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  • #24,021
  • Jul 24, 2013 9:28am Jul 24, 2013 9:28am
New South Korea Gold Exchange More Proof Of Strong Asian Demand For The Yellow Metal
By Neils Christensen of Kitco News
Tuesday July 23, 2013 12:35 PM


Quote
(Kitco News) -

Quote
With so much demand for physical gold in Asia, analysts are not surprised that South Korea is trying to get in on the action.

Quote

On Monday, South Korea’s Financial Services Commission said that in the first quarter of 2014, spot gold will be traded on the country’s markets like listed stocks.

According to media reports, the commission said the gold exchange is being created to combat “underground gold transactions.” The commission added that, people have been buying and selling black-market gold as a way to avoid the country’s value added taxes.

[indent][color=#000000]Howard Wen, analyst at HBSC...


XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,022
  • Jul 24, 2013 9:29am Jul 24, 2013 9:29am
Quoting XTrade
{quote} LOL!!!! I believe we are turning bull, not immediately to 2000+ but likely by 2014. It is actually just a fluke that I was not around when Gold was PLUNGING almost a 100 $ a day! I had some design work, needed to go away and help the family, so posting took a back seat. Still holding physical! Did CERTAINLY dump some @ 1750 after a failed attempt of crossing 1800, Only to be rewarded with a buy back price in the 1150 appx area! appx 500 bucks an oz!

That is cool that you do design work and help out your family. Today a lot of positive news from the EU Zone and not tons from the States. Do you think Xau/Usd has turned bear now. I still think it has upward potential before the fed does tapering. Of course you know this pair a lot better than me. Are you still holding your longs on Xau/Usd? On the 8 hour time frame, it still looks bull to me. What do you think?
Luck has no place in trading. Leave that for the poker table.
  • #24,023
  • Jul 24, 2013 9:31am Jul 24, 2013 9:31am
Quoting XTrade
{quote} I would say the is no CLEAR CUT reason than some traders wanting to square up or flatten all trades before the NY open as well as take profits before any news releases.

That makes sense.. After all if they are hedge fund managers, then I assume that is like the mega day trader trading millions and lots of stress!
Luck has no place in trading. Leave that for the poker table.
  • #24,024
  • Jul 24, 2013 9:38am Jul 24, 2013 9:38am
Quoting Pair-me-up
{quote} That is cool that you do design work and help out your family. Today a lot of positive news from the EU Zone and not tons from the States. Do you think Xau/Usd has turned bear now. I still think it has upward potential before the fed does tapering. Of course you know this pair a lot better than me. Are you still holding your longs on Xau/Usd? On the 8 hour time frame, it still looks bull to me. What do you think?
None of the US news was that major or fantastic IMO. The EuroZone did pull almost all Greens on the news board x-cept for the last release from Italy which was still no big deal.

With the crude release @ Now, 10:30 and the fact that it is still above 100 a barrel, even if the release is neg. it should not drag down gold too far,
if it does I might add there.

Furthermore, I got long trading again after the major dip. So I am holding and waiting to see if we can take out 1370 and push up above 1400 +
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,025
  • Jul 24, 2013 9:39am Jul 24, 2013 9:39am
Quoting XTrade
New South Korea Gold Exchange More Proof Of Strong Asian Demand For The Yellow Metal By Neils Christensen of Kitco News Tuesday July 23, 2013 12:35 PM {quote}{quote}{quote}

Here in my part of Asia, I know a few families that like to trade gold.
Luck has no place in trading. Leave that for the poker table.
  • #24,026
  • Jul 24, 2013 9:41am Jul 24, 2013 9:41am
Quoting XTrade
{quote} None of the US news was that major or fantastic IMO. The EuroZone did pull almost all Greens on the news board x-cept for the last release from Italy which was still no big deal. With the crude release @ Now, 10:30 and the fact that it is still above 100 a barrel, even if the release is neg. it should not drag down gold too far, if it does I might add there. Furthermore, I got long trading again after the major dip. So I am holding and waiting to see if we can take out 1370 and push up above 1400 +
For some reason I missed that Italian one. My wife has some suppliers from Italy. She is always complaining about how lazy they are and how they are always taking days off for some holiday... lol She told me... no wonder their economy isn't that great right now, because no one wants to work.
Luck has no place in trading. Leave that for the poker table.
  • #24,027
  • Jul 24, 2013 10:03am Jul 24, 2013 10:03am
Quoting Pair-me-up
{quote} For some reason I missed that Italian one. My wife has some suppliers from Italy. She is always complaining about how lazy they are and how they are always taking days off for some holiday... lol She told me... no wonder their economy isn't that great right now, because no one wants to work.
So the Irish are lazy, too? Think there is more to the issue than this mindless right wing garbage.

Germans have way more holidays than Americans and far more generous benefits, on average. Wonder why they have a lower unemployment rate than the Americans?

Put simply, there is far more to the issue. The global economy is restructuring. Cultures that have always enjoyed leisure are not going to shift overnight. Give the sheer size of Italy's economy and their contributions/inventions throughout history (and up to this day), I don't think a bit of leisure time means people can't also be a part of a productive workforce. This is just a part of a narrative designed to manipulate mindset. As far as labour force is concerned, the closest thing to a right wing utopia would be China or SE Asia. Some irony given the fact that China is supposedly communist.
  • #24,028
  • Jul 24, 2013 10:21am Jul 24, 2013 10:21am
Quoting Wheels
{quote} So the Irish are lazy, too? Think there is more to the issue than this mindless right wing garbage. Germans have way more holidays than Americans and far more generous benefits, on average. Wonder why they have a lower unemployment rate than the Americans? Put simply, there is far more to the issue. The global economy is restructuring. Cultures that have always enjoyed leisure are not going to shift overnight. Give the sheer size of Italy's economy and their contributions/inventions throughout history (and up to this day), I don't think...

Interesting input. I heard that French President Hollande wanted to cancel many public holidays, because of the great loss of revenue to the economy. But I do agree with working smart. Thus automation has been a very handy tool.. robotics, etc. China isn't what it seems! The Chinese aren't as innocent as they seem. I live in the Republic of China. They has some cultural advantages in business over westerners. They are into saving face and won't tell you direct answers. That is the culture. Anyways, hope gold moves my way.
Luck has no place in trading. Leave that for the poker table.
  • #24,029
  • Edited 11:28am Jul 24, 2013 10:38am | Edited 11:28am
OK HERE IS SOME SIMPLE H4 TECH ANALYSIS
You can see that I have added a small upwards channel,
you can see that the channel lines also almost intersect with certain
horizontal resistance areas.

Now another added reason to the question about the drop is there is minor
resistance @ 1345 thus TPs were likely placed in that zone possible from the dip or even
as large cap traders/ banks/ hedges/ GLD traders/ etc exiting before the NY open.
Personally I am more concerned about 1372 appx zone for resistance to break and get above 1400.

Furthermore you can clearly see that the 200 MA I dropped was getting sold every time the price caught it, bang drop,
Now on the 240 min we are above the 200 ma and it is also intersecting the bottom of the channel suggesting support,
Could go either way on this TF I didn't drop the median line but that's where the price is now.

Sometimes all you gotta do is drop a few simple lines down on a higher TF H4 Daily + to see what the deal is
then everything comes together.....
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,030
  • Jul 24, 2013 11:00am Jul 24, 2013 11:00am
Quoting XTrade
OK HERE IS SOME SIMPLE H4 TECH ANALYSIS You can see that I have added a small upwards channel, you can see that the channel lines also almost intersect with certain horizontal resistance areas. Now another added reason to the question about the drop is there is minor resistance @ 1345 thus TPs were likely placed in that zone possible from the dip or even as large cap traders/ banks/ hedges/ GLD traders/ etc exiting before the NY open. Personally I am more concerned about 1372 appx zone for resistance to break and get above 1400. Furthermore you...

What is an appx zone?
Luck has no place in trading. Leave that for the poker table.
  • #24,031
  • Jul 24, 2013 11:27am Jul 24, 2013 11:27am
Some people like to use the candle wicks I personally use the bodies My EXACT restance is 1372 so the zone and a little give upwards is pretty tight

anywhere from 1370 to 1375 next h4 resistance 1418

but if and when we break 1372 there may be some slight resistance @ 1390.

personally for today I would stay out. Wait and see if the price drops to 1320 area then test out a small long.

we have erased most of yesterdays gains....

But it's an odd day. Platinum and Palladium Both in the green still Gold and Silver in the red.

I don't like to be a fortune teller but I have a feeling Aussie/Asia session will be buying. So my advice is wait.
Patience is your friend
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,032
  • Jul 24, 2013 11:31am Jul 24, 2013 11:31am
Quoting Wheels
{quote} So the Irish are lazy, too? Think there is more to the issue than this mindless right wing garbage. Germans have way more holidays than Americans and far more generous benefits, on average. Wonder why they have a lower unemployment rate than the Americans? Put simply, there is far more to the issue. The global economy is restructuring. Cultures that have always enjoyed leisure are not going to shift overnight. Give the sheer size of Italy's economy and their contributions/inventions throughout history (and up to this day), I don't think...

Good post wheels! German's also LOVE EFFICIENCY! Look @ a top of the line Mercedes Benz Coupe or Sports Sedan.
Simply BEAUTIFUL!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,033
  • Jul 24, 2013 11:44am Jul 24, 2013 11:44am
Quoting XTrade
{quote} Good post wheels! German's also LOVE EFFICIENCY! Look @ a top of the line Mercedes Benz Coupe or Sports Sedan. Simply BEAUTIFUL!

Looks like I unintentionally offended someone.. Sorry about.. I was just sharing my wife's experience. Anyways, I read about how those big tractors.. Catipillar had low sells and that they are used for mining. Xtrade you mentioned in an earlier post that if a mine shuts down that could affect this pair. So, that Catipillar thing was big news I take it.
Luck has no place in trading. Leave that for the poker table.
  • #24,034
  • Jul 24, 2013 12:14pm Jul 24, 2013 12:14pm
Hi Guys

The clear break under the 1326 level indicates that Wave C finished at around 1347.

Let's see whether we can see the the 1300 level again.

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  • #24,035
  • Edited 1:34pm Jul 24, 2013 1:17pm | Edited 1:34pm
Quoting XTrade
{quote} LOL!!!! I believe we are turning bull, not immediately to 2000+ but likely by 2014. It is actually just a fluke that I was not around when Gold was PLUNGING almost a 100 $ a day! I had some design work, needed to go away and help the family, so posting took a back seat. Still holding physical! Did CERTAINLY dump some @ 1750 after a failed attempt of crossing 1800, Only to be rewarded with a buy back price in the 1150 appx area! appx 500 bucks an oz!
state ur reasons ( just simple point forms will be sufficient) for being bull , both from FA and TA perspective .

the Mafia decides the direction and TA reflects accordingly .

what have the Mafia decided ?
  • #24,036
  • Jul 24, 2013 7:26pm Jul 24, 2013 7:26pm
Quoting XTrade
Some people like to use the candle wicks I personally use the bodies My EXACT restance is 1372 so the zone and a little give upwards is pretty tight anywhere from 1370 to 1375 next h4 resistance 1418 but if and when we break 1372 there may be some slight resistance @ 1390. personally for today I would stay out. Wait and see if the price drops to 1320 area then test out a small long. we have erased most of yesterdays gains.... But it's an odd day. Platinum and Palladium Both in the green still Gold and Silver in the red. I don't like to be a fortune...
good reading of the market
  • #24,037
  • Edited 8:33pm Jul 24, 2013 7:38pm | Edited 8:33pm
Quoting Pair-me-up
{quote} Looks like I unintentionally offended someone.. Sorry about.. I was just sharing my wife's experience. Anyways, I read about how those big tractors.. Catipillar had low sells and that they are used for mining. Xtrade you mentioned in an earlier post that if a mine shuts down that could affect this pair. So, that Catipillar thing was big news I take it.
Not offended at all! I just like to tackle dishonest narratives head on. Always more to the picture than what right wing talking points lead on. I realize it was her experience, but the narrative about Italy having a bad economy because no one wants to work is tired at best. I'm sure she heard it somewhere. It's just like blaming the downfall of American manufacturing (and everything else under the sun) on unions. Unions went by the wayside for the most part and jobs continue to migrate outward anyway. Just another dishonest right wing talking point.

As to gold - I am all but certain that we are nearing the end of the down trend. The struggle with the next leg up will be unending rumours about tapering QE. This will keep price in check, I think.

**This is based on reasoning in previous posts.


My hope is that we see one more knock down so I can get a better entry.
  • #24,038
  • Jul 24, 2013 8:26pm Jul 24, 2013 8:26pm
Quoting XTrade
{quote} Good post wheels! German's also LOVE EFFICIENCY! Look @ a top of the line Mercedes Benz Coupe or Sports Sedan. Simply BEAUTIFUL!
Thanks. Off topic, but I couldn't resist. Agreed; the way everything lines up on a Benz is beautiful. When the door shuts, the lines are sleek - perfection, no wind drag. A great example of why many Euro cars are superior to competitors. Lamborghinis, too.
  • #24,039
  • Jul 24, 2013 9:45pm Jul 24, 2013 9:45pm
Hi, As wheels responded i don't think you have offended anyone, First and I guess foremost this is a discussion thread, yes people make calls, but I usually like to see some back up,

Throwing out something you heard is the point of being here to discuss and analyze someone may know, heard, seen, etc. differently,
thus we are constantly bouncing thoughts around.

So don't fret it mate you are fine.

XT-

Quoting Pair-me-up
{quote} Looks like I unintentionally offended someone.. Sorry about.. I was just sharing my wife's experience. Anyways, I read about how those big tractors.. Catipillar had low sells and that they are used for mining. Xtrade you mentioned in an earlier post that if a mine shuts down that could affect this pair. So, that Catipillar thing was big news I take it.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,040
  • Edited Jul 25, 2013 12:35am Jul 24, 2013 10:01pm | Edited Jul 25, 2013 12:35am
Oh- and in addition to the last post, There are many other companies that make tractors, digging machines of sorts, dump trucks, drills, even hammers!
that I am sure would love to take the business away from caterpillar if the chance arises, I am not a mining expert but I know that a basic truck - they are very large, likely costs at LEAST 250,000 USD. And I am likely off here some of them are million dollar machines.

The issue is more if there is some kind of political unrest due to the fact that many mines are not mined by the country in which they are located simply because they don't have the machinery or money to operate the equipment, thus, they just tariff the miner so the community can make some money off it'
good will in letting them basically dig and ruin a usually large piece of land.

Another reason is injury, These are NOT the safest places to work and if the code is not up to specs then people can die. Crushed, trapped, etc.
There was a mine or two that closed down in SUD AFRICA I believe if my memory suits me it was in 2005, this was also a time when SUVs where a big thing, and they require a larger catalytic converter than a normal or 4 cylinder sedan.
Each converter contains at least an ounce of Platinum or Palladium or a mix of the two. The preferred metal for filtering I believe is still platinum.

Search the thread for Platinum or catalytic converters or Platinum uses. I remember writing a whole page and quoting various texts about it's uses.

Lastly, it all comes back to the simple economics you learned in High School, supply and demand,
IF the DEMAND outweighs the SUPPLY price goes up and vice versa, this is how currencies fluctuate as well. Easier to Thus, if one of the worlds major PT producers ie; South Africa loses two major mines or even a bunch of small ones and the demand is strong PRice GOES ROCKETING! PT was Priced I believe Just under 2400 an ozt at the aforementioned time... I will pull up a chart and post it. Now it is almost 1000 USD lower than that! That High was a GREAT TIME to sell all PT and invest in silver and gold for the ride to 1900+ and appx 50 for AG!!!

In reality the movements in currencies short term are tiny, it is because we are trading on FRACTIONS of a cent and using leverage that the trading is able
to produce a profit.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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