Typical , just as I was waiting to pounce on a new 'in' to Gold at around $880 an ounce, what happens...this!
The US is to copy UK Quantitative easing, although not on the same scale (would have to be about $1 trillion of bonds to reflect the economic and currency difference of our £75 billion).
This is what Gold bugs have been waiting for and if it all goes wrong is the slip road to US default on its debts.
Looks like I missed my window, Gold was headed down to $880, now up over $930, (nope $942 now) in the space of a few minutes.
BBC says 1.2 trillion
ReplyDeleteI know. There was a little 'buy' pennant this afternoon on the old T-Bond futures, but I couldn't be bothered. Damn and blast.
ReplyDeleteCan't you think of something "productive" to invest in?
ReplyDeleteThis has come as a welcome relief to us who are long the metal at a highish price, and briefly saw a very poor technical breakdown possibility earlier in the day.
ReplyDeleteBE - Well, not all is going into treasuries, which is my number.
ReplyDeleteMW - so annoying when the market jumps before your ready. Happened to me all year.
BE - Don't invest in these markets unless you have balls of steel. Long-term, some of the metals seem to have been well oversold. PEak oil too suggests that some investment into stocks there could pay off. Hard to call right now though.
Idle - I saw that too, ws waiting for the $880 range to get ticked!
ReplyDeleteDon't you think it strange that gold was taken down just before QE was announced?
ReplyDeleteDon't you think it strange all the financial short covering before the announcement?
here
What I meant was that people seem to see gold as a store of value, but I am saying there might well be other things which hold their value and also provide some investment in productivity as well. If lots of people switched into gold out of shares, say, the economy would be even more stuffed than it is.
ReplyDeletebut for sterling buyers, gold continues to trade sideways
ReplyDeleteI am sticking with my thesis of '= hedge against bad news'
(of which, plenty more to come
IMHO)
Anon - um, insider trading, that is how the markets work? very hard to make the difference up as a PI.
ReplyDeleteBE - I see, well yes I agree, Gold is the most passive holding. I guess it provides some mining jobs....
Gold looks like another one of these double top thingys to me, you know the thing you guys all reckon has happened to the stock market.
ReplyDeleteCity U.
ReplyDeleteIt was a known that JPM had a large short at $880/890.
At some point gold would have been brought down to that point.
JPM fore-knowledge of the QE announcement triggered that take down.
Bailed out listening to siren voices... drat.
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