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Gold Swoons After Central Banks Promise To Never Debase Currencies Again
Very much as expected courtesy of 100% correlations, and following the earlier drubbing in the EURUSD, gold is now falling after the central banks of America, Europe, and Asia have all issued press releases they are henceforth ceasing all currency debasements and will never monetize debt ever again. Seriously, though, following the parabolic move higher earlier, as the widely predicted and expected correction is taking place (see Rosenberg's note from yesterday), which has brought gold to the level last seen two long days ago, all the new price does is provide a cheaper entry point to a self-created gold standard. Thank you LBMA.
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I laughed.
Still collecting junks, LOL !!!
What will be the Price of Gold in June of 2011?
Or pick any month next year. Come on Johnny. Put your money where you mouth is you moron.
It will be worthless DM, replaced by 0's and 1's. SELL NOW!
Ok, so it will be worth less than 1336 by June 2011. Done. I'm saving this post to beat you over the head with it next year if you have the balls to take your medicine.
Does anybody have a link to the press release from America that says the U.S. won't debase its currency? Or was that a joke?
Man..., Tyler is wasting his best stuff on you guys.
Where is the old sense of humor that used to prevail ZH?
Go easy. I'm just a ridiculously good looking male model.
Goled, Bitchez!
You're wasting as much bandwidth as the old Bravo.
Funny only goes so far.
My apologies RR, but always remember: You CAN eat your TV !!!
I say, I say, I say that was a Joke, boy! A JOKE! (The boy's a little bit slow, you see!)
http://tinyurl.com/yjg7ren
Hi Tyler ;
Could you please give a link where this CB 's promising.
I want to see them eating their own words few months later.
Thanks
A few months later? Hell theyll be reversing their words by todays close!
Here's the Japanese one I think he's refering to,
http://www.bloomberg.com/news/2010-10-07/japan-won-t-join-a-currency-dev...
I don't know about the others though.
Did we again forget to include the <sarc></sarc> tags?
<sarc> You caused this self-off by forgetting '<sarc>' you idiot!! I hate you. </sarc>
TOO RICH......
Post of the day!
ROFLMAO
In a world where the Onion has the best investigative journalists in the world, it's hard to tell sarcasm from opinion.
To call this world farcical is an understatement.
This is a farce. The Fed after a century of steady debasement has sobered up. I do not buy it. Now the drunkard has given up drinking without even detoxing. This is a buying opportunity. We have to call the bluff here comrades. I am all into gold. This co-ordination shows desperacy.
I think they meant to say they pledge that everyone, except for themselves, should no longer debase their currency. They also were willing to follow up with a pinky swear at the next G7.
Wait...is there someone breathing that believes this? Say it ain't so.
So, how exactly did they explain how this would work? How can they support this mess and not debase. What am I missing? Or am I paying to close of attention?
Gold swoons you say. For crying out loud gold drops .8 % and its the sky is falling.I really wonder if some here are used to holding investments long term. Turn off the monitor already. Stock market endices swoon 2-4% daily with regularity but this is normal.
Considering that overnight the PMs were over $1360 the selloff seemed inevitable to me.
so what. gold's down.
i guess that means one should interpret said move down to mean that every american now has the ability to pay $31,000 for 75 years to offset the ever accumulating debt facing the country.
actually, i'll be trading my fiatscos over time for gold and silver until all that's left is currency for which to pay bills.
Same old Robotroll. You waited a month to post about gold and are cackling about it being all the way down to...1336. Tell us again how smart you were selling your yellow rocks months ago.
No they can't stop now, only a few billion more and the Fed will be ranked #1 in T bills. That'll piss off the Chinese who afterall are the only ones really manipulating the yuan value, right
Actually, the press releases stated that they have never in the past debased their currencies, AND that they are very sorry for everything they have done in the past that may have hurt our feelings.
I, for one, accept their apologies. I really need to forgive and move on.
it's a wonderful day........
5. I love you.
6. i will never leave you.
7. i'll call you tomorrow
8. of course you can have a big wedding..., and a ring.
Baby, who you gonna believe? Me or your lying eyes?
lol.... no she meant nothing.... really
Come on..., I didn't even know her name.
Nooo she was terrible at it!
9. "No, your butt doesn't look big in that"
If it didn't work for Abe, why would you expect it to work for you?
Opps..., I forgot. Abe didn't work it right.
What will be the Price of Gold in June of 2011?
Or pick any month next year. Come on Johnny. Put your money where you mouth is you moron.
10. I love Johrny Bravo, with an apple in his mouth.
apple sucks
Yeah CD, I know that you likely mean "5. I love you" in the "5. I love you context", but really, if I looked anything like that RobotTrader TS, I'd service you well, just for your brain power!
Unrequited love.
Gold overbought? I guess technicals apply only to precious metals these days.
+100
The best thing about a rising gold price is the absence of trolls
My press releases were scratch and sniffs.
ECB had the odor of Trichet's negligee.
Fed Reserve had the fragrance of Bernanke's chonies.
Strange how a faint essence of the sweetly rotten corpse of JB the Rodeo Clown was there as well.
So maybe gold will stop at $5000 after all.
Until the western authorties stop or at least dramatically reduce the money transfer scheme to the financial industry then you will continue to get malinvestment in the real economy.
A low or zero interest on loans for non-oil based capital construction and high interest rates on deposits earned from credit loaned out to the consumption sector should do the trick of breaking the back of the speculative industries.
AHhhh, some relief, gold to 200 in a month
LMFAO
FUK you John Nadler.
Hey! Be nice to my daddy!
What will be the Price of Gold in June of 2011?
Or pick any month next year. Come on Johnny. Put your money where you mouth is you moron.
SELL YOUR GOLD!!
SELL YOUR GOLD!!
(ps so I can buy it and add to my stash in the yard. It's my average up strategy that has gone on for 10 years once a quarter)
Peace Beechez = may gold and silver make your christams season joyous.
luv y'al
off to scotia mocatta or kitco or ........ somewhere where one still get some.
f'in captcha's are part of the matrix - I'm sure of it.
I'm going to cross my fingers and keep my powder dry today in the hope that this dip/consolidation/ultrahuge shorting continues so I get a better buy on my next 10 pounds of silver.
On the Nucleo Exchange at www.bulliondirect.com, 10oz bars are bidding around 223 each. Ask is 230. If it drops 8 -10 more, I'll likely pull the trigger.
But at the rate financial trainwrecks are piling up I won't be at all surprised if I had to modify those tactics later this afternoon.
If we are never going to debase the currency again, then what is the Fed policy doing to the Dollar? The Fed is monetizing every nickel of debt the politicians can imagine creating!
Like most, I'm looking at this as an opportunity to take profits (I did last night) and reposition for more degredation and debasement. Since WHEN has a central banker NOT debased the currency?
Actually the FED can't monetize nickels.
U.S. Mint coins are the only U.S. sovereign money created for Americans. Using U.S. Mint coins actually pays DOWN the U.S. debt, unlike the credit, and green linen issued by the private banking corporations and borrowed by the U.S. government which increases the debt. The private FED bank pays us (seignorage via the Mint ) full face value for all U.S. Mint coins, including dollars. The U.S. Mint creates and sells coins under authorization of the Public Enterprise Fund (PEF), Public Law 104-52 (codified 31 U.S.C. § 5136). (US Code - Cornell)
oh no make it stop!!!
It burns! It burns!
My stomach feels like a rock right now
Why is this happening??
why why ???
jk
Sinking of the ship will resume after this brief message from your Central Banker.
LOL
We now resume your regularly scheduled sinking.
I'm going to go out on a limb here and risk my nortorious credability of always timing everything wrong and call a bottom on this little self off...right...no, not yet, right....., oops it was 10 minutes ago. Buy buy buy kiddies.
Oh and I forgot to say which color. Silver. Silver it is kiddies.
Wow a shovel of sand, the gold price drop was beginning to remind me of the scene in the movie 'Das Boot' where they keep sinking and sinking and sinking...
http://www.youtube.com/watch?v=CIQETV30_u8
Once papergold starts to sink and keeps sinking you know its game over for the Comex and LBMA. Physical will be unavailable (or many many thousands).
So in the old economy, sure this coordinated dirge by the central banks would cause PMs to fall... but stay tune folks... this is the new economy..!
Gold and Silver are the insurance policy that is being bought to counter small annoying issues like impending default of the USD, European sovereign debt issues, QE2, etc...
Anyone who buys into the short term trader's rant doesn't get it.
RCM now raising Ag coin premiums. Now $2 per.
Welcome to scarcity...bitchez
That is a big jump and fast...
Well at least today explains why the banks have been short gold for so long. Bet it goes much lower now that the banks are going to take a hit on mortgage ownership issues ROFL
Move along, move along nothing new here just the other exit.
Get your Silver Now, and maybe Gold, if this is not going to end till WE get answers,and the PLAUSIBLE TRUTH, the SMHTF.
I hope so, I want so much for 85% of these bastars to go to jail,along with the SO called Fed/Gv't assholes ordering this to be done, it aches.
The time for screwing Joe Six Pack is OVER................For whom the bells toll, they TOLL FOR THEE!!!!!!!!!!....Oh, that it would be so.
http://www.citywire.co.uk/money/silver-price-manipulation-public-deserves-answers/a437169
Seems to me that this statement will now usher in a bond market collapse and kick that 'decision time' can a little further down the road. Work it thru
1. Two ways out either default (deflation) or debase (hyperinflation)
2. Statement "Central Banks Promise To Never Debase Currencies Again"
3. Read between the line: We recognise that deflation is better than inflation in a fiat currency system given our current difficulties in keeping this Ponzi scheme running. So we're going to default on our obligations.
4. Bond market "Oh really! Well we don't want your piece of shit debt - SELL!"
5. Bond market collapse.
6. To be or not to be that is the question: Raise rates or let it rip???