Gold Game Changed? are the Chinese supporting price?

[grapejelly]

http://www.mineweb.co.za/mineweb/vie...8700&sn=Detail

The Chinese are the largest producers of gold.

They want to diversify out of the USD obviously.

They know where the USD is headed.

Are they supporting gold prices?

And has the gold price dynamics changed? Perhaps gold can only go up, because the game has changed? Corrections will be shallow and the gold price will continue to escalate?

[Jay]

Re: Gold Game Changed? are the Chinese supporting price?

http://www.mineweb.co.za/mineweb/vie...8700&sn=Detail

The Chinese are the largest producers of gold.

They want to diversify out of the USD obviously.

They know where the USD is headed.

Are they supporting gold prices?

And has the gold price dynamics changed? Perhaps gold can only go up, because the game has changed? Corrections will be shallow and the gold price will continue to escalate?

This has been keeping me up for the week. Cause I'm not far from just saying F it and going all in.

[grapejelly]

Re: Gold Game Changed? are the Chinese supporting price?

This has been keeping me up for the week. Cause I'm not far from just saying F it and going all in.

I would wait for a correction but I don't think we'll see any below $1000 gold anytime soon...

[Raz]

Re: Gold Game Changed? are the Chinese supporting price?

I'm beginning to get the same opinion.

This is a monthly continuation chart I run of Comex Gold with an indicator developed by Martin Pring to help gauge the overbought/oversold condition of a market for a buy or sell. (The caveat is that one must use a reliable Trend Indicator to filter any buy or sell signal generated by this indicator. But I think the trend here is clearly UP!)

The price bars painted red were periods of time when the gold market was very overbought and soon experienced a sideways or downside correction lasting a year or more.

We aren't even overbought at the present time on the monthly time frame!
We might not get a correction of more than $35 - $70 until we reach $1,400 !

[Jay]

Re: Gold Game Changed? are the Chinese supporting price?

I'm beginning to get the same opinion.

This is a monthly continuation chart I run of Comex Gold with an indicator developed by Martin Pring to help gauge the overbought/oversold condition of a market for a buy or sell. (The caveat is that one must use a reliable Trend Indicator to filter any buy or sell signal generated by this indicator. But I think the trend here is clearly UP!)

The price bars painted red were periods of time when the gold market was very overbought and soon experienced a sideways or downside correction lasting a year or more.

We aren't even overbought at the present time on the monthly time frame!
We might not get a correction of more than $35 - $70 until we reach $1,400 !

I'm buying in the morning. Order in.

[Master Shake]

Re: Gold Game Changed? are the Chinese supporting price?

I'm buying in the morning.

It's at $1160 as I write.

I just picked up a Krug off eBay for $1145 (with the cashback). Woo-Hoo!

[Raz]

Re: Gold Game Changed? are the Chinese supporting price?

Jay,

Like you I'm likely to add to my holdings in GTU.

However, before you go "all in", please go to this post and open the pdf.
This guy is a far better technician than I am, and he hasn't been dead-wrong about Gold in at least three years;
that's how long I've been tracking his calls very closely.

Check out his short-term concerns before you decide to make a huge committment right here.

http://www.itulip.com/forums/showthr...341#post134341

Best of luck to you.

[Jay]

Re: Gold Game Changed? are the Chinese supporting price?

Jay,

Like you I'm likely to add to my holdings in GTU.

However, before you go "all in", please go to this post and open the pdf.
This guy is a far better technician than I am, and he hasn't been dead-wrong about Gold in at least three years;
that's how long I've been tracking his calls very closely.

Check out his short-term concerns before you decide to make a huge committment right here.

http://www.itulip.com/forums/showthr...341#post134341

Best of luck to you.

Thx Raz, I read that excellent and generous post originally, and just re-read it. Don't worry for me, I only took another step in the all in direction. I have a large chunk in PM's I paid a lot less for over the years. That makes these decisions easy.


Shake, my cashback account is tapped out this year already. Bummer, but thanks microsoft! Nice price on the Krug.

[Tybee Island]

Re: Gold Game Changed? are the Chinese supporting price?

Jay: You know I have been "all in" (physical Bullion, only) since 2007 and began buying in 2005 and "I sleep just fine at night, thank you."

Here is a very interesting link that monitors the price of gold on E-Bay in every form of coin and bar including some numismatics by country. It also has a button to monitor silver which you will see just under the "24-Hour Gold Price."

It is interesting watch the the price of physical gold, as available to the everyday person in the street who may not have access to a gold dealer.

Gold Link:

http://www.24hgold.com/english/buy_s...s.aspx?co_id=0

[Slimprofits]

Re: Gold Game Changed? are the Chinese supporting price?

Are they supporting gold prices?

China’s gold still only accounts for 1.9% of its foreign reserves.

3.5% for India.

[touchring]

Re: Gold Game Changed? are the Chinese supporting price?

China’s gold still only accounts for 1.9% of its foreign reserves.

3.5% for India.

I would tend not to trust Chinese statistics.

[Slimprofits]

Re: Gold Game Changed? are the Chinese supporting price?

Ok, maybe a bad starting point for a discussion about room for growth.

[jtabeb]

Re: Gold Game Changed? are the Chinese supporting price?

This has been keeping me up for the week. Cause I'm not far from just saying F it and going all in.

Sorry, have to chuckle a bit after reading that. No harm or insult intended.

V/R

JT

P.S. "Fuck it" happened a while ago for yours truly, just saying...

[BiscayneSunrise]

Re: Gold Game Changed? are the Chinese supporting price?

[FONT="Georgia"]Jay: You know I have been "all in" (physical Bullion, only) since 2007 and began buying in 2005 and "I sleep just fine at night, thank you."

Would back up Tybee's sentiment here for anyone wondering: When holding physical gold there is no sense of anxiety over market gyrations and geopolitical volatility. One is curious about events but there is no angst: just a general sense of "rightness"

[grapejelly]

Re: Gold Game Changed? are the Chinese supporting price?

Would back up Tybee's sentiment here for anyone wondering: When holding physical gold there is no sense of anxiety over market gyrations and geopolitical volatility. One is curious about events but there is no angst: just a general sense of "rightness"

Agreed.

I find cash quite disconcerting to hold because someone else controls its value.

Gold, not so much. It is what it is and the value is market driven. And if you hold something with no leverage, no margin calls to worry about and the price today or next week is rather academic.

I have a portfolio of junior miners and I can't say the same for those. They are way underwater to this day although some are showing signs of life. And truly, just one or two could go to the moon and that would make the ROI on the portfolio quite good.

Back to the thread subject though...if this is true, the Chinese are providing a floor for gold is what it amounts to. They certainly *could* do so, right?