This page has been archived and commenting is disabled.

Gold Ignores Dollar Strength, Rushes To New All Time High

Tyler Durden's picture





 

Very jumpy equities today. SPY trading like a penny stock all morning, and now gold rushing to an all time high: was India's IMF purchase just the starter gun for all CBs to "get involved." Also, anyone hearing any fun rumors regarding UBS?

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 11/03/2009 - 12:17 | Link to Comment asdf
asdf's picture

weird...

Tue, 11/03/2009 - 12:53 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

TOTALLY EXPECTED.

Tue, 11/03/2009 - 13:03 | Link to Comment Fibozachi
Fibozachi's picture

"As participants of all stripes across the global financial marketplace continue to chatter on incessantly about the topic of “runaway inflationary pressures” and the, allegedly imminent, “collapse of the US Dollar,” we at Fibozachi turn our attention toward the upcoming FED meeting and its FOMC (Federal Reserve Open Market Committee) announcement, due for public release Wednesday afternoon at 2:15 pm.  We, bond markets and the $DXY (US Dollar Index) each seem to be anticipating many far-reaching implications from Uncle Ben and Co. about the winding down of QE (Quantitative Easing), essentially the open spigot force providing full fire hose-like liquidity the world over.

Over the course of the next two weeks, we at Fibozachi will present a series of analyses that detail both the technical and fundamental landscapes of gold, silver, copper, oil, the CRB (Commodity Index), the US Dollar, the EURO and the remaining major currencies of the G8 (the “Group of Eight”) in relation to one another.  After examining Freeport-McMoRan (FCX) yesterday, and to presage the bulk of our upcoming series, today we present an initial look into the technical composition of silver..."

 

Silver: Hangin' On by a Sliver
Tue, 11/03/2009 - 15:17 | Link to Comment Anonymous
Tue, 11/03/2009 - 15:17 | Link to Comment Anonymous
Tue, 11/03/2009 - 14:10 | Link to Comment mdtrader
mdtrader's picture

Energy that has built up must be dispersed.

http://highfrequency.tumblr.com/

Tue, 11/03/2009 - 12:17 | Link to Comment Hephasteus
Hephasteus's picture

Going good. They should have it down to 600 an ounce in another couple of months easy as it's very obvious that there's just NO demand for the stuff.

The UBS rumor hmm. America got it's metal playing bank NUKED so I guess it's now europes turn?

Tue, 11/03/2009 - 12:18 | Link to Comment hack3434
hack3434's picture

The Chinese got turned down by the IMF but the Indians didn't? hmmmm...

Tue, 11/03/2009 - 12:23 | Link to Comment Hephasteus
Hephasteus's picture

Ya the chinese have a big enough military to get mad when you sell them fake gold. So they probably dumped it off on india.

Tue, 11/03/2009 - 12:24 | Link to Comment hack3434
hack3434's picture

joink! suckers....

Tue, 11/03/2009 - 12:18 | Link to Comment curbyourrisk
curbyourrisk's picture

I guess this explains the down tick in the .DXY at the same time.  Equities showed no real response.  Someone is playing games.

Tue, 11/03/2009 - 12:20 | Link to Comment Ivanovich
Ivanovich's picture

I shorted it.  We'll see if I get treated like the "Pwned Ranger".

 

Tue, 11/03/2009 - 12:54 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

Do you really want to experience bankruptcy?

Tue, 11/03/2009 - 12:57 | Link to Comment Anonymous
Tue, 11/03/2009 - 13:46 | Link to Comment Anonymous
Tue, 11/03/2009 - 14:34 | Link to Comment walküre
walküre's picture

Do it at your own peril but listen and perhaps learn from someone who got burned thinking gold was toppy.

I shorted gold from December to February and got my ass handed on a golden platter. Serves me right.

Ever since I'm long gold and gold stocks and now jumping into some more small caps.

Gold is GOLDEN. We are entering a new GOLDEN AGE.

The paper funny money era is about done.

 

 

Tue, 11/03/2009 - 12:23 | Link to Comment digalert
digalert's picture

I hear Santelli arguing with Liarman...

Tue, 11/03/2009 - 13:12 | Link to Comment Anonymous
Tue, 11/03/2009 - 12:26 | Link to Comment bonddude
bonddude's picture

Something's gotta give.

Tue, 11/03/2009 - 12:31 | Link to Comment Internet Tough Guy
Internet Tough Guy's picture

Let's light this candle.

Tue, 11/03/2009 - 12:28 | Link to Comment curbyourrisk
curbyourrisk's picture

maybe a blow off rally to squeeze shorts????

I am sure I will take heat for that comment.

Tue, 11/03/2009 - 12:29 | Link to Comment surfersd
surfersd's picture

 

I wonder what JPM's margin call is going to be today. ... Ring Ring " Tim we got a little problem over here.... can you give us a call back?" Shocking Bank Participation Report After a three-day delay, the Bank Participation Report (BPR) for October was released by the CFTC today. The report, for positions held by commercial banks (foreign and domestic) as of October 6, covers all commodities regulated by the Commodity Futures Trading Commission. http://www.cftc.gov/dea/bank/deaoct09f.htm  It is the companion monthly report to the Commitment of Traders Report (COT), which is issued weekly. The new BPR indicates that the largest one or two US banks dramatically increased their short positions in COMEX gold and silver in the reporting month. For silver, in particular, the increase was shocking. The largest US bank (thought to be JPMorgan), or banks, increased its silver short position by more than 28%, or by 8,487 contracts to an all-time record of 38,375 contracts. Expressed in equivalent ounces, the US bank(s) increased its silver futures short position by 42,435,000 ounces to 191,875,000 ounces. With a short position of almost 192 million ounces, JPMorgan appears to be short 29% of the annual world mine production of silver (660 million oz). Never in history has one (or two) entity held a more concentrated position, long or short, in any commodity of finite supply. In gold, there was also a dramatic increase in the short position of one or two US banks to the second highest short position on record. The one or two US banks increased their gold short position by more than 41,000 contracts to 116,790 contracts. Foreign banks were also notable shorts. It is clear that the big short has not been pulling in its short position on the rally in gold and silver prices. A while back, there was evidence that JPMorgan was retreating from the market, and I speculated on that development. I said I would follow up on my speculation as continuing data rolled in. With the latest BPR, I can state now that I was wrong about them moving to cover their shorts. The data reveals that they did close out many of their gold short positions a month or two ago, at prices around the $950 level, but reinstituted those shorts on the price rally. They never did close out silver shorts back then, but did greatly add to their silver short position on the current rally. The net result is that JPMorgan covered and replaced a big chunk of its gold short position and added to its silver short position at higher and more advantageous prices to them. I might say good for them, but I’d be lying. As offensive as I find JPMorgan’s dealings in silver and gold, I would imagine there might be someone else even more offended. I speak of the chairman of the CFTC, Gary Gensler. What JPM did in the past month is contrary to everything that Chairman Gensler has spoken out against since he has been in office. The current and forever silver investigation came as a direct result of the Bank Participation Report of August 2008 and my urgings for readers to write into the Commission. This new BPR is much worse than that one. JPMorgan is now short almost 30% of world silver production. This at a time when mining companies are retreating from hedging their production. Chairman Gensler must know this is wrong. He is too smart not to know. He must know that the price of silver and gold would have been much higher than what they are now, if it were not for JPMorgan’s concentrated and excessive short-selling. In my estimation, if JPMorgan did not short sell more than 8,000 contracts, or 40 million ounces, silver would have been over $30 an ounce right now. JPMorgan’s concentrated and uneconomic silver short position has placed the market at risk. I am aware on no legitimate reason why this position is allowed to exist. It undermines the credibility and lawful functioning of our markets. It is nothing short of an outrage.  It bothers me greatly to have to make these accusations of manipulation. If there is a good explanation for why this is not the crime in progress that it appears to be, it is time for tthe Commission to offer that explanation. Enough is enough.

 

Tue, 11/03/2009 - 12:37 | Link to Comment Anonymous
Tue, 11/03/2009 - 14:38 | Link to Comment Anonymous
Tue, 11/03/2009 - 12:46 | Link to Comment Catullus
Catullus's picture

Very good post.  Many thanks

http://www.cftc.gov/dea/futures/other_lf.htm

does that confirm half the open position in silver is short?

Tue, 11/03/2009 - 12:58 | Link to Comment Lux Fiat
Lux Fiat's picture

Wow.  Thanks for sharing.  I was aware of the data set due to Ted Butler's articles on silverseek, but had not kept up with it.

Change from Sep to Oct. is interesting.  US shorts increased 28%.  Just when you thought it was ridiculous, it gets even more so.  I wonder if they are squeezing themselves, or are other [possibly foreign] entities happy to lend a helping hand?

Agree that something is very wrong when 1 or 2 US banks can be short such a huge share of the market.  Our taxpayer $ at work....

However, barring default, those of us in Ag will be laughing all the way to the bank if/as they cover.  I don't think it's going to work out for the banks this time.

Oct. silver data

                                                  Banks    Long   %            Short  %      Open Interest

10/06/09 CMX SILVER   U.S.          2           38         0.0     38,375   29.1     131,801 
                                 NON U.S.     10        2,174      1.6      2,400      1.8
                                                    ----    ---------     ----    ---------    ----
                                                    12        2,212       1.7     40,775   30.9

 

09/01/09 CMX SILVER   U.S.          2           13          0.0     29,888   28.0     106,671
                                 NON U.S.     13        7,015       6.6      2,270      2.1
                                                     ----    ---------     ----    ---------    ----
                                                    15        7,028       6.6     32,158    30.1

Tue, 11/03/2009 - 13:00 | Link to Comment chumbawamba
chumbawamba's picture

URL?  Author?  Any identifying marks whatsoever?

I am Chumbawamba.

Tue, 11/03/2009 - 13:14 | Link to Comment Lux Fiat
Lux Fiat's picture

Sorry.

Sep. silver data - http://www.cftc.gov/dea/bank/deasep09f.htm

Oct. silver data from the link provided in surfersd's comment - http://www.cftc.gov/dea/bank/deaoct09f.htm

 

Tue, 11/03/2009 - 13:19 | Link to Comment Jim in MN
Jim in MN's picture

I Googled some of the text.  It's Ted Butler's October 21 comment.  Only available directly via subsciptions but reposted in a few places.

Tue, 11/03/2009 - 13:01 | Link to Comment Anonymous
Tue, 11/03/2009 - 14:02 | Link to Comment lsbumblebee
lsbumblebee's picture

It was also really nice of the IMF to wait until the gold options expired before announcing this sale. Anything to help out Chase.

Tue, 11/03/2009 - 12:30 | Link to Comment Internet Tough Guy
Internet Tough Guy's picture

The real is the enemy of the fake.

Tue, 11/03/2009 - 12:32 | Link to Comment surfersd
surfersd's picture

When gold broke broke hard above the 300 level years ago JPM was short a massive amount of calls. History repeating itself? 

Tue, 11/03/2009 - 12:39 | Link to Comment Steak
Steak's picture

I'm not hearing any UBS rumors but I'd love to throw out a conjecture.  Big wealthy client/govt withdraws big gold position today.  Since asking for physical delivery of gold (unless you're buying from the IMF) is a tricky affair, you've got gold shooting up as the client/gov negotiates for their gold while folks close to the transaction trade around it.

I believe as long as I'm conjecturing and not actually rumor mongering, my story will start with the presummption its these gentleman who are after their gold: http://theaterofmine.files.wordpress.com/2009/09/beavis_butthead_extract.jpg

Tue, 11/03/2009 - 12:46 | Link to Comment jm
jm's picture

The problem with this idea is that silver took off with gold. 

Looks more like short cover to me.

However, it look as if the world has sent a big "Fuck you, Treasuries" loud and clear. 

Tue, 11/03/2009 - 12:39 | Link to Comment BobPaulson
BobPaulson's picture

So is this a short squeeze essentially? Why today?

Tue, 11/03/2009 - 12:40 | Link to Comment Anonymous
Tue, 11/03/2009 - 12:42 | Link to Comment surfersd
surfersd's picture

Read this an weep. We are the ones that are short.

 

http://community.marketwatch.com/groups/small-silver-investor/topics/jp-...

Tue, 11/03/2009 - 12:42 | Link to Comment Internet Tough Guy
Internet Tough Guy's picture

Don't make it more complicated than it is. Gold is pure equity. If the debt-service serfs stop paying the fiat casino is closed.

 

India was just the first player to cash in their chips for real money.

Tue, 11/03/2009 - 12:47 | Link to Comment Anonymous
Tue, 11/03/2009 - 13:49 | Link to Comment Anonymous
Tue, 11/03/2009 - 14:02 | Link to Comment DaveyJones
DaveyJones's picture

"Steve Liesman's "why should we care" about the dollar comment ranks among the dumbest I've ever heard on business television"

No...I think that includes sitcoms AND talkshows 

Tue, 11/03/2009 - 12:51 | Link to Comment Anonymous
Tue, 11/03/2009 - 12:54 | Link to Comment Anonymous
Tue, 11/03/2009 - 12:56 | Link to Comment gookempucky
gookempucky's picture

UBS still loosing fiat currency....

 

http://www.irishtimes.com/newspaper/breaking/2009/1103/breaking13.htm

 

Nice post Surfer----silver shorts will be crapping silverware

Tue, 11/03/2009 - 13:19 | Link to Comment Hephasteus
Hephasteus's picture

More like buying up junk electronics to recover the silver back out of the solder. I always knew the silver market would puke first but I just can't see how gold market would be more than a couple days to a month behind.

Tue, 11/03/2009 - 13:25 | Link to Comment chumbawamba
chumbawamba's picture

Well, if they bought up junk electronics they would be sorely disappointed at the lack of silver in the solder, finding mostly tin and lead instead.

I am Chumbawamba.

Tue, 11/03/2009 - 13:28 | Link to Comment Hephasteus
Hephasteus's picture

You mean silver, copper and zinc but mostly zinc. Tin and lead solder is for like making stain glassed windows.

Tue, 11/03/2009 - 12:58 | Link to Comment Anonymous
Tue, 11/03/2009 - 13:06 | Link to Comment Anonymous
Tue, 11/03/2009 - 13:08 | Link to Comment Anonymous
Tue, 11/03/2009 - 13:55 | Link to Comment Anonymous
Tue, 11/03/2009 - 13:14 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

I hope y'all followed my advice yesterday and bought Gold - preferably a shitload, I might add.

In other news, Robert Prechter was bankrupted today - AGAIN.

Tue, 11/03/2009 - 13:17 | Link to Comment Anonymous
Tue, 11/03/2009 - 14:27 | Link to Comment geopol
geopol's picture

Gold 25.00^

Tue, 11/03/2009 - 15:23 | Link to Comment Anonymous
Wed, 11/04/2009 - 06:04 | Link to Comment Renfield
Renfield's picture

Bought more *today*, alas. Am I too late? Is it all over???? ;-)

God it sux buying metals only when I have the money for it. Where the hell did I leave that Amex card! I had it as a coaster for awhile there...

 

Tue, 11/03/2009 - 13:13 | Link to Comment Tripps
Tripps's picture

blow off top in gold, be very careful. all momo, people ignoring dollar strength

 

bernanke to crush gold to save jpm

Tue, 11/03/2009 - 13:15 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

We've been hearing that since - what? - $300/ounce? ROTFL!

Tue, 11/03/2009 - 13:20 | Link to Comment Anonymous
Tue, 11/03/2009 - 13:22 | Link to Comment Anonymous
Tue, 11/03/2009 - 13:34 | Link to Comment Anonymous
Tue, 11/03/2009 - 13:14 | Link to Comment Anonymous
Tue, 11/03/2009 - 13:42 | Link to Comment LoneStarHog
LoneStarHog's picture

So I take it that the COT Report and Bank Participation Report are both bullcrap?

Tue, 11/03/2009 - 13:17 | Link to Comment heatbarrier
heatbarrier's picture

Rumors on UBS? That is my biggest nightmare, 5x Swiss GDP, they continue to lose clients in the private bank,

http://www.ft.com/cms/s/0/61d7e148-8f15-11dd-946c-0000779fd18c.html?ncli...

“The core private banking franchise still seems to be hurting,” said Florian Esterer, who helps manage about $49 billion at Swisscanto Asset Management in Zurich. “The money outflows are still bad across all divisions.”

Nov. 3 (Bloomberg) -- UBS AG, Switzerland’s largest bank, fell the most in two months in Swiss trading after redemptions by wealthy clients accelerated in the third quarter.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a2h0MQoC4nR8&pos=2

Tue, 11/03/2009 - 13:21 | Link to Comment svendthrift
svendthrift's picture

What is the rumor?

Tue, 11/03/2009 - 13:26 | Link to Comment heatbarrier
heatbarrier's picture

Tyler asks above: "Also, anyone hearing any fun rumors regarding UBS?"

Other than the expected exodus in their private bank, I hope none, UBS is too big to save.

Tue, 11/03/2009 - 13:29 | Link to Comment svendthrift
svendthrift's picture

As is, then, Switzerland?

Tue, 11/03/2009 - 14:42 | Link to Comment walküre
walküre's picture

That's Obama's fault.

He messed with the Swiss and their banking secret.

The money is going somewhere else now. The Swiss should have given Obama the national middle finger and said "screw you" and "fuck off".

So where is the money hiding now?

Tue, 11/03/2009 - 23:22 | Link to Comment Anonymous
Tue, 11/03/2009 - 13:26 | Link to Comment Anonymous
Tue, 11/03/2009 - 13:33 | Link to Comment Anonymous
Tue, 11/03/2009 - 14:43 | Link to Comment walküre
walküre's picture

Simple.

Everyone is dumping their equities and oil for gold.

There's a glut of oil and all players know it. Equities are overpriced.

Gold has a long way to go.

Tue, 11/03/2009 - 13:34 | Link to Comment Anonymous
Tue, 11/03/2009 - 14:19 | Link to Comment Lux Fiat
Lux Fiat's picture

Very interesting train of thought.  If accurate, it might explain why the sale was made to India vs. China or Russia.  Doubt that the latter two would be interested in gold leasing, or selling a part of the purchase.

Tue, 11/03/2009 - 13:48 | Link to Comment Rage of Odin
Rage of Odin's picture

Pretty sure that the India IMF story came out last night, so why wait on the big gold move until this morning??

Tue, 11/03/2009 - 14:29 | Link to Comment jm
jm's picture

It appears that someone in Asia reacted in a less than cordial fashion...

Tue, 11/03/2009 - 18:11 | Link to Comment texpat
texpat's picture

Maybe they found out their dollar reserves weren't quite as 'liquid' as they thought they were.

 

ha-ha!

Tue, 11/03/2009 - 13:53 | Link to Comment NRGTDR
NRGTDR's picture

Its all going according to plan. So, with that plan according my friends as you know what is coming.

______________

November 3, 2009 -- Best-selling author Daniel Estulin states that the key issue to be discussed this week at the G20 Finance Ministers and Central Bank Governors Meeting, being held in St. Andrews, Scotland, is how to bring down the present world financial system through dumping the US dollar. Estulin first reported on this initiative as being deliberated at the most recent Bilderberg meeting held in Greece in May 2009. Estulin says that the success or failure of this callous plan hinges on the ability of the US and UK representatives to convince the Russian, the Chinese and other national governments to go along with their scheme.

Estulin maintains that if the co-conspirators succeed, such sudden devaluation of the US dollar would result in the sinking of the world economy through a chain-reaction collapse of the entire world’s financial system. As discussed during the Bilderberg Group’s super-secret conclave back in May, this breakdown would then be used as an excuse to launch a new world monetary system. G20 leaders are aware that those who run the monetary markets, the monetary system, control the world. That is why today, the world is run through a dominant one-currency monetary system and not by national credit systems.

A severe breakdown crisis would affect every corner of the world and be a prelude to instability, wars and general hostility along financial, geographical and geopolitical lines, affecting not only particular countries but also societies, cultures and whole continents. Such a breakdown could result in a consolidation of the world’s monetary system.

Estulin declares that the creation of the new world currency is the true meaning of globalization, which is nothing but an empire. It is the elimination of the nation-state, the degradation of individual national liberties and the depredation of civil rights.

Collapsing the US dollar, first of all, is an assault on the structure of the United States economy toward the creation of a “World Company.” This concept, Estulin states, was initially discussed at the April 1968 Bilderberg Group meeting, held in Canada at Mont Trembland, by George Ball, a senior Lehman Brothers banker and former undersecretary for economic affairs for Presidents John Kennedy and Lyndon Johnson.

The aim of this World Company, as explained by Ball was “to eliminate the archaic political structure of nation-state” in favor of the more “modern” corporate structure. Ball also called for further political integration in Europe, and then the rest of the world, as a precondition for expanding the power of a World Company, thus putting the financiers on the same levels as governments.

This initiative, the moving away from the US dollar as a world currency, is the true intention of the G20 meeting November 6-7 at St. Andrews in Scotland, the site of the 1998 Bilderberg conference, Estulin asserts.

http://www.prweb.com/releases/G-20/US_Dollar/prweb3150584.htm

Tue, 11/03/2009 - 13:58 | Link to Comment Anonymous
Tue, 11/03/2009 - 13:56 | Link to Comment slick
slick's picture

I guess the IMF gold sale to India ticked off the China Gold Dragon. Who said the USA has no class? GS?

Tue, 11/03/2009 - 14:00 | Link to Comment MountainHawk
MountainHawk's picture

Laksmi Mittal's daughter getting married again? Sudden need for more gold in India!

Tue, 11/03/2009 - 14:55 | Link to Comment faustian bargain
faustian bargain's picture

lol

Tue, 11/03/2009 - 14:36 | Link to Comment walküre
walküre's picture

My prediction for POG by end of this year $1200, end of next $1500 and by 2012 sometime $2500.

Buy on the dips and buy physical if you get your hands on it.

Tue, 11/03/2009 - 14:47 | Link to Comment Anonymous
Tue, 11/03/2009 - 14:53 | Link to Comment SilverIsKing
SilverIsKing's picture

Silver Silver Silver....

Yes, the King lives!

Tue, 11/03/2009 - 15:07 | Link to Comment MyKillK
MyKillK's picture

I calculated out 200 tonnes @ $6.7 billion to $950/oz. The articles state $1050/oz. Could anyone else do the calculation and see which number is right?

Tue, 11/03/2009 - 15:22 | Link to Comment tallystick
tallystick's picture

Are you using troy ounces? 

1 ounce = 0.911458333 troy ounces
Tue, 11/03/2009 - 15:19 | Link to Comment Anonymous
Tue, 11/03/2009 - 15:42 | Link to Comment Anonymous
Tue, 11/03/2009 - 16:35 | Link to Comment tip e. canoe
tip e. canoe's picture

does anyone know what currency india is using to pay for the golden purchase?

rupees? dollars? SDRs? euros? seashells?
all of the above?

Tue, 11/03/2009 - 18:24 | Link to Comment Puffin
Puffin's picture

India Times suggests it's SDRs that India received earlier this year.

In its official release, IMF has said that the total sales proceeds are equivalent to US$ 6.7 billion or SDR 4.2 billion. MD Dominique Strauss-Kahn indicated that the proceeds from the gold sale will help the Fund, step up much-needed concessional lending to the poorest countries.

As for the central bank, there is no official communication either being the intent of such a move or its plans for the purchased gold. But experts say the move could help the central bank diversify its reserves and would not have a significant impact on the overall foreign exchange reserves position, said a former top RBI official.

This is because these purchases are reckoned to be carried out from the $4.8 billion worth SDR allocation that the RBI had obtained from the Fund earlier this year. The IMF had allocated $4.8 billion by way of general allocation of special drawing rights (SDR) — the reserve currency with the IMF — in August this year as part of its SDR 161.2 billion package allocated to member countries.

http://economictimes.indiatimes.com/markets/bullion/RBI-buys-200-mt-gold...

Tue, 11/03/2009 - 20:02 | Link to Comment tip e. canoe
tip e. canoe's picture

thanks puff...very interesting it is SDRs they're using, considering the other 3 BRiCs have been calling for a revaluation to something more balanced.

and also very interesting that they are getting a tangible asset in return for something they received essentially for 'free' from the same institution a couple months ago.

this SDR stuff is taking the shell game into another dimension entirely. 
it's like the anti-gold, the ultimate derivative.

 

Wed, 11/04/2009 - 03:22 | Link to Comment faustian bargain
faustian bargain's picture

...so...the IMF basically gave the gold to India? I don't understand.

Wed, 11/04/2009 - 11:32 | Link to Comment tip e. canoe
tip e. canoe's picture

yes it is quite bizarre, isn't it?

check this one out:

http://fofoa.blogspot.com/2009/11/freegold.html

also, india's reserves were (and still are) very low on gold on a % basis.

Tue, 11/03/2009 - 17:33 | Link to Comment glenlloyd
glenlloyd's picture

I figured when I heard India bought about half the IMF sale amount that it would have a big impact. I also have to believe the remaining IMF sale quantity is already spoken for / bought and paid for, we just don't know who it was yet.

So much for the notion that the IMF sale (yacked about for how many years now?) would have a negative impact on the gold market.

Tue, 11/03/2009 - 18:17 | Link to Comment Jim B
Jim B's picture

GO baby GO, I'm long for the foreseeable future.  --->>  Thanks to George, Barrack, Inky Ben, and Turbo Timmy

Hell, Lets just print some more $$$$ boys!

Maybe I'll buy some 30 year treasuries at 3-4%, or not!

ROFLOL

Tue, 11/03/2009 - 20:43 | Link to Comment delacroix
delacroix's picture

northwest territorial mint 8 to 12 week backlog for delivery of silver bullion

Do NOT follow this link or you will be banned from the site!