Why Gold is jumping?
- Thread starter Daal
- Start date
Back to the original post.2004 global demand was 3900 tonnes,while global production was just over 2400 tonnes.In 2005 global consumption increased to 2020 tonnes in the first six monthes of the year,while production is falling further yet.South Africa ,the #1 producer, production has fallen to the same level they produced in 1931. Australia, the #2 producer,production is also falling.Russia' production is also falling.Russia is also the only G-8 nation which is a net buyer.All other G-8 nations are selling gold or have sold all there gold,Canada.The swiss have also sold all there gold.On the other hand Russia ,Argentina,South Africa,South Korea,Finland,Greece and China,are buyers or have said they will be.Granted, these countries are not financial powerhouses,but they dont have fiat currencies either.Wheather or not the G-8 countries continue to sell,is anyone's guess.It really doesnt matter.The bull is out of the corral and the attempts by G-8 central banks to recapture the bull,will be a temporary remedy at best.Personally , I hope the G-8 continue their current practices,because it will allow us more time to make money in this sector.The amount of interest in the sector tells me we have a long way to go in this arena.
any predictions for sunday night / monday open
end of day monday into the rest of the week ?
late this week the market should have gone down
but somehow 524 held ... and the move up
must have caused the shorts to #$%* in their
pants ...
also the move back up from below $500
to near the contract highs has been dramatic
to say the least ...
maybe the japanese will be buyers on TOCOM
sunday night ?
or is the temptation to take profits too high
at these levels ?
( I am long a gold and short silver but in small amount over the weekend ... do not care what happens as long as it is not a $10 gap higher or lower open and ECBOT stops go crazy ! )
end of day monday into the rest of the week ?
late this week the market should have gone down
but somehow 524 held ... and the move up
must have caused the shorts to #$%* in their
pants ...
also the move back up from below $500
to near the contract highs has been dramatic
to say the least ...
maybe the japanese will be buyers on TOCOM
sunday night ?
or is the temptation to take profits too high
at these levels ?
( I am long a gold and short silver but in small amount over the weekend ... do not care what happens as long as it is not a $10 gap higher or lower open and ECBOT stops go crazy ! )
there was supposed to be a "c" corrective wave from $520 down to $470 to set up the run to $650...
but the dollar index broke 88.90 and closed near the lows on Friday.....
the unemployment numbers, and a care less Fed., and Chinese statements were too much for the bear case....
XAU and HUI are going str8 up...........
silver has to be the cheapest metal around selling only 2 bucks or so above cost of production.............
someday...............
but the dollar index broke 88.90 and closed near the lows on Friday.....
the unemployment numbers, and a care less Fed., and Chinese statements were too much for the bear case....
XAU and HUI are going str8 up...........
silver has to be the cheapest metal around selling only 2 bucks or so above cost of production.............
someday...............