Gold

[Baa_Baa]

With support at $1140 gone, Colin Twiggs has the next technical support level at $1000.

Yes he has, and surprisingly accurate analysis year after year.

[BlackPeter]

Actually - just compared what an Australian gold miner received a year ago for their production - and what they get at today's prices:

July 2014: USD1300 / .945 (USD/AUD) = A$1375 per ounce;
July 2015: USD1132 / .738 (USD/AUD) = A$1535 per ounce;

Despite the declining US$ price for gold do they get now A$160 more per ounce of gold than they received one year ago. Operating costs are cheaper as well (lower fuel price). Must be a great time for Australian miners (and others outside the US$ zone)

[JBmurc]

Yes and NZ gold production with NZ Gold at $1775oz .....OGC might well be happy to continue producing gold here and increase exploration
funding

[Daytr]

Wow gold just got smashed $60 in minutes! And then bounced back $30 in a similar time frame!
Thin market with Japan out & someone has gone after it big, triggering stops.
Just incredible!

[Aaron]

Just luck I sold out of KCN, MML, NCM & SAR as they are getting sold pretty hard today.
China has been buying and will continue to buy if gold remains a currency of sorts.
http://www.bloomberg.com/news/articl...ot-be-finished

If it is a supply and demand equation then what is the annual tonnage extracted and what is the annual demand.
Must have been a few additional gold mines started up when prices were better and finance was cheap and additional supply coming on stream now. Sadly have no idea re these supply/demand issues and have only looked at price movements for gold which makes me a reef fish. A lucky one it seems.

[Daytr]

S&D to a certain extent as yes production did increase by about 10% from the gold boom, but also supply has come from tow other main sources, being ETF selling that was accumulated in the boom & a lot of gold has come out of Europe in the last few years due to I suspect the economy and some old money has been hit pretty damned hard. More recently its COMEX shorting though so futures not physical selling by hedgefunds & targeting a known weak time of year for physical demand. They still have to cover, but they are getting plenty of bank for their buck at the moment & gold as a ccy was one of the best performing so was out of step with the likes of the Euro, JPY etc. I still think we see a pretty sharp bounce on the back of short covering soon & perhaps this week.

[JBmurc]

We must be near the point of maximum pessimism against the PM's ....Shorts are at record highs ....One final crash sub $1000oz USD then a massive short cover .... followed by billions of funds looking for a safe home in a Negative interest rates on offer and crashing bond market scared Equity etc ...will drive the PM prices even faster than we seen 2004-2008 ($400oz to $1000oz) the fairy tale of FIAT must meet reality sooner than later ....

[Joshuatree]

I sure hope so and when it happens and i sell out for a profit hopefully i will never be lured by the glisten of Gold again.This is the line in the sand to remind myself.

A mine is a hole in the ground owned by a liar!

[Entrep]

The US will start raising interest rates this year and equities are hitting new highs. What specifically is going to reverse this massive downtrend in gold?

[Daytr]

I remember having a coffee with the head of metals trading at Macquarie in Sydney about 18 months ago & we both said a market only bottoms when there has been some blood. The blood we refer is producers falling over & there have been very few of those & none of any production consequence.
I thought we may have got away without that happening, however the weakening currencies has made the margin for ccy denominated production a lot better so they aren't feeling the crunch, in fact in Aussie gold its only about 10% off the highs. So that turns the attention to USD producers & particularly those with debt. In Australia you have KCN, RSG & BDR that come to mind. I can't see these USD prices lasting long enough necessarily to cause that sort of damage, but it can't be ruled out. Are their any major USD producers in a similar position, the likes of a Barrick?
Apparently 5 tons or 160k ounces was dumped into a thin Chinese market, which was particularly thin with the Japanese out. You would only do this to make a splash & they certainly did that. Funny though the article linked below suggests this is five tins is worth $2.7Bln! Last I looked gold was trading around $1100 & that makes it around $177M. Not great from a financial commentator!

http://www.standard.co.uk/business/b...-10401551.html