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Euro-Denominated Price Of Gold Hits Record
If you live in Europe, the price of gold just hit another record earlier today. Gold denominated in euros just hit €828/oz, a record price since the introduction of the euro currency. The change from the lows of late 1999, when gold was trading in the mid €200's is now 251%, or an annualized return of 12.54%, better than about 99% of all hedge fund returns in the past decade. For all other intents and purposes, gold is likely still a very, very horrible investment... And by "all other intents and purposes" we, of course, envision JPM's massive gold shorts which we hope are at least USD- and not EUR-denominated.
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Doing well in USD also, despite scare tactics of the last two days. Bershanke to Market: 'watch me pull another rabbit out of my hat to take down gold.'
Agreed, gold traders realized the IMF announcement/sale means the bottom is in (same thing happened with Britain sold their and the recent India purchase). Then Heli Ben gave the FIAT hustlers guys a big surprise and fried a few shorters (LOL). Gold blips down and now following (basically) the same upward climb as yesterday (see www.kitco.com/charts/livegold.html).
Gold is telegraphing this next leg up and predictions are for $1300, plus look at the RE and CRE chart/nightmare about to unfold that builds Q2, peaks beginning Q3 and slowly goes down yet stays up for the next few years.
Wake up... this is reality calling and the Fed is stuck, banksters are going to be fried, the FDIC JUST secured a HUGE new office in Chicago (or is it detroit, i think) just last week. Greece just put a GS'er in charge and...
Seriously, BAIL OUT NOW. Look around and see the reality of what has gone on and the future RE/CRE and debt that needs to be sold PLUS remember the past sold debt 'rollover' or being cashed in that also needs to be sold.
"And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale. " -- Thomas Jefferson wrote on May 28, 1816
PS: DO NOT EVEN THINK of going with an ETF, ALWAYS buy and hold PHYSCIAL gold. ETF may as well be just another electronic blip that Bernanke or Obama can just take away or like your 401k turn it into 'Patriot Feel Good Help The Sheeple Bonds'... or worse still, the law that now can FREEZE YOU OUT of money market funds.
RATM Wake Up...
http://www.youtube.com/watch?v=qy51yLLO7YY
I always find such quotes from Jefferson funny since he lived on borrowing and owed money all over the world.
(Not agreeing or disagreeing with your main points.)
if true, it could be argued that his quotes have gone from being theoretical to proven true... experience speaks...
fascinating fellow, mr. jefferson.
i wonder if he liked gold...?
As you know, during history there are many examples of irony.
Jefferson's finances are an illustrative story about the dangers of non-redeemable paper ticket currencies. You may want to check out "Principle & Interest" by Herbert Sloan.
The real reason he died in debt is far more interesting....
Jefferson's Father-in Law was one of the richest men in the Americas. When he died, Jefferson was made the executor of his father-in-law's estate. Meaning he was put in charge of discharging both the assets and liabilities of the estate. The assets were 30,000 pounds and the liabilities were 20,000 pounds owed to financiers in London. As is the case today, when someone agrees to be an executor of an estate, they are personally liable if the debts are not discharged with the proceeds from the asset sales.
Jefferson sold all the assets (land/slaves/etc) however, back in those days there were no "mortgages" and most financing was done as what we would today call, "Seller/Vendor Financing" where a buyer would issue a bond to the seller and the seller would slowly pay it off over time.
Then the Revolution came along.
Virginia issued it's own paper currency and made it legal tender. Inevitably, the currency became worthless, but Jefferson was forced by Virginia Law to accept it as payment on the bonds from the asset sales.
He was paid back with worthless pieces of paper.
Unfortunately, the creditors in London would accept only Gold and silver. He remained in debt until the day he died.
In fact the reason there exists The Library of Congress is because Jefferson was so in need of money, the Congress agreed to buy his immense library of books to help him out and this is what started The Library of Congress.
There was a reason the Founding Fathers found paper currency to be abhorrent.
It was real to them and fresh in their minds.
We ignore this at our peril.
Thank you for that piece of history. I was unaware that Jefferson felt the cruel lash of paper money so harshly. Shame, they even put it in the Constitution and it's openly ignored and violated.
Natch.
The study of history is a powerful antidote to contemporary arrogance. It is humbling to discover how many of our glib assumptions, which seem to us novel and plausible, have been tested before, not once but many times and in innumerable guises; and discovered to be, at great human cost, wholly false. --Paul Johnson
Alexander Hamilton was a squid
IMF and Fed made lots of remarks, which are noises. They are are non-event. People see through.
oh well that lasted about 3 hours....fail
Don't settle for envision, see! They're really not all that massive...
http://www.ecrater.com/product.php?pid=5991571
Jamie has been workin' on it.
Damn you.
My eyes!! Must...un-see...what...has been seen.
Yeah, but what if he goes long in his gold?
... that deuche bag is definitely "short" !!!
ROFLMAO
Geez best laugh I have had for a while ..
oh god. even after seeing the other comments, i clicked it. i knew i shouldn't have.
I just hit the bid for one unit at $26. I had to do it.
Made in the USA. We are going to export our way out of this!
http://www.ecrater.com/view-feedback.php?storeid=118418
Maybe, soon, this company's banner ads will start to appear here on Zero Hedge.
After you receive it, I think you need a new avatar.
Can I borrow a tungsten sock first?
I didn't know a unit was for sale. Cheap.
Cheap? He says it is comparable to doing it with Rosa Parks & Gandhi! Priceless!!
http://laist.com/2010/02/02/oc_man_becomes_nevadas_1st_male_pro.php
While it's unclear how far away we are from the end of the gold bull market in terms of time, we are certainly far away in terms of price and sentiment. The gold bull market will end in a supervolcano of price increases. It will suck every last man in. It will be insane. We have seen nothing so far but a very orderly 10 year advance. A kind of annuity like accrual of price.
They will stop shorting once the top pops, which I think was a week ago? Anyway, gold bitches and silver snitches!
word!
must be becasue there are no buyers for the barbarous relic...
http://www.ft.com/cms/s/0/e87b7b4c-1cb8-11df-8d8e-00144feab49a.html
HOW can gold beat 99% of hedge funds?
It's just a f%$@ing lump of shiny metal!!???
What does that say about the collective intelligence of hedge fund managers?!
Beat by something with 0 IQ? An inert lump of molecules?
Any man is at a disadvantage towards a commodity that banks use to start their ponzi schemes.
We can devalue faster then you , no you can't ,yes we can ,no we can't
Oh shit
Its a strange feeling to rejoice in the demise of your currency - such is life for a Euro Gold Bitch.
Euro Gold Bitches are so classy! They have a certain Euro Gold Bitch Chic! ;-)
Yes. However, I'll be happy to see some dollar destruction over here so we can get new highs in dollar terms as well...
Yes well we only partake in the vulgar Gold business when all other methods of exploitation gain no return.
and we never never mention the barbaric metal in polite conversation.
and we never never mention the barbaric metal in polite conversation.
That's ok, my friend. No one has ever accused me of being too polite. Mention away...
Dork like Philharmonics , my precious .
yeah, i had a couple out of those plus some old liberty pre 1930 type pieces and was showing them to a couple friends last week and they were all "oooh" and "ahhh". Even though neither of them have ever owned gold or thought about it before, their lizard brain kicked in and went "Gold! I want some". Both of them have now bought an eagle or two and want more. Two new converts...
We in Europe never introduce our lessers to real money.
LOL
Gold receives interest as long as central banks have a inflation target of 2% yoy. gold does not move! all fiatmoney is loosing purchasing power with QE over time. you have to give more paper away to collect 1 oz of gold. $,£,¥.€ all are doomed. who thinks that gold is worth 1100. $ is dead wrong! gold shold be the reference and all other crncy floating around like the planets move around the sun! last thing gold pays interest as long as inflation is the primary target. what is the price of gold in usd in 10 years with 2% inflation year over year without bullionbanks manipulating it. 1100 x 1.02*10 i guess?!
"Gold receives interest as long as central banks have a inflation target of 2% yoy. gold does not move! all fiatmoney is loosing purchasing power with QE over time. you have to give more paper away to collect 1 oz of gold."
A profound observation !
jesus, one would rather watch cnbc curling than this market the last couple of days.
anyone: over/under on fridays bank failures (given that last friday's were called on account of weather)?
Won't be watching quantity. Will be watching
for the odd-man-out. The bank (probably size)
that doesn't fit in with the previous couple
dozens. Something to explain the after hours
discount rate hike.
one would rather watch cnbc curling than this market the last couple of days.
Wow.
There were 4 failures, total cost of a little over a billion. major portion of that was the 4th one posted, La Jolla Bank in sunny CA, at 800-some million.
GOLD BITCHES!
Even in the paper infested Gold market of today, the real thing pokes its head out sometimes.
gold FTW
GOLD BITCHES ...gives this site a distinctly adolescent flavor.
keeps out the riff raff.
yeah, from the same "adolescents" who call the markets and such. we are just having some fun. do you have to criticize our play? get over yourself.
Many people (still) believe:
-evil spirits possess people
-the pope is god's man on earth
-royalty has divine blood
-billionaire's are smart
-comets are dirty snowballs
-life is fair
-plastic boobs look great
-doritos are food
-gold is money
-in yesterday
Grandma told me that life is real...still pondering that statement.
40muleteam borax
golly, i guess all those people just don't know about how great paper is.
gold should never be an investment but to the extent that it is viewed that way is the extent to which the financial world is teetering - it is a sign of pathology.....
on the other hand, gold is in severe and permanent backwardation. the paper price of gold is meaningless....the gold evaporation on lbma is breath taking....folks are being fooled because folks is sheep...and sheep ain't too smart....
Pay No Attention To The Barbarous Relic Behind The Curtain !
Immigrants from the Weimar left town not with gold or silver but with diamonds and precious stones. You can carry more of your wealth this way and not look like you have a load in your pants. Never seen the price of a fine sapphire go down...diamonds and emeralds yes. Looking for a good, safe investment ????
If I ever amass so much gold that I cannot carry it then I will consider myself a very lucky man.
+1
i recommend astatine... only 75mg gets you full Earth supply of it. Compact and easy to carry...
I know Astatine is your favorite punchline here, but have you considered it might be more effective if you didn't pick the only element that actually has a SHORTER halflife than FRN's?
i stand corrected. I pick francium next time...
ETA:
Never mind.
Gold has not increased in value by 251%. The Euro has lost 251% of its purchasing power! There is no spoon...Gold Bitches!
By the way, for those wishing to check the price of physical gold in Europe I recommend the following site. They list all the real-time prices of bars and the most common coins.
http://www.gold4ex.be
I've both traded COMEX gold futures and also accepted delivery on COMEX gold futures. COMEX doesn't divulge position holders' names, so how would this Blogger or idiots at GATA or fraudster Ted Butler have certified JPM to hold "massive gold shorts"? Also, evidently this Blogger is incognizant of JPM as the largest custodian for FCMs, including my own; so even if JPM hold "massive gold shorts", its net position could not be certified.
What's in a name? A rose by any other name ....
thats a voice of reason... you get junked. JPM also my custodian, and i am short futures against long inventory (NET FLAT!). However by CFTC rules i required to report my position as commercial account, while i imagine JPM prop position (if such existed) will be reported as non-commercial. So, if JPM shows big gold shorts as commercial, it can be case that small dealers (that don't need to do FCM) have short against inventory. You next door coin dealer will be good example. He might have 2 contract shorts against 200 oz of inventory he holds, and he will be reported as JPM commercial short with CFTC,
The gold crowd gets junked. jealous much?
What's in your pocket? Years ago I spoke to the daughter of the South Vietnamese general who attempted to defend Saigon in April of 1975 [his men tore off their uniforms and ran off, seeing that happen, he did likewise but was later captured by the North Vietnamese]. Her family escaped Vietnam because her grandmother had some gold coins - seems that the people piloting the boats that people escaped on would only accept gold, they laughed at the paper stuff...
Yes but where do we escape to this time ?
the moon
those dudes in the space station might be getting some extra company soon...
Your President has just decided that the present manned lunar programme is not worth the effort - I knew there was a ulterior motive to his vandalism.
anti gold folks .. buy paper stocks , .. land , guns .. booze
gold people buy gold silver ,land , guns booze
Try moving near an Amish community, they often have an agricultural surplus and will readily accept gold and silver - bartering, you will be going full circle. They realize they may as well get something for the surplus when the alternative is the compost heap. Of course the operative words here are "surplus goods".
Cool. Now we're on a teeter-tawter where gold cycles from hitting new highs in Euros or in Dollars, depending on which currency is declining against the other.
Great strategy that never fails. Buy now because even though the price has already had a big run up, it's going much higher!
I just buy gold & silver bullion.
Now people calm down. We're ok.
No we're ok.
We're doing fine.
We're doing fine then.
We're all allright. We're all allright.
We're fine.
Ok.
It's ok, we're doing fine.
-MobBarley
ps. thanks Tyler for the simple information-byte about percentage up since 2003. Makes it easy to understand for even the layperson.
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