lynnsa10 replied the topic: Market Sentiment shifting
Looks like there will be more paper Gold created in London
The London Metal Exchange (LME) and World Gold Council have just confirmed that their new suite of London-based exchange-traded gold and silver futures contracts will begin trading on Monday. These futures contracts are collectively known as LMEprecious.
These LMEprecious gold futures and silver futures contracts represent unallocated gold and silver and there is no direct connection in the contracts to physical gold or physical silver, since settlement is via unallocated gold and silver balance transfers across LME Clearing unallocated metal accounts at member banks of London Precious Metals Clearing Limited (LPMCL).
GoldnBoy replied the topic: Market Sentiment shifting
Time to be buying at the bottom
A number of the individual company charts are showing signs of having exhausted their downtrends, for the time being at least. They have started to move sideways through the trendlines of immediate downtrends, which could be the start of a turnaround. A number of gold producers have completed their correction patterns (short term downtrends) and recaptured longer term uptrends. This is an early buy signal that augurs well for the next few months provided that the gold price itself does not collapse. The first two weeks of July are often quiet with school holidays taking players away from the market, but
volumes should pick up in the back half of July.
Good time for monthly US$ chart, you can see the $ has dropped 4 months in a row and the expected sideways trading was giving way to a significant correction. Sideways trading would not surprise me and put in a right shoulder to the topping pattern. A drop below that 93 area would be very negative for the dollar.
More likely a bounce up to test 100 again, before a more significant correction
No surprise another short attach or intervention during thin holiday trading, but the US$ was breaking down and might have been the main driver for the hit 2 weekends in a row. If you remember I expected the US$ to go sideways between $0.98 and $1.02 area and we were falling below 96 last week.