Firering Strategic Minerals: From explorer to producer. Watch the video here.
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WTF what happened?
1970 to 1940ish in a couple of hours with no apparent reason?
Plenty of warnings on gold retreating and USD strength accounts for $10 drop. Centamin has delivered a double bottom. Now waiting to see if it holds or we get a lower low. I do feel Centamin is undervalued on forward earnings. Monsoon working slowly through India but the rainfall is around 8 days behind schedule. A future tail wind is two to three weeks away.
Lucky,
What I have learned in 44 years working at brokerage houses and watching the markets is the 'Market' so to speak, needs little or no reason to move unexpectedly. Unfortunately it is silly buggers like us that either reaps the rewards or pays the piper.
Indeed these sudden unjustified moves (not only on POG) must be manipulation to catch stops in the virtual futures market......or to get some cheap gold miners stocks for trading by the hedge funds.
Price hopefully it eventually readjusts to the fundamentals, but short terms seem to be completely in the hands of the mafia. I wonder how do they do it...
Absolutely T21a, the house always wins whichever way they decided to pull the levers!
FOMO — the fear of missing out — could come to dominate the gold market as an economic slowdown in the second half of the year triggers a selloff in the stock market and a move towards $3,000 an ounce in gold, said Bloomberg Intelligence.
"Central-bank accumulation and the potential for a global economic slowdown, on the back of the most aggressive rate-hike period ever, may set the stage for gold to move toward $3,000 an ounce," said Bloomberg Intelligence senior macro strategist Mike McGlone said in a report Tuesday.
One primary driver keeping the Federal Reserve hawkish is a strong stock market. This is what has been keeping gold from rallying, with U.S. Treasuries yielding about 5% and the S&P 500 up around 15% in 2023. But this performance will not last, according to McGlone.
"Bloomberg Economics' outlook for an ugly 2H may tilt the potential for a gold bull market toward a key catalyst — a stock bear market," he said. "If the 1H rising equity tide is sustained, the Fed is more likely to keep rates elevated. It's the potential for reciprocity to the biggest liquidity pump in history that's now dumping, and may draw parallels to 1929-30, when the Dow Jones Industrial Average initially fell about 50% and bounced about 50% before the Great Depression."
A big gold price supporter has been central bank gold buying, which has offset gold ETF outflows. And once the stock market begins to see significant losses, nothing will be holding gold back.
"Gold ETF holdings falling about 10% year over year to June 16 vs. the price rising around the same amount may suggest the metal is too hot, or has divergent strength," McGlone pointed out. "Our bias is the latter, as gold appears to be waiting on a Federal Reserve pivot and is being bought by some of the world's deepest pockets -- central banks."
McGlone added that the gains in the stock market are likely to be short-lived due to the coming deflationary recession. And this is good news for gold bulls who want to see gold trading sustainably above $2,000 an ounce.
"The metal's per-ounce price at about half the level of the S&P 500 in 2Q could be an advantage, particularly if the U.S. economy contracts," McGlone said. "The history of booms that go bust when excessive liquidity is removed might set the stage for gold to sustain above its $2,000 resistance."
https://www.kitco.com/news/2023-06-20/Will-FOMO-dominate-the-gold-market-This-sets-the-stage-for-3k-gold-price-Bloomberg-Intelligence.html
I love that people think there is someone in control it’s like religious people’s views of life. The market is the market, no one is in control, just play it as is it is… I also have zero faith in gold flying should equities drop sharply and quickly, this is represented in the historical facts. Just play the markets guys and gals, it’s really that simple, you cannot control it.
The U.S. stock market is rigged, with elite traders buying access to a high-speed network that allows them to figure out what you've just ordered, order it first, then raise the price before your order is complete.
https://www.youtube.com/watch?v=lVgSF8CzSy4
https://www.dailymotion.com/video/x3ofbav