• BullionStar
    05/30/2016 - 21:24
    The US Gold Market is best known as the home of gold futures trading on the COMEX in New York. The COMEX has a literal monopoly on gold futures trading volumes worldwide, but very little physical...

'Golden Cross' For Gold And Silver Signals Further Gains

Tyler Durden's picture


From GoldCore Gold Bullion

'Golden Cross' For Gold and Silver Signals Further Gains

Today’s AM fix was USD 1,760.00, EUR 1,360.33 and GBP 1,088.03 per ounce.
Yesterday’s AM fix was USD 1,774.50, EUR 1,361.44 and GBP 1,092.54 per ounce.

Silver is trading at $34.31/oz, €26.61/oz and £21.28/oz. Platinum is trading at $1,619.50/oz, palladium at $663.50/oz and rhodium at $1,225/oz.

Gold fell $0.10 or 0.01% in New York yesterday and closed at $1,770.50. Silver hit $34.958 in Asia and fell to $34.27 in early New York trade and it then bounced back higher, but finished with a loss of 0.49%.

Gold edged down today due to dollar strength and profit taking as speculators and some investors booked profits on 16% price gains from this year’s low.

Gold continues to see smart money diversification as central banks from the ECB and the Fed to the BOJ have all announced ‘stimulus’ or money debasement measures which has led investors to seek gold as an inflation hedge.

All eyes will be on China as perhaps the next to announce action after today’s data showed further contraction in its manufacturing sector for the 11th consecutive month. 

The UK will then follow and then other central banks may announce their own measures as competitive currency devaluations or currency wars intensify in the coming months. 

We have seen consecutive weeks of bullish strength in the gold and silver markets. Gold has completed what is known as a ‘Golden Cross’ and silver is poised to complete one in the coming days.

A ‘Golden Cross’ occurs when not only the current price, but also shorter-term moving averages such as the 50 day moving average “cross” or rise above the longer term 200 day moving average.

Gold’s 50 day moving average (simple) has risen to $1,651/oz and is now comfortable above the 200 day moving average (simple) at $1,645/oz and accelerating higher.

Silver’s 50 day moving average (simple) has risen to $29.86/oz and will soon challenge the 200 day moving average (simple) at $30.47/oz.

These are important indicators of longer term technical strength and in conjunction with the recent positive technical picture are bullish.  

The 18 months of sideways-to-lower price action has “built a base”, a very large foundational base, in markets that are in the middle of two of the longest and strongest bull markets in history. 

It is another indication that both markets are capable of moving higher in the coming months.

John Bollinger the president of BollingerBands.com said in January that “the golden cross is a great tool in a big, roaring bull market, like the bull market from 1982 to 1998, when it tells you when you’re supposed to be in the market and tells you periods in which the risk is somewhat higher of corrections and such,” he said.

Gold and silver are in such secular bull markets and the combination of these long term bull markets, the recently trending higher markets and the 'Golden Cross' is important technically.

The last time there was a 'Golden Cross' for gold was in early February 2009 (see chart) and gold subsequently rose 103% in the next two years.

Similar gains are quite possible today given the strong fundamentals. Were gold to replicate those gains, it could see gold rise to double today's value of $1,756/oz or to over $3,500/oz.

Silver, too, saw a ‘golden cross’ in late February 2009 when silver was trading at under $14/oz.

It subsequently surged 257% to over $49/oz in April 2011 for a 257% increase in just 2 years and 2 months. Given silver’s very strong fundamentals similar gains may be seen in the coming months.

As ever physical bullion should not be bought in expectation of capital gains. They have the potential to reward with massive capital gains but they should be bought for diversification and financial insurance reasons.

For breaking news and commentary on financial markets and gold, follow us on Twitter.

(Bloomberg) -- Swiss Monthly Imports, Exports of Platinum-Group Metals
The following is a table of monthly Swiss imports and exports of platinum, palladium and rhodium. The figures include raw form or powder and half-processed material, and were sent in an e-mail by the Swiss Federal Customs Administration. Amounts are in kilograms. One kilogram equals 2.2 pounds.

                     August 2012         July 2012       Total 2012

Platinum          2,503 Kg          3,068 Kg        21,593 Kg

Palladium           822 Kg          1,331 Kg        13,329 Kg

Rhodium               3 Kg             34 Kg           121 Kg

                        August 2012         July 2012       Total 2012

Platinum            905 Kg          3,171 Kg        24,185 Kg

Palladium           345 Kg          1,772 Kg        29,545 Kg

Rhodium               0 Kg             25 Kg            45 Kg

(Bloomberg) -- Gold, Silver Futures in Shanghai Retreat; Cash Bullion Declines
Gold for December delivery fell as much as 0.4 percent to 363.95 yuan a gram ($1,793.77 an ounce) on the Shanghai Futures Exchange, and was at 364.24 yuan at 9:03 a.m. Singapore time. December-delivery silver lost as much as 0.9 percent to 7,366 yuan per kilogram, before trading at 7,376 yuan.

Cash gold of 99.99 percent purity slid as much as 0.5 percent to 359.32 yuan a gram on the Shanghai Gold Exchange, and last traded at 360.25 yuan. Volumes for the benchmark contract on the country’s largest cash bullion market were 3,309 kilograms yesterday, from 4,449 kilograms on Sept. 18.

(Bloomberg) -- CICC Raises Gold, Silver Prices Forecast After QE3
Gold prices may rise to $1,850 and $1,950 an ounce at the end of 2012 and at the end of 2013, respectively, as the U.S.’s quantitative easing materializes and as lower real interest rates, weaker 

US dollar and stronger investment demand will lift the precious metal’s prices, the China International Capital Corp. Said in an e-mailed report today.

Silver will outperform gold thanks to its higher price resilience, the report said, without giving details.

(Bloomberg) -- Gold ETP Holdings Jump for 11th Straight Day to Record 
Gold holdings in exchange-traded products backed by the metal rose to a record for the 11th straight session.

The amount jumped 10.86 metric tons to 2,517.15 tons, data tracked by Bloomberg showed.

(Bloomberg) -- Credit Suisse Client Survey Sees Gold Above $2,000 in a Year
Gold will be above $2,000 an ounce in one year, according to 33 percent of about 160 clients surveyed by Credit Suisse Group AG.

Forty percent of the clients said commodities would be at least 10 percent higher in a year, and 13 percent said they would be at least 10 percent lower, according to the survey conducted yesterday and provided to reporters in London today. 

(Bloomberg) -- Zimbabwe Says Foreign-Owned Platinum Mines Meet Ownership Law
Majority of foreign-owned mines comply with govt’s plans to finalize transfer of majority stakes to local black investors, Empowerment Minister Saviour Kasukuwere says at National Indigenization and Economic Board conference in the capital, Harare.

"The mining sector, that area is now compliant,’’ Kasukuwere says. “Zimplats, Mimosa Platinum and Unki Platinum are done deals”

NOTE: Mimosa Platinum is a joint venture between Impala Platinum and Aquarius; Unki Platinum is owned by Anglo American Platinum

(Bloomberg) -- Standard Chartered Says Gold Prices Will Average $1,875 in 2013
Gold will average $1,875 an ounce next year, Standard Chartered Plc said in a report dated yesterday.

Cross Currency Table – (Bloomberg)


Gold slips from six-and-a-half-month top, waiting for China action - Reuters

Gold down as investors take profits – Sydney Morning Herald

Gold futures gain after Bank of Japan move – Market Watch

Gold Rises to 29-Week High on Stimulus by Central Banks - Bloomberg


‘Golden Cross’ May Signal Big Gold Gains Ahead - CNBC

Deutsche Bank: Gold Is Money- Zero Hedge

The Trouble with Printing Money - GoldSeek

Monetary Schizophrenia In Germany – Testosterone Pit

Embry - We’re Witnessing A Historic & Frightening End Game – King World News

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Thu, 09/20/2012 - 09:16 | 2814560 Debtonation
Debtonation's picture

I don't understand why gold hasn't passed $2000 with QE infinity in the works.

Thu, 09/20/2012 - 09:17 | 2814570 GetZeeGold
GetZeeGold's picture



Gotta spend all that money on something.


Thu, 09/20/2012 - 09:28 | 2814620 Levadiakos
Levadiakos's picture

Having trouble getting decent loan/value on my $2500/oz gold. Strange.

Thu, 09/20/2012 - 09:33 | 2814646 GetZeeGold
GetZeeGold's picture



Not sure what the problem is.....I got a $80,000 loan on my Volt.


Thu, 09/20/2012 - 10:54 | 2814981 Thomas
Thomas's picture

I yearn for the Golden Shower.

Thu, 09/20/2012 - 17:51 | 2816366 smiler03
smiler03's picture

"I don't understand why gold hasn't passed $2000 with QE infinity in the works."


The answer is very simple.

It isn't worth it.

Gold has been range bound since qefinity. It isn't going higher anytime soon. -1 please from all the goldbugs, not that you need to be asked.

Thu, 09/20/2012 - 18:28 | 2816417 akak
akak's picture


It isn't worth it.  It isn't going higher anytime soon.

Yeah, I am going to take the unilateral and entirely unsubstantiated pronouncement of an arrogant, police-state-and-fiat loving piece of Eurotrash over the collective decision of millions of investors in the market on the true value of gold, or anything else.  Monomaniac much?

Gold has been range bound since qefinity.

What the fuck are you talking about?  Ignoring the sharp upward spike in price immediately following Bernanke's speech, we are talking about a total span of one week since --- hardly a significant period of time over which to talk about something being "rangebound".  Such egregious poor-mouthing is worthy of the gold-hating snake Jon Nadler himself.

Besides which, QE has VERY little to do with the price or the value of gold --- just look at its steady price advancement from 2001 to 2008 for proof of that.  And beyond that, do you REALLY think that the debasement of the US dollar has stopped dead in its tracks, to justify an indefinite halt in the rise of the price of gold?

Really, such blinkered stupidity is insulting to even address.

You don't have a brother named "AnAnonymous", do you?

Thu, 09/20/2012 - 18:53 | 2816478 RockyRacoon
RockyRacoon's picture

MasterBates is back!  We get one o' these guys periodically.  I fondly recall the musings of some of the more hard-headed.

Fri, 09/21/2012 - 11:24 | 2818021 smiler03
smiler03's picture

Akak, "Yeah, I am going to take the unilateral and entirely unsubstantiated pronouncement of an arrogant, police-state-and-fiat loving piece of Eurotrash "

Ad Hominem much? You really really do need to relax. 

Did you actually pay any attention whatsoever that I was addressing this question

"I don't understand why gold hasn't passed $2000 with QE infinity in the works."? Why didn't you insult that poster?

What you replied to me, is EXACTLY applicable to the OP.

"What the fuck are you talking about?  Ignoring the sharp upward spike in price immediately following Bernanke's speech, we are talking about a total span of one week since --- hardly a significant period of time over which to talk about something being "rangebound".  Such egregious poor-mouthing is worthy of the gold-hating snake Jon Nadler himself.

Besides which, QE has VERY little to do with the price or the value of gold --- just look at its steady price advancement from 2001 to 2008 for proof of that.  And beyond that, do you REALLY think that the debasement of the US dollar has stopped dead in its tracks, to justify an indefinite halt in the rise of the price of gold?"

But you're the finest example of humanity on ZH. I think I love you. Asshole.

Thu, 09/20/2012 - 09:19 | 2814579 BaBaBouy
BaBaBouy's picture

Don' Worry ... GOLD $50K Bitchies <<<

Thu, 09/20/2012 - 09:23 | 2814596 kito
kito's picture

right.....and eggs will be $100 bucks a carton....bitchez................................

Thu, 09/20/2012 - 09:26 | 2814614 oddjob
oddjob's picture

Your record on Gold so far has been less than stellar, maybe eggs are a better trade for you.

Thu, 09/20/2012 - 09:30 | 2814624 Levadiakos
Levadiakos's picture

You still waiting for a bailout on your $50/oz silver?

Thu, 09/20/2012 - 09:33 | 2814650 oddjob
oddjob's picture

The only bailouts so far have gone to sorry ass paperbugz that sold silver they don't own.

Thu, 09/20/2012 - 09:36 | 2814662 kito
kito's picture

you dont read well, do you? what call on gold have i made that has been erroneous? that gold will hit $2000 only if qe3 was announced? .........my point on gold has been that when the entire world implodes on itself, its taking gold prices with it..................in fact its going to take every asset with it, except physical dollars, which will be very hard to come by when banking holidays kick in...................im not saying dont own any gold, because if the worst case scenario ever happened, gold will have its use in barter.....but in a mad max scenario, id still rather own items that are needed and can be bartered........food, fuel, first aid items, tools, ammo, etc..........................................

Thu, 09/20/2012 - 09:57 | 2814763 oddjob
oddjob's picture

I'll agree with you on some points. Before turning to saving in PM's, a person should pay off all debt, move to a rural area(preferably in an unincorporated municiplality) and learn to provide their own sustenance.

Thu, 09/20/2012 - 11:05 | 2815010 Bay of Pigs
Bay of Pigs's picture

And let me be the first to junk you on that theory.

The USD will be no store of value. It wil be inflated away to nothing. The FED itself has said that, not just me.

Thu, 09/20/2012 - 14:19 | 2815667 kito
kito's picture

he wouldnt have time to inflate it away to confetti. a giant delveraging will come first. 

Thu, 09/20/2012 - 16:10 | 2816051 Bay of Pigs
Bay of Pigs's picture

I don't know what you're looking at or thinking anymore kito.

Its inflate or die and they are inflating at an ever increasing rate. 


Thu, 09/20/2012 - 12:19 | 2815236 WhiteNight123129
WhiteNight123129's picture

Higher Gold price is part of the solution, this is the psychological tool necessary to get the Rich and Corporations to spend their dollars first. SEcond if push comes to shove, pegging the dollar to Gold at a very high price is the way to liquidate all debt and move price structure upward, but we are not going to get there. We need fear a lot of fear and inflation expectation to rise to get the dollar hoarders to spend. Gold price higher is the friend of Fed forcing the corporations to spend.


Thu, 09/20/2012 - 09:38 | 2814675 kito
kito's picture

oh, and oddjob, if things get end of worldish, you can keep your gold, i will stick with egg laying hens.................

Thu, 09/20/2012 - 11:22 | 2815055 RSloane
RSloane's picture

Actually, if there is a Mad Max type of world economic meltdown, you would be far better to trade in hides. Hens are too difficult to protect. Try something more portable.

Thu, 09/20/2012 - 11:26 | 2815065 hapless
hapless's picture

Dead chickens don't lay eggs.

Thu, 09/20/2012 - 13:34 | 2815536 FeralSerf
FeralSerf's picture

Live chickens need to be fed.

Thu, 09/20/2012 - 18:02 | 2816384 smiler03
smiler03's picture

Free range chickens are quite capable of feeding themselves.

Thu, 09/20/2012 - 12:32 | 2815263 WhiteNight123129
WhiteNight123129's picture

KIto, people like you create the problem. If everyone would hoard paper dollar confusing it with Gold, we have the situation of the idiot japanese consumer (I am not saying you are the idiot). But if everyone is hoarding paper dollar bills it is catastrophe guaranteed. But the Fed has cornered the bond markets fortunately and will quickly distort inflation expectation which teh Japanese BOJ failed to do. The BOJ should have bought all gov bonds and start to play around with the yield and torture deflationist like you into spending your cash. Look at Fisher look at the inflation expectations post QE3. THey will torture every hoarder of cash into submission, be part of hte good guy, hoard Gold, not cash, do not commit Japanese suicide. In 1933 it was very easy to induce people to spend because Gold always had this function of redeemable money on which you can not create inflation, in 21st century we have weirdos who confuse redeemable with iredeemable money (I am not saying you are a weirdo). If push comes to shove people like you hoarding dollars will force the US into another war and force the paper hoarders to surrender, do not be silly... Spend your cash or hoard PMs to force the psychological pressure on the others. Do not fight the Fed, given how much of the US Gov debt% they own, they will do what they see fit with inflation expectations, and yield curve manipulation, and torture the dollar hoarders into submission, but first in order to manipulate the yield curve you need to buy all of the bonds, which was the purpose of twist I guess. Anyway if it does not work war is always an option and watch your paper burn, 100% guaranteed. Check prices in Napoleonic wars, in Civil War, and in World War II, always work to jack up prices and force circulation up. Help the Fed force Corporations to dishoard cash, buy Gold.




Thu, 09/20/2012 - 18:47 | 2816455 akak
akak's picture

Kito said:

oh, and oddjob, if things get end of worldish, you can keep your gold, i will stick with egg laying hens.................

Kito, I really have to ask you: what is up with you deflationists and your absurd black-and-white dichotomies?  It is always "Deflation or Hyperinflation" and "Status-quo or End-of-the-World" with you guys.

What if things do NOT become "end of worldish", but merely quite bad --- as is much more likely?  What if the US dollar (and every other fiat currency) does not implode into complete worthlessness, but "merely" loses 50% or 90% of its value in a sudden currency crisis --- as is again much more likely? 

Please, do us the courtesy of leaving your strawmen at home.

Thu, 09/20/2012 - 09:30 | 2814628 BaBaBouy
BaBaBouy's picture

Then just buy a couple of Chickens, Bitchez...

Thu, 09/20/2012 - 11:32 | 2815088 SwimmininNawlins
SwimmininNawlins's picture

All those damn chickens that I've been supporting will finally pay off!

Thu, 09/20/2012 - 12:35 | 2815281 silverserfer
silverserfer's picture

chickens have an extremely high counterparty risk. Plus, you cant stack them very well.

Thu, 09/20/2012 - 15:51 | 2815988 Likstane
Likstane's picture

Find two or three chickens that lay golden eggs; and don't take them fishing. 

Fri, 09/21/2012 - 00:56 | 2816998 Stares straight...
Stares straight ahead's picture

100 Bucks!

Good pun, Rooster-boy!

Thu, 09/20/2012 - 09:24 | 2814600 Gief Gold Plox
Gief Gold Plox's picture

Nice. Though I'd like GOLD 50lbs even better.

Thu, 09/20/2012 - 09:34 | 2814655 DoChenRollingBearing
DoChenRollingBearing's picture

@ BaBaBouy

+ 1

But gold at $50,000 will not help all the families that had to sell their gold here in Italy recently (ZH story not long ago, and to be commented on at my blog in a week or so).  Apparently the same has already happened in Portugal.

Thu, 09/20/2012 - 11:26 | 2815066 noses
noses's picture

They wouldn't need help and still had their gold if they hadn't spent more than they had on nonsense. Darwin has replaced hunger and drugs by consumer credits for iTrinkets.

Thu, 09/20/2012 - 09:29 | 2814608 giovanni_f
giovanni_f's picture



"Fed will tighten as soon as 2015"

Graham Summers


Thu, 09/20/2012 - 09:29 | 2814616 kito
kito's picture


its called DEFLATION.......its ben trying to plug a gaping hole in the shadow banking ship with a thimble............lots of electronic dollars getting burned up at a rapid rate, only to be replaced with more electronic dollars............very little of this money is able to find its way out of the black hole and into the mainstream economy...................

Thu, 09/20/2012 - 09:45 | 2814704 Debtonation
Debtonation's picture

Well I doubt it's going to just sit at the Fed as excess reserves forever.

Thu, 09/20/2012 - 10:23 | 2814865 Papasmurf
Papasmurf's picture

Those electronic dollars aren't getting burned up, they were stolen a long time ago.  The problem comes when the theft is discovered, not during the theft.  Every "financial crisis" has followed that pattern, with the crisis unfolding when the looting is discovered.  It's different this time though, because we are still discovering the magnitude of the theft.  Because no one has ever been prosecuted, the theft continues unabated.  So the void left where the stolen money used to be grows larger into a huge chasm.  The problem can't be solved without reestablilshing the rule of law by punishing the thieves.  Clearly there is no intention of solving the problem.  The problem will clear itself through collapse.

Thu, 09/20/2012 - 12:05 | 2815185 WhiteNight123129
WhiteNight123129's picture

What price of Gold will it take for ORCL, AAPL, GOOG, and MSFT to spend their cash?

BUffet is not dum he got rid of cash without being too picky on the price at which he was buying back his stock. Fed is like the soldier in Irak banging each door with his gun to see if there is an enemy combatant. Here the Bernanke is the soldier, the gun is the printing press, and he is banging the door of corporations with his printing gun, those guys are going to get shot for real on their cash (hyperinflation) if they do not surrender and spend, fucking monetary ignorant rich people.

Are those guys as dum as the Japanese consumer who thinks that Yen = Gold making teh deflation self-fullfilling? They will have a nervous breakdown with teh Gold price moving up and up they will be forced to spend, but damn they are slow to get it. They look like deers in the lights those corporations, they fret about demand but they fret about holding their cash, at some point they will fret a lot about holding their cash. For now they think the solution is acquisitions and downsizing, this part of the use of cash should be curtailed by Congress.

I guess it will take a very high price to force them to use their cash, because even in financial markets we have a 99% ignorance of how the economy works, so imagine a CFO!!. I guess maybe guys like Soros, Rogers, Dalio get it.

Watch when those guys spend their cash and when the long bond and inflation expectation soar, you would see Bernanke stop printing, he will put back the gun in its place. Financial repression is there for a reason... I guess Soros sold his Gold last year because he thought that was happening back in 2011, long bond yields were nicely at 4.5%,  that was too early... and he bought back.

When you see that happen, watch for correction, it seems that Fed is going to print through the whole of 2013, but buy back your Gold because the only reason the Fed will stop buying bonds is because inflation is coming finally. Bring the rain on the dry land Benny and fuck the bondholders big time.

Thu, 09/20/2012 - 09:35 | 2814660 midtowng
midtowng's picture

Because if gold shoots up all at once, and for an obvious reason, then the sheeple will notice.

Bull markets aren't for sheeple, except for the blow-off top when its time to dump your holdings.

Thu, 09/20/2012 - 09:51 | 2814725 Death and Gravity
Death and Gravity's picture

It'll get there.

So far, Bernanke & Draghi are merely jawboning. There's no actual paper on the table.


Thu, 09/20/2012 - 22:04 | 2816752 DosZap
DosZap's picture

I don't understand why gold hasn't passed $2000 with QE infinity in the works.

One word, SHORTS.

Thu, 09/20/2012 - 09:16 | 2814564 Flakmeister
Flakmeister's picture

Are we rich yet?

Thu, 09/20/2012 - 09:19 | 2814576 GetZeeGold
GetZeeGold's picture



Yes....on paper.


Thu, 09/20/2012 - 09:19 | 2814577 Mr. Fix
Mr. Fix's picture


Thu, 09/20/2012 - 09:19 | 2814581 JailBank
JailBank's picture

So margin hikes can be expected?

Thu, 09/20/2012 - 09:21 | 2814591 LawsofPhysics
LawsofPhysics's picture

Make them 100% on all commodities, then who will the banking puppets blame for the rising prices?

Bloody sheep.  So many paper promise, so little assets of real value.

Thu, 09/20/2012 - 09:20 | 2814583 new game
new game's picture

slowly but surely we will get there.


higher lows for shorter duration and higher highs

thanks a trillion CBers

Thu, 09/20/2012 - 09:21 | 2814586 Gief Gold Plox
Gief Gold Plox's picture

I thought technical analysis is a remnant of the old times, the ages passed, stuff of legends, ... and so on.

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