What just happened?

ChrisH821

So when I left work gold was up a few bucks, I look again this evening and it's up almost $40. What did I miss?

MsMorrisine

Good question

OPA

per kitco...... The Federal Reserve did not announce and implement a rate cut today.

Overdate

@OPA said:
per kitco...... The Federal Reserve did not announce and implement a rate cut today.

I believe the Fed's announcement was at 2pm (Eastern time). There was another huge jump starting about 8pm, and I'm not seeing any news reports that would account for it. Looks like gold is now backing off a little.

meluaufeet

Cow bell from the "P.E". Powell.

coinpalice

it's 2011 all over again, 1,380 and climbing. stacking pays off sooner or later

Overdate

The other PMs aren't doing all that much, platinum is now trading at $563 below gold. Unreal.

ChrisRx

@coinpalice said:
it's 2011 all over again, 1,380 and climbing. stacking pays off sooner or later

Later. Much later.

MilesWaits

Yeah that was a very interesting and welcome bump even if it is short term it is fun to see. Palladium is back over $1500. Cool!

derryb

@Overdate said:

There was another huge jump starting about 8pm, and I'm not seeing any news reports that would account for it. Looks like gold is now backing off a little.

Hong Kong market opened just before 8 pm.

LukeMarshall

Whereas I have been told I am "patient", apparently fed chairperson guy is no longer... along with the gold bull it would seem

dpoole

It was an act of God.

jmski52

Some liquidity problems in China's banking system, apparently.

MsMorrisine

there was a rise from just before 4 eastern to about 4:20 pm eastern.

then that spike up tonight.

the volume on futures market for the spike was greater than the 4-4:20pm time

volume is lighter, but still higher than normal.

MsMorrisine

@jmski52 said:
Some liquidity problems in China's banking system, apparently.

There's been that for a couple of weeks.

Do you have a link to new news?

Timbuk3

What just happened ? What else, I sold some of my holdings 2 weeks ago !!!

blitzdude

Nice to see but not getting too excited until $1500 or so. Sure wish silver would do something, all this weight is sinking my boat.

Unknown

This content has been removed.

mapleman

Iran downs us done in intl airspace. Etc.

jmski52

There's been that for a couple of weeks.
Do you have a link to new news?

Here's what I read, yesterday:

https://zerohedge.com/news/2019-06-19/meanwhile-china-echoes-lehman-interbank-market-freezes

The Persian Gulf has been heating up as well.

ricko

Gold and silver both maintaining their high point today... looks like it could be the middle east situation... and China. Cheers, RickO

ARCO

The Fed just turned very dovish. Rate cutting into a booming stock market - not now, but the next meeting. They are out of control.

skier07

Does the feds not lowering interest rates have anything to with this and could somebody please explain to me why this would be the case. Or is this all a result of international events?

MsMorrisine

we are attributing the afternoon rise to the fed.

what caused the post-8pm eastern rise is a subject of debate

Downtown1974

Meh....for a long term guy like me, it just means I’m not buying now. Holding pattern until we see gold in the 1200s again. At least for bullion anyways.

CaptHenway

Are we having fun yet?

ShadyDave

This is probably a big contributor to the recent spike along with the FED's comments from yesterday:

https://www.wsj.com/articles/iran-says-it-shot-down-a-u-s-drone-11561005235

MsMorrisine

much fun

ChrisH821

I'm just glad the 13% bucks offer was two weeks ago

gotboostedvr6

I started collecting heavily in 2014. If I sold everything today I'd break even on just precious metal content. I should just dump everything and find a less stressful hobby.

jmski52

Does the feds not lowering interest rates have anything to with this and could somebody please explain to me why this would be the case. Or is this all a result of international events?

I believe that it's almost 100% related to keeping the stock market afloat. Pensions, IRAs, etc.

LukeMarshall

@gotboostedvr6 said:
I started collecting heavily in 2014. If I sold everything today I'd break even on just precious metal content. I should just dump everything and find a less stressful hobby.

You held as the submarine dove, now you've traded that in for a sail boat and here comes a nice breeze... If you get off now you might miss your plane ticket and maybe even the rocket launch.

@CaptHenway said:
Are we having fun yet?

Not to mention you're be missing out on so much fun..

MsMorrisine

I lost an ounce of gold.

LukeMarshall

@MsMorrisine said:
I lost an ounce of gold.

Context please...

physically?

Through trade?

I lost my Palladium Maple coin I had about 4 years ago.... Seeing a particular thread, I wonder if it's in my car somewhere...lol

MsMorrisine

I just found it. I lost physical. it was to be sent off to be flipped. I'll let the market tell me when it is time to sell.

topstuf

http://www.weblinks247.com/indexes/idx24_usd_en_2.gif

MilesWaits

Knockin' on $1400, good stuff.

gotboostedvr6

I did well. Sold foreign polished,ex jewelry gold coins 8% over melt. I also dumped $100 face, worn 90% junk for 14x .

The coin shop was VERY busy. Nothing in the junk silver or bullion bins. Only a few 1/10 eagles priced at $165!

MsMorrisine

when I hit a busy coin shop, I poll the people in line if they are buying or selling. I usually tell them upfront what I'm doing in an effort to make them comfortable.

you'd be surprised the people buying once the market is heading up.

coinpalice

yep, it's called the herd affect

ChrisH821

@gotboostedvr6 said:
I did well. Sold foreign polished,ex jewelry gold coins 8% over melt. I also dumped $100 face, worn 90% junk for 14x .

The coin shop was VERY busy. Nothing in the junk silver or bullion bins. Only a few 1/10 eagles priced at $165!

8% over? That is doing well. I think my LCS offers 97% of melt on stuff like that.

dennis1219

My problem with purchasing gold? I love having it, and looking at it. I don’t want to ever sell it... well maybe if it ever goes over 2k.

jdimmick

Its all the big players creating buzz, to get increase intrest so that they can move out stagnant inventory they have been accumulating over the past flat period. Once they have moved out there material, price will move to a major correction of about 100 bucks. Happened before several times during the past 5-10 years and will again, you can count on it.

Edited to add: it plays into the herd affect as mentioned above. There is absolutely no ryme or reason gold should be this much higher in this short mount of time. Nothing has changed!

derryb

@blitzdude said:
Sure wish silver would do something, all this weight is sinking my boat.

When the approaching storm hits, you will be thankful for the additional ballast.

derryb

@MsMorrisine said:
we are attributing the afternoon rise to the fed.

what caused the post-8pm eastern rise is a subject of debate

The east is expressing the same lack of confidence in dollar handlers as those mostly affected by those handlers. It's all about confidence and nothing about war.

There will be one more hammer on the price before the next big move up.

LanLord

I predicted this last week.

I traded 19 gold bullion coins for a coin that I wanted. This single act guarenteed gold would spike.

There you go!

morgansforever

@dennis1219 said:
My problem with purchasing gold? I love having it, and looking at it. I don’t want to ever sell it... well maybe if it ever goes over 2k.

Same hear, hold it close to the vest, don't know why. I too was shocked yesterday. Anything to do with what's going on regarding that oil barge bombing?

RedneckHB

Technicals. Plain and simple.

derryb

Nothing technical about it at all; lack of confidence in the fed and the future value of dollars. plain and simple.

jmski52

There is absolutely no ryme or reason gold should be this much higher in this short mount of time. Nothing has changed!

There is absolutely no reason to believe that it shouldn't have been higher in the first place. The government finances and debt problems certainly haven't changed.

RedneckHB

@derryb said:
Nothing technical about it at all; lack of confidence in the fed and the future value of dollars. plain and simple.

Ok...ok...heres the truth. I did it. Remember that thread i started about waking up from my nap? Well, go ahead and check prices.

Your welcome.