Gold under $1,200 for lowest close in over 3 years | Forex Factory

  • Gold under $1,200 for lowest close in over 3 years

    From marketwatch.com

    Gold futures marked their lowest settlement in more than three years on Thursday as the Federal Reserve’s January tapering plans and a rally in the U.S. dollar sank prices below $1,200 an ounce. Gold for February delivery GCG4 -3.34% , the most-active contract, tumbled $41.40, or 3.4%, to settle at $1,193.60 an ounce on the Comex division of the New York Mercantile Exchange. Futures prices touched intraday lows under the key $1,200 level for the first time since June and they also suffered their biggest one-day loss since June. Prices, based on front-month futures contracts, logged their lowest close since August ... (full story)

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Pip Anon
Dec 19, 2013 7:44pm
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Quoting acidguy
1180 yearly big support just few dollars behind, suddenly everyone wanna trust fiat currency besides gold, the only currency since our ancestors.

hell.. china just has many trillions in cash waiting to be invested when the price actions to downside eases a little bit more, gold bull sure will be fast, furious and wild.
Doesn't matter. China bought over 2,000 metric tons over the last two years. Physical demand won't change gold sentiment for more than two days of headline risk.

As long as paper gold exist, it will never match up. When institutions can sell $400 billion worth of non-physical bullion it will get a lot cheaper.

And don't get me wrong, not saying golds not worth having but prices will get cheaper. So, just buy up.
Reply
Pip Anon
Dec 19, 2013 10:38pm
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Quoting acidguy
thats a side of the coin, but $400 institutional billions for central banks which are willing to get gold when price lose steam is just a little, lets talk about trillions in instruments, fiat currency, bonds, derivatives, etc.
That's where some people get confused. I am not arguing the demand or use of a gold hedge.

What I point out is the divergence from demand and price. As long as fundamentals continue to go the way they are, gold head lower.

By all means, this is a discount for those that buy. But realize gold has increased every year for 12 no other asset I know of has. It increased from $370 to $1924 an ounce in less than 7 years.

It's gonna fall. Buy it up. You'll just will continue to get a steeper discount.
Reply
acidguy
Dec 19, 2013 5:44pm
Permalink
1180 yearly big support just few dollars behind, suddenly everyone wanna trust fiat currency besides gold, the only currency since our ancestors.

hell.. china just has many trillions in cash waiting to be invested when the price actions to downside eases a little bit more, gold bull sure will be fast, furious and wild.
Reply
acidguy
Dec 19, 2013 8:07pm
Permalink
Quoting Pip Anon
Doesn't matter. China bought over 2,000 metric tons over the last two years. Physical demand won't change gold sentiment for more than two days of headline risk.

As long as paper gold exist, it will never match up. When institutions can sell $400 billion worth of non-physical bullion it will get a lot cheaper.

And don't get me wrong, not saying golds not worth having but prices will get cheaper. So, just buy up.
thats a side of the coin, but $400 institutional billions for central banks which are willing to get gold when price lose steam is just a little, lets talk about trillions in instruments, fiat currency, bonds, derivatives, etc.
Reply
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