[quote=cyruskulei]For those of us who dont have live nse stream can us this link:
https://www.nse.co.ke/nse-25-index.html[/quote]

Thank you. For a while now, was only left with ft.com

It appears New lows are being broken by this covid.

GOLD is completing wave (Y) of [2] below the all time high of 1919. The next move in Gold will be a drop to levels below 1000.

The futures price of gold may retrace back to 1450 USD/oz or at the very worst its prior 6 year resistance of 1350 USD but 1000 is highly unlikely especially considering the trillions of currency the developed world central banks are printing up.Notice I said the futures price of gold as commodity prices are determined in the futures markets and as we clearly saw last Monday with WTI oil price when it collapsed to MINUS 40 USD,futures prices do not reflect the reality of physical commodity prices.Would a producer sell in the real world oil at -40 USD?Of course not but then again Monday saw a ridiculous situation where traders and those who store oil were willing to pay buyers 40 USD to take their futures contracts and physical oil away from them.The futures markets is simply a gambling casino of Wall Street and Chicago Commodity Exchange (COMEX) traders who can manipulate prices to ludicrous levels like the -40 WTI price.

Right now as the futures price of gold trades at around 1720 USD,its almost impossible to buy physical gold at this price and physical is selling at premiums of 1900 USD and above ie if you can even get it.Smart investors,fearing the consequences of central banks money printing,have gobbled up the above ground stockpiles in a buying frenzy over the last few weeks resulting in shortage of physical especially in the retail space.Bullion dealers and mints have been cleaned out by the buying avalanche.To make things worse,most gold mines and mints have been closed down in fear of having Covid-19 break out in the areas further constraining supply.Also,the physical gold supply chains are affected by Covid-19 movement restrictions thus the Comex price of gold is just a paper price with no bearing on reality of the physical market.

Well who knows the futures gold price may hit 1000 or possibly even negative like we saw on oil but the physical market wont drop to those depressed prices.

The contracts are priced with respect to delivery dates. There are different contracts in oil based on where they are sold. The price of the commodity is not separate from what you call futures. the particular oil contract that went into negative territory was expiring on March 21st(I think). The price reflected reality.

As always people like to project trends linearly into the future which is what is happening with Gold right now. Everybody assumes that because it has been rising then it will continue to rise ad infinitum. People are now even quoting what central bankers are ready to do with respect to stimulus packages. Well, just know that the central bank does not control the market. It reacts to the market.

For a little bit of perspective read this report for what happened in 2012 when a similar extreme sentiment in Gold resulted in Gold plummeting:

link