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Thanks Bushy- I'm just questioning why no chartist posted at about 10:00 on Friday when the SP was ~114.5, but waited until this morning, that's all.
I posted my rationale for my exit at the time on Friday when the SP was ~112.5 on Friday @13:53.
As I say- I like to see rationale at THE point in time...
Hi goldgnome
There is no history of China wanting world dominance. It's trading prowess pre-dates the Romans, extending throughout Asia and west to Europe. If you read Menzies book 1421, you will see it appears they went round Africa and possibly further, with a view to trade world-wide. Probably as you say, to acquire the food and materials required by a large and growing population. But China was a proud, orderly and inventive nation. Until the Europeans arrived in the 19th century, with all their weaponry and forced concessions which started as trading ports but then expanded to transferring their factories, religious and political practices. Christian converts often won property disputes over local peasants as local officials were either bribed or persuaded not to upset foreign powers. This led to the breakdown of Chinese society and the Boxer rebellion as depicted in the film 55 days at Peking. The weak Chinese Government disowned the Boxers but secretly backed them. The Chinese were shamed by the Western Governments, which included the US, and have probably been years planning to how regain the prominence in the world they once had. The US as you say, handed this to them on a plate when Nixon agreed that the two countries should be allowed to trade. The Americans probably viewed the Chinese as backward, and saw only the agreement as one-way trade. But the Chinese knew that greed had surpassed 19th century Christian values and played the West. They were years behind technically, but made the transfer of IP a pre-requisite to manufacturing locally. They built their exports quickly by devaluing their currency, but got away with it by buying US debt. They still send their people to universities in the West, many more now as post-grads, to determine what we are working on for the future. All will be transmitted back to China, but our Government is happy as it depends on China for much university funding. They convinced the west that they would move to the same kind of democratic system, but all the above development, had been centrally planned. Now China has caught up, it has proved that central planning, or autocracy, is the correct system. South America, most of Africa and even part of South-east Asia consist of former colonies, and as such sent raw materials back to the colonial powers. China will not colonise these countries, but will want to ensure that they get priority for these materials. They will give a fair price and will adapt to local requirements to do so. To achieve that, they will have to be as strong or stronger than the West militarily, have to offer a different currency from a different economic system, not inflict their own laws, but rather accept those that exist, and certainly not propound democracy.
Personally I believe that they need, and have planned for a gold-backed currency.
Steve...Fridays was a bearish all engulfing full body. Text book sell signal for a reversal after a directional run. Watch where we close today if it's lower than Fridays close then that usually serves as confirmation.
No worries Lucky- posts aren't as good as face-to-face chat :-)- I am not trying to be difficult, simply like to understand where people come from, this is how I learn.
Steve
my apologies I should have added the RSI of POG day chart made a sell signal.
My view remains to wait- gold dropped Friday due to the reasons I posted before I exited Friday. Additionally, due to FED Guv, Waller, stating more tightening required, more than markets think... 25bps remains on for 3rd May. Some think may not be enough, but I'm more dovish, than this and think inflation will continue to drop faster than FED think... time will tell, and with more FED chat this week from people, will wait and see... FED remain hawkish at mo, which makes me remain on the sidelines until others leak info, amongst other data out this week.
Of course, I'm not pretending to impose my will on anyone either- take or leave it, but I just provide info, and back it with why I think this. People can ignore it, or read it, but at least they know why I say what I say- that's all :-).
Precisely my point- you both have not said why- so how can anyone rationalise it or take anything from it- I said Man City won't win the title, John down the road said the same- and this is of no use to anyone.
If John down the road and I both added "this is because I have just come from the training ground and Haaland, Grealish, Mahrez, Debryne all have a mystery illness and will be in quarantine for the next 6months"... then this info would provide a rationale as to why John and I think this :-)
BushyTailed said the same.
I can not explain things that my self can't fully understand....
No worries, but why not just state your technical analysis and view- it's you that says "sell signal"... I would like to know why YOU interpret this way that's all.
Steve
I am not pretending to impose my will on anyone, and I understand you rationale regarding following tech or not.
Many information on technical analyses can be found for free online....
Dropped due to unexpected ,New York FED Empire State figures Hit eight month high .
To be expected, after all they do need to keep the dollar high and bond market busy. ;-)
Next months figures will be again ,to suit themselves.
Whatever it takes.
Although I do, I still like to understand the rationale behind it- for example "sell signal" didn't state due to technical analysis- it just said "sell signal".
If your technical analysis says "sell signal" I would like to understand on what basis- else anyone reading it just has to take your view without understanding the basis for your view.
I understand some may disregard technical analyses outright, but POG future day chart is making a sell signal.
astro999
it seem you was right.
But more importantly what made you think that?
Based on what?
I prefer to to see people's rationale- not just sell signal, 96.5p etc :-), also why would you buy @96.5 if the SP dropped to it?
EG gold will retrace to "n" due to "y" by "h", the UK indices will drop to "X" due to "z" by "h", CEY will drop to "F" due to "g" by "h" etc etc... At the moment, no data released has made me alter by position since I posted early Friday pm.
GLA
Let's see if I get another chance at 96.5p Steve ;-P
Where were the sell signals at 10:00 on Friday when the SP was ~1.149?
There are no sell signals, just economic data (in the absence of company specific data) that drives gold and the SP.
I'm out Fridays action was a sell signal.
Hi Astro,
Nothing is certain, but as you may know nothing goes up in a straight line and the POG is certainly no different , it also fluctuates just before markets open and close and can be especially erratic on NFP days!
Just wondering if you think the gold price retracts a bit before moving higher?
Spot on goldgnome
Equities in Europe traded mostly higher in the premarket on Monday ahead of Germany's Bundesbank's newest monthly report on the current economic situation. Meanwhile, British Chancellor of the Exchequer Jeremy Hunt predicted the United Kingdom's economy will perform better than projected in 2023.
The DAX and the Eurostoxx 50 stood flat at 6:53 am CET. At the same time, the FTSE 100 rose by 0.23%, and the CAC 40 increased by 0.09%.
The euro lost by 0.07% at 7:12 am CET to sell for $1.09864. A minute later, the pound sterling stood flat against the United States currency, changing hands for $1.24103.
Baha Breaking News (BBN) / JR
Happy Monday y’al
Drum roll until Thursday…
Thanks Lucky
I am not sure the Chinese what world dominance, it has never been their desire over the last few thousand years.
I do think, they , like others want ar more stable and equitable system, in which they can access the resources they need to look after their own.
The USD is unstable, and untenable, as is their "financial system". An exorbitant privilege as others have said. It serves the purpose of the US first second and third, and then the rest of the world fits in sometime after this.
Abolishing interest rates, and swapping for shares, is what the Islamic finance system does in part...and of course this means we do cut out some of the "money men" who would be upset, and have been in the past when this was suggested. I often wonder whether this is not te root of the difference between the muslims and the jews, but I won't go there today
Interesting thoughts,
best
the gnome
Interesting goldgnome
In reality, to understand why have we come to this mess, one has to ask the right questions.
Do we really think that China and the CCP will straight things up and make this a better and fairer world?
Each and on its own we are all victims of our ignorance. The Chinese indeed can much quickly, implement any policies they like and they know...but what will they be doing once their game is over, and all the world will be looking at them for directions?
If we want to reinvent the concept of money we should be go back to "barter" or if we like to keep using cash/currencies, we should abolish the concept of interest rate and change it, into share ownership.
But with the latest option, then we also should abolish the USD as world currency.