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

  • #20,981
  • Sep 19, 2012 2:26am Sep 19, 2012 2:26am
A pessimistic opinion, from my point of view:

"Fed's 'QE-Infinity' Will Push Gold to $2,400: Pro"

http://finance.yahoo.com/news/feds-q...204903038.html
  • #20,982
  • Sep 19, 2012 8:39am Sep 19, 2012 8:39am
Spot silver bounced off a major 50% retracement level at around $35.12 - looking for possible follow through if it can violate this level...
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  • #20,983
  • Sep 19, 2012 10:57am Sep 19, 2012 10:57am
  •  SwissRaj
  • | Joined Aug 2010 | Status: (¯`·._.· the lonely trader ·._.·´¯) | 109 Posts
correlation btween gold and miners
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>>> psychology is more important than technicalities ^_^
  • #20,984
  • Sep 19, 2012 11:24am Sep 19, 2012 11:24am
I'm with you on that MisterSpread. Looking for every dip on Silver to buy the lows.

Quoting MisterSpread
Hello guys, I've been trading Forex most of the time but since I saw a report on silver a few weeks ago, when it was around 30-31$ I started trading it and it brought some nice profits, to my account and also to a smaller account of a friend of mine of which I'm taking care off. I'll be posting my chart here so you guys can comment, cheers and safe trading to you all ;D
  • #20,985
  • Sep 19, 2012 12:05pm Sep 19, 2012 12:05pm
  •  SwissRaj
  • | Joined Aug 2010 | Status: (¯`·._.· the lonely trader ·._.·´¯) | 109 Posts
My point of view today in gold:

I've been long overnight, but early in the morning changed into a short position.

Actually, i think the potential is upward. But indicators signaled an entry in the short side.

BOJ doing QE and overall situation... i'm bullish biased. So my short position is small and closely watched, ready to switch long as soon as necessary.
>>> psychology is more important than technicalities ^_^
  • #20,986
  • Sep 19, 2012 2:57pm Sep 19, 2012 2:57pm
Quoting SwissRaj
My point of view today in gold:

I've been long overnight, but early in the morning changed into a short position.

Actually, i think the potential is upward. But indicators signaled an entry in the short side.

BOJ doing QE and overall situation... i'm bullish biased. So my short position is small and closely watched, ready to switch long as soon as necessary.
I think it will test the bottom of the rising channel @ around 1753-55 before going up and that's where I will be waiting
  • #20,987
  • Sep 20, 2012 12:03am Sep 20, 2012 12:03am
Hi,

For keepsake/ investment,

Is it sensible to buy 1 Oz gold? Also, I see lot of sites selling 1 gram 999.9 fine gold bar, I am curious to know does people out there really buy these? Is it value-for-money?
  • #20,988
  • Sep 20, 2012 1:21am Sep 20, 2012 1:21am
Quoting fxbreeze
Is it sensible to buy 1 Oz gold?
If you're spending less than $10,000 per order, you're probably better off going to either a reputable coin dealer or ordering through your bank. I would recommend buying silver now, not gold, because of the silver/gold ratio (Google that if you're not familiar with the silver/gold ratio). Many investors, like the Money Changer and Tekoa da Silva for example, have made a fortune because of the silver/gold ratio, which, incidentally, also works when trading ETFs and futures which is why I only hold silver ETFs at the moment.

Another advantage of silver is you can probably afford to buy small bars from time to time, the premium on which isn't nearly as painful as when you buy coins; plus you can pick up small amounts on a regular basis, whereas spending $130 on 1.27 g (1/25 ounce) gold coins which are smaller than dimes isn't worth it from an investment standpoint and certainly don't give you the satisfying heft you get from the same dollar value of silver.

Alternately, you can order physical gold, silver, or platinum and have it stored at a qualified location. The quality of precious metals isn't questioned only so long as it remains in the custody of specific institutions registered for storing and/or transporting precious metals. For example, you can buy physical gold at the spot price plus $19.95 per order regardless of the size through Questrade (a Canadian brokerage) and have it stored at the Royal Canadian Mint for 10¢/ounce/month. The gold will be considered part of your margin, RRSP, or TFSA account. You can arrange for physical delivery to another registered institution or have it delivered to yourself, but again, for a small amount like an ounce you're better off sticking with coin dealers and banks. Bear in mind that the moment you take personal possession of a registered precious metal you will no longer be able to trade it back to most institutions.

Also, expect to be charged a premium when you ultimately sell your precious metal, which could be a little or a lot depending on the dealer.
You can always make money tomorrow provided you don't lose it today.
  • #20,989
  • Sep 20, 2012 1:52am Sep 20, 2012 1:52am
Quoting Kadc
If you're spending less than $10,000 per order, you're probably better off going to either a reputable coin dealer or ordering through your bank. I would recommend buying silver now, not gold, because of the silver/gold ratio (Google that if you're not familiar with the silver/gold ratio). Many investors, like the Money Changer and Tekoa da Silva for example, have made a fortune because of the silver/gold ratio, which, incidentally, also works when trading ETFs and futures which is why I only hold silver ETFs at the moment.

Another advantage...
Thank you for the enlightenment!
  • #20,990
  • Sep 20, 2012 2:05am Sep 20, 2012 2:05am
Quoting Kadc
.... Bear in mind that the moment you take personal possession of a registered precious metal you will no longer be able to trade it back to most institutions....
In 2008 i bought physical gold and took it home from proaurum Bad Homburg, Germany, in 2009 sold it back to them, one day i decided i wanted to sell the gold and the next day i had the money so it ain't that difficult to sell the gold and i personally know 3 bullion dealers that buy gold on daily basis, but proaurum seemed to me to be the best of them.

Quoting Kadc
....Also, expect to be charged a premium when you ultimately sell your precious metal, which could be a little or a lot depending on the dealer....

Well, it's seems fair to me, this is how economy works...you buy at one price and sell higher...but then again when you gain 14.000eur in less than a year (7 months) from selling your gold back, you don't mind the 900eur difference between sell/buy price at the dealer. If you wanna buy physical gold my advice would be to buy at least 1kilo to worth it and keep it at least 2yrs to mature , if not leverage is your friend and keep your money in forex do some technical/fundamental analysis and watch out to your margin and you'll be ok as long as you know your limit.
  • #20,991
  • Sep 20, 2012 2:37am Sep 20, 2012 2:37am
Quoting musclemike
In 2008 i bought physical gold and took it home from proaurum Bad Homburg, Germany, in 2009 sold it back to them, one day i decided i wanted to sell the gold and the next day i had the money so it ain't that difficult to sell the gold and i personally know 3 bullion dealers that buy gold on daily basis, but proaurum seemed to me to be the best of them.
As long as you don't break the chain of registered ownership, precious metals are treated like currency at qualified institutions, so you can buy and sell them instantly (depending on who you're dealing with) at the spot price plus a small transaction fee.
You can always make money tomorrow provided you don't lose it today.
  • #20,992
  • Edited 10:00am Sep 20, 2012 8:53am | Edited 10:00am
Following on from DannyB yesterday, it's worth noting that we have had a "Golden Cross" in GC whereby the 50 day MA crosses up through the 200 day. It doesn't happen very often in a long term bull market.....

http://www.zerohedge.com/news/golden...-further-gains

beeb
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  • #20,993
  • Sep 20, 2012 9:10am Sep 20, 2012 9:10am
  •  SwissRaj
  • | Joined Aug 2010 | Status: (¯`·._.· the lonely trader ·._.·´¯) | 109 Posts
I'm still upward biased.
But notice how "good luck" is a very important factor in trading.

I left the short open overnight, and held it during that little spike on job claims, when everything pointed to close.

Good rules are good, but good luck is even better!!
>>> psychology is more important than technicalities ^_^
  • #20,994
  • Sep 20, 2012 9:26am Sep 20, 2012 9:26am
Quoting SwissRaj
I'm still upward biased.
But notice how "good luck" is a very important factor in trading.

I left the short open overnight, and held it during that little spike on job claims, when everything pointed to close.

Good rules are good, but good luck is even better!!

Word of advice from someone who has been doing this for a very long time...

Don't attribute what happens to "luck" or "fortune" or "god" or anything like that.

Take full responsibility for your trading decisions.

If it was a good trade then YOU got it right, if it was a bad trade it was YOUR fault.

Anything else is evading responsibility and once you go down that slippery slope it can end very badly......



beeb
  • #20,995
  • Sep 20, 2012 9:48am Sep 20, 2012 9:48am
  •  SwissRaj
  • | Joined Aug 2010 | Status: (¯`·._.· the lonely trader ·._.·´¯) | 109 Posts
Quoting beeb
Take full responsibility for your trading decisions.

If it was a good trade then YOU got it right, if it was a bad trade it was YOUR fault.
haha i was expecting this kind of response. And not a bad one, i must say.

I've been doing this for several years, probably much less than you, and I appreciate very much your answer, but let me clarify my philosophy:

 

  1. If the trade goes bad, I take fully responsibility. No evil markets, no bad broker, no bad luck, no wizards or witches, no black cats... I'm the only one to blame. In this point, I fully agree with you

 

  1. But, if the trade goes well, then the merit goes fully to Lady Good Luck.


This little tweak, help me to keep feet on the ground. Help me to avoid thinking that i'm a good trader, so I keep constantly an attitude of "i have so much to learn"

So, when the trading session finish, I only have two options:
- I was lucky today.
- I was a bad trader, i must improve.

As my sign says: psychology is more important than technicalities.

Feel free to expose your ideas on this, guys.

>>> psychology is more important than technicalities ^_^
  • #20,996
  • Sep 20, 2012 10:59am Sep 20, 2012 10:59am
Weekly candle is closing tomorrow. Will it finish as a disappointing inside bar a after Q3infinity was announced? 4 hour chart is looking really bullish right now so if gold doesn't break through this weeks highs soon (next 4 hours would be best case scenario) I'll start to be suspicious.
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Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #20,997
  • Sep 20, 2012 11:14am Sep 20, 2012 11:14am
I'll also note that the daily chart looks jacked up right now.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #20,998
  • Sep 20, 2012 2:17pm Sep 20, 2012 2:17pm
Price of Gold Can Hit $1,900 Next Month: Expert

WED 19 SEP 12 | 11:45 AM ET

Gold has hit a 6-1/2 month high after a stimulus boost from the Bank of Japan. Riccardo Ronco, Technical Analyst, Aviate Global, tells CNBC why he thinks the price of gold can hit $1,900 within the next three to four week.

http://video.cnbc.com/gallery/?video=3000115928&play=1
It takes a lot for me to IGNORE you, but you can try.
  • #20,999
  • Sep 20, 2012 3:29pm Sep 20, 2012 3:29pm
Quoting Erebus
Price of Gold Can Hit $1,900 Next Month: Expert
If gold price is gonna hit $1900 why does your title say, "Longs in trouble now...." ????????
  • #21,000
  • Sep 20, 2012 6:49pm Sep 20, 2012 6:49pm
Quoting cg uno
If gold price is gonna hit $1900 why does your title say, "Longs in trouble now...." ????????
DOH, cause when all the X-perts chip in with their 2 cents, we all know what happens, get it?

It takes a lot for me to IGNORE you, but you can try.
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