Farage: “No they are not. We are now incredibly cynical about our government, about our central banks, about all of the things that we are told. They are sure signs, if people are queued up around the block to buy physical gold, that people are scared….
“They don’t believe what they are told. Exactly when the moment is I don’t know, but all I would say to people who have been building into a gold position over the course of the last few years, and doing it for all of the right reasons that King World News has advocated, don’t panic. Don’t worry. This is a buying opportunity, not the moment to panic.”
Nigel Moffatt, treasurer at the Perth Mint, talks about the demand outlook for gold. Shoppers in China lined up for gold this week, while in Hong Kong they rushed to buy bracelets and in India sought jewelry for weddings not set until December.
The guy in front of me bought over $1 million in gold. He paid in cash & walked out of the door with the (gold) bullion in a nike bag. Amazing.” I have every confidence that if you & I are on the phone few years from now we will look back &…
Aram Shishmanian, CEO, World Gold Council: “It has become increasingly clear over the course of the past week that the fall in the gold price was triggered by speculative traders operating in the futures markets. Their short-term view of generating a trading profit is in stark contrast to the views of long term investors in gold, as evidenced by the massive wave of physical gold buying that began over the weekend and accelerated following Monday’s further decline.
With the wild price swings being made in this market, it is hard to be too dogmatic, but the way this market is acting, based on the news of strong physical offtake down near the $1350 level, I am greatly tempted to say that a low is in.
But Keith had a decidedly different take on gold, saying, “I am buying gold and I intend to buy more if it goes down, and I hope I’m smart enough to do it for a long time to come.”
CLICK ON CHART TO ENLARGE
Massive outflows have taken place in the Gold & Silver complex over the past few weeks, causing large declines. Gold found its 23% Fibonacci level to be support for almost 18 months, once it gave way, selling ramped up. The decline has Gold hitting a support line, at its 38% Fibonacci level with momentum very oversold in the chart above.
Joe Friday says…..The set up in Gold would suggest that a counter trend rally could take place in Gold, due to this situation. This set up is more geared for shorter term traders at this time and one would want to have adequate stops below the key support points to protect oneself if the 38% level fails to hold.
10 Signs The Takedown Of Paper Gold Has Unleashed An Unprecedented Global Run On Physical Gold And Silver
An unprecedented global frenzy to buy physical gold & silver, All over the planet, people are recognizing that this is a unique opportunity to be able to acquire large amounts of gold & silver at a bargain price.