Member Info for Tornadotony

The answer from ordinary population masses is nothing. It is all about elite power and few who get everything out of it and leave the cost to everyone else. I grew up during the Vietnam War and saw older teenagers in my street in Illinois drafted in to fight that war. The posturing between Israel leadership and Iranian leadership if it leads to war is about as disgusting as to what happened in Vietnam. Fingers cross that peaceful alternatives win the day.

Lewis you know what the hold up reasons are likely to be.

1. Current depression on rare earth prices as China dumps on the global market.

2. Net Zero progress has slowed down because of inflationary impacts which hopefully are stabilising.

3. Interest rates have not declined yet.

4. Liquidity regarding banks on new projects that are not backed up with an on-going source of income despite off take agreements.

5. Poor political leadership as they are happy to have supply chains still reliant on China supply despite they are needed for their own National defence.

6. Geopolitical in that the mine is based in Africa and not within USA or the EU.

China would finance the mine build in full tomorrow if they received all the rare earths produced from the LJ mine and no supply was sold to Western countries.

What makes me feel ill is that the UK wasted more money trying to send a few people to Rwanda than the entire cost of the Pensana mine project and probably most of what was needed for Saltend. Tony

3 bear,

The rally was very stable up to 20 March. Beyond that time frame it started to become over extended and not just a spring seasonal rally. On 2 April the rally was approaching $2300 spot price which should have been a top with a 14.5% rise but then it started to go parabolic. The momentum then hit 17% rise at 2350 spot price where only a handful of rallies have surpassed this. The peak was around 20%. The rally started on 12 February. Central banks (especially India and China were behind the move from 12 February to 29th February) and published data of late shows this was the case.

The concern some of us have is that the rally was taken over by Options traders and they have to take physical delivery on 25th April. I therefore believe the answer to your question will soon reveal itself. My belief is that part of the rally is permanent and it needs to retreat to a level to attract buying in the physical market for delivery. Over the course of 2024 we may get more rallies and pull backs. The jewellery market has to restock gold at a price where they can sell it later on and it just takes time for the physical market to absorb increases. Otherwise we get bear markets in gold later on. Tony

Good news for the longer term.

Gold has been taken higher again tonight and all the overbought on daily and weekly were returned as they were before at the peak on Friday. What I am concerned about is what kind of bad news will soon unfold and be shared with the general public.

Tibbs if Israel does something stupid, the West alliance will not follow the Israeli Prime Minister down his new rabbit hole.

Strongest support lines are at 2010, 2047 and at 2119.

2332 is the standard deviation support line.. 2320 and 2311 are additional support lines. We have to see how well the market in gold holds up if they get challenged which I think is likely.

Https://www.aiinsightmedia.com/rare-earth-metals-ai-semiconductor/

Https://www.aiinsightmedia.com/rare-earth-metals-ai-semiconductor/

Oops double checked what I thought was a gap at 95p area is not the case. Misread the data point. Ignore last one.

127.9 to 129.5 gap is closing.

121 to 121.6

112.9 to 113.6

109.3 to 110.9p

95.2p to 95.8p (this one may take a long time to close).

Gold Options close in 10 days. Physical delivery at these high prices is either taken up (good for miners) or it is not. The reality is buying gold coins and bars has stopped. Jewellery restocking has mainly stopped. Central banks have stopped buying gold at the current levels. If the price is based on paper options only, this is a tricky market for gold as it has disconnected with wider physical buying.

I am happy that we have a diversity of opinions on what happens next.

`Gold Options close on 25 April. China Shanghai Gold market has put restrictions in place on gold trading contract size effective on Asian market open tonight 2 am UK time.

2281-2285

2257-2267

2238-2249

2187-2193

2170-2175

I believe in gap filling and appreciate not all readers care about it. The rally closed on the monthly resistance line going back to 1980. Again I look at charts and others do not. Gold now in a consolidation phase for the coming weeks imop. Bottom target I have for gold is possibly around $2120 per ounce. Long term channel support has moved beyond $1800 per ounce and is increasing with time.

Https://www.metalsdaily.com/archive/archive/ross-norman-where-the-buying-is-coming-from-/352537

Https://www.metalsdaily.com/archive/archive/ross-norman-where-the-buying-is-coming-from-/352537

Steve I give up. Commodity input prices such as oil and silver are way up this month so they rally on older data when they were lower and drive commodity prices higher.

Mr Tibbs,

I could not agree more with the reforms that are needed in that article. We have politicians and bankers effectively writing their own contracts on how they serve themselves rather than the populations which they should be privileged to serve.

Tony

Daily at 83 and weekly at 75. Centamin is heavily overbought.