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3bear we all hope so but when markets collapse, as we have experienced before, holders can also sell gold to raise liquidity, or buy it as a hedge; gold is marvellously fickle a bit like the spouse, always keeping one on one's toes as for any action the reaction may be unpredictably one way or the other. Above all we have learnt not to count our golden flip flops before we have worn them so to speak.
There was a good FT piece yesterday by Rana Foruhar headed'Gold is back and it has a message for us' , which inspired me to buy a book it mentioned 'The New World Economy in 5 Trends' by BNP Paribas chief strategist Fortis Philippe Gijsels, and the chief economist Koen De Leus which predicts gold running to $4000 in the not too distant future but who really knows. Anyway I will read it.
Anyone share my view that this rise in the GP is permanent and largely due to 2020's colossal international QE finally feeding through to all corners of the financial system?
Grabbed some more at 1.264 in the isa at 8am. Will then sell the same from trading account hopefully higher. Prefer that to Isa bed and breakfast
Major European markets traded lower ahead of Tuesday's session as investors awaited the release of more economic data. Today, market participants will receive reports on EU economic sentiment and the trade balance. Italy will release its latest CPI data.
At 8:06 am CET, the DAX lost 1.17%, the CAC 40 fell 1.32%, and the FTSE 100 declined 1.19%. Finally, the pan-European Euro Stoxx 50 fell 1.34%.
On the currency front, the euro and the British pound were down by 0.09% and 0.19% against the dollar at 8:07 am CET, selling for $1.06148 and $1.24224, respectively.
Baha Breaking News (BBN) / JG
Gold currently $2386.12
Exactly, the signs are well recognised and documented now.
Its just a matter of how the final chapter is written. They started with a few bangs and thats the way they may well go out (with a bit of interest, so to speak). Worship of invididualism plays into the hands of the second law of thermodynamics, which leads into huge energy losses in the system for very little gain. Sad .. cest la vie
the gnome
Goldgnome, this is the Global ticking time bomb, Global in that it's effects will spread far and wide when it goes off !!
The US will have to raise taxes, they are too low for their Current and Capital Public Expenditure. The latter is also a ticking time bomb as much of the infrastructure, built in the 19960's to 1970's, needs replacing as shown recently by some collapsing bridges and roads. They'll kick the debt down the road as long as they can, but Republicans are now making it harder to increase the debt. Signs of a declining Superpower !!
You have to love the headlines ...
Though the average interest rate the U.S. is paying on its debt seems modest at 3.27%, especially when compared to current Treasury and mortgage rates, it’s the highest we’ve seen since 2008. Back then, the U.S. debt was slightly above $10 trillion; fast forward to today, and it has ballooned to over $34 trillion. Notably, while it took over a century to reach the first $10 trillion, the most recent $10 trillion was amassed in just four years.
Despite political shifts in the White House, the upward march of debt has continued unabated. This was of less concern when interest rates were low. However, in the wake of 2022’s significant inflation and the Federal Reserve’s aggressive response, the true weight of the national debt has come into sharp focus.
The consequences of these higher rates are stark, with annual interest payments on the debt now topping $1 trillion—overtaking defense spending and on par with Medicare. This trend suggests that interest payments could soon surpass even Social Security as the largest budget expenditure.
The U.S. is on the brink of a financial challenge with nearly $9 trillion of its debt approaching maturity within the next year. This debt will need to be refinanced at interest rates much higher than when it was originally taken on—almost twice as high, in fact...
There won’t be any bad news Tony.
If you look at the gold price pump and dump it was well outside the Iran attack so nothing to do with it and it shot up and dropped within a few hours- and 24 hours before the attack which was outside trading hours in any case.
Of course, it is due for tensions, but not inside knowledge of a “known” activity about to happen.
Ha Ha no surprise Bi Bi has Biden by his election year balls. ooh painful.
No surprise then
Gold has been taken higher again tonight and all the overbought on daily and weekly were returned as they were before at the peak on Friday. What I am concerned about is what kind of bad news will soon unfold and be shared with the general public.
After falling today, in the evening things changed and the prices of gold and silver shot up. Good day tomorrow - for us but not for many others in the world.
"Israel LIED about Flour Massacre: Report shows Israeli soldiers deliberately opened fire on starving Palestinians".
https://evil.news/2024-04-12-israel-lied-soldiers-opened-fire-starving-palestinians.html
Benjamin Netanyahu and his cabinet members won't be satisfied until they pull the US into a war with Iran!
The Israeli cabinet and opposition leaders have been meeting in Tel Aviv as Israel considers its response to Saturday's attack
https://www.bbc.co.uk/news/live/world-middle-east-68737710
Palestinian doctors tell Al Jazeera they have discovered another mass grave in the courtyard of Gaza City’s al-Shifa Hospital, recently besieged by Israeli soldiers,
https://www.aljazeera.com/news/liveblog/2024/4/15/israels-war-on-gaza-live-five-killed-in-nuseirat-as-israel-strikes-camps
I really can't understand why the USA keeps supplying and supporting Israeli Prime Minister Benjamin Netanyahu and his Zionist cabinet in their policy of genocide against the vast majority id ordinary powerless and innocent Palestinian people.
Benjamin Netanyahu and his evil cabinet members should be tried for war crimes rather the=an supplied with sophisticated arms to facilitate the complete destruction of a nation.
God bless America indeed, what hypocrisy from the US government and the bunch of right wing Zionists that rule Israel at present!
In determining how Israel may respond to the overnight attack, analysts have focused on Israel’s own attack on the Iranian consulate on April 1.
That strike, which killed two Islamic Revolutionary Guard Corps (IRGC) generals and five officers, was carried out with scant regard to Israel’s allies, who were only notified shortly ahead of the attack, according to at least one analyst Al Jazeera spoke to.
Hamidreza Azizi, a visiting fellow at SWP Berlin, outlined two scenarios, both resting upon the motivations behind the Israeli attack on the Iranian consulate.
In the first scenario, the Israeli strike occurred with little or no thought given to the consequences. In the second, the strike was a deliberate attempt to draw Iran into regional war and shift US and Western focus away from Israel’s war on Gaza and towards the regional bogeyman, Iran.
ttps://www.aljazeera.com/news/2024/4/14/what-does-israel-want-to-do-after-irans-drone-and-missile-attacks
I agree Tony, and Israel risk losing financial support, weapons and so on, as we can see the allies position.
With this Iranian attempt, Israel have clawed back more international support and the "morale" high-ground again potentially. They'd be absolutely thick to retaliate to this, totally thick- but then when did a lack of intelligence stop anyone lol... but I don't they will retaliate.
Tibbs if Israel does something stupid, the West alliance will not follow the Israeli Prime Minister down his new rabbit hole.
Israel defense minister to Pentagon: No choice but to retaliate against Iran
https://www.axios.com/2024/04/15/israel-iran-attack-missiles-retaliation
15 Apr 2024
The civil war in Sudan has displaced more than eight million people, driving millions to the brink of famine and triggered waves of ethnic killings and sexual violence. We hear from people in the capital Khartoum and elsewhere in the country. We also speak to our correspondent in Port Sudan and get an analysis from our former Africa correspondent Catherine Byaruhunga.
Iran has rejected Western criticism of its attack on Israel involving hundreds of drones and missiles, insisting it had shown restraint. We answer audience questions about the weekend's attack with the help of our Chief International Correspondent Lyse Doucet and BBC World Affairs Correspondent.
Jury selection is beginning in a courtroom in New York, where Donald Trump will become the first former US president to stand trial in a criminal case.
https://www.bbc.co.uk/sounds/play/w172zbhz0f8zk34
The massive dip in gold at the open has now been fully reversed but silver and copper which dipped I think in sympathy have stayed lower. The vix is moving back up (just bought some VILX again), and NVD looks like its peaked for the day - so this 15 minutes it looks like its risk averse with gold as a safe haven - about time things made sense !
HI Mr Tibbles - nice to know you're still here. Looking at copper silver and gold all day here - not to mention the VIX and Nvidia. The sheer deceit and double dealing in those markets is criminal. I'm glad you're blessed with patience because I can see this little battle going on for weeks !
Steve, the Iranian attack was staged by all parties, just as a show for the world to satisfy Iranian for its retaliation....Nothing was really serious.
GLTA,
Dan
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.