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Only looking at 15 mins delay but 'ask' now at .13
As the flood of physical gold flows east, flare ups like this will become more common, considering AU is a $14t dollar market, short covering / margin calls at 2/3% are going to become very expensive for the paper held on New York and Chicago.
Totally correct booboo, asian gold trading almost always pulls back slightly on slow and thin volume, but last night was wild.
we should be mirroring the dreadful bitcoin but of course "they" dont care about bitcoin running away but they do care a lot about gold.
they prob had no choice letting it go to this level as there are a lot of things they have to carefully navigate, how long can they do it though ?
Both Friday last thing on COMEX and Monday first thing in Hon Kong was incredibly volatile to the upside (and these trading times typically aren’t) so something is most certainly up in the AU trading world.
Will be interesting to see what happens when COMEX comes on line, I don’t think we are done for the day in terms of volatility…
“Singida has absolutely blown the lights out,” says Zurrin. “It was built by our in-house team for little more than half the cost that would have been incurred if we had gone the conventional EPCM route and it’s working even better than we expected – with production over the first few months exceeding budget by 15%. The costs of production are also remarkably low at an AISC of just US$736/oz.
https://www.miningreview.com/east-africa/singida-supercharges-shanta-gold/
Looking forward to the Q4 Opps Report in Jan - wont be 12p for long.
Bitcoin UP nearly 6% , POG flat ..absolutely dissapointing
Think the comex boys woke up and a phone call to to JP Morgan did the trick. But I think they will struggle to hold the price back. It’s clear China will just keep buying it at these prices.
Shanta can’t stay this level much longer , only needs one Instu to decide they want stock and it will blast off
Last Monday the traders who went short on gold after playing around on gold options the previous Friday have got absolutely hammered. Those shorts must have closed with very heavy losses. Looks like China probably bought a lot of gold possibly through Comex and we shall find out if they took delivery like in October. Rather difficult to short gold on paper with precious little physical to back it up and those ordering physical make it clear they do not want paper garbage and expect delivery. Hence gold revaluation.
But why? middle east? ..
13.5P might be hit tomorrow
Got to go up 10% at least on the back of that rise
I said 2200 by new year maybe I will be right
Great start to the week!
$2116
Yep, gold trading houses going to go bust in a big way, the rubber has hit the road in terms of paper v physical.
Gold has just opened in Asian markets and has gone ballistic Up 50 points at 2121. Let’s see how it’s doing when the UK market opens but it looks as if SHG should have a good start to the month.
$2105
$2098
The wheels must've come off something big. Gold going up like Devine Brown goes down.
just exploded on comex. holy ****.
Gold at all time high.
This share cheaper at 12.25p then the slice I took mid April at 13p
I see they fell to 9p by the end of June.
15p for Xmas please
I agree. That's the way It is the case of gold, siver, copper, and tin, oil, etc.
Gold, silver and copper all have supply challenges in common that suggest each has reached a peak level of mine production. For gold and silver, the mining industry is currently unable to mine enough to meet annual demand, without recycling.
As for copper, we are quickly approaching the lower limits of cut-off grades, meaning that we are almost at the point where reserves cannot be grown at all. In other words, peak copper.
The copper industry is in the grips of a structural supply deficit that, combined with inflationary cost pressures and resource nationalism in some of the world’s largest copper producers, is only expected to get worse.
Global shortages of the metal could reach 8 million tonnes by 2032, as soaring demand fails to be matched by new copper mines. The rate of supply increases required, is equivalent to building eight copper mines the size of Escondida, the largest in the world, per year, for the next eight years. That’s insane.
When you combine the expected deficits for these three metals with increasing industrial demand for copper and silver (due to the greening of the world economy) and higher investment demand for silver and gold, once the Federal Reserve realizes it can’t raise interest rates any more without breaking the Treasury, causing the US dollar to slide, the prices of gold, silver and copper are all but guaranteed to go up.
https://aheadoftheherd.com/positioning-in-metals-for-economic-recovery-richard-mills/
Trek
Https://elements.visualcapitalist.com/visualizing-gold-price-and-u-s-debt-1970-2023/
1.Silver above $24...tick
2. Gold above $2,070...just ...half tick
3. Dollar below 104 on the Dixie...yep...tick
4. 102 .....not yet......but when (not if)...off to the races....imo! $US then off to 75 (DIXIE) and perhaps 56 (DIXIE) ....then start to turn fast! let's see (this could be a five year view)...or less.