Dang - Gold up close to 2% in one day. $2094 as I type
Clackamas1
Posts: 960 ✭✭✭✭✭
Given history this is a big one day move. What gives?
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Clackamas1
Posts: 960 ✭✭✭✭✭
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I dunno. Some weird chit going on out there.
With the way the country seems to be heading in the Fall, I would think that the market for gold would be going down in anticipation of that?
Short covering and central bank purchases are driving gold. It is also being dragged higher by Bitcoin.
BAM! Up over $2100 today - $2,117 as I type this.
Click on this link to see my ebay listings.
Broke the $2100 resistance. Nice.
silver price took off some (bigger then ive seen in a while), fwiw
God bless The Metal of Kings. RGDS!
@Clackamas1, I know you had sold off most of your AU some months back. Hope you were able to get back in. THKS!
The whole worlds off its rocker, buy Gold™.
@blitzdude I actually did not sell any. I was/am looking to do so and need to by then end of this year but I still have it baby!
I just paid for that new truck I want and then some.
I'm seeing $2,126 up $30 as of 3:45 PM.
See you all at $3K......
Could be some out there with deep pockets buying gold in anticipation of a possible cataclysmic event?
Hurrah for the poor man's gold!
No....no sellers (hedgers, CBs) but buyers only. BitCoin dragging gold UP.
These are trillion dollar moves - these moves are nation states.
Yep, nation states have deep pockets.
Some potential very scary chit going on out there. Also known as MAD.
Let's hope that cooler heads prevail.
short covering rally
My US Mint Commemorative Medal Set
$2142.60 as I type. Someone has some confidence that $1800 - $1900 is no long a major resistance level. Is $2000 the new bottom?
I think someone said that here on these forums......
BitCoin getting hit today but gold up again. Very positive technical action that will NOT go unnoticed.
From the Jefferies Goldminers Initiation Report:
Real rate headwinds abate, central bank support continues: We view the 10yr US treasury real rate as the opportunity cost of holding gold, and the 10yr has moved from -1% in early 2022 to almost +2.5% in October 2023. Based on historical correlation, this would normally drive a $600/oz drop in the gold price. Instead, gold is still sitting above $2,000/oz. We believe gold's robust performance in the face of higher rates is largely a function of foreign central bank buying, which totaled over 1000t in both 2022 and 2023 (~30% of annual mine production) driven by reserve diversification, especially in China. With the 10yr now off of its peak and the neutral rate somewhere below 1%, we think the rates headwind is becoming a tailwind, and any slowdown of the economy and cuts in rates should be supportive for gold. We forecast gold rising to $2,100/oz this year and $2,200/oz next year, with a real long-term price of $2,100/oz. This puts our forecast at the high on the street.
If $2,100 is the HIGH price on the street, that means you can ramp high before the Street piles in. I love that kind of setup.
The historical correlation ($600 drop expected) is interesting, but gold and PMs are historically dropping and adding correlations left-and-right. I do agree that real rates are important, but if CBs are buying, that swamps anything short of a 7% Fed Funds and 5% real rate.
Pretty sure several people did. RGDS!
The whole worlds off its rocker, buy Gold™.
I may purchase a gold coin and put an end to this surge. Will let you know.😆
buying gold. having yard sale and also house sale i'll be the richest homeless person ever
Would never sell the homestead, Mrs. Blitzdude has instructions to bury me up here on this hill. Paid the most I've ever paid for an oz of the Au last week @ $2100 (~$2025 cost adjusted). I suspect that purchase will not be the last. RGDS!
The whole worlds off its rocker, buy Gold™.
I know that feeling. 😆
I took delivery of 2 grams today, didn't seem to affect the Time Space Continuum.
Looking forward to $2200...it has a good look.
Maybe I can be paid off NOT to buy any, so the surge can continue for all.😆
While you were asleep $2169, currently $2167 as I type.
This rise in the gold price is occurring while western ETFs are seeing outflows. If Wall Street sentiment changes, gold could see even more upside pressure.
Yelling at clouds on pmbug.com
Yes, I posted it elswhere at CU. It means that central bank and retail buying of bars/coins is driving the move.
If that chart is any indication you will see huge inflows into the ETF's. As soon as that chart crosses - sell
Closed in on $2,200 earlier today ($2,190 in pre-market). Right now about $2,180 up $12 or so.
12:15pm $2,198
Since now it went over $2200 what are we to make of that #? Is that a resistance pt. that was broken? Is that the new floor?
So far,so good for the price surge. Haven't bought any yet.😆
I am worried about my father in law - sell right into that purchase.