XAU/USD & XAG/USD - Gold & Silver Traders Thread

is it costlier to hold thru the weekend, then to hold thru 5pm intra-week?

i just realized few months ago you had to pay rollover on both lol

lately ive just been ignoring the rollover and simply holding thru both...wondering what you guys do

What platfor do you all run (broker) i run forex.com is that an ok for gold? Seems like 50 pips spread is a bit much

i use easy-forex, i use a mini account, spread for gold is .70

I have as low as .29 - .33 in Oanda...during the night of course is higher.. Overall, I am very satisfied with them. I hope I will trade better though

According to an article from Zero Hedge, a couple of gold houses? (Kronwitter and Westgold for example) have stated they have no more gold for sale.

"If there is no more metal available at the displayed, price then it is just a Government dictated price level with an illusion of free trading thrown in to draw the retail suckers into the casino - just like the stock market."

How long can this game of paper trading gold go on for?

I am relatively new to paper gold trading - as you guys seem to have great opinions, I welcome yours on this.

Over here, they charge you for the weekend rollover on weds at NYT close. Same for FX. So rollover on fri is still just one day rollover.

The minimum spread is $.50 here sometimes shooting up to $2.50 in wild swings. Then the platform charges a flat $0.10 for each transaction so thats why it costs me $0.70 to BE at a minimum

Hello all,
We have been in a small period of consolidation since the new high being set just below 1250, A few small dips and the price hovering around the 1235 mark.

The price has remained (give or take) in an appx $10 range between 1231 and 1238/40

Edit: We are breaking out a bit now at time of post!!

Euro and GBP continue sliding and the GBP is down from recent sessions close to 300 pips. (I am still short from yest- Holding on for .4500 and below)

Gold sentiment remains bullish - buying dips - Primary entry is long from 1208 added around 1233 -(we seem to have formed some small support around 1231 and resistance likewise around 1140/38 building this range. The price has traded above and below both levels and as of yet retreating back in.
Opening up over a session of scalping opps. (Not putting much focus on scalping ATM) but good to keep an eye on -- 1140 look ready to PoP!

Going to look at charts and grab some figures for DragonFly's post

This is an interesting topic, will be adding some thoughts and charts. Quoted to move to page 10 of thread.

Well here's a bit of a start so you can get an idea of where the major demand is for Gold. These charts are older now but still valid in the allotment of the yellow metal.

Will have to add more on this later in the day. More to discuss.

Took long profits at 1245.75

entered short @ 1248.05.

target at the moment looking at 18dma (currently at 1186)
(will adjust daily as the 18dma creeps up)

http://cdn.forexfactory.com/images/misc/progress.gif

hey all. I am new to gold trading am just playing with a demo right now.
in forex I have always loved using correlations for entries.

http://www.mataf.net/en/tools/01-01-correlation

looks like there is now strong positive correlation between gold and eur/jpy on 5min. the key is to play the correlation breakdowns. in the attachment, as both are rising the correlation is positive. but as the correlation starts to slip notice gold pricing fall. I covered near the 50% fib for a nice $425 profit

cool can u explain more about correlation breakdowns..

Record Close For Gold this week! Amongst new record highs!

Equities took a hit today on and Gold saw some profit taking and a dip down to levels around 1218 quickly recovering to the bottom of yesterdays range around 1230/1 area from highs
in the 1250 zone.

Spot takes a breath.

I will be doing some new charting over the weekend and the usual catching up on reading hopefully to have some forecasts up by Sunday night.

XTrade - you are very generous with your time and knowledge. I would like to thank you. Look forward to discussing supply and demand. Have a great weekend everyone.

in view of the large day range and speed, i chickened out.

short @1248.05 taken at 1220.95

long @ 1221 taken at 1225.4

flat over weekend.

in view of large day range, expecting inside day knocking around for coming few days unless europe surprises.

looking to buy from 1220 and sell above 1240+ taking cue from techincals.

Chart pattern looks damaged with large outside day down.

It has retraced to fib 50% from todays high to last break low on 10MAY at 1187.7.

Super cycles also do not favour strong gold

18dma now approx same place as last break low of 10MAY at 1187.7. Likely strong support there.

Thanks, Glad to know you are getting something out of it.

Now in terms of your inquiry, I believe I found and hyperlinked the article below.

So, to preface the entire discussion on Paper Gold's relation/s to Physical Gold
I will say simply, ---There is plenty of manipulation in the Precious Metals Market --- Namely GOLD and Silver.

This article and "paper gold trading" are actually two different things.

At first read, it seems what the article is discussing is one or two, likely relatively small Silver Online retail dealers running out of physical inventory.

This is directly related to the recent problems in the EuroZone, the Euro plummeting, uncertainty in GB, GBP taking a dive, / global recession.

When the public begins to get wise to Precious metals as a means of wealth preservation / store of value / hard currency, it is not hard for a little guy to dry up.

This is how paper gold / silver trading and the article are related to Physical inventories on a larger scale. Ultimately when you hear $5000 to $7000 dollar gold this is what the "Gurus" are talking about, just on a FAR, FAR larger scale! I will get into this next. It is a long one.

Firstly we have to look at the means of paper gold trading and what the specific funds, exchanges, etfs, etc are backed by or claim to be backed by.

FX gold is backed by nothing, you are not actually buying the rights to Gold or the ability to take delivery. So now we start. Be back later, going out!
X

Look at the ways to trade "Paper" GOLD.

1. Commodity FUTURES (& Options)- ie; NYMEX > COMmodities EXchange Division in NY AKA COMEX ie: World Spot = GLOBEX --
Here you are trading a piece of paper that actually does command a contract to buy a LOT of Gold. If you opt to take delivery you will be obligated to
come up with a the sum of money needed to close the contract/s - which is far more than what the contract costs. Hence, leverage and "trading"
the **** THE majority of Contracts DO NOT go to delivery ----- The RUSH on the COMEX would be when Huge Positions Take delivery or when shorts are squeezed toooo tight they have to cover*** Likely there Would BE a shortage.

BTW the last price for December GOLD 2013 = $1323.3

2. ETFs - "Exchange Traded Funds" > ie: "GLD" SLV is another popular ETF- Traded on an exchange like a stock except 1 share should = 1/10th of an oz of actual Gold. So Gold spot = 1200 one share GLD = 120.00 ---

* Here is a good note to point * When this SPDR GLD started one share was almost exactly 10% of the spot price of a tOZ of AU. Now the price is clearly off. -- I'll have to look further into this later. **** ANother Note - GLD claims to have a certain amount of Gold in a warehouse that they add or sell depending on the Market price of a share in order to keep it in line with the spot price of an oz of physical bullion.

Right now - WE are Off.... Hmmm.

3. FX Gold = For retail traders this is Pure speculation on the Spot price ( Here, your broker has made available quotes that they are streamed via the interbank or the actual "FOReign EXchange Network"- No contract, you cannot ever get Gold or paid in Gold by a Retail FX broker.
MAYBE an actual on exchange transaction between to LARGE institutions could be settled in gold... No not yours. Don't ask, Don't try,
although it would make for a good laugh!!!!!!!

be back later on in the day.

I should include a small bit on buying Actual
4. Physical Gold. This is obviously not paper. Here you hold and own your own gold bars and coins! A great thing! I recommend
10% - 20% at least of FX profits every month or two go into Physical Precious metals. Pick your pleasure AU / AG / PT/ PD.

Copper (Base Metal) was a great buy as paper @ 1.50 per lb this has doubled. May see a bit more of a dip as more "money" moves to "Gold, etc."

Hey all had some platform issues tonight and a bit pissed to say the least.

Anyway getting long now @ 1225.50

sl below 1220 appx 1219

TP 1 area around 1231
TP 2 area appx 1230 something undecided.

Shorting Euro and Cable as well


Lets see how this goes!
X

EDIT: I am scalping as of NOW

Xtrade - thank you for your information and clarity todate. As an aside, my next question is, if there is an eventual default in any of the EU countries, I've read this could have a bearish effect on gold. How does this work? I have to get some sleep now but look forward to your view.

Lot's of volatility here! All previous scalps Just closed - looking for next entry..

4 year low for Euro... Well, likely going to be a 5 year low. This is purely retracement buying... Cable should fall again.

Gold comes off a bit on this, -- I will look for a nice short if the situation presents itself...

GL!