http://www.kitco.com/charts/livegold.html

cheers GF.

Fast turnaround again. Volatility reigns!

Good to see some gains again here. I would have thought we're in for a couple of lacklustre days until Thanksgiving is over and business returns on Monday. Gold picking up from the recent lows however.

Any views on gold spot price? It's been bounded about in the press that it could go to 725-50 before continuing its next leg up to $1000?

I suppose the main bet is on whether fed reduces rates again?

The set back below $800 in last few days is a good thing for setting up the next rise. You are right there have been a lot of articles in the FT on gold, one yesterday even, pg 42. POG themselves said they see gold at $900 by end 07. There was also another well thought out article in the last few weeks in the FT about the gold bull run only just starting and $1000-$1200 shouldn't be ruled out in the next 2 years.

FX wise I expect to see a weaker dollar until 2009. FX markets always overrun and with US rates only just starting to come down and more talk of US recession next year, all the more reason to buy into precious metals.

I read somewhere that if it were to reach the levels of 1980 it would be at $2200 in context of inflation. goldbullion.com quite informative. Seems to be a lot of protectionist measures occuring globally as well such as Mugabe planning to seize 51% platinum mines in Zim, Putin oil from shell in Russia. This will affect supply as Mugabe's nearest and dearest probably have little idea of how to run a mine or farm for that matter!

Both gold and silver gaining this afternoon timed with what looks like another good opportunity to sell the dollar. There could be news afoot re BHP/RIO picking up a lot today on recent weakness. With better volumes on Monday we could look to see gold/silver stocks reestablishing the upward momentum.

don't forget that is now "artificially" weak, especially against Euro, as there is a strong likelihood that BoE will reduce interest rates in December and EU Central Bank will not

EUR/GBP over 0.73 before too long I'd have thought.

that equates to 1.37 : ..... currently about 138.75 ...... buggers up my biz profits more than a weak $

Sorry to hear that! Some resistance at 0.7230, next stop 0.7320.

much of the "loss" is actually theoretical, though it shows on the P&L ..... when the tables turn, even if not until next year or even the year after, those losses reverse.

Better start to the day after recent sharp falls/profit taking. Gold on the rise too.

looks like my previuos question was answered quite firmly, so here's another!!

Excuse my ignorance, but if BoE do drop rates how will that affect sp of gold, if at all? Will presumably boost POG revenues

not at all ..... gold is determined in US$, so it is the strength or otherwise of that currency that has an influence .,... and of course the actual or perceived demand for gold itself

thought so, thanks for that. Bullish run pettered out today, will asia continue with it tommorrow, some positions certainly being taken ahead of fed.

Another question, when is the fed decision and where is the best place for a diary of economic data more than a week in advance?

Fed decision 11 Dec

Steveo

FX calanders perhaps the best bet for economic data, there,s one on the Forex thread in the Traders Room, but also available on FX.com or some other such site.

pth

Gold has been suffering of late, but my view is we're about to start another sell off of the dollar and that the recent moves are only a correction. Longer term I expect to see gold a lot higher and this sets up another good move higher.

would not disagree ..... i intend to stay in this stock for quite a while

i post the chart below to highlight the very narrow band in which sp has been trading for the last several weeks ..... it is unclear what will persuade it to break upwards, but at least rsi remains very undemanding