That's about 2% in gold, the question is will we end up giving back 1.5 cents on the aussie in that same time. The aussie will take a beating if commodities keep dropping and this cons situation doesn't calm down, plus the USD will keep flying as it's bought so that Europeans and Chinese can get into treasuries. I hate seeing the USD gold chart drop and the AUD chart go sideways. Let's hope the aussie can find some support and that the RBA can leave well enough alone.
What's the go with AUD denominated gold? And are we going to see the GSR go back to where it was recently or will the price action in silver be more interesting? This has to be close to the final capitulation everyone was looking for. This is definitely going to put a lot of miners in a squeese and really slow down credit for new projects. Let's just hope all this risk off China / Greece stuff doesn't lush things sideways or with silly little see sawing back and forth. It would be nice to see a big move to get everyone's attention and get a decisive move one way or another. If something big sends people into gold and all those shorts get stopped out and have to cover there could be a big upside jump though n that would be a thing to see. I'll happily take another $20 off though, better yet $50!
I thought it was going to hit 1,400 $: http://www.kitco.com/news/2015-01-3...Headed-To-1400-In-2015-Capital-Economics.html
It doesn't matter what the price is doing in the short term. They can short paper COMEX all they want but I am seeing a lot of people say it will not be deliverable because of the amount of paper trading. When something finally "pops" (more paper than physical demands can accomodate, or unwinding the shorts) I bet that will trigger a reconsideration of prices. I had just bought some gold eagles and I don't regret it even if the price goes to 800, because the true price is based on fiat which is still depreciating in the opposite direction. The fact that they have to manipulate the price down tells me that I've made the right choice and gold is on sale actually; when I get some more savings I will just average in at an even lower price.
They are obviously able to play this suppression game without taking delivery. It's been an ongoing theme for nearly 5 years. Maybe my negative outlook will change when there is some type of support. Until then, stacking cash & buying "more OZ for the same amt of cash"..... once a bottom is noticeably in.
I love how when i read one of these comments about comex and NON DELIVERY and "when things pop" i look over to see how many comments have been made by that commenter and they are ALWAYS NEW . Give it 6 months here and your blinders will be off. How many chris Duane ,Peter Schiff and Mike Balony vids do you watch on youtube each day? Do not take it personally , in time you will understand this comment, until then enjoy this AWESOME FORUM
That's right. Those that trade silver in such large contracts have absolutely no desire to take delivery. It is all about short term gain. As for the fiat stories....... Paper, shells, shrunken heads....simply a medium of exchange. When the bond market pops, watch everyone rush for the U.S. Dollar fiat... Gold will have its time in the sun once again....but not for the reasons like fiat, comex, GSR, etc etc.
+1. Firstly, most COMEX traders will scoff and look at you like a weirdo for the mere suggestion of taking delivery. Second, you have conveniently ignored that for every short, there is a matching long.
