Gold Tops $1080 Today

[jcs44]

Intra-day & record high: $1089.10

Low today was 1043.70. That's an intra-day range of $45.40.

Damn. That's some big time movement in one day.

[PseudoPhil]

Maybe this has something to do with it :

http://www.doomers.us/forum2/index.php/topic,55986.0.html

[Hard Assets]

Expect smaller price swings in Gold until the start of December. Then watch the moon launch.

Why?

Sounds exciting !

[Hard Assets]

Boys and girls,

I think we are missing something ! Something critically important !

Look closer at the spot chart from last night when the India purchase was announced.  At 7:23 this morning "PromiseLandAkitas" opened a thread "IMF sells 200 tonnes of gold to India central bank " with this article  http://www.ft.com/cms/s/0/2b981324-c807-11de-8ba8-00144feab49a.html?nclick_check=1  released at 01:13 am.

Spot was actually falling thru the night from 1065 to 1060. Just before 10:30 this morning gold spiked $20 from $1060 to 1080 in 15-20 minutes.

Gold had the night and a couple hours this morning to react to the IMF/India deal but it did not !   Now I just checked the DX, it gently rose overnight thus explaining gold's gentle fall overnight but NOTHING extraordinary happened in that 10:30-10:50 window this morning.

I suggest we get our thinking caps on and find out what the REAL reason for the 10:30am spike. This may tell us what is in store for the remainder of the year !

Have a golden day.

[JimDiGritz]

Expect smaller price swings in Gold until the start of December. Then watch the moon launch.

Why?

Sounds exciting !

I was just looking at some Technical Analysis and saw a wedge formation closing towards December with lower highs and higher lows.. obviously the IMF/India sale interrupted that!


Jim

[Hard Assets]

Try this article out for size:

http://www.theaustralian.news.com.au/business/story/0,28124,26298928-20142,00.html

-snip-

"
The transaction, which is in the process of being settled, involved daily sales over a two-week period from October 19-30, with each daily sale conducted at a price set on the basis of market prices prevailing that day, according to the IMF. "

Further proof that the $20 spike today from 1030-10:50am had nothing to do with IMF sales to India. Big guns knew of this sale weeks ago. The bullish trend of the past 2 weeks may be because of the IMF sales to a large Central bank but the spike today is another sign.

THINKING CAPS ON !!

Now here's a funny one !

https://www.kitcomm.com/showthread.php?t=52500

-snip-

"hahaha, who knows if the IMF actually has 200 tons of physical, maybe that's why the POG didn't shoot up until hours after the announcement, I think whatever bullion bank is handling the deal first offered them paper gold and were told to stuff it!"

[Ganesh Baba]

Hard Assets, I like your analysis a lot.

I also had learned about the Indian gold purchase quite a long time before gold finally skyrocketed today. There is something else behind this move. And it just might have something to do with the fact that there exists much more paper gold in this world than there is physical gold backing it!

The HUGE MOONSHOT can happen at anytime now!

[Hard Assets]

Hard Assets, I like your analysis a lot.

I also had learned about the Indian gold purchase quite a long time before gold finally skyrocketed today. There is something else behind this move. And it just might have something to do with the fact that there exists much more paper gold in this world than there is physical gold backing it!

The HUGE MOONSHOT can happen at anytime now!

Thanks....I agree, there's way more to this gold business than India's purchase. I scanned the gold forums and found a couple snips. The $20 surge at 10:30 this morning may have been computer based short covering, we shall see. Hopefully gold has a bit of follow thru this week.

From USAGold.com, 09:12 is Denver time, 11:12 eastern I believe:
 

"Gold surges to another new record high Nov 3rd, 2009 09:12 by PG Gold exploded to the upside in recent trading, reaching a new all-time high of 1080.65.

This appears to be a very gold-centric move as other markets are little changed from where they were when gold took off.
A couple things worth noting that may be factoring into the latest gains:

India bought 200 tonnes of the IMF gold available for sale, with no impact on price…at least initially.

In my opinion, this would significantly change the thinking of shorts.

Sources say China is angry that India beat them to the punch on roughly half of the IMF gold.

Barrick announced yesterday that they were accelerating the pace of their de-hedging efforts, which may be indicative of a continuing shift in market sentiment.

Certainly the move to new record highs, triggered buy stops.


From Gold-Eagle.com,

"Gold prices were also supported by news that Barrick Gold Corp. bought back 1 million ounces of gold in its hedge book during October.
The mining company said Monday it expects to unwind its remaining gold hedges, totaling 1.9 million ounces, by September 2010. "

Looks like Barrick is in a hurry to unwind its hedge book ! HAHAHAHAHA!

[Hard Assets]

Hard Assets, I like your analysis a lot.

I also had learned about the Indian gold purchase quite a long time before gold finally skyrocketed today. There is something else behind this move. And it just might have something to do with the fact that there exists much more paper gold in this world than there is physical gold backing it!

The HUGE MOONSHOT can happen at anytime now!

Ganesh Baba,

You like my analysis !  Try this guys  !!

"The Decoupling of Gold"  - watch the 50dma and the 200 dma crossing over.....to the upside !!

Have a golden day!

http://club.ino.com/trading/2009/11/the-decoupling-of-gold/

[Madnsassy]

Kitco's gold chart isn't working.  Do you suppose it blew up? 

[gin]

but you must refresh to update the chart first

since todays close.. 

Did gold really go down 3.10? @ 7pm est
Yes. The stronger US Dollar was responsible for 0.35 of that drop.
Gold Price Change due to Strengthening of US Dollar -0.35
Gold Price Change due to Predominant Selling -2.75
Gold Price: Total Change -3.10

http://www.kitco.com/kitco-gold-index.html#RT

Did gold really go down 3.80? @ 7:10 pm
Yes. The stronger US Dollar was responsible for 0.60 of that drop.
Gold Price Change due to Strengthening of US Dollar -0.60
Gold Price Change due to Predominant Selling -3.20
Gold Price: Total Change -3.80

[Zappalives]

I been a goldbug for 6 years.

I love days like this!!!!!!

Been fossil hunting in the mountains and come home and see I am 3700usd richer!!!!!!!!!!!!!!!!!

Yippee............gloat...........gloat..............yippee!!!!!!!!!!!!

Oh yeah.........found 4 -30 to 60 million year old insects too.

[cygnus]

NOTHING extraordinary happened in that 10:30-10:50 window this morning.

That we know of!  There's the puzzle. 

[Hard Assets]

NOTHING extraordinary happened in that 10:30-10:50 window this morning.

That we know of!  There's the puzzle. 

Very good point !

On the other hand, obviously, something very extraordinary did happen ! LOL!

[powerDown]

All those dollars the Chinese reserved for a PM purchase still need to be spent on something. Anyone care to guess what PM that may be?