XAU/USD & XAG/USD - Gold & Silver Traders Thread

LOL.

Get a Grip here mate.!

Sorry but NOT HAPPENING.

This is a commodity.

A bit later in the day than I expected - but the basic test area came, after slight retracement.

... I suppose it is. It is also a hedge tool. What I stated is a very long term view and not something that is likely in the shorter (1/2 year) term. The history of gold shows that 20 years ago it was an average of $70 to $400 in price. Now it can drop $30 in day and that's before it farts in the afternoon. Only on Wednesday last it sneezed and blew itself up 40 bucks. 10 days in a row of that down leaves us where? 800 ish levels. Can it happen? Yes. Is it likely? Not really, but not impossible. I would like to remind all that between 21st - 24th Aug 2011 gold went from 1912 - 1700 in a straight line (pretty much). On 23rd Sept 2011 gold dropped $66 in a day. 12th Dec '11 to 14 Dec '11 it dropped from the highest of 1714 to 1559 in 72 hours of trading (more or less). Let's scale that:

$200 out of ($1980-$450) = about 13%

to drop from 1240 to 800: -
400 out of (800-450) = about 114%

So probably more likely drop is closer to 85% in price (leaving 1028 and higher about lowest likely candidates from 1210)

the most gold ever dropped in 1 day was about $100 on 29 Feb 2012. So gold moves. I wonder how many accounts were blown on that day? If it happened again would any more follow suit? The truthful answer is yes. The question is whether it would be one of those trading here today... Not mine, it wouldn't.

http://www.marketwatch.com/story/gol...ght-2013-12-06

Rhodie,

I vouched for you,

Yet, you need to understand as many do that this is INDEED A COMMODITY, with FINITE not INFINITE RESOURCES
.

As far as I am concerned, and others may argue with me,

GOLD AND SILVER ARE HEADLINE, NEWS, FEAR, FUNDAMENTALLY and LASTLY TECHNICALLY DRIVEN.

Your call of 30 USD per OZT is simply asinine.

Again I repeat THIS IS A FINITE noT INFINITE COMMODITY. People dig up LARGE amounts of earth to MINE this metal.
It is not just a simple currency pair.

This is where the fools get looped into the rodeo pr ROLLERCOASTER that GOLD IS.

Your call has no backing fundamentally, (even on the announcement of "'tapering' or not'.


This is a BIG BUSINESS WORLDWIDE.

I am sorry, but, I cannot let you lead lambs to the slaughter.

I know that YOU have a more open minded view of the market.

If I have not taught the SIMPLEST of trading skills here, well - I have.

ACTUALLY,

The HISTORY of GOLD going back over 100 years just on charts shows 2/3 PARABOLIC MOVEMENTS NORTH.

DYODD mate.

I don't really need to mention that people killed eachother for the metal do I?

I just picked up a bunch of Mexican Libertads = ONE of my favorite silver coin, from a dealer I like but has NO F_)(*ING CLUE that these are worth at least 2 / 3 bucks over spot.

OW WELL.

NOT MY FAULT. DYODD............................

Starting to look like we're going to see Gold & Silver rally the next few weeks.

Still is a major downtrend IMO, but I might have to reconsider my shorting strategy on Gold and either look for long set ups or just stay away for a while.

Has been very good to the shorts lately but seems to be that prices at 1200+ are being supported and the market wants to go higher again.

Who knows. Trying to only stick with the trend but it's getting tempting to start going long.

Can anyone guide me regarding my trade.
I am short at Gold from 1220, what should i do to minimize my losses.
Option 1 Take the loss and keep silence.
2 Make another Short at 1262 and then at 1300
3 Wait for the market till FOMC minutes, then take decision.

I think big players are going to be at a reasonable price to go short before FOMC otherwise majority is already in / ready to go short.

And I had long order at 1278. Until now, I am not out. Waiting
It depend on your margin too.

Could you clever guys and girls please help me out, I am trying to get a system in excel that can calculate everything I need before I make a trade, but need to make sure the calculations are ok. Could you please help me out and look at the calculations and update them if they need updating please

I have added 3 diff types of trades, GOLD, EUR and USD/JPY and left the balance the same at 3500 just for consistency.

Thanks a lot

Regarding Gold prices dropping and how far they can go, my reasons to believe there is actually quite a lot of room still left for a fairly large drop in gold is for many facts but here is one:

The Platinum to Gold ratio... Every single argument that any gold bug can put forward to buy Gold e.g.physical demand, industrial demand, scarcity, costs to mine, output capacities, to emphasize that gold prices must be higher, then that argument has to be multiplied by at least 2x for platinum... Platinum is a precious metal (used for physical investment in similar ways to gold) that happens to be much rarer than Gold, consuming a lot more resources to mine than gold, has far more industrial uses than Gold, and is currently being under produced due to mining issues in South Africa.
Insert
Its historical ratio(platinum/gold) from the 60s to the late 90s was at about 1.5:1 but in the late 90s to just prior to the crisis of 2008, this ratio took off as industrial demand for catalytic converters showed the markets Platinum's true value, and then there was the Gold craze that all preachers of doom couldn't get enough of, and Gold overtook Platinum...why?...for one simple reason investment... primarily ETFs and coin/bar demand , jewelery does not make for much of an increase in overall demand, nor does CB buying because this has always been happening with only a constant but slight increase in demand over the years.
Insert

To gauge the vertical drop for investment in Gold, one needs to look at the SPDR GLD, it has been shedding on average about 10 tonnes every week for a couple of months now.
If ETFs have dropped consistently at this rate , Gold has been resisting the same trajectory but this will not be maintained for long though, and mining companies are a lot hardier than they are letting out, they can certainly mine below the sacred 1200 ,and that cost can go as low as 200 oz, so I would not be buying too much into that story.

I do not have a biased view , because presently I only scalp Gold , and can not care less which way it moves, as long as it moves ,tight ranging is the main killer of my gold strategy.
But this is my point of view regarding gold, its still well overpriced...or Platinum is seriously underpriced, and I am fully aware that these 2 commodities behave very differently, but I have done all the math involved, and something smells bad...my money is on Gold overpriced I'm afraid... so if I can give a few words of advice, it would be to not be getting too confident of 1200 being a floor, when that goes( which I can see a few catalysts already in motion here for that move to be very soon), parachutes may be a better investment than gold.

Peace.

Thanks F,

Need to read that tomorrow. AND YESSS buying PHYSICAL Gold And SIlver is NEVER A BAD BET.

In any case THERE IS YOUR TEN USD SWING AS PROMISED.

Peace, Love, and XTC,

TRADE WELL. Or stay out.

XT-

PRICE STARTS a new GMT Day @ 1240

As you can see the 1245 suggested range TOP got hit.

Later in the day. nevertheless, hit.

XT-

Until later.................................................

http://www.kitco.com/images/live/gold.gif
What wrong with Kitco chart???

ur loser man...
i had both, long at 1320 and short at 1218

Hi,
check the excel file and see the changes I made to it.
Have a pleasant day.

I suggest selling gold at the close of this present hour. 1247.XX should be a pretty entry level.
Price is at an unfair high for the day.
I expect a drop to 1221 region and quite possibly lower to 1200 before the end of this week.
Happy trading!