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And You Were Worried About Gold...
All it took was for Chairman Ben to open his mouth. The rest is "lift every offer" history.
And in other troubling news for the Chairman, Senator Jeff Markley (D-OR), who is on the Senate Banking Committee, joins those on the fence regarding Bernanke's renomination: "I am still wrestling with that appointment." Judging by his muted endorsement of Ben, we assume the senator is not long gold just yet.
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Go long all asset classes (except the dollar, of course). Banana Ben won't fail you.
Further proof that anyone in any market right now is at the whim of one person. You could run but you can't hide. How does it feel Mr Bernokio? All that powwwwwwwwwwwwwwerrrrrrrrrrrrrrrrrrrr. Oh your parents would be so proud of you.
The only people "worried about Gold" are ensconced in the Eccles Building on Constitution Ave and at 270 Park Ave.
And their worries are not like our worries.
The thought of the dollar index climbing for two straight days was too much for the Chairman to bear. Action was taken, and the desired result achieved.
My Wharton School degree affords me the following sage remark:
"Ain't no fever like GOLD fever..."
Dough...I was hoping to get more at $1050.
You and about 1 Billion others. China has said that they're going to be buying on the dips. That's what I suspect happened today. Bernake's comments just added to the demand, I suspect.
One has to wonder if the U.S. has been selling gold, and whether his statements are intended to keep getting a higher price.
Douchinger is probably having a coronary
I very seriously doubt it, honey.
well I would have said aneurysm, HONEY, but he lacks a brain
BTW--it was not me that "junked" you, okay, but darling, you have to move on with your life. So KD kicked you off his forum. He kicks lots of people off it. Its not the end of the world.
We all may have different theories, about how to get from here to there, but our goals of exposing the beast, earning lots of money (in any form), and hot sex, are the same, right?!?
Besides talking about some dude who is not here to defend himself is kinda not sexy, and its a bit anti Fight Club, IMO.
denninger, is schizo, one of him is right on target, but the other one has some prior behavioral conditioning problems. still I read him every day. hell I have some prior conditoining problems, but hey no one is perfect, thats what makes life interesting. and ditto on the hot sex.
The Midas Touch - Chopper Ben opens his pie hole and AU goes vertical. Awesome.
Was hoping for some more buy-in at $1060, though. Oh well.
The Midas Touch - Soon we'll all be dead
Wow, markets just hanging out on a cool Monday in December and BAM, the bearded one opens his mouth.
It will be funny if after the dust settles the dollar rises.
Faber is polishing his gold shotgun.
See, all these people out there worried about where to hide their bullion, meanwhile you've hit upon the perfect solution: melt it down, separate out the tungsten, and mold directly into a shotgun. What better way to protect your stash than with the stash itself!
But keep the tungsten; you'll need something to use for bird shot besides gold. Trust me on this.
ok, THAT was funny! Made me swallow my beer wrong!
Gold is looking a little frothy judging from the volatility. Time to sidestep the show and wait for prices to come in some more. Sadly, gold is trading as a risk asset now, like stocks, and foreign currencies (except the Yen). So if something else goes bust gold will crater too, for a while.
I'm going to agree with you there (and with myself) and say that I expect a pull back, but perhaps not deep and perhaps not for long. I don't think the drop over the last few days is the one I am thinking about come new year or thereabouts. I'm hoping to pick up gold at that time. Til then, it's silver.
Yup, got me a coin or two Saturday...Ag...priced for us pwts of the world...:)
Damnit! Ben sure does know how to ruin a good thing! Thanks Ben for a second there I was thinking might get a breather on gold price and maybe a further dollar rally. I swear to God Ben must have been the King of Buzz Kills in college. He needs to learn to shut his damn mouth. Doesn't he know the market gets horrified every time he opens his trap?
In a criminal trial, the defendant's testimony rarely helps his case.
All according to plan.
Let's if SPY can close (up) with volume < 100M...
no, you are
Don't forget your favorite CouGaR.
What...
cougar
It took all of Hank Paulson's skills, powers, and unholy connections to crash the commodities complex back in 2008. To say that Timmy Geithner and Ben Bernanke ain't Hank Paulson is the understatement of the year.
Breaking
Government declares CO2 a dangerous substance - the sad thing is that there is probaly a large number of the population that think CO2 comes out of exhaust pipes as opposed to every breath you exhale
http://www.epa.gov/
Back in the mid-80s, in elementary school, we did a play on the American Revolution where one of the characters said, "Pretty soon they're going to be charging us a tax on the air we breathe just to pay for the King's underwear!"
I always thought that line was supposed to be a joke, not future government policy.
+1000
I bet most people don't know that if you inhale it in sufficient concentrations, you will die! Prolonged exposure to sufficiently concentrated CO2 leads to *certain* death.
Ban ALL of it, I say
Most of the people also do not know that CO2 is required component in the regulation of the breathing process. Without it, you will die!
From wiki:
Carbon dioxide is one of the mediators of local autoregulation of blood supply. If its levels are high, the capillaries expand to allow a greater blood flow to that tissue, thus, increase oxygen supply. If its levels are below healthy levels, it leads to narrowing the blood vessels, thus, less oxygen and the person starts to suffocate. It seems to be a matter of balance.
http://en.wikipedia.org/wiki/Hyperventilation_syndrome
CO2 is plant food.
If you eliminate CO2 plants will die.
Then you have an oxygen problem....
Dihydrogen monoxide is the real danger out there. The silent killer.
See www.dhmo.org
You beat me to the punch. I was just getting ready to invoke the dihydrogen monoxide argument.
Dihydrogen monoxide is responsible for the deaths of more people than any other widely available household chemical but yet the authorities do nothing about it. Look it up. Why can't our Congress pass some useful regulation to protect us from this dangerous substance !
Especially when C2H5OH is added
ethanol? Too dangerous to mess with. Lucky that stuff is illegal...
Two words:
Carbon neutral.
Go get a degree in something useful.
cougar
I saw Obama's head of the EPA on the Daily Show and she said that they weren't going to regulate your exhaling breath...yet (to chuckles, nervous laughter). They might as well regulate water and call it a dangerous substance. This administration is losing credibility, it's dangerous to lie to the american public, just tell us the truth about peak cheap oil, mercury pollution, and our foreign war policy position to defend oil imports. Do not sacrifice any sovereignty over fake global warming and enrich oligarch bankers.
I think the reference to the Police song "Every Breath You Take" is apt for the coming Police state:
Every breath you take and every move you make
Every bond you break
Every step you take, I'll be watching you
Every single day and every word you say
Every game you play
Every night you stay, I'll be watching you
Oh can't you see you belong to me?
Your breath generates CO2, your freedom of movement generates CO2, CO2 is generated by the breaking of molecular bonds. The police state wants to track it all, they'll be watching you and they want to own you.
as a musician I normally think when people use lyrics to illustrate a point it comes off as lame.
But your little upshot with the Police got me. good one.
IMO it is a backtest of the wedge. Further weakness to come so say the daily and weekly indicators. I'm not jumping in just yet and will hold out for more weakness. Then I will continue to DCA in on the dips. Possible it double tops and sets a nice divergence to match the markets. On the other hand, it could just run to 5,000. WTF knows?
Heard of stuck on stupid? Uncle Ben is stuck on 1930's, now how about today?
Oh Ben, King of nostalgia and the black/bear market
http://www.youtube.com/watch?v=tsaFjefpjJM
Conflict of interest - "I'm still chewing on it!" Spoken by one of the crowd that is finding it difficult to swallow! Lost a genuine discussion? That does not happen on the floor of the house! If there was a genuine discussion - then constructive things would be accomplished. All those words come tumbling out of his mouth - and nothing said!
Don't cry for me America...
Evita Bernanke
Ummmm.....I think it was you that is worried about Gold, hence the thread title.
Who the f is analyzing gold via technical indicators when the market jumps on BBs comments first and foremost. What does the graph tell you he's gonna say next?! shut up with the technical analysis of gold.
+1000. Exactly.
Although to a large extent the same could be said of equity markets, which move on policy more than metrics.
"I do believe we're going to get back all the money, and indeed we'll be showing for the taxpayers fairly significant extra income."
Nobody asked him about the Tich bankruptcy,and how much tax payers are going to make on that one?. Or may be he means the spy that they bought at the market dip and are selling now to offset the losses form the cmbs they are buying?
GOLD IS NOT GOING UP -PAPER MONEY IS GOING DOWN
What we are seeing currently is the total annihilation of paper money whether it is Dollars, Pounds or Euros etc. The chart below shows the US dollar against gold. In the last 10 years the dollar has declined by 79% against gold. Most currencies have declined by similar percentages. So it is an illusion to believe that gold is going up when it is the value of paper money that is going down. All gold is doing is to reflect the virtually limitless printing of paper currencies. Since gold can’t be printed, it is the only honest currency that exists. This is why many governments don’t like gold increasing in value against their paper money since it exposes their total incompetence in running their country’s economy
http://tinyurl.com/ybaekwa
You just can't keep a good metal down.
GOLD BITCHES!!!
I am Chumbawamba.
http://www.bloomberg.com/apps/news?pid=20601087&sid=axdpxBrQ9JTg&pos=3
“You give up a lot of return for the privilege of sleeping well at night,” said James Paulsen, who oversees about $375 billion as chief investment strategist at Wells Capital Management in Minneapolis. “If the world falls into an abyss, gold could be a store of value. There is some merit in that, but you can end up holding too much gold waiting for the world to end. From my experience, the world has not ended yet.”
"Gold, bitches" said Pat Paulsen, on a campaign stop this afternoon.
"From my experience, the world has not ended yet."
Did someone really say that? Do people even think about what they are saying before they say it? Or did he really mean to say "I have no direct experience in the matter so I wouldn't know if the world had ended."
And as a practical matter, the world might have "ended" last night at midnight and unless you were paying attention you might not notice until a morning sometime in the year 2011.
Because even an airplane with it's wings fallen off can "fly" until it hits the ground. Though by most definitions your "flight" was ended a good while before that. And that would more or less be the point of these discussions on when or if the world ended.
cougar
I really enjoy your posts Cougar.
While I enjoy them, Tom Jones really has a thing for you:
What's new pussycat? Woah, Woah
What's new pussycat? Woah, Woah
Pussycat, Pussycat
I've got flowers
And lots of hours
To spend with you.
So go and powder your cute little pussycat nose!
Pussycat, Pussycat
I love you
Yes, I do!
You and your pussycat nose!
What's new pussycat? Woah, Woah
What's new pussycat? Woah, Woah
Pussycat, Pussycat
You're so thrilling
And I'm so willing
To care for you.
I sing this to my cat all the time!
Now does the cat like it? That is another matter...
Often, when I approach my cat, he goes away. When I sit and try to type, he might get in my lap, rub his face all over mine, (or the dreaded sand paper lick, good God, try that at 4:00 am) and stay for an hour or so. They do seem to want things on their own terms, yes?
;-)
Can I ask someone's thoughts on how far gold may correct? I am thinking it could correct down to $1040? I believe this is where resistance is. I will likely buy the real stuff anywhere under $1090. Not sure about getting back into the gold mining stocks.....if the equities market goes south (which it is long overdue for) - I think it will take everything down with it again? I will not miss the oil band wagon again if it hits 40-50$
Can I ask someone's thoughts on how far gold may correct? I am thinking it could correct down to $1040? I believe this is where resistance is. I will likely buy the real stuff anywhere under $1090. Not sure about getting back into the gold mining stocks.....if the equities market goes south (which it is long overdue for) - I think it will take everything down with it again? I will not miss the oil band wagon again if it hits 40-50$
Will it ever go back below $1100? I give the odds of that happening this year of less than 10%, and maybe 25% next year.
I wrote some articles for 321gold.com about the precious metals bull market four years ago, but the outlook for gold and silver hasn't changed much. That is - they are in a major bull market. While the possibility of a 20% to 30% correction from the highs exists next year, those highs might be from $1500 gold or even higher.
In the short term, the US government will reach its statutory debt limit before the end of the year. Does that sound bullish for the US dollar or bearish for gold to you?
Imo, gold will correct to $763 range.
I'm watching it correct somewhat right now. Isn't it great!
That's awfully precise, Chuck. Can you give us some technical (or touchy-feely) reasons you have chosen this number? Also, how about some time frames so we can run out and trade on your insights? Thank you in advance.
Does 763 come before or after potato?
I can count to potato!!!
http://roflrazzi.files.wordpress.com/2008/11/celebrity-pictures-heidi-mo...
He-he-he-he-hee! Ha-ha-ha-ha-hah! Gold is on its way back up Monday night!
Divergence!
Even the low prices are way above spot.
http://www.goldprice.org/ebay-gold-prices/
For the low volume buyer/seller eBay is a real market maker. I've bought and sold PMs on eBay since 1998. The prices are for real. When selling I start all gold and silver coinage at 1 cent with no reserves. The activity is like throwing blood in the water. Final values are always at or above my expectations. I've long stopped selling one-on-one personal lots for the usual 5% over spot. That markup may be history.
Rocky and Ms, I have watched the 24hgold.com and ebay PM partnership for some months now. The typical (buying) premium for 1 oz. Eagles is usually in the 9% - 13% range. I get a bit better buying at the 2 coin shops I visit (but I use gasoline to drive there...), perhaps a 7% premium.
SELLING gold Eagles I have never done! Hope I never do... I'll give them to my kid, or better yet my grandchildren (when they come)!
I also buy platinum and silver as well, but both sell at higher premiums. Still, I want diversification in my PMs. Typically, I buy small amounts of PMs when I get an extra coupla' o' grand or so. If you keep buying physical, through time, you can build up a decent amount of saved wealth in less time than you might think.
Good luck to us all!
silver is the ticket. in 1942, there was 20 times more silver, than gold. now there is 20 times more gold than silver. silver volume, is always referenced in ounces, while tons of gold are exchanged. comex is having trouble delivering physical silver too. the market is tiny, and when you can't get any, you know what happens to the price. manufacturers, who use silver, will respond to rising prices, by stockpiling extra inventory. a very small portion of world production gets to the open market.
+1000
You sir, are correct. Since neither gold nor silver are really money (try to pay your margin calls in gold), silver is the clear winner as it is somewhat hoarded but cannot be dumped back onto the market since it has uses.