Gold

[clip]

Gold & silver both surged overnight, I got long both yesterday so very nice profit in 24 hours.

Should be a good day for the gold & copper/gold stocks Monday. ;-)

You have any thoughts on whether AUZ's expected drill results are likely to hit, if you've been following them?

[JBmurc]

Geez NCM going well of late some 30% up from couple months ago !

Should continue to feed through the sector the biggest to the micro cap the "TREND HAS WELL AND TRULY TURNED"

[jonu]

POG has cracked on through $1160. Where are all our chartists?

[JBmurc]

India has a plan to pull more gold into its banks, and the general public is set to play a pivotal role in the program.

On Sunday Indian Prime Minister Narendra Modi said the scheme to "monetize" the precious metal could be ready in weeks.

Under the plan, people who own physical gold will be allowed to put their metal into banks and earn interest until it is withdrawn. The idea is to mobilize the thousands of tonnes of gold estimated to be sitting idle in Indian households.

"Please, don't let your gold be dead money," Reuters quotes Modi as saying. "Gold is very important for the country. Gold can become an economic strength for us."

India is the world's top consumer of bullion, with many Indians placing high value on the precious metal as jewelry, often given as a gift, and as a store of value.

The country consumes close to 1,000 tonnes a year, with most of the gold imported; the gold monetization plan is a way to keep the metal in the country and avoid a situation that occurred in 2013, when high gold imports pushed India into a record current account deficit of $190 billion.

In May the Economic Times reported that the Indian public hold 20,000 tonnes of the yellow metal in jewelry, coins and gold bars.

Gold has been pouring into India since the government a year ago scrapped gold import restrictions, including the 80:20 rule, which required gold traders to export 20 percent of the gold that they imported.

While India is the world's top gold consumer, it is in 10th position among the top 10 countries that hold the most gold in their central banks. The Reserve Bank of India holds 557.7 tonnes of the precious metal, compared to number 9, the Netherlands at 612.5 tonnes, and eighth-ranked Japan at 765.2 tonnes. The top 3 central bank gold hoarders are the United States at 8,133.5 tonnes, Germany at 3,384.2 tonnes, and Italy at 2,451.8 tonnes, according to Profit Confidential which recently compiled a list.

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[airedale]

Hi JB, the POG has remained strong despite the strong US$ index. In the short term that is encouraging, and in the long term the weaker OZ$ is also encouraging for metal investors.

[JBmurc]

Hi JB, the POG has remained strong despite the strong US$ index. In the short term that is encouraging, and in the long term the weaker OZ$ is also encouraging for metal investors.

Yes there talking 60c low Aud/usd so if we can back that up with a higher Usd gold price is going continue to add heat to the ASX PM sector ..have seen my RMS holding go from 5c to 24c etc many others doing as well with plenty more growth to come

[JBmurc]

http://www.moneyandmarkets.com/gold-...1#.VmPcemR94y5

[Daytr]

Gold really hasn't performed that well considering the carnage in other markets. I suppose at least it has stopped falling, although we have just been through the time of year where gold should perform. If there is an oil & gas related debt explosion which in my view is almost a certainty then I suspect gold will go much, much higher. I'm long silver & been trying to get long gold but keep on just missing out.

[airedale]

With the OZ$ heading to US 65 cents then OZ gold producers still look like a buy.
Any thoughts on that, Daytrdr.

Discl: hold EVN, GOR

[Daytr]

Well yes & good is trading higher whilst other commodities such as oil & copper are trading lower which should see the Aussie remain under pressure.
I think we may see the Kiwi/ Aussie cross return close to parity as a result due to NZ not being as reliant on commodities as Australia.