Gold, Silver & Other Precious Metals 16 (Aug 17 - Apr 19)

Re: Gold, Silver & Other Precious Metals 16 (Aug 17 - Dec 18

Postby winston » Fri Aug 03, 2018 7:27 am

China gold manipulation probed

A US Congressman has alleged that China could be secretly intervening in the gold market and manipulating the US currency market, US websites reported.

Representative Alex Mooney, a Republican and member of the House Financial Services Committee, wrote to a joint letter to Federal Reserve chairman Jerome Powell and Treasury Secretary Steven Mnuchin, saying both the Fed and Treasury had evaded questions about their activities involving America's gold reserves after he wrote to them.

He called attention to "the recent correlation of the gold price with the price of the Chinese yuan and the valuation of the IMF's Special Drawing Rights".

"Do these correlations reflect surreptitious intervention in the US currency markets by China and currency manipulation by China?" he asked.

Source: The Standard
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Re: Gold, Silver & Other Precious Metals 16 (Aug 17 - Dec 18

Postby winston » Mon Aug 06, 2018 10:27 am

Gold: 1223.20, +3.10.

Now working laterally the past three weeks, but still below the 10 day EMA as that nearest of resistance is keeping it in check.

A break lower from here confirms the downtrend.

Source: Investment House
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Re: Gold, Silver & Other Precious Metals 16 (Aug 17 - Dec 18

Postby winston » Wed Aug 08, 2018 7:52 am

China's Golden conspiracy is a likely tale

by Ivan Tong

The worsening geopolitical situation has become a non-event to the gold price movement.

Alongside the gold conundrum, there is now an American conspiracy theory that China is intervening in the gold market by[b] shorting COMEX to suppress the price of gold. [/b]

The theory is that China is intervening because it does not want the devaluation of the yuan to further weaken its purchasing power, as a weaker yuan is a major weapon in Beijing's trade battle against the United States.

If this were true, the trend of yuan against the US dollar will be in tandem with the trend of the price of gold in the short term. In another words, the trend of yuan against the US dollar will be an important benchmark to evaluate the movement of gold.

Alex Mooney, a member of the US House Financial Services Committee, accused the Federal Reserve and US Treasury of evading his questions about their activities involving America's gold reserves after writing letters to them, and said that China was secretly intervening in the gold market and manipulating the US currency market.

The theory that China is suppressing the price of gold is just a conspiracy theory at the moment. However, it is likely to gain more credence until the close link between the yuan and the price of gold gets broken.

Gold has fallen to nearly US$1,200 an ounce. If analysts are right, it will be dangerous once it falls below US$1,196, but it is hard to predict how low gold will go.

However, even if the conspiracy theory did not exist, uncertainties such as rising interest rates and rising inflation are also hurting the price of gold.

Meanwhile, the VIX index, which measures future volatility, has remained flat, reflecting that the market is unafraid of the trade war and geopolitical risks - and that makes the price of gold unpredictable.

At the moment, hedge funds have to short gold and long assets and shares denominated in the US dollar.

If the conspiracy theory is true, it will be much harder for gold to break of out this vicious cycle.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 0808&sid=2
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Re: Gold, Silver & Other Precious Metals 16 (Aug 17 - Dec 18

Postby winston » Mon Aug 20, 2018 7:39 am

Gold: 1184.20, -0.20.

Sold off on the week, dropping away from the 10 day EMA.

Sharp drop, threw a doji, perhaps an oversold rebound.

Source: Investment House
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Re: Gold, Silver & Other Precious Metals 16 (Aug 17 - Dec 18

Postby winston » Mon Aug 20, 2018 7:39 am

Gold: 1184.20, -0.20.

Sold off on the week, dropping away from the 10 day EMA.

Sharp drop, threw a doji, perhaps an oversold rebound.

Source: Investment House
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Re: Gold, Silver & Other Precious Metals 16 (Aug 17 - Dec 18

Postby winston » Mon Aug 27, 2018 8:36 am

Gold: 1213.30, _19.30.

Trying to break its downtrend from the April high.

Moved upside in a normal downtrend bounce through Wednesday, started to roll over Thursday, then spiked over the 20 day EMA Friday.

Trade? No one believes Powell? Weaker US economic data?

Source: Investment House
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Re: Gold, Silver & Other Precious Metals 16 (Aug 17 - Dec 18

Postby winston » Mon Sep 03, 2018 11:44 am

Gold: 1206.70, +1.70.

After rallying through the 20 day EMA the prior Friday, XGLD spent the week testing in a tight flag. Not a bad set up to break higher, but why would it break higher if the Fed has things under
control? That said, gold has trended lower now for 5 months.

Source: Investment House
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Re: Gold, Silver & Other Precious Metals 16 (Aug 17 - Dec 18

Postby winston » Fri Sep 07, 2018 8:55 am

WPIC Expects Excessive Platinum Supply for 2nd Consecutive Year

World Platinum Investment Council (WPIC) has published the latest quarterly report on platinum, predicting that there will be an excessive supply of platinum of 295,000 lb this year in the global platinum market, which means an excessive supply for the second consecutive year.

On the other hand, South Africa, Zimbabwe and Russia, all being significant platinum exporting countries, are producing less platinum and drag down the supply.

Source: AAStocks Financial News
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Re: Gold, Silver & Other Precious Metals 16 (Aug 17 - Dec 18

Postby winston » Mon Sep 10, 2018 9:55 am

Gold: 1200.47, -3.83.

Two weeks working laterally at the 20 day EMA after a bounce from the lows.

Still trending lower below the 50 day MA's.

Source: Investment House
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Re: Gold, Silver & Other Precious Metals 16 (Aug 17 - Dec 18

Postby winston » Mon Sep 10, 2018 9:55 am

Gold: 1200.47, -3.83.

Two weeks working laterally at the 20 day EMA after a bounce from the lows.

Still trending lower below the 50 day MA's.

Source: Investment House
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