Member Info for bonker99

OPEC said to have continued the talks for another day.

I think we all know that means they want more time exposed to the market before they drop whatever they're going to drop - I gather some are dead-set against increasing output.

I wouldn't wanna be out of this overnight ;)

I expect people have their positions already and they're waiting on the news, as and when it arrives.

Think they've delayed the OPEC meeting a few hours so oil cooling off a tad but this is still one to watch ...

EFFECTIVE FED FUNDS RATE 0.08% JUNE 30 VS 0.1% JUNE 29

So far, so great :)

Must..have..inflation..

Big, big pivot @ low 60s - it's fair enough for it to be fiddling around it but when it goes there's a lorra blue sky above ...

OPEC+ deal likely to include monthly oil output increases of less than 0.5 mln bpd until Dec 2021 - OPECc+ source

$76.5

If the Yanks have to launder their oil reserves into Mexico to keep their build -ve Stateside then they will do so - only a monster oil price keeps the deflation armageddon away.

All good here thanks :)

Looking for upper 70s+ here - I still maintain a c$108 oil target in the longer term.

Oil flying

Initial bounces from an oversold RSI are notoriously difficult to get dead right - bounce +35p then drop -70p, who knows but it's neither here nor there in the grander scheme of things of course.

A fair way to go IMO peeps, >840p is the ballgame though IMO.

Oversold on the daily RSI now so BTFD if it comes :)

Well at least Brad hasn't pulled out of the webinar next week so hopefully he's got something exciting to reveal before then :)

Gold/Silver dropping even $50/$1 from here implies a longer downswing in price to my eye so I simply cannot believe that to be the case given the inflationary backdrop - obviously I can't know what happens next but if it's not now then it's likely to be a long way off and that doesn't make any sense at all given the macro.

All of the big PM miner charts look primed to my eye.

@Auson - obviously I don't know what it's going to do but the, clear to my eye, retrace target would have been $1,735 last week but it never made it and has only managed $1,750 this week so I'm very much leaning to bull mode now given the inflationary backdrop.

The Fed/BoE/ECB can BS the general populous all they like about the real-world inflation numbers but they know the score and they need an instrument to recapitalise themselves on, which certainly won't be fiat paper that's for sure, hence Basel III IMO - they must surely want gold up, very up, now.

Dropping below $1,700s very much implies a longer-term downswing IMO and surely that's not on anymore - if it can't go down then it has to go up, be it slowly at first then all at once as per.

And so is Gold - it's a myth that you need a weakening Dollar to have a bull run on Gold.

$1,774

FWIW - I can't get her lower than 750s but for all I know the bottom print is in today - Gold is in a trap IMO, I can't see how it goes lower than c$1,750 from here.