Gold

[Logen Ninefingers]

Greece accounts for about .02% of the world economy. So there will be a "shock" albeit a small one. By the end of the year it will have faded in to a "blip".

We will see in due course I guess. Although the Greek economy is small, it is plugged into the Eurozone and it is causing a lot of angst at the moment. It is having a flow on effect in the borrowing costs of the other peripheral nations in the Eurozone and apparently this is negating in part the effects of the QE that the ECB is doing.

[Daytr]

Its certainly the possible contagion they are more worried about than Greece itself. Although half a trillion dollars of debt is nothing to be sneezed at!
I've shorted the Euro this morning as it rallied strongly on the Fed speak overnight right into what I would suggest is the sell zone, otherwise known as resistance. Trying to pick up some gold & silver as well after jobbing out of both recently.

[Daytr]

By the way anyone checked out the price of platinum lately?
Looking very cheap & in particular in comparison with gold.
Used to be a bit of a golden rule in my trading days.
If platinum was cheaper than gold, then either platinum is too cheap or gold is too expensive.
Just dipped my toe in the water & picked up a small posi.
Main concern for me is how much Russia may be selling to pay its bills!

[Logen Ninefingers]

Golds off and running tonight.

[Daytr]

Yep & so is silver & I missed getting back in!
Well at least platinum is doing well to & I'm long that smalls.
Euro looking strong to breaking 1.14, but not sure, or hoping at least it can't hold it.
I was an advocate of long gold / short Euro & it would have worked out well if I had managed to get long gold, but missed my fill by 70c off the lows last night!

[Aaron]

Nothing useful to add but this is my only outlet to celebrate the odd success/excitment, sorry to clog the thread with dross.
Holy s**t 2% is that a big overnight increase in the price of gold? This should be good news for my small speculative gamble on a few Aussie gold miners today. I had lost most of my gains over the last few weeks so, maybe lucky I stayed in even though experience has taught me I should cut my losses early on speculative stuff.(some people never learn) I guess that means I am relying on good luck rather than a trading/speculating plan. Also the gold price still seems to be in a long term downtrend so I am probably going to relearn the lesson about waiting for things to turn up before speculating.

[Daytr]

Well its really around 1.5% from where it closed, but yep a good move.
There seems to have been an on-going reaction from the Fed & Greece.
On Greece I'm starting to lean towards the can being kicked down the road after reading summaries of discussions in Europe overnight.
So in that regard, gold's move overnight might be short lived imo.

[Logen Ninefingers]

Well its really around 1.5% from where it closed, but yep a good move.
There seems to have been an on-going reaction from the Fed & Greece.
On Greece I'm starting to lean towards the can being kicked down the road after reading summaries of discussions in Europe overnight.
So in that regard, gold's move overnight might be short lived imo.

Where are you reading that? I mean, it wouldn't surprise if that happened, but what I've been reading is along the lines of both sides being far apart and not prepared to give an inch of ground to the other.

[Daytr]

Bloomberg & Reuters, but I also get a number of bank morning reports.
At one stage there was a rumour running around that a deal had been struck to kick the can down the road, it was later denied, but they have agreed to continue talks on Monday.

[Daytr]

Gold surging on the open due to possible Grexit!
Very happy to be long, very annoyed I got stopped out on my silver position in a 1 minute slam down on Friday!