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Gold Takes Out All Limit Orders To Hit Fresh All Time High $1,307. Next Stop: $1,500?
The Fed thinks it can destroy the dollar? Sure they can. Too bad fewer and fewer people actually give a rat's ass anymore. Gold just took out the $1,300 psychological barrier. Next stop, as predicted earlier today by BofA's Widmer: $1,500.
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Johnny Bravo? Are you out there?
(crickets chirping)
am right here Aaron, should I pull the trigger?
Damn...I thought it was going to correct a bit today. Had my apmex shopping cart stuffed with 17 oz. Should have pulled the trigger. Got too greedy I guess.
I love the fact that I can complain that the price didn't drop enough. Beauty is in the eye of the beholder right?
Did those POMO folks have a fat finger moment where they were supposed to pump S&P but pulled the triggers on AU and AG instead?
HAHA. Doubt it.
The President of our company took a bunch of us out to lunch yesterday and he said, "I just don't understand why the market is going up on all of this bad news. It makes no sense."
I brought up the $6 billion (I believe that to be the number) of nearly daily injections through the primary dealers via the Fed's POMO. The entire table became silent. Was the silence because they didn’t understand what I was talking about and felt embarrassed or was it because my statement resonated with them? Not entirely sure.
I just closed with, "This is exactly why I had you fire me so that I could close out my 401K and then hire me back. There is only so long a lead balloon can levitate."
But the meal was delicious.
"But the meal was delicious"
I love the positive spin, made me laugh.
No. It's in the eye of the beheld.
"Beauty is in the eye of the beholder right? "
Or in the case of the anti-PM crowd: "beauty is in the hole of the behinder".
If you can fit the barrel in your mouth.
But seriously, did you change your name AGAIN? Is this your real name, now?
No, you have it all wrong. Our Jon Nadler is just a parody, or perhaps just a good natured real version. JB was way more annoying! If he was on this thread, he would have responded to almost everyone who said something positive about gold or negative about him, and instead of having about 35 posts, as of I write this, there would be double the amount.
nothing, jon, makes me happier to see you and JPM as roadkill today. nothin'
Of course not JonNadler!
Especially if you invite us to your place with all the chicks...
I think he had to quit school, sell everything he owned, and went to Asia to teach English. He got that arrogant trader feeling after his big short-score in July, put a big short on at about 1265, and realized there was more to trading than Fib retracements. He got a good lesson in something called "margin calls".
Backwardation - People now know better what this is due to Antal Fekete and FOFOA.
Well, today we have zero contango between the Sept and Oct contracts, one cent away from backwardation. One day of it isn't that significant, but it bears watching.
http://tfc-charts.w2d.com/marketquotes/GC.html
The Bears (on the economy that is) are, indeed, watching.
Forget $1500 - I'm looking for $1450/oz, the price that if reached will result in Johnny Bravo never posting on zerohedge again (according to him).
DarkMath:
Come in Johny Bravo, do you read me?
Come in Johny Bravo, do you read me?
Bravo Three, Bravo Six. Send me a grid. Over.
Johnny Bravo:
I can't, sir! We're pinned down! They're in the fucking trees!
DarkMath:
Calm down, son. I'll get you a fire mission ASAP. Smoke'll be first.
Johnny Bravo:
Lieutenant's dead, radio man's dead. I don't know where the map is.
They're all around us - hundreds! I can hear 'em talking gook.
DarkMath:
OK, now spot that smoke and tell me where to shift. Calm down, son.
We'll get you out. Tell me where the rounds hit. Over.
Three Alpha Six, how about those rounds, son? Can you adjust fire? Over.
Three Alpha Six, if you can't talk, son, just key your handset twice. Over.
Shit!
Platoon?
LOL that was fun; just added to PM miners across the board on that raid
Bullion Bitchez!
+1 billion
OH my, there will be a mass suicide at Kitco today. Am suicidal, can someone talk me out of it
Bummer everyone is taking delivery of physical!
Instead of suicide, just have a few drinks!
Pop a couple of "Defeatra" into that drink too! :>D
Ambiance in the gold cartel headquarters:
http://www.youtube.com/watch?v=eVBPGZEVRH0
:-) Monetization all over CBs around the world. Its a no brainer investment/hedging/saving vehicle.
I just luuuuuurve that chart
who else is a reliable gold dealer besides APMEX? I like them but tired of paying sales tax as an OK resident.
tulving.com for large orders.
suissegoldcorp is another good one, from what I have heard, though I have not dealt with them personally.
Second on the tulving, best I've ordered from. CMI (golddealer.com) replaced APMEX as my backup for smaller orders. About the same premiums as APMEX and free shipping over 2k orders. Does not have the selection or online ordering system that APMEX does though. No Maple Leafs :(
Bulliondirect.com has Leafs mate
#1 Tulving - www.tulving.com
#2 SuisseGold - www.golddealer.ca
#3 JH Mint - www.jhmint.com
I can second on both Tulving and CMI (certfiedmint.com), golddealer is cNi and I've never done business with them.
I have a 10-year history with CMI, never a problem, and I've used Tulving recently and recommended them to friends, and same deal, no problems. I really like that Tulving gives you per-coin spreads off spot as well, it makes figuring out buy/sell and what your stash is worth very easy.
BullionDirect.Com
No gold sales tax in Florida...Gainsville Coin. There are many, many others.
Gold was down to around 1284 overnight. Came back quickly. Go!
this one has good reviews from jeff at bullionbullscanada.com.
http://silvergoldbull.com/s/
AllAmericanGold.com
The dudes from PatriotNewsHour
Eric and Joe are the best. Please do yourself a favor and give them a listen, it will make your day.
http://patriotarchives.blogspot.com/
Try Tulving. www.tulving.com Very reputable and best prices for quantity purchase.
You should not be PAYING sales tax on PM purchases over a $1000.00.
Is this a LAW for just Oklahoma?
From my understanding, one pays sales taxes on PMs when purchased from a dealer located within the same state one resides. Part of the reason my father won't take delivery of his as he doesn't want to pay the sales tax. I have done my damndest to convince him the trade in fiat notes for the tax man will be WORTH the physical possession.
Each state has the option to make purchases of PM exempt from sales tax or not, technically if you buy from an out of state vendor you would still owe use tax but there is no way for them to catch that unless you self report most of the time. OK kicked around exempting those purchases but decided not to this time around.
Like Lone Star says: www.bulliondirect.com
I use 'em too, exclusively. I cannot find lower mark ups than here. They've been completely reliable, I'm a very happy customer.
California Nuismatic Investments-but has minimum 2,000$ purchase order. Best prices for bullion that I've seen though.
We need Oil back over $100 then Central Bankers might actually start thinking about the consequences of their actions....
are the PD's selling out and buying gold?
A chart I've previously posted (apologies for repost). Speaks for itself.
http://img375.imageshack.us/img375/9421/gold5yeartriangle.jpg
that's one hell of a rising wedge
What happens at the end of the triangle???
Depends on your perspective. JB would contend a massive drop at the end of the wedge.
If logical reasoning is your game then the fundamental currency race to debasement and the past ascending wedge breaks would conclude another substantial rise in gold.
Place your bets...
For stocks wedges would usually be used over shorter time periods, e.g. months rather than years. But this wedge is forming over a period of five years. Technically a rising wedge would be basically bearish but this singal is ambiguous because there are after all two trendlines. Perhaps one could say that the gold price will "make up its mind" soon about whether to break out downwards (loosing support) or upwards (forming a trend channel).
Considering that we are looking at a nominal price, plotting the inflation-adjusted gold price should raise the historical peaks a bit. Then we would be looking at a pattern resembling an ascending triangle, which is very bullish. We would then be looking for a breakout above resistance levels as a good time to take a long position. Also consider that the nominal peaks of today are below the inflation-adjusted peaks historically. This TA spans years, not months. Using shadowstats inflation rates of 5-10% per year reinforces this point, again, wedges over shorter time periods do not have the same inflation considerations.
Regardless of what happens with the peaks, it is obvious that the lows are getting higher, i.e. the lower resistance level is rising and if starting the TA from 2009 it looks more like a price channel which points to continuing rise.
http://www.1source4stocks.com/technicalanalysis/chart_patterns_rising_we...
http://www.investopedia.com/terms/w/wedge.asp
The game never changes, only the players:
http://www.scribd.com/doc/38119841/Fed-Arthur-Burns-on-Gold-June-3-1975
NADLER..I THINK YOU SHOULD FIRST SHOOT BRAVO AND ROBO TRADER..THEN DO YOURSELF IN..THAT WAY YOU'VE REALLY ACCOMPLISHED SOME GOOD..
lulz. I wish robo would come back and tell us again how he sold his shiny rocks way back when.
No, no, no ZEIT.
JonNadler may be a more sarcastic dude, maybe on our side! His sense of humor is better too...
We can just let JB and RobotTrader shoot themselves in the foot.
Who was Johnny Bravo?
Who was Chumbawamba?
AU4EVA
One of the first articles i read on gold was on the American Gold Exchange website many years ago in which they projected a $1700 target.
Just a few hundred $'s to go now baby.
Such a manipulated commodity though. At what price will I believe we have a new floor?
Over $1,800 in today's dollars.
But meanwhile, wheeeee!!!! ;-) Gold bugs, sell high and get some Ag love too!
ORI
http://aadivaahan.wordpress.com
Gold, silver, and rare earth miners.
Most of the rare earth miners have no way to separate, process and otherwise refine those metals. I would look at the ones who DO:
Lynas (LYSCG)
Great Western (GWMGF)
Molycorp (MCP) and Avalon (AVARF) are talking about doing deals to process the REs. Processing these metals into product for direct sale to Toyota, Apple, etc. looks to be where the money is.
Precious metals is the one asset class that the CB's won't mind if it goes berserk. Just like what everyone says: " You can't eat or drink or burn this stuff ". I'm not so sure about oil and grains. The great proliteriat shall rise up with wheat and corn.
Wow. CB's have been suppressing precious metals for decades.
"Precious metals is the one asset class that the CB's won't mind if it goes berserk."
don't you believe it
Never underestimate the lengths to which government or quasi-governmental officials will go to avoid embarrassment, and there is nothing...NOTHING more embarrassing to a central banker than a high/rising gold price. It's like having an "F" stamped on their face.
Right tool for the right job. May I suggest a chisel and heavy mallet?
http://www.google.com/imgres?imgurl=http://www.rlblair.com/images/studio/wildlife-sculpture-free5.jpg&imgrefurl=http://www.rlblair.com/rl-blair-sculptors-studio.htm&usg=__3Msrkl1g2xkcE4Oo3EJQsa9WYxQ=&h=278&w=400&sz=16&hl=en&start=27&zoom=1&tbnid=6Lhkt_AWx6i6sM:&tbnh=117&tbnw=169&prev=/images%3Fq%3Dchisel%2Band%2Bmallet%26um%3D1%26hl%3Den%26sa%3DN%26biw%3D1280%26bih%3D713%26tbs%3Disch:10,700&um=1&itbs=1&iact=hc&vpx=445&vpy=299&dur=411&hovh=117&hovw=169&tx=138&ty=119&ei=vgiiTNCtJc2enwfaj82IBA&oei=rQiiTJq1OaOznAfHk7iKBA&esq=2&page=2&ndsp=28&ved=1t:429,r:16,s:27&biw=1280&bih=713
L O freakin' L
A little embarrasment and flagging is actually quite kinky in a love affair with fiat money....
I wonder what the cb's safe word is....
And a Brian Suck's V shape recorvery for stocks.
Isn't that sweet.
6.82 Billion dumped into Apple, Amazon, Netflix
DarkMath:
Come in Johny Bravo, do you read me?
Come in Johny Bravo, do you read me?
Bravo Three, Bravo Six. Send me a grid. Over.
Johnny Bravo:
I can't, sir! We're pinned down! They're in the fucking trees!
DarkMath:
Calm down, son. I'll get you a fire mission ASAP. Smoke'll be first.
Johnny Bravo:
Lieutenant's dead, radio man's dead. I don't know where the map is.
They're all around us - hundreds! I can hear 'em talking gook.
DarkMath:
OK, now spot that smoke and tell me where to shift. Calm down, son.
We'll get you out. Tell me where the rounds hit. Over.
Three Alpha Six, how about those rounds, son? Can you adjust fire? Over.
Three Alpha Six, if you can't talk, son, just key your handset twice. Over.
Shit!
I figured that rather than type all this again, I'd just cut and paste.
by Turd Ferguson
on Mon, 09/27/2010 - 07:55
#606940
"Today’s trading activity will be dominated by options expiries. Gold prices are likely be pinned near the 1300 strike because of the large open interest there."
Yah, no shit.
There are 12000 Oct10 $1300 calls! I thought the number was closer to 7000. Oh well, let's run with it. Every $ over 1300 = $1.2MM. 1305 = $6MM. 1310 = $12MM.
Ain't no way they're letting it past 1300, at least not today. You can see it quite clearly in the chart since Friday. Four approaches to 1300. Four immediate beatdowns.
Now, that said, the EE has shot a lot of bullets and is only attempting to buy time. $1320-25 on the Dec10 is probably in the cards by Thursday. Dec10 Silver looks like $22, too.
Lastly, the fundamentals are so overwhelmingly against the Evil Empire at this point, look for a "surprise announcement" soon from the IMF or some such NGO. Dirty tricks are all they have left. The fun part is, however, that any quick selloff will continue to be picked up by our buyer(s) of size. The days of EE domination are nearly over. The Comex is broken. Its going to be a very fun Q4.
Looks like $6MM just now.
Mos: The Oct10 options expired yesterday. Gold had to be suppressed until 1:30 EDT yesterday. If I had the ability, I would post for you a 5-minute chart on Oct10 gold for last Friday and yesterday. The bald-faced, blatant capping efforts by the Evil Empire are there for everyone to see.
Predictably, however, all they did was "compress the spring". Once they let go this morning you see what has happened...a $15 catapult to the upside.
To reiterate, $1320 DecGold and $22 DecSilver are coming. Most likely by Thursday. Absent some "surprise" IMF or some such announcement in the coming days, gold will continue, unabated, to $1350-60, at which point it may pause for a while. However, with the Comex crumbling, $1500 is assured by 12/10/10. To the chagrin of Robo, Sinclair's target of $1650 by January 2011 is clearly in sight, as well.
Ah, I thought that one expired today. I haven't been keeping a close watch on optexp since the price started blowing out on those days a few months ago.
I certainly saw the capping yesterday.
I agree. We will see arbitrarily high prices in both metals on an arbitrarily short timeframe. If I wasn't already all in, I would be panic buying the physical stuff now.
Signs of a de facto switch to the gold standard are continuing: http://www.cnbc.com/id/39381947
If we can get some in Texas, I might start asking to have my salary paid in gold. Hell I'd take a pay cut to get that set in stone.
Your not alone in wanting to be paid in gold. While like every American I think I'm underpaid, I to would take a pay cut to have a wage in gold locked in.
Also don't think those vending machines are a good idea. When the SHTF and gold prices rocket thanks to Zimbabwe Ben boys will be out in force to shake those machines down.
That's ok, I think they'll be empty well before then.
http://maxkeiser.com/2010/09/27/warning-the-bullion-banks-are-losing-control-of-silver-gold/
That's a great find, Dr Head. Certainly jibes with the info Harvey Organ has been providing.
Experts have been screaming, for quite some time, of a COMEX default soon. Taking into consideration the testimony of the CFTC (100 paper gold: 1 oz gold) and the fact that many of us here are spreading this information far and wide, I think you have a recipe for something extraordinary to happen in the gold markets. Something far greater than any of us has ever seen. When that will occur no one knows.
One thing that is for sure is that there is no risk in at least taking physical possession of gold if you have already bought the paper part of it. I think the risk is heavily associated with those that trust Fidelity and Prudential or whoever else states that, "We have you gold in our vault." Why not call them out to be sure?
I can only imagine that margin calls and other clobbering of short positions have many high net worth individuals questioning the entire system and strategically focusing on gaining physical possession while they still can. If not, those paper positions will be as good as Apple during a flash crash.
Turd,
I do not think it's going to take that long to reach Sinclairs mark.
It may hit that by mid Dec.
Turd, Dr. Head, DosZap,
The BIG question is whether or not we will have a "FOFOA event", perhaps the breaking of COMEX or other nefarious stuff that raises real hell.
I have no idea if we will reach a FOFOA-style $55,000 or not. I do have LOTS of confidence that gold will go way up, and I have positioned myself with lots of physical Au, Ag and Pt.
Gold babiez!
In the name of the gold, the silver, and a comex default.
AMEN
Trader Dan and Trader Turd on the same page:
Posted: Sep 28 2010 By: Dan Norcini Post Edited: September 28, 2010 at 1:56 pm
Filed under: Trader Dan Norcini
Dear CIGAs,
What a difference a set of lackluster housing data can make! It sent the Euro soaring, the Dollar tanking towards .79 on the USDX and the precious metals soaring.
Based on the large increase in open interest in yesterday’s session ( + 10,565), the small price range and the fact that it all occurred with gold at the $1300 level, it is now apparent that the bullion banks were making a concerted effort to cap the hold the price of gold from breaching $1300 especially on a pit session close.
"Lastly, the fundamentals are so overwhelmingly against the Evil Empire at this point, look for a "surprise announcement" soon from the IMF or some such NGO."
yep, and the game is on, it's gonna happen with a major league surprise in currencies world wide
moreofa 1380
I'm glad to see I'm not the only one who got excited upon seeing that chart :-)
I assume this is in response to the dollar dropping. Stocks went up too. I never really paid attention before, but is this inverse movement in stocks and pm always so quick and obvious when the dollar goes down?
Nice avatar.
What Gold needs is an endorsement from Sarah Palin and the Tea Party. Hmmmn.
Na. Gold has all it needs. Bugout bag packed and the tarot card The Fool.
http://www.youtube.com/watch?v=cjp5UV_08Oc
Why?,a large majority of the Tea Party members are small business owners, and well off upper middle class individuals, with lots of cash.
You have bought into the MSM of them as Redneck Trailer park trash.......stupid move.
Gold will do great no matter what anyone says.
I bought Eric Sprott's PHYS when gold was under $1200 [5/25]. I paid $12.44 /sh the next day he pulled the rug out from under his shareholders by issuing new shares @$11.37 the same thing he did last week. In the 5 months in which gold has gone up over 10% PHYS has dropped in value over 10%. Tell me this guy is not a crook,especially you people who worship him.
The lesson
Don't buy paper crap. Take friggin delivery. How many times do we need to beat you over the head
I avoid all PM ETFs. Strictly bullion in allocated accounts for me.
I hope that was a joke.
Strictly bullion in mis-allocated accounts.
Fixed.
The FED- You want fungible.
You - No
The FED- Ok I make you fungible.
http://ihasahotdog.com/2008/02/17/i-can-has-hotdog-u-like-borsch/
That was terrible, and very spot on. (Or Spot off, if you catch my meaning).
"Allocated" accounts? It's "allocated" all right - to the crook who took your legal tender in exchange for fuck all.
Don't trust your money to some monkey down in the Bahamas and don't trust your money to some PM ETF cock sucker in London. Lord Never-worked-a-day-in-his-whole-fucking-life takes the money and it goes straight up his nose and then he's off to some child brothel in Asia if there's any left over.
Buy coins and keep them and stop letting those blood suckers drain you.
Want allocated?.............Perth Mint.
so you trust a cross-border paper contract? Because that's all you have in your possession, a physical copy of a paper contract.
With the Western Gv't of Austrailia, yeah,one of the few I would.
Beats the hell out of having it HERE.
Which is why not all of my physical gold is here in the USA.
@sumo,
Better take physical gold only. No paper no way.
Just find a good place to hide it.
I think you're good with Sprott, but I prefer delivery.
Sprott has the allocated accounts, unlike GLD, which is good. I think Sprott pricing just ran up ahead of itself for a while as an sort of allocated premium new to the market, but seems to have come back in line with the spot price of gold. You may have bought at an imprecise time, but consider it dollar cost averaging, it'll be OK.
You'll still have capital gains issues with an ETF, which I despise. Don't be afraid of taking delivery of some yourself, just don't flash it.
Yeah, just don't try and redeem unless you have at least a 400 oz bar paid for.Screw that.
I don't think anyone here "worships" him. It's just that he's probably the best of the ETF's. Most here who recommend gold also recommend physical delivery. Anything less is leaving your safe open and unattended.
Sweety88: The Sprott trust carries the premium because it is one of the few ETFs that can confidently proclaim to be all real, physical gold (though almost certainly with some gold-plated tungsten thrown in...I mean, how couldn't there be?). Sprott doesn't set the premium, investors have established it by bidding up the shares.
You're the one who paid it. Your problem, not Sprott's.
The Sprott situation will end in tears.
Mark my words.
I know a thief when I see one. I'm from New Jersey.
I thought you sounded alot like Frylok.
LOL
But seriously, if this guy Sprott doesn't light up your "scumbag" indicators, you're not watching carefully enough.
Expect more and more scammers and criminals coming into various parts of the gold market. From those "Gold Envelope" people to crooked coin and bar dealers dealers - every version of Three Card Monty that can be pulled on gold buyers will be pulled on gold buyers. And in the today's, free, unregulated America you can expect the scammers to "hide in plain sight".
Oh and soon HFT comes to gold!
Ya it's kind of funny. One of the best jokes a zero hedger commentator said was. You can't HFT gold. But the truth is Gold price manipulation set the stage and refined the techniques for all other manipulation. Banks "pretending" to move gold around in order to affect the swap just before international settlements. etc etc.
Then it all became a screw em on the swap game.
Actually, not only can you HFT gold already, they're building a very big, new facility in Aurora, Illinois for Team Atari to do just that:
http://www.zerohedge.com/forum/hft-comes-gold-market
Gold is in the sweet spot of this "new economy". Today's raft of numbers (US and International) confirm the already clear trend that economic activity is slowing substantially. Only government spending got it going to the levels it hit Q2 09- Q2 2010. In other words we're only "growing" (as reflected in the numbers) through Central Bank sponsored inflation (and competitive currency devaluations). And that is exactly what will continue to support and propel gold prices higher from here as the default. If on top of that there is any kind of currency or economic turmoil you bet yer boots it will send the price soaring.
Caviar, excellent comments as always.
Yes, all we need is one big "event", and all Hell breaks loose!
.....
WHOA!!! I just heard Rush Limbaugh himself JUST mention zerohedge!!! He said that the Fed was buying stocks (true).
I forget. What asset class is advertised on Rush Limbaugh's show?
Gold to $1700. Sorry if I'm cynical in the mean time.
Silver has much more up-side potential than gold. One can buy it in small lots of a few ounces at a time, and it is affordable to anyone with a job and a heartbeat. If it returns to the historical 15 -16 to 1 ratio, it will have done quite the job of preserving your wealth. Even if it just tracks along as it is, the future still looks very bright.
While gold is the ultimate asset, silver is it's red headed step-son, and will do quite well in this run up.
I love greenspan more and more every day. When I first dug up my yard and dropped all those bags in there my wife thought i had friggin lost it.
I'm getting some every week now that she is worth a quadrillion dollars.
s=weet enjoy the party folks
The chinese have sent the final shot across the bow. Rothschilds you are officially bent over - chow mein style
As nice as that would be, the Rothschilds exited the LBMA in Apr. 2004.
When the finance ministers of Brazil and Japan say there is a currency war to devalue currencies, and the US Fed has all but admitted they are determined to be the biggest losers in that war, well, it's not rocket science.
Guess I'll buy more gold, at this rate there won't be any available soon. Banks and money markets are going to have to get used to the new reality.
Note: Don't keep gold in safe deposit boxes. During the depression the government sealed them and you could only open them in the presence of an IRS agent.
OT, But, more fake shit,take notice.
http://www.washingtonpost.com/wp-dyn/content/article/2010/09/26/AR201009...
Get your cash out now,if you want to keep it, and Bernanke is saying Gold is KILLING the Dollar.......
What a DBagger........who's doing the QE?.
Gold?
Countdown to confiscation.......3......2......1....
(Clean your guns and get ready, they'll have to get those out of my hands first to get to my gold)
house to house? It'd be too hard. There is far more in "allocated" accounts and IRAs to grab, or in deposit boxes.
Also, much easier to tax things like registered assets such as housing and cars. Start wealth taxing if they want to confiscate.
There will not be confiscation till well after the hyper inflation shazam moment. Otherwise it would be the trigger for it. Now imagine you are part of the Evil Empire, why seize gold? By seizing it you are announcing to the world "We are insolvent and we are going to screw you on dollars, we are so desperate we are tying to seize what little investment gold is in the US". Such a move would COLLAPSE the dollar as the herd would stampede for the door causing more to flee the dollar, in a brutal self re-enforcing cycle.
Now why do that when they can stealthy (to J6P) take the pensions and 401ks and roll them into special R Bonds? Will not spook our foreign creditors and would be loads easier to take and have a far higher value then fighting house to house with armed goldbugs. There is not enough gold in the system here to warrant it. I dare say much of hte gold investment is not happening here in the USA, and I have my doubts about Uncle Sugar trying to confiscate gold held by Germans in Germany (we already got their national gold anyway). So before you scream about confiscation be assured that Uncle Sugar will grab the low hanging fruit first, in this case being the 401ks and pensions.
Shameful, always nice to respond to your comments.
And I agree with you. Very hard to grab the gold. Easy to grab the IRAs and 401ks "Argentina style". Trying to grab the gold invites lots of deaths of Fascist Thugs and demonstrates to the world that the jig is up.
The only quibble I would have is that there MAY be enough gold in private hands as well as the Fed's own holdings so that it would be a HUGE sum of money once the price of gold goes way up.
Sure but when gold represents a huge value (far more then current price) then in effect we would have already had the shazam moment and the game will be radically different.
Well lets look at the FOFOA situation in value (I disagree with him that govs will not try to take their citizens wealth as it stands in direct opposition of all recorded human history), that gold is really worth 55k in today's purchasing power. Well under that case there would be a larger incentive for Uncle Sugar to come calling. However look at the average goldbug, pretty anti gov people by and large, at least that is the stereotype. It would again require an armed action as many of these goldbugs would rather hide their holdings and ride out the storm while Uncle Sugar thrashed about. Now mines and national/private holdings at banks would be snapped up overnight. But then Uncle Sugar would have to deal with the outcry of "Where is the Ft. Know gold" and unless the people are given a head (any head really, maybe Greenspan) they will be upset by the loss of the Ft. Gold. Also as the gold is small and fungible much of the loot would disappear as the soldiers picked over the spoils, it would be no different then back in the old days where the soldiers would loot and keep a chunk of it for themselves. This would happen no matter what, especially if one hidden Eagle was a years wages.
More likely is that they would keep the tax on gold (as a collectible) and extract their pound of flesh that way. And also having the civilian spy corps on the lookout for gold bugs who are selling and not giving back their cut. Naturally if the local Fed rep thinks some one in his local district has a large stash he would be seized and "extreme interrogated" until he revealed his secret stash. That is of course assuming that Uncle Sugar survives. Gold rocketing upwards and a collapse in the dollar means Uncle Sugar will not be able to finance himself and his war machine. Taxing will be difficult under the current climate much less in a currency collapse climate and no sane institution or government would give their wealth to Uncle Sugar after the shazam moment of hyper inflation.
There is a good chance they will try to swing a brutal police state as a way to keep their power. However there is also a good chance that with the ensuing riots that groups will attempt to break away and depending on local these smaller more local governments might be more gold friendly. And should such a police state or danger occur then it would serve as an incentive for the goldbugs to try to smuggle their gold out of country. You would hear tales about goldbugs trying to get out of country with a roll of maple leafs shoved where the sun don't shine :) Gold is a great currency when things go to hell. As I said before without gold, my grandparents would not have escaped the horrors of an advancing Red Army in the Baltics. History is a strong supporter of gold in times of trouble.
In the shit house a shotgun
Praying hands hold me down
Only the hunter was hunted
In this tin can town
Tin can town
No stars in the black night
Looks like the sky fell down
No sun in the daylight
Looks like it's chained to the ground
Chained to the ground
The warden said:
"The exit is sold.
If you want a way out,
Silver and gold."
Broken back to the ceiling
Broken nose to the floor
I scream at the silence, it's crawling
It crawls under the door
There's a rope around my neck
And there's a trigger in your gun
Jesus say something
I am someone, I am someone
I am someone
Captain and kings
In the ships hold
They came to collect
Silver and gold
Silver and gold
Seen the coming and the going
Seen them captains and the kings
See them navy blue uniforms
See them bright and shiny things
Bright shiny things
The temperature is rising
The fever white hot
Mister, I ain't got nothing
But it's more than you got
Chains no longer bind me
Not the shackles at my feet
Outside are the prisoners
Inside the free
Set them free
Set them free
A prize fighter in a corner is told
Hit where it hurts
Silver and gold
This song was written in a hotel room in New York City. Round about the time a friend of ours, Little Steven, was putting together a record of Artists Against Apartheid. Its about a man in a shanty town, outside of Johannesburg. A man who is ready to take up arms against his oppressor. A man who has lost faith in the peacemakers of the west, while they argue and fail to support a man like Bishop Tutu in his call for economic sanctions against South Africa.
Am I bugging you? I don't mean to bug ya. OK, Edge, play the blues...
Turd, in the space of less than 24 hours you've given us this nice change of pace story plus relief from the accursed Monkey Butt. You Sir are a true giver.
Would a case of monkey butt be anything like a can of whoop ass? Just being trollish, don't mind me.
http://www.funnyordie.com/videos/2868/chair-butt-from-cubefarm
Not in Texas,paying tax on buying money is insane.LOL
They used to,but now if you purchase a $1k, no sales tax.
Under that,Dealers are supposed to, but most do not.
$1500? Yawn..... wake me up when it's $2000... and then wake me up again when the paper gold is $200 and you can't buy any more physical...
Wake me up as well when the price zooms.
Please make sure I am wide awake when price of paper gold diverges from real physical (paper $200, physical...?).
There has got to be someone out here that is itching to pose as the new and ever annoying JB. CD's solid understanding of his own mental entanglements would allow him to pull it off if we didn't need his Gestalt therapy so bad (and it would be a waste of his Saul like mind). I miss JB's entertainment value, his cloistered bravado, and especially his willingness to become the Rosetta stone that encouraged bait taking, and creating discourse where '101' readers had the opportunity to establish an unobscured perspective. Although a sin to mention in the same paragraph, where is Cheeky Bastard? His commentary and insights were truly AU. Is there a way we can bribe or blackmail him to at least visit?
I'd like to have them all back:
Johnny Bravo
Cheeky_Bastard
Chumbawamba
Gordon_Gecko
why did GG bail from the site?
Johnny Bravo - Panhandling full time.
Cheeky_Bastard - On vacation for another 1 month due to his self-imposed exile. Either that, or training in MMA to get get his frustrations out that he had to repeat himself so often. I can hear him now, "I ain't your fucking teacher no more DB students".
Chumbawamba - Too hip, and therefore hopefully too young to have had a myocardial infarction. Must have GF in Tijuana.
Gordon_Gecko - Doing voice-overs for Geico's gecko?
+ Heehee
you guys know nothing about investing nor do you know what the FED is upto. It is stealth devaluation of dollar to EURO and Gold. It is controlled and very much in the floating range of fed. Otherwise, if Gold was supposed to be free, it should already taken out every stop right upto 1500 or whatever levels after all bond markets is 700 trillion and forex 2x of that. Whats the point of trading dollars when the whole world knows that FED will devalue it.
So you see Gold is just a tool.
And here is food for thought: Why is euro outpacing everyone else? And I bet narrow minded one eyed ZH readers will never be able to answer as they r too focussed to see anything else other than yellow.
I wrote this before.
China controls the market as they want. They have bought EURO and it will be tghe reserv currency. Play it against any currency you want. Even Gold.
AHAHAHAHAHAHAHAHAHAHA!
This post is pure comedy.
Play the Euro against gold! Priceless (or is it worthless?)!
Actually, China is buying Euro debt. They do have serious issues though.
Conversion Table: XAU to EUR (Interbank rate)
oanda.com
Time period: 09/28/09 to 09/28/10.
09/28/2009 Gold = 675.6410 EUR
09/28/2010 Gold = 959.6270 EUR
Data speaks for itself !!!
Cold day in hades when I use the YUAN as my reserve currency.
Murdering bstds.But, your correct, they do hold most of the cards.
Deep thoughts from another brother.
Have you ever noticed the biggest drug dealer currency is always valuable.
Drug trade is working in euro's right now.
What happens when a significant amount of each POMO injection goes straight to gold and silver??
5 figures, beeches!
China was buying Euros hand over fist after the first wipe out. Go gold. Keep it up Turd, tell us more. Where's Spitzer?
Did anybody else notice the sudden dip to $1276 ? What was that all about?
Last night?.Early this a.m.?
Sure as hell not on Kitcos taskbar.
If I had of, I would loved to nailed a load.
I was glad to see the new record, though kind of meaningless with a greatly depreciated dollar. Guinness Exploration is awaiting assay results on its summer drilling program. Anyone think the stock will appreciate?