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Gold Surges To Nominal Euro & Pound Record– Jim Cramer Critiques Warren Buffett On Anti Gold Bias

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Mon, 07/11/2011 - 08:27 | 1443111 66Sexy
66Sexy's picture

No debt ceiling hike = 14th amendment. 14th amendment = Federal Reserve debt illegitimized.

 There will be a debt ceiling hike.

Mon, 07/11/2011 - 08:39 | 1443122 SheepDog-One
SheepDog-One's picture

Who is there to believe that we borrowed $2 trillion from someone? So we'll monetize the debt some more and thats supposed to be beneficial...theyre just painted into a corner thats all.

Mon, 07/11/2011 - 11:15 | 1443883 Thisson
Thisson's picture

On my tumblr I link to a Michael Pettis article that includes four solutions to our debt problems.  Reading the article carefully, you'll conclude that the US will eventually devalue it's currency.

The article is linked to as a post today on Thisson.tumblr.com

 

Mon, 07/11/2011 - 13:46 | 1444576 dlmaniac
dlmaniac's picture

Warren Buffet makes Crammer look like a genius. LOL

Mon, 07/11/2011 - 08:48 | 1443192 cossack55
cossack55's picture

Let it burn, baby, burn.

Mon, 07/11/2011 - 09:02 | 1443243 Pladizow
Pladizow's picture

If the debt ceiling was represented by a building, it would be 93 stories tall - as this is how many times it has been raised through out history!

Tue, 07/12/2011 - 21:39 | 1450170 MGHJFHD
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Mon, 07/11/2011 - 08:28 | 1443112 Caviar Emptor
Caviar Emptor's picture

Today the market is screaming Ponzi off!

 

Gold continues to decouple from metrics that have dominated the price action in recent months: dollar up, oil down are no longer an issue. I suspect that trend will continue and pick up steam. 

That's because gold is reclaiming its top-of-the-food-chain status in the face of full-on global currency uncertainty that, yes, even reaches the dear old dollar. US sovereign debt issues are now on full display and the politics are getting thick. An imminent rise in the debt ceiling comes at a badly timed juncture that only raises the specter of global competitive devaluations (and inflation). US unemployment has quashed any fears of a rate hike. And dollars may soon be spewing out of the fire hose as the new phase of the crisis unfolds

And there's also the sneaking suspicion of interbank liquidity drying up fast out there as numerous, interdependent global mega banks are falling into the shadowland of counterparty suspicion. Who will be the first domino? Will it be a Spanish bank? An Italian, Belgian or even a UK, French or German bank? Japan is imposing electricity rationing just as China has a failed debt auction. 

Hang on to yer gold. If you don't have any, get it. If you have extra Bennie Bux, convert them. Gold will help navigate the choppy waters of the new unfolding reality which continues to go down the slippery slope anticipated since the crisis began in 2007. 

 

Mon, 07/11/2011 - 08:29 | 1443119 66Sexy
66Sexy's picture

This may surprise alot of folks, but gold and silver are historically adversarial. Gold is bankers money, silver the peoples money.

We know what happened to Lincoln, Andrew Jackson, Grover CLeveland, JFK.

Theres only 2 reasons to assasinate a president: Money, and money.

 

Mon, 07/11/2011 - 08:32 | 1443134 SheepDog-One
SheepDog-One's picture

Could be, but silver will hitch a ride all the same, certainly wont go in opposite direction to gold.
They can candy coat as many turds as they like and use whatever sprinkles to dress it up, fact is the good times are over.

Mon, 07/11/2011 - 08:33 | 1443139 Caviar Emptor
Caviar Emptor's picture

It was the 'currency of kings' for good reason. And yes, in a major upheaval gold will outperform

Mon, 07/11/2011 - 08:39 | 1443161 Long-John-Silver
Long-John-Silver's picture

Gold is the currency of Kings.

Silver is the currency of Gentlemen.

Barter is the currency of Peons.

Debt is the chain of slavery.

Mon, 07/11/2011 - 09:29 | 1443345 Thomas
Thomas's picture

All I know is that silver is consumed whereas gold is not. Silver suffers from its hermaphrodicity as an industrial and monetary metal (at times). If the numbers showing that 14 billion ounces of silver bullion in 1900 have now been consumed down to about a billion ounces of bullion are correct, then silver will have more days in the sun. I have days in which my 20% physical gold and overall 55% metal-related investments seem like the results of psychosis and days in which my psychosis wants me to get longer (and more physical). I may be the dupe sitting at the table or one of the visionaries; only time will tell.

Mon, 07/11/2011 - 09:42 | 1443394 kumquatsunite
kumquatsunite's picture

Oh please...silver is not "consumed." Stop pumping...silver is being produced more than ever: see: mines of Mexico and Peru and elsewhere. Also, the silver in All electronics is recycled via the metal recyclers who strip it out of computers, et al. Gold and silver have significant problems: 1. They are enormously boring: put em in the ground, take 'em out. Rinse. Repeat.

My "money" is in those things that spin wonderfully...aka "investments" that create new things for our culture and planet and make our lives better. Gold and silver sit there. And sit there. And sit there. 

Mon, 07/11/2011 - 10:04 | 1443459 Central Bankster
Central Bankster's picture

Keep smoking the hopium buddy, history does not agree with you.

Mon, 07/11/2011 - 10:16 | 1443509 RockyRacoon
RockyRacoon's picture

...the silver in All electronics is recycled...

You keep repeating this, and I've replied to it with references in the past.  It's apparent that you have no facts, just opinions, and they are of the particularly odious type.

Mon, 07/11/2011 - 10:32 | 1443605 Zero Debt
Zero Debt's picture

the silver in all electronics is recycled

Source, please

Mon, 07/11/2011 - 15:20 | 1444963 Urban Redneck
Urban Redneck's picture

"the silver in all electronics is recycled"  --  It isn't.

Macro #s:

http://www.silverinstitute.org/supply_demand.php

Americans put tons of electronics into luxury landfills each year - they don't have the same Rubbish Nazi regimes that Europe does, and they aren't as poor (yet) as the developing world.  Electronics is also only a portion of industrial demand (batteries are more problematic). 

 

IF YOU WANT TO RECOVER SILVER FROM ELECTRONICS:

The best technology, with high recovery rates, no chemical inputs, no toxic outputs, and minimal CO2 production- comes from Switzerland- so buy it before it becomes the CHF makes it unaffordable.

 

http://www.swissredux.ch

 

(I don't have personal experience with their product, but came across their management team through the EPFL business development community- so I'm doing my part and plugging small local businesses.)

Mon, 07/11/2011 - 11:14 | 1443877 Bay of Pigs
Bay of Pigs's picture

I was wondering which troll would open his mouth and stick his foot in first. 

BTW, gold at a new all time today in USD as well @ $1555.50 (London PM fix). 

Mon, 07/11/2011 - 16:07 | 1445173 LudwigVon
LudwigVon's picture

Of course it sits there. It is money. Do you expect your currency to do jumping jacks as well? IGNORANT.

Mon, 07/11/2011 - 10:10 | 1443479 RockyRacoon
RockyRacoon's picture

Caviar, my man, your writing has improved!  Er, maybe not...

http://investmentwatchblog.com/today-the-market-is-screaming-ponzi-off/

Mon, 07/11/2011 - 12:16 | 1444203 Hulk
Hulk's picture

He's famous now, expanding his horizons! 

Mon, 07/11/2011 - 08:31 | 1443125 qussl3
qussl3's picture

Is it weird if im rooting for the TPTB to whack gold so i can buy more?

Mon, 07/11/2011 - 09:13 | 1443289 hondaicivic
hondaicivic's picture

Nope. It seems logical for guys like you and me.

Mon, 07/11/2011 - 08:31 | 1443126 Twindrives
Twindrives's picture

Hey Warren, just croak already with your long time bung hole buddy Charlie Munger.

Mon, 07/11/2011 - 09:30 | 1443353 Thomas
Thomas's picture

the technical term is "butt buddy"

Mon, 07/11/2011 - 08:31 | 1443127 Archimedes
Archimedes's picture

I don't know who Felix Zulauf is but he just laid out a pretty accurate scenerio for how this plays out.

http://mcalvanyweeklycommentary.com/wp-content/uploads//ica2011-0706.mp3

 

 

 

 

Mon, 07/11/2011 - 08:31 | 1443129 THE DORK OF CORK
THE DORK OF CORK's picture

This big rise in Euro gold came one week too late for the Euro systems quarterly revision of Gold which would have helped to increase the Euro base a little......

Do the Euro masters want to create a crsis in the periphery - me thinks yes.

Mon, 07/11/2011 - 08:31 | 1443130 SilverDosed
SilverDosed's picture

If Buffet hates gold so much then it doesnt really make sense that he would have invested so much in silver. Something very fishy here.

Mon, 07/11/2011 - 08:37 | 1443154 AmCockerSpaniel
AmCockerSpaniel's picture

It may be that Buffet does not dislike gold, but just likes silver more (for it's utility).

Mon, 07/11/2011 - 08:38 | 1443158 wombats
wombats's picture

Silver is an industrial commoditity in addition to being a monitary metal.  I suspect he wants it for its use in electronics, biomedical manufacturing.

Mon, 07/11/2011 - 10:20 | 1443523 RockyRacoon
RockyRacoon's picture

Gold would be used by many manufacturers if it were at a price that made it economically feasible.   It is used in many high-value instances in electronics (and is usually touted as such "gold plated contacts", etc.).    If it were as common, and priced, as silver it would be used extensively.

It is incorrect to say that it has no utility, whereas, it would be more accurate to say that it's too costly to use in common applications.

Mon, 07/11/2011 - 11:27 | 1443967 Thisson
Thisson's picture

Gold's utitility is that it works very well as money.

Do you think Warren would admit that money has no utility?  That's absurd.

 

Mon, 07/11/2011 - 11:27 | 1443970 Thisson
Thisson's picture

Gold's utility is that it works very well as money.

Do you think Warren would admit that money has no utility?  That's absurd.

 

Mon, 07/11/2011 - 11:28 | 1443972 Thisson
Thisson's picture

Gold's utility is that it works very well as money.

Do you think Warren would admit that money has no utility?  That's absurd.

 

Mon, 07/11/2011 - 09:43 | 1443396 GoldBricker
GoldBricker's picture

The story I heard is that he bought 120 million ounces in the late 90s, then wrote covered calls against it for years before finally being caught out in a rally and forced to sell (sometime in the mid-2000s). Very profitable business model. At any rate, the story goes that his hoard is in other hands now.

Mon, 07/11/2011 - 10:34 | 1443613 Zero Debt
Zero Debt's picture

gold = insurance

buffet = insurance

gold = competitor

competitor = bad

bad = discredit

Mon, 07/11/2011 - 08:32 | 1443133 Madcow
Madcow's picture

the senior currency strengthens in deflation.  

 

Mon, 07/11/2011 - 08:34 | 1443141 SheepDog-One
SheepDog-One's picture

Dollar strengthening is Bernank/Wall St's worst nightmare.

Mon, 07/11/2011 - 09:02 | 1443242 mayhem_korner
mayhem_korner's picture

Maybe.  But if the alternative is playing chicken/limbo with the imploding Euro, what choice is there?  Stealth printing is one thing, but swapping out the $100 plates for $10000 would crash the whole complex instantly.

Mon, 07/11/2011 - 08:32 | 1443136 Beastmanager
Beastmanager's picture

Those are unequivocal signs of a short term top, I have sold my last gold and silver futures just a few moments ago. I just keep the physical gold. I expect a big correction in July/August.

Mon, 07/11/2011 - 08:36 | 1443149 wombats
wombats's picture

It is very hard to criticize Buffet's investing decisions.  The results speak for themselves.  However, lets be thankful that he doesn't want gold.  Just imagine what he could do to the price of gold if he truely wanted to hoard it.  I cannot afford shares of Berkshire, but I for one will continue buying gold, silver while I still can.

Mon, 07/11/2011 - 08:38 | 1443159 f16hoser
f16hoser's picture

If Buffet is slamming Gold you can bet your ass he's covertly buying Gold Bullion. That's how billionaires do things. QUIETLY!!!!

Mon, 07/11/2011 - 09:47 | 1443414 GoldBricker
GoldBricker's picture

Countries do that too. Sell off publicly, accumulate quietly. You don't want to have everyone front-running you, for one thing. Shoot, why not announce that you're actually selling and push down the market a bit before you scoop it up (like Soros).

The Chinese and Russians are the masters. They buy up the production of their domestic mines, so the metal never registers on market radar.

Mon, 07/11/2011 - 08:38 | 1443160 gwar5
gwar5's picture

Warren Buffet has a self-serving bias towards currency. He couldn't get out of his positions denominated in fiat currency if he wanted to. He's trapped. And if media darling, Buffet, started buying gold right now it would start a stampede. 

Buffet's father was a congressman who was an avid gold-bakced currency supporter. Tragically, Warren was dropped on his head as a child and lost his integrity gene.

 

"I warn you that politicians of both parties will oppose the restoration of gold, although they may outwardly seemingly favor it, unless you are willing to surrender your children and your country to galloping inflation, war and slavery then this cause demands your support. For if human liberty is to survive in America, we must win the battle to restore honest money. There is no more important challenge facing us than this issue — the restoration of your freedom to secure gold in exchange for the fruits of your labors."  --- Howard Buffet, in speech to congress, 1940's

 

 

 

Mon, 07/11/2011 - 10:38 | 1443637 Zero Debt
Zero Debt's picture

+1

Mon, 07/11/2011 - 14:58 | 1444865 XitSam
XitSam's picture

Interesting.

Mon, 07/11/2011 - 08:40 | 1443162 monopoly
monopoly's picture

GM all. Well, is this really any surprise to long term ZH folks here? Not much to say. This puzzle is taking shape and looking just about right. Glad they are moving into American confetti, wow, that is smart. We are in line with the rest, just in the back, and will take time to get to the front of the line.

What a day for gold to hit an all time high. Anyone see the "brillant ones" lately.

Mon, 07/11/2011 - 08:41 | 1443166 SheepDog-One
SheepDog-One's picture

No one except us dorks follows currencies, the important thing and what keeps the sheeple placated is their 401K's, stocks.

Mon, 07/11/2011 - 08:43 | 1443171 monopoly
monopoly's picture

good point sheepDog, I guess it is game over when they all get religion and advise, currencies?, Hmmm, maybe I should pay attention. Until then, buy LULU.

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