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Strongest support lines are at 2010, 2047 and at 2119.
2332 is the standard deviation support line.. 2320 and 2311 are additional support lines. We have to see how well the market in gold holds up if they get challenged which I think is likely.
Thank you Herbieridesaga, agree!
Oops double checked what I thought was a gap at 95p area is not the case. Misread the data point. Ignore last one.
127.9 to 129.5 gap is closing.
121 to 121.6
112.9 to 113.6
109.3 to 110.9p
95.2p to 95.8p (this one may take a long time to close).
Of course it went down!
Gold bombed Friday, markets dropped and cey is a stock.
Fortunately Biden and calmed things, else would have been a far worse drop on the open.
A potential shooting was in the Middle East and the share price goes down!
Is there any logic to the stock marke?
On top of that I would say silver and gold are now both flat lining 1% below Friday open, copper is the only 1 rising in a way you would expect on the free market due to increasing uncertainty, and copper is the only commodity driven solely by market demand. This stinks of the bank traders playing the situation. So could go on for weeks.
Gold Options close in 10 days. Physical delivery at these high prices is either taken up (good for miners) or it is not. The reality is buying gold coins and bars has stopped. Jewellery restocking has mainly stopped. Central banks have stopped buying gold at the current levels. If the price is based on paper options only, this is a tricky market for gold as it has disconnected with wider physical buying.
Gold silver and coppers behaviours are divergent. It could be that copper is doing best because its risk on and gold worst because its risk off - but then why did gold go down before the weekends action. The spike in gold started 16:30 Thursday after a high inflation signal - so illogical. The fall in gold started Friday 16:00 before the risk was resolved and is still low despite the risk being fully mitigated - so illogical unless you can identify a reason to sell off all assets. I think you have just further pushed me to the "emergency Israel warchest" theory.
More likely to be the Biden response at non-escalation has claimed the markets and gold.
Major European markets traded mixed in Monday's pre-market session as investors prepared for the release of a fresh batch of economic data, including the UK CPI report, which is due this week. Market participants will be keeping a close eye on the geopolitical situation following the Iranian attack on Israel over the weekend, which could trigger market volatility.
At 8:01 am CET, the DAX lost 0.15%, while the French benchmark CAC 40 was flat, and the FTSE 100 declined 0.28%. Finally, the pan-European Euro Stoxx 50 increased by 0.07% a minute later.
On the currency front, the euro and the British pound were up by 0.16% and 0.12% against the dollar at 7:58 am CET, selling for $1.06580 and $1.24680, respectively.
Baha Breaking News (BBN) / JG
Happy Monday y’al
Gold currently $2360.55
Silver looking like bouncing first, copper on a slow wobbly one, gold stuck in range.
Looking more broadly oil falling, US stocks crawling back up - no sign gold doing that, China or EM bought copper to spike it higher at open but it has fallen back, some signs silver might be moving - but gold did a v small jump back and now flat as a pancake. That speaks to me as fear of Fed intervention on gold, silver following gold, and copper plus nasdaq as being the best bet for an immediate bounce back, but the across the board fall makes me think of a large investment body all asset withdrawal regardless of the risk of losing out on the buy back. My guess is Nasdaq "squeeze", then copper "squeeze", then silver "squeeze" then gold last to recover. It was silver that really got clobbered. Is it the fed or banks who manipulate the prices so they can cover their losses on trades ? The rise in gold silver and copper after the "bad news" on Thursday was also a US driven thing. So the US hiked prices Thursday after UK close and crashed them Friday after UK - sounds like international bank traders working in unison to me. "I am reviewing, the situation". I think this was a bank conspiracy rather than a FED conspiracy but for me it could just be this strange idea of emergency funds for Israel if that is not an urban myth. Gold just wobbled to top of today's range btw.
I've just been looking at the reactions of gold silver and copper. Silver of course has much more volativity. Copper has not crashed as strongly relatively as silver. When we talk about gold being bought and sold by the FED to control prices - do they buy and sell silver as well ? I know there is this rumour that Jewish organisations will buy and sell from the stock market if Israel is under threat to fund the hime land. Is that whet happened on Friday ? If so when will their money flow back into gold - and so they hold and sell silver and copper as well ? I do remember in the early 2000's a conflict n the Middle East caused a 2 week dip with a real bath tub shape, and wonder if that was the actual ,model for what happened on Friday night ? Any opinions or inside information anyone (doubt we would get any leaked inside information).
The rise of the gold vigilantes—large global investors, central banks, and institutions who are increasingly favoring gold over Treasuries, reflecting concerns over the escalating levels of US debt and debt servicing costs... not to mention the irresponsibilties of most governments, and financing of various wars, and so on
Nice turn of phrase?
the gold gnome
I am happy that we have a diversity of opinions on what happens next.
Very strange times, dont rely on old trading signals this is new. Dollar and Gold rising in tandem is very unusual and a sign of higher prices,the break could come because of debt levels.
Either way looking in the ,certainly ,mid terms Gold will continue to rise.
Long term conflict in the middle east looks likely, it affects shipping and trade,putting Ukraine into a mere sideshow.
`Gold Options close on 25 April. China Shanghai Gold market has put restrictions in place on gold trading contract size effective on Asian market open tonight 2 am UK time.
You are broadly right. Aisc constant $1400, 1800 gold profit 400, 2400 gold profit 1000, but of. course aisc moves too (usually up but perhaps in our case down). So if this gold price sticks our share pricee should rise…..if
Just like the Oct 7 attack in Isreal and Feb 24 Ukraine invasion by russia back in 2020 gold and oil prices went up for a week or two, Oct 7 attack have sent oil up about $10 and gold up $140, Feb 24 attack have sent oil up by $40 and sent gold up by $160, theres a good chance we can see oil going over $100 and gold reaching $2500 next week or two if war between iran and isreal escalates.
Russian military is vastly overated....Full of useless conscripts....out dared hardware...2 years struggling against Ukraine....
Katenip,
You make some very pertinent points!
Personally I can see numerous levels of support at 2265 and 2301, but doubt I'd be in if it went below 2327 and 2319. hopefully with the attack over the weekend everyone who was out on Friday will want to be back in on Monday, The good ones gap up and go, hopefully this is what Gold is doing,
Even with a small consolidation here It still looks good for CEY.
Am I correct in thinking that gold around 2300-2400 would double CEY profits from the last few years?
If only been in here since 5th March, spent to much time waisted on KEFI
Interesting price action and food for thoughts....
Friday unprecedent drop in POG, orchestrated or not by FED US or whoever you like, it comes spot on before the Iran recent attack on Israel.
Whatever was behind Friday POG drop it was nevertheless paper gold, not physical. Hence central bank are still buying gold and we will possibly see China tonight taking advantage of recent price correction, but also I wonder, is there any shorter needing to close positions ? Is there a new POG record high comes next week?
150 in in sight very soon. 200 is possible at POG price expecting big jump tomorrow