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Gold Reaches New Record High - News Barely Reported By Mainstream Media
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From GoldCore
Gold prices settled at a new record high yesterday, as unrest in
North Africa and the Middle East pushed the safe haven currency to
$1,435/oz. Silver surged to new 30-year record nominal highs at
$34.74/oz. Prices surged in dollars and all major currencies and look
set to reach record highs in other currencies.
Given the continuing strong fundamentals and the concerns of
geopolitical instability spreading to Saudi Arabia and other autocratic
oil producing nations, gold and silver look set to challenge $1,500/oz
and $40/oz in the coming weeks.
Gold’s all time record nominal high yesterday was barely reported in
most of the mainstream business and financial press today - slightly
more online but there was little or no coverage in print.
This is an indication that gold and silver remain far from the
“bubbles” that some have suggested. Speculative manias and bubbles are
characterised by mass participation and widespread enthusiasm and
“irrational exuberance” by all sectors of society including the media
and particularly the retail investor and the “man in the street”.
As seen today, this is clearly not the case at the moment as there
continues to be little or no reporting (let alone analysis) about gold
and silver – even when they reach record nominal highs.
While the specialist financial press such as Bloomberg, Reuters. Dow
Jones, the Wall Street Journal and the Financial Times did report the
record highs; it was unreported in the mainstream press in most western
countries.
In the UK and Ireland, none of the main papers (including the Times
of London, The Guardian, the Daily Telegraph, The Irish Times, the Irish
Independent, and the Irish Examiner) reported the record highs.
The Financial Times print edition reported the news with one sentence
saying that “concerns were underlined by gold rising to a three-month
high”. In fairness to the Financial Times, they do report on the gold
market far more than most media outlets.
The media’s continuing non-coverage of gold and silver is a clear
indication of the lack of animal spirits in the sector. It is proof, if
any were needed, that the mainstream media and the man on the street
remains far from bullish on gold and silver.
Indeed, recent years and recent months have seen many so called
“experts” warning about the dangers of the gold “bubble”. They have been
proven badly wrong and it would be interesting to read a story about
how wrong they got it.
The majority of investors and savers in the western world do not know
what gold bullion is and could not tell you the price of an ounce of
gold or silver in dollars – let alone in pounds, euros or other local
currencies.
The majority are unaware of the huge developments in the gold markets
(only reported by specialist financial press) such as China’s emergence
as one of the largest buyers of gold in the world (see news and our video below) and the fact that central banks and astute hedge funds are some of the largest buyers of gold in the world today.
A bubble only takes place when entire societies , including many - if
not the majority - of journalists and media become convinced that you
“cannot go wrong” with a certain speculation or investment and it is a
risk free way of making returns.
This leads to gushing reportage and commentary about the “sure thing”
that is a certain stock, bond, commodity or property market. It is
characterised by widespread commentary and a belief not just in the
financial press but in the mainstream media (day time radio and
television etc) that one must speculate or “invest” by buying a certain
security or asset class – whether that be tulip bulbs, Nasdaq, Apple or
property in London.
Greed and buying motivated to make a profit or quick buck becomes
widespread. This has not happened in the bullion markets as the majority
of bullion buying has been safe haven buying for wealth preservation
purposes rather than accumulation.
Concerns about a bubble in gold may be justified when it reaches its
inflation adjusted high of $2,300/oz. Similarly with silver, concerns
about a bubble may be justified when it reaches its inflation adjusted
high of $130/oz.
Concerns about a bubble in gold will be justified when gold is
covered in a regular manner in not just the specialist press but also in
the mainstream. When vested interests selling gold regularly appear in
mainstream media advising people to but all their money into gold
because it is a sure thing, it will be time to become very cautious
about the sector.
Near the top of the gold market (when the price is likely trading at
thousands of dollars, euros and pounds per ounce) we are likely to see
front pages in the business press (such as Fortune, Business Week etc)
devoted to gold and snappy front page positive headlines about how “Gold
is King”, “Why Gold is a Must” etc.
When that happens it will be time to be wary of the gold bubble and reduce allocations to gold and silver.
The lackluster, negligent media coverage of gold’s record highs yesterday suggests that we are a long way from there yet.
NEWS:
(Bloomberg) -- Silver Climbs to $34.795 in London, Highest Since March 1980
Silver for immediate delivery climbed to $34.795 an ounce at 11:43 a.m. in London, the highest price since March 6, 1980.
(FT) -- Gold touches all-time high
Gold hit an all-time high and oil surged higher after the US
said it was moving military resources to the Mediterranean heightening
fears of a full-blown war in the Middle East.
The US said it was moving marines and two warships into the
Mediterranean on Tuesday night amid growing international pressure on
Muammer Gaddafi, the Libyan leader, to stand aside.
Spot bullion rose 1.5 per cent to a record $1,432.10 a troy ounce,
surpassing the peak of $1,430.95 hit in December. ICE April Brent rose
3.2 per cent to $115.56 a barrel, the highest since a spike on Thursday
that took the global oil pricing benchmark to within cents of $120.
“Guns and oil are a bullish mixture anywhere in the Middle East and
north Africa,” said Michael Wittner, head of oil research at Société
Générale in New York.
Gold glistens
Gold prices have jumped 9.5 per cent from a low of $1,308 in January, as
investors have become increasingly jittery over escalating political
unrest in the Middle East.
At the same time, silver has risen 30 per cent from its January lows, on Tuesday hitting a 30-year high of $34.59 a troy ounce.
Some investors trimmed their gold positions in January, believing a
rosier outlook for the US economy would boost returns on other assets.
Traders said the switch in broader market sentiment triggered by the
political uncertainty in the Middle East had driven investors back to
the precious metals.
“The buying has accelerated, both institutional and individual,” said
James Steel, precious metals strategist at HSBC. “The geopolitical
thermostat has not fallen. The situation in Libya really is almost the
worst of all worlds for markets because there’s no clear winner.”
At the same time, the jump in oil prices – up $20 since January – has
raised concerns of rising inflation, increasing demand for precious
metals as a means of wealth preservation.
The oil market is not only concerned about the loss of production in
Libya, but also the spread of unrest to other oil-rich countries in the
Middle East, particularly Saudi Arabia. Protests in Bahrain, Oman,
Yemen, Iraq and Jordan mean that most of Saudi Arabia’s neighbours have
been affected by the turmoil in the region.
Opposition groups in the country, the world’s top oil exporter and
holder of the majority of the spare production capacity, have called for
a “day of rage” to be held on March 11.
(Bloomberg) -- Copper May Slump on Mideast Unrest as Gold Surges, UBS Says
Copper, corn and rubber may tumble in the next six months, while gold
climbs to a record $1,500 an ounce as turmoil in the Middle East boosts
oil, fuels inflation and weakens Chinese raw-material demand, according
to UBS AG.
(Bloomberg) -- Gold Buying in China Climbs on Inflation Concern, UBS Says
Gold purchases in China, the world’s largest producer, climbed to 200
metric tons in the first two months of 2011 as faster inflation boosted
consumer demand, according to UBS AG, which said the price may gain to
$1,500.
“China is the big buyer,” Peter Hickson, global commodities
strategist at Switzerland’s largest bank, said by phone yesterday,
without giving a comparable figure for 2010. The estimate for the
two-month period compares with full-year consumer demand from China of
579.5 tons for last year, according to the World Gold Council, a
producer-funded group.
Bullion, which rallied 30 percent last year, surged to a record
yesterday as uprisings in the Middle East, quickening inflation and
currency debasement boosted global demand. China’s consumer prices rose
4.9 percent in January from a year earlier, exceeding policy makers’ 4
percent ceiling for a fourth month.
“Chinese interest is huge,” said Peter Tse, Hong Kong- based head of
precious metals at Bank of Nova Scotia. “Demand for physical gold and
imports has increased substantially” due to the Lunar New Year holiday,
Tse said today, referring to the week-long break that began Feb. 2.
Immediate-delivery gold was at $1,429.05 an ounce at 5:08 p.m. in
Singapore compared with yesterday’s peak of $1,434.93. Yuan-denominated
bullion rose 0.5 percent to 303.58 yuan ($46.19) a gram in Shanghai,
approaching the record 314 yuan, set Nov. 9.
‘Gold Is Attractive’
“Gold is attractive,” Hickson said. “The more the market becomes
concerned about inflation or concerns about unrest in Africa, more and
more people will look to gold.” The price may rise to $1,500 an ounce in
the next six months, said Hong Kong- based Hickson, who’s worked for
UBS since 1996.
Blackstone Group LP’s Byron Wien said in January that gold may rise
to more than $1,600 this year “as investors across the world place more
of their assets in something they consider ‘real’.” The price may reach
$1,600 this year, Wayne Atwell, a managing director at Casimir Capital
LP said the same month.
Protests partly linked to record food prices have erupted across
North Africa and the Middle East this year, toppling leaders in Tunisia
and Egypt and boosting oil prices. Libyan rebels braced for renewed
clashes today with forces loyal to leader Muammar Qaddafi. Iranian
protesters have clashed with security forces in Tehran, Al Arabiya
reported.
Gold investment in China, the largest buyer of the precious metal
after India, may gain 40 percent to 50 percent this year amid a lack of
alternatives, Wang Lixin, China representative for the World Gold
Council, said last month. He called that forecast a “conservative
estimate.”
Bars and Coins
China’s investment demand in 2010 jumped 70 percent to 179.9 tons,
surpassing Germany and the U.S., as buyers sought out bars and coins,
the London-based industry group said. Consumption by the jewelry sector
rose to a record 399.7 tons, it said. China imported more than 300 tons
last year, People’s Bank of China Vice Governor Yi Gang said on Feb. 26
in Beijing.
China may be the “next big buyer” of gold, driven by institutional
and retail demand, Credit Suisse Group AG analyst Tom Kendall said in
Cape Town on Feb. 7. “If you’re sitting there in China with money in a
deposit account, you’re losing between 1-2 percent a year through
inflation,” Kendall said.
The boom in gold demand in China is driven by concern about inflation
pressure and the poor performance of alternative investments, the
producer-funded council has said. Premier Wen Jiabao pledged on Feb. 27
to boost food supplies to hold down costs, and to tackle surging
property prices.
Spooked by Inflation
Jewelers at shopping malls across Beijing are witnessing a gold rush as
residents spooked by inflation look to protect their money, the China
Daily reported on Feb. 28.
Statistics from Beijing Caibai, the city’s largest jewelry store,
show sales of gold and other jewelry have totaled about 4 billion yuan
so far this year, a 70 percent increase from a year ago, the report
said.
China displaced South Africa as the world’s biggest gold producer in
2007. Imports through last October rose almost fivefold to 209 tons from
the total shipped in the previous year, according to the Shanghai Gold
Exchange. Mine output reached a record 340 tons last year, the China
Gold Association has said.
The Industrial and Commercial Bank of China Ltd., the world’s biggest
lender by market value, started physical-gold linked savings accounts
in December with the World Gold Council. Account openings have surpassed
1 million, with more than 12 tons of gold stored on behalf of
investors, it has said.
(Wall Street Journal) -- India Spot Silver Hits Record High
The spot price of silver in Mumbai rose Tuesday to an all-time
high of 51,005 rupees ($1,127) a kilogram, the Bombay Bullion
Association said, tracking firm ...
(BBC) -- Gold price hits record high on Libya unrest
The price of gold has hit a record high as investors worry
about the political turmoil in Libya and spreading tensions across the
Middle East.
The price on the London Bullion Market jumped more than $14 to
$1,434.50 an ounce, topping the previous mark of $1,431.25, set in
December.
Gold is traditionally seen as a haven for investors in times of uncertainty.
Unrest across the Middle East and North Africa fuelled a 6% rise in gold prices during February.
Analysts said that the political problems were pushing oil prices
higher and fanning concerns about inflation and slower global economic
growth.
"What gold needed was a catalyst, and it found it in the form of
tensions that are surfacing in the Middle East and rising oil prices,"
said Mark Luschini from the brokerage Janney Montgomery Scott.
Mr Luschini added that investors saw gold giving them greater protection from inflationary pressures and political instability.
On the New York Comex exchange, the price of gold reached $1,434.40, a record for that market, before pulling back slightly.
Meanwhile oil prices, which have also been on the up since unrest
broke out in North Africa and the Middle East, rose again on Tuesday.
In London, Brent crude rose 4.2% to $116.46, while US light, sweet crude rose 3.7% to $100.52.
»
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Of course it is not reported by the mainstream media. Just like record lows in 1998/1999 were not reported when people couldn't get enough of headlines with CSCO and INTC in them.
Making new highs or new lows, Gold is pretty much irrelevant to the Average Joe.
Like Livermore said: People don't want to hear about a bull market or a bear market. They want to know about a specific stock tip.
Ben Bernanke is the reverse King Midas.
You mean Sadim Gnik?
ORI
Sadim Gnik! Everything he touches turns to paper!
What did the Joker say?
"It's not about the money. It's about sending a message.
Everything burns."
Everything, except Bankers.
haaah! very good. Very good indeed NewThor.
ORI
Bankers will burn. You just have to hang them up and dry them out first.
The fact that gold "almost" made a new high today is completely irrelevant, except to all the perma-goofy libertarian rednecks who moronically worship it. You goofy bozos treat gold like Lex Luther treats Kryptonite; if you supposedly collect enough of it, you might defeat Superman, the government, the plutocrats or whatever ghostly nemesis you're obsessed with today.
Goofy cuckoo birds....
Gold has been making new highs for the past 7 or 8 years. Big deal. So has Apple, and a thousand other equities. The only difference is that holding Apple would have made you far wealthier than holding gold.
But, of course, Apple is far too modern for libertarian rednecks who want to reverse the dial of time, and return America to a permanent Gunsmoke Halloween party.
Coins/Cans/Camaros/Conservatives/Time Machines/Goofballs 2012
Fuck off.
+1437. nuff said
Hehe, 'Lex Luther' and kryptonite ref. not too bad, worth a chuckle, despite being on the 'wrong side of the trade' as far as who the good guys are.
Gold's advocates are really the opposite of Luddites though, they want to evolve not devolve, and while many might shun bitz of AApl flavoured paper (except as a means to accumulating oz's of real, no counter party risk, wealth), Ibet some still have some Istuff, ie they embrace new technology's tools, not it's sickly CEO; not to mention the jury is still out on who will win the 'outperformance' war, Imho. Remember: an Iplod without silver is like a body without a circulatory system.
But please keep posting your delusions, they are at least more entertaining than most!
Like the Hollies song? http://www.youtube.com/watch?v=X_-XSGcjIhM
Things are heating up, once again. Gaddafi is "very upset" that the US and NATO are invading his country.
Funny that we always go and fight on the pretense of "helping people" when we are only halping ourselves. We can't have Germany, which imports vast amounts of oil from Libya, to slow production of their exports now...
The ALMIGHTY DOLLAR is God to these people but little do they know, their end is a self-fulfilling prophecy. Dr. Deficit is sweating this one out.
There's an Anglo-American colonial empire to protect. The sun never sets on it.
Cramer makes case for $6k gold...
http://www.youtube.com/watch?v=sZ-mhjhF_9c&sns=em
Cramer can go suck a bag of dicks.
Thanks for the laugh.
Candid camera shot of Cramer.
Whoa. That's kind of disturbing. I need more coffee now.
Isn't that exactly what that meth-addicted, ADD-afflicted former GoldSachs-ite does every day on his "Had Money" show on CNBC? I loathe having that shrill Wall Street-pimping clown on the TV for even five seconds, but even trying to avoid him at all costs I still cannot count the number of times I have seen and heard him metaphorically kneel down and gleefully suck Bernanke's, Dimon's, Blankfeins's and Geithner's syphilitic and withered little peni. Somewhere out there, there is a bullet with Jim Cramer's name on it, and it is not getting to its target nearly fast enough.
This above all worries me. Such a contrarian indicator
It would mean something as a contrarian indicator if any one watched Cramer anymore....
Thanks Ben!
$1500 will get their attention
MSM - "It's alive, it's alive."
What's that? Gold at new highs? Funny, but I didn't see that on the morning news.
Must be a glitch in the (news) Matrix.
Coggy,
Do you think we should help our fellow retard (I mean man), regarding their ignorance to the fiat system?
Someone quoted from The Matrix that those plugged into the system are so helplessly dependant on it and will even fight to protect it; therefore they remain angered at those outside it.
I think that their ignorance is too great to be repaired, but as we need the most people as possible to form a new government and currency regime once the current one crashes, I cannot help but thinking we need to educate Joe Sixpack.
Of course you need to help educate others. Someone told you didn't they? Sure its possible that you have always been aware, but highly unlikely. Something woke you from your sleep. Now its your turn to help someone do the same.
This will sound incredibly trite, but I learned this stuff in junior high school. We had a chunk of the year set aside to teach us about finance where we learned a bit of micro econ and some high-level macro essentials. Then we did mock trading where we were all given a chunk of imaginary fiat to build a portfolio so that we learned about things like markets, commodity exchanges, bonds, and equities and tracked its progress over time.
You can't have efficient markets if the people participating in them have no idea how they're supposed to function.
Oh, so that is where you learned all about fractional reserve banking. Bullshit.
Your teacher certainly didn't understand it. Not to say that didn't lay the foundation for you. But just because you have the knowledge doesn't mean it shouldn't be shared for the benefit of all.
We did cover the basics of the velocity of money and were aware that the bank doesn't have a stack of bills matching our account values. They didn't go into credit bubbles or endogenous money theory, but we were aware of bank runs and the monetary base. Perhaps if they had painted bankers as greedy shylocks instead of providers of a useful service to society, we wouldn't be in this mess. Too late to turn back the clock now.
Fair. In NY we took a basic economics class as part of our high school curriculum. But far from perfect. Which goes back to my original statement. That is NOT the point at which you realized the problems that might be inherent in the system. It was this knowledge combined with what you learned after the fact that has formed your current opinions. And its this knowledge that should be passed on.
I guess my point is that it's difficult to explain the problems in the system if people are never exposed to the framework in which those problems are defined until they're adults. Old dogs, new tricks, and all that jazz.
Not sure how old (young?) you are, but you are the exception to the rule. People leave college (not to mention high school) not even understanding the power of compound interest or how to manage their checkbook.
My fake portfolio would have suffered from the '87 crash had I not moved on to high school, but this was a fair to middling CA public school.
I agree the state of affairs with respect to basic finance education is grim. I was engaged to such a person (thankfully, not married) and I'm sure she ended up underwater and foreclosed on as a result, but I think that reinforces my point about the need for education for functioning markets. The "every man for himself", "we need more suckers" approach is a dead end.
Agreed. So why so eager to point out that you learned this all in Junior high? That doesn't change the original premise that others need to be educated.
It's the 'when' and 'by whom' that's up for debate.
some people are ineducable. Piss into the wind for all it's worth
I've got my 3.5 year-old daughter investing already. DEO and MCD are where her savings go right now. Whenever I crack a pint of the black stuff I quickly mention the relationship (in relative terms) between the stuff in the can and her stock. When asked about her money she says she's "inwested in stocks". She also enjoys opening the bullion deliveries that show up and inquires as to what they are and why we have them. Says they're bigger than the other coins. Next year, we'll move on to CDS.
That's awesome. Wish I had done that with my now young adult children.
I agree and I've been trying. But the toughest life lesson I re-learn on a daily basis is that you can't educate the unwilling. I think Mother Nature might need to push the reset button and let us start all over again.
That is as long as I can keep my new iPhone4. :>)
I cant remember the author to give the credit but I go by the quote ,
"hear me now and believe me later"
"believe me now and hear me later" - Hans unt Franz
I've tried for 2.5 years with no luck to educate friends about PM's and debt and recently gave up.
And these are people in the biz.
It's like turning the lights on when someone is asleep, they rush to cover their eyes and yell at you to turn the lights back off.
I believe its a sign of the times. Most people will never ever wake up no matter what facts you present to them or any other proofs. They simply refuse to listen and never will. This is way most people are. So for me, I went from a evangelistic attitude about it, to wait and see attitude and if they want to know something, they can ask about it, otherwise, I don't care anymore. Its all a learning process even for someone who wakes up. If you attempt to use common sense and say to yourself ,that hey I see this happening and I want to warn my friends......and of course after I warn them they will immediately see what is happening and agree and prepare. This however has not been the case. It is always 3 steps forward and 2 steps back again and again and again and again. It never changes. Therefore this country as we have known it is doomed to fail, just like some of the founding fathers knew all too well.
http://www.rense.com/general50/ccons.htm
From the beginning there was a war between good and evil in this country since its inception. That war continues to this day. In the beginning some bought into the freedom and liberty lie and took it seriously and some went along just to get along and some had alternative ideas about what was to happen here. As a young man I was taught that this nation was founded upon judeo Christian principles whatever that means ,never mind that judaism and Christianity are like oil and water and simply do not mix. In the beginning the Chrisian people were here, but also was the enemy here as well. So now as we live in this year of 2011, we look back and we see the great plan coming together for those who want the world as their osyter and we continue to argue daily about this and that. Things are done right before our eyes because now they have control of it all and they simply don't give one good damn what any of the sheeple think. So we begin the dying process and we watch our boob toobs and are entertained and nobody as George Carlin said one time, nobody cares. I came from the neocon and I swam across the rubicon and I will never go back now. I cannot and will not. What is truth is truth and nothing will ever change that. I am now a 3 percenter and damn proud of it.
Central banks buying gold is bullish?
Are you suggesting that it isn't?
Central banks hoarding gold means the end is near.
A very good time indeed to move some gold into silver.
Gold will fold. it gives governments their credibility.
What when a supranational government needs no credibility at all?
Unless it's for trading with Planet Xers.
ORI
http://aadivaahan.wordpress.com/2011/03/01/on-outsourcing-and-its-ills/
In America, we're often told of the 'melting pot' which, as a metaphor, contains the inherent sense of 'conversion' from an immigrants native culture to some westernized ideal of homogenized banality. I'd like to see us move toward a different analogy of the awesomely diverse salad with myriad ingredients that retain their original flavor and sum up to a greater whole than the constituent parts.
http://www.youtube.com/watch?v=FKvheTZdJH4
Excellent observation snow. And desire too. Diversity, polarity....that is the stuff of life and creation.
Beign at the top of a mountain is exhilarating because it is far away from the bottom.
ORI
http://www.youtube.com/watch?v=_NwwWuGN3ns
salade nicoise?
goulash?
indian curry
mullagatowny soup
cassoulet
bouillabaise
smogesbrod
italian pizza
my mind's on overload!
Be sure to finish your meal with some delicious Iranian "yellow cake" washed down with some heavy water.
Bush and Powell tried to peddle some pretty yellowcake too, but it turned out to be just a hollow paper replica.
I don't know if I agree with that Tyler? FT has it on front page, so do most other financial sites.
Who reads the financial press? I was on the road yesterday tuned in to NPR and not a word on their financial half hour did I hear a word about gold.
Gold?? CNBC is having its quarterly "Buffett Becky Boner Bonanza" session. Hell, there's no time for real news.
By the way, Buffett says Housing backlog will be all gone in a year. Yay the "Oracle" hath spoken!
bullcrap!
maybe gone in a year because hes buying it all at pennies on the dollar....?
He's also saying that gold is going a lot higher, the dollar a lot lower, and that the government and the rich are robbing us blind. All, of course, with polite political correctness.
http://www.chinadaily.com.cn/cndy/2011-02/28/content_12085402.htm
mulatto swan update: Huckabee questions Obuma's legitimacy to hold office of President.. seems the gloves may be coming off..this is an event that will rival the war between the states and as Obuma said:
he emulates Lincoln..
his not being eligible for President is the biggest scam ever pulled in US politics.
You know, focusing on the absurd while ignoring the real problems with the Pres makes you look incredibly stupid and accomplishes little beyond your own marginalization.
indeed.
A bit of advice, your comments will probably make more sense and not subject you to well-earned ridicule if you take your cock out of your sister when you write them -- you stupid hillybilly.
I would have thought that if anywhere, ZH's would be open to alternate thoughts and at the very least not ridicule someone for them.
What do any of you care what someone else chooses to believe?
If you really think that is an "alternate thought" rather than a thinly veiled racist rant, you go ahead and keep quiet. I won't.
fuck off
take your racebaiting bullshit somewhere else, punk
A meme that was tired three years ago doesn't qualify as 'alternative thought'...and it's not the belief, but rather the failure to STFU about it despite ample contrary evidence that brings the ridicule.
Should we entertain the people who 'believe' the Earth is flat or that spirits are responsible for disease transmission too?
No you dont need to entertain them, which is what you do with each response.
Trolls don't get SNAP benefits...somebody has to feed them.
evidence of what, Bama's birthplace? Is there any? I mean, shit, the guy may as well have walked out of a cornfield 8 years ago.
Howard Hughes was an open book compared to this guy, seein as the millions he's spent on sealing and court fights over every little track in the sand.
You think he's going to abdicate the throne if he's found to be ineligbile? Not that anything would surface to attest against his citzenship. Plus, Biden would then be Pres. Put that in your bong and smoke it.
If his presidency is found illegitimate then the whole administration is illegitimate no? I wouldn't know what would happen but Biden as Pres is as bad as McCain or Palin...I'd rather have Ronal McDonald a freakin clown than Biden.
Ouch....
This one ranks up there with:
Take your offensive ad hominems and fuck off.
Buffett needs to find a hole to lay in, it's dirt nap time for the stingy old bastard.
BE GLAD THEY DID NOT REPORT THAT YET!!!!!!
Everybody is sleeping on Palladium also, it has doubled in a year itself...
Not everybody...I bought me some dip just last week to add to the pile.
Silver has doubled since Mar. 2, 2010. Why mess around with the thin markets?
CNN just told me to run out and buy a new iphone.
long silver short copper seems like an excellent catastrophe trade right now. Both trades seem very crowded on the long side right now, but copper doesn't seem to be for the right reasons. I don't buy the copper shortage stories if you strip out the speculators.
If the rumors are true and JPM is using copper as a proxy for silver, they may stay positively correlated, but when that breaks, it's a sign to panic.
Gold has spiked in an over reaction to a (potential) civil war in Lybia.
Meanwhile, Saudi Arbia is stepping up oil production to deal with the oil supply that has temporarily come off-line in Lybia and the long term benefit of removing crappy dictators will be extremely positive.
Qadaffi was a bad dude. He's blew up an airplane full of Americans. Having him and the rest of the dictators out of the middle east will be a very good thing. The uncertainty premium that has historically been priced in to oil will be removed and the price will eventually settle lower... none of these countries can survive for long with out oil revenues.
oooh. where to begin?
Wiping, then flushing.
Wow...someone woke up on MSM side of the bed.
Howard, you and WB7 are doing a great job on the Banzai7 store. And I love the work you two are doing on the commemorative coins.
Plus it keeps you busy and out of the bars during the day. :>)
http://www.zazzle.com/WilliamBanzai7
Thanks CD. We're having fun and working hard on it. The coins are a blast.
You'd be slightly more convincing if you could spell Libya correctly.
Spending two weeks at an all-inclusive resort in Cancun doesn't give you experience of emerging markets...
Man are you gonna be disappointed when the 'crappy dictators' (formerly known as 'our man in realfarawayistan') are replaced with leaders who may not be so inclined to toe your particular party line (help: I have Jesse Jackson Syndrome). They'll get their revenues, but perhaps not in US fiat or by selling their resources to people who waste it driving vehicles that resemble large loaves of bread which remind them of what they don't have in their mouths on a regular basis.
Different does not necessarily equal good.
Besides, what are you gonna do with a tanker full of heavy sour anyway?
Realfarawayistan.
Really captures it, snow. Outta sight, outta mind(fulness).
ORI
+++++
What about bernanke admitting to a 'little' inflation?
let's keep it for a long time that way
gold touches new highs...
new highs gets throbbing hardon....states this is a good touch
So....PM raids are a refractory period?
Haha, excellent. Well played.
When Business Week or Time put an American Eagle on the cover (the trusted magazine cover indicator) you will know we are topping out, if only for a year or two. It's one of the best indicators of mass sentiment there is.
a st gaudens was on the cover of american rifleman a couple of months back....good enuf?
Not even close. Has to be an in your face at the checkout line cover--like the raging bear on the cover of Time in late February 2009. A bottom was near.
So Demi Moore on the cover of People wearing a dress made out of Double Eagles?
When Time Magazine votes The American 1oz Eagle, Man of the Year!
Believe it or not, Business Week has the #1 track record in the "magazine indicator" rankings. Fortune is another and of course Time and Newsweek.
Buffet said on CNBC, quote: "paper money is not a good bet..." and just after that Oil, Gold and Silver went ballisitic!
I was kinda wondering - whats happened to the "can't eat it", or the ever popular "pays no interest", and we mustn't forget "has no intrinsic value" crowd? I do so want to say 'Told you so!' There. Said it.
Now everyone suddenly loves the old scoffed-at metals.
Don't forget you can't fill up your 4WD Monster SUV
Are you referring to savings accounts?
So why are my gold stocks performing so miserably?
Because paper is for idiots.
Discouragement
I suspect Nato and or US forces will soon be landing in Lybia. China is moving assets to the location as well. Nobody wants to be left out of the spoils of war, especially when those spoils are oil.
So where is Blythe this morning? Still in line at Dunkin Donuts?
Blythe's in the back room with the girlz cooking something up:
"In the poison'd entrails throw.—
Toad, that under cold stone,
Days and nights has thirty-one;
Swelter'd venom sleeping got,
Boil thou first i' the charmed pot!
ALL. Double, double toil and trouble;
Fire burn, and caldron bubble.
2 WITCH. Fillet of a fenny snake,
In the caldron boil and bake;
Eye of newt, and toe of frog,
Wool of bat, and tongue of dog,
Adder's fork, and blind-worm's sting,
Lizard's leg, and owlet's wing,—
For a charm of powerful trouble,
Like a hell-broth boil and bubble.
ALL. Double, double toil and trouble;
Fire burn, and caldron bubble.
3 WITCH. Scale of dragon; tooth of wolf;
Witches' mummy; maw and gulf
Of the ravin'd salt-sea shark;
Root of hemlock digg'd i the dark;
Liver of blaspheming Jew;
Gall of goat, and slips of yew
Sliver'd in the moon's eclipse;
Nose of Turk, and Tartar's lips;
Finger of birth-strangled babe
Ditch-deliver'd by a drab,—
Make the gruel thick and slab:
Add thereto a tiger's chaudron,
For the ingrediants of our caldron.
ALL. Double, double toil and trouble;
Fire burn, and caldron bubble.
2 WITCH. Cool it with a baboon's blood,
Then the charm is firm and good."
Ipad Ipad Ipad......that is what we are supposed to be talking about today...IPAD II....its so cool...two cameras??????? huh!......oh and that thingy in the Mideast....."mom, I need some money..I want to go to the mall again"
The interesting correlation is when gold swings down Euro goes up, not USD. That tells me the Chinese/ME credit rich and the corporates don't put x-cess cash into USD.
This is not good for Benocide n QE-forever!
Gadaffi speaks to all gamers!
http://www.youtube.com/watch?v=vCxuypeQy58&feature=player_embedded
Punk ass doesn't know about zero-day warez? ;)
I'll keep an eye out for Mo at GDC today.
Good Morning Gold Bugs! The sun is shining here in NYC like a 24-karat Gold Buffalo in the sky......ahhhhh.......
It's nice to be ale to sit back and profit as the Titan Gods eat each other alive. They'll eat their children next. That's what global central bankers and dictators do to each other when the going gets rough.
If I were a Saudi royal family member I'd be quietly converting my BennyBux to gold in Geneva. Quietly, you understand. Same with all those billionaire dictators and their extended families in Oman, Yemen, Bahrain, Kuwait, Algeria and elsewhere. Anybody who's fate rests on the buck. Get it while it lasts
Yup, everybody is worried about $100 oil because of their stupid 5,7 liter V8 SUV's and plastic iPads!
in germany the propaganda machine works even smoother...no matter where you looked yestrday financial or mainstream media there was only one topic the lying minister guttenberg...as we didnt already know all politicians are scumbacks and liers but not a single word about record highs and starting military invention in lybia they really should change it from deutschland to dumbland
Wasn't Hegel German and Bernays Austrian? The Anglo-Americans have embraced their principles completely it seem. If it was good enough for die Fuhrer . . . .
"The conscious and intelligent manipulation of the organized habits and opinions of the public is an important element in democratic society. Those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country." Edward Bernays
"If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political and/or military consequences of the lie. It thus becomes vitally important for the state to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie... and thus, by extension, the truth is the greatest enemy of the State." - Joseph Goebbels, Reich Minister of Propaganda
Bernays was a jew
That is as may be, but your lying politician had like 11 names and the title of Freiherr. What does one do with 10 middle names? We have nothing so fancy here in the US. All of our lying politicians are plebs. Some of them don't even own a middle name. What does being a hereditary member of the old European nobility get you in Germany these days? Is it along the lines of that and the proper amount of Euros will get you a cup of coffee or does it still carry real weight and privilege beyond mere money? I'm just curious.
They're too busy listening to Buffet tell everyone his tractor is going to pull Oblamma's car out of the ditch, sober up all Bush's and somehow unsalt the fields that the central bankers pissed all over.
Maybe Howard Beale and WB7 will invent the new fiat money...and start a new Ponzi! I hope Tarpistan is not the name of the new Ponzi empire! You never know in this volatile world..If Khaddafi says buy Tarpistan coins to his pet Banksta sharks it could start a stampede. He has 300 billion greenbacks in personal sovereign account to convert before he gets bombed from Tripoli to Venezuela, then back to Mugabe land.
Someone cleaned out Tulving's 175 boxes of silver eagles.
Blythe's planning on leaving town. She needed some pocket change.
Wohoo, keep it off the radar !!
I have some gold I bought a while back at $450 because it seemed like a prudent thing to do. I never plan to sell it.
As for educating friends and family, I think it's important to try without being over-bearing. I gave Gi-Bi several silver eagles for his second b-day as hints to his keepers. But it's not just Joe-Six who needs awakening...the other night I dined with the president of the ladies Repubs where I live and while talking the economy, I casually asked,' BTW, do you and hubby own any gold or silver ( along with your huge house)?'
'NO!' the answer, 'think we should?'
That sorta started a little monologue that lasted a few minutes...I really tried to be subtle, oh yes I did...
Rule #1:Money is Power.Rule #2:Fiat currency is not money. To beat the Banksters you have to hit them at their weakest point. The biggest public market place is Craigslist and EBay. When sellser start pricing their goods and services in gold and silver only "NO FIAT CURRENCY ACCEPTED" you will know the people are mad as hell and not going to take it anymore. This takes pm's from buy and hold to buy-hold -and use and gives them real purchasing power and value. We may only win a small battle and not the war but it will be the start of a real paperless revolution. So print Ben print because your paper quality is really good and FRN's can be washed and reused wiping your ass with them.