Discussion in 'Commodity Futures' started by Rickshaw Man, Jun 23, 2005.
don't mean to bore anyone but it looks ready to spring forward.
Hope so, I've been waiting for Gold to react.
Didn't we just run up almost $30 the past few weeks? Or you trading in Australia?
Looking at the CBOE Gold Index, I'm waiting for it to break 85.
since the "NO" votes in europe 1-2 months ago on the euro
gold priced in euros has gone up over 10 - 15 %
watching Snow White and Big Al take a beating today in front of the Senate Comm....it appears the trade war talk is on again................
it was rather obvious that Big AL tried to keep the meeting from happening since it was announced a only a few days ago.... the rock throwing got started early...
Big AL looked like he was on the way to the dentist....about that time, gold got going..................
Gold breaking out of weekly pennant
Gold ETF -- GLD -- sold 4 tons of gold yesterday - FIRST SALE EVER
Actually it was 3.1 tonnes. It was about 1.8% of its gold inventory (was 179.1 tonnes, now it's 175.99). GLD's volume is very small vs the gold market. It was important to make gold easily available to the small guy, but it's impact on price -beyond the accumulation of the first 100 tonnes in a couple of weeks when it started- has been insignificant.
Remember, gold is still at 1/5th of the peak price (inflation-adjusted) it had in 1980, 25 years ago.
And it's actually been the worst relative performer of all "hard" commodities, during the last 3yr of commodity bull-market.
ts interesting to note if this is simply a limited occurence or the beginning of a tide change. If GLD dumps 100 tons into the market, it is very disruptive.
Plus all the gold trading volume you talk about, is mostly inter-dealer trading, not real bonafide retail buying.
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