Gold price - back up the truck?

No more, it's bottomed. Huge buying of jewellery going on. I bought a necklace for wife 2 weeks ago. Had to wait. Today, I saw a premium gold shop, passed by it a couple times, even prior to pandemic, hardly see any customer. There were 5-6 customers in the shop.

TreasureHunter said:
I think it could even go as low as the 1300's.
Should the vaccinations be successful this year and if several major economies produce GDP growth and people start mass-traveling and spending like mad.

Under this shadow, the Biden-Fed-ECB triangle will be able to pull more stunts (like quantitative easing, playing with interest rates) and for a while, it will go almost un-noticed.
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sgbuyer said:
No more, it's bottomed. Huge buying of jewellery going on. I bought a necklace for wife 2 weeks ago. Had to wait. Today, I saw a premium gold shop, passed by it a couple times, even prior to pandemic, hardly see any customer. There were 5-6 customers in the shop.
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Right now the price is at the hands of the US fed and whether they choose to cap yields, so far they are allowing them to run but who knows for how long.

obviously these observations are anecdotal but I think valid. The last 6 months I have seen constant lines at Bullion Now and I thought the down trend would have discouraged people but they are still there. Maybe not as much as august but still seeing lines, for me that shows interest is high for the generalist.
 
Gold correction has stabilised for over a week. Looks like it's silver turn to do a dip?

GreatSouthernTime said:
I thought the down trend would have discouraged people but they are still there. Maybe not as much as august but still seeing lines, for me that shows interest is high for the generalist.
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Lots of people buy gold for various purposes other than investment. Gold won't drop too much, historically corrections are usually 15-30% and it will rebound although it may take time. There's no risk of tech obsolescence or stolen by hacker. From my understanding, in Australia, it's better not to have too much cash in the bank, so that's a big incentive. o_O
 
sgbuyer said:
Gold correction has stabilised for over a week. Looks like it's silver turn to do a dip?



Lots of people buy gold for various purposes other than investment. Gold won't drop too much, historically corrections are usually 15-30% and it will rebound although it may take time. There's no risk of tech obsolescence or stolen by hacker. From my understanding, in Australia, it's better not to have too much cash in the bank, so that's a big incentive. o_O
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Have to agree with that. Don’t want too much cash in the bank. Just enough for incidentals.
 
Starting to curl back up by the looks of it. Hopefully no big smash downs, just slow and steady suits me. I'll just keep quietly stacking my money, non fiat that is..
 
sgbuyer said:
No more, it's bottomed. Huge buying of jewellery going on. I bought a necklace for wife 2 weeks ago. Had to wait. Today, I saw a premium gold shop, passed by it a couple times, even prior to pandemic, hardly see any customer. There were 5-6 customers in the shop.
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I am not sure it has bottomed. Might be a bounce only.

I am not saying it hasn't, I just don't have that feeling. I think it could still go down to 1,600 $.
 
TreasureHunter said:
I am not sure it has bottomed. Might be a bounce only.

I am not saying it hasn't, I just don't have that feeling. I think it could still go down to 1,600 $.
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I’m not so sure it hasn’t either, in saying that when sentiment is so low you can only see it going lower it’s more likely to have reached the bottom.
 
Not really, gold had been rising for more than 2 weeks. Dollar also strengthening. Gold and the dollar are safe havens. Both going up at the same time.
 
GreatSouthernTime said:
I’m not so sure it hasn’t either, in saying that when sentiment is so low you can only see it going lower it’s more likely to have reached the bottom.
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I don't think many people dare saying "it has bottomed". It's premature.
If this were so easy (and we're still relatively "down"), then it would be very easy to pick the bottom. And all investors complain that it's difficult to pick the bottom for a great buy.

Let's see how we enter the summer period + what happens to the vaccinations + economic growth in powerful countries + the Fed's policies.
Normally, I'd expect a "lazy summer" (usually June-August is a period when many downturns happen, less buying occurs), so if by May nothing happens upwards, then it might sink even lower during the summer.
 
TreasureHunter said:
They would never dare sanction Chinese industry overall. The entire world would have to live in medieval conditions :D
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the test baloons are grounded, most likely the will close shops and leave.
The genocide is just a pretext to sanction, which no one care about. so the polite reply is counter sanctions. net citizen took it further. they boycotts perpetrators. what a show to watch. nothing to see on their shops till end of the year.
 
Somethings up, markets are starting to tank and it appears to be risk off. Checked news to see what’s up….. yeh this would probably do it… ‘the detection of a new and possibly vaccine-resistant coronavirus variant sent investors scurrying…’ all futures in deep red at the minute , gonna be a late night oh ps… gold and silver up , let’s see how well cryptos stand up​
 
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Walked past a homeless man wearing what looked like a perth mint 10g gold bar necklace. Richer than most men I'd say. When I asked him about it he was more interested in talking about his knife though...
 
PMCollector said:
Somethings up, markets are starting to tank and it appears to be risk off. Checked news to see what’s up….. yeh this would probably do it… ‘the detection of a new and possibly vaccine-resistant coronavirus variant sent investors scurrying…’ all futures in deep red at the minute , gonna be a late night oh ps… gold and silver up , let’s see how well cryptos stand up​
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they all squatting, no exceptions! what a markets LOL
 
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