and is up $47.50 and still going! Extreme volatility I have never seen before intraday. Wow. WOW!

Yep. Really wasn't expecting that when I woke up. Did some bottom fishing on OGC yesterday, but I had every expectation of buying more at lower prices. Looks like not!

[Daytr]

The bounce in gold happened before the down grade in Japan, although that certainly would have helped.
Oil bounced strongly, basically with WTI at $65/bbl how many new wells for fracking are going to be drilled?
Gold has now rejected that $1140 area 4 times & each time very aggressively.
Last week there was some big hedge fund money move into gold stocks & to me this was a signal of a sentiment change.
Maybe a short term thing, i.e. a couple of months or perhaps like me they see an extremely oversold sector of the market.
The huge volatility and also some of the flip flopping of views I am seeing suggests to me a market that is perhaps turning or at least there is a bull/bear battle going on. Who wins? Who knows, however I suspect we have now seen the lows for 2014 & gold should do well into at least Feb 2015 imo.

[Daytr]

BFG, are you a reincarnation of Moosie? I hope so as life was getting a bit boring around here without you. Now we just need BC back!
Re your comment on the downgrade of Japan. It appears Moodys are the only rating agency with any balls.
It was Moodys that down graded the US & threatened more when all that debt ceiling crap was going on.