Everyone with a gold stack should do their best blogging over the weekend, comment on as much swiss referendum articles you can, youtube, Bloomberg etc. Fingers crossed!
Fingers crossed for what? A yes vote is bad for goldbugs as it means sentiment is high and thus a lower price is needed. Personally I hope for a yes vote as it will make for a good trading opp.
Should be interesting to see the COT report tomorrow morning. I'm going to have a guess that small speculators have entered the market over this week as they have been heavily selling anyway. Watch for a pop or drop at about 3:30pm NY time
No way man a yes vote means a constant bid from a central bank until they reach 20% of their reserves. I think the forecast is a spike of 18% as soon as the YES vote is official.
Yeah I am expecting a smack down tonight, hoping it all turns around next week. The AUD spot is holding thanks to the aussie dollar tanking. I am optimistic, what with all the European countries that are jumping on the repatriation bank wagon. Today could be the best time to buy for a long time, or at least I hope!
I'll have my pending orders ready on either side of spot tonight. Will be worth a few pips whichever way the vote goes.
Same might have to make a last minute purchase from Perth. Here's hoping when I wake up on Tuesday morning Bullion Barons heart stopping post the other day happens again, this time for real!
No such thing as quick riches I have been buying here and there for 5 years, ridden highs and lows. Thanks for the advice anyway! There is almost a 50/50 chance of a 18% spike next week, if it doesn't happen at least I've added to my stack
I assume it's almost 50/50 that the vote will be yes and 18% is the guesstimate of what the yes vote is worth. Looking at some of the pre polling though I wouldn't be taking bets on no at 50/50.
Bank of America forecast - http://www.usatoday.com/story/money...-referendum-could-boost-gold-prices/70085982/ I think the latest poll had about 15% undecided which could swing the vote either way, to me that's 50/50. Like I said fingers crossed!
People expecting a gold surge in the event of a yes vote reminds me of people expecting a surge in the price of silver after the end of the London fix and then loading up hoping to get rich quick. The silver price dropped. Greed and fantasy feed on each other. And if things don't turn out as hoped then it's always someone else's fault. A nebulous cabal named "they". "They" sabotaged the result. "They" manipulated prices. "They" are suppressing prices. "They" caused a sudden price spike.
Stop spreading your negative vibes here, that's what the silver thread is for And besides silver being completely different to gold in almost everyway the end of the London fix has nothing to do with a central bank increasing it's gold reserves by half of the total global annual output.
I would assume that there could be a spike on a yes vote but it would be short lived. You only have to look at other commodity prices today to see the bigger picture. Slowing inflation/consumption is dragging everything down. If it's any comfort to stackers is that it's not only gold/silver that are falling.
London trading is almost over and gold only dived $15 as a result of OPEC not cutting oil output, I expected gold to dive further today than it did. Gold should spike with a yes vote, if by some BIZZARE CONSPIRACY it doesn't or the vote is no my guess is bottoming 1100 US around December then heading upwards Q1 2015, Europe announce QE gold at 1250 US then US raise rates gold at US 1400 by June. Increasing to US 2000 by 2016 when everything goes tits up in the economy. Hold me to it!
Scrap Steel has halved in price the past few months, was getting 210 per ton just recently, now it's $100 per ton and the scrap yard told me to expect a big shock next week. I expect gold to drop to $800 oz followed by a slump to $500 oz everyone will be convinced it's a great buy but it'll go down to $400 oz and then sit there. If you want a profit from metals then sell now, selling gold at $1180 instead of $400 is a profit.
