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"In Gold We Trust" - Special Report On Gold From Erste Bank, Who Has A $1,600 Price Target
We are delighted to present for your reading pleasure the following ultra comprehensive report on gold, submitted by its author - Erste Bank's Ronald Stoeferle. In addition to covering all the usual bases, the report has a dedicated section on a topic receiving extensive prominence recently, i.e. gold price manipulation, that covers among other things prominent whistleblower Andrew Maguire, the distinction between physical and paper gold, and position limits. A must read for anyone who is still concerned about buying gold. All we have to say to these people is - please look at the chart of the "efficient market" below, look at a chart of gold price, and tell us which you would rather be invested in.
Special Report Gold - In GOLD We Trust, June 2010
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Proud Gold Bitch(ez)
Oysters are now toast. Going long pearls. Pearls bitches!
See page 37 for the A. Maguire reference, and very interesting graphic analysis of average intraday gold price paterns... using the last four years of "by the minute" price data.
Just imagine where Gold & Silver would be if they didn't continuously fight to manipulate the price down.
And when it ends...
Denninger should read this, before he makes another raving, foaming diatribe about why gold is such a bad investment.
Gold to +$2000 by 2012.
" The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled , the assistance of foreign lands should be curtailed lest the Republic become bankrupt. People must again learn to work, instead of living on public assistance."
Marcus Tullius Cicero 55BC
Hopefully we don't continue to follow the habits in Rome much longer , because Civil War followed. Cicero a true Patriot who worked to restore Rome to a Republic was arrested in 48, had his head and hands cut off and placed in the senate forum where Mark Antony's wife , sister of Augustus, pricked his tung with her hair pin to the speakers mount. Arrogance at it's best.
We can be thankful that today military commanders do not hire soldiers into armies, and troops do not swear an oath to individual generals as they did then. The conquest for power might not be as bloody.
Nor to individual politicans!
- Ned
You know, I like to tell people to exercise caution on gold just as a matter of basic money management principle, but...
....?
Leo, can you make a case as to how these governments are not going to collapse?
Hey, Leo is off his meds again. Get this poor guy some help!
I hope you are right as life would go on and we would not feel much pain, would hate to see the masses suffer. But if your wrong my PM's and mining stocks will ensure that my life will go on without (much if any) pain. Either way its a win/win for me.
Do you understand anything about currency debasement? Even the FED is hedging on a double dip. Better go back to pensions, that seems to be your comfort zone.
Leo, we have seen a low volume melt up since last summer on benign economic numbers. The current economic numbers are definitely deteriorating. A future HFT meltup? Possibly a good way to speculate, but not to invest. Between now and Nov., aside from deteriorating economic numbers, we will see more panic from European debt issues and likely debt issues from U.S. states. Regards,
Benign? More like abysmal recently and it's still rising.
I made sure that I included the above quote from Leo Quislingvakis, as my comment and reply to him here will not make much sense once his original comment is inevitably deleted by being "flagged as junk" more than 20 times ---- as it deserves.
Funny, Leo, I thought you said earlier this year that gold was going to hammered downward by this time already? As for your irrational and obvious hatred of gold, I can only restate that "Because gold is honest money, it is disliked by dishonest men."*
Your pathetically pro-Wall Street, anti-gold, pro-bankster, Nadleresque posts are nothing more than trolling. You are beneath my contempt. Such vitriol you display, again like Nadler, against those who recognize the value of holding gold during times of economic upheaval and uncertainty, and the true doomed nature of our corrupt and failing financial and monetary systems ---- must be a Canadian thing.
*Ron Paul, The Case for Gold
not really, some of Canada's most respected money managers are gold bugs
Oh, I know ARF ---- I was just needling our resident and officially-sanctioned troll.
akaka,
I am pro banksters, pro Wall Street? Start reading my comments more carefully chump, you're embarassing yourself..AGAIN!
Glad to see you finally admit it outright, Quisling!
You are the only one here embarrassing yourself, Leo. How does it feel to be wrong ALL THE TIME?
You deny reality and insult people who have been consistently right, even as you have been consistently wrong. Just shut the hell up already.
I am coming to the conclusion that "Leo" is in fact Jon Nadler posting under an alias, as he has been known to do in many prominent online financial forums. His consistently wrong, and consistently anti-gold, pro-financial establishment theme makes it at least plausible.
I am not always right, but always wrong? Give me a break buddy, go back to read my Outlook 2010!!!
Is that an admission that you are dead wrong on gold? Or are you just feigning humility like so many other internet sociopaths when they are cornered?
That assessment, I suspect, is not far off the mark, if it is not in fact on the head.
: )
I guess Leo's comment did indeed get flagged as junk.
Anyway: “Betting against gold is the same as betting on governments. He who bets on governments and government money bets against 6,000 years of recorded human history”
Charles de Gaulle
Did you have any real doubt that it would? I had full confidence in the ZH cleanup crew to shovel and dispose of Leo's offending and offensive steaming pile of conventionalist, conformist excretia.
You know, one might think that after repeatedly suffering the indignity of having his posts flagged to the point of being removed, this person might begin to either question the content and tone of his posts, or else go elsewhere with it. Of course, that presumes that the person in question is not an arrogant and shallow narcissist with little sense of intellectual integrity, honesty or morality.
I had no doubt it would be flagged, because you made it your goal by announcing it takes 20 flags. You are a piece of work Akak. A thought nazi. Screaming, yelling, insulting, but never ever contributing anything other than attacks. Atak=Gekko
Project much, Sux?
Leo may make some valuable posts when he sticks to the subject that is apparently his forte, pensions. Outside of that, he is invariably shallow, pointedly antagonistic, insulting, and devoid of any seriousness. That constitutes "trolling" in my book, and I treat it as such. And I am FAR from the only one here on ZeroHedge who feels that way, as you can clearly see --- aside from you, who has actually had little or nothing substantive to offer here yourself, I notice.
Your baseless claim of "thought nazi" is equally as insulting as Leo's drivel. Confronting disinformation and lies is NOT even remotely the same thing as shouting down honest and sincere opinion. When Leo, or you, are ready to offer anything resembling the latter, please do let us know.
The Alaskan nazi, so shall you be known, heretoin.
Coming from a troll like you, that means a lot.
Seig Heil. 19 more friends, you can get me banned too, nazi.
Leo bleats about gold "sucking" and getting ready to tank. lol It's probably the best performing asset class of the last 10 years and NOTHING has changed. The drivers of the gold price are driving harder than ever. I suppose he's one of those people who will just stick to his call as long as it takes to get it right, which will probably be 2016 (maybe solars will take off around then, too). What a knucklehead. Is he a paid financial advisor?
If so, he is definitely an OVERPAID financial advisor!
I am confounded by the simultaneous rally in the 10yr and in gold. Dual flight to quality?
If the double-dip is pushed out a couple of quarters, one of these would reverse. I can't see it being gold.
A lot of on the ground data points in my business show healthy demand in Q3, with caution (but not pessimism) about Q4.
the inverted liquidity pyramid over at runtogold.com explains the dual flight to quality
"Gold bugs are worse than religious zealots. Gold sucks.."
Well if by worse than religious zealots you mean they'll dig your childhood pet up, cook it and eat it. Falcon punch your grandma's retirement fund so hard her cholostomy bag explodes all over your family photos. Then ya. We are worse than religous zealots. I mean religous zealots have done worse but it's not like we aren't trying and our heart isn't in it.
Actually the religious zealots are amateurs compared to political zealots like Pol Pot, Stalin, Hitler and Mao.
You need a government to kill millions. Makes the religious seem tame, and the gold bugs barely noticeable.
I invoke Godwin's law on myself BTW.
Gold bugs are worse than religious zealots.
Sorry, no. I dont kill someone because they dont like gold or disparage it. Unlike say fundamentalist religious types (of all religions) that go kill people in the name of their god because they are doing something they believe their god doesnt approve of, or they pray to the 'wrong' god, or dont believe in god at all.
If so, it will be strictly election related & the crash in November will make quite a splash.
Not just political (but I agree with that). Art Laffer's assessment is a) greater taxes in 2011, b) pull in of discretionary activity into 2010, c) sell to avoid cap gains. Uses counter example of 1983 with reverse situation but known outcome.
http://online.wsj.com/article/SB1000142405274870411350457526451374838661...
- Ned
http://www.ypnation.net/groups/post/collapse-forecasted-arthur-laffer-wh...
So Leo, you must be really, really long on silver then since it is so important to your solar plays.
"Repeat after me: there will be no double-dip recession."
Sold to you.
Someone posted a link here at ZH recently that explained the oil market from 1920's onward, the Saudi's wanting to be paid in gold, the bank cartel's involvement, and an explanation of what led up to the gold price in 1980 & subsequent fall. Anyone have that link?
Thanks
google fofoa foa and another
and then read a lot!
and then read the history books.
you'll be amazed, and awake!
Not sure which link exactly you are thinking of, but there are many posts at FOFOA dealing with that topic, as well as many links from there to further relevant information.
There is also a ZH forum thread, Freegold, discussing the future role of gold in this regard.
nuinut is correct that fofoa.blogspot.com is full of very interesting information about gold.
His Freegold forum, growing every day, is worth a look, click on his blue Freegold link above.
If you do not own physical gold, you should buy some ASAP. Diversification / insurance against .gov malfeasance. So simple.
<deleted>
Today was another "Wax Off" / "Wax On" / "Wax Off" day....
Ridiculous.
LOL, I'm dizzy, focusing on those pics!
leo,
Yes! you are dizzy and unlike your Greek homeland which is bankrupt, you are mentally bankrupt.
Aye gamissou re mounopano!
Chingate y vete al carajo, mi amigo mentirando Leo.
Yahucolduninbackdafrij!
Translation: Gosh, someone seems to have forgotten this ice cold beer in the back part of the refrigerator - I think I'll consume it.
An erstwhile reader linked to this 71p. report several hours ago, several threads back. As a consequence, I got zip done today. See WSJ article on decreased productivity.
I thought 10% allocation was manly until I read this. Now,I'll probably hide under the desk until 1:30p tomorrow and wait for gold to get shanked while I speed dial Tulving.
Thanx Tyler....
Only half way through this, already blown away.
You would think that there would be a peak oil crowd touting how oil is the money store since it is the commodity needed to power everything. I'm surprised some charlatans can't come up with commercials to sell you oil and store barrels in a bunker.
A commodity whose only real worth lies in its consumption cannot be a true and lasting store of value.
exactly. stocks to flow.
If you can't horde it, it's a storage of wealth failure.
What's the hold time on stocks these days?
Isn't it called USO?
Very appropos!
Why and how that phenomenally bad ETF even continues to exist is a mystery to me. "Tracking, what tracking? We don't need no stinking tracking!"
Why the focus on the price? Focus on that the stuff has value which is not likely to evaporate anytime soon.
If paper currencies hit a crisis point, people will be scrambling desperately for anything that will be seen as worthful
Shorting $Gold since Yesterday...still short on $Gold.
#Alfie (see twitter topic: #Alfie) is around and quite angry :-)
Enjoy tomorrow ;)
Enjoy Friday! And next week....and the next week....and the next week....
Of all the things to short. Some people just like to do things the hard way, I guess.
I finally met 2 people that are either champions for gold or understand why it's rising and why people are buying and are open to PMs. One said that people think pro gold people are doomers. They other just said an acquaintance bought kilos at the low.
The renaissance has begun.
I love the gold haters. Let them hate until it's too late. Someone needs to be wrong.
Leo I'll take my 30 years of accumulating gold to your 30 years of accumulating IBM.
Your dollar denominated POS stocks are worthless. My gold is really worth about 10K right now since I bought a shitload at 220 bucks.
Remember people, gold is an insurance policy not an investment. The odughheads try to deflate the enthusiasm by diguising their arguments in investment tones.
The new motto for this decade
It's not the return ON your investment - it's the return OF your investment.
30 years and going strong. At least I know my money is completely undoctored, unleveraged, unsold, unhedged, ungoldmaned, unsquided, etc.
"At least I know my money is completely undoctored, unleveraged, unsold, unhedged, ungoldmaned, unsquided, etc."
...and hopefully in your personal possession with no counter-party risk.
Couldn't agree more.
How important Leo must feel. He writes womething a 3rd grader could come up with and 85 people repond to him. Personally, I'm convinced a lot of gold trolls are goldbugs that aren't articulate, feel they don't have much to add, and therefore just spout stupid things to get attention (I'm not saying that is Leo's case, I just that I think it might explain some trolls.....I think some people would rather not just sit and read but like to "participate").
Of course, some people are just too scrared to take the physical plunge and troll out of frustration......is that you "witttle weo"?
Just my 2 cents.....
Agree. Long ago I suggested that people stop responding to Leo and others like him, that it just makes them feel important, so I repeat my suggestion of not responding because it is a pure waste of time and energy ... no amount of information will change their viewpoint.
Of course gold isn't a bubble bacuse of the percentage of financial assets invested in it. Gold is a bubble because all the folks like the author of this report believe it to be a safe investment that will continue appreciating. It's safe to own, safe to lend against and therefore safe to buy on margin. Until the day it isn't.
Imagine what it will be like on the day everyone wakes up and realizes there's no safe asset class.
For 6000 years gold has been a safe asset class. What is your problem then? That it dropped in your lifetime because people were conned into the fiat ponzi? Or perhaps you think that since less than 2% of people invest in it it's over invested; unlike stocks, dotcoms, bonds and real estate bubbles that everyone tried to participate in. Wake up and smell the real money. Or don't. You won't be missed.
The problem with gold is that it is very similar to FRNs and t-bills in that they are all very liquid. (See Inverse Liquidity Pyramid) runtogold.com. This is equivalent to non participation as compared to owning a small business. What is more patriotic, feeding at the public trough or forging one's own way? What is more patriotic, being liquid or being invested, ( fully invested - money, mind, heart, time, talent). The top of the inverted pyramid is what we should strive for or as far up the pyramid as we can climb. Corporations are huge because of lack of competition. Most people don't want to really compete. That is why half the population is living off of tax payers money. That is how the people of America have destroyed what our forefathers fought to provide us. Remember, "the secret to life is showing up".
Source: Forget About Gold- China Is Afraid Their Citizens Will Dump the Yuan for Virtual Money !
Suggesting gold as a long-term "investment" is a disgrace to any financial professional claiming to do a meaningful job to a client, the economy or society as a whole. Gold is for those who plan to be dead rich no matter what, rotting in their pyramids. It is for the douche bags who can't fathom any other form of scarcity than ore. It is for the nerd kids who ran away with the ball if they finally got it by accident. Now junk me, I know you must. (Anyone noted the date on this self-submitted report)