What did he say?
Gold 436 Silver $6.82
Gday. Today wasn't a great day. I'm clearing out my old house, 15 years of memories and all that and it's not much fun. Clearing the cellar will be. That's about it. For my mates over the creek, the mess in the south must have many concerned. No, I'm not talking about the price of oil, but concern for their mates. White light your way, yep it travels all the way across the Pacific! I used to work in oil, I have mates there too.
Who really cares about metals at present?? I get asked this stuff daily and I have had enough of dodging the issue. The gold price capping appears so blatantly obvious to many observers. Is it officially capped?
Have a peep at the charts of the last few days/weeks/months to get an idea. Look back 1 year and maybe you might observe some form of cap. What's gold action in this current environment???? Forget the fundamental picture for gold, it is a very serious paper versus physical war. London Gold Pool is the precedent (if one were to use legal jargon).
Minyan Neal (as per his discussion with Professor Succo) isn't that far off the money, IM uneducated little O. Volcker's mates are not making the same "mistakes" as he did back in 1980ish. Just my opinion and who am I to comment about this. I only worked in it. I wouldn't know a cracker if it was shoved up my bum, so most say. But the law is the law. No further comment.
My lovely ex-wife, Heather, found an article in the Australian Financial Review (Rear Window March 5, 1998) while we were clearing out the old joint. We both got a chuckle out of -
"If you want an accurate prediction of the gold price, don't ask a producer. Every year at the Australian Gold Conference at Kalgoorlie, a competition is held in which delegates nominate the price they forecast for gold as quoted by the US Comex at the end of the year. The results of last year's competition were announced yesterday at the 1998 conference, attended by over 500 delegates. The average forecast figure was US$377, when the Comex price at close was US$289.20, a difference our operative described as "out by a country mile". The winner was Laurie McGuirk of Citibank who predicted US$293.20. He is the first bullion banker to win in the 11-year history".
Geez that was a long time ago.
Beware of snapper, Minyans, in all markets, particularly precious metal commodities.
Same ranges as yesterday, just lift it $4 ($432-440) for gold.
Silver is more likely to pop a little higher to $6.95 and could see around $6.75-90 for starters, but silver is silver and it does what it does - until it doesn't! Traders who are short (especially without physical backing) should be warned though.
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