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Gold Surges To Fresh Record Spot Of $1,367.65 On Report China To Put More Reserves Into Gold
And so gold takes off, as the CRB index passes 300, with America blissfully unaware $100 oil and 20% U-6 unemployment is next, leading to a total collapse in the economy. The catalyst: Bloomberg reports China to put more reserves in gold. This time gold is flying even as the dollar is not getting crushed, implying that capital flows are not simply "gold on, dollar on." The surge in gold is once again making relative stock gains for the day priced in gold negative. With nobody daring to actually short stocks on fear of random buy-ins (such as the one in IWM today) Gold continues to be the way to express a negative bias on stocks, and one which on a pair trade basis has been profitable on any historical horizon basis as gold's "beta" is better than that of stocks.
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I heard they make gold out of rocks, is that true?!
No No!
The FED puts it's gold INTO rocks, so it's more difficult to steal.
That's why when they would audit the FED for it's gold, the FED can show the auditors the place where they would need to mine those rocks out of which they can extract the gold.
Best security system in the world...
I was wondering why gold took off on 10Y auction day. Let's see what happens tomorrow on 30Y auction. Maybe the rest BRIC will declare to join the happy "US Dollar hunting" ride.
actually the chinese caught the US making GOLD from tungsten
Yesterday Truman was proposing about selling all US gold. Now China dragon is openning their mouth ready devour whatever amount of gold they dare put on the market.
That is true,but it takes much less time,effort and resources to make fiat money from dead organic material.
"I heard they make gold out of rocks, is that true?!"
Moonrocks, I think, according to the chart anyway...
Gold continues to be the way to express a negative bias on stocks
...except miners
:)
HUI up over 530.
+$+$+$+$+$+$+$+
The dow is 11111.11
is that some kinda sign to their illuminati friends?
If you are into that type of thing, check this out:
http://www.scribd.com/doc/3870779/Codex-Magica-Texe-Marrs
The target for the DOW is 14140.
Then it will become clear Benny B. is doing a dutch joke on the maket.
A dutch Calculator spelling joke. It's also used in other languages.
In Dutch is 707 + 707 = 1414. In calculator spelling this is LOL + LOL = hIhI. The word LOL means fun
Indeed. Among others, USSIF.PK has kept me smiling for the last three months.
My ears are bleeding from having to listen to Maxine Waters on CNBC. Did they bring her on simply to prove how incompetent our representatives are?
I saw the promo last night about her plan for Foreclosures. I almost puked. What'd she have to say? Wait, let me guess. The poor people need to be forgiven these loans. Socialism baby! Am I close?
you MUST take evasive action beforehand, john.
you can either poke your eardrums out with a sharp stick - or crank up some metallica. i always choose #2 here... win - win.
No, they brought her on for electoral reasons. But my ears are bleeding too...because she actually made a good point...one the media continues to try to cover up...systemic fraud...but my bleeding is increasing because she, Waters, is also guilty of fraud.
Wait...I should just say "Rome."
You know what...never mind...WFD!
Why do ya'll torture yourselves with CNBC? Although others too drink kool-aid , less pain from Bloomberg or FBN? At least we see Reggie and get Gasparino bankster gossip. I still flip over for Santelli rants near closing.
Those channels cost extra $ where I'm at.
We that are able don't watch it for the disinformation, we watch it for tantalizingly tight sweaters. lol
Try BNN out of Canada.
Dagny
Atlas Shrugged....deja vu or what?!!
John Gault
defiant Maxine Waters disputed charges that she violated House ethics rules and released documents Friday that could undercut the complaint that the 10-term California Democrat sought federal money to bail out a bank where her husband owns stock. http://www.msnbc.msn.com/id/38691762
Worthless individual indeed. They have been dismissed since NAFTA to local affairs only and that person is the poster child on why they are Pets on a leash. There are still two related categories of Genuine Globalists: Internationalists, whose ranks are filled with "political bureaucrats" whose activities include "forging legal agreements and pacts between nations and, increasingly, between blocs of nations" and Transnationalists, "money men and company men who operate at a certain rarefied level" Genuine globalists, unlike Provincial and Piggyback globalists, have their own institutions to advance their agenda: financial institutions like the International Monetary Fund (IMF), trade agreements like the General Agreement on Tariffs and Trades (GATT), and international political organizations like the United Nations.
Damn, that snowball is getting big.
The 3 month chart on Gold is awesome.
Chart: SPX
http://99ercharts.blogspot.com/2010/10/spx.html
Dude, you need a disclaimer of some sort:
Caution: My charts and trendlines may cause Acid flashbacks, even if you've never taken Acid.
lol +1
Nah, no flash back. That was an epileptic seizure.
I swear...I never inhaled.
I did......and that was some good shit man.
Don't bogart that joint.
http://www.youtube.com/watch?v=V6yMj0JGLWs
"Don't bogart that Gold, my friend, Pass it over to me"
Thanks for the education CD. :-)
:D You're still smokin' after all this time. Just please don't resort to pickin' produce...
http://www.youtube.com/watch?v=J2ue8z6gGpI
Low n slow is the way we go..
http://www.youtube.com/watch?v=0O5Q9tYJaHs
Lots of good times "wasted" with Cheech and Chong.
Ah, the good ole days when you weren't so worried about getting buggered by the government and its masters.
No shit. Even if their pacemakers are under recall and their wheelchairs are supported by those ninja arms...
http://www.youtube.com/watch?v=Q_nFwwjBlEc
So true :)
Your shart makes me see the same stars after being hit in the face by Tycon
When I figure out what a Tycon is I will know wheter to laugh or not. Although calling that chart a shart is perfect.
It is an extended spoonerism ;-)
Ask and you shall receive Turd Ferguson. TD, has anyone ever asked that you put the same "home, DARPA, contributors...." navigation pane at the bottom of the screen? Would be an easy way to get back to home page after one reads the comments section...
Use your <- backspace key.
Cheers. Learn something new every day.
I've got another one for you:
Press all those key at the same time:
CTRL-P-ALT-R-T-F5-SPACE-ESC-SHIFT+*
Mouse gestures plugin. Seek one for your browser. A swipe left with the mouse and you go "back".
Suspicion towards a currency, one awekend, develops insomnia. - James Dines.
Why would China signal that they are going to increase their gold reserves? Why didn't they just buy gold on the sly and then inform the markets once they were done (as in 2009)?
I think they just want to kick the FED in the nads, and this is one way to do it.
How does it feel, Benny?
HEH. Has a ring of truth.
Agree.
Especially since the FED has been giving the manipulators the cash to support the short positions.
The FED is armtwisting Obama to sell all the gold, so China says:
GIME GIME GIME!
well yeah remember Professor Putz form Yale said what a great idea.
By all means......
I'm going to follow China's lead and buy myself more gold.
How does it feel, Benny?
I guess that's what they mean with "Going Chinese"
Everyday we get new commentary about how tomorrow will be the end of the economy. Tomorrow never comes, and the fed continues to print money at a record pace to every banks joy.
So far the fed has outsmarted all of you. The print money, keep the game going longer than most of you can stay liquid and the party continues for banks.
Banks may be underwater, but if they keep borrowing billions at 0 and buying treasuries at 2%, they will at some point and time make enough money to get them out of their mess.
I'm just saying this may not end the way you guys think or hope. The fed now says it will print money till they hit their inflation targets. Doesn't matter how much it costs, no matter how many dollars they need to print, they will get inflation. Bernanke is just crazy enough to do it.
"Outsmarted all of us"??????
What about those of us who bought gold at $450, silver at $5.00 and have been long the agri currencies?
Speak for yourself!
PMSL
Me too, I'd like to thank Uncle Ben for "outsmarting" me from the bottom of my heart.
PHYSICAL bitcheeeeez !!!!!!
The Fascists have all sorts of tricks up their sleeves.
But they have lost the soul of a nation.
Disclosure: I own 0 of the shiny paper weight.
I've got schematics for a perpetual motion machine that you might be interested in buying. PM me.
"So far the fed has outsmarted all of you." BULLSHIT. It's more like the Fed has turned you into a sheep since it's pretty obvious you've already given to Ben's printing press. No country/empire has EVER avoided the "bust" part in a "boom/bust" cycle, and no entity ever will. They are only delaying the inevitable .. and it's not by "outsmarting" us.
Tomorrow happened last week; they just didn't tell you.
Well that's a stupid reason to go out and buy gold....but, Mom, the Chinese and all the other kids are doing it! Why can't I?
Well that's a stupid reason to go out and buy gold....but, Mom, the Chinese and all the other kids are doing it! Why can't I?
I assume this was sarcasm? But just in case it wasn't, the answer is that iwhen China wants to build their gold reserve up, they will drive the price to the moon. They have a LOT of dollars to get rid of, and they aren't making any more gold.
OK, a bit of sarcasm, but they are making more gold- digging it up and refining it to be exact. In Chile, Australia, Canada, the US, etc.
drive the price to the moon ; one Charles Mackay wrote a book about that, published in 1841; Extraordinary Popular Delusions and the Madness of Crowds.
Yes, there is an addition of a couple of percent per year to the gold supply via mining. How does that compare to the speed of money printing by central banks around the world?
Gold production is in decline, and it will take a decade or more of very high prices to ramp it up again.
Don't bet on an increasing supply of gold to save the dollar.
Maybe the bubble is in paper currency?
No way man, how could it ever be in a bubble. Bubbles imply there is some kind of internal gravitational force that pops the bubble when it gets too big. What could possibly stop Bennies calculator from adding zeroes at the end?
Didn't you play with calculators in school?
By the same token, buying anything because there's momentum to buy is a stupid reason. Say....er...Oh I don't know, like stocks, bonds, REITs, oil and other commodities and just about any other risk asset these days.
The Fed is going to lubricate some more, creating lots of buying momentum for these risk assets. Thus they're going up for no other reason than popularity in the current liquid environment. Isn't this just as stupid as buying Gold because so many people/countries are flocking to it?
All I'm saying is that your comment applies to any momentum buying. So why is Gold being singled out for derision?
"By the same token, buying anything because there's momentum to buy is a stupid reason. Say....er...Oh I don't know, like stocks, bonds, REITs, oil and other commodities and just about any other risk asset these days"
I'm confused... I'm not supposed to buy things that are going up in price?
Depends on the type of market, OOps strike that, three card monte game yawanna play. As long as you don't care if the rules change in the middle of a trade or that any trade could be reassessed at the whim of an exchange then you're good to go. Since capital markets are no longer in the business of price discovery, let alone creating financial alchemy then you are just playing for entertainment. Your dime, your pleasure.
So gold isn't good either- since the rules (confiscation) can change at any time?
Not to mention CB intervention in PM markets, and the other rigging.
All depends on if ya believe you can trade it when you want to, for a price you can actually realize (in a currency that is a stable commodity in relation to the trade) for something else ya might want. It is easier and more reliable to trade an oz of gold for a dependable price across all geographic boundaries than most anything. Marlboro's & booze in a war zone excepted of course...
"Marlboro's & booze in a war zone excepted of course..."
or a correctional facility, for that matter.
Please go back to the comment I responded to. I wasn't agreeing or disagreeing with this idea, I was asking the person to be consistent in his reasoning. I then gave examples of his reasoning used to justify other buying.
He was ridiculing purchasing Gold simply because it was becoming popular and thus in demand. His comemnt was....
If doing so is silly, then it must also apply to everything else. Selective logic will always show through and his was transparent.
Gollum was into PM's- and look where that got him.
"Precious, my precious..."
That was more like numismatics. He could have gotten another gold ring anywhere. He didn't have to follow two midgets half way around the world to get any old gold ring.
Gollum was into absolute power that the ring symbolized, the power of the world. The books were written to symbolize the struggle of heaven and earth, God and man, matter and anti matter.
seriously? Shit, My english prof told me it was all escapism; wait, let me guess what you are dressing up as this Hallowe'en...
Gold is not a risk asset; it's real frickin' money; some actual non-delusional, non-economically challenged folks actually get it.
"To the Moon Alice."
http://www.youtube.com/watch?v=UbCv6b96OK0
Well, this is quite pleasant.
The move past the highs of last week is very significant but we need to hold here. Ideally we would close today above 1366 and completely negate all of the technical damage the EE was able to paint last Thursday. Keep your fingers crossed for the next three hours and lets see what happens.
i believe the ee is once again retreating to higher ground before taking another stand, tf.
guess they don't like soggy footwear.
Looks like Blythe Masters picked the wrong week to quit sniffing glue...
by now she must have moved on to more potent hallucinogens.
Endorphins are the ultimate hallucinogens. Happily they're all natural and can be readily produced with the proper mind set.
Ain't nature wonderful? :>)
All due respect, as a most grateful student of your endorphin manipulation systems, I have yet to equate that with a level of say, magical mushrooms. They are also, all natural and readily produced with the proper mind set. But I did think of you when I saw the brilliant fall foliage this week. :)
Oh man, look at those pretty colors.
LOL
Agreed.
But I can't get arrested for using my own home grown supply......yet. But it's coming with the next leap in mind control per implanted chips. It'll be here before you know it. Seriously.
Blythe is going to need a lot more than a handful of shrooms to cure what ails her tonight.
Next stop: 1395 or so.
Tomorrow mornings fix. I still can't believe you think they'll fight at 1500. 1500 will be a day near the end of the month. They've got to try to hold 1650 to make it through december. And I doubt they will hold 28 in silver like they want. It'll probably be glowing 32 or 33 putting them way underwater.
Nothing, Grasshopper, matches the sheer surge of endorphins and rage stress hormones, of strapping yourself into an autoasphyxia rig, in a closet in Bangkok. Think about it - Carradine - was wealthy, in a city where he could have bought, with a handful of Baht - almost ANY fantasy - yet real human body that could be desired or imagined. He chose, instead, to go for the the high of self near strangulation .- HOW powerful was that feeling to him? (To Die For).
I don' t know squat about economics - I am here to learn - but, I wonder, what is the economic policymaking equivalent of autoerotic asphyxiation - and HOW close is Bernake to achieving it?
Silver very close to $24 right now. A close over $24 will be very interesting.
Ag shorts just lost theirs. Couldn't happen to a nice bunch of thieves either.
Heh, pleasant, Turd? I must have missed the memo explaining that you were a master of understatement too.
Pleasant is getting a decent massage. This is more like getting a decent massage with a 'happy ending', gratis.
Best Regards
this stock blog is junk, aapl just hit 300 and you dont mention it! who cares about shiny metals when you can have shiny displays.
All of us currently holding AAPL are going to sell when it hits 310, then buy PM's to sustain the momentum. From there, it's party time.
<sarc on>
It's not a stock blog. It's an economics, finance, and markets blog. Gold is a market. Yahoo.finance has some nice nice stock forums, see you over there...
Just out of curiousity, why would China announce it is going to put more assets in gold before doing it? Wouldn't they raise their own price? Seems rather stupid.
to put some pressure on the USA downfall
Yep, to return the kick to the FED's nuts. I hope Ben and Timmah enjoy their stock pumping because thats just whistling past the graveyard. I've never seen an equity market more set for a major correction. Theyll do it when they need it.
At the same time goldman raises its gold price target? Hmmm.
This is a very good question. You can't eat gold!
But I'd bet they would let you into Canada or Mexico with it.
Maybe you can't eat it, but I'm sure there's ways to have sex with a kilo bar.
"This is a very good question. You can't eat gold!"
You can't eat paper either but you can wipe your ass with it.
China is probably under-reporting their gold reserves.
That wouldn't be fair.
How about Gold Standard?!?
http://www.youtube.com/watch?v=cGjTgmZcwR0&feature=player_embedded
- man, that is some funny shit !!!
Someone needs to get Ben's face onto that woman's head pronto.
Hahaha! Nice!
Warmest Regards
And Americans sold to cash4gold so they could buy ipads.
Gold is the only thing worth going bullish on. Everything else is crap or a ponzi scheme in the making.
Oh I don't know. Silver seems to have done alright for itself too :)
Food production stocks doing well. Corn up strong today.
Yeah! And you can eat it.
It'll kill you but you can eat it. Tasty poison project.
China glad to buy up Amercan gold resereves as gladly offerd
by Ted Truman.Time to wake up America don t let them sell
your crown jewells like they did to England or my country Holland
(sold 1/3 of our stockpile 300ton)
They already sold it, and probably Germany's gold to. Haven't had an audit for 50 years, and with the band of criminals and thieves that roam the halls of power I would be stunned if much of the USA's gold was not sold, leased, or otherwise encumbered in some way.
please read this, it is from our own DNB.... Most of our gold is at the FRBNY. In the best case it is physically there but we don't have a title anymore...
http://www.dnb.nl/binaries/goudbeheer%20van%20DNB_tcm46-146095.pdf
The Federal Reserve is the owner of the gold. The Treasury is the custodian.
No. The treasury is the owner of the gold. The original agreement was found but it didn't make it into conciousness widely. Federal reserve can't even have it on it's books. It's breaking the law. BTW it's all leased and federal reserve as a private company will have to replace it all according to law. Maybe that gold confiscation was just setting up the events that will kill the fed.
Found the hiccup.
http://wallstreetbear.com/board/view.php?topic=60796&post=201247
The "gold certificates" are the key. Whoever holds them only holds a claim, but it's a good claim. It could be counted on both sets of books but only one entity can hold the actual metal, and that would be the Treasury. The Fed has a claim on the gold which is enforceable -- so, the Fed owns the gold.
It's a lot simplistic to say that my bank counts my deposits on its balance sheet, but I have claim to it so I get to claim the deposits as my asset as well. Ultimately, the money is mine due to the power of my claim taking precedence.
Why would anyone want to buy Gold? Is it me. Gold has no purpose and doesn't pay a dividend. Gosh people. Hello? Wake up. Gold is for chumps.
Hmmm? Makes me wonder what you collect or respect as tangible wealth.
FRN's? Credit? Or heaven forbid, debt?
Beaker? You are talking with Beaker?
///oh no!///
What you don't talk with me. What is there some sort of club here. I was just joking you moron. I always thought an avatar of a dead B film actor was bull shit now I know.
Have you no sense of humor at all, have you none at all.
that's a sick rendition of a Johnny Bravo ploy. "I want to see how the other half lives" Fuck, get a grip.
Yeah, rich chumps.
Hey I was just kidding. It's me DarkMath. I the biggest Gold Bug on the site bitchez! I was just trying to see how many times I'd get junked.
Sarcasm tags help. It doesn't always come through in the prose.
No sarcasm tags for me. I wanted to see how the other half live. It's not pretty. The Gold vigillante's are vicious. Hey wait I'm a Gold Vigillante.
Hey, we tear apart stupid comments where ever we see them.
I'm probably more guilty than most. Since things started getting bad, I have found myself picking more and more fights, especially with the anti-gold trolls.
And I used to be such a nice guy.
Haha, and some idiot is junking every comment I make, like that has some sort of negative effect on me.
You're developing a fan base. Bask in the glory.
We are all eagerly anticipating the next incarnation of Johnny ...
I feel confident he has shown a couple of faces here, trying out options...but that he has not committed to his next identity yet.
Haha hahha hha hhaaaa ah
On plan, like clock work, just like foreshadowed yesterday. Still being store of value trade, Just with for one teenie tiny little glitch somewhere with an inventory count, wolfram wildness, assay vacuum or delivery fail and the thing'll just go absolutely parabolic nuts.
My imaginary friend, one of the other 28 on the committee in my head told me that. Time's ripe, the set up is perrrrrrrrrrrrrrrrrrfect.
Twas a good ride, but i`m officially off. Time to take those gains and pay off some debt. I love gold, but this action has become dumb. 1-2% gains a day in perpetuity? I dont think so...
Just like stocks since DOW 6,500, 1% gains daily, all gained in after hours 'trading'.
I'm sure there were many that said the same thing back in '79.
Twas a good ride, but i`m officially off. Time to take those gains and pay off some debt. I love gold, but this action has become dumb. 1-2% gains a day in perpetuity? I dont think so...
There will be some wild shakeouts (unlike the stair-step action recently). But what do you put your winnings into? Paying off debt isn't bad (aside from subjecting your dollar holdings to hyperinflation risk), but what if you don't have any debt?
Farmland.
The problem with farmland is that you can't really own land (in the US, anyway). You're leasing it from the local government. All you can own is the right to pay taxes on it.
It produces income that outstrips the taxes and guarantees your family will eat.
only an asshole would junk this...
btw, if gold doesn't have a $50 correction very soon here...as a family man in amerika, i start getting very nervous...
Don't forget the $ loss offset.
As Ozzy said "All aboard the Crazy Train,hah hah hah hah " next stop insolvency when they figure who owns what or just pass a law saying the Government alias the Banksters own everything.Its called f*****g progress.
Between Apple, Google and Gold, I am happier than a pig in shit. GO GOLD!!!
Don't forget when AAPL hits 310 to liquidate and buy gold to keep the momentum going. GOOG will be later when gold is set for a correction.
I own Appl stock too. Great product, Great stock.