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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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Blythe gave you a little woodie?
watching silver hit 36 is like me slapping my cock on her forehead.. so I would say she gave me wood by proxy :)
Ah. the ever popular mushroom stamp
This is starting to get interesting all. Have you noticed gold though, moves up a few bucks here, and there, nothing dramatic, no blow off top, just moves along at its own pace. Silver though,is something else. And hard to say gold is in a bubble when miners are still nowhere near CRM, AMZN, PCLN or CMG stock. In fact NEM just languishing here so far. Does not look like a bubble to me.
Waiting for the next dump on gold and silver to add more physical.
No blow off top? Are you guys fucking idiots? It is up over 70% since September!
Only costs five bucks to dig out of the ground.... producers doing so much hedging they've inverted the curve. It's going to end ugly!
Silver below $20 this summer, BITCHEZ!
Go all in short, then, you convictionless windbag. You could make a hundred trillion zimbux.
Unlike you, I believe in diversification, not financial suicide.
With a small position in puts, I can afford to be wrong, over and over and over again.
Dipshits like you with 95% of thier assets in silver can't.
If you're wrong once, you'll be wiped out.
Buy some puts. When silver breaks, you can use the profits to buy even more silver at the lower price. You'll have twice as much useless metal in a few months!
When silver hits 40, will you change your password again and then throw it away???
Sorry, loser boy. I have put in the homework time. I know the fundamentals. I know the technicals. I know the signs of reversals. I am in in the only way that is both highly leveraged (thanks to ultra-leveraged shorts, which contrary to your conspiracy theories DO exist, as we are told by bankers and the CFTC itself). Thanks to my hard work and conviction, I have done nothing but make money. You, on the other hand, have a 1% gain so far this year, in a market where a monkey could have made 10%.
Sorry for your loss, idiot loser. Don't blame me when you can't afford to put gas in your shitcan because it's $200 per gallon.
We had better keep Bravo, er I mean Math Man around. What Bravo did for gold, MathMan is now doing for silver!
+36.30
I forgot, you've studied all the rumors so much you've convinced yourself they are true!
The worst part about this is my tax dollars are going to have to pay for your f*cking foodstamps.
Supply and demand, moron. Trends, both technical and fiscal.
But you wouldn't know anything about that, being an idiot loser who does nothing fail to beat inflation.
Supply and Demand?
Are you out of your fucking mind? We mine twice as much silver as we use every year.
The rest of it is held in a vault or buried in the backyard by morons like yourself.
At least Spalding was content to just slip the noose of noncredibility over his neck, but you, MethMan, have taken him one better, after doing the same, and have evidently decided to voluntarily jump as well.
MethMan's credibility: RIP
winning
I spent more than $1,000 digging in my back yard for silver and didn't get any. Does that mean that silver is worth more than $1,000 per oz?
Back in the good ol' days, people sometimes said: "that guy's got a gold mine." I always thought that meant he had a hole in the ground that produced gold for a lot less than it was worth. Is that wrong? Do the miners lose money or just barely get wages when they dig for gold or silver? I've heard that it costs $1.00 per barrel to get that oil out of the ground in Saudi Arabia. Does that mean that oil should cost a lot less than $100?
How much does it cost to make an iPad? How much do they sell it for? Maybe they should sell if for less if they can make it so cheap.
For a math man, sometimes you don't compute very well.
It costs $17 to make an I-Pad.
You really don't get it.
As long as the Fed and other CBs print fiat to the moon PMs are in a secular trend UP.
If CBs stop printing the world economy collapses.
It's as simple as that.
Math Man, Blythe is calling you. Says your mommy should stop giving you hand jobs because it's making you crazy and besides, that's her job. How much do you pay for those 30 second hand jobs, anyhow, $10? In a few weeks, you'll be able to pay with one pre-1965 quarter.
Ps.
ZeroPower is right I think.
$1441, yes.???
JPM added 6000 shorts in February. 6000. 30,000,000 ounces................oooops $36
Time for a taste of EURUSD. Need FRNs to get more Ag.
Thank you all for relieving the pressure on the Kiwi.
Not quite Yet! Don't fade the trade.
Biggest bubble ever. And when it comes crashing down. I will bet you all blame bernanke
#winning! Sheen shine me, baby!
Our actuaries are never wrong. They are saying silver will be 5$ this summer. We use 'special' software to determine this.
Ah, I see! JPM employee . . . using the Morgatron software, eh? Funny!
I'm a third of an actuary. Got too bored after the first 3 tests.
We have a computer the size of a car that calculates this. and a full time staff. Hold SLV at your own risk
I've seen pics of it--it's the size of a Hearse, I would say. Should come in handy for Blythe.
I've got 36.023
Yes, well, the IBM 704 is a bit dated. Still, nice to see that someone is still employing septugenarian card punch operators.
You wish you were that young.
When I quit, I had a desktop AT/370 that did more than the whole 8th floor.
Ran the same proggies as the IBM370, ya just had to steal them. Which was simple: just sent them all to output.
Sue me slimes, and prove it! Cobol fit on 20 5 1/4 floppies.
baconator, R U the guy who put the bacon on Micky D's bacon double cheesebergers?
Oh goody, a new troll. This one has a big computer, uses actuaries and has brand new software. Impressive.
I have a sacred cow raised on pure virgin blood that I slaughtered on a full moon during the summer solstice while doing a special encantion that says silver is going to 58 next month. Makes your computer method seem pretty primitive.
you mean fantasaries?
"Our actuaries are never wrong."
LOL.
If he's really JPM maybe he knows. In the vaults under the top layer of silver is a bunch of aluminum waiting for the new aluminum ETF. GLD and SLV have no provisions for fraud or theft. Buyer beware. I wonder what a put for $5 SLV costs?
Why is it in a bubble dude? We already have enough dipshits on here, don't add to the numbers, inbred-ator
Are you referring to the dollar or precious metals? Please clarify.
Baconator
Your computer may be the "size of a car" but obviously you and your actuaries have brains the size of peanuts!
The IQ of a computer is not the hardware or the software, but the brains of the persons using it. Have you worked that out yet?
You've heard the saying "shit in, shit out" yes?
That's because a computer is simply a series of pre-programmed toilet flush mechanisms. A computer has 0.00 IQ dimwit, it just processes 0-1-0-1 as it's told to do with no consciousness wether it's producing good data or absolute shite data.
Judging by your post the people surrounding your computer are the "shit in" part of the equation!
baconator3000...
member for one week and five days...
Gov/Fed budget for trolls has been increased...
Go ahead, resume trashing the Kiwi. I'm out, so it's just a better entry you're setting up.
The PM hammer seems to have whacked the mole in the gold market, but it does look like it was a swing and a miss with silver.
Sleepless night for shorts in London.
It means were coming for you Ben, with the guillotine in tow.
WTF is Math Man? :)
Well, you know, Mathman said you could dig silver up for $5 an oz so if I were him I'd be digging 24/7!
Diesel fuel will be $5 a gallon after USD-FX drop in the morning. You can't crank up one of thoes huge digging machines with 50 gallons of diesel.
Math Man is Johnny Bravo...
Anyone who fits the suit can be Johnny Bravo. That's how Greg Brady got the gig.
Nope to Blythe,little woody to $36 silver.^
Just drop a little more, EUR. Almost there.
Ah, screw it, bid in at 1.3889. Next.
MethMan has got the old pipe out.
Gotta pry it from Sheen's cold, dead fingers first.
It just kissed 36.00, I saw it for half a second on my phone app before it refreshed to 35.94
edit: and again!
and again! Back and forth.. this 36.00, she is coy.
Probably just a spring fling. Silver can be quite a tease.
Edit: 36.50..getting hard to keep up.
Nope, I'm still 25% long, looking to exit once the 11-day and 22-day EMA's cross.
Not short anything until the Summation Index turns down, and the SPY trades below both the 11-day and 22-day EMA.
Unfortunately, one of my IRA accounts is still loaded up from gold stocks I bought in 2004, most of which have never made new recovery highs. I promised myself to hold throughout the entire bull market, but now I am desperate to unload these once gold tops out.
Most of my longs are dividend paying names like VZ, T, MO, DD, ERF, which beats sitting in cash doing nothing. I'll be unloading all of these when I get the proper signal, but for now, I'm just going to hang on to what I have.
Got my PSQ cocked .10 above the 50 day SMA, and DGZ above the 200 (in case of a 2008 replay).
Hear ya, RT. Only short thru TBT. Dip into TNA at times, and barely
make anything (will NOT hold a triple overnite anymore). Still playing AVL, as it is a spec stock.
AVL: buy at 7.02, and sell above 7.5
"I am desperate to unload these once gold tops out."
LOL.
You didn't metion any PM coins or bars in your investment strategy. How will you buy food to eat once the entire market implodes and defualts? and what will you do when you log on to your Ameritrade account and you see a message that reads: "Frozen due to governenment bank holiday. Check back in 1 week after the governent is done pilfering everyones funds. Thank you."
Hey Robo-love the pic! You need to remember, it is not better than cash until you have converted it back to cash for the comparison. That is always the trick. Hope it works for you.
i know bullshit when i smell it and this post by robo is full of it.
never, and i mean never, has anything to post on precious metals articles except negativity. even when he admits to owning gold shares since 2004, it's with negativity. there's no way someone is that negative and holds gold shares for 7 years. doesn't happen.
edit: when i re-read this it sounds like i'm irate but i wrote it as though i mumbled.
Yo, RoboGogoMomo, so so dodo, no?
Robo: GG should meet your mo-mo criteria. ABX a value play but could be a value trap. Also Franco-Nevada . . .
Flash: Gold is not topping out. Think 2K. Then to the moon, Alice, quite possible.
Personally I think eventually the public gets sucked in and GDXJ/GLDX move like silver. No idea when.
First the institutions need to get in. US CDS rising to 100 should do the trick. Or a rating agency putting USA on watch for downgrade.
Oil stays up and that's bad for F and GM. but good for TSLA
oh, and batteries. yes, batteries. HEV AONE ABAT i give em an upgrade.
and who writes the headlines around here? Gold Surges puhleeeze, it's up $8. i call that a slow steady uptick. nice healthy move.
but yet the old catfish mouth robo uber bull bear wannabe would have us believe he made so much money trading that he was able to "retire."
the old catfish mouth tells the biggest fish stories i've ever heard.
in any event, gentleman jim sinclair, max keiser and eric king send their kind regards, catfish mouth. they fade your expert advice when you said the gold and silver rally was over, caput, finished, done, deal with it.
btw: i haven't heard. is oil going up since you said oil was crashing, proving your no inflation thought of the nanosecond?
Buddy from the Morgue is a little Delusional on mine production increases.
And even if he was right(which he is not)
The production cost is going up bigtime(fuelcost,power cost)
So i kinda think he is lowballing just a bit,or hopiium.
http://www.liveleak.com/view?i=469_1299385887
Egyptians taking care of some unfinished business.
Killing secret police.
Payback's a bitch.
Bout time. All the kumbaya was nice, but it just wasn't right.
It would be nice to be able to do that here , very soon.
It's less clear who the good guys are here, to the general public. A collapse of the current system isn't necessarily going to balance things in favor of justice. It could just get worse. Some strongman / woman could take power in the chaos and use the anger of people to 'payback' some unfortunate group. We've seen all that play out in history before.
http://www.youtube.com/watch?v=KlNtvoTFQJU
Its like Morris says, we have so much more wrong in the west, yet we do nothing about it and he talks about how in a way, he is shall we say, jealous, if you will, of the Arabs and how they do this stuff because they still have a culture and a history, things which have been stolen from us. It is very sad really.
who are the Egyptian Secret Police equivalent in the US to round up then?
...oh yes the Bush Squad, Heartland Security, to "protect" the US from "terrorism" and now spend their time noses into every bodies business, jack boots trampling on people at airports and coach stations
pitmann act.
I just filled up my sports coup for $50 FRN's...or about one dollar and 50cent junk silver.
I've waited a long time for this; she's one of the best in the business & with the instincts of a woman:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/3/6_Lou...$80_Silver,_$2,000_Gold_%26_$140_Oil.html
When this run is done, bernanke will be completely discredited along with his Keynesian ideas. He will be number 1 scapegoat for the politicos.
Benny the Bean has already lost the cock-sure twinkle in his eye, have you noticed?
Last weeks testimony the bags and blackness under his eyes were growing and his eyes are now dark (dead) pools.
He's still lying like a banshee, peddling horse shit like "why would anyone want to buy Gold" which is surely a classic line... chisel it on his crony gravestone :)
But this crone is beginning to realise he hasn't enough fingers to stop the gushing in the dyke.
The game is up shortly and his name will be in the sewer of human and central banking history where it belongs
gold/silver ratio now under 40.
One ounce siver bought 56 bars of soap today.
It's a beautiful thing:
http://goldprice.org/NewCharts/gold/images/gold_1d_b_l_silver.png
When the COMEX defaults...and it will someday, the physical market will finally have the pleasure of finding silver's true value. Good thing several of the unwashed masses are buying it instead of gold as our Soviet Styled Central Planned economy goes tits up. The more the angry unwashed masses have of it the more they will insist on using it in a post dollar world. I am picturing the Beverly Hillbillies, Cast of Deliverence, Audiences of Hee Haw all with mercury dimes in there pockets. Hell yeah! I hope these people all prosper while the yuppies and bankers all starve.
I can appreciate the sentiment Doc, but don't see it happening yet.
Been trying to spark interest among my "circle" for months now, with little effect. One or two may just be practicing good OPSEC by remaining tight-lipped, but most can't be bothered to care.
That damned FRN induced Stockholm Syndrome, y'know?
Red Alert...! Kitco(assholes) are willing to pay more than spot for silver eagles and maple leafs right now,CHECK their buy back prices right NOW...! And the also JUST implemented a $1000,00 dollar MININUM bullion order as of march 14 2011. ASLO willing to pay (buy back) gold for $3.00 under spot,usually they are like $35-40 below spot on buyback.
PS. i don't purchase thru them,just watch their parade
Alittle short perhaps.? Jonny boy
Someone is shitting their underwear as contract holders stand for delivery. It gets ugly from here.
I know Apmex is having a "sale" today and tomorrow on 1oz Maples; only $49.99 over spot.
Interesting...
Same thing over at apmex.com. They just updated their site. Someone has put in a big order for Eagles and Maples. As an aside, they have increased the buy price for all silver.
LJS...Apmex has 19 monster boxes of 1oz Eagles and have not sold one all weekend.
$36.30 as I type and on it's way to $40...the gentlemen are happy!
"..Apmex has 19 monster boxes of 1oz Eagles and have not sold one all weekend.."
If they've got Wank Paulsons ugly mug on them i'm not surprised!!!!
They don't...I was only trying to point out that the (common) people are still clueless
as too what is money...that is all.
BTFD
I'm guessing the Kitco pools are getting a little shallow, if they are not in fact completely drained.
Better start looking for a new job, Nadler 'ol buddy --- or more to the point, a reasonably comfortable non-extradition country.
YES ,I say PAY....KITCO willing to PAY,MORE THAN SPOT FOR SILVER.not sell
Note to the Bernank: "The printer is running low on oil, fill up the crankcase or it'll seize up!"
My rare personally minted rounds are looking better and better at $48.
Hey, if I got big enough commitment from the folks here I could mint a special Zero Hedge Round
http://www.mundogold.com
"render unto Ceaser what is Ceaser's'
that sure hit my funny bone-well done
you should collaborate with the Banzai Institute on a "render unto Bernank edition" coin, just make sure the kids don't sneek a peek!
Not Max Keiser rounds!
HOLY SHIT!
Silver elevator still going up!
HOLY CRAP!
Gold, silver and crude are taking their turns spiking...
..
$36.35 right now. Nice.
Blythe no longer menstruating due to high anxiety...
time to dust off the body bags... someone call 911
We'll take care of it ourselves. No police!
In the end, the police would only be on their side anyways.
I didn't realize that snakes could menstruate.
The fact that Bernankenstein is going to have to soak up the national debt far beyond June is becoming a realization for many. It's being priced in to precious metals as we speak. The PM ramp continues unabated through 2011. Quite simply the man can't stop now and at some point the dollar disaster blows open.
Personally, I'm taking delivery of as much investment grade bullion as I can handle as often as I can afford it.
You have to wonder, how long can the increasing demands on the physical market go before we have a real problem there as well.
Silver miners are not running a public service or charity. If you can find a "cost plus" silver mine, let me know -- I'd like to buy from them for 7 bucks an ounce.
36.33, rolling up the graph.
36.57 so far was the peak.
Not only can you EAT gold and silver, you can HEAR it too.
Gold & Silver Bitches!
http://www.youtube.com/watch?v=ZNGe7iK1O-4
Get a load of the "real" price of silver via this link: http://www.marketoracle.co.uk/Article26741.html
Anyone try oneoverspot to either buy or sell?
Silver $36.33,....when I looked last... He hee haha ho,ho,hohoho.It's to the bank we go...... Need some more paper to trade for money......... He he hahahaaaaahaaahhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh
yipppeeee...........!
I have arrived. My first post. Hello all.
thanks for telling teh interwebs you like to keep your kitty clean.
Gold silver ratio now 39..WOW, not to long ago it was around 80..
Thought I'd share something a friend wrote:
"Back in Malaysia (via Hong Kong) from my quarterly Shenzhen trip, pretty intense as always. I thought I'd share with you one observation, stupid me I should have taken a photograph... shops everywhere (mainly stationary shops) are selling...... wait for it........ safes, and they definitely were not about 6 months ago!"
But are they BIG safes, or little ones?
'What fucking dips?'
I wonder is Max Keiser's watching this awesome run-up?
God I love silver!
China Sends Military to Libya
“FOR a fast rising power, China remains unusually shy about military deployment beyond its shores. But its decision to dispatch four military transport aircraft to Libya and a guided-missile frigate to waters nearby suggests that it might be rethinking its posture. The Ilyushin-76 aircraft took off from the far western region of Xinjiang on February 28th bound for the Libyan city of Sabha. The ship, Xuzhou, which had been engaged in anti-piracy duties in the Gulf of Aden, set sail for the north African coast on February 24th.”
http://www.economist.com/blogs/asiaview/2011/03/chinas_foreign_policy
The Chinese are engaged in economic warfare and have no interest in military intervention...unless it is to protect Chinese working abroad or Chinese assets abroad.
War destroys more assets faster than any other human activity... China is well aware of this fact.
Whenever I see run-ups like this, I keep wondering if this is the big one, i.e. where 2 weeks later the economy is kablooie, dollar is dead/banks closed, military/NG is involved in food distribution, etc.
My own metric of alarm is ~5% up days. That happened back in Sept 2008.
I doubt we'll see 5% today/tomrrow, but damned if it doesn't feel like it's getting closer.
Anyone else think this way?
Yeah. You never know when the wheels are going to fall off this wagon and the metals will take off and never look back.
Have been feeling this way with every crisis for the last couple of years. Getting quite innured to it.
"The inevitable always takes longer than you expect, even when allowing for this rule."
Hyper-inflation anyone ?
Should oil goes up too ? 150$, 200$, or even more $ !?
I hope Jon Nadler from Kitco was shorting gold.
I hope Jon Nadler takes a swan dive into a wood chipper.
I bet it would just spit out paper and bullshit.
+1...mostly paper
Nadler's a freaking retard PM basher. Keep an eye on Saudi. This is where $ 200 a barrel oil will be born. March 20th - Let the games begin!
welcome baldtaco
Looks like we might be having a top.
It should hold this level. It gapped up if not it could be a top.
Just WINNING!
"...He espoused his views against abortion and in support of a strong national defense, a smaller government and a return to the gold standard."
http://www.huffingtonpost.com/2011/03/06/herman-cain-2012-former-g_n_832...
Supply and Demand? We mine almost exactly TWICE as much silver as we actually use.
The rest of it is hoarded by idiots like you.
Only half of it is used industrially. The rest is buried in the back yard by zerohedge readers.
Ok, who stole the can of Troll Off.
+1...If anyone finds the troll off please spray Meth Man...twice
Jon nadlers commentaries are reserved for a reason. Altough he is reservered in his thinking, he is not stupid. His commentaries provide some bit of cover for Kitco with the big banks. As well they may be running a bit of a PONZI themselves with their non allocated accounts and i doubt they really want a run on redemtions.
I don't think Nadler is stupid... but I do think he is working for some organization other than Kitco.
In gold we trust.
In silver we trust.
In fiat we despise.
But then again, we ain't got no stinking fiat any more!
New to site as member, though I've been reading for a while.
While I read a lot about the long term silver prices hitting 50 or even a 100...
What about the SHORT TERM. Can we expect a pullback in the coming week?
If anyone here answers your crystal ball question you would do well to ignore what they say.
Every asset class is now correlated to what the Fed and other CBs do and what happens in the Mid East and Asia.
The modern world economy is driven by oil. Never forget that for a moment... If you do you will find yourself in an empty elevator shaft.
Commodities are being driven higher by Fed and CB printing of huge quantities of credit instruments including FRNs.
Commodities will remain in a secular uptrend as long as the printing continues and CBs do not raise rates...and stop printing.
Think about it.
It's about 8:35 on the US east coast...
Silver $36.68
Gold $1444.10
Oil $106.51
Thank you for the thoughtful response. With so many differing opinions and people who think they have the answer, your observations seem realistic.
Math man, apply you $5 extraction fee to oil and explain why we have $104/barrell.
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