Gold-now $US1210/ounce

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May 06, 2010 16:32 NY Time
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Gold Pushes Above $1,200 in After-Hours Trading as U.S. Stock Market Melts Down

By Jim Wyckoff
06 May 2010, 3:04 p.m.

Gold futures got another boost of buying power after the official close of Comex trading Thursday, pushing to a fresh five-month high of $1,209.20 an ounce, basis June futures. Bulls got another technical boost as gold prices shot past what was psychological resistance at $1,200.00 an ounce. A plunge in the U.S. stock market as traders watched on television rioting in the streets of Atens prompted the heavy buying interest in gold, on a safe-haven move amid the keen uncertainty in the markets at present. Gold prices are now within striking distance of the all-time high of $1,227.50, basis nearby Comex gold futures.

http://www.kitco.com/reports/KitcoNews20100506F.html
 
More importantly (for us :D) AUD Gold @ $1360+, although with the general market crunch I'm betting my precious metal related equities continue to get sold ff :(

Gold is truly becoming the safe haven trade that many watching/buying have predicted.
 
More importantly (for us :D) AUD Gold @ $1360+, although with the general market crunch I'm betting my precious metal related equities continue to get sold ff :(

Gold is truly becoming the safe haven trade that many watching/buying have predicted.
Rather PMs than almost everything else. :D

Gold miners did quite well in US and Canada.
 
All delirious fun at my place...

A great short of the global outlook is long gold because

Global outlook down
-> gold up
+
-> commodity economies down -> aud down
+
-> flight to USD -> AUD down further

= double win on fx and pog.

keep it quiet, but it's also a nice hedge for Aussie property. ;)

watching the technicals to switch from long to short. will be interesting to see if it drops beneath 1200 against friday fear in the US.
 
Rumour has it a "fat finger" accidentally typed 'b' for billion instead of 'm' for million when placing a short trade, triggering the panic.

Looks like $1200/ounce is the new $1100/ounce :) I reckon it'll bounce around here for a while.

AUD looks to me like it might be heading to 86c and then maybe 83 in a few weeks.
 
swapped to a short near 1202, as the fear was error compounded.

I agree gold will bounce around for a bit, but move up eventually....it's all in the vix, which was up 60% since apr20, before last night's error.

The proctor and gamble drop was definitely computer mediated human error.
Which makes one wonder if some guy with the power to make such an error, and ready to retire, decides to place a few dozen shorts.
 
ianvestor,

they must have very fat fingers...there is an "n" between "b" and "m". Serves the financial house right to employ a person with really weird fingers.

Wouldn't they be keying in numbers (not letters)?
 
swapped to a short near 1202, as the fear was error compounded.
I agree gold will bounce around for a bit, but move up eventually....it's all in the vix, which was up 60% since apr20, before last night's error.
The proctor and gamble drop was definitely computer mediated human error.
Which makes one wonder if some guy with the power to make such an error, and ready to retire, decides to place a few dozen shorts.
Some stories on Zero Hedge from traders seems to indicate that it was not an error but a result of the computerized trading algorithms pulling all their buys and removing market depth.

Having seen the capitulation unfold second by second and then listen to CNBC come up with every excuse under the sun just got under my skin. I've decided to chart some of our one second analytics charts of the capitulation unfolding on our screens. The chart below (more to follow) captures the moment of the final capitulation, before the reversal today. The idea that it was a 'fat finger' error is ludicrous; unless the fat finger hit every market in the world virtually simultaneously. Liquidity simply left the world financial markets for about four minutes this afternoon. The bids just vanished.
http://www.zerohedge.com/article/dissecting-crash

Also:
http://www.zerohedge.com/article/cm...-will-cnbc-issue-retraction-repeated-factless

I don't know what to believe.
 
I don't know what to believe.

I don't believe the fat fingers story. These things happen all the time without causing a crash. Haven't read your links but I will.

CNNMoney has an article Why the trading robots must die. which again I haven't read yet (just got up, alright?) and yesterday there was an interview with NYSE boss. If insiders are busy reassuring the masses that "There's nothing to see here, move along!" I'm gonna stop and look. :)
 
ianvestor,

they must have very fat fingers...there is an "n" between "b" and "m". Serves the financial house right to employ a person with really weird fingers.

Wouldn't they be keying in numbers (not letters)?

exactly. sounds like complete fiction
 
The proctor and gamble drop was definitely computer mediated human error.

I can buy that the quants turned their algos off. The human error being no one realized the consequences of taking that liquidity out of the market.

I've heard as much as 60% of equity trading is the algos. I am inclined to believe it now.

I often wonder if the world would be any worse off if markets only opened for 1 hour a day, or one hour a week. I think a lot of people could then get on with doing something more productive.
 
wow i found a thread i might not kill,

sold last house apart from land in 2008(it sold feb 2010 90k less) went into bullion heavier than i was already . no time for property atm expect the dow to be equal to about 1.5 time the gold price .

things ain't as rosey in oz as the news telling us .

from the aussie point of view gold is a very good place to be as one of the above posters stated .but lets not forget little bro silver that i loaded at $11 aussie 18 months or so ago that was $20 .67 friday night .

interesting times are coming we may well end up in a world depression the way things shaping up..

we may see a pull back in gold but this bull well intact .

i called a top for stocks in oz about 3 weeks ago on bullion site i chat on the the news source for this thread .

anyhow will drop in with my thoughts and interested to see others opinions .. ecconomics in general as its all related
 
from the aussie point of view gold is a very good place to be as one of the above posters stated .but lets not forget little bro silver that i loaded at $11 aussie 18 months or so ago that was $20 .67 friday night .

I loaded up on Silver 18 months ago as well (mid/late 2008), but don't recall prices that cheap in AUD, from memory the cheapest kilo bar I got over this time was around $450...$14 an ounce (and spot wouldn't have been much less)
 
i loaded at $11 aussie 18 months or so ago that was $20 .67 friday night .

I loaded up on Silver 18 months ago as well (mid/late 2008), but don't recall prices that cheap in AUD, from memory the cheapest kilo bar I got over this time was around $450...$14 an ounce (and spot wouldn't have been much less)


are you guys doing bullion or coins?
perth or canadian mint? allocated? unallocated?
internet intermediaries?
etf like GOLD, GLD, HUI?
mining shares?

personally, i think it's a good idea to spread your holdings around....
if the s@3t hits the fan, you never know what steps a govt will take to flog it from you.

the perth mint at least has a wa state govt guarantee....for what that's worth :rolleyes: though takes 5 minutes to read through the provisos....war, terrorism, civil unrest etc, etc....

the only regret I have is I didn't bulk up as gfc was settling on platinum, palladium, and lithium miners.
 
are you guys doing bullion or coins?
perth or canadian mint? allocated? unallocated?
internet intermediaries?
etf like GOLD, GLD, HUI?
mining shares?
personally, i think it's a good idea to spread your holdings around....
if the s@3t hits the fan, you never know what steps a govt will take to flog it from you.
I agree it's best to spread your holdings. Personally I am around 25% physical (mixture of bullion coins/bars) & 75% ASX listed precious metal related stocks. The proposed resource tax is evidence enough that the government will try and flog from those that do well, so think it's important to have some "off the books" wealth.
 
are you guys doing bullion or coins?
perth or canadian mint? allocated? unallocated?
internet intermediaries?
etf like GOLD, GLD, HUI?
mining shares?

personally, i think it's a good idea to spread your holdings around....
if the s@3t hits the fan, you never know what steps a govt will take to flog it from you.

the perth mint at least has a wa state govt guarantee....for what that's worth :rolleyes: though takes 5 minutes to read through the provisos....war, terrorism, civil unrest etc, etc....

the only regret I have is I didn't bulk up as gfc was settling on platinum, palladium, and lithium miners.

i'm physical mainly bars some old coins gold to silver 50/50 to 50 cash at call @ 6%

looking at some other investments also but more after i researched more .

when silver got to $9 us it was 11 aussie ... been a wild ride over the last few years but i buy more each major drop .trying to get out of cash but is not many safe places atm . this stock correction that i don't think is over will present some buying ops . keep close eye on miners cashed up producing as they will get hit with the market some what .

the aussie $ yen trade interests me but not played yet .very volatile
 
Gold price moving higher now $US1242/ounce

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May 12, 2010 07:16 NY Time
Bid/Ask 1241.10 - 1242.10


My favourite gold stock is Perseus Mining (PRU). Worthwhile researching this one. No Resource Super Profits Tax applicable.
 
personally, i think it's a good idea to spread your holdings around....
if the s@3t hits the fan, you never know what steps a govt will take to flog it from you.

I'm not going to lay awake worrying if the Oz gubbmint is going to confiscate gold.

It has never happened before in Oz. (Yanks yes)

If they chose to go that way, why would they target individuals when the ETFs are ripe for the plucking?

I have silver as well (as you say: spread)

My major holding has NO link to Oz. (immune from the 40% tax)

I am negligent for not having more oil and any uranium. An essential part of a resource based portfolio.

I'm a bug but prefer miners to the metal and believe there are other (often rare) metals with a bright future.

And don't tell me China will fail. If it does where do you hide?
 
I've got 50% of my gold in GOLD.ax and the rest in physical gold.

Although it is supposed to be a long term holding, if its up tomorrow, I might sell the ETF. I bought it in 2006 so its done its job of protecting me from inflation and then some.

I regret not selling my gold.ax when it hit around $150 last year. I can;t see that happening again for a while as the AUD seems stronger this time around.

Don't know what to do with the cash if I sell though. There looks to be a few cheap REITs out there so might be the go.
 
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