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Gold In Euros Breaks Out, As Inedible Metal Hits All Time Highs In Europe
With all the debate over which European country will default first, many are reminded that precious yellow metals, especially in physical form (and perhaps due to their inedibility), never default. This morning Europeans once again are reminded that the best performing asset in 2010, on an absolute and relative basis, continues to be gold, as EUR-denominated gold passes its all time high yet again. Luckily some of them have taken our advice over the past 2 years to move away from paper assets and into something tangible. For everyone else, may we suggest some ketchup with that semi-illegal €500 euro bill. Next up: look for a run at all European precious metal retailers and distributors just like in May and June, and more positive pricing feedback loops now that a defeated Blythe Masters is expecting her pink slip to arrive any minute.
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and for everything else, there's Mastercard.
LOL! And that chart has a peak because ... maybe ... the EUR is dropping like a stone against the dollar?
You've been very quiet lately about gold measured in the currency it's getting sold in: US dollars - maybe because there's it's not at a top at all, it's 3% off its recent high.
You also never posted a GLD/AUD or GLD/CHF chart, for obvious reasons :-)
Lets start a competition about what the next pro-gold chart on ZH will be:
Will ZH ever report about a drop in gold prices? :-)
Inquiring minds want to know.
Euro down, Dollar and Gold up is the story of the day. So thats how its reported. You sir, strike me as a provocative character, looking for a fight. Are you drunk this early in the day ? Say it ain't so...
So you think because USDs are used to acquire AU, then that's all that matters to everybody in the world?
It's obviously newsworthy - I just commented on the rather one-sided reporting about gold on ZH :-)
Perhaps TD has decided to find a niche on economic reporting that is counter to mainstream media (e.g. truth telling)?
After a few years of gold is a bubble reporting in the MSM Tyler's work sure seems a lot more accurate. Wouldn't you agree? I imagine you wouldn't as you seem to be mysteriously one note in criticism of TD and ZH.
Good point. Currently travelling, no access to internet this morning and looked for two hours on over 100 TV channels to find a gold or silver quote and found only one mention of gold ... on BBC ... when they did a piece of African children being poisened by lead seeking gold in the soil. And BBC didnt run their Currencies ticker more than once in a hour, if that. Fuck the media whores.
Don't worry, no one-sided reporting here.
When California and Illinois is going bankrupt and China is dumping dollars to revalue the RMB to control inflation, ZeroHedge will be reporting the gold price in dollars too.
it's the long-term charts that are one-sided: only one major asset class is in such a clean bull market.
more, very strange comments, obviously you did not like gold at 500+ either. Long way to go. So, you would rather own AMZN, PCLN CMG or NFLX instead of gold and silver. Have a good time, and lets see who is makes it to the finish line.
Can you not walk into Euro banks and pay for gold with euros? The evidence suggests you can.
How about the price of gold in relation to your penis size. Somebody call Guiness. Looks like a world record price is about to be set!
MCT.... You must of missed some important charts:
Gold Is the World’s Premier Currency, According To The Markets (Saturday, November 27, 2010)
"Key points of the following trends:
(1) The fiat price of gold is rising in all global currencies"
http://edegrootinsights.blogspot.com/2010/11/gold-is-worlds-premier-currency_27.html
these people are brainwashed. Jonestown, waco?
No, no, no, no, no. You have it all backwards.
Everything else should be measured in terms of gold.
Sheesh... how obvious can you get.
she had a good run while it lasted...yeah well, she will say - so long gold bugs...
I hope the pink slip is framed in black. Also, a question;
I know gold is not edible but I'm wondering if Chinese made flat screen TVs are, since all of the tramplings to acquire them last Friday? Just curious. Always looking to augment the food pantry.
Chunghua and AU Optronics make 32" and smaller screens for all the big Japanese and Korean names. If you want a Sharp panel made at a Sharp plant, you gotta go with the 55" and 60". The SOTA pixel technology gets transferred to the Chinese foundries after a year or two.
Short answer, if you bought a smaller/720p flat-screen, you probably helped the Chinese.
Interesting info. Thanks.
I will just assume the following:
32" and less have more MSG
35" and above taste either like Kimchi or old fish.
It's entirely possible the cut-off is 37", as some of that equipment may have moved to China already.
I was dumbfounded after viewing some of the videos on youtube of some poor saps getting next to crushed whilst being overrun by the 300 lb Joyce or Fred, in search of a sub par quality 20" flat screen. WTF is this county coming to? Surely this is a preview of scenes at the grocery store if something bad comes this way. There will be bloodshed.
I agree very disturbing but regardless of society there will always be some whose priorities are less than optimal.
I could have more sympathy if those being trampled were in a food stampede.
...or lined up at the coin store to buy some Silver Eagles.
...it kind of reminded me of wall street as it crashed on black tuesday, the great crash, or the crash of 1929, as many desperate individuals made a stampede through a small little door in search of a dream that was evaporating away with each passing breath...but, there are no pictures of that. we are left to assume that civil society existed then, and does not now?...how civil they were to jump from windows and crush the innocent below...and i also notice that over this span of time the names have remained the same...black tuesday to black friday, oh how the poetry of time and chaos does entertain the dull days of a nation in despair.
I bet when the time comes we will observe a marked difference in the level of civility amonst those in the vegetables sections from those in areas dedicated to pre-packaged and prepared meals.
I just have a feeling
'Inedible metal hits all-time highs' - lol, what a great headline. NYT or WSJ should use that one.
Heh, so I wasn't the only one who got a chuckle out of that.
Yeah ZH has the best headlines. A mix of truth and humour.
I am considering smuggling gold/silver from overseas, no tax and lower price, any1 wanna participate ?
Travel to Switzerland, buy your gold, rent a freezing compartment, put your gold in there, lock it and fly back to the US.
I thought the goal was to get all of your PMs out of the US safely for the coming financial apocalypse.
From where to where?
FederalExpress accepts shipments of gold bullion, so maybe you need not be so clandestine.
The preliminary open interest report on Comex gold and silver was an utter disappointment. Most of the longs were liquidated. The rumoured gold and silver short squeeze apparently won't happen this coming December. :(
yeah well - c'est la vie...nothing new under the sun...the Big Banks remain BIG
Silver futures looking a little lively right now
It's time to play Name That Weasal!
Who said in March 2009:
Falling central bank sales "might put a floor of some kind under gold, near $500 or so."
A. Mark Hulbert
B. Me
C. Peter Cohan
D. The Ben Bernank
E. Robotrader
YOU DID, you lying scumbag weasel. And where the hell are the PM's I stored with your company in unallocated storage?
he he, we have them in a safe and undisclosed location for your security of course
Bullion banks win every time.
Specs were flushed, while JPM and GS went long.
The rich get richer.
The little guy is crushed once again.
Feh, you think YOU'RE the little guy, with your dumb assed short positions on gold?
This little guy has considerably more purchasing power than he did yesterday.
If Robo and I had done our job right, you little guy would have no gold at all....well we did what we could you know
yes the big banks get richer because the little guy ALWAYS falls pray to now greedy now fearful now greedy now fearful and so on...! This PMs Mania will end badly for the little guy, of course!
Tell that to everyone who ever converted all their fiat paper into gold in every single case of fiat money in history.
In every single case throughout history, fiat money goes to zero value, gold/silver/resources go to infinite value (in that money), and those who held those real, physical goods were the ones who survived, and sometimes prospered for being real.
However, in just about every other situation, the little guy does get shafted. And those holders of gold and silver who do not hide it from government might get shafted too. Hopefully they have enough warning this time after the theft of 1933.
JPM went long?
Are you seriously suggesting that JPM no longer has a short position in PMs the size of a fucking planet? Really? What happened to it? Why did nobody update the COT reports?
Yeah, I don't believe that either.
However, I have been saying for a month or two that JPM could get richer than hell oh so easily right now. All they need do is buy 2x silver long futures, then immediately liquidate their current 1x silver short futures.
Because their position is so astronomical, both events would rocket the price of silver out of the solar system. And since they then hold massively leveraged long positions, they'd clean up like crazy!
Of course, Bernanke might have them killed, since obviously the federal reserve is covering their losses to help prop up the apparent, but totally fictional "value" of the dollar.
RT, state your current position. Not size, just names. Let's keep track.
U.S. Dollar screaming higher again.
Ben Bernank is free to print trillions with no consequences whatsoever.
And high end retail stocks no doubt will be surging again to new records again.
And the Peak Oilers will once again be scratching their heads.
"no consequence whatever" in your dreams.
One day price action? Leave fundamentals out of it if you are going to examine one day price action. It makes your argument look weak. I love your pics you post so I give you a little more leeway over a standard troll.
One more nip-slip and his privileges will be revoked.
I automatically junk EVERY puerile and flippant post by Robotdipshit just as a matter of course now. He/she is really nothing but a troll at this point.
Great call TD,
Pm's Decoupling.. chk!
Eu contagion..chk!
Muni contagion..chk!
Nas Commercials record short position ... chk!
Hat tip TD.
DorkofCork called it. Nice job. Little solace for you I imagine.
The Mother Of ALL TOPS is upon U(S)! IN virtually EVERY Asset Class!
that would be the case in a healthy economic environment.
NOT in a economy where every prints the money they need and spend a decade ago.
Tell that to central banksters who believe ejecting infinite streams of fiat out their helicopter windows, and who believe hyperinflation is the cure for all diseases.
Tell that to Zimbabwe.
No wonder, yesterday I ordered with the rest of my cash 90% in silver deliveries now that I'm convinced that the Euro is over and out.
And a lot of people I know are also starting to think to do the same.
So this rally is just starting.
Even my father who is 72 now believes me that the Euro is going to end.
He didn't and won't buy silver or gold. He actually decided to book a 2 month cruise and spend some :)
so that is also a very good and wise way to go against the euro crash. Spend it when it still has value.
Buying physical silver with a JP Morgan Chase credit card... priceless :)
For the irony maybe, but for charging anything, no way,unless you pay at end of month in full.
Then what have you proven, or accomplished?.
If you really want to rub it in,max it out, and walk the Card(LOL).
NOW that would get their attention.
That sounds exactly like justice to me.
My FRNs are still edible, right????
With the right salad dressing. I recommend bleu cheese.
Shred fine with a side of anchovies.
Good God man, that's no way to treat an anchovy!
Why do I always feel Tyler is directing the comment to me when he says "inedible metal"???I still say Gold is overvalued, but have your fun guys.
Thanks, Ted! Based on your detailed analysis I'm going to sell all my gold and silver.
What do you recommend as a replacement asset?
>> Gold is overvalued, but have your fun guys.
Junked for cluelessness. But have fun with that opinion.
What I love about you Goldbugs is you always take it as some kind of personal affront if someone tells you Gold is overvalued. Hey, if you can make money off it, I'm happy for you, but if you look at it's performance over the last say 100 years---it's not too impressive. In fact there is no real dependable measure of how much there is out there, and It's interesting you goldbugs don't see mining for new gold the same way you see printing money. BUt really it's an interesting cultural phenomenon. I enjoy watching you get an erection from shiny stuff. Highly entertaining stuff. I always wondered why Playboy used glossy paper.
tell'em Ted, tell'em! SCARE them!
Much anger in this one.
I expect as "things that cannot happen" (like gold continuing to rise) continue to happen, the people who still believe what they were taught in econ 101 will make more of a public display of their helpless anger.
Comment from an paper-bug next year:
"I usually believe in freedom and property rights, but these gold hoarders need to be stopped. They shouldnt be allowed to profit by undermining our banking system. Speculation is what got the world into its current mess."
Don't give them any ideas.
Yeah, right.
And printing worthless pieces of toilet paper in unlimited quantities and pretending they have "value" is not what got the world into the current mess?
And paper-printing predators have an inherent right to control producers. Right? Sigh.
What I love about you Paperbugs is you always take it as some kind of personal affront if someone tells you that Paper is overvalued. Hey, if you can make REAL money off it, I'm happy for you, but if you look at it's performance over the last say 100 years---it's not too impressive (it is an unmitigated disaster!). In fact there is no real dependable measure of how much there is out there, and It's interesting you Paperbugs don't see the governmental printing of paper money out of thin air the same way you see counterfeiting. But really it's an interesting cultural phenomenon. I enjoy watching you get an erection from faith-based money and derivative-based, computer digit assets. Highly entertaining stuff. I always wondered why the Fed doesn't use glossy paper.
Oh, snap! :>D
@ Ted K:
"Hey, uh what's that you got on your face...see how that works?"
http://www.youtube.com/watch?v=ZO4cqJ5IGro
It isn't nice to make fun of morons who were born with defective neural nets. Maybe it isn't nice to make fun or morons who passively allowed themselves to be made stupid by self-proclaimed "authorities" (church, school, friends, government, mainstream media).
But when a topic becomes sooooo simple to understand, like the merits of paper versus gold as store or measure of "value"... well... that's just too obvious to treat seriously.
From your utterly moronic statement, I guess the fact that...
- $0020 == 1 ounce of gold in ~1932
- $0035 == 1 ounce of gold in ~1971
- $1400 == 1 ounce of gold in ~2010
... means gold had terrible "performance", but "fiat debt toilet paper" is a great investment and store of value.
Also, please note that most goldbugs are rational, and deep-down understand they buy gold to retain value, not "perform". Sure, the common practice of looking at the exchange rate of gold versus dollars makes it appear gold is soaring in value, but we understand it is the fiat, fake, fraud, fiction, fantasy, fractional-reserve-nightmare dollar that is "performing" like a piece of hot poopoo.
A rising Gold price in a given currency itself represents the "default" by the nation/oligarchy issuing it.
.
BUY. GOLD. NOW.
It still ain't too late.