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

Quoting venzen

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{quote} in the case of Zimbabwe, once the local currency started depreciating too fast, people at street level started showing a preference for other accessible currencies (and perceived as valuable) such as the South African Rand and the US Dollar. Business and banking of course are forced to transact in the national currency (Zimbabwean Dollar). Somalia's national currency lost value due to successive waves of civil war (with occasional outside "assistance" from "you-know-who") and the same thing: common people reverted to the US Dollar. Here...

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Quoting venzen

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.......
Here in Thailand market people and even businesses will accept US Dollar without question, smile, say "sorry" and then accept British Pound/Euro/Ringhit and hesitate about most "known" foreign currencies such as Yen, Rouble, Peso, etc. but ultimately accept them after much enquiry and authentication. But as I mentioned before - no one will accept a Gold coin because it cannot be authenticated or easily transacted back to Thai Baht.

Based on these observations, I think the US Dollar will remain King of Cash for years to come - all things remaining equal. As KADC pointed out: only complete and pervasive collapse of all fiat would render currencies (including Gold) useless. As long as people believe in paper notes, they will transact with them. This seems logical to me.

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Quoting SlideLow

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Any idea on the $20 drop in 3 min? Did some news come out?

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Quoting tsorin

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{quote} ) it's always at around 8.30am in US. In the last days it was like a clock who is sellin all that paper gold and what are they buying? stocks did not move that much, usd dollar looks steady... what's going on?

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Quoting Greener

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{quote} expecting a big bounce from here

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Quoting tsorin

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{quote} ) it's always at around 8.30am in US. In the last days it was like a clock who is sellin all that paper gold and what are they buying? stocks did not move that much, usd dollar looks steady... what's going on?

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Quoting tsorin

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{quote} I am afraid it's the same thing like in April (12th or so). Friday PM market was tenderized and next Monday real hit came need to close my longs before it's too late.

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Quoting auther

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{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...

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Quoting Greener

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{quote} don't think so. this could be the end of the cycle/manipulation. I am expecting a bounce

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