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« Chart of the Month: TSX-V Speaks Volumes - Gold Mania Still Ahead | Main | Collection Call »

Gold Prices Update 10 December 2011

Gold Chart 10 Dec 2010.JPG

Gold prices almost returned to take tea with the 50dma after 2 down days, but today she just wasn't in the mood and gained a few bucks just to keep us all guessing at where next for gold. The RSI is now mid range, standing at 53.10 today, which bodes well for future higher gold prices. The STO is heading south so short term we may see gold go a tad lower, however, the MACD is no longer dancing on the ceiling, which takes some of the pressure off and leaves some room for gold to go higher.

Now, taking a scan of the air waves we have a couple items that just might capture your interest. The first is a few comments from Nick Barisheff of fame, during in an interview on BNN which you can watch in full by clicking this link.

Nick Barisheff 10 Dec 2010.JPG

He touched on China were gold imports were 50 tonnes last year, however, during the first nine months of this year they have imported 200 tonnes, so they are really stepping up to the plate. The worry for the Chinese people is inflation, where food is running at double digit figures, there is also a general distrust of the financial markets and real estate is experiencing a bit of a bubble. So precious metals are coming into focus as an alternative.

Nick also give his opinion of gold relative to global financial assets excluding real estate which is valued at $200 trillion.

The value of above ground gold is $6 trillion made up as follows:

$3.0 trillion in jewelry and religious items, such as those held in the Vatican, etc, which is unlikely to enter the market anytime soon.

$1.5 trillion is held by the central banks, who are no longer sellers of gold.

$1.5 trillion is held privately by wealthy families on a multi-generational basis and will probably remain in their hands.

Nick then posed the question: What if 10% of those who are currently holding global financial assets decided to move into gold?

The mind boggles at this point, we would have $20 trillion chasing just how much available gold!

Moving on, we have this snippet from King World News:

The contact out of London has updated King World News on the massive Asian buyers which have been accumulating both gold and silver.  The London source stated, 

“A bunch of the weak hands are now on the short side of this market.  We are very close to a floor because of the massive Asian buying.  People have to remember these Asian buyers are now controlling the gold and silver markets, it is not the little guy.” Money flowing out of bonds is going into precious metals.  So what they are doing is trying to paint the tape and make it look like a double-top in gold, with silver also retreating.  Open interest went up into the decline, this is a gift (the decline).  Asian buyers are laughing, we’re like a cartoon to them.  They cannot believe how orchestrated this is.”

What about gold?  

“As far as the gold market is concerned, gold will be $150 higher from here within five weeks.” 

So that would take us to $1536.00 by about the 15th January 2011.

A few things to chew on as you battle through your working day.

Over in the options trading pit, we had a number of stops triggered , but we walked away with an average gain of 32.7% so we now have 59 winners out of 61 trades, or a 96.72% success rate.

sk chart 10 Dec 2010.JPG

The above progress chart is being updated constantly. However, to see exactly how it is going, please click this link.

So, the question is: Are you going to make the decision to join us today, before we decide to cap membership.

Stay on your toes and have a good one.

Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.

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Reader Comments (2)

Whew! With all respect to Mr. Barisheff, I would be overwhelmed if only 5% of the holders of global financial assets moved into gold. Imagine $5 trillion and it's effect on the overall market. However, as to the present situation there is talk about gold having had a substantial rise, as we know, and the strong possibility of quite a correction in the wind. I know that this thinking runs against the consensus in the other camp. Nevertheless, to take a step back is to gain an advantage - from old proverb. So I have been planning to initiate stops, which I must get to, and I am beginning to feel an urgency. Anyone else out there like me playing chicken?

December 10, 2010 | Unregistered CommenterJohn Ell

Hi Bob

You guys are doing a fantastic job – much appreciated.

Don’t you see a negative divergence in the chart below. I am no TA expert but to me it looks like while gold prices have been making higher highs, the below chart studies show lower highs. Just my observation to hold back at the moment.


December 11, 2010 | Unregistered CommenterSham

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