Aussie Gold Drops Below $2500

Discussion in 'Gold' started by ozcopper, Jun 3, 2020.

  1. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    The financial industry in Singapore hasn’t recovered since the 2009 GFC, mostly because the local population are resentful of wealthy foreigners and unlike in Australia, most people don’t own property that can be sold or rented to foreigners so there is no incentive for rising property prices. Likewise even if the property market collapses, it won’t affect the man in the street.

    Even though the financial industry has a very high international profile, the people working in them are mostly highly paid foreigners, expats and PRs. The majority of local people work in manufacturing, healthcare and civil service.
     
    Last edited: Jun 3, 2020
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  2. jultorsk

    jultorsk Well-Known Member Silver Stacker

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    BoJo promises path to UK citizenship for almost 3million of Hong Kong BNO passports passport holders if China proceeds with imposing the National Security Law.
    https://www.thetimes.co.uk/edition/...-meet-our-obligations-not-walk-away-zv7f70n29

    "...last month, the National People’s Congress in Beijing decided to impose a national security law on Hong Kong that would curtail its freedoms and dramatically erode its autonomy. If China proceeds, this would be in direct conflict with its obligations under the joint declaration, a legally binding treaty registered with the United Nations.

    Britain would then have no choice but to uphold our profound ties of history and friendship with the people of Hong Kong.

    Today, about 350,000 of the territory’s people hold British National (Overseas) passports and another 2.5 million would be eligible to apply for them. At present, these passports allow visa-free access to the United Kingdom for up to six months.

    If China imposes its national security law, the British government will change our immigration rules and allow any holder of these passports from Hong Kong to come to the UK for a renewable period of 12 months and be given further immigration rights, including the right to work, which could place them on a route to citizenship.

    This would amount to one of the biggest changes in our visa system in history. If it proves necessary, the British government will take this step and take it willingly.

    Many people in Hong Kong fear that their way of life — which China pledged to uphold — is under threat. If China proceeds to justify their fears, then Britain could not in good conscience shrug our shoulders and walk away; instead we will honour our obligations and provide an alternative."
     
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  3. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    There's a lot of talent in HK, it could mean a significant boost to the economy of the UK. I would hope ScoMo would do the same.

    Unfortunately I doubt your average HK resident would be successful in their application, unless the humanitarian intake is rather large.
     
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  4. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    Yes, allowing Hong Kong citizens to move to Australia would be a good decision, I hope the AU government has the guts to do it.
     
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  5. lunar

    lunar Member

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    And I think you should be able to choose what ever you like...

    Downies has been kind of interesting. There are two completely different markets that don't seem to overlap - Ebay stackers and Downies collectors. Gold auctioned at Downies is just a rip off. Silver I would counter is not. Their single silver coins are expensive but fine silver in sets is not. It's probably cheaper than silver shot for melting your own collector bars/rounds.
     
  6. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    HK is China's financial centre while Singapore serves South East Asia, hardly a comparison.
     
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  7. Michael Stevens

    Michael Stevens Well-Known Member Silver Stacker

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    Will we see sub $2400 Gold by close of market?
    I'd be buying!
     
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  8. mongrelmaple

    mongrelmaple Well-Known Member Silver Stacker

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    US non farm payroll figures were a major surprise. The numbers were released less than an hour ago at time of this comment, and immediately caused Dow Futures to surge and US spot to drop. Combine those with a strengthening AUD, and this is why it’s dropped so much in the last 45 minutes.
     
  9. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Might be cheap in AUD but still very expensive in SGD, compared to my last buy in mid-Feb.
     
  10. maverick

    maverick Active Member Silver Stacker

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    Free fall . . . . .
     
  11. heartastack

    heartastack Well-Known Member Silver Stacker

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    Will the aud continue to strengthen from here is the question
     
  12. maverick

    maverick Active Member Silver Stacker

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    Situation in US in not good at all, expect that to go down further before a bounce or correction
     
  13. heartastack

    heartastack Well-Known Member Silver Stacker

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    So AUD is a flight to safety from USD?
     
  14. maverick

    maverick Active Member Silver Stacker

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    It appears to be the case for now, but there is Aussie-Chinese rift going a long as well . . Very uncertain market.
     
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  15. heartastack

    heartastack Well-Known Member Silver Stacker

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    The volatility in everything is insane. And with continued gov intervention it will be like this for a long while yet..
     
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  16. maverick

    maverick Active Member Silver Stacker

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    if this is the new normal (up/down) then a lot money could be made in short term trading.
     
  17. Holdfast

    Holdfast Well-Known Member Silver Stacker

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      • US payrolls added 2.5 million vs. a drop of 7.5 million expected and 20.5 million the month before.
      • Unemployment fell from 14.7% to 13.3% vs. 19% expected, which would have been the highest reading since the Great Depression of the 1930s.
      • The latest report indicates that the worst may be over for the US economy in terms of the devastating impact seen from the COVID 19 outbreak
    https://goldprice.org/news/shock-jo...lion-jobs-added-and-unemployment-down-to-13.3


    I'd expect silver to firm up, the GSR move to about 1:85
    During the US winter, I think we'll see a very strong gold rally.
     
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  18. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    the keyword is volatility. A bull market is never volatile. We’re in a bear rally.
     
  19. heartastack

    heartastack Well-Known Member Silver Stacker

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    Possibly just returning to pre-covid trends and testing supports



    aud.PNG
     
  20. maverick

    maverick Active Member Silver Stacker

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    Sit back, relax and enjoy the flight of Aussie dollar:)
     

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