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

IMHO, I think we need a Daily close above 100 SMA to confirm the return of the bulls. Otherwise, I see the possibility of "spinning heads" - a fire sure indication of a market with no direction, forming on the daily chart as she bounces off the 100 SMA. I'm also keep an eye on the next 4 hour candle formation. I'm sorry I can't upload charts right now. Happy weekend everybody.

I'm new to metal trading. So, everyone here is bullish on Silver?

I wasn't talking about your position. I could care less.

Do you want someone to try to commit fraud and steal those funds out of your account.

Once again, your trading account numbers are showing. Hide them, blank them out. Do something about them - quickly!!

BTW gambling winnings never stay.

Do you think everyone here trades on the same timeframe, has the same account size, has the same trading style?

I just see almost everyone looks to long.

Take it easy. It's just a goddam DEMO.

Where does the chart window or the trader mention that?

Are you ass-u-ming no one would be stupid enough to show their account numbers? I have seen it numerous times.

Maybe you are right since I'm am not an MT user and not familiar with the platform but it would help if the trader replied themselves.

I don't know why anyone would be long or short right now with this range bound market for the last couple of months.

But then again most do not trade on the longer timeframe like I do - 3-5 days to weeks. Some "invest" way longer though, but investing and trading are two different things.

Intraday traders change biases constantly but for the most part you are correct, most here look to go long any chance they can get. Natural tendencies no matter the market.

Just by the look of his account, I know that it's Demo

GC Daily wedge that I have been showing for some weeks appears to be breaking to the upside.....

http://www.screencast.com/t/XPSnUcQpWPi

The red upper quartile that has been resistance since early March has breached and appears to be becoming support. IF this line continues to provide support I would consider that to be very bullish. However we are now into the August doldrums where thin markets can be easily influenced...Buys placed along the blue sp are now looking well-judged.

beeb

EDIT - am not bothered if people purport to show their trading accounts or not - personally I prefer to keep my flies zipped ......

What's in your vault? Uncle Sam audits its stash of gold at the New York Fed


The gold audit is a first for the institution and includes drilling into several hundred ingots. It could put the conspiracy theories to rest.


August 02, 2012|By Andrew Tangel, Los Angeles Times

NEW YORK — For decades, the U.S. government has stashed gold five stories beneath Manhattan in a vault under the Federal Reserve's fortress near Wall Street.

Or has it?

Some conspiracy theorists suspect that the billions of dollars' worth of bullion might have been looted in a dramatic heist, a la the movie "Die Hard: With a Vengeance." Others claim that the gold has been used in a shadowy government transaction, or swapped with gold-painted bars. It's even caught the attention of politicians like Rep. Ron Paul and members of Germany's Parliament.

http://articles.latimes.com/images/pixel.gif

Now all of us may finally get some answers.

The federal government has quietly been completing an audit of U.S. gold stored at the New York Fed. The effort included drilling small holes in the bars to test their purity.

The Treasury Department has refused to disclose what the audit has revealed so far, saying the results will be announced by year's end. But as one former top Fed official said recently, the testing may finally prove that "Goldfinger didn't sneak in at night" and take the gold.

"The calls for audits are saying, 'We don't trust the government for the last 200 years,'" said Ted Truman, a former assistant Treasury secretary and Fed official. He called perennial questions about the country's reserves"the gold bug equivalent of the birther movement."

The Treasury's auditing operation, including drilling, is a first for the New York Fed. The department's inspector general previously audited and tested only gold it keeps under heavy guard at Ft. Knox, West Point and the U.S. Mint in Denver. These three locations hold 95% of the country's bullion.

In New York, about $21 billion in U.S. gold is locked inside the Fed's vault. It's stored alongside bullion from three dozen other countries and organizations such as the International Monetary Fund.All told, about 23% of the world's official gold reserves are stored in the central bank's vaults.

The audit, which began in January, took place 80 feet below the Fed's limestone and sandstone Italian Renaissance building in Manhattan's financial district. Visitors to the vault make their way through a steel and concrete entrance where a 90-ton door rotates open.

Inside, a massive scale is ringed by 122 blue cages that hold about 530,000 gold bars — 34,021 of which belong to Uncle Sam. The auditing team counted the U.S. stash, selecting more than 350 bars from which to extract samples for assaying.

The process involved about half a dozen employees of the Mint, the Treasury inspector general's office and the New York Fed. It was monitored by employees of the Government Accountability Office, Congress' investigative arm.

The bars were first weighed on a small electronic scale, then transferred to a table mounted with a long, thin drill used to burrow into the gold, said a person familiar with the operation who was not authorized to speak publicly.

Workers were careful to collect any stray gold bits, the source said. Based on the market price of about $1,600 per troy ounce, the Treasury removed more than $110,000 worth of gold samples.

A Mint spokesman said about 1 to 1.5 grams of each sample is destroyed in the assaying process, with the remaining granules returned to the government.

The New York Fed refused to comment.

The final results still might not satisfy some. Paul, the Texas Republican and presidential contender, wants an independent audit of all U.S. gold.

In 1981, when Paul was on the Gold Commission — a panel set up by Congress to explore expanding gold's role in the U.S. monetary system — he argued for full gold audits every year. He has pitched legislation for an exhaustive examination of the country's gold that could cost as much as $60 million.

"If the gold is there and everything is in order, they should welcome an audit," Paul said in an interview.

He said he doesn't suspect that anyone has replaced the gold bars with fakes. He's more interested in examining paperwork that would show whether the gold has been used in any transactions that were never disclosed to the public, such as loans to other governments.

He is not alone. In Germany, there have been calls by some politicians to "repatriate" the country's foreign gold reserves and return to a gold standard as the euro common currency faces an uncertain future.
Germany owns the world's second-largest reserve of gold, much of it stored in central banks in New York, London and Paris. The German government keeps close tabs on its domestic gold reserves, but some in Germany are questioning the security and safety of the bullion stored outside the country.

They've launched a campaign called Gold Action, supported by politicians, economists and other German citizens, with the goal of bringing the bars back home.

Philipp Missfelder, a prominent German legislator in the country's ruling Christian Democratic Union party, visited the New York Fed in February seeking to inspect his country's gold.
Missfelder was not given access to Germany's gold bars, though it's unclear why, according to German magazine Der Spiegel. He declined to comment.

The New York Fed hasn't typically rolled out the red carpet to the central banks and international organizations wanting to audit their gold accounts, according to Ernest Patrikis. He's a former New York Fed official who had stints as the institution's general counsel and chief operating officer.

"They could come in and take a look," said Patrikis, now an attorney in private practice in New York. But if they wanted to count the gold, "you've got to take it away, count it and bring it back."

America's central bank began taking foreign gold deposits when it opened in 1924. Gold piled into the New York Fed's vault during World War II, as countries stored it there for safety. Foreign reserves quadrupled to $4 billion worth of gold by the war's end, according to the Fed.

The gold vault swelled with bullion until 1971, when the U.S. stopped backing dollars with gold. Since then, the Fed role as keeper of the yellow metal now carries less significance.

These days the New York Fed focuses on more pressing roles: implementing the country's monetary policy by expanding or tightening the money supply. It played a central role in propping up the financial system in 2008.

Paul suggests that the government offload its gold reserves if they serve little purpose.

"I would just as soon they sell the gold," Paul said. "And then we would find out if they really had it."

No weekly close above 1625 for the bulls and no 2nd confirming week above 1611 as bounce south from 1625-29 and 28.35 area was noted last week.
aug. monthly
1643-46
1600
1552
quarterly lows support 1515 area.
monday daily
1626
1605
1584

Hello ALL!!!'

What a long week.. Some awesome swings on thurs if I remember correctly after Drhagi Euro remarks...

UNFORTUNATELY, the SCREEN on my main trading laptop is now cracked due to a fall during some remodeling..... Trying to get the external back up but can hardly see anything!! ARRRGGGG

Looking to try to revive her, or get a new one, for now, thank the brokers for phone apps!!!!!!!!!

Been using mine on wifi just fine, instant execution, charting, news, like a mini trading station in the palm of your hand, plus, I can always call if really important.

So that has afforded me a week vacation from posting. Now on the mac and enjoying using third party non bias quoting from netdania.com (NO AFFILIATION) and execution from phone... not to bad. a nice detachment from the screen.


Thinking about even a new netbook, or ipad. we'll see, for 300 you could probably get a decent laptop with at least 4 gigs...

And at this point I've memorized the weekly Gold and Silver charts and basically there on the majors and My two faves AUD and KIWI.
working on CAD.

So how is everyone,?

Is there some silly argument going on as usual when I disappear?

Aussie and Kiwi have been straight kicking a$$m. I haven't accessed those demos in over two weeks so they have to go for now.

Luck to all hopefully a nice trending and profitable week! like last.

XT

TRAPPED RIGHT SMACK IN THE MIDDLE OF RANGE!

1606.

This could go on for almost the entire month of August at this point.

Yeah since it has been almost 3 months we see gold struggling to get up after 1627 but Soon we can see a break at the level where the price may reach upto 1700 again but for that fundamentals should support

Hey friend please stop me i m gonna making 96k and my greednes want to make print more money i dont know what will be happen but i m enjoying to see what will end,i am gonna made to see that fucking profit

Regards
Muhammad

Hi XTrade,


Have you been able to save your indies on Netdania? I am having to re-enter all the studies and lines everytime after leaving the website.

Stop you how?

J

Simple. Are YOU a member?

It's FREE! And the customer service is great!