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

  • #20,861
  • Sep 11, 2012 12:30am Sep 11, 2012 12:30am
Quoting beeb
GC Daily - posted many times before - still running....

beeb
Congratulations to beeb, XTRADE and everyone else who caught this rocket early! You guys posted your thoughts on the left side of the chart on this thread before it took off and for that I applaud you
  • #20,862
  • Sep 11, 2012 8:13am Sep 11, 2012 8:13am
  •  SwissRaj
  • | Joined Aug 2010 | Status: (¯`·._.· the lonely trader ·._.·´¯) | 109 Posts
Physical demand of gold remains “virtually non-existent” globally, UBS AG said today in a report. (bloomberg)

(no link to that report)
>>> psychology is more important than technicalities ^_^
  • #20,863
  • Sep 11, 2012 8:18am Sep 11, 2012 8:18am
Quoting SwissRaj
Physical demand of gold remains “virtually non-existent” globally, UBS AG said today in a report. (bloomberg)

(no link to that report)
As we very well know the only thing that quote does is tell us of UBS's position.

Physical demand is currently absolutely massive and is close to overwhelming the bullion banks.

beeb
  • #20,864
  • Sep 11, 2012 8:31am Sep 11, 2012 8:31am
Quoting SwissRaj
Physical demand of gold remains “virtually non-existent” globally, UBS AG said today in a report. (bloomberg)

(no link to that report)
http://www.bloomberg.com/news/2012-0...d-meeting.html
I have no enemy; I make Incautiousness my Enemy.
  • #20,865
  • Sep 11, 2012 8:36am Sep 11, 2012 8:36am
  •  SwissRaj
  • | Joined Aug 2010 | Status: (¯`·._.· the lonely trader ·._.·´¯) | 109 Posts
Quoting beeb
As we very well know the only thing that quote does is tell us of UBS's position.

Physical demand is currently absolutely massive and is close to overwhelming the bullion banks
right, you can't never trust these kind of reports. I just wanted to share it
>>> psychology is more important than technicalities ^_^
  • #20,866
  • Sep 11, 2012 8:41am Sep 11, 2012 8:41am
Quoting SwissRaj
right, you can't never trust these kind of reports. I just wanted to share it
No probs

It's a bit like the big shout from Barclays a couple of weeks ago - just an insight into what they are trying to make the market do....

beeb

EDIT - I don't have time to dig out the link but you may want too try googling for info re China's record physical imports that has been reported on in recent weeks
  • #20,867
  • Sep 11, 2012 8:42am Sep 11, 2012 8:42am
  •  SwissRaj
  • | Joined Aug 2010 | Status: (¯`·._.· the lonely trader ·._.·´¯) | 109 Posts
GCZ2 is trying to hold R1.
D'you think that pivot points are useful when it comes to gold?

(for those not used to work with futures, GCZ2 is nymex future for december 2012)
>>> psychology is more important than technicalities ^_^
  • #20,868
  • Sep 11, 2012 9:04am Sep 11, 2012 9:04am
Quoting SwissRaj
GCZ2 is trying to hold R1.
D'you think that pivot points are useful when it comes to gold?

(for those not used to work with futures, GCZ2 is nymex future for december 2012)
IMHO they are useful but only if one remembers that gold and silver are manipulated markets and if you know of a level of support or resistance you can be sure that those trying to "game" the market know of them too,,,,,

beeb
  • #20,869
  • Sep 11, 2012 9:10am Sep 11, 2012 9:10am
  •  SwissRaj
  • | Joined Aug 2010 | Status: (¯`·._.· the lonely trader ·._.·´¯) | 109 Posts
Quoting beeb
googling for info re China's record physical imports that has been reported on in recent weeks
As usual, several sources, contradictory info. Seems that a couple of months ago, news were talking of bullish imports, and news in the last days talk about cooling market.
Who knows....

some examples:

 

  1. update to Gold Survey 2012, GFMS: Chinese buying of gold jewellery, coins and bars fell for the first time in more than five years in the second quarter of 2012, tempering global spot prices and reflecting a cooling domestic economy, a leading metals consultancy said on Tuesday.

http://www.brecorder.com/markets/com...ve-years-.html

 

  1. Gold prices in India is likely to edge up by 12 percent to a record of 35,000 (636 U.S. dollars) per 10 grams in October during Diwali, India's main festival of lights, a top industry executive said Tuesday.

http://www.shanghaidaily.com/article...a.asp?id=94607

 

  1. Despite its high price, physical demand for gold appears robust, especially in China, with the Statistics department of Hong Kong saying China imported 75.8 tonnes of the metal from Hong Kong in August, 12 percent more than the previous month.

http://pro.fastmarkets.com/scoop/?id...=166952&type=1

 

  1. in 2012 alone China has imported more gold than the ECB's entire official 502.1 tons of holdings. Specially from HK.

http://www.zerohedge.com/news/name-n...l-ecb-holdings

>>> psychology is more important than technicalities ^_^
  • #20,870
  • Sep 11, 2012 11:36am Sep 11, 2012 11:36am
I feel on this question more established support and resistance are moe important, pivot points are just a calculation of highs lows and a mid point on the recent past.

When you are dealing with a support that is ten years old let's say or even 3 expect waves and expect interest.

Quoting SwissRaj
GCZ2 is trying to hold R1.
D'you think that pivot points are useful when it comes to gold?

(for those not used to work with futures, GCZ2 is nymex future for december 2012)
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #20,871
  • Sep 11, 2012 11:39am Sep 11, 2012 11:39am
I for one don't usually use pivots on a regular basis, with gold or silver, I find them most useful when day trading currency.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #20,872
  • Sep 11, 2012 11:40am Sep 11, 2012 11:40am
chart for the day -- price at post 1733 +8.50 off open.

http://www.kitco.com/images/live/nygold.gif
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #20,873
  • Sep 11, 2012 11:55am Sep 11, 2012 11:55am
  •  SwissRaj
  • | Joined Aug 2010 | Status: (¯`·._.· the lonely trader ·._.·´¯) | 109 Posts
Quoting XTrade
I find them most useful when day trading currency.
That is why i asked. In other markets, this points are regularly respected.
Not enough time trading gold to have a feeling on it
>>> psychology is more important than technicalities ^_^
  • #20,874
  • Sep 11, 2012 12:11pm Sep 11, 2012 12:11pm
Some people are focused on increasing the supply because of the gold production industry. Central banks should focus on, but because these will buy gold to avoid grander inflationary losses. we await the FOMC meeting and a positioning of Germany. Whether or not to inflate the economy.
  • #20,875
  • Edited 8:41am Sep 12, 2012 8:30am | Edited 8:41am
QE on the way...and gets closer and closer...


http://www.bloomberg.com/news/2012-0...e-to-2015.html
  • #20,876
  • Sep 12, 2012 8:59am Sep 12, 2012 8:59am
  •  SwissRaj
  • | Joined Aug 2010 | Status: (¯`·._.· the lonely trader ·._.·´¯) | 109 Posts
QE or not QE?

Idea for today: Opening a straddle on gold.
Trying to profit from fomc outcome, whatever it is.

D'you think it could be profitable?
>>> psychology is more important than technicalities ^_^
  • #20,877
  • Sep 12, 2012 9:21am Sep 12, 2012 9:21am
Quoting SwissRaj
QE or not QE?

Idea for today: Opening a straddle on gold.
Trying to profit from fomc outcome, whatever it is.

D'you think it could be profitable?

Or buy all puts
  • #20,878
  • Sep 12, 2012 9:48am Sep 12, 2012 9:48am
Why did Gold and Silver decreased so much frm 1740-1724, was there any kind of news or was it because of technical.
  • #20,879
  • Sep 12, 2012 10:14am Sep 12, 2012 10:14am
  •  SwissRaj
  • | Joined Aug 2010 | Status: (¯`·._.· the lonely trader ·._.·´¯) | 109 Posts
Quoting HotBiscuits
Or buy all puts
not exactly a great risk control... putting all the eggs in the same basket
>>> psychology is more important than technicalities ^_^
  • #20,880
  • Sep 12, 2012 10:32am Sep 12, 2012 10:32am
Quoting SwissRaj
not exactly a great risk control... putting all the eggs in the same basket
Well you have 3 options:
All puts
half half (straddle)
all calls

Im definitely biased in believing it to head to the upside, your risk is still limited to the price of the premium, but your reward doubles. (ignoring the potential reward loss by not employing a straddle)
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