Member Info for SteveJones999

Slightly out of date but remains true for now as from earlier today… Omicron has improved throughout the day as I’ve posted earlier…

“Gold prices eased on Thursday as investors bet the U.S. Federal Reserve would taper its bond purchases faster to tackle surging inflation despite economic recovery concerns amid the new Omicron coronavirus variant.

Spot gold fell 0.3% to $1,777.87 per ounce by 0639 GMT. U.S. gold futures dropped 0.3% to $1,778.10.

In congressional testimony on Wednesday, Fed Chair Jerome Powell said the central bank needs to be ready to respond to the possibility that inflation may not recede in the second half of 2022.

Powell also said the Fed would consider a faster tapering of its bond purchases at its upcoming two-day meeting due to start on Dec. 14.

Gold is often considered an inflation hedge, though reduced stimulus and interest rate hikes push government bond yields up, translating into a higher opportunity cost for holding bullion, which pays no interest.

“The more hawkish shift in rhetoric from Powell could overshadow for gold any bullish impulse from the Omicron virus until at least Friday’s non-farm payrolls report” said Stephen Innes, managing partner at SPI Asset Management.

The U.S. non-farm payrolls report could influence the Fed’s rate stance. The ADP National employment report showed on Wednesday private payrolls increased by 534,000 jobs in November.

Spot gold still targets $1,758 per ounce, as it has deeply pierced below a support at $1,780 and broken a rising trendline, according to Reuters technical analyst Wang Tao.

Am waiting to decide at 13:30 on tomorrow NFP- excessive could bash gold down further in the short term. Current hawkish FED from Tuesday dialogue maintains pressure on the yellow stuff

Back on omicron or moronic as I call it…
More positive news from GSK to add to the other positive news… “it’s covid-19 antibody treatment looks to be effective against the new omicron variant. Lab tests of the mutations found in the variant showed the drug is still active against the virus”

Ooops meant replace so with sp- doh!

Replace sp with so in last para- when will there be an edit button on this site!

What’s interesting here is that it’s a stock with a primary driver- gold. For example gold just dropped down to ~1770 but markets going up on US open, so although gold dropped , CEY bounced off todays bottom as, after all, it’s a stock.
I work on odds, and of course intra day gold price makes the biggest difference to intra day so in most time- when no more news is around and sentiment hasn’t significantly altered.

It depends what cryptos you pick- I invest in the top ones only as a balance- as you say very high risk which is why lowest % investment of my portfolio. I wish, of course, not taken out profits several times along the way- but still overall pleased. As I’ve said before, I will not be upping my investment as a % of my portfolio as happy with where it is - am closely watching goldies as I trade these with my cash.
Yes, pretty brutal times here at the mo, I trade around data points- hopefully some relief on NFP tomorrow- may trade around then and of course the 8th which will be well worth tuning into and is in my diary :-).

If someone had put their £100k in btc 5 years ago it would be worth ~£7m now... what is it worth in gold miners now (incl. divis of course).
Hindsight is, of course, a wonderful thing and risk was very high. But it was the same old tulip, ponzi arguments then also...
Would you put £100k in now? Only you can answer this, dependant on your views...

It's ever evolving- this is my point on crypto.
It's really a simple question, like every other investment- if you believe in it invest, if you don't, don't.
I'm not here to convince you either way, like everyone else, investment decisions are your own affair.
Good luck with whatever you decide.

Doesn't mean higher gold prices though- what, after all, is the correct price for gold?
On crypto (I hold majors not just BTC)- the obvious ones are greater regulation = more increase in adoption, increased adoption from payment applications like PayPal will give far more people easy access to cryptocurrency, crypto credit cards starting, crypto new yet already market cap nearly a third of gold, the first Bitcoin ETF debuting on the New York Stock Exchange recently.
As I've consistently said, it's not either/or for gold PMs and crypto, it's both for me.
Crypto is my highest risk asset and lowest % invested, next are PMs- mad how people invest in PMs as they see as low risk when a wall could drop (CEY Oct2020) or politics hit at any time (recent Hochs).
Of course, u can lose the lot on crypto, but I still keep my investment, as it has given me back my original investment over 3 times, and still I have a greater amount in the game that I original invested.
A balanced portfolio is key.
5 years ago, detractors said "tulip all over again"... "the emperor has no clothes"... etc etc etc. It's not the detractors they need convincing like most things... Look at PMs from the highs in Aug2020 to see how high risk they are...
And yet I still here the same old lazy arguments against.
We are still in the early the early stages- major change does sometimes take a while to grip- look at the drop in tech bubble post y2k but now look at the value of several of those companies now- same lazy arguments were used back then.

I took it as good on the moronic (anagram) variant. Mutations are often less impactful.
Israel also saying less problematic.
World panicking, I don't know why they name it Panikos.
I will be getting my booster as am double jabbed.
Markets seen as toppy, hence reaction.
As for gold- hard to fathom in last few months- finding it hard to build a case for a big jump in the short term, based on previous months.
Hopefully the 8th can help us- all PMs remain undervalued in my view.

The big risk I mean

Regulation killed subprime

Often, alas, what should happen and what does happen are entirely different, especially in the short term- this is especially true is what is considered a generally toppy market at the moment especially in the US.
I agree that PMs seem low and have been unloved pretty much all year.

Federal Reserve Chairman Jerome Powell said on Tuesday that the United States central bank will consider acting more quickly to dial back its ultra-low interest rate policies to counter higher inflation, which Powell acknowledged will likely persist well into next year.

The Fed is currently reducing its monthly bond purchases, which are intended to lower longer-term borrowing costs, at a pace that would end those purchases in June. But Powell made clear that Fed officials will discuss paring those purchases more quickly when it next meets in mid-December.

Sector unloved-

Most on this board have already stated this on the positive side.
Sotolo- would be interested to know your view which is usually contrary.

He said more than expected, so less whaffle, which is why gold reacted the way he did
Key points in my earlier post

Federal Reserve Chairman Jerome Powell said on Tuesday that the United States central bank will consider acting more quickly to dial back its ultra-low interest rate policies to counter higher inflation, which Powell acknowledged will likely persist well into next year.

The Fed is currently reducing its monthly bond purchases, which are intended to lower longer-term borrowing costs, at a pace that would end those purchases in June. But Powell made clear that Fed officials will discuss paring those purchases more quickly when it next meets in mid-December.

Phew- as expected