Gold Just Hit AU$2,000

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

  1. JOHNLGALT

    JOHNLGALT Well-Known Member

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    "Not true. If you want to "profit from it" you have to sell your gold,"

    LOLOL, you must be a gold-pumper, are you?
    Real people buy GOLD & SILVER as Insurance, not to make FIAT (make-believe) profits on it.
    We buy it cos it is REAL MONEY.
     
  2. JOHNLGALT

    JOHNLGALT Well-Known Member

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    He says:"Then don't buy a lunar coin, buy (un)allocated) gold."

    YEAH, RIGHT BUD. Unallocated in a place with counter-party risk, do you think we came down in the last shower?
     
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  3. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    Maybe, but today's price might look cheap in another 12 months.
     
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  4. JulieW

    JulieW Well-Known Member Silver Stacker

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    For a while I've been expecting AUD to drop to 60c. If AU rises to U$2k I don't know how ounce sellers will fare. Sovs, PM fractionals etc might be the better collection.

    Are sovs at $500 yet?
     
  5. SilverDJ

    SilverDJ Well-Known Member

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    $200 Koalas are now at $650+
    It was only a handful of months ago I was buying them for around $500
    EDIT: I checked, late May on ebay they were selling for under $500.
     
  6. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    This appears to be the case, but I won't pin too much hopes on this bet. Do you remember a little less than a year ago when trade war just started, gold was crashing and all the naysayers likes of Jim Rogers were talking about sub-$1000 gold?
     
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  7. alor

    alor Well-Known Member Silver Stacker

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  8. Roswell Crash Survivor

    Roswell Crash Survivor Well-Known Member Silver Stacker

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    Every major Central Bank at negative interest rates or heading in that direction...

    US-China Trade War, Brexit, US-Iran Saber-rattling, Venezuela...no lack of headline-worthy uncertainty in the world.
     
  9. Vw1972

    Vw1972 New Member

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    Central banks have been buying gold in huge amounts the past years. Eventually the Price has to go up. Maybe the demand has finally exeeded the supply?
     

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  10. Gullintanni

    Gullintanni Well-Known Member

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    Do not get sucked in team.
    This is a gigantic fake and id hate for my friends here to lose money to the bankers on this one.

    EDIT: Palladium has been ramping up because of its use as a catalyst , gold and silver do not have the same industrial uses on such a grand scale as this new green way is creating.

    Gold is getting pumped due to Iran and if you think a war with Iran will create WW3 then by all means load up, if you think war with Iran will be bad but then the world will start again then be prepared to sell into the highs.
    If you think no war will eventuate then do not buy into this fake and hold tight.
     
    Last edited: Jun 20, 2019
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  11. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    This time tomorrow we will have close of the week’s trade. There will be some profit taking with a subsequent dip. It may be a good time to buy. Alternatively, it may continue the rise indicating that there is more to come. It may be a good time to buy.
     
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  12. Peter

    Peter Well-Known Member

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    https://smallcaps.com.au/gold-price-all-time-highs-next-bull-run-imminent/

    Gold to $10,000?

    producers are benefitting from the current gold prices and low Australian/US dollar ratio with Newcrest Mining’s (ASX: NCM)share price up more than 56% over the last nine months.

    Meanwhile, Northern Star Resources (ASX: NST) has lifted almost 28% over the same period, and Saracen Mineral Holdings (ASX: SAR) has gained more than 107%.

    Not to be left behind, Kirkland Lake Gold (ASX: KLA) has rocketed 108% during the same nine month time-line, while Silver Lake

    [​IMG]




    Gold price at all-time highs as next bull run appears imminent
    By
    Lorna Nicholas
    -
    June 20, 2019
    [​IMG]
    Analysts are predicting the gold price will move well-above A$2,000/oz.
    FacebookTwitterLinkedInWhatsappPrintEmail

    As the Australian dollar continues to fall and with further declines expected, gold is attracting the attention of investors as it climbs to all-time highs and is predicted to continue soaring well beyond A$2,000 per ounce.

    This morning, gold pushed past A$1,998/oz – only a whisker away from the A$2,000/oz resistance level.

    However, analysts envisage the precious metal’s upward journey will continue to move above A$2,000/oz (US$1,370/oz), with Martin Place Securities executive chairman Barry Dawes telling Small Caps he believes the gold price could reach A$10,000/oz in the next decade.

    [​IMG]
    The gold chart in US dollars appears to breaking out of an ascending triangle pattern, often seen as a bullish move.
    Since December last year the gold price has shot up more than 18% from A$1,657/oz to its current high.

    Spurring the metal’s rise are increased buying from Asia and central banks, weakening global economic fundamentals and political uncertainty both within Australia and globally.

    Speaking with Small Caps, Mr Dawes said the current rise indicated the next leg of the “great bull market” is about to unfold for the commodity.

    Mr Dawes pointed to gold’s previous great bull market when it started from a low of around US$250/oz in 1999 and continued rising to reach a high of US$1,923 in 2011, before falling off.

    Unlike now, the Australian dollar gold price was different in 2011 because the Australian dollar was above parity, so the Australian dollar gold price was below that of the US dollar gold price.

    “This time, the Australian dollar has been weaker,” Mr Dawes said.

    He added he anticipated the gold price will hit the A$2,000/oz resistance level possibly next week, but definitely at some stage during the September quarter.

    “Gold is seasonally weak in May-July and tends to start to move higher in August. Gold is unseasonably strong now so it could do anything from here.”

    Declining economic growth and geopolitical uncertainty
    Earlier this month, Australia’s Reserve Bank cut the official interest rate to a new 1.25% low signalling lacklustre economic growth for the country including poor consumer spending and rising unemployment.

    According to the Australian Bureau of Statistics, Australia’s latest growth figures are at GFC levels, with the economy expanding only 1.8% in the year to March.

    Additionally, when looking at the growth in per capita terms, it has actually been negative the last three quarters.

    Over in the US, Federal Reserve chairman Jerome Powell has also indicated he may reduce the US official interest rate in the midst of the country’s ongoing trade war with China.

    The International Monetary Fund has downgraded its global GDP growth forecasts to 3.5% for 2019 – blaming the trade war and an economic slowdown in China.

    UK and Eurozone economies are also expected to slow due to ongoing Brexit uncertainty and fiscal policy issues in Italy.

    Frequently seen as the “safe haven” metal in times of slow economic growth and geopolitical uncertainty, the current global economic and political events are swaying investors towards gold.

    Mr Dawes said although the current geopolitical issues themselves may not trigger gold to rise strongly, they may spark the short covering that is taking place.

    Gold inventories deplete as buying increases
    Adding to the situation is increased buying from central banks and in Asia, which is depleting reserves and offering support to gold’s rising price.

    In 2018, central banks increased their gold purchases by 74%, particularly Russia and China, which have been increasing their gold purchases in an attempt to diversify away from the US dollar.

    Meanwhile, Mr Dawes said India and China have been buying up gold with additional demand arising out of the US, South East Asian and Middle East, North Africa regions.

    “The demand from Asia exceeds Western gold mine production so there has been a rundown in inventory from `free’ gold in in the West,” Mr Dawes explained.

    “Physical gold is now at a premium to the paper gold market reflecting this rundown.”

    “I see the markets as being very tight now with significant short positions established in futures markets and on behalf of some bullion banks and hedge funds,” he said.

    Mr Dawes pointed out global debt is “very high” and substantial gold prices would be required for central banks to value their gold high enough to offset the issued debt.

    Exports thrive in lower Aussie dollar environment
    In Australia, lower interest rates have pushed the Australian dollar down below US$0.69, which although troublesome for travellers and consumers purchasing imported goods, is actually good news for Australian exporters such as gold producers.

    The ongoing weakness in the Australian dollar against the US currency has boosted Australia’s export earnings, which grew more than 4% during the March quarter from the December period.

    Compared to the March quarter last year, export earnings were up 15.5%, with the Department of Industry, Innovation and Science’s latest Resources and Energy Quarterly revising mining and energy export earnings higher for the 2018-2019 financial year to $277.8 billion – more than a 20% increase on the 2017-2018 period.

    Gold shipments are expected to contribute $19 billion to this figure – up 13% in value compared to 2017-2018, despite a 3% decline in volume.

    Which ASX-listed stocks are benefitting?
    There is no doubt Australian gold producers are benefitting from the current gold prices and low Australian/US dollar ratio with Newcrest Mining’s (ASX: NCM)share price up more than 56% over the last nine months.

    Meanwhile, Northern Star Resources (ASX: NST) has lifted almost 28% over the same period, and Saracen Mineral Holdings (ASX: SAR) has gained more than 107%.

    Not to be left behind, Kirkland Lake Gold (ASX: KLA) has rocketed 108% during the same nine month time-line, while Silver Lake Resources (ASX: SLR) is up more than 115%
     
    Last edited: Jun 21, 2019
  13. Bullion_ron

    Bullion_ron Well-Known Member Silver Stacker

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    Trump.

    All his threats of tarriffs and embargos have FIAT all over the place so people look at gold.

    I am not a financier in any way, shape or form so take what I said with a grain of salt. I am curious if Im correct though
     
  14. mrsilverservice

    mrsilverservice Well-Known Member

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    Market Closed -

    Gold $2018.00 AUD :p

    Gold $1399.00 USD :)

    What a week :confused: certainly a week to remember and God only knows what will happen next :eek:
     
  15. alor

    alor Well-Known Member Silver Stacker

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  16. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Definitely defines gold as currency and silver as expensive base metal
     
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  17. SilverDJ

    SilverDJ Well-Known Member

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    Still going up today

    upload_2019-6-25_10-53-25.png
     
  18. SilverDJ

    SilverDJ Well-Known Member

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    I don't know about "expensive", but yeah, gold is on one of the biggest bull runs since 2009 and silver is basically being forgotten. Some growth in silver, but not much.
     
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  19. ozcopper

    ozcopper Administrator Staff Member

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    Silvers time will come, and when it starts moving, it will be something to behold!
     
  20. ddevil

    ddevil Member Silver Stacker

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    That's the curious thing: gold and palladium have been going nuts, whereas platinum and silver have only had very small gains
     
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