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GP and futures up overnight to within touching distance of 2300. SP down on yesterday. Nuts.
Cant understand why everyone does not follow Kitco Commodities news, which now has no doubters as to the direction of Gold.
It is Election year and volatile , so virtually every bank ,apart from the FED is covering themselves .
Wow Tony- you seem really desperate for gold to fall.
Jeff Christian very interesting on Central Bank purchasing of gold at 26mins into vid on link below.
He says Central bank purchases of gold are not at record levels at all and almost half of it last year was China buying from its own internal market.
But someone must be buying a lot of it - or an awful lot of people must be unwilling to sell - for the price to be continually breaking new ground - anyone got any ideas?
https://www.youtube.com/watch?v=t5h7-Gor5vk
Radomski bought a gold long yesterday on Gold eagle news. End of the rally.
Major stock indexes in Europe traded lower in the premarket session on Wednesday as investors awaited the latest report on the Eurozone's Consumer Price Index (CPI) scheduled for release later in the day. Additionally, fresh data on euro area unemployment is expected to be published today.
The DAX traded 0.24% lower at 8:00 am CET, while the FTSE 100 fell by 0.47%. At the same time, the CAC 40 lost 0.10%, and the Euro Stoxx 50 declined 0.20%.
The euro and the pound both traded flat against the dollar at 7:58 am CET, selling for $1.07743 and $1.25767, respectively.
Baha Breaking News (BBN) / JJ
Happy hump y’al
Gold currently $2284.32
Good morning Sotolo,
Hope all is well with you.
Is this time different - the million dollar question!
Are you still in HOC? The SP is starting to look a bit less sickly. I got most of mine out about level at just above 200 but have a small position there that I got stuck with when it went down into the 50s, so good to now only be a third under on those rather than three quarters.
Best wishes,
Prof
Prof as ever you took the words from my mouth, we have been here so often before is this time different,
Interesting article.
https://www.kitco.com/news/article/2024-04-01/gold-price-hits-new-record-highs-west-loses-price-setting-powers-frank
Gold has just taken out $2280.
Hi Tony,
The key question is indeed will it hold. The lack of a strong increase in the SP of the mining companies suggests the expectation is no. I am hoping that it will and mining companies will catch up but I have been wrong many times before. I am just conscious of the spring/summer of 2020 when CEY when sharply up over just a few months and wonder whether we could see that again.
Best wishes,
Prof
The gold price has moved £105 an ounce since 20 March only two weeks ago. The last two occasions this kind of increase arose arose was after the Brexit vote when the UK currency dropped significantly and during the August gold rally peak that formed in 2011. Zero hedge has a gold article tonight trying to work out what is going on as so many sources are not buying gold and some are selling into this rally.
Woops mistaken identity 🤭
Private equity firm Silver Lake Partners LP announced on Tuesday that it will acquire entertainment company Endeavor Group Holdings, Inc., in a $13 billion deal, or $27.50 a share.
"Under the terms of the agreement, Silver Lake will acquire 100% of the outstanding shares it does not already own, other than rolled interest. Endeavor stockholders will receive $27.50 per share in cash, representing a 55% premium to the unaffected share price of $17.72 per share at market close on October 25, 2023," a press release reads.
The transaction is expected to be completed in the end of the first quarter of 2025 and is pending to the satisfaction of customary closing conditions and required regulatory approvals.
Baha Breaking News (BBN) / RR
Keywords: MERGERS AND ACQ
At this level of gold price Cey is clearing over $1,000 an oz assuming AISC around the middle of their range. At the top end of the forecast production that means $500M which leaves just under $250M after the Egyptian share. Assuming gold does not fall to far from the current price, and of course it could well increase, then Cey, to use Tibbs' phrase from a few years ago (2020?) will once again 'be spitting out cash like a demented cash-machine'. Is it time to talk of gold flip-flops again?
Best wishes,
Prof
Thank you Dansul, that is encouraging!
Sorry forgot to mention the site for gold with a strong buy...
https://ca.investing.com/commodities/gold-technical
Tornadotony, I agree with you for the short days as many sold while high today, but don't forget the circumstances of incoming lowering interest rate and tough world economic in addition to the war that start glooming around that will make gold going higher and will keep its value.
GLTA,
Dan
Gold RSI Daily 79.3 Gold RSI weekly 74.51. Stochastics have been on 100% for awhile. As night follows day this will severely correct. Gaps in the charts all over the place for a number of gold miners and ETFs. They always back fill when we have no RNS. Last few days of the rally and it can retreat any time and it might do a quick double top and go back down. Time to take profits imop.
Tornado Tony ,what inevitable pullback is this.
Hi Dasut,
So had the Chinese developed Sukari it would have been with a Chinese workforce, quite clever really keeps control of the mine and the locals ignorant of how to operate it!
Wonder how the Chinese would have coped with the court case or the pit wall problems, Chan Pardey would have likely been sent to a hard labour institution for correction back in a cold part of China!
Wonder why the Chinese weren't interested in Doropo?
Steve, I have lost track of how many times gold and Centamin have peaked in the first two weeks of April. Selling off at this time has made me a packet in the past. Some kind of double top in gold and then we go down in hundreds. Lovely cheap Centamin shares say in six to nine weeks. Tony ( lets see if I get it right again)
There is no such thing as as inevitable pull back Tony, it’s all about data.