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Dollar Gold Falls To $1,190/oz After Jobs Number; Euro, Pound Gold Flat - YTD +3.4% IN GBP, +9% In EUR
Today’s AM fix was USD 1,207.50, EUR 956.06 and GBP 751.03 per ounce.
Yesterday’s AM fix was USD 1,214.50, EUR 960.99 and GBP 750.94 per ounce.
Gold fell 1% in dollar terms after the better than expected U.S. jobs number. However, the dollar also gained by 1% against the euro, by 0.8% against the pound and was higher against all fiat currencies (see table).
Thus, gold’s fell primarily in dollar terms and remained strong in other currencies. The same trend seen in recent months.
Gold in Singapore had ticked lower from $1,214 per ounce to over $1,207 per ounce and gold remains weak and at these levels in late morning trade in London.
Gold fell $0.80 or 0.07% to $1,213.80 per ounce and silver slipped $0.08 or 0.47% to $17.10 per ounce yesterday.
Gold in Euros - 2 Years (Thomson Reuters)
It is important to note that gold’s falls continue to be primarily in dollar terms and that gold in euros and pounds has seen only minor falls.
Indeed, gold in euros remains nearly 10% higher for the year and has risen from €876 per ounce at the start of the year to over €956 per ounce today.
Gold in British pounds has risen from £727 to £750 per ounce for a gain of 3.3%.
Gold in British Pounds - 2 Years (Thomson Reuters)
Physical demand remains robust in Asia and we are seeing a pick up in western markets now too. Data from the U.S. Mint and Perth Mint show that safe haven bullion coin buying returned in September as western demand increased.
The U.S. Mint sold over 50,000 ounces of American Eagle gold coins so far in September, its highest monthly sales since January. The Perth Mint's sales of gold coins and bars hit their highest in nearly a year in September. Sales of gold bullion coins and minted bars rose to 68,781 ounces in September, their highest since October 2013.
The world’s largest bullion buyer, China imported more gold in September than in the previous month due to demand from retailers stocking up for the current National holiday.
In the last month, withdrawals from the SGE have totalled over 170 tonnes – this suggests an annual rate of over 2,200 tonnes. "The physical volumes have been high this month compared to August. I would say imports could be at least 30% higher than last month," a trader with one of the 15 importing banks in China told Reuters.
Gold in US Dollars - 2 Years (Thomson Reuters)
Meanwhile, demand in India - the second biggest buyer of gold - has also picked up significantly in recent days as the festival and wedding season began in earnest.
Prithviraj Kothari, vice president of the India Bullion & Jewellers' Association told the Reuters Global Gold Forum in an interview that there is currently “huge physical demand in India in every sector.”
Indian demand may be double that of last year, he believes.
Gold ETF inflows are likely to resume as silver inflows have already done.
Speculators continue to sell paper and electronic gold while prudent buyers in China, India and elsewhere continue to accumulate physical bullion.
This dichotomy can only last for so long before the powerful forces of actual physical demand in the small physical gold market lead to higher prices.
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Although I agree the physical market may someday determine the spot metal prices, it certainly isn't today. I like owning gold and silver bars and coins, but I have to face the realization I can buy more of it after the prices have bottomed out. So I'll wait until the manipulation ends or prices drop so low they absolutely can't go lower.
Use this the turn will show
http://stockcharts.com/def/servlet/SC.pnf?chart=$silver,PGTLWANRBR[PA!B13][D][F1!3!!!2!20]&pref=G
It's in nose dive mode now
$gold
$natgas
$wtic
Wait for better price if you want to own
Check M Macys for how clear these can be
So you're an expert market timer? Going lower, so you're short? And confident you'll have a source for physical when you identify, with perfect timing, this market bottom? You, my friend, belong with the Masters of the Universe. Why are you posting on ZH?
Don't know why people dead against gold bother to spend the effort to comment on it in a purely emotional way, why care so much about it then?
Its like when somebody decides they are shitted off about something so much they change their mind on it, but they need the affirmation of others, so attack them if they don't change too. This is behind those emotional attacks on gold. I suspect these people went into golf for the totally wrong reason to start with and is why they got the sulks now.
Gold/silver is the insurance you need when you see the world heading down multiple wrong paths, and you can never determine the result of whatever chaos might follow.
So whats with the world...
Western growth has been on debt upon debt alone, without it collapse to a new normal (in progress)
US economy is shitful, employment/income situation of US falling badly, an increased level of poverty and slaves.
Money printing moved into bizarre extremes.
US govt debt can only grow and compound until it inevitably reaches an asymptote - unless they take so extreme actions.
Rule of law gone Regulation and judiciary systemically corrupt and captured.
All 'markets' thoroughly manipulate in most places of the world, particularly USA.
USA spent decade fomenting coups and wars....now moved into more dangerous territory, and in oil producing lands.
Trying to provoke Europe into conflict with Russia.
Trying to start a proxy war with Russia.
Its rock solid allies of decades ago no longer reliable.
China in an unsolvable conundrum with its economy. China/Russia ...BRICS an increasing challenge to US and USD.
US influence inevitable in its future failure.
European economy still a basket case and also unsolvable without extreme methods...that will lead to civil and regional issues.
Ebola. Israel, Saudi Arabia looking at ways to foment troubles.
And some of these issues the solution will lead to massive and unmanageable change, and trying no solution will lead to an inevitable chaos and collapse ...with unmanageable change.
I mean there are more than enough high level issues that in themselves have import to the global state of affairs....yet here we have them all together and only deepening.
Then we have owned media taking a pro war and conflict stance, publishing multiple stories about WW2 WW1 current wars, demonising Russia and so forth......looks like they are trying to get the public in the mood for war.
Then we have the US with its police arming itself to fight against rebellions and civil strife of various types.
Things are changing fast....just imagine how much they have changed since 2007. How many conspiracies shown as fact. Nobody knows what happens next, whats coming out of the blue, what plans the oligarchs, neocons, wanna-bees etc have. What black swans are about...
But what is clear is that you have have a wooden house at the edge of a forrest.....there are raging fires all over the place...and you cant determine which way the wind is gonna blow next.
Think you need some insurance. This isn't a hopeful investment choice, this is insurance because you have been forewarned there are fires, cylones, wars....and real monsters in the closest.
AND...on top of all that we know that silver/gold is at least 100 times undervalued, should it slip out from under controlling hands. But nevertheless not holding some gold and or silver right now, if you can afford to, would be just negligence.
The average production price of gold is around USD $1,200 ... gold miners losing money at these levels, will shut down, mothball operations until things pick up.....supply slows. Likewise Silver....at supressed prices viability of many mines that have silver will mothball.
EEP_EEP_EEP.
That's my truck backing up for another load.
Pallet-size this time.
"What, you're still accepting this cash-stuff for the phiz, bwah-ha, you bet"?
Expecting a dump Sunday evening to take gold to new lows. $1150-1160 is near term target next week. USD will break 88 on its way to 150. Dow will take out 20000 by end of next year. S&P 2500. Gold will sink to double digits. Supply and demand as TPTB can demand that the banks continue to supply the paper gold to sell and keep the USS Potemkin afloat.
Paper manipulation works... until it doesn't. What none of us know for sure is... when enough humans get smart enough to demand physical and destroy the manipulation. At some point, all holders of paper gold will pull their hair out, and all holders of physical gold will either be robbed by SWAT teams (if they are not careful enough), or shrug and smirk as those SWAT teams cannot find their stashes.
Of course, SWAT teams won't even know where the smartest gold owners live.
But... no question the wait is annoying and the time frame cannot be accurately predicted.
1972 exactly
honn...didn't take your advice, but bot a distress hobby acreage rambler and allmost have it finished for a nice 25 percent return(80)k. supply/demand for country ramblers just outside the big city is best return i could figure out as i was broker for twenty years. guess an engineer is always an engineer, so as to say, do what you know best even if the market says otherwise...
Yeah, I sold most of my own gold stash ~3 years ago to generate funds to pay for the components of my self-sufficient digs in the boonies. Which means I sold at a much higher price than today. But that was not me being smart, that was me selling because it was time for me to escape the evil empire and build my self-sufficient digs. Just lucky.
If I held any paper wealth today, I would absolutely back up the truck and load it full of platinum, silver and gold (and maybe rhodium). Of course, the absolute best way to hold wealth is in productive equipment and supplies that let you create goods and/or goodies indefinitely. Which what I do with most of my rather limited wealth.
Well done. Not being an engineer who can use equipments, I stock processed foods across warehouses in rural China and own some small fishing vessels (most of the time in international waters) plying from port to port in the South China Sea. Preserving the little wealth in physicals and as far away as the Predators can capture at one go. In essence, this is staying in an undeground economy but not the kind that deals with money laundering, drugs, and other social evils).
http://www.4-traders.com/GOLD-4947/technical_analysis-full/
Hmmm should we clear this gold threat for good?
Just take me out back and shoot me.
better yet, tie an anchor around my neck and dump me in the
lake next to my gold. at this rate, the fishes will be worth more
than my gold by the time i hit bottom
It's going to $600 so you can sell to me now at $700 and save some money I'll take all you have.
I'll pay $750 for all you have.
No need to thank me.
I'm not depressed like he is. You'll have to sell me your house for one ounce.
Sorry for the confusion, I was offering the original guy (beating your offer).
71.3 Au/Ag....looks like a silver XMas season!
its a hysteric opportunity
Read yesterday that JPM had its silver short position way down. Now why would they be covering?
Why would Mr. Magoo write for CFR that China is "reasonable" to be buying gold? Not quite what he said, but a pretty accurate distillation. He also threw a few bones to his CB buddies about China's actions only leading to "temporary" price increases and no long lasting effect on the market.
Poor guy. After such an illustrious career he ditches his legacy to return to his (1966) roots espousing hard money. A shame to see him lose his way. I hope he still gets invited to the Fed holiday party.
Silver can't get no respect ! It's the Rodney Dangerfield of precious metals. boy was I ever wrong on my recent fat mouthing about the price going up this week.
http://www.4-traders.com/SILVER-16221/technical_analysis-full/
Chart was right wasn't it.
Triple bottom break down and the computers drive it deep.
There is Fibonacci 23% line coming up at 15 but no way to tell if it will hold, expect some buying there.
Got some respect for admitting, sorry your set back a bit.
the only value i put in fibonacci technical analysis is the temporary self-fulfilling momentum trade action of those who do believe in it.
Otherwise it is a flawed system attempting to project linear certainties upon exponential causations
therefore, in the end, its as bad as QE - it can delay the effect of fundamentals only at the expense of greater snap-back when the fundamentals exert themselves
That was an obvious trade so obviously it didn't work. You forgot to use the double-secret, reverse-reverse psychology. Said differently, you don't have what it takes to work the FOMC. So at least you got that going for you!
China is going to win the currency war. Russia will also do well in the deal. China will soon place orders for USA paper gold and want to take delivery, China knows that JP Morgan can not cover the order with physical gold, this will bankrupt our banking system. China will wait for the right moment and the more our gov screws in Chinas affairs the sooner they will crush us. The US and our banking system is the true definition of a paper tiger.
Yes. There's been a lot of speculation that we don't have the physical gold we claim to. But either way, the transactions are bought for gold and settled in cash. If they demanded actual delivery, well; I guess we may find out. They may be waiting for just the right time, we just may see what you described. It won't be pretty.
how come nobody talks about delivery costs and storage(or insurance against lose). shit is heavy, burdensome and people will kill you if they know you have it, hmmm, i want som of dat...
Yes - they'll be settled on paper and the 'price' will be smacked down before settlement. All CME gold can be settled in paper, every gram - if the warehouse is empty that's OK. What happens in Shanghai remains to be seen.
No one can look at 6 years of ZIRP, and now negative rates and argue that there is no currency war. I think you can look at this in one of two ways: a) there will be a rotation out of the dollar into the renmimbi or SDR's or whatever - and your job is to be in the right currency basket and maintain yield, or b) the war does not end in a victor currency - the war ends in a breakdown of the post-1972 pure fiat monetary system and all paper assets settled in cash get Corzined, your job is to hold hard assets that are not easily held captive by your state.
If the former, gold bugs are fools and deserve to be left in their caves with their silly metal.
If the latter, the LBMA/CME/GLD price of gold is not having a big impression on your activity.
Yes - they'll be settled on paper and the 'price' will be smacked down before settlement. All CME gold can be settled in paper, every gram - if the warehouse is empty that's OK. What happens in Shanghai remains to be seen.
No one can look at 6 years of ZIRP, and now negative rates and argue that there is no currency war. I think you can look at this in one of two ways: a) there will be a rotation out of the dollar into the renmimbi or SDR's or whatever - and your job is to be in the right currency basket and maintain yield, or b) the war does not end in a victor currency - the war ends in a breakdown of the post-1972 pure fiat monetary system and all paper assets settled in cash get Corzined, your job is to hold hard assets that are not easily held captive by your state.
If the former, gold bugs are fools and deserve to be left in their caves with their silly metal.
If the latter, the LBMA/CME/GLD price of gold is not having a big impression on your activity.
LME changed rules this Monday, if you cant deliver you cant write the paper.
China cant do what you discribe.
https://www.lme.com/lme-clear/rules-and-regulations/
Read them yourself
What if you're delivering leased gold...so you've shifted counter party risk to the lessor who may not receive their gold back...
Probably 100 claims on each oz .... see you in court all locked up for years. Plenty of time for the world to move on
Hello Germany....
Why do you think we tell our allies to go fuck themselves if they ask for the gold we store for them back?
Robbing Peter to pay Paul is how every other Ponzi scheme works and paper gold is a huge price rigging fuckin Ponzi scheme
I wonder what's in the fine print for them to get around that?
Take a stand, go to your silver dealer and force him to buy/sell silver from you at the real price based on ratio of gold to silver 1:16. Gold at $1192 so silver is $71.
Set the price yourself. Cut out the manipulators.
If you tell him you will buy at 71 will he also buy at 71?
Today.
I Guarantee he would sell but not buy at 71.
Why? He knows your right , right?
i wish i had more extra cash; I'm tapped out, even on credit buying. damn those are bargain prices
At $1190.00 you can't make money mining gold end of story. You can stiil produce gold by leaching from tailings which is all that will be left for miners to do.
I know miners making money @ $800 gold but there are not many.
If your right about the future of gold they should be able to
A Get a dirt cheep loan at the bank and keep stacking gold up
B Get investors to pile in money and keep stacking gold up
Sell the gold later for Goats and bullets and blankets ( thats profit in dollar collapse world accounting )
Smart money is always 6 months ahead look for these moves.
They are not happening yet......
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I'm gladly paying the credit card companys in fiat 18 months from now for gold bullion I'm purchasing today.
Thanks, 0% interest credit card offers and the cash flow to pay them off! I may open another card and roll my balances out another 18 months so I can pick up some moarrrr. Why not, right? Already got a house and a car so I don't really care about my credit at this point. Hell, I even end up with credit card points from it, too. Hahaha, the unsecured credit market has gone full retard - I seriously get like 5 offers a week for $10k+ limit 0% interest, 18month repay card deals.
Just snagged another 2oz Au and 50oz Ag today.
Quaderratic,
That's pretty much exactly what the BRICs are doing...
Except they want ducks and pigs as profit because they intend to destroy the American source of their wealth.
China without Walmart
In the nav station on my boat, I have a placque. It reads, "Where we go one, we go all." It was there to remind me that every soul on board was in my hands.
Planet Earth is now nothing more than a little mote of dust with a tenuous atmosphere sailing across space through the sea of time.
Where we go one, we go all.
Agreed. Chimerica is one unit now with two leaderships or captains as you wish
One communist who wants to exploit labor and one near communist who rewards no labor.
But they are in the same boat.