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Gold Surges, Hits New All Time High Of $1,437 After Precious Metals Talked Up During PDAC Conference
As the world continues to burn, gold hits a new all time high of $1,437 as silver is en route to pass $36. Whatever shorts did not cover on Friday night are strongly urged to postpone their "market top" speculation until another day. Elsewhere Bernanke is still confused by what the relentless march to daily all time highs in gold means...
Reuters has some additional reasons why gold may be poised for much more upside:
Gold should push higher from its near-record levels due to its appeal as a safe haven, while iron ore should regain its upward momentum on the back of red-hot industrial demand from Asia, forecasters told the world's largest mining conference on Sunday.
Copper, an economic bellwether due to its industrial versatility, should be well supported at its current lofty levels but may have trouble pushing significantly higher as mine production races to catch up to demand growth, they said.
Addressing the Prospectors and Developers (PDAC) conference in Toronto, forecaster Philip Klapwijk said he saw a "stronger case for investment in precious metals as a safe haven" as demand for base metals declines due to slowing global growth and political turmoil.
Klapwijk, chairman of metals consultancy GFMS, also said he expected global GDP growth to slow slightly this year as compared with last year.
Prices for gold and silver have risen sharply since the outbreak of violence in the Middle East and North Africa earlier this year as buyers turned to precious metals as a haven from risk.
Gold is holding within $10 of the record above $1,440 an ounce it set on Wednesday, while silver extended 31-year highs above $35.40 an ounce on Friday.
JPMorgan analyst Michael Jansen told a room packed to overflowing with more than 500 delegates -- from corporate chief executives to geologists to fund managers -- that he expects gold prices to average $1,465 an ounce this year.
His year-end target for gold is $1,500, he said, adding the gold production outlook was strong going forward."We think mine supply is easily on track to grow 3 to 4 percent year on year," he said."
His forecast is slightly more subdued other predictions, such as by Barclays Capital, which said in January it expects the metal to average $1,495 an ounce this year, and range as high as $1,620 an ounce.
GFMS said in a January quarterly forecast that gold may top $1,600 an ounce by the end of 2011.
Klapwijk said gold and other precious metals will also get some impetus as investors exit other traditional safe havens.
"We expect the sovereign debt crisis will not be confined to Europe and it will eventually spread to the U.S. and Japan ... It seems to be inconceivable that the U.S will be able to continue on its current path and maintain its 'AAA' rating," Klapwijk added.
More than 20,000 people are in Toronto this week for the annual PDAC conference. Attendance grows every year at the event, a barometer of mining investment appetite. This year it has also attracted a handful of top government ministers from important mining jurisdictions.
As presenters rolled out their outlook from everything from gold to iron ore, and uranium to potash, there was one key word was in almost every presentation -- China.
Demand from the world's most populous country will help underpin demand for iron ore, the main steelmaking ingredient, said Phil Newman, chief operating officer of consultancy group CRU.
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RELIC bitchez!!
Peter Schiff speaks on deficits, money printing, commodities rising.... emphasis on the analysis. (Mar 4, 2011)
http://www.youtube.com/watch?v=FyN9QVB-UhI
Roubini - "Weather is the last refuge of scoundrels."
Hmmmmm.... that is pretty deep SWR. Or is it? Care to elaborate relevance etc.? Seriously.
Thanks,
ORI
Bad econ stats blamed on weather.
correct! ORI, listen to the Schiff radio piece.
Ah. Thanks MsC and SW below (or is it above, never know how cmments show up here).
ORI
does anyone have any clue as to how many $35 SLV calls Blythe is going to have to cover write in the morning? Holy Fuck, I actually feel bad...
www.silvergoldsilver.blogspot.com
dont.
More than a few and less than a trillion. That range should cover all possibilities.
Poor Blythe. Now she knows what it feels like to be set upon by an hundred thousand strong army when all you have for defense is a 10 foot wide moat and a wooden door to protect your castle.
OK, who has the torches and lighter fluid? Let's burn this place down and go home.
1/20/61 JFK quote, "If a free society cannot help the many who are poor, it cannot save the few who are rich."
50+ years later, this quote could help inflame the poor masses who decide to go after the few rich biatches.
My 401(k) is being cashed out this week to purchase physical silver. That's my lighter fluid.
Since you're late to the party, I suggest you wait and see what BB will do at the end of June. You're picking a dangerous time to push.
Bernanke will keep printing money out of thin air no matter what. The second Big Ben stops printing, the whole system collapses instantaneously.
It will never again, with the old money, be a bad time to buy silver. You can stop buying silver and gold when the new script is issued and backed by Fort Knox gold.
I totally agree. Silver is my FX account. Move to the stronger currency. Continue to convert.
Serious offer. Dollar diving, rupee gaining.
If any smallish/medium investors want to hold some Silver/Au here in India, feel free to get in touch. Easily arranged. Not a big business or anything. Safe storage costs are minimal compared to anything in the US. Plus, in a Gone Wild global scenario, India is a "safer" bet, all around. Much less accountability.
ORI
http://aadivaahan.wordpress.com/2011/03/04/astrological-and-other-deep-insights-from-ca/
exactly - if you got too much gains then sink it into anything else real to spread yourself out but GET OUT OF DOLLARS
I'm good with it. 28 years old, I've got a lifetime of future earnings to cover any potential loss from this. Personal as well as profit driven decision.
He/she doesn't need to wait until June. BB must signal to the markets within a month at the most what his intentions are regarding the end of QE 2 and if there will be QE 3 or the markets will assume the worst and sell off.
disco inferno
It's just a Tragedy I tell ya.....
http://www.youtube.com/watch?v=SPcsMMEMbfw
Men singing in female voices about emotions? No thanks...
Tirebite:
For PM purchases, since you've waited this long, I suggest an entry point during the last week of March due to PM futures expiry or at the expiry of the Euro/Dollar futures in mid-July.
~Misstrial
I think you have a good point.
The central banks are itching to punish PM's and force money into equities.
I would not put it past Ben and the boys to push up rates June by a 1/2 point, then another 1/2 point in October, maybe even a point at a time.
Would kill the housing market but would dampen commodities and lift the markets more.
QE3 with some rate hikes; more free money to the banks and Treasury and stick-save stock purchases but induce inflation and proclaim it is to "give the savers an incentive".
*cough*
I did this. I had to take a *loan* though. Pissed me off. I got a safe deposit box at an area bank after going through www.bankregdata.com and finding a good 1B+ bank that was in good shape. Not all banks are run by fools, so there are some really good balance sheets out there.
NOTE: that site limits traffic to 100 pages by IP I think, so be thoughtful. It is easy enough to borrow a network connect at a friends though, since regular folks probably don't use their site. :-)
Cooter
You might consider buying in weekly or daily in small amounts to prevent setting off the IRS or other "radar" and just in case prices drop on some profit taking or FED/Central Bank jiggering of PM prices.
Schiff bitchez! I think Peter eats Gold for breakfast! ;) I like the guy.
The Wicked Witch speaks, too:
http://www.youtube.com/watch?v=Et02g9OQ-LM
A couple of months ago, you predicted 1600+ gold by 6/30. Are you sticking with this call?
The Fed will very aggressively suppress the price of gold over the next year, so gold will rise very slowly. Doubt 1600 will be reached by this summer, but silver is a very different story. The Fed doesn't have any physical silver supplies to keep the prices down. Silver will probably hit $50 by July, and possibly $100 by the end of the year.
I hope so. But Fort Knox is said to be empty already. I don't think the US has enough ammo now like in the past. $50 silver by July and $100 by the end of the year would be fantastic but I really doubt it would be reached.:)
The middle east on fire, and totally unpredictable. BB cannot take his foot off the accelerator for a second or everything falls apart instantly. Silver will hit $40 by April. Silver is the key to unlocking their grip on our lives. Without control of silver price, the deception ends. The curtain will be drawn back and the truth revealed. With out the ability to con the masses with paper, the whole debt based system comes crashing down. Massive credit cycle unwinding.
Actually, it was $1600 by 6/10/10.
Gold was at 1320 when I made that prediction. Why would I change my mind now?
Nice job
Did she say Ruprecht?
http://www.youtube.com/watch?v=nqMc9B7uDV8
Now eat your apple sauce.
Schiff blew Jacob Geiger out of his shoes!
Thanks for the link
Please slow down! My nose is bleeding!
Get a container for the blood and then sell the blood. You can use the money for more gold and silver. :)
Now ZH readers are taking forecasts from JP Morgan Analysts.... Priceless.
Whatever you say, loser contrarian boy.
tmosley
You know this is an honest to God ZH Gold thread when Meth Man shows up. He/she/it provides the stamp of credibility.
Oh God, too funny!
Yes, like a moth(man) to the golden flame, he simply cannot resist the urge to have his paper wings singed yet again.
.
i came looking for your sorry ass which was calling the "blow-off" top last week. go buy some microsoft you loser.
Math Man... A stopped clock displays the correct time twice a day. You, on the other hand, are never correct.
Perhaps you should stop digging that hole you are in... if you want to get out.
Does your compensation for trolling off set the humiliation that you are enduring? I heard a rumor that paid trolls often turn to substance abuse... the only out for their ego.
Anyone want to make any guesses on what rumored story is going to be floated Monday morning to try to take down silver prices?
"Goatdaffy abandoned supporters fighting rebels Near Tripoli and photographed shopping for Rocca wear in L.A."
Fed raises interest rates 1%.
Smoke starts coming out of Bernanke's ears. His eyes start blinking rapidly. He peels back is face and underneath is an ATM machine. It is clearly overheating. It bursts into flames and ends up a pile of smoking wires and melted plastic. Jaimie Demon weeps on his knees besides the pile of smoldering rubbish.
"Huge silver reserves of Paul Revere as well as Nazi's plunder found buried under the nation's Capitol."
...or a FED rate hike...
The black gold will follow the yellow gold then.
yee haww
All time high /GC March 2nd of 1441 no?
SI just hit all time high however.
Ding, ding, ding. Holy Crap, Batman.
And silver 35.85, rock & roll bitchez, and fuck you Blythe.
Once Gold takes out $1,450, while Silver is doing .... THIS .... The Dollar is gonna get S.M.O.K.E.D.
themos.
.....THIS.......
No words...Priceless... ;-)
ORI
I still think gold has to run to 1540ish and then silver will run again the next month and then gold will break out 1650 end of early may on it's way to huge gains.. But next month silvers breakout will epic.
All I need now is a $3-5 pullback in oil prices due to the US wastefully releasing reserves to temporarily calm prices and then I can load up on oil calls prior to the next leg up.
I guess Obama figures the Strategic Oil Reserve is his ticket to reelection. He wouldn't want to anger his base by allowing more drilling.
Is it true if they required to take delivery it would drive out speculators?
The Nymex, Comex, etc., would be smoking ruins. They wouldn't even do 1/10th the trading they do now. A typical LT WTI contract trades like 500X before it is finally delivered.
NO.
More junkings than letters in the comment --- priceless!
Speculators provide value; price discovery at their own risk. Prices wouldn't be doing a moon shot if the whole system wasn't completely fscked up. Given a completely fsked up system, removing speculators really doesn't accomplish much.
Just my two cents.
Cooter
And they got an Oil Economy, Mileage and Environmental Savings Plan, too.
Dilute all distillates 30% with GoM water to make it go further.
This is a secular bull market. Cheap tricks like raising margins weekly and "we are discussing tapping the strategic reserve..." ain't gonna work, it just confirms the strength of the trend and BHO/Bernank are drowning on the losing side of the trend, they are the weak hands gasping for air... tapping out and the parabolic phase has not even started yet. The strongest hands control this bull market. Stay focused on the target of dow/gold = 1.
Say your prayers B&B.
And Silver hit 35.99 a few minutes ago. Probably will hit 36 tonight
If "tonite" is 20 minutes later, then yes, Ag at 36.
Yee-Haw!
And it will also break $20 by this summer.
It only costs five bucks to dig it out of the ground!
Why do you think the producers are banging the back end of the curve so hard that it is now in backwardation - They can lock in $30 buck an ounce for the next five years... six months ago, they were only making $13!
Yeah,silver will collapse right along with Nikes, which only cost $2 to make.
You literally know nothing about ANY of the factors that affect price. Just shut up and learn something.
math head is a crib sheet copier,
he has no understanding . 0penly posts what is in the email box for trolls,
he will get further instruction from his handlers , and will bow to the east for filthy lucre, a bag full of silver
will sell his mom , his basement hangout . and his daily al"loot"ment of spittle
some have no sense of honor, only lead by his nose and grubby hands
'
seems to be an infinite supply of Meth Boys, best we ignore them...
Oh that's right. I'm supposed to buy silver because JP Morgan is short and Blythe a stupid whore and soon we will be back on the barter system after fiat money dies. And Harvey Organ told me COMEX is going to go broke.
I better buy all I can. There's not going to be any left. Sprott told me so, and he should know. He makes a bunch of money selling silver.
It doesn't matter that it went up over 70% in six months. It's going to go to the moon!!!!! I'll be laughing at all the idiots who are carting around wheel barrels full of fiat next week to buy eggs!
Buy silver and bankrupt the banksters!!!!
Put all of your money in silver! It will never go down!
MasterBates, Johnny Bravo, Math Man...that reply gave you up! Hope all is well MasterBates!
Look, dumbass. You have failed to examine the fundamentals which have driven silver for the last ten years, none of which have changed, but have only added more pressure. You are a loser, and your positions have done nothing but lose you money.
Loser boy is mad because he is losing money like all the other gold trolls over the last ten years. You remember what I told you loser boy? You're going to get carried out in a body bag if you keep trying to catch this falling knife.
Why, tmosley, do you continue to engage with this useless piece of lint?
Let it go.
Ignore it.
Please
MathMan do one thing for me. Get out your phone book and find the closest gold/silver dealer to where you live. Then get in your car and drive down there and inquire as to purchasing physical gold or silver, say just a very modest $10,000 worth of actual physical metal. Then come back here and report to us what your dealer tells you. In other words get some practical feet on the ground real world knowledge before you come in here and tell us what is what.
HA HA, my homies dumpster, tmosley and Hulk! I have speculated before that some of these trolls are the very same ones from Gaza who reportedly were hired by Obama to trash Hillary in 2008...
Hulk, FYI, I am easing my way through early AM Monday with a Death After Midnight...
It might only cost 5$ to mine it, and if you could mine if everywhere where you dig a hole.
But the number of place where it can be found aren't that much.
Maybe you should try to find some in your back yard and report to us if you find any :)
Plutonium doesn't cost that much either to mine, but I'm pretty sure I won't be able to dig that out of my backyard.
...just looked at that before going to ZH....I cannot recall HK ever really taking the lead like this with silver....pretty impressive.
Banzai7 lives in HK. He must have bought more than his usual 10 ounces this morning and spooked the market.
Banzaiiiiiiiiiiiii7 lives. :>)
And Silver hit 35.99 a few minutes ago. Probably will hit 36 tonight
to the sun and the moon
But my delivery boy keeps telling me to invest in stocks.
+1
Another good week for "Risk On" assets coming up?
New Zealand stocks hitting new highs...
Looks like a gap up and go for U.S. stocks tomorrow.
Aren't you "dying to short something" Robot?
So now you think the S&P will go on a run, are you long it then?
Do you have skin in the game or just dribbling from up there with the fence stuck up your arse!
He's still on the sidelines since the end of last year. Missed a nice run.
Equities. Metals. Pick one. They are all going up due to dollar going into the trash.
just shut up and go long...though be sure to get off that roller coaster at the right time
or at 1:1 ratio measured in gold.
Complete bullshit. There will be NO rally in stocks as long as oil is rising.
Japan And Aussie down. Why pick new Zealand? Who cares about them.
Silver is now 36!
NZ nice country except for quakes. That is one place that in a world financial meltdown could go it alone.
The dxy is going to break open soon. A quick xag trade. Stop hunting?
once gold takes out 1440 it should hit 1441,, then if it takes out 1441 1442,, so on.
when it takes out 1450 it will go to 1452,, it may go to 1448,, but if it takes out 1452 then 1453 is in sight
the gold people
gives us a run down on the dow ,, with the little lines and stuff .Prove your prowess in TA with a large segment of stocks ..
so little room .. so much blather
Good points you make but at what price is it ready to be eaten?
Silly surfer boy, you drink gold, you don't eat it! 20ppm, such a fine brain tonic.
Actually, you can eat gold. Gold salts are used to treat RA, that's rheumatoid arthritis. When I'm not trolling, I play a doctor at my local hospital.
I was treated for years with Gold salts. I figure when I die my children will fight over the Gold mixed in with the rest of my cremated remains. Does this mean I'm worth more dead than alive? :>)
Most likely.
http://wiki.answers.com/Q/How_much_is_your_body_worth
Considering I was treated for 8 years with Gold salts, my body is a Gold mine.
Maybe that's why the NSA is always climbing up my ass. :>)
china will be happy to sell your body parts.
Can I fetch a premium if I certify the embedded Gold as 99.00% pure with just a dash of sea salt? :>)
Where do I sign?
CD,
Well,,adjusted for inflation, your cremated remains are likely worth around $6-8.00.
Now, you have to tag your own ass whilst breathing.(;
See my comment above. The NSA has been tagging my ass for years. I always thought I was just an enemy of the state. Who would have thought the NSA was mining for my Gold? :>)
If gold and silver continued to up at the current speed, we would probably see $2000 gold and $150 silver by the end of this year. Then JP Morgan's 50000 shorts on silver would suffer $114*5000*50000=28,500,000,000. Enough to send it into the banking morgue? I hope so. But I really doubt if gold and silver can always go up like this.
You forget, privatized gains, socialized loses, its the new reality...
Eigen, here is one possibility. JPM is also tremendously long Phys. But since they knwo they have regulatory protection, they can kick this can down the road as long as they can't.
If the price of phys goes parabolic, they have a nice....hedge?
It's possible.
But perhaps the great re-set that's coming will just make this all, Just Talk. Eh?
ORI
http://aadivaahan.wordpress.com/2011/03/04/astrological-and-other-deep-insights-from-ca/
at some point the JPM goons (HS) will collect all gold/silver as these are terrorist trading vehicles
the bible says the Beast will control the treasuries of gold and silver (book of Daniel)
in the meantime, these are real money so you have to take your chances
a paid for roof over your head, gardens and distance from the cities aren't a bad option to have some independence (for the time being) from the squid rackets
Cog is correct that we need to educate the public; but unfortunately they do not seem to be inclined to entertain any uncomfortable truths
JP Morgue (also the deceased Bear Stearns) has been shorting silver for more than 20 years. What's the point of longing physical silver (with paying a storage fee every day) and shorting it (with huge losses) for 20 years? JP Morgue is not Berkshire. I don't think they are paying any attention to such thing like long-term investments.
Done. Here is your run down on the dow: http://goldswitzerland.com/wp-content/uploads/2011/03/dowjones-down-86pe...
Something I mentioned on Turd's blog...
If JPM is willing to pay a 50% premium, i.e. $50/oz, to settle their silver contracts for cash and they know this problem is not going away, shouldn't we expect them to be willing buyers up to at least $50 now? In other words, why pay $50+ in a month or two when they can pay $36 now? Based on this, I am expecting a fast rise to $50 while encountering a few speed bumps along the way.
Just remember this 'paying premium over contract price' was never confirmed, only posted by someone on some site. Dont get me wrong, silver is going much higher, but dont think buying a few contracts will send Blythe or the COMEX to pay you a premium.
Trading is often like performing the job of a detective. JP Morgue will always keep "cash premium" thing as highly classified. If it became a bloomberg top headline, then the entire world would buy contracts and ask for premium. Then JP Morgue would be truly fucked. We cannot get the insider info but we can deduce with the information available. Just look at the weird open interest and delivery notices of the front delivery month of March. The cash premium thing is certainly there.
The thing is, JPM is still a very powerful entity, with friends in the right places. What's to stop them from simply having the rules changed in their favor if real collapse threatens? It's not like the masses will riot in the streets, most people haven't got a clue about the manipulation, let alone what the comex is.
S&P 500 vs gold:
http://jasonhartmanfoundation.org/2011/02/sp-500-vs-gold-price/
nuff said.
does anyone have a negative view of the sprott cef's? If/when ETF's fail do you think the sprott holdings will fall in sympathy or track the real deal?
PHYS owns it's gold on a fully allocated, unencumbered, segregated basis at The Royal Canadian Mint. The prospectus contains instructions for ordering physical delivery from the Mint's vaults. It does not suffer from ownership vagaries (perceived or real, whatever they might be) associated with other popular gold (and silver, ref. PSLV) ETF structures.
The premiums are too high. GTU, CEF, SIVR, the ZKB PM funds all have lower premiums and also appear to have the PMs. The ZKB funds allow PM withdrawals.
ZKB, at least, can not be purchased by Americans --- specifically stated in their prospectus. Thanks, once again, strong arm of the US Government and IRS.
Blythe Bitchez!
http://randomlyspecific.com/wp-content/uploads/2011/03/blythemasters.jpg
she looks scared and ready to join the peace corp when dimon walks her to the elevator...
These low volume run ups in silver seem to be fairly common now once the US trading hours come to a close each day. Even more so when we are headed into weekends and holidays. Once the liquidity comes back the buyers get outnumbered. Last run up like this when we broke 34 it was followed by a dive to 31.70 ish. Anyone want to take a stab at how far will it drop this time?
35.50, satisfied?
How am I supposed to BTFD if it is up like a elevator? No dips!
sell puts on futures and take delivery, or sell puts on etf's then put profits (option premium if not filled, bought dip and run up if filled) in physical.
What are your call spreads? ETF's are irrelevent. OPTION premiums?
not sure I understand what you are asking, but I was saying that if a dip doesn't materialize to buy then selling puts with a strike you do want to buy is a way to chase the run up that was missed. You are paid to wait...
I'm not saying that buying here is a bad idea, i was responding to the above that this is an elevator without a dip...
I understand, with perfect clarity. You are suggesting the purchase of a (tangible asset) only to unload it with a premium on a later (clearance date) Are we on the same page?
maybe we are saying the same thing and I've had one beer too many. What I was saying to Moe is that if you want to buy silver at 33 but it's at 36 then sell a put on the comex or on the cboe with a strike of 33. You pocket let's say a dollar. If it hits 33 then you found the dip that you didn't think would materialize and you're in, if it doesn't then keep the $1 and try again. It's a very basic options strategy...
very simple; buy at the end of Jan/Jun/Jul when it hits 200MA
Ok, you are trading the Diamond cross? At least you have strategy.
I'm conflicted. Loaded GLD calls but caught rolling my SLW calls up the curve. Someone hook me up w a flash crash here
You are on my LIKE button. Thanks.
Silver over 36. Bitchez! $36.02
YeeHaw! Fly, baby, fly!
QUIT BEATING UP ON THE NZD, FER CHRISTSAKES!
Sorry, but really meant to shout.
End the Fed...End JP Morgan
monday morning everybody 5 oz. of Silver
buy a few franklin halfs...
buy a 10 oz. bar..
$36 Silver bitchez
We will see $100 plus with ease... not even a question. Gold $2k plus with ease as well, make sure you have the non-rusting gold oz's. lulz
Silver... is in fact more useful in day to day transactions than gold... when paper is worth nothing, you dont want to pay for a cup of coffee at starbucks with 1 oz of gold.. or amount of gold.. silver is handy and it has been used up not stored by every rich fucker from here to timbuck2.
Yep, all restaurants need to get scales. Junk silver coins, my ass.
Sterling flatware. I aught to be able to get a 3 course meal and a bottle of wine for a good dinner fork! Hey, bring your own silverware and bargain over what you can get for a teaspoon vs a tablespoon.
I have an app for this http://www.bartercalc.com
JW, there are as you know several coins made down to 1/20th oz.
Makes it easier for change. I have been scarfing up .250's/.5's at a VERY low premiums over spot, and you know how how much of a prem the smaller denoms are.
The cost comes out to what a regular 1oz Coin would be, for all sizes win/win.
Plus, its way easier to hide them.
Not forgetting the Florida toll bridges. If you have to fill in a form when paying with a $20 bill, what will they want to know, and how long will they keep you before rubbing a few microns from your specie.
Is silver going to cut through 36 like a hot knife through butter? Where is upside resistance? ha ha
my condolences Bythe, but I sure hope you have a lousy, lousy week....
That just gave me a little woody.
Mmmm feels good.!