XAU/USD & XAG/USD - Gold & Silver Traders Thread | Page 1318 | Metals Mine

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

  • #26,341
  • Oct 10, 2013 3:57am Oct 10, 2013 3:57am
Getting set for a big drop.????????
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  • #26,342
  • Oct 10, 2013 4:18am Oct 10, 2013 4:18am
Quoting Greener
{quote} this means that if gold is exchanged say at 1000 all gold mining companies would be out of business and shut down.

i dont' know, but i guess they would run (at a loss) and on cash reserves until the price appreciates. Also, I imagine Gold would not stay at $1000/oz for very long since there is a lot of demand and the rush buying would push it up quickly.

If I was CEO of a major mining company I would use the leverage and power to ensure the Gold price didn't stay below my BE - by having "meetings" with people at Comex and the central banks
cryptocurrency everytime
  • #26,343
  • Oct 10, 2013 4:38am Oct 10, 2013 4:38am
Quoting venzen
{quote}
From 1316 to 1295 1 lot sell makes 2000 usd but I can't even get some sunflowers ! So I quit making good calls
  • #26,344
  • Oct 10, 2013 4:42am Oct 10, 2013 4:42am
Quoting KiwiOz
Getting set for a big drop.???????? {image}
if the candle closes below 1296, we might be heading towards 1260 or lower, breach of a raising trend line on 4H

Placed a sell limit order for 1295, SL 1310, TP 1265...
  • #26,345
  • Oct 10, 2013 4:45am Oct 10, 2013 4:45am
Negative divergence on H1
  • #26,346
  • Oct 10, 2013 5:05am Oct 10, 2013 5:05am
Quoting KADC
{quote} You answered your own question: They are shorter-life, higher-cost assets. I have Barrick stock and none of these sales affected the stock price negatively so I'd say the market thought the sales made sense. You'd have to look at the specifics to know if they were including inferred resources in the estimates which are meaningless. I only look at demonstrated reserves when doing a valuation for a mining stock. Comparatively, when a retailer stops carrying lower-margin higher-cost goods it's generally considered beneficial to the company....
barrick merges with homestake in 2001 and acquires those 3 mines starts operating in 2008 and selling in now.. match the timeline with gold chart, reasons for them selling and my post should be the same
A trade should be based on an assumption based on facts
  • #26,347
  • Oct 10, 2013 5:13am Oct 10, 2013 5:13am
Quoting venzen
{quote} i don't know the exact reasons without reading their history and balance sheet, but this is the general situation in Gold mining: The cost of extracting Gold (production costs) are higher than ever. Sometimes Gold mines even run at a loss in the hope that the Gold price will appreciate in the near future. Whereas some forms of mining (e.g. platinum, zinc, etc) are enjoying lower production costs as a result of mechanization, Gold requires a manual extraction process: teams of miners have to physically go to the gold seams - by now several...

The cost of extracting Gold (production costs) are higher than ever...
Has it changed/developed much from say 2000 ?
And value of gold decreased almost $700 in 6 months and demand is still rising when we are coming through a period of recession.
A trade should be based on an assumption based on facts
  • #26,348
  • Oct 10, 2013 5:14am Oct 10, 2013 5:14am
Looks like daily 61.8 1298 is holding so I guess next trip is monthly 38.2 1335 !!!
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  • #26,349
  • Oct 10, 2013 5:28am Oct 10, 2013 5:28am
Quoting venzen
{quote} i dont' know, but i guess they would run (at a loss) and on cash reserves until the price appreciates. Also, I imagine Gold would not stay at $1000/oz for very long since there is a lot of demand and the rush buying would push it up quickly. If I was CEO of a major mining company I would use the leverage and power to ensure the Gold price didn't stay below my BE - by having "meetings" with people at Comex and the central banks
I am sure there have been lots of those meetings especially considering that banks are also major stakeholders of the aforementioned mining groups. Looking at holdings and M&A activity in the sector is a good way to predict where the mkt is heading to.
  • #26,350
  • Oct 10, 2013 5:40am Oct 10, 2013 5:40am
Quoting Mave
{quote} The cost of extracting Gold (production costs) are higher than ever... Has it changed/developed much from say 2000 ? And value of gold decreased almost $700 in 6 months and demand is still rising when we are coming through a period of recession.
Quote
Has it changed/developed much from say 2000 ?
I'm not that familiar with the mining industry and it's historical conditions, but here's an opinion for you: I reckon we're in the same recession that started in 2000. Have a look at a longterm Dow or S&P chart and you'll see what i mean.

Regarding demand, i can only speak about what i see and read: Ask any person if they want Gold or not - they will want it and won't revile it - i guarantee you. As an example, here in Thailand, the Gold price is in the news all day long. Whenever the price has dropped (even a little) people start queing at the Gold shops. Indian people buy Gold as a matter of course for gifts and ceremonies - no matter the price. And if you Google it, you'll see that central banks are in Gold buying mode as opposed to selling mode (that they'll do when Gold hits a bottom). The price fluctuates for many reasons (including collusion and manipulation), i'd like to hear what you learn from your interest, but ultimately we just trade the chart day in and day out. As for physical Gold, I'm not really interested - in the Mad Max future everyone is scaremongering, I reckon a mango (and water) will be worth more than any Gold coin - ok not more - but i won't take a Gold coin as currency - how do i know it's real?
cryptocurrency everytime
  • #26,351
  • Oct 10, 2013 5:47am Oct 10, 2013 5:47am
Quoting okanemici
Looks like daily 61.8 1298 is holding so I guess next trip is monthly 38.2 1335 !!! {image}

Someone in London took my post too seriously and spiked the price before the forex factory members
  • #26,352
  • Oct 10, 2013 6:04am Oct 10, 2013 6:04am
Quoting Mave
{quote} barrick merges with homestake in 2001 and acquires those 3 mines starts operating in 2008 and selling in now.. match the timeline with gold chart, reasons for them selling and my post should be the same
They mined (or more likely leased/licensed) those mines for five years then sold them off rather than worry about what are likely diminishing returns. Have you never sold off a successful rental property? Certainly the lower price of gold could be a factor, but there's nothing about the sale to suggest that the price of gold is going lower.
You can always make money tomorrow provided you don't lose it today.
  • #26,353
  • Oct 10, 2013 6:16am Oct 10, 2013 6:16am
Quoting venzen
... As for physical Gold, I'm not really interested - in the Mad Max future everyone is scaremongering, I reckon a mango (and water) will be worth more than any Gold coin - ok not more - but i won't take a Gold coin as currency - how do i know it's real?
I agree, and I'm not sure those who stockpile gold because they believe the FIAT system will fail have really thought it all the way through. Gold and silver only have value so long as currency has value. In a global financial collapse scenario precious metals will be relatively worthless; however, they do make sense in the case of a single currency collapse where the rest of the world is still financially standing.
You can always make money tomorrow provided you don't lose it today.
  • #26,354
  • Oct 10, 2013 6:47am Oct 10, 2013 6:47am
Quoting KADC
{quote} I agree, and I'm not sure those who stockpile gold because they believe the FIAT system will fail have really thought it all the way through. Gold and silver only have value so long as currency has value. In a global financial collapse scenario precious metals will be relatively worthless; however, they do make sense in the case of a single currency collapse where the rest of the world is still financially standing.

good point, KADC - i hadn't thought of this intrinsic link.
cryptocurrency everytime
  • #26,355
  • Oct 10, 2013 6:51am Oct 10, 2013 6:51am
Quoting auther
{quote} if the candle closes below 1296, we might be heading towards 1260 or lower, breach of a raising trend line on 4H Placed a sell limit order for 1295, SL 1310, TP 1265...
Speed bump at 1293. Bounce at 1284.
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Money Makes Money
  • #26,356
  • Oct 10, 2013 6:53am Oct 10, 2013 6:53am
Quoting KADC
{quote} I agree, and I'm not sure those who stockpile gold because they believe the FIAT system will fail have really thought it all the way through. Gold and silver only have value so long as currency has value. In a global financial collapse scenario precious metals will be relatively worthless; however, they do make sense in the case of a single currency collapse where the rest of the world is still financially standing.
Are you saying gold will not collapse ?
  • #26,357
  • Oct 10, 2013 6:54am Oct 10, 2013 6:54am
Quoting KiwiOz
{quote} Speed bump at 1293. Bounce at 1284. {image}
OOPs wrong chart. The made me do it.
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Money Makes Money
  • #26,358
  • Oct 10, 2013 7:13am Oct 10, 2013 7:13am
Quoting trexy123
{quote} Are you saying gold will not collapse ?
In a full global financial collapse, yes, otherwise the current demand for physical gold is far greater than the supply so there would need to be some extreme extenuating factors to cause gold to collapse.
You can always make money tomorrow provided you don't lose it today.
  • #26,359
  • Oct 10, 2013 7:32am Oct 10, 2013 7:32am
Quoting KiwiOz
{quote} Speed bump at 1293. Bounce at 1284. {image}
Gold shorts are playing hard to get...
Money Makes Money
  • #26,360
  • Oct 10, 2013 7:52am Oct 10, 2013 7:52am
Quoting KiwiOz
{quote} Gold shorts are playing hard to get...


What are your short term targets / projections if the triangle on the 4H is breached on the upside ?
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