Thursday, January 26, 2012

Charts: Gold Surges. Happy Australia Day!


Following the FOMC statement last night Gold rallied around $50. This put the USD spot price above the downtrend line Gold has been trading under since the September 6th (2011) high of $1923. It also saw Gold rally strongly above the 50 Day Moving Average. The outlook looks bullish for Gold & Silver in 2012.

On New Years Eve I posted a set of charts suggesting that I thought Gold was in a buy zone, Silver had met support and that I expected the Gold to increase the pitch of it's ascent in 2012... so far, so good, here is an update of the charts (all are weekly):


AUD Gold Bounces out of the Buy Zone
 AUD Gold has only just started it's bounce out of the buy zone. In my opinion it still represents good value at current prices.
CLICK CHART TO ENLARGE

AUD Silver Meets Support
AUD Silver has bounced strongly off support, but for a sustained rally I think we need to see the price break through $37-38. The price may continue to consolidate in the symmetrical triangle pattern before breaking out later this year.
CLICK CHART TO ENLARGE

  USD Gold Ready to Increase Pitch Again
USD Gold has broken above the downtrend it's been trading in since September 2011 (see chart at start of thread). Gold looks set to increase in price strongly this year.
CLICK CHART TO ENLARGE


Have a great Australia Day!

BB.

 Buy bullion online - quickly, safely and at low prices

5 comments:

  1. I post 2 times here. and asked about the shipment, but you delete my posts. why is that? fine. indonesia is a big market. have you ever consider that?

    ReplyDelete
  2. Hi, sorry if your enquiry was genuine, my assumption was that it was not legitimate (I get quite a few spam/scam comments that I need to remove regularly).

    I am only a blogger, not a bullion dealer. If you are looking to purchase Gold and Silver to ship overseas then my advice would be to contact my site sponsor Bullion Money, you can do so by emailing: sales@bullionmoney.com.au

    I hope that this helps. Sorry for any misunderstanding.

    Thanks, BB.

    ReplyDelete
    Replies
    1. Dear Sir, I purchased some kruggerands as well as maples from Canada but got charged gst on the kruggerands because they are less than 999. I understood that if they are legal tender as the kruggerands are, no gst is payable? I would be grateful if you could shed some light on this peculiarity. Thank you in advance, Kevin

      Delete
    2. Hi Kevin, the Maples are GST free, but the Krugerrands will attract GST as they do not meet the purity requirement for investment grade bullion. Being legal tender in another country does not exclude them from GST (e.g. American Gold Eagles which are also 22k attract GST as well). I think the sticking point here is that any GST exemption for legal tender is only applicable to Australian legal tender. Cheers, BB.

      Delete
  3. Dear Sir,

    Thank you for your reply, I enjoy your blog and enjoy reading your articles and info.

    kind regards

    Kev

    ReplyDelete