I'm in trying to scoop up bargains. Love panic. Gold index on ASX - XGD, down 5.3% atm, metals & mining index XMM down 2% atm. ASX Mkt sea of red other than financials.
It makes perfect sense that logical support appears to be approx 1800, no disputing that fact. But I'm not going to use conventional TA methods, not even looking at charts for a decision, so I'm sticking my neck out, within 16 hours from now am expecting a decent sized bounce which atm will have seen the bottom of current minor pullback.
Sheesh, fantastic looking creature, even a bit prehistoric. Nice animal but need to be careful, has a sizeable kick. And take a look at the size of its head.
Good thing that thing is not an apex predator. A pack of male lions has no chance against that creature. Sheesh...
Imagine a meat-eating giraffe. Scary. Kinda' like how cool it would be to have a meat-eating horse as your guard dog.
Looking back at the past 16 hours approx.... ASX Gold index hammered down nicely yesterday allowing for a wonder-fuel buying opp. XGD.AX index, down 4.46% yesterday's 5 minute bars, above chart. And below is Gold in USD, hourly bars. Gold daily bars below.... The word from the media was Tuesday's gold price fall was the largest single day fall in 7 years, so that generated excitement for bulls and bears with huge volume generated, no doubt plenty of stops would have been hit with traders and investors exiting while others snapped up perceived bargains, I never budged on my existing 8 gold positions, while adding 1 further position yesterday with a further 4 not yet bought on limit price. Hopefully today I will get filled when the scaredy cats decide to run again today from fear and doubt.
https://www.bloomberg.com/news/arti...ps-into-a-big-bullion-miner?srnd=premium-asia Markets Berkshire Makes a Bet on Gold Market That Buffett Once Mocked By Justina Vasquez August 15, 2020, 5:38 AM GMT+8 Berkshire added Barrick Gold to portfolio in second quarter Shares of Barrick, world’s second-largest gold miner, soared Warren Buffett Photographer: Scott Olson/Getty Images Warren Buffett’s Berkshire Hathaway Inc. added Barrick Gold Corp. to its portfolio in the second quarter, sending shares of the world’s second-largest miner of the metal surging. Berkshire took a new position in Barrick, buying 20.9 million shares, or 1.2% of the company’s outstanding stock, with a current market value of $565 million, according to a regulatory filing on Friday. The filing shows moves made by Buffett or his two investing deputies, Todd Combs or Ted Weschler. Large miners including Barrick and Newmont Corp. have been hoping to woo back generalist investors who fled the sector years ago. In the past, Buffett, the billionaire chairman of Berkshire, cautioned against investing in the metal because it’s not productive like a farm or company. Now, the gold producers are benefiting from surging bullion prices over the last year that are boosting profit margins as costs of production have steadied. Paulson & Co., run by billionaire hedge-fund manager John Paulson, also added to its holdings in Barrick. Barrick’s shares rose 7.4 per cent as of 5:32 p.m. in after-hours trading in New York. The jump in gold prices has boosted investors’ willingness to pump billions into the industry, with precious-metals miners raising US$2.4 billion in secondary equity offerings during the second quarter. Gold has gotten a boost as Federal Reserve interest-rate cuts and a plunge in real government bond yields lifted demand for the metal, which doesn’t offer interest. Filings released this month don’t include hedge funds’ current position, which may have changed since the end of the quarter. Money managers who oversee more than US$100 million in the U.S. must file a Form 13F within 45 days of each quarter’s end to list those stocks as well as options and convertible bonds. The filings don’t show non-U.S. securities, holdings that aren’t publicly traded, or cash.
Buffett on Gold: "If you panicked at the prospects of runaway deficits and a worthless currency" and bought 3.25 ounces of gold with your $114.75. it would be worth about $4,200, or "less than 1% of what would have been realized from a simple unmanaged investment in American business." "The magical metal was no match for the American mettle." "In other words, for every dollar you could have made in American business, you'd have less than a penny of gain by buying into a store of value which people tell you to run to every time you get scared by the headlines," “(Gold) gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it." The Oracle really hates Gold...but loves gold mining stocks? What gives?