$2600 Gold

Discussion in 'Gold' started by slavaja, Feb 24, 2020.

  1. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    I had been gradually reducing my USD deposits in stages since the second half of last year, moving it into gold and so far it has been doing well. Yes, the USD has strengthened in the last 1 month, but gold has risen even more. At the moment, barring short term fluctuations, gold is the best currency. Silver is second best.

    Meanwhile, I'm still waiting for the minsky moment to buy black gold. The smart money is all waiting on the sidelines.
     
    Last edited: Feb 25, 2020
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  2. JulieW

    JulieW Well-Known Member Silver Stacker

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    This is spot on.

    The AUD is the bet, not the price of gold.
     
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  3. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Looks like we might retest $1600 USD anyway. Definitely will try to keep buying gram by gram. Are you still accumulating?
     
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  4. hitokage

    hitokage New Member

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    I think so. Gold could sit at the current USD for the next little while (and it probably wont) but if the AUD hits ~60c (and it probably will) we'll still see gold for over $2700. Definitely something to ponder on.
     
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  5. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Oh how I long for the days of AUD/USD parity.
     
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  6. slavaja

    slavaja Well-Known Member Silver Stacker

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    If the AUD/USD goes to 50c fuel will nearly be $2 a litre. Now that would suck big time. I think I'll just buy a Prius or a scooter to get around.
     
    Last edited: Feb 25, 2020
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  7. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    Got myself a tri-cycle today yay yay!!!!
     
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  8. JulieW

    JulieW Well-Known Member Silver Stacker

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    In and out depending on my liquidity. Sometimes it's time to sell, sometimes to buy. I have a plan and I'm happy with progress to date.

    I have my eye on a toy I'd like so I'll probably sell a little shortly. That will mean a repurchase plan over the next little while, if that makes sense.

    I forget who told me that one can use gold to be one's own central bank, but it is excellent advice. The above is a small example of one way that I interpret that wisdom: "Print cash against your own bullion reserves."
     
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  9. 66rounds

    66rounds Well-Known Member Silver Stacker

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    That is very good advice and something I've been trying to teach my family.
     
  10. JulieW

    JulieW Well-Known Member Silver Stacker

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    Now I just have to work out how to manipulate the price of gold down and I'll be a real central bank! lol.
     
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  11. alor

    alor Well-Known Member Silver Stacker

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    recruit Gordon Brown
     
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  12. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    Unicycle is cheaper and frees up your hands to carry the shopping home. :D
     
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  13. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    Is Au taking a breather? Hasn't moved much from $1650 USD ?! Markets hv gone bananas again, but spots aren't moving north...? Lots of offloads?!
    Please explain
     
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  14. slavaja

    slavaja Well-Known Member Silver Stacker

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    I'm confused too, margin calls?
     
  15. Silver260

    Silver260 Well-Known Member Silver Stacker

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    Money is heading into bonds at the moment.

    They're all anticipating a Fed rate cut.
     
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  16. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    if it gets back to $1600-$1620, I might get another batch. I’m not buying gold for capital appreciation but rather to reduce my SGD.
     
    Last edited: Feb 26, 2020
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  17. 66rounds

    66rounds Well-Known Member Silver Stacker

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    How stable is the SGD compared to AUD?
     
  18. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    SGD tracks USD to some extent although it is not pegged like HKD. At the moment, it is appreciating against the AUD. It was almost parity to AUD when I joined the forum. Now, it’s about 1.08 AUD per SGD.

    This is why Alor said silver is in a bear market. Because in SGD it hasn’t appreciated enough to offset the coin premiums. However, in AUD, silver trade is already profitable even if the stack is dumped at dealer buy price.

    When the USD finally weakens, silver will fly. Industrial demand don’t matter. But the AUD may strengthen when that happens as this would happen when the commodity bull run begins.
     
    Last edited: Feb 26, 2020
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  19. silverhair

    silverhair Well-Known Member

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    Major players need USD to pay down calls and positions under threat is my guess Long term holders may also be cashing in.

    It could also be a bit of rampant manipulation as well to keep it suppressed
     
  20. alor

    alor Well-Known Member Silver Stacker

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