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not followed much lately - why the drop todaY?
HOC sector effect plus week market and pog 50/50 -- MMs playing a blinder today and picking up plenty of shares to bounce back at around 95p imho
Gold is heavily down; breakout has reversed.
Anybody now fail to see how all of these mine issues are just peripheral to the main show, which is GOLD........ CEY will fall a LOT more if gold does.
Biden has picked Powell and he is considered the hawk! Laugh out loud.
Anybody here still bullish on gold? My feeling is that BTC has taken most of the investors. Only ones left are central banks and they move at the pace of a snail.
Of the two yes Powell pehaps is considered the hawk. There was an increase in long gold positioning on the CFTC last week from 250k to 259k perhaps this was in anticipation of a new Fed Chair in which case we could have seen $1900 POG today. If these extra longs liquidated it would explain the sudden gold price drop. Still looking for $1930s next for POG
"Anybody here still bullish on gold? My feeling is that BTC has taken most of the investors. Only ones left are central banks and they move at the pace of a snail."
And what happens when Bitcoin dumps (again)?
My humble opinion is that gold is at the start of a stupendous rally much like the one from late 2008 to mid 2011.
High inflation becoming persistent, stagnating growth concerns, and central banks left with just words and threats but no intention of meaningfully raising rates - because to do so would bring governments and economies down with ballooning debt servicing costs. They have to stomach high inflation because it's the lesser of all other evils, and thus a situation in which gold will surely thrive.
Good post Kando.
IMHO it's a knee jerk sell off off the back of the US news. The world economy could take years to recover from where we are now.
I'm in as of today. A defensive play for the next few months at the very least.
GLA
Nuts day on PMs - bullionvault has an explanation , best I could find. Am not selling as seems nuts over reaction to me
That article https://www.bullionvault.com/gold-news/inflation-gold-112220211
Nut days as you say
@Kando: "And what happens when Bitcoin dumps (again)?"
It's simple. If BTC crashes, so will all the bitcoin miners, in exactly the same way as gold miners do when gold dumps. All miners behave more-or-less like a call option on the underlying, give-or-take. Some weeks back I remember one person saying how foolish I was to have 15% of my portfolio in crypto. I currently have 1%. I wish I only had 1% in gold miners.
Unless the fundamentals of CEY were to seriously change, there is no chance I will sell CEY. Long-term, I still think that gold *might* shine. Let's see.
If you are a long term investor not open to selling why post so frequently why not sit back and wait . Over the years I have seen all shades on here
SteveJones999,
Re the bullionvault article, she does suggest that the reason gold dropped was because it dropped below $1835 support, its a bit chicken and egg and I think it more likely the manipulators used the Powell news to dump a massive amount of paper gold on the market as they often do. Also no mention of the net long positioning in gold which has been going on for weeks. I suspect the this latest Gold dip will be bought quite aggressively.
@SteveJones999: "Nuts day on PMs - bullionvault has an explanation"
I would not take anything from Bullionvault too seriously ... they're not market neutral. They're a gold dealer...
I also do not believe the market manipulation theory. Nothing that I've read can prove that it happens; several large studies have been done to try and detect it and they never found anything.
I think it's simply a matter of supply and demand.
I still think/hope/pray that gold will rise over the coming months, especially if US inflation ticks uyp again on Powel's watch (the rest of the world is irrelevant?).
CaneToad,
You don't believe the market is manipulated ? Do you think it is normal to dump an entire years mining output of Precious metals in a few minutes ?
Nothing to see here.
The government has extracted more than $1 billion in fines from companies including JPMorgan Chase & Co., Bank of America Corp. and Deutsche Bank AGto resolve liability for market manipulation tied to spoofing. Merrill Lynch paid a $36.5 million fine in 2019 to resolve government investigations into precious metals spoofing.
news bloomberglaw com/white-collar-and-criminal-law/ex-merrill-lynch-gold-traders-found-guilty-in-spoofing-trial
The rationale makes sense - it was trigger for the drop- I don’t see anything changing so hold as gold should bounce back at some point- selling and will miss out and I don’t need to sell.