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

cheers GF.

Agree could still turn, central banks will make a effort to suppress price, I've taken my profit on todays lucky trade! But will watch carefully, I expect at some point we will retest 885 and possibly even get down to 850, if it goes there which it might do in the early summer I'll be diving in again in a big way.

Tech view H&S pattern was looking ominous, hence sell off today to a degree, could argue double top on a broader picture but personally I see this as consolidation before moving on and breaking out.

Eventually the central banks will run out of gold and the game will be up up up and away!!

reading my previous comments, just shows how sentiment changes in the market place, changed my mind within an hour!! As cyners says never wrong to take a profit, seen too many evaporate in my brief trading times.

Blimey steve that was a quick reversal, mind looking upwards i can see why.

best of luck.

So much for the trading manuals and books which preach let your profits run.

Blimey if id have done that since nov 2008 i wouldnt have made a penny profit on any trades.

Its all about taking it off the table when it feels right especially if youve had a quick run up.

PRU was a case on monday a quick rise of 10% and I was out. Must have taken all of 2 hours and then it stated to pull back and fell away completly today.

Steveo - RRS gapped up overnight as far as I can see!!! Closed at 30, opened at 34. No chance.

didn't get in to RRS or POG due to gap, did buy back into gold sp as Asia virtually always sells after a good jump up, so didn't lose out and made a bit more.

so while it's good to let profits run, it's even better to make them run over the same ground twice!!
will try the same tonight at 950, possible short term support at 941

GF as you might be able to tell I've never read a trading manual, learnt by my mistakes and fallen prey to the cardinal sin, taking profit too early and letting losses run.

while it may look like I'm doing it again, there is a definite pattern in gold sp trading that happens more often than not in these circumstances over the the last 18 months. Although I did miss out on Russia adding a month ago. Only time I can think it went up over night after US closed in last month.

It would seem it's following that pattern again tonight

Cheers steve thats an interesting insight.

Although would've missed out last night as set buy order at 948, thankfully as I'd been to the pub I hit the wrong button and bought at 955!!

Might get myself a trading manual, can you recommend one?!?

edit


Two very recent Broker BUY notes out show that the City are now warming to POG and the enlarged company.

The stock trades on a miserly concensus P/E of 4.3 going forward to results in 2009.

Peter Hambro Mining PLC

FORECASTS
2008 2009

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Investec Securities
18-03-09 BUY 68.41 55.84 16.15 93.26 63.59 16.15

Fairfax IS
16-03-09 BUY

METALS STOCKS

Gold rallies 8% as Fed move fuels inflation fears

By Moming Zhou & Kate Gibson, MarketWatch
Last update: 2:27 p.m. EDT March 19, 2009

http://www.marketwatch.com/news/story/gold-jumps-above-950-ounce/story.aspx?guid={D83BE452-2CFE-4150-AB39-44E1412C3B0E}

BROKER NEWS Peter Hambro, Lonmin and Intl Ferro Metals rated top three mining sector buys by Fairfax

Long term that's probably right but short term not so sure.
Has the ORE deal gone through & been paid for yet? Aricom had suspended ore shipments indefinitely due to a lack of demand, so presumably that will reflect in POG's figures at some point, plus the cash reserves will have been reduced.

Expects to move from AIM to main list on 22 April 2009 ..... ought to have made sp zip northwards, but of course it has not! .... mind you, bullion is more than a trifle dull at the moment

I caught the last few moments of an interview on Bloomberg last night re the manipulation of gold prices by U.S. and U.K.
The suggestion was that it is preventing the rocketing of prices.
Is anyone in the know here?

sounds like a load of crap to me

here is something on this topic picked up on numismaster.com.

Gold Price Manipulation More Blatant
By Patrick A. Heller, Market Update
March 17, 2009
Other News & Articles
World Paper Currency Values Race to Bottom
Mint Not Likely to Revert to Larger Mintmarks
Gold Bounces on Bond Buying


On Friday, March 6, gold lease rates turned negative for the day. What that means is that anyone who wanted to lease gold would actually be paid a fee in addition to getting a free gold loan.

No sane person would choose to lose money loaning physical gold, in addition to the risk of never getting the gold back from the other party. However, if someone (such as the U.S. government) wanted to suppress the price of gold, this is one tactic to try to accomplish that purpose.

I can come to no other conclusion than that a large quantity of physical gold surreptitiously appeared on the market on March 6 with the sole purpose to drive down the price of gold. The quantities were large enough that they almost certainly could not come from private parties. With most of the world's central banks now being net buyers of gold reserves, they would not be the source of this gold. By process of elimination, the suspicion falls upon the U.S. government as the ultimate party responsible for this blatant action to manipulate the price of gold.

Of course, the U.S. government would not want to be identified as the cause of this leasing anomaly. Instead, such manipulation was almost certainly conducted by multiple trading partners of the U.S. government.

This sledge hammer tactic worked at driving the price of gold further away from the $1,000 level - at least temporarily. Last week, spokesmen for a number of troubled U.S. companies were suddenly issuing statements about a return to profitability (such as Citigroup and JPMorgan Chase) or not needing further government bailouts (such as General Motors). Stock values climbed as gold's price retreated.

But (and there was always a but), these massive efforts to suppress the price of gold seem to be running out of steam. First off, these "positive statements" had serious qualifiers such as the chairman of Citigroup claiming that, ignoring extraordinary items like bad loans, the bank earned an operating income in the first two months of 2009.

Then insurance company AIG bowed to pressure and revealed that a huge portion of the $150+ billion in bailout funds it had received had really been passed along as bailout money to other companies (including Citigroup and JPMorgan Chase). In fact, almost all of this money was redirected to the U.S. government's trading partners who probably have been complicit in the manipulation of the gold price.

Once the public learned that such companies have received more federal government bailout money that previously revealed, the stock market rally stalled. The price of gold started to recover. Unless the U.S. government can come up with another tactic quickly, I expect the price of gold to generally rise over time.

In the meantime, demand for physical gold has taken off again. The U.S. Mint is so far behind at meeting demand for bullion gold and silver American Eagle issues that it last week announced an indefinite suspension of plans to strike 2009-dated proof and uncirculated versions for collectors. Even further, the U.S. Mint also announced that it would not even accept orders from primary distributors for any gold or silver Eagles this week.

On the wholesale market, supplies of gold and silver American Eagles quickly disappeared. The premiums of these coins shot upward. Some retailers now have to decline orders as they don't know when they might be able to fill them or what premiums they will have to pay to acquire merchandise. My earlier prediction that by the end of April it would become almost impossible to find any physical gold or silver bullion-priced items for reasonable delivery is starting to come true.

At the American Numismatic Association's National Money Show in Portland, Ore., this past weekend, demand for U.S. gold $10s and $20s was still solid. With some such collector coins now trading at all-time high prices, however, some dealers are advising their customers to consider selling or swapping for gold bullion. As a consequence, I think most of the surge in prices has already occurred. It might be a good time to take a profit.

"On 6 February 2009 the Independent Board Committees of Aricom plc ('Aricom') and Peter Hambro Mining Plc ('Peter Hambro Mining' or 'PHM') announced that they had reached agreement on the terms of a recommended all share offer to be made by Peter Hambro Mining for the entire issued and to be issued share capital of Aricom. The offer is to be implemented by means of a scheme of arrangement ('Scheme') and is subject to the satisfaction or waiver of the conditions of the Scheme and to the approval of the High Court and of both Aricom and PHM shareholders.

The PHM Extraordinary General Meeting was held today and both the resolutions proposed, as set out in the Notice, were duly passed on a show of hands.

It is currently expected that the Scheme will become effective on or around 22 April 2009."

next stop for gold 885? could keep going down to 850 before it turns up, almost seems that the market (whoever that may be JPM and HSBC according to some) is determined to get there before having a look for new highs.

There does seem to be an element of truth in the market manipulation conspiracy if you believe everything you read, there was alot on this on goldseek.com over the weekend.

I'm hedging at the moment

It looks to me like $900 will be the key number to watch for if the 6 month uptrend is to be held.