Gold Digger: Investors are stashing a record amount of gold bars and coins as inflation fears bite https://stockhead.com.au/resources/...-gold-bars-and-coins-as-inflation-fears-bite/ No they're fuckin' not!
Seems gold's a bit like me. A boring old has-been. https://www.fxempire.com/forecasts/article/golds-technicals-look-terrible-881930 "But given the paradigm of today wherein Gold ownership has been relegated to the Old Timers’ League, price performance — rather than a firework — is but a fizzling dud. That’s right, Bud. These days, folks we encounter under the age of 50 laugh when we speak of Gold: none of them own it, nor have they any intention to so do, (until they pony up to buy it upon price being beyond 10,000). Either way, today’s road to wealth — rather than paved with yellow bricks — is littered with shiny objects. So be it until it isn’t."
Week after week it's the media who pump the gold stories, but you're right, other than media, no one gives jack shit about owning physical gold. "ooooh, looky suckers, gooooold, please buy buy buy before there's none left."
It's a bit of a catch 22. Gold won't enter a roaring bull market until joe public gets on board, but joe public won't get on board until it's already in a roaring bull market. It will take something massive to lure joe public away from crypto, tesla, tech/meme stocks.
That looks like a blowoff top so, I dumped all my large gold holdings today. I'm still sitting on some penny dreadfuls as they are currently in a loss but also not so large a position. Glad I extracted myself, I've had a total gutsful of phony con artist gold! My money is better off in real investments like Crypto - sorry, just kidding. LMAO
Well, at least the question was answered "Will GC hit 1900 again"? I thought it would be by end of year, but it took a war two months later to make it happen. Heh
Africa US imposes sanctions over illicit exports of gold from Congo 19 March 2022 - By Daphne Psaledakis https://www.timeslive.co.za/news/af...ions-over-illicit-exports-of-gold-from-congo/ The Treasury said a network of armed groups, smugglers and companies generate illicit revenue from the gold industry through forced labor, smuggling or other means. It said the illicit movement of gold provides revenue to armed groups that threaten peace and security in Congo. Image: 123RF.com/alexlmx / File photo The US on Thursday imposed sanctions on Belgian businessman Alain Goetz and a network of companies tied to him that it accused of being involved in the illicit movement of gold from Democratic Republic of the Congo. The US Treasury Department, in a statement, said among the targets was the African Gold Refinery in Uganda, which Goetz operates, and several other companies he owns or controls. It accused Goetz and the companies of being involved in illegal gold exports valued at hundreds of millions of dollars per year. In a statement, Goetz said his inclusion on the US sanctions list “seems to be based on misinformation”. He said he has not been to Congo in more than 20 years and has not kept any active contacts within Congo. Goetz said he was asked to set up East Africa's first gold refinery in 2014, adding that “nothing has made me prouder than to see the impact that African Gold Refinery has had on the gold industry in the Great Lakes region”. The Treasury said a network of armed groups, smugglers and companies generate illicit revenue from the gold industry through forced labour, smuggling or other means. It said the illicit movement of gold provides revenue to armed groups that threaten peace and security in Congo. “Conflict gold provides the largest source of revenue to armed groups in eastern DRC where they control mines and exploit miners,” the Treasury's under secretary for terrorism and financial intelligence, Brian Nelson, said in the statement. “Alain Goetz and his network have contributed to armed conflict by receiving DRC gold without questioning its origin.” The Treasury said Goetz's network sources gold from Congo, Kenya, South Sudan and Tanzania. Goetz said the Treasury's Office for Foreign Assets Control (OFAC) had presented no documented evidence to back up their claims, and that he was confident this “mistake” would be swiftly rectified. The Ugandan government did not immediately reply to a request for comment. Others designated on Thursday that the Treasury said were owned or controlled by Goetz include United Arab Emirates-based Agor DMCC and UAE-based Goetz Gold LLC. Agor did not immediately respond to a request for comment. Goetz Gold LLC and the African Gold Refinery could not immediately be reached for comment. The Treasury said that since 2016, the African Gold Refinery, considered one of the largest gold refineries in Africa, has sourced illicit gold from mines in regions of Congo that are controlled by armed groups, including the Mai-Mai Yakutumba and Raia Mutomboki militia. Thursday's move freezes any US assets of those designated and generally bars Americans from dealing with them. “This strong action by the US will send shock waves throughout the global gold supply chain,” Sasha Lezhnev, policy consultant at non-governmental organisation The Sentry, said. “Turning a blind eye to conflict gold now carries a heavy price.” Reuters
Powell’s hawkish comments send gold price 1% lower Staff Writer | March 22, 2022 |Intelligence Markets USA Gold Fed Chairman Jerome Powell. Photo by the Federal Reserve, Flickr. Gold prices slid on Tuesday after US Federal Reserve Chair Jerome Powell hinted at big rate hikes down the year to curb what is the hottest inflation seen in over 40 years. Spot gold fell 1.0% to $1,918.65 an ounce by 11:50 a.m. ET, while US gold futures on the Comex dropped 0.7% to $1,915.30 an ounce. On Monday, Powell said in a press conference that policymakers needed to move “expeditiously” as inflation runs hot, raising the possibility of hikes. Goldman Sachs economists saw the comments as a hawkish signal and now expect the Fed to raise interest rates by 50 basis points at both its May and June policy meetings, followed by four 25 basis point increases in the second half of the year. Powell’s comments triggered a sharp sell-off in the bond market, sending US 10-year Treasury yields to the highest since May 2019, which diminished the appeal of non-yielding bullion. “The fact the Fed is ready to do half point increases versus a quarter point moving forward is all pretty hawkish and has pushed gold lower,” RJO Futures senior market strategist Bob Haberkorn told Reuters. Despite this, analysts including Haberkorn believe that pressure on gold has been relatively muted since investors’ focus is on the Ukraine conflict, with any big developments likely to trigger sharp price swings. “A comment like that would normally send gold significantly lower, like a $50 lower move, but the fact the Russia-Ukraine situation is on the forefront is keeping a floor on gold,” Haberkorn said. “Rising gold exchange-traded fund holdings show that despite day-to-day price fluctuations, asset managers are moving back into gold to diversify and as a hedge against inflation and economic downturn,” Saxo Bank analyst Ole Hansen added. (With files from Reuters) https://www.mining.com/powells-hawkish-comments-send-gold-price-1-lower/
Considering gold is just above the 2011 ath’s, long anything above 1900. Anything below, you’re out. Whipsaw around if you must - that cup and handle is ridic. No. Not that one. Zoom out. your risk is well defined. Upside has some big numbers. The R:R is silly.
You mean the one that started in 1980? https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart