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Gold Takes Off On German Fin Min Comments

Tyler Durden's picture




 

Did the LBMA Au plunge enforcement team all take a bathroom break at the same time? The catalyst - dollar dumping accelerates as euro surges on German Finance Minister's latest words (not to be confused with his words from an hour ago which contradicted the latest batch), who said that Germany is ready to make it's contribution to the Greek aid facility. A few hundred parliamentarians may beg to differ. The Euro has surged from 1.3290 to 1.3360 in a manner of minutes. Session highs at 1.3375 may be taken out. We feel so sorry for all FX traders who are still alive ever since the Greek episode began. The main observation: gold no longer goes down when USD surges, but surges when dollar dumps.

 

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Fri, 04/23/2010 - 11:19 | 314510 chumbawamba
chumbawamba's picture

GOLD BITCHES!!

Fri, 04/23/2010 - 11:20 | 314519 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

bitches....

Fri, 04/23/2010 - 12:00 | 314646 Cheeky Bastard
Cheeky Bastard's picture

the more of them the better

....

 

bitches ...

PS.

GOLD NIGGAZ !!!

Fri, 04/23/2010 - 12:14 | 314701 Bolweevil
Bolweevil's picture

word

Fri, 04/23/2010 - 12:52 | 314794 dark pools of soros
dark pools of soros's picture

BITCHES BITCHES!!

Fri, 04/23/2010 - 16:38 | 315274 ZeroPower
ZeroPower's picture

Hard word.

Fri, 04/23/2010 - 18:41 | 315536 Johnny Bravo
Johnny Bravo's picture

Did somebody say beetlejuice?  Hahaha...

Of course in astronomy, it's Betelguese. 

Fri, 04/23/2010 - 20:21 | 315686 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Hahaha, welcome back. 

Fri, 04/23/2010 - 14:12 | 314953 dabug
dabug's picture

I am chumbawamba

Fri, 04/23/2010 - 18:15 | 315488 Johnny Bravo
Johnny Bravo's picture

I guess that maybe we'll stop seeing posts that the market is being "held down" now?

Maybe not.  I'm sure we'll see one the next time gold goes anywhere but up.

Fri, 04/23/2010 - 19:20 | 315599 drwells
drwells's picture

Inflation-adjusted high is around $2300 and we're in far, far, far worse shape than the last time it was there.

Fri, 04/23/2010 - 19:34 | 315626 Johnny Bravo
Johnny Bravo's picture

1.  The fact that we're in "far, far" worse shape is arguable.  Unemployment was just as high, interest rates were higher, etc, etc.

2.  Just because the high was 2300, when adjusted for inflation, does not mean that that was fair value for the asset.  That is why it plummeted after the recession was over and people got confident in the system again.

The same thing will happen this time.

Sat, 04/24/2010 - 11:51 | 316145 chumbawamba
chumbawamba's picture

B-A bay

B-E be

B-I bickey-bi

B-O bo

bickey bi bo

B-U bu

bickey bi bo bu

The reason gold plummeted was because Paul Volcker, Chairman of the Federal Reserve at that point in time, raised the Federal Funds Rate to 20%, making dollars a more attractive investment.  There is no other reason (of equal significance).

Read some books, learn some history.  Stop regurgitating ignorance.

I am Chumbawamba.

Fri, 04/23/2010 - 18:32 | 315518 DoChenRollingBearing
DoChenRollingBearing's picture

Signore Chumba e correto!

I wish that I had been back in America (am on vacation now with my wife in Italy) to buy up the last few ounces of gold...  Well, at least I am stocked up (some) on Au, Pt, Ag, Pd and Pb (9mm and 7.62 X 39).

I can hardly wait to get back to America to stock up!  Gold & ammo.

Things look even worse (of course this is a personal observation) here in ITALY...  And in Europe (is what they say and what I have seen before).

AND I read on ZH the other day about the new $100 notes.  I guess that means I am going to have to flush out my current $100..., guess I'll buy more gold (in May)...

Fri, 04/23/2010 - 18:43 | 315537 Johnny Bravo
Johnny Bravo's picture

Ammo is in a bubble too!  I used to get 1000 rounds for a little over 200 bucks before Obama was elected.

That's quite impossible now.

Sat, 04/24/2010 - 12:03 | 316153 chumbawamba
chumbawamba's picture

Stop being such an ass.  Just because there've been lots of bubbles blown in recent times doesn't mean EVERYTHING is in a bubble.

Rule of Thumb: if the Fed ain't blowing it, it ain't necessarily a bubble.

Ammo sales have been driven by justifiable concerns that our Federal government and even State and local governments have not only failed in the duties that We put them in positions of authority to carry out but quite obviously have become detrimental to our freedom and liberties.

As gold is a hedge against economic chaos, bullets are a hedge against political chaos.

Hoarding of both is not only reasonable, in this day and age it is essential.  Those who can't figure this out or won't accept it will be forgotten statistics in a few years.

I am Chumbawamba.

Fri, 04/23/2010 - 11:19 | 314513 bugs_
bugs_'s picture

Why can't it take off all of them?

Oh "one German" is a typo!

Fri, 04/23/2010 - 11:59 | 314641 whatsinaname
whatsinaname's picture

So have NFLX (100), AAPL (270), WYNN (90).

Its the new economy stupid !!

Fri, 04/23/2010 - 13:00 | 314812 Clinteastwood
Clinteastwood's picture

Take it all off.

Fri, 04/23/2010 - 11:19 | 314515 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Get used to it.  Its a long way to the top, if you want to rock and roll!

Ac/Dc - Its A Long Way To The Top(If You Wanna Rock 'N Roll):

http://www.youtube.com/watch?v=_UaJ9UKM7kk

Fri, 04/23/2010 - 11:19 | 314517 Kreditanstalt
Kreditanstalt's picture

Yes, true, but I'm getting bloody sick of seeing my consumer stock short positions die at the same time as my precious metals are soaring.

Can't we have rationality?  Let's see retailers PLUNGE, gold soar and the dollar tank simultaneously...that's what a REAL "flight to safety" should look like...

Fri, 04/23/2010 - 11:59 | 314645 truth miner
truth miner's picture

You and I are in the same boat...

Fri, 04/23/2010 - 12:31 | 314738 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The Hollywood Futures Index has just fucked up the money.

Fri, 04/23/2010 - 11:21 | 314520 john_connor
john_connor's picture

Paper PM's should be due for a correction, but officials keep on making dumber and dumber statements.

Fri, 04/23/2010 - 11:21 | 314521 TomB
TomB's picture

Gold hit a new record in EUR.

Fri, 04/23/2010 - 11:24 | 314529 lizzy36
lizzy36's picture

short cumberland/dave kotok.

greece only 2% of EU GDP....as BSC was only 2% of broker-dealers/capital markets banks.

Fri, 04/23/2010 - 11:25 | 314532 John McCloy
John McCloy's picture

  Once again we head into another weekend of Greek Bailout discussion nonsense. I have never seen a story waved around so frequently.

Fri, 04/23/2010 - 11:27 | 314538 Rogerwilco
Rogerwilco's picture

Really, when are these guys going to wise up to this good cop/bad cop charade? Greece is a nothing burger.

Fri, 04/23/2010 - 11:38 | 314580 chumbawamba
chumbawamba's picture

Just wait until California tries (keyword: tries) to pass a budget this year.

I am Chumbawamba.

Fri, 04/23/2010 - 12:55 | 314799 dark pools of soros
dark pools of soros's picture

they dont care anymore.. they are legalizing weed in Nov - they know more than half the overpriced prescribed drugs wont be used anymore with weed replacing them so benefit payouts will nose dive

Fri, 04/23/2010 - 16:01 | 315206 Selah
Selah's picture

Very Urgent!

ttp://www.youtube.com/watch?v=atMQzRFvCIY

 

Fri, 04/23/2010 - 15:45 | 315169 Real Estate Geek
Real Estate Geek's picture

That upcoming failure = long-term success.  Only in BK can unrealistic, unsustainable obligations (e.g. state employee pensions) be jettisoned.

Fri, 04/23/2010 - 12:20 | 314715 glenlloyd
glenlloyd's picture

The only one that's been paraded about more than Greece is the IMF gold sale, that one went on for years, dragged out any time there was a hint that the market might take off.

I'm sure we'll hear about an IMF gold sale shortly, it's been a while since we've heard about it, and of course Greece et al needs to be funded.

Fri, 04/23/2010 - 11:29 | 314545 Hulk
Hulk's picture

You madam/sir, are a moron.

Go open a fucking history book and quit wasting our time here....

Fri, 04/23/2010 - 11:29 | 314546 Remus
Remus's picture

Gold is money, money buys bread

Fri, 04/23/2010 - 11:37 | 314575 Bolweevil
Bolweevil's picture

Take note, this is what Carl looks like without coffee.  I blame his wife (life partner?).

Fri, 04/23/2010 - 11:51 | 314614 BobPaulson
BobPaulson's picture

In Zimbabwe it does today, right in the food market. Trolls: read the newspaper.

Fri, 04/23/2010 - 11:59 | 314644 yipcarl
yipcarl's picture

In Zimbabwe?  LOL.  OMG.  They are 200 years behind us, thank you for making my point. 

BOB ever think of moving there?

Fri, 04/23/2010 - 12:09 | 314681 SgtShaftoe
SgtShaftoe's picture

Ok hot carl...  You're smarter than George Soros, Frank Paulson, Greenlight Capital, Jim Rogers, Charlie Munger/ Warren Buffet, Pimco, the Chinese, and Russians, and several other lesser known people (Schiff, Sprott, oldest banks in Switzerland et al).  So if you're soooo smart and successful, why are you posting on zerohedge?  Don't you have to be at the Queen's Birthday party?

Fri, 04/23/2010 - 12:14 | 314690 SgtShaftoe
SgtShaftoe's picture

Wait, her Birthday was yesterday,  and she beat the crap out of you with a sock full of gold soverigns!?  huh...  that sucks dude.  She's 87 or something. 

 

Fri, 04/23/2010 - 13:44 | 314903 yipcarl
yipcarl's picture

You are a typical enlisted dipshit aren't you?  No one with any brains anywhere thinks gold is a shame, you're right.

 

MOREOVER, you are using Frank Paulson as an example to support your position?  I've heard it all now.

Fri, 04/23/2010 - 13:59 | 314935 fasTTcar
fasTTcar's picture

So please explain to us why virtually every central bank has it on its balance sheet?

Fri, 04/23/2010 - 14:10 | 314945 Alienated Serf
Alienated Serf's picture

"You are a typical enlisted dipshit aren't you?"

You must be a typical elitist dipshit.  Talking about how much money you make on a msg board.  Does that make you feel important?  Nouveau Riche trash.  die.

You bore bore me now.  kthxbai!

Fri, 04/23/2010 - 14:37 | 315012 tmosley
tmosley's picture

More like 8 years ahead of us.

They used to be the richest nation in Africa.  They were the breadbasket of that continent, and they had the best schools outside of South Africa.  Now they pay for bread with gold.

Fri, 04/23/2010 - 15:16 | 315106 trav7777
trav7777's picture

That was before the evil white people who destroyed the noble native culture were driven out of the country, setting everything to right again.

Sat, 04/24/2010 - 12:07 | 316159 chumbawamba
chumbawamba's picture

That's a rather incomplete read of history.

You still have the colonizer's mentality.

I am Chumbawamba.

Fri, 04/23/2010 - 11:54 | 314626 Catullus
Catullus's picture

How many loaves of bread would you like for an oz of gold? I know where a lot of this bread is. You just have to make an offer.

Fri, 04/23/2010 - 14:40 | 315015 tmosley
tmosley's picture

3100 is the going rate in Zimbabwe.  You could probably get twice as much here, after selling your gold at a dealer.  Of course, once the currency collapses, you can trade it directly.  You can get change in fractional gold, or silver.

Fri, 04/23/2010 - 18:20 | 315495 Johnny Bravo
Johnny Bravo's picture

LOL.  When's the last time you bought bread?  Even buying the cheapest bread available, you might be able to get 1100 loaves or so for an ounce in this country.

If you want anything but the regular, store brand, white bread, you could probably get about 390 loaves tops for an ounce of gold.

Fri, 04/23/2010 - 20:23 | 315693 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

An ounce of gold would buy me 165 loaves of bread.

Sat, 04/24/2010 - 22:24 | 316605 tmosley
tmosley's picture

Typo.  Should have read 310.  A loaf of bread goes for 0.1 grams of gold.  31.1 grams in a troy oz.  You can get cheap bread for about half that at the local stores in my area.

Fri, 04/23/2010 - 12:34 | 314747 citizen2084
citizen2084's picture

march 2009 in Zimbabwe - couldnt buy after the crash with anything but gold

http://www.youtube.com/watch?v=7ubJp6rmUYM

 

 

Fri, 04/23/2010 - 14:32 | 314995 Sam Clemons
Sam Clemons's picture

Yea.  I always love hearing "you can't eat gold" or "it's not like its going to do you any good in a disaster" or "good luck getting food with your gold."  Guess what?  I'm anxious to see farmers exchanging food for paper or digits in that type of situation.

Fri, 04/23/2010 - 14:43 | 315021 Selah
Selah's picture

You CAN eat Gold, as long as it is sanitary.

What they mean is, "you can't get nutrition from Gold".

However, that is not as good of a catch-phrase.

 

Fri, 04/23/2010 - 18:22 | 315500 Johnny Bravo
Johnny Bravo's picture

The United States and Zimbabwe are EXACTLY similar, in every regard.  That is obviously a good comparison.

Fri, 04/23/2010 - 12:47 | 314777 trav7777
trav7777's picture

Agree 200%.

It's a damned good thing that cash never crashes to 0 value.  I'm still holding vast stockpiles of rubles and cruzeiro reals along with a freezer full of argentine pesos.

Soon as I get my shit together, I am bugging out to the USSR and taking my hoard with me to live the high life.  Gonna stop en route in Brazil and Argentina and FX those notes into Iceland krona which should be more useful in Europe.

Fri, 04/23/2010 - 11:30 | 314549 BrianOFlanagan
BrianOFlanagan's picture

cool - another paper bug.  Makes one kinda miss Mr. Bates.

Fri, 04/23/2010 - 11:34 | 314564 Cognitive Dissonance
Cognitive Dissonance's picture

yipcarl has been registered with ZH for 8 days.

I suspect Master Bates has invaded another body. I've noticed a trend where certain trolls become well know and then disappear, only to have another one magically appear. Of course I can't say for certain, but it is interesting how this happens.

Notice how the style is confrontational like MB and not because he/she wants to add, only disrupt.

Fri, 04/23/2010 - 12:34 | 314748 chumbawamba
chumbawamba's picture

I'm not so sure it's the same dweeb.  You know there are a bunch of these weenies running amok out there, trying desperately to scare people out of metal and into their overlord's paper promises.

Just a cadre of silly little monkeys chattering away.  Ignore them.

I am Chumbawamba.

Fri, 04/23/2010 - 12:50 | 314788 Cognitive Dissonance
Cognitive Dissonance's picture

Chumba

I agree it may not be the same person. But to ignore it would be dangerous. I don't think all trolls are equal and some are part of a deliberate disinformation campaign and are dangerous. We must always remember that the vast majority of people who come to ZH to gain information do not leave comments but only read. Many don't know what's really going on, at least not to the depth most of us have, and these troll comments do effect them.

I suggest some reading on the subject of disinformation and propaganda to understand their effetcs. I don't mean we should feed the trolls, just that we should understand that while they might not affect us, they do affect others. This is a well understood technique used by the propaganda ministry. We must vocalize our awareness and understanding of what's going on.

Fri, 04/23/2010 - 13:25 | 314860 Alienated Serf
Alienated Serf's picture

CD, point taken, but we ourselves should also ensure that we do not get locked into a permanent and fixed mindset, we musn't get hooked on our own kool-aid, lest we become close minded.

But yes, confront the disinformationists.  Though I don't know about Harry Wanger, I think he is just repeating schtick from Boileroom.

 

Fri, 04/23/2010 - 14:25 | 314984 WaterWings
WaterWings's picture

Same agency.

Fri, 04/23/2010 - 18:39 | 315533 Johnny Bravo
Johnny Bravo's picture

1.  I'm MB.  I came back yesterday after being on hiatus for about a week or two. 

2.  There's nothing disingenous about my comments.  I don't work for any agency, I don't really have any skin in the game whether you buy gold or not.  I simply don't care.  Finance is a hobby of mine, and I like to disagree about it.

3.  If you don't believe I'm the real MB, I'm a 20 something, I go to the University of Colorado, and I can even put my old black swan picture or the picture of tagging that says "Bates" if you want.

But really, you people shouldn't think that just because people disagree with you that they are employed by some kind of agency or something.  I wish I was, but it's simply not the case.

Also, I changed my old password, forgot what I changed it to, and here I am again.

Finally, you people should notice that I was NEVER a big of dick in my posts as yipcarl.  I'm simply not disrespectful like that.  I was going to stop posting here altogether (and just read the posts like I did for months and months before I became a poster here), but felt it necessary to "clear my name."

Let the time wasting (arguing with goldbugs, which is like arguing about religion) begin!

And have a nice day.

Fri, 04/23/2010 - 22:53 | 315846 Al Gorerhythm
Al Gorerhythm's picture

Yes, it's you MB.  We thought you were Peterpeter for a while (which gave us a moment of levity) but here you are as JB. Still refuse to change your view? I would hazard a guess that most (if not all) gold bugs, held your views about money and finance at some stage in their lives. Don't worry young fella, you'll hopefully grow out of it.

Those early views are born of innocence (sort of like Socialism), and morph over time to one of incredulity and self admonition, about how we could have been so dumb for so long.

As long as you view the replies to your comments as "time-wasting", then there is no hope for you, as you have a mindset that could be viewed as intractable. 

If it were not for the hope that other misinformed investors (who may read the conflicting argumentative points between us), might see the veracity of our argument and cross over to a different understanding, few of us would bother replying to you.

Your posts give us an opportunity to raise the various issues of Honest Money principles, a golden opportunity so to speak. Yours may be a hopeless case but thanks for the opportunity to discuss.

Sat, 04/24/2010 - 12:13 | 316164 chumbawamba
chumbawamba's picture

You're going to "clear your name"?  What name?  You keep switching to new accounts once the heat on your old one gets too great.

And it's not how you say it, it's what you say.  You're an idiot.  No point in arguing over it since time will prove you wrong, and in short order.

I am Chumbawamba.

Fri, 04/23/2010 - 18:26 | 315506 Johnny Bravo
Johnny Bravo's picture

I have nothing to hide.  I'm Master Bates.  I deleted my old account and changed my password because I was sick of talking to certain people.

Then, I decided to come back yesterday (it took a couple of days to get approved) because there are some people I like here.

Master Bates' real name is Johnny, and the last name starts with a B, which is where I get Bravo.  Plus, I liked the cartoon network character Johnny Bravo in the 90s.

Anyway, yipcarl is not MB, I am, and I have nothing to hide.  I just thought that I'd pick a "less offensive" name to come back under.

Fri, 04/23/2010 - 19:40 | 315637 Selah
Selah's picture

Welcome back!

I hope that you enjoy a fresh start here. I'll admit that it gets pretty boring with a rah-rah home-team crowd. I've often thought about bringing a contrary, yet rational "devil's advocate" view, but it seems too "Yahoo MB" for my tastes.

My honest advice is to study up on all the premises that you oppose and refute the positions without resorting to personal attacks.

Since a long Gold position is essentially a short Dollar position, I'd start from there...

 

 

Fri, 04/23/2010 - 22:55 | 315849 Al Gorerhythm
Al Gorerhythm's picture

Well said. Great advice.

Sat, 04/24/2010 - 15:03 | 316303 Hulk
Hulk's picture

Welcome back J Bravo, black swan please!

Fri, 04/23/2010 - 11:37 | 314577 MsCreant
MsCreant's picture

So yipcarl, tell us what you advise we do in these complicated times. What is your investment thesis?

Fri, 04/23/2010 - 11:39 | 314583 yipcarl
yipcarl's picture

sell your gold, start with that.

Fri, 04/23/2010 - 11:59 | 314640 MsCreant
MsCreant's picture

What makes you think I have any? 

Your answer makes me think you are only here to get reactions. You have no investment advice.

Fri, 04/23/2010 - 18:31 | 315515 Johnny Bravo
Johnny Bravo's picture

Well, you have stated many times that you get PMs on this board.

If it was me, MB, I'd be telling you that you should get into highly levered ETFs and trade in and out of the trend.  Buy PMs with the profits if you want, but use your risk capital to go with the trend, whichever way it goes, and make better returns.

That's what the REAL MB would say.

Fri, 04/23/2010 - 12:20 | 314716 trav7777
trav7777's picture

I agree with you 100%

Gold is useless.

I have decided to store ALL of my wealth in the form of paper notes of a bankrupt sovereign and in negative interest rate loans to insolvent institutions.

CASH AND MONEY IN THE BANK BIATCHEZ

Fri, 04/23/2010 - 22:59 | 315854 Al Gorerhythm
Al Gorerhythm's picture

Trav.

Nearly bit like a rabid dog.

Fri, 04/23/2010 - 15:53 | 315189 tmosley
tmosley's picture

Ok, I sold my gold, oh mighty one.  I now have a wheelbarrow full of paper.  What do I do with it?  Hurry, the wind is picking up.

Fri, 04/23/2010 - 18:32 | 315519 Johnny Bravo
Johnny Bravo's picture

Wait for trend changes, and then put money into FAS or FAZ depending on which direction the market is going.  Of course, don't hold the etfs forever, or else the compounding will kill you.

That's my strategy.

disclosure: have been long FAS, but sold out yesterday.

Sat, 04/24/2010 - 00:15 | 315891 tmosley
tmosley's picture

Here, allow me to laugh in your face.

HAHAHAHAHAHAHAHAHAHAHAHAHA!

Phew.  But seriously, triple leveraged ETFs are terrible.  Even a sideways move for a few days can kill you.

Next.

Fri, 04/23/2010 - 11:39 | 314585 BrianOFlanagan
BrianOFlanagan's picture

now that was funny.  Always good to have trolls on the board.  Cheers - and have a pint of Guinness on me.  

Fri, 04/23/2010 - 12:13 | 314697 Cheeky Bastard
Cheeky Bastard's picture

scriú na páipéar feithid

rialacha na hÉireann

Fri, 04/23/2010 - 12:17 | 314707 Bolweevil
Bolweevil's picture

No Elvish (Elven?) on ZH! You have been warned.

Fri, 04/23/2010 - 12:20 | 314713 Cheeky Bastard
Cheeky Bastard's picture

Its Gaelic 

The language of the Celts the original inhabitants of Ireland.

Fuck the whole forced Christianity thing.

Sat, 04/24/2010 - 12:10 | 316162 BobPaulson
BobPaulson's picture

In Ireland they call that Irish as I recall, isn't Gaelic the Scot's version?

Fri, 04/23/2010 - 18:40 | 315510 Johnny Bravo
Johnny Bravo's picture

.redundant post deleted.

Fri, 04/23/2010 - 11:33 | 314565 Segestan
Segestan's picture

The US is 5% of humanity. It won't matter what those in the US do. Good luck with that admiration of what some idiots in government might do to Americans.

Fri, 04/23/2010 - 11:36 | 314572 TomB
TomB's picture

If (or when) the dollar collapses gold will be your lifeboat to the next currency. By the way, banning gold will only make it more valuable. Look at what happened to the value of Napoleon coins when the nazis outlawed gold during WWII.

Fri, 04/23/2010 - 11:51 | 314618 lucky 81
lucky 81's picture

during the wheelbarrow full of paper days in berlin one oz of gold bought a full city block. i don't know how much bread. might be better to ask how much gold a loaf of bread fetched. 

Fri, 04/23/2010 - 13:21 | 314852 gmak
gmak's picture

Prove it. :-) 

I thought that the whole point behind gold was that it "maintained value". The most often-quoted ratio is one oz of gold buys a decent suit, shoes, belt and meal.

Gold was $32 per oz at the time. Are you saying that 1 city block was only worth $32?

Fri, 04/23/2010 - 13:27 | 314866 gmak
gmak's picture

Prove it. :-) 

I thought that the whole point behind gold was that it "maintained value". The most often-quoted ratio is one oz of gold buys a decent suit, shoes, belt and meal.

Gold was $32 per oz at the time. Are you saying that 1 city block was only worth $32?

Fri, 04/23/2010 - 13:52 | 314922 TomB
TomB's picture

I once read that in a hyperinflation report from a German website called Hartgeld. It wasn't one ounce though but $500 (worth about 750g of gold back then).

Here's the quote:

Das Gute für Investoren in einer solchen Zeit ist, dass es diese Dinge für erstaunlich wenig vom „guten Geld“ gibt. So konnte man 1923 einen ganzen Häuserblock im Zentrum von Berlin für etwa 500 USD (war 750g Gold) kaufen, aber nicht für Mark.

Fri, 04/23/2010 - 11:55 | 314627 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

"Gold is 30% higher than it was 30 years ago."

Nominally yes.  Use the Re'Al numbers.  Then gold is 50% below its high.  Silver would be 70% below.

"Gold by nature is not money, but money, by nature, is gold." -Karl Marx

PS, I junked the shit out of you.

Fri, 04/23/2010 - 12:39 | 314756 Trial of the Pyx
Trial of the Pyx's picture

Oh for fucks sake...I am yawning now...these people (person??) need to develop some fresh material.

Fri, 04/23/2010 - 11:28 | 314544 buzzsaw99
buzzsaw99's picture

didn't the squid just say sell?

Fri, 04/23/2010 - 11:33 | 314566 MsCreant
MsCreant's picture

Good point.

Fri, 04/23/2010 - 11:35 | 314569 Cognitive Dissonance
Cognitive Dissonance's picture

Never underestimate the puppeteer.

Fri, 04/23/2010 - 11:29 | 314547 zenon
zenon's picture

Rumor (from the G20) has it that Greece asked for the full package from the IMF (!). Also Merkel said that Germany won't be giving aid but guarantees through KFW. If the rumor is correct, it shows that Europe doesn't have its act together and the crisis could spread to the other club-Med countries without any mechanism to fight it. We could be entering phase II of the financil crisis (with the markets having done a double or triple top). That's why gold is rallying.

Fri, 04/23/2010 - 15:55 | 315194 Real Estate Geek
Real Estate Geek's picture

Rumor (from the G20) has it that Greece asked for the full package from the IMF (!).

They want da full package?  I got their full package . . . I got it RIGHT HERE!

Fri, 04/23/2010 - 11:30 | 314552 lsbumblebee
lsbumblebee's picture

I have a funny feeling gold will start having "Greece worries" again next week.

Fri, 04/23/2010 - 11:33 | 314563 Al Huxley
Al Huxley's picture

Bull trap, I'm guessing, given that we're going into options expiry next week.  Who knows, though?  Maybe now that everything goes up all the time, even gold will be allowed to join the party.

Fri, 04/23/2010 - 13:23 | 314855 gmak
gmak's picture

Huh? Options on what, gold?  Options on equities don't expire until the third Friday in May.

Fri, 04/23/2010 - 14:46 | 315032 tmosley
Fri, 04/23/2010 - 11:36 | 314574 Kina
Kina's picture

Why the emotional hatred of gold? If you don't like it fine, but to get emotional tells another story.

Fri, 04/23/2010 - 12:08 | 314676 EscapeKey
EscapeKey's picture

Boring troll is boring.

Fri, 04/23/2010 - 12:28 | 314734 geminiRX
geminiRX's picture

Stupidity is the way banks are 100:1 leveraged on gold. It can't be mined fast enough to fulfill demand anymore. With many ore sovereign defaults on the way, any attempt to take delivery on such a product would cripple comex and start a panic. All world currencies are circling the toilet bowl. Right now it is gold that is floating on the top.

Fri, 04/23/2010 - 12:32 | 314739 Cheeky Bastard
Cheeky Bastard's picture

If this doesn't work i have some spray i kill cockroaches and other insecticidal life forms with. It should do fine in removing you as well. If not, just kill yourself, you will do the world a huge fucking favour. 

PS

Your mother should have spat out/swallowed you.

Fri, 04/23/2010 - 12:42 | 314766 chumbawamba
chumbawamba's picture

This guy shows up on Jim Sinclair's facebook group as well, always talking about how gold will drop to some ridiculous number whenever it breaks some downside trendline.

We just ignore him.  Works well.  Plus, everyone's got an opinion.  They may be wrong, but let them suffer in that world by themselves when the time comes.

I am Chumbawamba.

Fri, 04/23/2010 - 18:49 | 315544 Johnny Bravo
Johnny Bravo's picture

Gold will be in the 850-900 range when it breaks its ascending wedge.  At least that's the fib target I've seen on a lot of charts.  That doesn't mean that it won't go back up after that, but it's getting a bit long in the tooth rallying while setting massive divergences.

Fri, 04/23/2010 - 20:30 | 315704 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

First level of support is now at $1145, second is at $1135.  It will take a massive downturn to break these levels.  GS losing 15% in a day did not dent the support.  MB, did you watch Asia on Monday?  They gave up 5% on equities to buy gold!  They know what is good!  What is good MB?!  I am still going to call you MB, for now.

Sat, 04/24/2010 - 00:21 | 315897 tmosley
tmosley's picture

lol, I'd sell my momma's kidneys for gold below $1000.  I'd sell mine for below $500.

Fri, 04/23/2010 - 12:56 | 314802 Hulk
Hulk's picture

LOL...

Fri, 04/23/2010 - 12:20 | 314717 A_MacLaren
A_MacLaren's picture

Emotional hatred of gold and silver emerges because it is an honest alternative to fiat paper money.

One oz. of .9999 fine gold or silver, remains .9999 fine gold or silver.  It cannot be debased.  It cannot be created out of nothing, unlike fiat paper money.

Gold or silver as money represent positive money.  It has no liability or counter-party obligation.

Debt based fiat/credit money must be borrowed into existance creating a liability, it is negative money.  There is a party who owes more to repay the debt (original money) plus interest than was originally created.  There is a counter-party obligation in its creation.  Debt based fiat/credit money earns interest for banksters.  <insert vomit imoticon here>

These are some reasons why gold is hated by paperbugs.

Sat, 04/24/2010 - 12:27 | 316173 chumbawamba
chumbawamba's picture

Gold and silver can in fact be debased by alloying them with lesser-value metals.

But I know what you're saying: they cannot be debased by fiat, or by conjuring more out of thin air.

I am Chumbawamba.

Fri, 04/23/2010 - 11:53 | 314623 Hulk
Hulk's picture

Gold performance over 30 years is completely meaningless now. What are the reasons to own gold today, right now? To find that out, you must read history

Try Ralph T Foster's "a history of fiat currencies" to bring you up to speed fast.

now go away and do something useful

 

Fri, 04/23/2010 - 12:04 | 314663 rich_maverick
rich_maverick's picture

You can use any starting point to make the point you are looking for.  I mean, sure gold went to $850.  But, it was a parabolic move.  Few, if any retail investors actually bought at $850.  It went from $400 to $600 in a few months and $600 to $850 in a few days.  It was only the suckers that bought the top.

 

BTW... how many suckers bought the NASDAQ 5000 top?  If you go by the same logic, anybody owning tech is down 50% from a decade ago.  So, is it dumb to be in tech?  (btw... I've owned both Apple and Google over the past decade and am quite happy).

 

Point I'm making is there is a time for every investment.  As long as your don't fall in love with it.  Physical gold is an asset with certain characteristics that make it valuable.  But, in all honesty...  your ammo may prove to be a better investment in the years to come...

 

Rich

Fri, 04/23/2010 - 12:36 | 314751 Hulk
Hulk's picture

You are absolutely correct, do not fall in love with any stock, commodity or sector.

The fundamentals call for gold. When they don't, I'll sell. I don't see that happening on any meaningful time horizon. but when/if they change, I am out. Same as I would cut a loosing stock or sector...

I am afraid that the ammo will be needed eventually, not looking forward to that at all.Lost my apetite for fighting many years ago....

 

Fri, 04/23/2010 - 12:33 | 314744 geminiRX
geminiRX's picture

This moment in history has no precedent to any other...

Fri, 04/23/2010 - 13:47 | 314908 boiow
boiow's picture

methinks your bates as well. not just your aggressive nature, but also your emotional rejection to the US in comparison to zimbabwe. plus the fact that you'r singing the same old anti-gold tune.

 

Fri, 04/23/2010 - 18:53 | 315550 Johnny Bravo
Johnny Bravo's picture

Well ya think wrong, buddy.  That's what you get for thinking, I suppose.

You can look up any old MB post you want to, and while I have similar ideas to yipcarl, I've never been as aggressive as he is, especially with insulting people.

I can put up my black swan picture or "Bates" tagging picture if you want as proof.

Seriously though, don't say that I ever posted that way (by insulting people).  While I do sometimes laugh at the (lack of) logic I sometimes see here, I don't call people names, EVER, unless I'm really pissed off.

Sat, 04/24/2010 - 18:44 | 316496 boiow
boiow's picture

you don't fool me son.

Fri, 04/23/2010 - 11:38 | 314579 DoctoRx
DoctoRx's picture

Kreditanstalt:

If you have enough short pos'ns to matter, to paraphrase Keynes:  the market can wear you down even if you are correct in the long run.  Given that you have to pay money to the gonefs to go short, unless you truly have superior knowledge to the mkt, fighting the trend and the Fed is not the way Marty Zweig got rich.

Fri, 04/23/2010 - 12:00 | 314647 Kreditanstalt
Kreditanstalt's picture

About $30K down, I'm only gradually figuring that out...

Fri, 04/23/2010 - 12:42 | 314765 Hulk
Hulk's picture

What happened to old Marty? I miss him and Rukeyeser. I started trading again a few years back and somebody told me to watch a guy called cramer. SO I turned on the TV and was completely horrified and turned it off. After watching Rukeyeser and company for years, cramer was just a mess...

Fri, 04/23/2010 - 11:40 | 314586 schoolsout
schoolsout's picture

yipcarl came over from CNBC...I don't think he is MB

Fri, 04/23/2010 - 11:42 | 314590 yipcarl
yipcarl's picture

exactly School, I thought I would come here and find a bit more logic, intelligence, and those who know about history but this thread has altered that assumption.  I guess the gold bugs are like ants on a crumb.  Where ever there is a gold story their on it protecting  it and commiserating about it.

 

I'm not going anywhere I'll be here when your BS metal is at 500, it won't be long now, maybe another year at most.

Fri, 04/23/2010 - 11:47 | 314602 schoolsout
schoolsout's picture

I'm a gold bug...as said before, it will get you from one currency collapse to the next currency much safer than the said collapsed currency.

 

It is honest money with liability to nobody.  Can't say that about much paper out there. 

 

but, to each his own.

Sat, 04/24/2010 - 12:32 | 316180 chumbawamba
chumbawamba's picture

Dude, what's going on in your photo there?  Looks like you're about to administer two in the pink and one in the stink.

I am Chumbawamba.

Fri, 04/23/2010 - 12:25 | 314728 trav7777
trav7777's picture

Your FRN will be at .50

Just like it has been throughout its history...on a march toward 0.

Paper is the failure.  If the EU comes apart, what happens to the cash is king euro crowd?  They're all fucking broke.  Just like those who stockpiled rubles in 1989.

I'd rather stockpile oil than gold but I don't have my own tank farm.

Fri, 04/23/2010 - 12:46 | 314773 Trial of the Pyx
Trial of the Pyx's picture

Yo Yip, care to short me some at FRN500?

 

physical only please

Fri, 04/23/2010 - 23:30 | 315869 Al Gorerhythm
Al Gorerhythm's picture

Been reading these kind of posts since 2003. Blind as a bat and lives in the same abode.

Fri, 04/23/2010 - 11:47 | 314603 Cognitive Dissonance
Cognitive Dissonance's picture

You could be correct BUT trolls often assume many IDs and they move around, rotating from board to board and from ID to ID. Sometimes you see them using two IDs on the same thread, almost like a good cop/bad cop thing where they argue with themselves in order to draw in others.

I watch the writing style, word usage, capitalization or lack of it and punctuation or the specific lack of it. Not all punctuationis always missing and this shows a style that is hard to cover when you are writing quickly. Again I have no proof but sometimes it's painfully obvious when you're not interesting in taking the bait but rather examining the bait and the baiter.

Fri, 04/23/2010 - 11:52 | 314621 schoolsout
schoolsout's picture

You think too much for me! :-)

I'm rather sure it isn't MB.  I was on the CNBC boards and dropped the Zerohedge.com bomb on them and I think a few came to visit.

Fri, 04/23/2010 - 11:56 | 314633 yipcarl
yipcarl's picture

You say,' you think to much for me'

 

and

 

'you dropped zero hedge and a few came over'

 

yea guy take the credit.  I've been reading this website for years I've just decided lately to get on both sites to have some fun with you half wits.

Fri, 04/23/2010 - 12:01 | 314653 MsCreant
MsCreant's picture

This website is a little over a year old. Your credibility is really getting toasted the more you talk.

Fri, 04/23/2010 - 18:57 | 315559 Johnny Bravo
Johnny Bravo's picture

I really don't know how old it is, but I'm the real MB.  I changed my password and forgot what I changed it to.

Also, the first time I came here, there was a post about a "black swan" event, and it was April or May of 2009.  That's why I used to have a black swan as my avatar, to remind how wrong that prediction was.

I didn't start posting as MB until much, much later, however.

I have been here for a long time, and it used to be zerohedge.blogspot.com before they changed it to just zerohedge last year sometime.

Sat, 04/24/2010 - 00:29 | 315902 tmosley
tmosley's picture

You should have kept it, as history will proove you wrong.

There was indeed a black swan even going on at the time, it's just that it happened in the dead of night, so no-one saw it.  It was the massive liquidity push initiated by the Fed and the Obama administration to push stocks up.

This signaled the start of the dollars terminal descent.  It is being hidden for now by falling currencies abroad, but that can be reversed at a moment's notice, simply by those foreigners buying stuff with their dollars en masse.  If you aren't aware of that particular Sword of Damocles, then I don't know what to tell you.  I will tell you this, however, that is only one of many swords, each suspended by the finest of gossimer threads.

Sat, 04/24/2010 - 12:36 | 316185 chumbawamba
chumbawamba's picture

Dude, you're neither Johnny Bravo nor yipcarl nor Master Bates, but in reality you're the same idiot.  It doesn't matter how many handles you have or if in fact there are multiple people espousing the same memes.  The fact of the matter is that your message is the same, and it's bourne of idiocy.

I am Chumbawamba.

Fri, 04/23/2010 - 12:02 | 314655 schoolsout
schoolsout's picture

years, eh?

Fri, 04/23/2010 - 13:41 | 314895 Hephasteus
Hephasteus's picture

As far as mind fuckers go. You're the ken doll model.

Fri, 04/23/2010 - 12:03 | 314661 Cognitive Dissonance
Cognitive Dissonance's picture

:>)

Sadly the reason humanity has allowed itself to be enslaved is because we do too little thinking. In fact, we outsource our thinking to others, enabling those who wish to enslave us to do precisely that.

Fri, 04/23/2010 - 16:47 | 315305 ZeroPower
ZeroPower's picture

CD, I understand your point re trolls, but to infer this simply from lack of punctuation is a bit premature imo. I see the way some of my friends (albeit mostly female...) type, and these are college-educated people, and unfortunately they all speak 'myspace' speak with the 'heyy u' and #s everywhere etc etc.

Quite sad really.

Fri, 04/23/2010 - 18:22 | 315499 Cognitive Dissonance
Cognitive Dissonance's picture

"but to infer this simplyfrom lack of punctuation is a bit premature imo"

I said nothing of the sort. I said punctutation is one of the methods to tell if one person is using multiple IDs on the same blog. ONE OF THE METHODS. 

I never said it was simply from lack of punctuation. Nor was it a reflection of intelligence, just that it acts like a fingerprint along with outer signals. In fact my first point was writing style and word usage.

Fri, 04/23/2010 - 19:00 | 315562 Johnny Bravo
Johnny Bravo's picture

Well you're right.  I'm MB, and it's obvious that I write a lot differently than that guy.

Also, I want to say: just because somebody disagrees with you, it doesn't make them a troll, necessarily.

They can just be disagreeing with you.  I don't believe that people become trolls (personally) until they start making lots of insults.

Questioning the logic of others is not an insult.  Therefore, not every "anti-gold" person here is a troll.

Sat, 04/24/2010 - 14:31 | 316273 ZeroPower
ZeroPower's picture

Thank you, the usage of bold and underlines made your point clearer:)

Fri, 04/23/2010 - 21:17 | 315767 bbbilly1326
bbbilly1326's picture

You are so right CD, absolve ourselves of our responsibility for our own health (to doctors and researchers), our own wealth (to financial advisors), our own child rearing (to various experts).

 

"Experts" are killing us, robbing us, and distorting our lives, with our own collusion.

Add "statistics" to that, it's the tool they use to convince us that they know better than our own experience.

Fri, 04/23/2010 - 11:57 | 314635 Shameful
Shameful's picture

Trolls are a natural state on the Internet.  Been in plenty of forums occupied by trolls, it's the same reason that griefers exist in online games.  Messing with people and evoking a response satisfies an emotional need for them.  It's pretty clear when they have no intention of having a conversation and are just baiting.  Everyone needs a hobby I guess. Though I would have thought they would find a more "fun" forum to spend their time, like a stripper forum or hard line religious forum or something.

Fri, 04/23/2010 - 14:17 | 314963 Alienated Serf
Alienated Serf's picture

griefer?

Fri, 04/23/2010 - 17:28 | 315219 velobabe
velobabe's picture

Sometimes you see them using two IDs on the same thread

CD

well does that mean they have to log in and out and solve the math problem?

i want to change my name, how can i do that?

how can i get rid of velobabe and replace it with something else?

Fri, 04/23/2010 - 19:02 | 315567 Johnny Bravo
Johnny Bravo's picture

Well, you can always just open a new account with a new e-mail address. 

I don't know how to get rid of your current ID though.

I just changed the e-mail address on MB to sdfnjkwdenfjk@yahoo.com or something, and changed the password to something I couldn't remember.

Fri, 04/23/2010 - 23:21 | 315863 Alienated Serf
Alienated Serf's picture

velo, set up a new acct with a new email adress that you only use for ZH.  then set that email address to fwd to your reg adress so you don't have to check for any subcriptions etc you get from ZH.

drop Velo b4 you get busted

Do NOT follow this link or you will be banned from the site!