Gold Forum
A space to discuss the price of gold, your gold price forecasts and trading strategies in our gold investing forum.
In today's FT, "around 13 per cent of advanced economies plan to increase their gold holdings in the next year, up from around 8 per cent last year".
Update on the gold to CPI ratio, that has been moving in wave-like fashion over time. The smaller ebbs and flows suggest that gold has tracked reported inflation closer in recent time. Could we be on the verge of a historic breakout in the ratio? Or could the ratio form another 'cup', with gold underperforming US inflation at the margin in the near future?
Saudi Arabia's petrodollar agreement ended today. 80% of the oil traded is priced in oil, but as more and more countries trade oil in their own currencies, demand for the dollar will fall over time, driving up the price of dollar-denominated assets like oil, gold and commodities.
https://kitco.com/news/article/2024-06-13/saudi-arabia-ends-petrodollar-agreement-what-it-means-u...
Earlier this year, Russia announced through TASS, its new agency, that BRICS is working on a blockchain based payments system.
https://tass.com/politics/1755521
UBS recommends to 'buy the dip' in gold between USD 2,250 and 2,300 per ounce, in a note published this week.
https://www.ubs.com/us/en/wealth-management/insights/market-news/article.1617546.html
A few weeks ago, Jamie Dimon and Ray Dalio expressed concerns over the size of the US deficit. Now the IMF is also raising the alarm over growing debt levels in 'advanced economies'...
Insiders selling gold ahead of the NFP?
Notice how the price of gold on COMEX sold off as the market opened at 8am, 30 minutes before the NFP report. To me, it's clear that insiders had private information and acted on it.
I'm bullish on gold long term, but also like we could be due for a pullback towards the 100-day moving average in the near term. A "double top" has formed, and with gold trading now close to its 50-day moving average, I don't see a catalyst in the near term for a surge in price. Historically, the summer months are a weak period for metals.
Thought I'd share this post on X by Tavi Costa, which does a great job at summarising the bull case for gold. China and most of the BRICS countries are pivoting away from US Treasuries, into gold. This is de-dollarisation in action.
I'm loving the multi-year cup and handle pattern in the price of gold (XAUUSD). Does anyone have price targets?
What just happened to the price of gold? This looks like a reversal candlestick pattern to me.
