Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
that one was down too. at least on my end... back up
Wow, just came back up.
anyone having problems with goldprice.org/ web site?
TIA Been down 10 min. here.
Still need to see the 1052+-.. No crystal ball just a lot of DD and charting. Looking for that 19.90 area (DUST) We shall see...
ST on edge of seat.. LOL
(Kitco News) – Gold prices are slightly higher in early U.S. dealings Tuesday. A U.S. consumer price index reading that was a bit higher than expected prompted some short covering in the gold futures market and some bottom-picking in the cash market. However, the feature in gold and silver markets today is likely to be position evening ahead of the highly anticipated FOMC meeting that begins today and ends early Wednesday afternoon. February Comex gold was last up $1.70 at $1,065.40 an ounce. March Comex silver was last up $0.025 at $13.72 an ounce.
After stock sell-off, what lies ahead for battered mining sector?
http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/stock-sell-off-puts-mining-sectors-future-in-question/article27751853/
An across-the-board sell-off in mining stocks is picking up speed, leading to new questions about what lies ahead for the battered sector.
On Monday, the metals and mining group in the S&P/TSX composite index plunged 6.5 per cent, a remarkable fall for an industry that has already seen its share values devastated by falling commodity prices.
The losses hit both gold miners and base metal producers and far outpaced the rest of the market, which slid less than a percentage point. The damage to miners also exceeded the declines in metals prices themselves.
Observers said the sell-off may have been related to growing fears around the U.S. Federal Reserve’s likely move to raise interest rates on Wednesday, as well as the desire of shareholders to sell stakes and reap tax losses before the end of the year.
Ultimately, though, the widespread selling is evidence of investors’ revulsion for a sector that has struggled with falling prices for four years and has demonstrated no clear schedule for a recovery.
“The whole commodity sector is done,” said Barry Schwartz, chief investment officer at Baskin Wealth Management in Toronto. “It’s over, put a fork in it. It’s going to take years for many of these companies to recover.”
Many mining companies, in Canada and elsewhere, prospered by catering to China’s insatiable appetite for raw materials, but as the Asian country’s expansion has slowed, demand for commodities has sputtered as well.
Without an obvious replacement for Chinese consumption, many miners find themselves facing glutted markets for their products, especially as new mines continue to come into production.
The Bloomberg World Mining Index, a measure of how mining stocks around the world are performing, is now at levels it first hit in 2003, just as the so-called commodity supercycle was beginning. The S&P/TSX composite metals and mining industry index has lost 28 per cent so far this year.
Among the hardest-hit Canadian-listed companies on Monday were base metal producers First Quantum Minerals Ltd. (down 11.5 per cent) and HudBay Minerals Inc. (off 11 per cent), as well as gold miners Centerra Gold Inc. (down 13.3 per cent) and B2Gold Corp. (off 10.3 per cent).
One factor hanging over the entire commodity sector is the strong likelihood that the Federal Reserve will choose to raise interest rates this week for the first time in nine years. That would likely attract more funds and drive the already strong greenback even higher.
Since prices for nearly all commodities are denominated in the U.S. currency, a stronger dollar would also have the effect of making raw materials more expensive to most buyers around the world. That would not be good for demand.
Gold may be particularly hard hit, since investors who buy it as an alternative to paper currencies are likely to find its appeal diminishes as the U.S. dollar begins to offer higher yields in real, or inflation-adjusted, terms. Gold, which pays no interest, generally loses its lustre as real interest rates on paper currencies increase.
“The only broad-based factor affecting commodity prices right now is the expectation of a Fed rate hike on Wednesday,” said Jessica Fung, a commodities analyst at BMO Nesbitt Burns.
To some degree, the sell-off on Monday may also reflect a delayed impact from Anglo American PLC’s announcement last week that it plans to shrink by nearly two-thirds. Anglo, one of the giants of global mining, appears to expect a prolonged period of low commodity prices.
Trafigura, the big commodity trader, buttressed that viewpoint in its annual report, made public on Monday. “Markets, whether for oil or for metals and minerals, will be characterized by surplus supplies and relatively depressed prices for some time to come – in some markets, for another several years,” said Jeremy Weir, Trafigura’s chief executive officer.
For now, observers say investors should approach the sector with caution despite the apparent bargains on offer.
“I’m sure there are several of these companies trading below replacement value,” said Mr. Schwartz of Baskin Wealth Management. “There could be bargains to be had. But by and large, I don’t think there are a lot of people brave enough at this point to take advantage of them.”
Gold brakes the 1060 after hours.. If my numbers are right or even close dust will be back in the 22,23,24 tomorrow
See ya in A.M.
ST
I think we should keep seeing the shorts beat gold down and the last resistance (1052+-) will break if the Fed lift off and gives a outlook (guidance) of rate increases into next year. I would be looking for at least 1.25 to 1.50 total by years end 2016. Then we should see gold at that 998 to 1004 price very quickly. If Fed decides not to increase rate Wednesday the short squeeze is going to rock the commodities market like never seen before.. IMO only...
We shall see.
ST
Passed that first bench mark, looking for the important 18.90's.. Sitting on the edge of my seat popping some corn as I type.. LOL
We shall see... GLTA
ST on edge of seat..
Key points today, 17.28 and 18.95...... Have a great day and don,t forget to take profits... IMO only
ST
HHuuuuummmmmmmm.... Hong Kong killing it(1066.44) dollar run (98.07).. Hope it holds till the am and the pressure should multiply exponentially.. Hope to see gold at around 1052 pre market.. We shall see... IMO Only
ST
Starting tonight and till mid week next week I believe we should see a huge sell off/short on gold.. Looking for 1050 to break. IMO only I could be wrong but We shall see..
GLT you all
ST
With all due respect, June July 2016 +- one (May,June,July,August)
IMO Only
ST
Re Cap.... look at the dollar..
So with just one idiot making a comment we see a major movement in Direxion.. Can't imagine what it will do when the rest of the Fed committee votes to raise the 1/4 % on the 16th.
They can't wait any longer as I have stated before. The opportunity in now or we are all fked as a country. IMO of course
ST
for every action there is a opposite.. unfortunately the people that are doing this are hurting (steeling) a lot of hard working peoples retirement money(savings).. 1050 target for now... I have my bottom prediction in some of my first posts.. 989 to 1004...
Mrx, easy does it... lol it has to break the 1062... Will be in great shape when we see the 1050 break.. I rely thought when the inversion price met it was going to happen.. Dam, I can't totally for see all the manipulation... Here we go... Have a great day and don't forget to take profits..
This shit a a fkng joke. Manipulated FKING joke.. I hope the the world bankrupts taking the crooks down with us. LOOK at the dollar go and here we sit. I CALL BS
OOOO, by the way.......
Happy Thanks Giving to ya all.
ST
Sgt, I will have to differ with you on hike. There will be a hike this year. They (the fed) have lined it all up to launch. The numbers are dam good across the board with the exception of a few. If I where a betting/gambling man (LOL) I'd have to put the odds at 90% go for Dec.
This is my opinion only.. But I do agree, be very cautious as the time nears. Stay alert and DD every last corner of the media/market news..
Happy Holidays to you all..
ST
Nice close above that 19.36.. charts are looking good, dollar strong as bull and shorts covered. Feds to raise rates in Dec. spot trading higher than futures.... A perfect storm ahead. IMO We shall see.. LOl Have a great week end all..
ST
The short positions should be closed out today. I believe what we have seen in the last few days was the covering. They will short it again back down. It might not be today but it will happen. That is what I see and it is only my opinion. We need to get back above the 19.56. Good luck to all.
ST
Any thoughts?
what way did you go?
I joined you... Till I have a direction...
It's been one hell of a run the last few months ya have to admit... What way do I go? What way do I go? LOL
Best to ya..
ST
It's not polite to yell at people. You may need to borrow some money to cover your margin call.. Here in a bit I might lend you some cash at a small premium. Borrowed money hurts the family.
J, I don't doubt that it will turn. The Question is when? Lower lows breaking all the rules and there is a reason. I have stated it in a few posts back. MANIPULATION IS A BITCH...
Best to you.
ST
It breaks the 1072 it's over till 1004 like I stated before but The GDX manipulation could still happen. Need to break the 13.31 and the dollar need 99.99
No I did not, I would of had to stay up one more hour to see that. Izzz to tired.. LOL Let's se if we can hit the 23.5 today.. As it looks now the inversion point will not happen. 1079.70 (G) what a fking joke
lower lows (G) higher highs (D) Miner manipulation at it's best... some one (thousands) should be in the cell next to Madoff..
ST
I have hit the # so far.. DUST will NOT cooperate.. LOL
Tick Tock---- Tick Tock....
SgtJBone, I must be missing something.
Gold broke weeks low, needs to hold low of day at close and we have a green light to 52 week low's.. IMO Only
ST
Hope you do good. The thing that concerns me the most is the sideways trading at this point when all signals show we should be on the way to the inversion price crossing. L lows gold stronger dollar and here we site in limbo. Dust at above 20/200/50 DMA looks good but needs (shit or get off the pot) to move to next level of 23.5. We shall see.
Gold having lower lows around the globe. Dollar still holding strong. Hope to see the next leg up soon. We shall see..
ST
Gold going red, dollar at is highest since march and miners not rely moving.. MANIPULATION Period things that make ya go """" HUMMMM """
J, 95% of the people have NO idea what the hell BRICS is about... Here is a report of pissing THEM off......and part of the reason BRICS will be The only force against the IMF/Federal Reserve....
http://www.forbes.com/sites/timworstall/2012/03/26/the-drilled-gold-bars-filled-with-tungsten/
The Drilled Gold Bars Filled With Tungsten
I have to admit that I really do like this story. Over the weekend there’s been some rather breathless speculation about how a gold bar has been found, one that has been drilled out and filled with tungsten. Given that I’m actually in the metals trade, albeit not bullion or tungsten (I have handled both but they’re not my specialty) I thought I’d have a closer look.
The first mainstream report that I saw was by Felix Salmon at Reuters. And there’s two parts to that story.
Firstly, I wouldn’t be surprised if someone has attempted to do the substitution. It’s been known for a long time that the densities of tungsten and gold are close enough that in theory, drilling out a hallmarked gold bar and replacing the interior with tungsten could fool all but the most sophisticated of tests.
You can see the purported photos of the bar that has been found here. Following the story around the claim is made by ABC Bullion that a Swiss refiner (and producer of good delivery bars to the London gold market) MKS had sent out the warning email last week. Which, at least as of lunchtime today was something of a surprise to MKS as when I spoke to them they had no idea about it all. There were quite a lot of people like me asking about it but they had no idea whether the story was true, whether someone in their company had sent it, no real idea of what was going on at all. They were quite mystified in fact.
But as I’ve said, in theory this sort of thing is possible even if it would be very difficult to do in practice. Further, I’m not really sure that the economics of it quite work out either. Sure, tungsten is vastly cheaper than gold but this would be very skilled work with a low success rate and the gross profits are a few thousand $ per 1 kg bar so treated. It’s most certainly not a 5 minute job either. Nor mechanisable. Just not sure that it would be worth it.
Where the story goes off into fantasy though is here (and Felix is correct in the questions he asks to try and work out prevalence):
If there are 1.3 million salted 400 oz bars in existence, and each one is 75% tungsten, then that makes 390 million ounces of gold which in truth isn’t there. At $1,660 per ounce, that’s over $600 billion which people think they own but don’t. To put that number in context, it’s roughly half the total quantity of subprime mortgages which had been issued at the height of the housing bubble.
The answer to this comes from a commenter there:
The amount of turnover in the market is much higher than you think. In the case of the professional market which deals in 400oz bars, yes many of these sit in central bank vaults but many others are held by private investors and these are traded. There has been no occurrences in my 18 years in the industry, and I haven’t heard of others, of fake 400oz gold bars. Any bar coming out of a LBMA accredited refinery can be trusted because the refinery cannot control or know where the bar will end up and during its life there is a good chance a bar will eventually be melted for use by a jeweller or other refiner and as such there is a high probability of being caught out.
In the retail market I’d guess that turnover is a lot higher, particularly as retail investors do tend to exhibit herding behaviour, which means when there is selling it usually overwhelms retail buyers at that point in time. The end result is that in a net selling situation dealers do not sit on gold due to the high holding costs vs low profit margins and uncertainty as to when buying demand will return, so they liquidate that net selling excess back to refiners, where it is melted. Thus there is a fair bit of turnover and again, a good chance of fakes being detected.
I would take that even further. Even the ingots in central banks, or in gold vaults, sometimes get sent off to be refined. For the very same reason those vaults are regularly vacuumed for the trace amounts of gold that have rubbed/been chipped off the ingots. It’s absolutely true that gold doesn’t oxidise or decompose, but as bars are moved around then they inevitably get bumped and after enough of that they are likely to get sent of for refining so as to maintain their good delivery characteristics. And no, a tungsten filled bar would not be refined without someone noticing.
If I were to assign percentages here I’d say that someone trying to drill out a bar and fill it with tungsten would be up near 100%. I’m sure the idea has occurred to lots of people independently. As to this being a common occurrence among good delivery bars I’d put it down somewhere near zero. There’s just too much turnover of bars through the refineries for this to be possible.
Update: I should have added that the first people to raise concerns about the veracity of this story were the guys and gals at the Screwtape Files. As to who was first to find out about MKS, well, by the time I phoned them at lunchtime (European time) Monday they were already obviously bored with answering the questions so I know I wasn’t first to do so even if I did do so.
DYX stable, gold not in any hurry. Sticking to my gut and DD. Must keep eye on 50 and 200DMA
Don't know but Did grab some @20.3013 not many but a few.
Tick Tock is on our side right now. Market's are down and no big movement on gold. This will run like hell soon IMO. GDX new LOD heading closer to the13.13. Inversion point insight. LOL
ST and don't get shaken but take profits. IMO Only