RE: Gold Prices and Wti Crude Oil Dropping like flies8 Sep 2020 14:17
@morpi
Actually, I trade with gold regularly. I sell and buy gold futures. I can tell you with total confidence that the]
gold will touch the $1,865usd as it did on the 12th August after hitting a high of $2,090usd on the 4th August 20.
During the mad run on the gold, you had the usual big mouths like Goldman Sachs and Morgan Stanley saying
to prepare to see the gold prices reaching $2,300usd within weeks of hitting $2,000usd. Well, guess what! It did not.
Many got caught buying into their bull-sh,it when was at $2k.usd and lost millions. I was selling the gold as soon as
it hit $2,000usd and waited till it drop back to $1,911usd just after the Chinese released a news report that they were
selling their gold at a 30% discount of the current market prices. As as the Chinese news got out being the biggest
consumer of gold, the markets start selling off the gold and hit the $1,865usd. So, frankly just as for the very expensive
oil the same will happen to the gold. However, the only ones who will benefit when these prices drop so low are the big
usual bottom buyers as the Chinese who will store it for when the markets are ripe again to sell it or use for their ever
so growing economies. Did you know that the Chinese had large tankers loaded with crude oil awaiting outside their
ports which was bought when the oil prices had dropped to super low levels. These tankers are the last of many 100's
that had remain outside their ports that because it was cheaper to import than to produce their own oil. So, Live 'N' Learn.
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