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What do you think about the gold price now?
Hi 2227....
I posted on 30/06 regarding spot $GOLD and this is still very much in play...
30 Jun 2020 16:04
RE: Gold Price
Currently trending above last months close updown....
Short term trend has turned bullish which is normally the opposite, last cyclindrical event produced a high indicating moving into a low but this has not happened..... THIS IS BULLISH...
As long as the monthly close is above $1775.80... This will be very bullish up to a target area $1920.00 area but still need to watch the intraday price action during July.
I will look at the resistance near term which should be slightly different to the above, saying that though caution to the wind is still advisable as we may be entering into a inversion cycle which will be very interesting.
Put the boardroom shenanigans to one side, although can't be ignored (hence the recent big SP drop....) the POG is definitely present very good value for money now with the current GP which could and probably would keep rising....
IMHO.
did anyone manage to get any information on the trading update from IR ?
Both spot and Comex above $1800. Nice
Fine on 30th, but that wasn't the message prior to that. Gold was going down the pan if I recall which would bring all gold miners with it. So have you changed your mind on that.... just that people listen to this nonsense and may have sold on your predictions.
Each $100 increase is $50m to the bottom line and C/F of POG
PVX233, If they had sold, they would have done well, as could buy back in cheaper now. Nothing to do with gold price though.
PVX.... Nice to hear your continuous drone again....
Well if anyone sold prior to the 30th they'd be in profit with POG compared with today but I never did say sell...
Near term action is (as you know) different to medium and longer term price movement.... Follow the trend.
There's always time for a correction to come, nothing has changed on this front, July is still the turning point for markets, as said the markets could be entering into an inversion cycle so $GOLD might just follow through to August but too early for this continuation to confirm...
Then wev have the elections in the US, at the moment it is in the Demorcrats interest to keep the markets 'healthy' until August then let it go and make Trump appear he is faltering....
As always though, its only an opinion but yep maybe you should have sold prior to the 30th also?
Is grim taking credit for predicting the board election outcome?
i wonder which mystic meg he got up the duff!
David I think what grated with folk on here was that you predicted something along the lines of PI's being "humiliated" by the coming drop in the gold price. The emotive language suggests you were trying to instil fear on the board, I know it made me suspicious of your motives at the time. I've nothing against all opinions but you do seem to have been calling it both ways to be fair. Anyway good luck to everyone and let's hope this debacle is over soon.
Aim.... not looking for credit only profit weather that be intraday or longer.
Sheddy... We are in unprecedented times this is for sure, what I will say is if you are prepared to go long the PM sector including metals will do well in the coming few years, that's practicably a given as long as company fundamentals remain positive. Short/near term always has a different outlook, there will be a correction, has to happen before a continuation but as said this moment in time it appears we are heading into an inversion cycle which is not common at all.
Month ends are important to note hence the change at end of June, caution is warranted though.
BTW..... Did POG's BOD comment that the SP had grown too much when the SP was at 17.9p, can't fully remember the exact comment but wondering if something is amiss with the recent action in dissatisfaction..... for reasons still unknown at present.
grim, i admire your tenacity in all honesty. if the result is you shake up the weak holders then thats a good thing. i am a long only investor so shedding any weak holders only offers support via late buying
Okay fair enough DtheG, silver & copper could also be extremely interesting, both have medical applications and copper should benefit hugely as I think governments will up direct investment in the green energy sector to meet carbon targets. Meanwhile sort it out POG!
David was right, but for the wrong reasons. PM are going up, they are on a trend driven by ultra low interest rates crossed with normalising to rising inflation.
Face it thats the only reason you buy gold miners. If you want a good business, you buy P&G.
what is the worst case here for the share price by dec 2020 if gold breaks 20000 and the mafia get their way, the share price will still be around 40p to 50p imho. They are not going to sell it cheap.
2000 i meant sorry... i wish 20000 lol
There's always ifs and buts.
But essentially you were wrong. And I think you also said that POG would be much stronger relative to other gold miners. Which it seems is also wrong given the 30% decline since last week.
Tough being a charting expert!
PVX.... Please don't be bitter, it sounds awful.
Did you take the opportunity to acquire and accumulate stock in the recent fall.... A fall for which nobody could have predicted not even the charts or the current ousted BOD... Shock, horror :)
I was wrong against the observation of a broadening top in $GOLD which I did state at the time it could go either way (get out clause) but yes I did lean more towards a fall rather than a further high but the broadening top also gave birth to a minor inverted head and shoulders pattern giving a completion target of $1818, we are very close to this price today so will be interesting to see what happens for the continuation to the $1920 area but lets wait to see what develops first.
Timing and caution... I'm like a persistent parasite PVX :)
UpDown... The real reason gold is increasing is down to the increasing lack of confidence towards government, nothing to do with interest rates etc (that is old school thought - It never works this way)....... We should see a switch in the coming 1-2 years from government issued securities to private securities..... Bonds will cease to exist. Miners are a very good leverage, major producers, minor producers, exploration and development in that order is usually the order of rise and reverse is usually the order of decline.
But I think we are all in the right place as long as fundamentals stay strong and loyal to PI's...... There's always someone waiting in the wings to claw wealth..... Greed pure greed but thats what runs the markets.... Greed and fear, supply and demand, risk vs reward blah blah...
Not bitter at all Grim. Just pointing out a few facts.
And no I haven't added on weakness. I bought in at 7p last year due to completion of POX and the transformation that would ensue. Geared on the spreads is 1000% return even with the drop. Without looking at a chart...
So, I'm just fine ..
$GOLD Inverted head and shoulders target of $1818 met yesterday evening ($1817.88) then reversed.
Will be very interesting to see where the price goes near term from here.
I just hope POG is able to capitalize on the recent rise.