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Gold in Sterling Within £10 of Record High

CommissarJones
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Gold in Sterling Within £10 of Record High

#241145

Postby CommissarJones » August 1st, 2019, 8:10 pm

Gold priced in sterling rose as high as £1,186.57/ounce today, compared with the record high of £1,194.98 in September 2011, according to investing.com. The Brexit-related weakening of the pound has really given bullion a lift: sterling-priced gold climbed 18% in the three months through July, compared with respective gains of 11% and 10% in euros and dollars.

CommissarJones
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Re: Gold in Sterling Within £10 of Record High

#241381

Postby CommissarJones » August 2nd, 2019, 9:24 pm

Gold came within the proverbial hair's breadth of setting a new all-time high against the pound today - at the session peak of £1,194.51/ounce, it was within 50p of the September 2011 record (as shown by investing.com). But ultimately it fell short, and now prices are back down to around £1,185/oz. Nonetheless, I would not be the least bit surprised to see the record fall soon-ish, given all of the pressures on sterling.

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Re: Gold in Sterling Within £10 of Record High

#241424

Postby richfool » August 3rd, 2019, 8:41 am

CommissarJones wrote:Gold came within the proverbial hair's breadth of setting a new all-time high against the pound today - at the session peak of £1,194.51/ounce, it was within 50p of the September 2011 record (as shown by investing.com). But ultimately it fell short, and now prices are back down to around £1,185/oz. Nonetheless, I would not be the least bit surprised to see the record fall soon-ish, given all of the pressures on sterling.

If or as gold is now at a long term high, the question will then arise for me, as to whether to take my profit, knowing that I will then no longer have a holding of gold, or whether to sit tight in the knowledge that future movement could well be down.

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Re: Gold in Sterling Within £10 of Record High

#241429

Postby Laughton » August 3rd, 2019, 9:21 am

"could well be down" - but, in my view, could more likely be up.

I'm certainly not selling yet.

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Re: Gold in Sterling Within £10 of Record High

#241679

Postby CommissarJones » August 4th, 2019, 6:03 pm

richfool wrote:If or as gold is now at a long term high, the question will then arise for me, as to whether to take my profit, knowing that I will then no longer have a holding of gold, or whether to sit tight in the knowledge that future movement could well be down.

Bullion has made a strong upward move in recent weeks, so in the short term, I would not be surprised to see a pullback of some kind. On a medium-term to long-term view, ISTM that the bias for gold is very much to the upside. IMV there are good reasons to argue that currencies as a group will continue to depreciate against precious metals over the medium/long term. I have no plans to sell my holding.

Gold broker Sharps Pixley notes that sterling-priced bullion set a record high at the afternoon fixing on 2 August. Onward and (one hopes) upward.

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Re: Gold in Sterling Within £10 of Record High

#241779

Postby CommissarJones » August 5th, 2019, 9:29 am

It looks as though sterling-priced gold has set a new all-time high in the market (as opposed to the daily fixing). Investing.com shows it currently at £1,202.84/ounce, which pretty conclusively busts the previous record of September 2011.

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Re: Gold in Sterling Within £10 of Record High

#242413

Postby CommissarJones » August 7th, 2019, 1:18 pm

And the move goes on: sterling-priced bullion has topped £1,235/ounce today, after breaking above £1,200/oz at the start of the week. Up 6% in August already. (All according to investing.com.)

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Re: Gold in Sterling Within £10 of Record High

#243799

Postby GoSeigen » August 12th, 2019, 4:11 pm

CommissarJones wrote:And the move goes on: sterling-priced bullion has topped £1,235/ounce today, after breaking above £1,200/oz at the start of the week. Up 6% in August already. (All according to investing.com.)


If you don't mind my saying so: there are plenty of web sites that publish gold spot prices. Posting just prices of investments is considered bad form on these forums. Very happy to see discussion about the merits of gold as an asset though...


GS

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Re: Gold in Sterling Within £10 of Record High

#243922

Postby richfool » August 13th, 2019, 9:02 am

I like the idea of periodic updates on the price of Gold being posted here. Such updates are usually accompanied by related comments and views from other posters, or indeed stimulate such comments. Personally, I see Gold more as an asset class than an individual stock. Also this thread is on a separate Mining & metals board, thus those not interested don't need to look.

This morning Gold has reached 1516, having recently topped 1500. There was discussion on Bloomberg TV this morning suggesting that Gold could reach 1600 before the upside abates. Though the person being interviewed did point out that dollar strength would limit further upside.

I see that Fresnillo (Mexican silver and gold miner, - up 2.2% this morning) has been recommended as a "conviction buy", by Goldman Sachs.

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Re: Gold in Sterling Within £10 of Record High

#244342

Postby GoSeigen » August 14th, 2019, 7:33 pm

richfool wrote:I like the idea of periodic updates on the price of Gold being posted here.


Gold is now at $1529.

GS

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Re: Gold in Sterling Within £10 of Record High

#244344

Postby richfool » August 14th, 2019, 7:46 pm

GoSeigen wrote:
richfool wrote:I like the idea of periodic updates on the price of Gold being posted here.


Gold is now at $1529.

GS

Yes, it's going well. Whilst being tempted to take some profit off the table, I think I will stick with my holding (SGLN) until at least 31st October (Brexit day) and see what the situation is then.

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Re: Gold in Sterling Within £10 of Record High

#244345

Postby GoSeigen » August 14th, 2019, 7:48 pm

richfool wrote:
GoSeigen wrote:
richfool wrote:I like the idea of periodic updates on the price of Gold being posted here.


Gold is now at $1529.

GS

Yes, it's going well. Whilst being tempted to take some profit off the table, I think I will stick with my holding (SGLN) until at least 31st October (Brexit day) and see what the situation is then.


It just hit 1530. I've made another £15. That'll pay for a round of drinks.

GS

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Re: Gold in Sterling Within £10 of Record High

#244416

Postby youfoolishboy » August 15th, 2019, 7:37 am

I have been buying a gold proxy for some time, I don’t like buying physical gold no dividend only capital growth. I started buying last year as I began to believe the world economy was looking rather shaky. To me now we are heading into a worldwide recession Trump is not going to stop his America First policy even if the Chinese give in and sign a deal, which I believe is unlikely as they are now playing for time and a Democrat in the Whitehouse, as he will go about looking to change his stance with other trading nations, I suspect the EU are next in line. I don’t think Brexit is really the biggest issue out there just now driving the gold price. I have been selling down my portfolio, apart from fixed income, as well and I now have so much invested in gold that I have the price on my browser so I can follow it, https://goldprice.com/
My proxy is AAZ a gold miner in Azerbaijan. Very strong sensible management who are heavily invested in the company, loads of gold, just found a load more nearby and are proving it up they will need to upgrade production facilities to get it out mind you, production costs are low and the really good bit they pay a divi, not a recommendation DYOR.

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Re: Gold in Sterling Within £10 of Record High

#244498

Postby GoSeigen » August 15th, 2019, 12:12 pm

richfool wrote:
GoSeigen wrote:
richfool wrote:I like the idea of periodic updates on the price of Gold being posted here.


Gold is now at $1529.

GS


Yes, it's going well. Whilst being tempted to take some profit off the table, I think I will stick with my holding (SGLN) until at least 31st October (Brexit day) and see what the situation is then.


Back to $1529. I think someone is manipulating the price.


GS

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Re: Gold in Sterling Within £10 of Record High

#245388

Postby Tzvikmister » August 19th, 2019, 9:39 am

Well, we're about to hit the $1500 barrel soon...

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Re: Gold in Sterling Within £10 of Record High

#246301

Postby richfool » August 22nd, 2019, 1:44 pm

youfoolishboy wrote:I have been buying a gold proxy for some time, I don’t like buying physical gold no dividend only capital growth. I started buying last year as I began to believe the world economy was looking rather shaky. To me now we are heading into a worldwide recession Trump is not going to stop his America First policy even if the Chinese give in and sign a deal, which I believe is unlikely as they are now playing for time and a Democrat in the Whitehouse, as he will go about looking to change his stance with other trading nations, I suspect the EU are next in line. I don’t think Brexit is really the biggest issue out there just now driving the gold price. I have been selling down my portfolio, apart from fixed income, as well and I now have so much invested in gold that I have the price on my browser so I can follow it, https://goldprice.com/
My proxy is AAZ a gold miner in Azerbaijan. Very strong sensible management who are heavily invested in the company, loads of gold, just found a load more nearby and are proving it up they will need to upgrade production facilities to get it out mind you, production costs are low and the really good bit they pay a divi, not a recommendation DYOR.

Youfoolishboy, I have been following your AAZ and note it has popped up some 9% today. I'm not sure what caused it, as gold itself is little changed.

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Re: Gold in Sterling Within £10 of Record High

#246380

Postby youfoolishboy » August 22nd, 2019, 8:00 pm

Youfoolishboy, I have been following your AAZ and note it has popped up some 9% today. I'm not sure what caused it, as gold itself is little changed.

Last night a report from Bloomberg claimed the Azeri government were looking to buy the 49% of the JV they own with AAZ for the mines. Thy Azeri government had hired some consultants to get a price and investigate the purchase. The translation was a bit ropey. An RNS came out this morning confirming there had been chats with the Azeri government and others about various things. So bid speculation is rife and probably accurate.

Anglo Asian Mining PLC, the AIM listed gold, copper and silver producer focused in Azerbaijan, notes the recent press report regarding the Ministry of Economy of Azerbaijan engaging a consultant to advise on a possible transaction with R.V. Investment Group Services, LLC, a subsidiary of Anglo Asian whose principal asset is the Group's production sharing agreement with the Government of Azerbaijan dated 20 August 1997.

The Company notes that, while it has been in recent discussions with the Government of Azerbaijan and other parties in relation to potential transactions, such discussions are preliminary and no terms have been discussed or agreed. There can be no certainty that these discussions will result in any transactions. The Company further notes that it regularly has discussions with other parties regarding the development of the Group.


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