Gold

[Daytr]

How things have changed in a few days.
Late last week close to doing a deal, now everyone seems to be talking Grexit.
Greek PM I think realized it was political suicide to agree to ECB & IMF terms.
Referendum, will be all about what actual questions are posed.
Meanwhile uncertainty reigns as Greek banks & stock markets are closed.
DOW futures off 300 pts at one stage, now down 250.
Gold could explode here.

[Logen Ninefingers]

http://money.cnn.com/2015/06/29/inve...s-bear-market/

The PBC have cut rates, and the Shanghai Composite still falls past the 20% mark from its recent high. Margin calls, big losses.

[Daytr]

Disappointing night for gold considering all that is going on & equity markets certainly reacted.
Interesting the Euro was actually slightly up.
Been thinking about the Greek situation.
I think Greece wants to remain in the Euro & there will be a lot of fear about what a Grexit means.
So perhaps the referendum is in favour of meeting the ECB demands?
A report this morning now puts a Grexit at 50:50.

[Logen Ninefingers]

Gold is stuck due to the high US dollar.....Greece should eventually weigh on the EUR, and the rate hike/s mooted by the Fed are only going to push the USD higher. This is the big thing weighing on gold, and once the Greece thing gets resolved one way or another & the US puts up interest rates, gold will drop quite a bit.

[Daytr]

Currencies have hardly moved in the last few days & neither has gold.
From the early 2001 - 2006 the Fed raised rates & gold doubled.
If Greece defaults, the Fed won't be raising rates for along time to come in my view.

[Daytr]

Another poor night for gold touching $1166, just above my stop of $1164!
Picked up some silver just above $15.50, so happy with that as now trading $15.72.
How on earth can gold trade lower in the current environment, when it wasn't when there wasn't as much at risk in the last few months.
There is evidence of reasonable demand on the physical side due to Greece.
Who would be selling to keep a lid or even send gold lower?
In the area of conspiracy, but gold is a litmus test for global economic stability.
Wouldn't be a good look if gold was soaring...
Just a thought.

[digger]

Another poor night for gold touching $1166, just above my stop of $1164!
Picked up some silver just above $15.50, so happy with that as now trading $15.72.
How on earth can gold trade lower in the current environment, when it wasn't when there wasn't as much at risk in the last few months.
There is evidence of reasonable demand on the physical side due to Greece.
Who would be selling to keep a lid or even send gold lower?
In the area of conspiracy, but gold is a litmus test for global economic stability.
Wouldn't be a good look if gold was soaring...
Just a thought.

I think it is the China problem. Their index went up 150% last year and is now starting to correct. Not shedding any tears but in the last 4 days they lost 1.5 trillion of their former hugh gains. Why I see this negative for gold is because it takes away from China and reinforces the US dollar as the safe haven not gold. But then I am not the expert.

[Daytr]

You may have a point re China. Their equity markets have been smashed & may have caused some gold to be sold to fund margin calls etc.
In regards the dollar, ccys have hardly moved, well the NZD has, but the Euro has actually been pretty stable for instance and so has the JPY.
I think this market fall in China will prove to be an opportunity.

[Daytr]

You may have a point re China. Their equity markets have been smashed & may have caused some gold to be sold to fund margin calls etc.
In regards the dollar, ccys have hardly moved, well the NZD has, but the Euro has actually been pretty stable for instance and so has the JPY.
I think this market fall in China will prove to be an opportunity.

[Daytr]

Quite unbelievable that gold is lower with all that is going on with Greece.
But it is, not much, but in theory in should be substantially higher.
NFP tonight, notoriously bad nights for gold, usually slammed down to quite often only recover in minutes.
4th of July holiday Friday & then the Greek referendum over the weekend.
Monday should be interesting to say the least.