1. Stocks start off holding yesterdays gains, metals continue to pull back
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  2. Good Tues Am. Gold continues to roll back and down 4.9 to 1272. Silver is down 3 to 1782. Crude is +12 to 4935, while the USD is down 3 to 9894
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  3. Week of 4/22/2017 Closing prices & Chg Over Last Wk---- Gold $1289.10-- UP 0.60 Silver $17.85-- down 66 Oil $49.62-- down 3.80 USD $99.88 -- down 58

Metals Down! [sale]

Discussion in 'PM Trading/Stocks/Technical Analysis' started by REO 54, Mar 6, 2012.



  1. REO 54

    REO 54 Midas Member Midas Member

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    The blah blah blah from Reuters.......A.Ananthalakshmi

    * Gold largely holds sharp gains from previous session
    * Dollar steadies after profit-taking on Monday
    * Gold bounce temporary, likely to resume decline - analyst

    (Updates prices)
    By A. Ananthalakshmi
    SINGAPORE, Oct 7 (Reuters) - Gold held above $1,200 an ounce
    on Tuesday, retaining most of its sharp overnight gains
    following a bout of profit-taking in the dollar, but optimism
    over the U.S. economy and possibility of higher rates kept
    investors wary.
    Spot gold was little changed at $1,206.30 an ounce by
    0629 GMT. It had jumped 1.3 percent on Monday in its biggest
    one-day gain in two months as physical buyers and bargain
    hunters lent support following earlier lows.
    The metal is still not too far from a low of $1,183.46
    reached earlier on Monday - its weakest since June 2013 - as a
    strong U.S. jobs report dented its safe-haven appeal.
    "The bounce is temporary and gold will likely go lower in
    the next couple of months," said ANZ analyst Victor Thianpiriya.
    "The dollar has gone a long way very quickly, so we are
    seeing some profit taking. But the overall trend for the dollar
    is to continue to rally, so that will put downward pressure on
    gold," he said.
    The dollar was beginning to show signs of stabilisation on
    Tuesday, gaining slightly against a basket of major currencies
    after a near 1 percent drop in the previous session.
    The dollar index has gained for the past 12 consecutive
    weeks and hit a more than four-year high on Friday after a
    strong U.S. jobs report.
    More robust economic data could boost the dollar and
    reiterate expectations that the Federal Reserve would raise U.S.
    interest rates in mid-2015, a move that would hurt
    non-interest-bearing assets such as gold.
    "Technically, if the $1,180 level can hold this week, then
    gold looks likely to push back up to the $1,240-$1,250 region,"
    said James Gardiner, metals trader at MKS Group said. "However,
    the medium-long term bias is still towards the downside."
    Markets were also eyeing the return of Chinese buyers on
    Wednesday. China, the top buyer of gold, has been away since the
    beginning of the month for its National Day holiday.
    Strong buying from China could potentially boost prices.
    Among other precious metals, silver and platinum
    group metals all jumped for a second straight day.

    PRICES AT 0629 GMT
    Metal Last Change Pct chg

    Spot gold 1206.3 -0.35 -0.03
    Spot silver 17.38 0.09 0.52
    Spot platinum 1242.5 3 0.24
    Spot palladium 767 6.3 0.83
    Comex gold 1206.9 -0.4 -0.03
    Comex silver 17.39 0.165 0.96
    Euro 1.2631
    DXY 85.834

    COMEX gold and silver contracts show the
    most active months

    (Editing by Himani Sarkar)
     
  2. dirt to oil

    dirt to oil Gold Chaser Platinum Bling

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    gold and silver will be down until TPTB actually start to lose control
     
  3. REO 54

    REO 54 Midas Member Midas Member

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    Well I'm "down" with that! Lol. As long as there is a choice of physical to purchase at a reasonable price, bring it.
     
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  4. Ahillock

    Ahillock A nobody Mother Lode

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    Didn't thay already take place in 2008/2009?

    I feel we are living on borrowed time as it is.
     
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  5. Ahillock

    Ahillock A nobody Mother Lode

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    Another smackdown time.
     
  6. REO 54

    REO 54 Midas Member Midas Member

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    MOAR! :s9:
     
  7. illatease

    illatease Banned

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    Given that they've fallen by over 60% from their 2011 highs, I think that lost control isn't going to happen. Game, set and match folks.....
     
  8. REO 54

    REO 54 Midas Member Midas Member

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    Well lookie here. Dropping like panties at a frat party! That "MOAR" crap works! Under 1200 now .......
     
  9. Mr Paradise

    Mr Paradise Midas Member Midas Member

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    Had some powder so I picked up 20oz of the white copper this morning on the dip, I do wish Irons was still around to talk me out of such decisions. :cry_smile:
     
  10. REO 54

    REO 54 Midas Member Midas Member

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    Like Uncle Walt said......."are you stacking?! Do what the Chinese do and buy!"

    PRECIOUS-Gold, silver tumble to 4-year lows on dollar, shares:

    * Gold drops over 2 pct, silver down 3 pct

    * Dollar at near four-week high

    * SPDR holdings drop to six-year low (Updates throughout, changes dateline from SINGAPORE)

    By Clara Denina

    LONDON, Oct 31 (Reuters) - Gold and silver slumped to their lowest since 2010 on Friday as the dollar and stock markets soared following a new round of quantitative easing by the Bank of Japan and U.S. data showing a robust economy.

    Spot gold slid 2.5 percent to its lowest since July 2010 at $1,168.66 an ounce in earlier trade and was down 2.2 percent at $1,172.50 by 1046 GMT.

    The metal breached important support levels at $1,200 and $1,180, where stop losses - automatic sale orders - were placed and was on track for a 4.7 percent drop this week, the biggest weekly decline since June 2013.

    U.S. gold futures were down $26.70 an ounce at $1,171.90.

    "Spot gold is at its lowest for four years ... and it could fall further towards the $1,120 level if the dollar strengthened even more significantly," ActivTrades analyst Carlo Alberto De Casa said.

    "More stop losses could be triggered if we consistently broke below $1,170, but the downside seems limited by the fact that we are close to cost of production above $1,000."

    Spot silver fell nearly 3 percent to its lowest since February 2010 at $15.94 an ounce and was poised for a fourth monthly drop in a row. It was down 2.4 percent at $16.00.

    Both gold and silver were already facing some heat after the U.S. Federal Reserve earlier in the week largely dismissed financial market volatility, a slowdown in Europe and a weak inflation outlook as factors that might undercut progress towards its unemployment and inflation goals.

    The hawkish comments and the strong U.S. gross domestic product data on Thursday dulled gold's appeal as a hedge against risk.

    The dollar rose to a four-week high against a basket of main currencies, boosted as well by the Bank of Japan's surprise move to expand its massive monetary easing, which weakened the yen to near seven-year lows.

    A stronger U.S. currency makes dollar-denominated assets such as gold more expensive for other currency holders.

    "We hold a bearish view on gold, considering a recovering U.S. economy and expectations of higher rates," said Chen Min, a precious metals analyst at Jinrui Futures in Shenzhen.

    "In the long term, we believe gold is likely to break closer to $1,000."

    Reflecting bearish investment sentiment, holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.16 percent to 741.20 tonnes on Thursday, a six-year low.

    NO SUPPORT FROM PHYSICAL MARKETS

    Gold failed to get any support from the Asian physical markets, a factor that could push it to further lows. Physical demand usually provides a floor to dropping prices.

    Buyers in top consumer China failed to emerge even after the drop below $1,200.

    Premiums on the Shanghai Gold Exchange, the main platform for physical trades in the country, slipped on Friday to less than $1 an ounce, occasionally dropping to a discount against the global benchmark represented by the London spot price.

    Premiums had ranged between $1 and $2 on Thursday.

    The lower premiums underscore the soft appetite for gold in China after record consumption last year.

    China's gold consumption tumbled 21.4 percent year-on-year in the first nine months of 2014 to 754.8 tonnes, the China Gold Association said in the statement on Friday.

    Among the other precious metals, platinum fell 0.7 percent to $1,228.75 an ounce, while palladium rose 0.6 percent to $779.10 an ounce.

    (Additional reporting by A. Ananthalakshmi in Singapore; editing by Jane Baird)

    http://www.reuters.com/article/2014/10/31/markets-precious-idUSL4N0SQ61F20141031
     
  11. Ahillock

    Ahillock A nobody Mother Lode

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    [​IMG]
     
  12. REO 54

    REO 54 Midas Member Midas Member

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    Well dropping like a rock as Repubs take control. The fun starts tomorrow .....
     
  13. Ahillock

    Ahillock A nobody Mother Lode

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    Yup. There she goes.
     
  14. REO 54

    REO 54 Midas Member Midas Member

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  15. Mr Paradise

    Mr Paradise Midas Member Midas Member

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    The GOP retook the Senate ...the republic is saved and metals are relics.
     
  16. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    The dream I had was correct. Just hit $1140.

    1140.JPG
     
  17. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    A "strong" jobs numbers for tomorrow (higher than forecasted 231,000 job created) could continue the beatdown of gold and silver IMO.
     
  18. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    Do you really think the economy will be improving or just a facade but the people believe it?
     
  19. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    IMO mainly a façade since most people will look at the "official" gov't numbers and will believe what the gov't says. Jobs-wise, I do not believe that the economy is doing that well overall but that could depend on what type of work a person is looking for. J6P will believe the gov't numbers on inflation and jobs "growth" but that does not necessarily mean that the economy is doing well. However, from the stand point of the PM markets, then a strong jobs number, gov't numbers showing "little inflation" and a possible rate increase as soon as next year means more downward pressure for gold and silver in my opinion.
     
    Last edited: Nov 6, 2014
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  20. REO 54

    REO 54 Midas Member Midas Member

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    Good to see ya back Silver Art! :D
     
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  21. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Thanks REO. I have not posted on a gold and silver forum since June because I needed a break. I needed to recharge my batteries and plus I am working between 50-55 hours a week at my job. I do not plan to post much since I am still working long hours at my job but will post every once in a while.
     
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  22. Ahillock

    Ahillock A nobody Mother Lode

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    Chit, here we go again.


    [​IMG]
     
  23. Ahillock

    Ahillock A nobody Mother Lode

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    It begins again.

    [​IMG]
     
  24. Annie

    Annie Silver Member Silver Miner

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    I think $950 would be a great place to start buying until it hits bottom and then buy until it gets back to $950. Many web dealers mention quantity discounts. It's usually the ones that are higher than Provident like SD Bullion. Has anyone ever called and got a quantity discount? Did it amount to a better deal than Provident?
     
  25. Chester-Copperpot

    Chester-Copperpot Gold Member Gold Chaser Site Supporter Platinum Bling

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    The smart monies been nibbling very small on this downward trend, and stockpiling cash for the bottom. Still think we hit $14, maybe as low as $12.
     
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  26. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    It's on sale again.
     
  27. Ahillock

    Ahillock A nobody Mother Lode

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    They really don't want gold to get above that $1200-1205 range. As soon as it does, you start seeing sell offs to get it back below that range.
     
  28. REO 54

    REO 54 Midas Member Midas Member

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    Yep. Moar!


    PRECIOUS-Gold holds near $1,200/oz ahead of Fed minutes:

    LONDON, Nov 19 (Reuters) - Gold steadied on Wednesday as traders awaited Federal Reserve minutes later in the day and an opinion poll ahead of next week's Swiss gold referendum, with dollar strength pulling prices back from near three-week highs.

    The dollar hit a fresh seven-year high against the yen on Wednesday as investors added favourable bets before the publication of Federal Reserve minutes that could highlight policy divergence with its peers.

    Traders will be looking for clues on when the Fed will raise rates as any increase could hurt non-interest-bearing gold.

    Spot gold was at $1,197.50 an ounce at 1455 GMT, little changed from Tuesday, while U.S. gold futures for December delivery were down 30 cents an ounce at $1,196.80.

    On Tuesday gold peaked at $1,204.70, its highest since Oct. 30, having slid to a 4-1/2 year low of $1,131.85 this month.

    "With further weakness in the yen or euro against the dollar, we could well see gold having an uphill struggle," Mitsubishi analyst Jonathan Butler said. "A lot will be revealed in this afternoon's minutes from the FOMC. We'll see the strength of hawkishness that was prevalent in the last meeting."

    "Going forward, it's very much going to depend on the outlook for the U.S. economy, and the pace of monetary policy tightening."

    Speculation is also building over Switzerland's gold holdings ahead of the Nov. 30 vote on a proposal that would force the Swiss National Bank (SNB) to hold at least 20 percent of its assets in gold.

    A opinion poll due for release on Wednesday will show if support for the measure has continued to decline from around 44 percent hit last month.

    The chairman of the Swiss central bank said in an interview earlier this month that a vote in favour of the motion, which would also oblige the SNB to repatriate gold holdings and end all sales, would be disastrous for the country.

    Silver was up 0.6 percent at $16.27 an ounce. GFMS analysts at Thomson Reuters said on Tuesday that silver demand would fall 7 percent in 2014 because of a slower pace of buying by jewellers and industrial fabricators.

    Spot platinum was down 0.3 percent at $1,197.75 an ounce, while spot palladium was up 0.7 at $776.22 an ounce. (Additional reporting by A. Ananthalakshmi in Singapore; Editing by Mark Potter and David Evans)

    http://www.reuters.com/article/2014/11/19/markets-precious-idUSL3N0T93BT20141119
     
  29. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    Well that sale ended pretty quick.
     
  30. Ahillock

    Ahillock A nobody Mother Lode

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    lol.

    China/Russia/India and central banks are like, "Yup we will buy all that. Thanks. Bye."
     
  31. Ahillock

    Ahillock A nobody Mother Lode

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    Gold & Silver Surge, Recover Swiss Gold Poll Losses As EURCHF Hits Lows
    Submitted by Tyler Durden on 11/19/2014 12:26 -0500


    It appears the FX and Precious Metals markets have as much faith in the pre-Swiss Gold Referendum polls as the Scots did before their referendum. The clearly leaked results sparked considerable weakness in gold and silver (and EURCHF surge), but once the dats was released, markets began to creep back - perhaps questioning the plausibility of such a big swing in such a short amount of time. Gold, Silver, and EURCHF have all recovered the moves with the latter pressing towads cycle lows...


    [​IMG]

    And EURCHF has roundtripped to cycle lows...


    [​IMG]


    http://www.zerohedge.com/news/2014-...cover-swiss-gold-poll-losses-eurchf-hits-lows
     
  32. Ahillock

    Ahillock A nobody Mother Lode

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  33. REO 54

    REO 54 Midas Member Midas Member

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    ....MOAR!

    Govt. pension fund increases Japan stocks to 25%........

    GPIF is the worlds largest pension fund and it's talking on more stocks than bonds,in its portfolio. BO J baby.....
     
  34. Ahillock

    Ahillock A nobody Mother Lode

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    So the looks like the sell of this morning ($20 drop in pog) had 2.8 million ozs of paper gold dumped onto the Comex. Desperate times.



    [​IMG]
     
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  35. Ahillock

    Ahillock A nobody Mother Lode

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    Here we go again.
     
  36. Ahillock

    Ahillock A nobody Mother Lode

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    Ok who has the fat fingers and/or bought a bunch yesterday? Fess up.
     
  37. REO 54

    REO 54 Midas Member Midas Member

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    Irons of course. This is good sale. MOAR!
     
  38. Merkin

    Merkin Seeker Seeker

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    That's what I'm telling my wife but she's not buying it.
     
  39. Ahillock

    Ahillock A nobody Mother Lode

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    Are we going to see <$1100 gold before 2014 is up?
     
  40. REO 54

    REO 54 Midas Member Midas Member

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    At this point,a thing is possible. I would not be surprised. Then again,it could go to the moon. For me, I want the opprotunity to stack more at at a good price. ( and then promptly lose it on my way out to the island )
     

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