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Gold Takes Out All Stops As It Hits New Record, Approaches $1,280
Someone forgot to tell gold to crash today. The spot price for the next true currency, and self-imposed non-Fiat standard, was at $1,277, a fresh all time high, as it prepares to take out the stops at $1,280, which would send it promptly over $1,300. As Jim Rickards pointed out, the daily devaluation of gold and all fiat currencies continues as gold is now the only absolute that can not be diluted by central bank printing, and in a world of relative daily currency devaluation, it will increasingly be the benchmark against which to judge the bankers' desire to destroy their own paper money. And as the BOJ action demonstrated, gold is going much, much higher. In the meantime we expect blonde CNBC anchors to continue making fun of gold.
And here is FMX Connect's gold commentary for today:
Summary
October Gold settled at $1263.20 per 100 troy ounces on Wednesday, a net loss of of $3.10 for the day.
October
gold was up $9.30 to $1276.30 per 100 troy ounces as of 7:40 AM EST,
this morning. The December U.S. dollar index was down .346 to 81.405.
October platinum was up $4.70 to $1610 per 50 troy ounces. December
silver was up 14.9 cents to $20.72.
FMX Morning Newswire
Bloomberg (Reported 9/16/2010)
“Gold
rose to a record in London and New York as investors sought protection
against turmoil in the global economy and financial markets.
Bullion
climbed as high as $1,276.35 an ounce in London and has outperformed
global equities, Treasuries, crude oil and most industrial metals this
year. The dollar fell to a five-week low against the euro today.” Gold Rises to Records in London, New York on Demand For Wealth Protection
NS Futures (Reported 9/16/2010)
“The
gold market comes into the Thursday morning trade action nears its all
time highs, and seemingly deriving support from a number of different
themes. While some might doubt the inflation angle in the face of a
suspect global economic track, the UK has recently posted hotter than
expected inflation readings and the US PPI and CPI reports have some
rather notes gains forecasted by some analysts.
While
equity markets in Asia and Europe were generally lower, U.S. stock
indices have posted moderate losses during the early Thursday. The
Dollar is lower against most of the major currencies during overnight
trading, although posting a small gain versus the Pound.” Daily Metals Commentary
Reuters (Reported 9/16/2010)
“Gold
was steady on Thursday as weak U.S. economic data reiterated the
uncertainty surrounding the global economic recovery, while silver hit a
new high as investors sought this alternative safe-haven asset.
U.S.
industrial output slowed last month and a regional measure of factory
activity touched a 14-month low in September, pointing to a cooling in
manufacturing as the boost from an inventory build-up fades.” Gold steady on weak data
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Having a bay right now is a great idea--move in opposition to the markets!
Seriously, kids born in the 10 years after the Great Depression had far fewer competitors to get into Harvard and Yale. And God help us if the only people having children are illegals who get voting rights after their tiny little feet touch American soil.
Congrats and good luck! The last month is the hardest. Time stands still!
Congratulations from me as well Michelle. The above posters who suggest a golden gift are right on.
Thanks everybody! We've been truly blessed. The final piece of our IRA conversion will be an ounce of gold and a set of 2010 silver proofs to put aside for little Jane.
Getting dicey now. The one currency they cannot manipulate giving them fits. Only option now is confiscation. My dream is dollar surge along with gold while equities head down..
Hahahahahahahahahaha...! Told you so, but you didn't listen!
(And my wife is screaming, "$1,277! Sell! SELL! SELL!")
I'd like to answer her by saying "I already DID; that's why we have the gold!" but it would go in one ear and out the other...
This is a fun and ironic post. It deserves an answer. What a situation! I bet you have shown her charts on the value of the dollar vs. gold too. Wow.
"Someone forgot to tell gold to crash today."
Johnny Bravo has been busy working on his accounting degree - he'll get back to us next time gold drops a few dollars
Accounting?!? I thought he was a Phys Ed major with a minor in Reading Technical Analysis Books.
Economic Development?
Maybe he landed that job interview down at Moody's.
Gold is bound to drop back and again we'll see the media hyping the losses rather than the gains. What is it with cnbc. they hype stock gains but talk quietly yet still positively on losses. I don't think that it has quite got through thier thick skulls that in the end what's good for gold is good for stocks. They really are not competing. If gold goes hyper it is probably an early indicator of hyper inflation at which point you want to be piling into the commodoties stock if you are that is long on everything you invest in, as I am.
Accounting? Gender studies for sure with a minor in social justice.
He does gender studies in front of a full length mirror...
Its a nice feeling knowing that essentially every paper gold "contract" the The Evil Empire has ever sold is currently underwater.
Don't forget your daily Harvey...
http://harveyorgan.blogspot.com/
ps. For the uninitiated, Turd has no connection to the Harvey Organ site. It must be read daily, however, if you are to understand the fundamental underpinnings of the gold and silver markets.
+++ Harvey Organ
Gold and silver are upping too slowly, mates. Cotton is a much better investment than gold or silver.
Go cotton!!
the commodities are likely going to be a good place to park generally
Cotton has the strongest fundamentals among all the commodities at the moment. Forget about gold, silver, sugar, soya, maize or cocoa. Buy cotton and hold. You will make a great fortune next year. Trust me!!
Hmmmm. So many choices.
http://www.youtube.com/watch?v=jprI7U_hk6E
I would usually agree. But we are moving into a new phase of the bull market and the financial crisis. At some point gold and silver will head for the moon without warning and without much falling back. I'm getting totally invested in this market, half physical, half mining shares. Going back to OTR truck driving and will just hold and add as I get paid. It looks to be a long ride.
@ eigenvalue
An easy way to get into food commodities is to buy DBA, the ETF that is 25% each of corn, wheat, soybeans and sugar.
Eigenvalues are much more useful when you include the eigenvectors too...
:)
And don't forget to take delivery. You can make your bunker and giant prison-like walls from the bales. And a cool fort.
awesome, finally i can live my dream of being a giant q-tip!
I was a Q-tip for Halloween once upon a time. Wouldn't recommend it. Everybody thought I was a feminine hygiene product.
I was thinking that but didn't want to voice the thought
There will be some profit taking shortly...some bank that needs capital is going to dump a load.
Hell, I thought most of the banks already dumped a load two years ago when they realized they were insolvent. I know I dumped a load when I found out the taxpayers were going to pay the bill for their gambling habits.
What a bunch of $h!+. Ya know, I saw Pappa's load up there, but decided to leave it alone. I'm glad you stepped up to bat to do something about it. This wasn't just a post, it was COMPOST.
Edit: Reread and decided to be explicitly clear that my post too is COMPOST.
from "When Money Dies" by Adam Fergusson
pg 224: "... All who were not clever enough to hoard the forbidden stable currencies or gold have, without exception, suffered losses. ..."
it IS different this time - there are no 'stable currencies' - there is only gold
CHF is pretty stable, everyone wants it now.
Crisis,
CHF, Is fiat,no fiat is safe, none.
In one fire, and into the next.
sigh, I'm experiencing buyers remorse... that I didnt BUY MORE!
LMAO
Me too. I'll still wait for the pullback, I think....Killing me over here.
Probably won't go far on am fix but should hit 1288 or so at pm fix or bit higher. Or it could just blow through 1320. I'm mad as hell and couldn't sleep so someone somewhere is pissed off.
My strategy is buy now, don't look back. You miss a dip, you beat the blastoff.
Just keep buying gold as money comes in. Of course I look at the price, but I just buy it irregardless of price.
IMO, gold is a bargain under $1500. Not as a trade! Physical gold for wealth preservation.
Talk about remorse, did anyone else see that newly found 60 pound gold nugget from Australia! My envy meter went off the scale.
Bloomberg bobblehead earlier this morning: 'the real question is...when will gold go back down?'
Yes darlin', cuz that's the 'real' question we should be asking ourselves. Gold's been too rich for me since it broke $1,000...but silver has filled in nicely, although my hoped-for pullback to <$18 didn't happen.
Do we expect any decent pullbacks between now and December?
Silver, bizznatches!!!
Certainly could happen, a pull back and consolidation could certainly happen and would not be abnormal.
http://3.bp.blogspot.com/_H2DePAZe2gA/TJEuK5VwoHI/AAAAAAAAOmg/iEknOxA3DTE/s1600/silverweekly.png
fuu,
Turk said, when Slvr goes thru $21.00, then Gold and Slvr are going to take OFF.
He's made some damn good calls .
While I'm not losing sleep over it, I expect a big PM price dip the same day the stock market disappears into the basement, which seems more and more like an October tradition. Those paper-loving fools will once again be selling their solid investments to pay off their crap.
But I don't expect the dip will last too long before the governments and citizenry of China and India step in to buy lots of cheap PM, driving the market back up again.
And that prediction is worth everything you paid for it, I guarantee.
I'm betting you're right.
Dr.Sandy,
I do not see it doing anything like that NEXT time, last time the country had not seen how impotent,and vulnerable WE really are.
The stats were far different,and public confidence levels suck.
The Emperor has no clothes,and now everyone see's it.
@ Dr. Sandi
Dips, who cares, just buy more. Buy more anyway even if there is no big dip.
We're in good company.
Dont worry gold, if the blonde CNBC anchors make fun of you. Your prettier than they are, and smarter, because you dont trust governement fiat currency
Fox Business has way hotter babes anyways.
+10
+100,Megan is a Fox.
But that blonde 'Melissa' has the largest and most appealing mouth.
And it ain't my roll of silver eagle's that I'd like to insert in it, if ya know what I mean...
there is even a greater break-out in GOLD/CHF, although it is still way off of its high in June.
If gold is in a "bubble", as many ill-informed economists/analysts/pundits/dolts suggest, it is in the very beginning stages. Virtually every living soul that I know has absolutely no gold exposure whatsoever.
Gold...the most "overvalued" asset...that has been in a "bubble" for a decade...with hardly any ownership by the general public.
Makes sense to me...
Gold is not an "overvalued" asset but an extremely undervalued currency. Gold is money.
I am in total agreement. Hence, the sarcastic quotation marks around the word "overvalued".
I think your asset is being challenged.
I was not about to dignify it with a response. Gold is most certainly an asset.
If this was 2006, I would absolutely agree that Gold is in a bubble.
Fast forward to 2010: govt debt at end of year to be $23,000,000,000,000.00 (debt + unfunded obligations); govt Junk (credit market debt) at 93% Debt/GDP ratio and by 2020, the COE estimates that over 40% of every tax dollar collected will go to service interest payments... at current low interest rate levels (imagine when hyperinflation sets in due to a default of USD and the gov't tries to raise interest rates to offset the dumping of the dollar).
ya... Gold/Silver are in a bubble... right...
So last time this happened at least to silver, bear stearns started really shitting blood. We can see the COT, someone has to be hurting.
Hmm, good observation. One more thing to keep an eye on.
The most powerful entity on the planet is fighting for its survival. Govern yourselves accordingly.
"You have to choose between trusting to the natural stability of Gold and the honesty and intelligence of the members of the Government. And with due respect to these gentlemen, I advise you to vote for Gold." - George Bernard Shaw
What a great quote...
Speaking on how to dilute a currency,check out this pretty hilarious clip starring comic duo Laurel & Hardy:
A scene where a pair of confidence tricksters demonstrate how to turn a $1 into a $10 bill using 'INFLATO'
A Haunting We Will Go:
Mr Hardy:"Gentleman,but isn't that counterfeiting"
http://video.google.com/videoplay?docid=-1050837115883004397#
FFWD to 14.40 mins for this scene.
I'm expecting a small correction maybe $3 - 8 before it goes seriously vertical.
Hmm.
How long until private ownership of gold in the U.S. is made illegal?
OVER/UNDER I offer is . . .
24 months from today.
Place your bets.
Next week? :D
That would definitely be an "under" bet.
They gotta find it first.
And I pay cash at coin shows. I'm not the least worried about 1099s.
How long until private ownership of marijuana in the U.S. is made illegal?
You mean "legal"? If so, I'd say here in CA . . . right around the next budget crisis.
Like the double dip that isn't - the "next" budget crisis is now. Lockyer was on CNBS with Jane Wells this morning. No deal in sight, but (booyah!) IOUs have been delayed until next month.
You must have missed that LONG discussion. Do your homework:
Guest Post: Gold Confiscation - Straws in the WindSeems to me the PTB banksters ect are slowly accumilating PM's hoping their
buds donot notice, its reached the point where its everyone for himself inside their little circle.
Wednesday evening NPR had a series of 'man on the street' interviews with New Yorkers who were buying gold coins and bullion from a mid-town dealer. One guy bought $200,000 in 1 OZ bullion and walked out onto the streets of Manhattan with them in a briefcase. (That's one heavy briefcase, and one ballsey guy).
Every person interviewed had at least some knowledge of the things that are discussed every day on ZH, so they were either all ZH readers or enlightenment is dawning on the 95% currently without a clue. I think we'll see full panic buying within 90 days.
Merry Christmas, then. I know what I want Santa to put in my stocking!
That was me with the briefcase, didn't make it 2 blocks before I was robbed.
That's what Ben said about the missing Trillion or so dollars. Lot of that going around.
Congress to pentagon. September 9th 2001. Where's the missing 2.3 trillion dollars? Uh we don't know but they aren't in New York or the accounting wing of the pentagon. Honest. September 11th 2001. Boom.
There was gold at the WTC.
http://911research.wtc7.net/wtc/evidence/gold.html
http://911review.com/motive/gold.html
That was me who robbed you. All I got was a lousy briefcase full of tungsten.
the briefcase was a decoy, the actual gold was stuffed down my pants, hence the funny way I walked
Goldmember?
($200K / $1350 (coin)) / 14.6 (troy ounce per lb) =
10 lbs approx.
Just don't get these CNBC anchors? Do you want to be right or do you want to make money?
With respect, what matters is the method of devaluation.
What matters is the degree to which devaluation can be accomplished in a manner appearing to be one without negative repercussions.
Obfuscation is a required skill on any fed resume.
Cue Ed McMahon:
Deleted.
johny B is having a panick attack. The charts have lied to him!
On the bright side, I think he did promise to "leave forever" (in other words, to open his third troll account !) if gold hit 1300 before 1200 or 1285.60 before 1215.28 or some such nonsense.
Goodbye Johnny B, your unintentional comedy shall be missed.
Nightmare scenario: Johnny Muy Bravo shows up again. Singing the praises of gold, silver, and platinum. He wants tips from his old buddies here on dealers and good performing junior miners. SELL, SELL, SELL!
how soon before Bloomberg moves Gold/Silver from the commodity tab to the currency tab??
www.oanda.com (a currency site) list Gold as a currency.
Bloomberg terminals list gold as a currency as well.
Silver also (oanda) ...
With gold on full gallop and HFT's starting to smoke, it looks like the Fed is starting to lose control......rapidly.
On Drudge from SA:
Just as the government is trying to prevent people from investing in anything other than T-Bills by raising taxes on taxable interest and dividends to confiscatory levels, it's also trying to prevent you from parking your wealth in assets, like gold, that compete with the paper dollars issued by the Federal Reserve and the Treasury. A press release from Rep. Anthony Weiner, Democrat of New York, not yet (as of this instant) posted on Mr. Weiner's Web site, announces that a September 23 hearing of the Subcommittee on Commerce, Trade, and Consumer Protection (a subcommittee of Rep. Henry Waxman's Commerce Committee) will focus on "legislation that would regulate gold-selling companies, an industry who's [sic] relentless advertising is now staple of cable television."
From the press release: "Under Rep. Weiner's bill, companies like Goldline would be required to disclose the reasonable resale value of items being sold." That's great. Are Mr. Weiner and Chairman Bernanke also going to agree to print on every dollar the reasonable expectation that its value will be eroded by inflation?
Gold investors (or speculators) are already punished by the federal government by having their investment, even in a gold exchange-traded-fund, taxed at the higher rates that apply to collectibles rather than long term capital gains.
Not to mention the fact that Mr. Weiner's regulatory push seems as much aimed at conservative journalists as at the gold-dealers. The press release says, "Goldline employs several conservative pundits to act as shills for its' [sic] precious metal business, including Glenn Beck, Mike Huckabee, Laura Ingraham, and Fred Thompson. By drumming up public fears during financially uncertain times, conservative pundits are able to drive a false narrative. Glenn Beck for example has dedicated entire segments of his program to explaining why the U.S. money supply is destined for hyperinflation with Barack Obama as president."
Imagine the uproar if a Republican-majority Congress started investigating and having a regulatory crackdown on big advertisers in liberal outlets such as the New York Times. The First Amendment freedom-of-the-press crowd would be marching in the streets.
The whole situation is amazing. If Mr. Weiner really wants to calm fears about hyperinflation, the last way to do it is to have a government hearing cracking down on the people warning of it.
The press release reports that "invitations to the hearing have been sent to the representatives of Goldline International, the Federal Trade Commission, the Consumers Union and other potential witnesses, including former Goldline employees." Mr. Weiner might also consider calling John Paulson and George Soros, who have also reportedly been buying gold lately, though Mr. Soros was also quoted as calling it a bubble. But Mr. Paulson saw the housing bubble coming so he might be right about the inflation risks, and Mr. Soros is a big funder of left-wing causes, so neither of them would fit with the objective of the hearing.
Anyway, we are looking forward to the hearing, which should be quite a show.
--Yeah, I suspect it will be!
Illegal...2 years. Scary to hold...1 year. Tempting to sell...8 months. Regardless, I'm still planning to throw a blowout of a ZH party that everybody will yearn to show up at. Once all the denizens of this thread have arrived, my evil cohorts will raid your homes, steal your PM's, use your bathrooms, and ride off on your women.
15-20 year hold...your kids are set, and tempted to become the very central bankers we so much loath today.
When in Bangladesh, do as the Bangladeshi do.
Buy at coin shows for cash instead of coin shops.
1099 or not, those wire transfers are still in the bank's long-term transaction history.
"I lost it all in a tragic boating mishap."
Yes, or the ever popular "I spent it on hookers in Vegas."
Obviously though, better that they never know to ask you the question in the first place.
I found lots of interesting information here. I love zerohedge.
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