Gold Just Hit AU$2,000

Discussion in 'Gold' started by GoldenEye, Jun 20, 2019.

  1. Silver Soul

    Silver Soul Well-Known Member Silver Stacker

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    Just a wee tinker for all you gold bulls. Bullish pennant on the weekly that will make you feel good about your stack! Now, what will be the trigger to spark its next leg up?

    Opera Snapshot_2019-11-07_084629_www.marketinout.com.jpg
     
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  2. Slimey

    Slimey Well-Known Member

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    Unfortunately looks similar to the setup in October 2016 if you look at the chart. It will be interesting to see how it pans out.
     
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  3. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    As someone who is mostly cash and bonds, the economic situation today is nothing like 2016. What am I going to buy today? Apple stock? Tesla? Uber stock? Bitcoin? Oil stocks? Eurobonds?

    HK is the leading indicator, first to blow up, other countries will follow.
     
    Last edited: Nov 7, 2019
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  4. openeyes

    openeyes Well-Known Member Silver Stacker

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    Buying gold in late December 2016 wasn’t so bad although you would have to get out again. Of course there were other thing’s providing better returns. Depends on your objectives. Then and today.
     
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  5. mongrelmaple

    mongrelmaple Well-Known Member Silver Stacker

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    Excuse my ignorance, but what was that chart setup like? I was oblivious to PM’s until just last year, if you’re inferring a potential downtrend then let me grab my keys so I can back the truck up...
     
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  6. Slimey

    Slimey Well-Known Member

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    Well If you look at the chart at the low of late 2015, the chart does a leaning lamppost followed by a double doggie do-nothing until May. The fake-out lamppost which followed made it abundantly clear that the pennant forming would be a half-master and what do you know..a reverse zorro formed, just as predicted. Eeeeeeaaasy.
     
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  7. alor

    alor Well-Known Member Silver Stacker

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  8. mrsilverservice

    mrsilverservice Well-Known Member

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    Market Closed - $2,126.04

    AUD - $069.00

    Golds performance over the last 3 months reminds me that Gold is "only" insurance although probably the best hand held insurance other than knowledge :D

    The Book of Proverbs Chapter 16 verse 16 (part A)

    How much better to get wisdom than Gold :)
     
  9. JOHNLGALT

    JOHNLGALT Well-Known Member

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    History of Gold Controls in Australia.
    PRESS RELEASE No 29

    EMGARBO 6.00pm

    STATEMENT BY THE TREASURER, THE HON PHILLIP LYNCH, M.P.

    PRIVATE OWNERSHIP AND SALE OF GOLD BY AUSTRALIAN RESIDENTS
    SUSPENSION OF PART IV OF THE BANKING ACT
    The Treasurer, Mr Phillip Lynch, said today that Commonwealth restrictions on the freedom of Australian residents to own, buy and sell gold in Australia had been removed.
    He added that current restrictions on the purchase of gold coins had also been removed.
    You would be aware of this 1976 release @bron.suchecki I presume.
    https://www.perthmint.com/info-historycontrols.aspx
     
    Last edited: Nov 26, 2019
  10. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    Gold closes at Xmas at :

    USD1499.00 (+13.80)
    AUD2166.00 (+20.00)

    But AUD against USD also up from 0.6840 to circa 0.6920 in last week.
     
  11. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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  12. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Still too early to know for sure how it will pan out. I've been watching on this pattern, and is the reason why I didn't backup the truck. Some differences from 2016. In 2016, the Fed stopped QE and started QT and rising interest rates. Today, there is Repo Madness and trade war and falling rates. The fundamentals are not the same.

    [​IMG]
     
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  13. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    Gold still having a wee rally.

    USD1524 (up 25.00 since Xmas)
    AUD2179 (up 16.00 since Xmas)

    and the AUD has climbed to near 0.70.
     
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  14. openeyes

    openeyes Well-Known Member Silver Stacker

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    And more. Definitely a breakout of trend. I thought we would see lower levels before this but one can never be disappointed about upward movement. May there be more.
     
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  15. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Looking back, I think the forum is too pessimistic on not just silver and platinum, but also gold surprisingly.
     
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  16. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Too many broken hearted individuals who miss out on returns. Too many gamblers looking to get rich quick. Too many who don't understand the purpose of stacking precious metals.
     
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  17. JohnnyBravo300

    JohnnyBravo300 Well-Known Member Silver Stacker

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    I dont know why anyone should be pessimistic. Gold has outperformed everything this last year. Theres been plenty money to make if you wanted to sell as investment gold.
    I can understand pessimism in the fake bubble markets but not in gold.
     
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  18. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Me too when I started buying gold and silver in 2000s, found it moved too slowly after a year and gave up, started to play stocks. The trouble is precious metals is not for returns. Trying to earn from pm to pay a mortgage is a dead end.

    I think we reached the dead end for the property bubble in China. Don't know about Australia. In Singapore, the market is highly controlled to begin with, so even if it falls, it won't be severe - like 20%-25%. But HK, price can fall 70% like it did in 1997. In China, a lot of real estate will become worthless - it happened in Malaysia and Indonesia when projects are half-built and never completed. The trouble is the house buyer still owes the bank for the full sum.
     
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  19. wrcmad

    wrcmad Well-Known Member Silver Stacker

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    That's me.
    Got sick of waiting for the holy grail move in silver that may or may not eventuate - considered that too much of a gamble. Silver has given me miserable returns over the last 8 years, so it was time to call a bad decision exactly what it was. I offloaded all my silver holdings in October, and it was substantial.
    Put the cash into a particular stock in November, and I'm up 70% in 2 months. (One member here who I bounce around trading ideas with can vouch for the stock call and trade).
    Silver was too much of an opportunity loss for me.
    Kept my gold though. ;)
     
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  20. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Man, if youre already up 70% I would call it quits and cash out. Especially given were early in to 2020 and it already looks like gulf war electric boogaloo 3.0 is heating up. Im not a gambling man so no stocks or silver for me, just gold whenever i have the spare change. If i get a couple ounces of silver at spot every now and then i buy it but consider it the same as buying a lottery ticket. My original stack of 150oz of 1966 50c rounds got sold when we hit $27 AUD an ounce and converted to gold because silver was just too volatile for me.
     
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