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Gold Futures (GC) main discussion

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  #21 (permalink)
Legendary Market Wizard
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Margin rates for Gold going up effective April 14th.
Initial (Maintenance) Margin increases from 9185 (8350) to 10065 (9150)

https://www.cmegroup.com/notices/clearing/2020/04/Chadv20-153.html

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  #22 (permalink)
Legendary Market Wizard
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And after last months 'Gold Delivery Rumors' we now have this...
Gold Market Update

Spot Month Position Limits to Increase for Gold Futures

Effective at the close of trading May 28, 2020 for the June 2020 contract month and beyond, spot month position limits will be increased for five gold futures and options contracts, going up from 3,000 to 6,000 futures contract equivalents.

In addition, the single and all-month accountability levels will be raised from 6,000 to 8,000 futures contract equivalents. Spot month limits and accountability levels in the April 2020 and May 2020 contract months will be unchanged. For the full text of this notice, please consult https://www.cmegroup.com/.
I couldn't easily find the full notice on the website though

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  #23 (permalink)
Legendary Market Wizard
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Pretty bullish leg up to near the high of the two-month trading range. It seems pretty tough to remain a gold bull after today's weak close. Seems likely there are sellers below the low of today, but it will be interesting if we get a rally over today's bar. The globexers made a brief go of it, but bears took over. Not sure why I'm posting, other than to dust off this ol' gold thread. ()

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  #24 (permalink)
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I've heard rumours of gold hitting $3000 in the next year. Apparently several nations banks do not have enough on hand to back requests for people wanting to take physical possession of their gold.
Be interesting to see what happens.
In the short-term I'm bullish. Thinking $1900 in the next 4 months.

Mark

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  #25 (permalink)
Legendary Market Wizard
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Fake Gold !!

https://asia.nikkei.com/Spotlight/Caixin/Mystery-of-2bn-of-loans-backed-by-fake-gold-in-China

More than a dozen Chinese financial institutions, mainly trust companies, loaned 20 billion yuan ($2.8 billion) over the past five years to Wuhan Kingold Jewelry Inc. with pure gold as collateral and insurance policies to cover any losses.

...

What could go wrong?

Well, plenty, as at least some of 83 tons of gold bars used as collateral turned out to be nothing but gilded copper.

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  #26 (permalink)
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SMCJB View Post
Fake Gold !!

https://asia.nikkei.com/Spotlight/Caixin/Mystery-of-2bn-of-loans-backed-by-fake-gold-in-China

More than a dozen Chinese financial institutions, mainly trust companies, loaned 20 billion yuan ($2.8 billion) over the past five years to Wuhan Kingold Jewelry Inc. with pure gold as collateral and insurance policies to cover any losses.

I feel like this story says more about the corrupt and fraud-ridden Chinese credit and banking system than it does about gold.

I often wonder if or when that massive Chinese debt pile will ever collapse. Reserves ain't what they used to be...

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  #27 (permalink)
Legendary Market Wizard
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Agree don't think it says anything about gold.

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