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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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$1190 is the result of panic selling and downward momentum. If you want to sell wait for the price swings to settle.
It is a general rule that the price of an equity or a commodity will be beaten down during periods of strong accumulation by interests having the savvy and fire power to manipulate markets
That's very true; but I must admit, I'm impressed. Like Fuck Me ! impressed. $1191 gold? shit; you gotta be shittin me.
You are going to be coocoo for cocoa puffs when gold hits $900...
I sense a golden opportunity here. Khee,,,
As for a time frame, if we make it two more years, I promise before all the ZHers that I will eat my hat...on youtube. Note: There is a very real possibility that it will begin much sooner than that. As inexorable as the passing of days, it is coming.
Those of you that don't work for .biz or .gov or .effingmedia, gird your loins. Those of you that do work for those soulless orgs please send your personal information and address to comeandtakemystuff@imanidiotichiney.net
IF YOU'RE NOT PART OF THE SOLUTION, THEN YOU ARE PART OF THE PROBLEM!!!
I know someone who ate their hat when silver hit $22 - prices could go to even more extreme lows before they turn. Get a tasty hat.
It's not just going to be a hat either, it's going to be a sombrero... I'm really not too worried about this as I don't see any way in hell that this game keeps going for two more years...and if it does, I will happily play mexican hat dance music and eat my sombrero.
Well that's. It...dumb cnuts look a paper gold leveraged over. 100:1 and cry...and as they print an extra. Trillion. Each year...which has to reach an asymptote...
Keep dreamin'.
Al, 2014 gold is up relative to the Euro and pretty much every other currency. This is the dollar gathering strength not gold crashing. Now on a serious question, why is USD spiking like this and why. Typically people rush to the USD and treasuries for safety. It is the wrong thing to do, but they do it and judging by the recent movements, either something horrible is going on behind the scenes or there are indications of something horrible is about to happen.
Also note that USD strength started round about the time everyone was talking about dedolarization by Russia and China. So it could just be an idiotic show of strength by the Fed. But at current debt levels I think the Fed is digging it self into a deeper hole.
http://finviz.com/futures_charts.ashx
Everyone is selling everything pushing the dollar up because thats what you get in your hand when you sell.
The currency markets are each bigger than the total gold market, you are getting fushed because all markets including gold are leveraged to the hilt.
Last one to the door gets the lowest price.
Why does everyone need so many Dollars all of a sudden? Derivative crisis looming?
Because global markets are collapsing. 2008 all over.
The secret is the world is not going to end
Kina, it's "CUNTS"!
"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."
I would love to see someone attempt to analyse this analytically with numbers and assumptions.
Must be getting excitng in Asian gold markets. Westerners get depressed. Asians buy.
Asians buy iphones and Galaxy 5s or whatever, and real estate.
ha, facts mean nothing a. h. do i am now bye bye...ps asians buy tons of shit and luv gadgets and clothes, and maybe if they haven't spent all there money, they buy a gold bracelet to get laid, ha...
M2...for the dumb cnuts who still don't get it. Enjoy. Your. Confetti
Kina, it's "CUNTS"
I see you misspelled it below, too, so I figured I would help out.
CUNTS
CUNTS
CUNTS
CUNTS
CUNTS
Maybe check your spell-checker?
Looks like platinum will soon be cheaper than gold (again).
Palladium will be back to 2003-2004 lows soon also.
The metals bubble is coming to a close it appears.
Pt and Ag signalling some nasty stuff in the industrial space. Pt just hamered recently having a spread (to Au) of almost $250 at the start of summer. Interesting stuff, to be sure.
Fuck off you fucking gold-pumping morons.
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
How many fucking years have you been saying this? Look, there's still 767 tons in GLD inventory. Until that's gone, fuck off with the stories about 'physical demand eventually driving the price'.
nicely put Al.
I don't know which is worse.
The Bottom Feeding Gold Pumpers ...or The Bottom Feeding Equity Pumpers.
My guess is they're the same peeps.
btw ZHer's
gold has a LOT further SOUTH to go before the end of this intermediate bear market.
look for gold to bottom around $900.. within $50 either way.
Without question you know this how????
I suggest at least 3 kg's Al.
That's enough to make a nice butt plug,
Try inserting it in you mouth as a pacifyer when your done, since the poop seems to be coming out both ends. No one is saying gold is a short term play..
Fuck you. The assholes at Gold Core, and on King World News are constantly calling a bottom, and that shithead Rick Rule has been pumping miners (while he's probably short them) for years.
So where exactly are 50 tons per week of Chinese demand for physical coming from? Obvously either the Chinese don't/can't get ahold of GLD physical or there's nothing there. Then there's the insane physical demand from the rest of the world right now. Don't let traders dumping paper get you depressed. You should be happy since there's a loss of faith in paper since that is what is being sold.
http://finviz.com/quote.ashx?t=zsl
Silver short paper is kicking ass
Over 20% up in two weeks
No loss in faith there
indeed
If there were REALLY 50 tons/week of gold demand, the market would have already fallen apart long ago. This is all bullshit. I will buy real physical gold for my own possession as a savings mechanism, but GoldCore, King World News, Andy McGuire, Stephen Leeb, and all the other 'physical gold is going to swamp the paper system' guys can just fuck off.
china may have 50 tons of demand but they don't say as the number one producer how much that is???
so i agree with a h, they can all fuck a duck, as my book read: true, more fucking gold avaiable that suckers born every day.
oh, yea and some day we will run out of_____, but surely not shills looking for marks(fucking you,ha). now, if gold propelled my vehicle than lets starts a gainfull discussion...
evem if gold gets low in supply, so fucking what, as i lost interest long time ago when i realkized it is manipulated by paper short naked fuck heads taking your hard earned money...
So I guess that means you don't follow the DATA Koos Jansen Publishes every week on SGE physical withdrawls. It's time you get educated:
https://www.bullionstar.com/article/chinese%20gold%20demand%20explosive
And yet somehow, no matter how many hundreds of tons of 'physical' they buy, there's always more available. Why would I trust somebody pumping gold?
Koos Jansen does not pump gold. You can believe whatever you want. Its OK with me.
Clearly somebody is supplying the physical gold to the Shanghai Exchange, and doesn't have a problem with a price in the low 1200s or less. If I'm to believe the usual 'gold analysts' the western central banks have sold and then sold again all of their gold, and yet there it is, month after month, hundreds of tons available to China. So who cares if their physical demand is strong, there is apparently more than enough supply available to meet their demand.
"and doesn't have a problem with a price in the low 1200s or less"
You can't assume that is true. Time will tell because there are so many willing physical buyers at this price.
But just think about how wonderful the next 90 days will be so that Bo Polny, Sinclair's Boy Toy, is proven right. 2000! Here we come!
Stock up on dollars. They have a proven track record of maintaining value over decades. lol
Blow Ponies. What a fucking joke.
I can slog through a FOFOA missive with the best of them, but quoting Bo Polney is just funny at this point.
What about Peter Schiff and Mike Maloney? lol
Don't you dare knock KWN..........I still need some comedic relief on occasion when I'm feeling blue.
Just the other day they had four, count them FOUR! amazing charts! that are telling us that silver is going to hit $100!!
@ Al Huxley
It's almost like those guys are in on the plan to kill the PM market. I mean really, they keep pumping and pumping. "Untold fortunes lay just around the corner! Now is the time to buy! Asian demand through the roof!"
Well fuck me. Maybe someone could just run a chart to show the correlation Au/DXY. I know, it would explain a lot and kill a few of way-out-there conspiracy theories and where would the fun be?
I just feel bad for the poor (literally!) bastards that started buying when gold was $1500/oz and going to $1900. They are so underwater. I know, hold for eternity... But for people with real bills to pay that's cold comfort.
So to anyone thinking about buying gold: Look hard at your situation and make a realistic appraisal about when you might need to access the funds you have tied up in the "barbarous relic". Sure PMs might be on sale right now. Just be clear about your goals if you're thinking about jumping in now, or even just adding to your stack.
I'm planning for 10 years from now when gold mining gets WAY more expensive and g/ton goes way down.
Sure, fine. I think that's a good idea, I'm just sick of these permabull dickheads perpetually pushing this idea that there's a pending shortage of physical RIGHT AROUND THE CORNER.
I read all new articles for new content and ideas and usually ignore the propaganda. Even in some of the worst articles there may be just ONE tidbit of new information I haven't heard yet. And that one little shred of info is what I want to add to my database of knowedge.