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With Local Gold Inventories Depleted, Panicking German Dealers Stage Run On Krugerrands

Tyler Durden's picture




 

Last week we noted that several prominent Austrian and German gold dealers had run out of inventory and were no longer transacting with a European population that has suddenly discovered gold religion. As a result, dealers are now focusing procurement efforst outside of Europe, with South Africa  receiving the brunt of Europe's panic for physical precious metals. As the FT reports, "At the Rand refinery in South Africa, the phone has not stopped ringing this week." Just imagine what will happen when the gold bug goes airborne and jumps across the Atlantic...

More from the Financial Times:

Panicking German dealers and banks have been desperate to get their hands on krugerrands, the world's most popular gold coin.

"We have some extraordinary sales to German customers," says Deborah Thomson, the Rand treasurer. The refinery, which usually sells 2,000 coins to each customer at a time, says that last week it received an order from one German bank for 30,000 coins. Another bank requested 15,000 coins.

Frank Ziegler, head of precious metals at BayernLB, one of Germany's largest wholesale suppliers of gold, says: "People are buying krugerrands like crazy." The frenzy pushed gold prices to a nominal high of $1,248.95 a troy ounce yesterday while the euro price surged through €1,000 an ounce for the first time. Adjusted for inflation, however, gold prices are still a long way from their all-time high above $2,300 an ounce in 1980.

Although coins account for a small part of the market, they are one of the best indicators of investor sentiment towards the precious metal. And right now gold is in massive demand from investors who see it as the ultimate safe haven at a time of market turmoil and as one of the best hedges against a possible resurgence of inflation.

Other important factors are supporting prices: institutional investors are pouring billions into bullion-backed exchange traded funds; central banks have reversed 20 years of selling gold (and some, including the Chinese central bank, are buying it); and mine gold supply growth has stagnated.

In focus are also the big physical and otherwise gold ETFs which have recently received much notoriety over the likeilhood they are hollow ponzi scams which will shut down operations the second there is even a whiff of a gold run on their holdings.

There is no indication that Germans are ready to stop buying. Panicked by the possible inflationary implications of this week's €750bn eurozone bail-out, they have been snapping up gold coins and small bars at a faster rate than in the aftermath of the Lehman Brothers bankruptcy.

The European Central Bank says its government bond purchases will be "sterilised" by operations to remove inflation risks. But Martin Siegel, manager of Westgold, a dealer of gold in Frankfurt, says people "are not as dumb as economists. They believe there is going to be inflation and are buying gold to protect themselves"."

German investors are notoriously wary about inflation. While few are old enough to remember the hyperinflation that wrecked Germany during the Weimar Republic in the 1920s, the episode remains etched into the national psyche: newsreel from the period has been running on the news in recent days.

The appetite for coins has been so intense that shortages are developing. "In the European market there is a shortage of krugerrands," says Mr Ziegler. As a result, the premium paid for krugerrands in the secondary market has risen from about 2 per cent to 6-8 per cent.

The interest has not been confined to coins and bars. ETFs, which hold physical gold and issue shares to investors, have also seen large inflows.

 

The world's largest, the SPDR Gold Trust, has increased its holdings by
50.5 tonnes in the past two weeks, more than in the first four months
of the year. Other funds have also been building their positions. Gijsbert Groenewegen, at Silver Arrow Capital, a New York-based precious metals hedge fund, says investors have been flooding into his fund "in swarms" in the past week.

Analysts and traders believe gold could rise even higher in the short term.

Philip Klapwijk, executive chairman of GFMS, the precious metals consultancy, believes that the current upward trend "could run a bit". Edel Tully, precious metals analyst at UBS, forecasts the gold price will hit $1,300 an ounce in the next month.

One bullish factor is the lack of physical gold, or scrap, being sold, despite the high prices. In Asia, where the gold market is especially sensitive to price, a surge in prices usually leads people to sell their old gold for scrap, boosting supply.

But that is not really happening yet. Afshin Nabavi, head of trading and physical sales at MKS Finance, a gold refining and trading company in Geneva, says: "Sales of scrap have picked up but not that much."

 

Even if gold is indeed entering a bubble mania phase, the mania in PMs is far less exuberant than in stocks, with the stock market multiples larger than that of gold and silver, and with far greater retail and speculative participation. Should there be an unwind, we expect stock prices to drop more and faster than those of PM products.

h/t Slim Beleggen

 

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Sun, 05/16/2010 - 14:47 | 354881 Mongo
Mongo's picture

I can tell you that something is up because messages (as been noted by ZH before) have been poping at dealers. The latest one is on Auruminvest-nw.de - http://auruminvest-nw.de/

-----

ACHTUNG:
Auf Grund der hohen Nachfrage beträgt die aktuelle Lieferzeit ca. 10 Tage

-----

Also check out Geiger-edelmetalle.de where the silver is almost depleted, I am only waiting for them to close down for an extended period to manage the orders. The governments should fear what is now unravelling, what goes around comes around eh?

Sun, 05/16/2010 - 16:56 | 355099 cossack55
cossack55's picture

Was that Ruanda 1 oz silver coin going for 44.90 EUs.  Can we send Silver Eagles to Europe.  Ebay overseas here I come.

Sun, 05/16/2010 - 18:28 | 355230 Frank Owen
Frank Owen's picture

Ebay sucks now - costs about 9% of final amount in fees, and maybe more for paypal fees (which ebay also owns). I sold 3 ozs of gold the other day through kijiji (don't know if they have that in the States) at spot price which was better than the price i could have got from ebay after their outrageous fees.

Also found out that Canada Post will not insure coins for more than $500, no matter what (a change within the last few years). I did not look into couriers as they usually charge insane brokerage fees for crossing the border.

Not happy to sell the coins but I have been out of work for a while.

Sun, 05/16/2010 - 19:15 | 355310 MsCreant
MsCreant's picture

That is what the insurance is there for. Congrats on having the wisdom to own them in the first place. This is a success story in my book.

Sun, 05/16/2010 - 23:28 | 355740 glenlloyd
glenlloyd's picture

Ebay has sucked for a long time. I used to sell quite well there until the fees started to gouge sellers, especially those who received payment by the (ebay owned) paypal unit. And as a buyer I know it's easy to purchase and pay with paypal but it sucked to sell and get hosed for the huge fees imposed.

Ebay is now basically just a dumping ground, huge lots of the same item by "power sellers" who in the end don't sell anything at all. It's good for price discovery if you discount the fee portion but what I buy now can be purchased other places for less.

Sorry to hear you had to part with some coins, but that's what it's there for and hopefully you improved your position from when you purchased them.

Sun, 05/16/2010 - 19:58 | 355386 jaybaybaker
jaybaybaker's picture

This post and its content is a very probable indicator that we are near a significant top in gold. Will these people still want delivery in ten days when the price is significantly lower than when they ordered?

And for everyone who is still short the euro, consider this comparison of recent comments:

Euro leaders: Europe must tackle budgets (Trichet and Merkel), say they have only gained time to fix spending

Dollar leaders: White House aide Romer-more [stimulus] needed to aid recovery

Everybody betting on a decline of the euro ... what can possibly go wrong?

Sun, 05/16/2010 - 22:07 | 355445 Iam_Silverman
Iam_Silverman's picture

Define "significantly lower" please.

Do all of the buy and hold funds sell stocks after a 1% change?  Should I unload funds in my 401K if the NAV drops 1%?

A 1% drop is US$12.4859 as I write (well, type actually).

I buy PM's as a segment of my preps for any occasion - be it inflation, deflation, hurricane, unemployment, etc.  When the cost of my home, auto, health insurance goes up or down by 1% I don't shop around or drop it.

10% drop in price?  That may affect how a gold day trader responds to spot price and he may rue adding when the market was high.  I think that the point you are missing (gleaned from your anti-PM posts) is that the great numbers of folks buying into Gold and other PMs are not driven by immediate profit motive.  I'll bet fewer than a third even own stocks (outside of a 401K plan).  This is insurance.  This is something solid they can hold in their hand and it gives them a sense of protection.

Not trying to bash your position - I applaud someone trying to swim against the tide by warning others that they may be buying in on the high.  That is useful information to traders, not necessarily for those that are just trying to ensure that they can provide for their families in the event of an economic catastrophe.

 

Sun, 05/16/2010 - 21:02 | 355464 akak
akak's picture

This post and its content is a very probable indicator that we are near a significant top in gold. Will these people still want delivery in ten days when the price is significantly lower than when they ordered?

And for everyone who is still short the euro, consider this comparison of recent comments:

Euro leaders: Europe must tackle budgets (Trichet and Merkel), say they have only gained time to fix spending

Dollar leaders: White House aide Romer-more [stimulus] needed to aid recovery

Everybody betting on a decline of the euro ... what can possibly go wrong?

 

JayBayBaker, may I ask how you managed, very late in this thread, to post an unreplying comment near the very top of the thread, when that should not be possible? 

SOMETHING is very fishy about this!

Mon, 05/17/2010 - 11:06 | 356290 Pat Hand
Pat Hand's picture

Au contraire.  This is looking like priming for a blow-off.  $2K gold within two months, but back to $1100 by the end of the year?

Mon, 05/17/2010 - 13:27 | 356584 Common_Cents22
Common_Cents22's picture

Gold will be the new $147 oil.

Tue, 05/17/2011 - 02:13 | 1282127 Karston1234
Karston1234's picture

As a result, the premium paid for krugerrands in the secondary market has risen from about 2 per cent to 6-8 per cent.Online High School

Sun, 05/16/2010 - 14:47 | 354882 LoneStarHog
LoneStarHog's picture

I wonder what a panicking Douchinger looks like?

Sun, 05/16/2010 - 15:19 | 354922 akak
akak's picture

That asshat Denninger just made another slam at gold on Friday, feebly trying to discredit  it as an inflation hedge, or as hyperinflation insurance, as follows:

"If you fear hyperinflation do not look to Gold, instead buy a small (5% of your total portfolio) position in far out of the money LEAP CALLS on the major indices, spread across them.  Why?  Because (1) the tax structure on gold is unfavorable, (2) gold has never performed well on a contemporary basis .vs. inflation and (3) you can't eat it."

http://market-ticker.denninger.net/archives/2319-Ten-Things-For-2010.html

Note that he is grossly oversimplifies and generalizes in point #1, is patently incorrect and/or lying in point #2, and displays his puerile, Nadleresque mean streak and/or his profound idiocy in point #3.

Thank you, Karl, for further discrediting yourself on the topic of gold.

 

Sun, 05/16/2010 - 15:21 | 354928 unwashedmass
unwashedmass's picture

 

actually, i don't know what this guy is talking about when he says gold isn't performing well. i started buying at 425......so, over the past four years, i'm looking at a triple now, before the hysteria has really started. sure beats something like INTC which is where it was four years ago......

Sun, 05/16/2010 - 15:40 | 354942 akak
akak's picture

For all his acumen in dissecting many of the lies and the self-serving corruption paraded as "public policy" of the power elite in this country, Karl Denninger, so like so many Americans, displays a profound ignorance of monetary history and theory, and explicity takes sides with the paper Ponzi crowd when it comes to monetary matters, hating gold categorically and without reservation, and denying its past and current monetary roles and value as financial protection despite the evidence of thousands of years of history which supports those roles.  Like Jeffrey Christian, he has repeatedly expressed his wholehearted support for fiat currency and fractional-reserve banking, stating that modern life, and civilization itself, would be "impossible" without such fiscal and monetary dishonesty and corruption.  It seems that like so many others who have lived their lives and careers within the belly of the beast, Karl Denniger cannot bring himself to fully disown the corrupt system within which he has handsomely profited ---- sure, he will criticize particular aspects of it, but still refuses to acknowledge and condemn the fundamental elitist lies and manipulation that are at the very heart of it.

Sun, 05/16/2010 - 16:13 | 355027 Miyagi_san
Miyagi_san's picture

The tax structure is bad and will get worse...the Gov hacks wont stop at simple tax changes.

Sun, 05/16/2010 - 16:35 | 355068 merehuman
merehuman's picture

akak, well said. You should know that you are one of my heroes on ZH. I have the utmost admiration for all of you who speak truth in the face of ridicule, harassment and exposure. We all know big Brother is watching us. These are Orwellian times, 1984 and all it implied.

I look forward to a simpler time when Honor and trust, honesty and love for the greater good prevail within us.

 

Sun, 05/16/2010 - 16:47 | 355085 cossack55
cossack55's picture

Guess which finger I'm going to use to poke big bro in the eye.

Sun, 05/16/2010 - 18:07 | 355201 A Nanny Moose
A Nanny Moose's picture

Occular penetration. Look ma' no hands.

Sun, 05/16/2010 - 16:49 | 355087 akak
akak's picture

Merehuman, I sometimes have this dream in which like-minded people like us could live in a consolidated community with each other, instead of just being widely-scattered voices whispering to each other over the internet.

In a truly free society, authoritarian-minded individuals would be free to assemble and form a community based on their common shared values and beliefs.  But in the authoritarian world in which we live today, freedom-loving individuals such as we are NOT free to do the same.

Sun, 05/16/2010 - 17:48 | 355167 Rusty_Shackleford
Rusty_Shackleford's picture

Kudos.

 

Sun, 05/16/2010 - 20:12 | 355402 merehuman
merehuman's picture

Akak , i lived in a community like that in oregon. One fellow was a piano tuner, others started a co op in town and sold the food we grew. I recall milking the goats and the outdoor shitter. That was 30 years ago. There is strenght in numbers and a lot of personal growth by living closely with diverse folk.  If/when the government falls i expect more of us to pull together.  So far not enough people are suffering evidently. Makes we wonder how bad its gotta get before we say NO MORE and are willing to stand behind our words.

Sun, 05/16/2010 - 20:57 | 355460 Iam_Silverman
Iam_Silverman's picture

"I recall milking the goats and the outdoor shitter."

Ewwwww, not the goat milk, but what do you get when you milk the outdoor shitter?

Sun, 05/16/2010 - 23:54 | 355765 merehuman
merehuman's picture

dollars? Poor sentence structure on my part. Lol

Sun, 05/16/2010 - 21:04 | 355465 jaybaybaker
jaybaybaker's picture

@akak You mean it is not authoritarian to ask for me to banned because I do not conform to the group think that you have chosen to adhere to.

Sorry, you have just been punked. You are the authoritarian here.

Sun, 05/16/2010 - 21:05 | 355469 akak
akak's picture

You, Jay, are a disingenuous liar and nothing but a troll.  It is YOU who are the authoritarian, trying to bully those who refuse to knuckle under to the malicious and self-destructing financial and political status-quo.  But I hardly need to state that, as everyone else here clearly sees you for what you are.

Sun, 05/16/2010 - 21:40 | 355491 jaybaybaker
jaybaybaker's picture

Do I want to ban you? Do I bully anyone? Do I use profanity?

You have more than 10 posts here, I have 3 (with this one), talking about "monopolizing". Are you representative of the ZH crowd??

Anyway, I thought this site was for adults sincerely exchanging ideas, perceptions, and info. And not for kindergartners who have to learn that they are not alone in the world.

I will stop posting here, since this is really a waste of time if nothing constructive comes back.

Have fun being the kindergarten group think thought police, I'll move on to a site for grown-ups.

Sun, 05/16/2010 - 21:59 | 355548 akak
akak's picture

.

The difference between my posts here and yours is that mine are made to add to the dialogue here, and are part of an honest intellectual exchange, while yours are only intended to disrupt, confront and antagonize, while adding little or nothing of actual value to the dialogue.

But please, if you feel that the discourse here is unworthy of your exalted "adult" character and intellect, feel free to go elsewhere.  In fact, I would encourage you to do so, if you cannot find it within yourself to engage in a meaningful, honest and non-confrontational discussion.

Sun, 05/16/2010 - 21:58 | 355551 Cheeky Bastard
Cheeky Bastard's picture

Anyway, I thought this site was for adults sincerely exchanging ideas, perceptions, and info. And not for kindergartners who have to learn that they are not alone in the world.

It is and continue to offer your view. I dont want to be a part of an echo chamber. As for your second sentence; You are, and will, forever, be; alone in the world; and contrary to popular belief; every man is an island; the difference being some are connected with bridges and ferries with other islands, while some are deserted and function on their own. 

Sun, 05/16/2010 - 23:57 | 355768 merehuman
merehuman's picture

TO be. Nicely put CB

Mon, 05/17/2010 - 01:00 | 355823 Bolweevil
Bolweevil's picture

stay down jay

Mon, 05/17/2010 - 01:32 | 355850 Bringin It
Bringin It's picture

Nice.

Question?

Is jaybaybaker = V-Idiot?

Like Batman and Bruce Wayne they never appear in the same place at the same time?

http://www.youtube.com/watch?v=RLZQ3OLEJWE&feature=related

Mon, 05/17/2010 - 00:48 | 355810 Bringin It
Bringin It's picture

Community is a threat to the PTB.

Mon, 05/17/2010 - 01:25 | 355842 MsCreant
MsCreant's picture

You can keep bringing that.

Mon, 05/17/2010 - 01:35 | 355856 Bringin It
Bringin It's picture

Thanks MsCreant.  I do what I can.

Sun, 05/16/2010 - 18:03 | 355192 A Nanny Moose
A Nanny Moose's picture

"When destroyers appear among men, they start by destroying money."

currency based on the physical world, and not the whim of politicians might teach us the value in conserving, rather than consuming so many of the world's limited resources.

At the very least, it would limit the ability of The State to steal the wealth of other nations at the point of a gun.

Sun, 05/16/2010 - 21:16 | 355490 economicmorphine
economicmorphine's picture

I stopped reading Denninger months ago.  Anyone still demanding that the criminals be brought to justice obviously isn't playing with a full deck.  Between that and his petulant little fits where he bans everyone, well it just isn't worth it.  The clock is ticking Karl....14:57...14:58....14:59.....

Sun, 05/16/2010 - 23:16 | 355718 trav7777
trav7777's picture

Douchinger brags about having made his money in the .com bubble.  He's a paper pusher.

He's also lined up with EVERY SINGLE DEFLATIONIST and announced that he is going to convert his FRNs to real assets prior to the collapse of the FRN.

All of them on TF say that.  They intend to scoop up land, housing, producing assets, gold, younameit, as the FRN gains in value due to the deflation.  Besides this being vulture-like and classic rent-seeking, they all foresee the dollar rising in value but then self-destructing.

So in other words, they are all closet hyperinflationists.  None of them could be stupid enough to believe that the notes of a bankrupt state, a massive debtor, in the throes of a deflationary spiral, would remain worthful for long.

The problem with deflationists like Douchinger is they cannot understand or study history.

Argentina is a CLASSIC deflationary example.  When everyone ran to access their money, they locked the banks!  You cannot get a PURER form of sucking money out of the system than that.  They throttled ALL velocity to a standstill.

But, then they revalued.  I can see how the math suggests deflation, but I don't see how history and reality suggests that I will be able to stockpile cash and access it "when the time is right."

Sun, 05/16/2010 - 23:32 | 355745 akak
akak's picture

You know, trav777, I really hate this overused phrase, but I can only say:

Spot on.

Mon, 05/17/2010 - 01:37 | 355858 Bringin It
Bringin It's picture

Argentina was the dress rehersal.  Lock them in and detonate.

Sun, 05/16/2010 - 15:44 | 354955 Johnny Bravo
Johnny Bravo's picture

"before the hysteria has really started."

"Panicked Germans are buying gold faster than dealers can meet demand."

Hmmmm... to me, those statements don't reconcile with one another.

Sun, 05/16/2010 - 15:56 | 354978 akak
akak's picture

Hey there Johnny!

Just curious, why is it that you ONLY post comments here on ZeroHedge when the topic turns to gold and/or monetary collapse, and always with a pronounced anti-gold, pro-establishment bias?

Isn't there some pro-fiat currency, pro-Federal Reserve, or pro-equities blogs that you could swarm, in which to make affirmative or postive posts?  What motivates you so highly to incessantly troll every single gold-related thread (and ONLY the gold-related threads) here on ZeroHedge, to slam somebody else's particular chosen vehicle of financial investment and insurance?

I hate fiat currency, central banking and our monolithic two-party political dictatorship, but I do not seek out online forums dedicated to such themes in order to criticize, annoy, denigrate and attack those participating in them --- in my mind, that would he hateful and destructive.  I choose to be positive and constructive.  But I guess that's just me.

Sun, 05/16/2010 - 16:10 | 355023 ufamizm
ufamizm's picture

I welcome the JBs.

Disagree with them heartily, but welcome the diversity!

Sun, 05/16/2010 - 17:11 | 355118 DoChenRollingBearing
DoChenRollingBearing's picture

Yeah, me too.  The JBs and Leos are important and welcome as far as I am concerned.  Help us make OUR side's case better.

Sun, 05/16/2010 - 22:02 | 355557 Cheeky Bastard
Cheeky Bastard's picture

+10000

Even if they appear totally moronic in wholly without an knowledge; it welcome them; as i said; i dont want to be a part of an echo chamber. Fuck the whole "impose your opinion on others" bullshit. We are all grown ups and can think for ourselves; if they want to et burned; be it. Diversity is good; it challenges your mind. Embrace it or GTFO.

Sun, 05/16/2010 - 23:21 | 355729 trav7777
trav7777's picture

I am going to disagree with you.

There is nothing inherently wrong with fiat currency.  The government should print and tax the money out of existence, like tally sticks.  It's an inherently stable system.  The problem comes when the sovereign defaults, which they always do eventually.

A production-backed or asset backed currency is the answer and will be the eventual outcome, where labor and goods back real bills.  Simple system, really; let the market decide.

But governments don't like markets or physical laws or reality.  They want it THEIR WAY.  Must be megalomania or something, trying to repeal the law of gravity.

Mon, 05/17/2010 - 01:41 | 355862 Bringin It
Bringin It's picture

Must be megalomania or something, trying to repeal the law of gravity. 

To me, the game is not to repeal gravity, but to timeshift the gain from the future to the pockets of the connected few today.

Sun, 05/16/2010 - 16:25 | 355052 tmosley
tmosley's picture

Do you know how to read, you ignorant fuck? He clearly said he bought at $425, quite a bit before the current panic.

I mean, there is no other explanation for it other than you are a paid shill.  That or your Mommy came in to read it for you and left that part out.

Sun, 05/16/2010 - 17:48 | 355166 Oracle of Kypseli
Oracle of Kypseli's picture

It's time to repeat this story:

While I was traveling in the Sinai dessert, I stopped at a town to buy gold jewelry. A Bedouin family traveling with Camels was buying 22K gold wire. (Semi-circle profile 1.4″ wide.) At the end of the bargaining, the store owner cut the wire into several 6-7 inches long pieces and crudely created bracelets. The Bedouin wife dressed in long black garb lifted her long sleeves and slipped the bracelets into her arms. To my amazement it looked like she had bracelets going al the way up to her underarms.

The owner explained to me later that they were traveling between Egypt, Israel, Gaza, Jordan and other countries. No trust in paper money and counterfeit bills. Any time they make money on trading, they buy more gold wire, anytime they need money, they go to the gold market of whichever country they are in and sell bracelets.

 

Sun, 05/16/2010 - 21:02 | 355466 Iam_Silverman
Iam_Silverman's picture

Ahhh, the portability of Precious Metals!  It is like having a universal translator.  No matter where you go you can convert it to local scrip.

That is one reason why I recommend recognizable PM's to friends and family.  Silver Eagles, Silver Maple Leaves, 10 oz. bars marked from reputable and known foundries.

Junk silver may not have the same universal recognition, same as generic rounds.

Sun, 05/16/2010 - 21:42 | 355524 Apostate
Apostate's picture

Amazing story! I wonder how they will fare in the future? I suspect a good Bedouin can survive anything.

Mon, 09/20/2010 - 10:06 | 591749 goldsaver
goldsaver's picture

WWII SERE kits included gold and silver coins along with a heavy gold chain. The gold chain could be cut at the links and traded for food/assistance/food behind enemy lines. Also check out ferfal.blogspot.com. In Fernando's book about the Argentinian collapse he describes how he can walk into a metals market (I buy gold place) and take off a gold ring or a piece of chain and pretend that it is his last bit of gold and exchange it for currency. This way no one is the wiser as to how much gold he has, they just think he is giving up a family heirloom.  

Fri, 11/19/2010 - 18:00 | 742237 Bastiat
Bastiat's picture

Gold Bitches!  (no comma)

Sun, 05/16/2010 - 15:40 | 354949 G. Marx
G. Marx's picture

 

The "you can't eat it" crowd needs to be served a bowl of fiat salad and demonstrate exactly how edible paper money is. You can't eat a chair, a TV or a crystal goblet, but that's not their function, they are not food. Neither is gold, it's money, that's it's function. Karl needs to read some history and see what happens when a currency collapses, specie (gold/silver coinage) comes out of the woodwork and is used as money until a new and stable monetary regime is established. 

No doubt when this crisis climaxes Karl and his legion will all be trillionaires (and I hope they will be), problem is, who'll exchange his trillions for anything of real value?

Sun, 05/16/2010 - 17:44 | 355163 h4rdware
h4rdware's picture

Gold: edible? yay or nay.

http://www.youtube.com/watch?v=xvmEvKm9gxY

http://www.youtube.com/watch?v=kM4A52nO71Y

 

yay, apparently.

 

Next up: is fiat salad nutritious?

 

 

Sun, 05/16/2010 - 16:00 | 354998 Hulk
Hulk's picture

Still hot under the collar about selling Au @ $1k you 16 year old???

Sun, 05/16/2010 - 16:08 | 355019 dumpster
dumpster's picture

hulk  these yappers have never bought gold

they live off food stamps cant keep a job..

lowest form of bacteria,, feeding off the Carin of dead birds ,

they practice a sort of intellectual crib sheet  excercise .

 

 

 

Sun, 05/16/2010 - 16:14 | 355031 Hulk
Hulk's picture

Yep Dumpster, the yipper is barely out of diapers...

Sun, 05/16/2010 - 17:16 | 355125 DoChenRollingBearing
DoChenRollingBearing's picture

Hulk & dumpster, I think you guys are great.  Some of the biggest laughs I get every day are from you both.

Hulk, I don't know if you saw my remark about opening the Absinthe last night (in another thread earlier today), tastes like anise and threw me for a loop.

Sun, 05/16/2010 - 17:37 | 355146 Hulk
Hulk's picture

I did not see that remark. Exactly what does absinthe do? is it like a psychedelic or something? Glad you enjoy the remarks.  Can't wait for that drink!

Sun, 05/16/2010 - 17:56 | 355183 Oracle of Kypseli
Oracle of Kypseli's picture

Absinthe which includes enough of the substance to trip you (thujone) is not allowed to be imported in the US.

Sun, 05/16/2010 - 18:35 | 355239 DoChenRollingBearing
DoChenRollingBearing's picture

Oh, very sorry.  I guess I better drink it up before the cops come around.

I do not know if the Italian Absinthe I bought has thujone or not.  The French stuff does NOT, when I read that France re-legalized it, they had to take the thujone out.

I have a great friend who is French.  He told me the "good stuff" is available in Switzerland, but I of course cannot verify that.

Mon, 09/20/2010 - 18:52 | 593386 GoinFawr
GoinFawr's picture

I don't know if it had the wormwood or not, but we had a green and a black absynthe in Hungary. One shot of the black was enough, from what I can recall...

Regards

Sun, 05/16/2010 - 19:17 | 355309 hedgeless_horseman
hedgeless_horseman's picture

Import?  When wormwood grows so well in so many places?

Once again, disintermediation, bitches!!!!!!!!!!!

http://bob.bofh.org/absinthe/recipes/modern.html

http://www.hogacompany.com/alembic.htm

Sun, 05/16/2010 - 19:38 | 355348 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I made a wormwood tea/juniper berry tea/BEER once that knocked my socks off!

Mon, 05/17/2010 - 01:46 | 355868 Bringin It
Bringin It's picture

Thanks.

Sun, 05/16/2010 - 19:37 | 355345 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I was staying at a hostel while in the Czech Republic, and I asked the manager, "Tell me about Absinthe?"  He replied, "The best night of my life, the worst night of my life."  I took out the bottle I had bought and his eyes lit up and he smiled.  We drank, and after each drink he said, "That is enough."  And laughed.  But he never said no!

I took a few bottles home and shared with my friends.  I said to be careful.  They got rip roaringly plastered, and the next morning, told me that I should have informed them of what could happen.  I said I did.  They said they did not remember. 

Sun, 05/16/2010 - 16:17 | 355036 dumpster
dumpster's picture

yip head your trash is speaking ,

they do not take food stamps at the exchanges

Sun, 05/16/2010 - 16:20 | 355043 Hulk
Hulk's picture

Dude, I don't know a single adult who brags about his winnings.

Get some class...

Sun, 05/16/2010 - 16:42 | 355078 yipcarl
yipcarl's picture

Class?  LOL.  I speak the truth I'm fat and happy you are poor and broke.  That is the point  Your like a HS baseball coach trying to teach a professional athlete.

Sun, 05/16/2010 - 17:18 | 355111 akak
akak's picture

One would think that an honest and wealthy libertarian would have much better things to do, and much better uses of their time, than to troll an online forum haranging those who advocate gold ownership about how stupid and idiotic they are for not buying into the paper Ponzi schemes of their corrupt and authoritarian overlords and parasitical financial elites.

And every REAL libertarian whom I know or have ever known, who are many, recognizes the history and current value of gold, even if they themselves currently own none.  They would furthermore most certainly NOT be engaging in a juvenile and questionable anti-gold disinformation campaign in online forums.

Wed, 05/18/2011 - 19:08 | 1289287 yipcarl
yipcarl's picture

You again?  OMG.  I don't know if you are talking to me but it doesn't matter because your post is idiotic.  My account has more than doubled in 2 years funny money?  Sure did your double?  I am sure of one thing AKAK, and that is twice as much paper money will buy alot more Amero's than half of it.   

 

Gold is a joke and will be manipulated just like everything else.  You are the same asshole that believes 911 was done by Muslims and the same guy who thinks we caught Osama.  Go back to your hole, AKAK. 

Sun, 05/16/2010 - 16:31 | 355059 EscapeKey
EscapeKey's picture

You know, it's funny. In all the years I've invested, no-one has ever lost money according to their posts on the internet. You'd expect the entire world to be full of millionaires by now.

And you know, if I was a millionaire, I think I'd live it up by the pool, with some imported blonde russian... er, caviar, and not spend my day pointing out how stupid goldbugs are on some random internet forum.

Consequently, I think you're full of it.

Sun, 05/16/2010 - 16:50 | 355086 Hulk
Hulk's picture

No one looses money in Vegas either. He who thinks a million bucks is a lot of money, doesn't have a million bucks....

Sun, 05/16/2010 - 17:21 | 355131 DoChenRollingBearing
DoChenRollingBearing's picture

OK, then I'll go first.  Of the approx. 25 times I've gambled in casinos perhaps only 3 times did I ever come out with more than when I went in.

In 2008 I made a (relatively) boatload with SRS, but managed to lose that and more in 2009.

The Bearing is the first Libertarian to say he lost something.  Wow, you yips and Bravos must be pretty good speculators!

Sun, 05/16/2010 - 17:28 | 355141 Rebel
Rebel's picture

"the assets that were invested in gold that would have made 20% over the last 9 months have returned over 75%"

Yet did you really make 75%? Do you have anything, really, but a statement with numbers on it, that promise you you made something. Until you have something tangible in your hand, have you really made anything?

I had made over 75% in 1999, until . . . well, we wont talk about that.

Sun, 05/16/2010 - 17:54 | 355180 Rusty_Shackleford
Rusty_Shackleford's picture

 

"More higher number of FRNs = Gooder number"

 

That's all they think they need to know.

 

Sun, 05/16/2010 - 16:02 | 355001 akak
akak's picture

Hey Yippie, let me repeat the response I just made to JohnnyBravo, because it fully applies to you as well:

 

Just curious, why is it that you ONLY post comments here on ZeroHedge when the topic turns to gold and/or monetary collapse, and always with a pronounced anti-gold, pro-establishment bias?

Isn't there some pro-fiat currency, pro-Federal Reserve, or pro-equities blogs that you could swarm, in which to make affirmative or postive posts?  What motivates you so highly to incessantly troll every single gold-related thread (and ONLY the gold-related threads) here on ZeroHedge, to slam somebody else's particular chosen vehicle of financial investment and insurance?

I hate fiat currency, central banking and our monolithic two-party political dictatorship, but I do not seek out online forums dedicated to such themes in order to criticize, annoy, denigrate and attack those participating in them --- in my mind, that would he hateful and destructive.  I choose to be positive and constructive.  But I guess that's just me.

Sun, 05/16/2010 - 16:10 | 355021 yipcarl
yipcarl's picture

I specifically go to articles that read 'Gold' because I love to read the complete buffoonary, i enjoy laughing at you people AND mostly when gold crashes you will remember yipcarl was right and I whether I ever see you on here again will KNOW I got the last laugh.

 

I too HATE fiat currency, central banking, and our monolithic two-party political dictatorship...That is very eloquently put by the way.  We probably agree on most everything HOWEVER to believe that the price of gold IS NOT manipulated is so childish in itelf. It is the same logic as the flip side. Those who believe in fiat money, the feds, and think we live in a democracy. Really?  You think (I do) that our monetary system is that manipulated but you think that gold is your answer?  You have got to be flippen kidding me, come on A _KAK. 

There is also another reason I'm here.  Not everyone here is brainwashed that gold is the answer and perhaps those people need to understand they are not alone. 

Sun, 05/16/2010 - 16:15 | 355034 akak
akak's picture

I agree that gold is not THE answer to financial uncertainty and the risk of monetary debasement or collapse --- but it is AN answer.

Of course the gold and silver markets are manipulated.  That manipulation cannot go on forever, though, and in any event, what can NOT be manipulated is the fundamental value of gold and silver as financial insurance --- only its fiat price.

Sun, 05/16/2010 - 16:32 | 355061 yipcarl
yipcarl's picture

I agree with you for the most part.... imagine that.  Except that anything can be manipulated.  Your thinking is gold has instinic value where a 100 bill does not, I agree however without a medium of exchange or in a total financial collapse gold is going to do very very little.  Would it be better than paper currency if that happens?  Sure but to a very small degree.

Trade gold long and short all you want, I commend you if that's what you're doing but the majority here believe that GOLD is the answer to all our worries.  Most of these people are not traders but have put blind faith into Gold because they need something to put faith in and it's an easy conclusion because the story is somewhat logical...

I have a sticker on my car that says, 'How's the Hope and Change Working for You'?.  When people say things to me, and they do, I bet you can guess what they say....

You're a republican, or you wanted McCain, or you support Bush.

This is the best monkey and asshat trolls can come up with.  They assume what they think is the obvious.  I think the 2 party system is a sham.  I am a libertarian for the most part and dream that a benevolent dictator would be the best government however I know that's not reality.

 

Lastly in terms of me hammering the gold bugs..... There are more aticles on gold than any other topic and the goldbugs hold to their position more ferociallty that a gay rights group out of San Fran.

Sun, 05/16/2010 - 16:52 | 355093 cossack55
cossack55's picture

Hey Yip, I can give you a good deal on some Zimbabwe 100 TRILLION dollar bills.  Only used once.  Kind of like French rifles.

Sun, 05/16/2010 - 16:58 | 355101 akak
akak's picture

Ah, San Francisco ....!

We sure had fun at that last Pride Parade, didn't we?

You were so damned hot in that black leather thong!

Mon, 05/17/2010 - 01:09 | 355829 Bolweevil
Bolweevil's picture

Apparently carl is married. I personally blame his wife for his behavior.

Sun, 05/16/2010 - 21:46 | 355530 DosZap
DosZap's picture

akak,

The manipulaton is ending before our eyes.................what's going on in Germany, will soon spread, and HERE, the sheeple are still asleep at the wheel.

When it does HIT here, anyone who can see, and has ears to hear, best have ALL their ducks already in the pond.

Nothings worse, than to be caught with a wallet/and bank account of worthless paper.

The Kraut's have been there before.

And,I agree it's NOT THE answer, but it's as close as WE can get to being caught buck assed naked..............like the sheeple.....in the US, who are still not giving Gld/Slvr a second thought.

Parabolic?...................sheeeeeut, this party is not even started..........

Like Jim Sinclair said, when the Europeans start reverting, back to DM's, Francs, etc..............

The Euro will hit the crapper, and they will be coming after the USD.

......................

Sun, 05/16/2010 - 16:37 | 355067 akak
akak's picture

Yipcarl stated:

"I specifically go to articles that read 'Gold' because I love to read the complete buffoonary, i enjoy laughing at you people AND mostly when gold crashes you will remember yipcarl was right and I whether I ever see you on here again will KNOW I got the last laugh."

This admission of Yipcarl's is the classic definition of flaming and trolling, and in most online forums, would be sufficient reason to ban that member. 

 

I am confused and sorry to hear that anyone who would call themself a libertarian, as you have (and as I do as well), would resort to such behavior.

Sun, 05/16/2010 - 16:41 | 355076 yipcarl
yipcarl's picture

Ban someone with a different opinion.  You've just proven who you are.

Ban me, like this is some great club or benefit to my life.  I do this sheerly to entertain myself and get a rise out of you mono-thematic morons.

Sun, 05/16/2010 - 17:58 | 355172 akak
akak's picture

Blindly and maliciously attacking others in an ad hominem manner, while simultaneously consistently refusing to offer reasoned arguments in rebuttal, hardly constitutes "a different opinion".

If I called you a contemptible gold-hating bastard, who kicks puppies and eats his boogers, and did so over and over, day after day, in response to virtually every one of your comments, would that be a legitimate "different opinion"?

Sun, 05/16/2010 - 18:06 | 355197 buzzsaw99
buzzsaw99's picture

personal insults - classy

Sun, 05/16/2010 - 18:26 | 355227 A Nanny Moose
A Nanny Moose's picture

"I do this sheerly to entertain myself."

 

It is now time to stop feeding the Trolls folks. Somebody was weened too early, and is in desparate need of attention.

Sun, 05/16/2010 - 20:37 | 355438 R Man J
R Man J's picture

Yip - It is spelled "buffoonery". Your actions define the word well. Common investors are totally turned off by the gamed system. Gold is our revenge. We are confident that in the long term it will protect us. For some reason you despise that. In my mind that makes you a deceived person. 

Sun, 05/16/2010 - 16:41 | 355077 hack3434
hack3434's picture

IMO Gold can be seen as a way of starving the beast i.e. banks/gov't. What better way to do so by parking money into something where Banks/Brokers/Governments are out of the picture.  

Sun, 05/16/2010 - 16:43 | 355079 merehuman
merehuman's picture

yipcarl, you just enterd a room and the first thing you do is make an ass out of yourself by insulting folks.

You are in fact THE ASSHAT as evidenced by your emissions. You  are a fart in the wind of time as we all are. And i hope , rather than junk you ,all of us ignore your unsocial behavior. You are merely a distraction and add no value, kind of like the government.

Sun, 05/16/2010 - 18:11 | 355209 Gordon_Gekko
Gordon_Gekko's picture

Denninger is a complete IDIOT. He suggests buying LEAP calls  to protect against hyperinflation - WTF? Who in their right mind would want payout in a worthless currency? And I 'd like to ask Mr. Denninger whether he can eat his FRN's. What an utter moron...

Sun, 05/16/2010 - 18:21 | 355220 Mr. Anonymous
Mr. Anonymous's picture

GG, worse than that, he's an angry utter moron. 

Sun, 05/16/2010 - 20:01 | 355392 akak
akak's picture

I think maybe Yippie bit Denninger and infected him with his terminal case of anti-gold rabies.  I hear that it makes one foam at the mouth just like the canine version.  Seems to lead to a similar level of intelligence, too.

Sun, 05/16/2010 - 20:12 | 355403 hack3434
hack3434's picture

Yippie=Denninger

Sun, 05/16/2010 - 21:07 | 355473 akak
akak's picture

Yippie=MasterBater=JayGayBanger

Sun, 05/16/2010 - 21:44 | 355526 Apostate
Apostate's picture

Retail people get weird when they lose all their money.

If people are taking their advise from a mutual fund manager... or a hedge fund manager, for that matter... they probably ought to stay in cash.

Sun, 05/16/2010 - 15:55 | 354983 LoneStarHog
LoneStarHog's picture

Well I see that a Kool-Aid drinking Junior Douchinger has run through and flagged everything as junk, with no replies.  I guess that when you belong to a cult and cannot think for yourself the best you can do is junk everything, as an intelligent reply is well beyond the mental capabilities of a cult member.

Sun, 05/16/2010 - 14:51 | 354888 Kali
Kali's picture

My local dealer was booming with biz on Friday.  The most people I have ever seen there. Noticed most of the peeps were buying Silver, few thousand $$ at a time.  They still had good inventory, but noticed the owner was on the phone selling to other dealers (back East?) who were running out.  Me thinks the rush is starting here too.  Noticed lots of the buyers were newbies too.

Sun, 05/16/2010 - 14:56 | 354897 MsCreant
MsCreant's picture

Kali,

Like your motif there. The destroyer brings life.

Namastee

Sun, 05/16/2010 - 15:12 | 354915 seventree
seventree's picture

Namaste back atcha. Welcome to DHARMA.

Sun, 05/16/2010 - 18:11 | 355208 Oracle of Kypseli
Oracle of Kypseli's picture

Since you are on the subject of Sanscrit words, maybe Yipi can give us some auparishtaka

 

Sun, 05/16/2010 - 18:30 | 355232 A Nanny Moose
A Nanny Moose's picture

/bow to you all. Namaste

Sun, 05/16/2010 - 16:05 | 355012 Kali
Kali's picture

Thank you, I thought long and hard on that.  I want to give a big shout out to all here, helps keep me sane, I learn so much and validate a lot I already know.  Love the intelligence and wit here too!  However, just to be clear, I am an atheist.

Sun, 05/16/2010 - 16:45 | 355083 Pedro
Pedro's picture

Thanks for telling us you are an atheist.  We all now know how much smarter you are than us bible thumping dummies.

Sun, 05/16/2010 - 17:24 | 355138 MsCreant
MsCreant's picture

I got nothing insulting or derogatory from that post all all. The person did not want to have a specific religion attributed to them. I saw no knock on Christianity or any other religion. It is my opinion you read too much into that.

Sun, 05/16/2010 - 18:51 | 355272 knukles
knukles's picture

As always, well measured clarity.

Sun, 05/16/2010 - 19:18 | 355316 MsCreant
MsCreant's picture

Not always, I can be a real reactive jerk, but thanks knukles!

Sun, 05/16/2010 - 20:31 | 355430 Hulk
Hulk's picture

The professor is human! Thank goodness...

Mon, 05/17/2010 - 01:25 | 355843 Bolweevil
Bolweevil's picture

God bless you Kali.

Sun, 05/16/2010 - 19:20 | 355319 Hephasteus
Hephasteus's picture

Kali's the dark mother. Not the destroyer of life. She's archetyped differently for various parts of the caste system.

Sun, 05/16/2010 - 18:44 | 355258 Rebel
Rebel's picture

I have not noticed any PM shortage at dealers here, yet. 

I have noticed for the last 3 years it has been very difficult to buy ammo. Top name brands are impossible to find. Some calibers are impossible to find in any brand. Local walmart had bare shelves for two years, even though they got weekly shipments in. Now local walmart has a 6 box per day per person limit, so you can find some common calibers in off brands. Just wondering if that is just here, or if that is seen more widely across country.

Sun, 05/16/2010 - 21:11 | 355483 Iam_Silverman
Iam_Silverman's picture

One word (learned from experience)...

RELOAD!

Check with your local ranges and see about picking up brass.  The one closest to me lets me go to the outside 25/50/100 yd. ranges and pick up all that I can carry!

Brass, bitches!

Mon, 05/17/2010 - 10:36 | 356226 DosZap
DosZap's picture

Got worse things coming than our ammo shortage............

http://www.sodahead.com/united-states/us-agrees-to-timetable-for-un-gun-ban/question-851143/

 

Bstds

Sun, 05/16/2010 - 14:54 | 354892 hedgeless_horseman
hedgeless_horseman's picture

Tyler, the article repeats the last four paragraphs.

Sun, 05/16/2010 - 15:03 | 354905 EscapeKey
EscapeKey's picture

1 and 5 kg Metalor bars are out of stock here in the UK, though they're otherwise well supplied by the looks of things.

http://www.bullionbypost.co.uk/silver-bars/

Sun, 05/16/2010 - 15:11 | 354912 BrianOFlanagan
BrianOFlanagan's picture

they have to pay VAT on silver?  ouch!

Sun, 05/16/2010 - 15:24 | 354932 EscapeKey
EscapeKey's picture

Yep, it sucks - I'd like to buy some silver, but I'm not crazy about having to pay 17.5% to the taxman for this privilege...

Sun, 05/16/2010 - 17:49 | 355168 QQQBall
QQQBall's picture

With the 17.5% tax you don't pay in the States, you could take a vacation to a US Coin Shop?

Sun, 05/16/2010 - 18:14 | 355214 Oracle of Kypseli
Oracle of Kypseli's picture

No sales tax on gold or silver guys buy from kitco

Sun, 05/16/2010 - 16:13 | 355029 boiow
boiow's picture

i have posted this link before for uk buyers. http://www.sarniasilver.com/

i have used them and they are good. no vat

disclaimer; i have no financial interest in them.

Sun, 05/16/2010 - 15:06 | 354907 BrianOFlanagan
BrianOFlanagan's picture

premiums have been increasing only slightly here, my sense is dealers were a little bit oversupplied before the runup.  Interestingly, a dealer I spoke with on Friday told me he just sold 1,000 Krugerrands to a guy that was on his way to Greece to sell them. The U.S. public is still mostly asleep.

Sun, 05/16/2010 - 15:47 | 354958 sheeple
sheeple's picture

The U.S. public is still mostly asleep

 

Quiet you, did you see the lakers and suns sweep and braden's no hitter?

Beers and apple pies mate, cheers

=)

Sun, 05/16/2010 - 18:24 | 355223 Mr. Anonymous
Mr. Anonymous's picture

Bread and circuses.

Sun, 05/16/2010 - 15:07 | 354908 seventree
seventree's picture

Meanwhile in the US, people are selling their gold heirlooms to TV pitchmen for .25 on the dollar.

Just guessing here, but this type of scam is probably not thriving in Germany these days.

Sun, 05/16/2010 - 15:11 | 354911 doomandbloom
doomandbloom's picture

I was told by Johnny Bravo, that the only ads he sees on TV is asking people to buy Gold :)

 

 

Sun, 05/16/2010 - 15:46 | 354962 Johnny Bravo
Johnny Bravo's picture

Yeah, is that not the truth?  Have you turned on CNBC or Fox News lately?

Of course, pawn shops and the like are trying to take desperate people's gold, but those are mostly crackheads and stuff trying to get a fix.

Sun, 05/16/2010 - 15:59 | 354992 yipcarl
yipcarl's picture

Bravo....These goldbugs are such Muppets.  I guess you find joy in telling this Goldbug freaks their gold is just another manipulated medium.  Gold commercials have become more annoying and preveliant than Crammer's face these days.

 

hey Brav....is this isn't signaling a top..... NOTHING IS>

http://www.dailymarkets.com/stocks/2010/05/16/gold-atm-debuts-in-abu-dhabi/

because those guys(shieks)  definitely know how to blow their oil money on nonsense.  Good job building a city that no one lives in or can afford then say F you were not paying our debt.  Those sheiks are like many goldbugs here, over grown short sighted children...

 

Asshat Mupper Troll's = Goldbugs.

 

Not to be mistaken with traders of gold...

 

Sun, 05/16/2010 - 16:03 | 355008 akak
akak's picture

Yippie,

Just curious, why is it that you ONLY post comments here on ZeroHedge when the topic turns to gold and/or monetary collapse, and always with a pronounced anti-gold, pro-establishment bias? Isn't there some pro-fiat currency, pro-Federal Reserve, or pro-equities blogs that you could swarm, in which to make affirmative or postive posts? What motivates you so highly to incessantly troll every single gold-related thread (and ONLY the gold-related threads) here on ZeroHedge, to slam somebody else's particular chosen vehicle of financial investment and insurance? I hate fiat currency, central banking and our monolithic two-party political dictatorship, but I do not seek out online forums dedicated to such themes in order to criticize, annoy, denigrate and attack those participating in them --- in my mind, that would he hateful and destructive. I choose to be positive and constructive. But I guess that's just me.

Sun, 05/16/2010 - 16:37 | 355071 thesapein
thesapein's picture

I prefer to think of us as memets (muppets + memes). We are all memets, and there is no escaping this. To even consider rising above one's herd, well, that's a meme too. Thinking for yourself is an idea you got from somebody else.

Sun, 05/16/2010 - 16:00 | 354997 snowball777
snowball777's picture

Because everyone knows crackheads always have tons of gold chains and whatnot laying around.

Try people desperate to make a mortgage payment or find work, numbnuts.

Sun, 05/16/2010 - 17:02 | 355105 cossack55
cossack55's picture

The Germans are running them.  HAHAHA

Sun, 05/16/2010 - 20:41 | 355110 BGO
BGO's picture

Part of the problem is that the MSM is still associating the pro-gold crowd with conspiracy theorists, late night tv and radio nutters, etc.

Last weekend, TIME/CNN posted a story "Doomsday Investing Slows As Economy Recovers." An excerpt from the last paragraph.....

"The problem with doomsday investing is that it's difficult to cash out. And you can be wrong for decades. An ounce of gold sold for $675 in January 1980. The price in January 2001: $265. The price of gold hasn't gone up any lately, as the global economy slowly recovers, and central bankers are serene about inflation. According to a blog on the Wall Street Journal's website, gold has lost "luster" with China's government, and the International Monetary Fund is selling a big chunk of its stash....."Read more: http://www.time.com/time/magazine/article/0,9171,1987605-2,00.html#ixzz0o7ylwDra

Many of the 40+ US-based dealers listed on www.buying-gold-online.com ship internationally.

 

 

Mon, 05/17/2010 - 01:53 | 355880 Bringin It
Bringin It's picture

I started reading Time magazine regularly when I was 9 years old.  The experience set my development back decades.

"I see a light at the end of the tunnel ...

Sun, 05/16/2010 - 19:05 | 355289 Gunther
Gunther's picture

Sadly you are wrong.

Almost every goldsmith in Germany buys used jewellry and there are ads in the papers too.

On commercial TV was a series of ads with a popular soccer official called Rainer Calmund.

Last time I remember a big ad campaign was for Telekom stock in 2000 @ some 60 euros, now 11.50 or so.

If that is a precedent, gold will go up.

Sun, 05/16/2010 - 15:18 | 354913 RockyRacoon
RockyRacoon's picture

I wouldn't say the U. S. public is asleep.  The U. S. Mint is selling gold and silver bullion coins like crazy.  Previous year's totals have already been exceeded to date.  That is not to say that some of it is not going overseas, but that's not usually the case since the primary dealers are U. S. firms.

Statement on the U. S. Mint website:

American Eagle Gold Uncirculated Coins

Production of United States Mint American Eagle Gold Proof and Uncirculated Coins has been temporarily suspended because of unprecedented demand for American Eagle Gold Bullion Coins. Currently, all available 22-karat gold blanks are being allocated to the American Eagle Gold Bullion Coin Program, as the United States Mint is required by Public Law 99-185 to produce these coins “in quantities sufficient to meet public demand . . . .”

The United States Mint will resume the American Eagle Gold Proof and Uncirculated Coin Programs once sufficient inventories of gold bullion blanks can be acquired to meet market demand for all three American Eagle Gold Coin products. Additionally, as a result of the recent numismatic product portfolio analysis, fractional sizes of American Eagle Gold Uncirculated Coins will no longer be produced.

http://catalog.usmint.gov/webapp/wcs/stores/servlet/CategoryDisplay?cata...

Here is the Mint pricing grid: http://catalog.usmint.gov/wcsstore/ConsumerDirect/images/catalog/en_US/G...

Ha! I guess it's too much work to keep pricing up to reality these days.  Your tax dollars at work.

Sun, 05/16/2010 - 16:03 | 355006 Hulk
Hulk's picture

The yipper is just upset because he sold Au @ $1k. The good news is, since he is only 16 years old, he has plenty of time to recover from his idiotic mistake...

Sun, 05/16/2010 - 16:18 | 355035 RockyRacoon
RockyRacoon's picture

I've given up trying to figure out the anti-gold crowd, Hulk.  Anyone who has ever read my comments knows that I am a coin dealer.  I'm more a numismatist than dealer.  I also sell stamps and I can guarantee you there is much less vitriol in the philatelic market!  Since we are all anonymous here how do I have a market?  Touting gold is not my goal.  I'm just trying to dole out some information.   So, now I'm an asshat?  I sell buffalo nickels, Roosevelt dimes, Washington quarters, Franklin halves, Morgan dollars, and other such collector coins -- very little (actually none) bullion.  I'm a buyer/keeper in that category!  So, it does me no good to tout precious metals.  Why should I spread disinformation?  The best buyer is an informed buyer. 

Sun, 05/16/2010 - 16:24 | 355050 Hulk
Hulk's picture

RR, I have said all I am going to say on the subject. But somebody please check the yipper for gold rabies. At least JB can make some well thought out counter arguments

(the buried canned ham remark still makes me laugh!)

Buried canned ham Biatchies!  

Sun, 05/16/2010 - 17:22 | 355133 akak
akak's picture

"Gold rabies", LOL!

More like gold rabies combined with gold Alzheimer's!

Hey Hulk, what specifically was the "canned ham" comment?  I must have missed that one.

Sun, 05/16/2010 - 17:44 | 355162 Hulk
Hulk's picture

JB, when he was posting under Master Bates, used to say all us gold bugs (gold bulls actually) had buried canned ham in the backyard, which for some strange reason, busts me up every time I see that line.( I can use the laughs too)

Buried canned ham biatchies!

Sun, 05/16/2010 - 22:02 | 355556 akak
akak's picture

I prefer buried canned tuna myself.

And don't forget to bury some crackers to eat with it!

Sun, 05/16/2010 - 16:35 | 355069 yipcarl
yipcarl's picture

1.  Thank you for admiting what you denyed just a couple days ago.

2. You may not be here to sell gold coins but you have an obvious and unavoidable bias.

 

If you sell Honda cars you aren't going to say buy a Ford.

Sun, 05/16/2010 - 19:44 | 355360 SRV - ES339
SRV - ES339's picture

Booooooooooooooooooooooooring.

Sun, 05/16/2010 - 17:00 | 355103 merehuman
merehuman's picture

RockyRaccoon, dont let the bastards get you down. As the resident self proclained dumshit i gotta say i read a lot of Zerohedge and noticed some of us are a core group that visits multiple posts and are truly regulars.

But the anti gold crowd always comes across mean spirited and vitriolic.

Its as if they were getting paid to harass , deflect from the issue and change the direction of topics. And they often succeed. I would rather ignore and not give them the benefit of even a thought, much less post. Some of us crave attention, some more knowledge and some to teach or brag. I have seen all of that in me as well.

But we are in trouble and to allow any further lies to go unchallenged is suicidal for the human race . Example BP wont allow scientists to see extent of severity. Example  no audit of fed or Ft Knox.

Bravo, Bates Yip Yuck Boom

Sun, 05/16/2010 - 17:38 | 355148 DoChenRollingBearing
DoChenRollingBearing's picture

All hail to merehuman and RockyRaccoon!

I did not know you were a coin-dealer Rocco.  The 2 coin shops I go to for Au, Ag and Pt do pretty good business in bullion.  Typical gold Eagle markup is about $70 over spot.

dumpster in his brilliant way pegged Johnny B and types like the yip.  They don't have much money to protect!  If you have money, it is obvious that most people want safety through diversification, and part of that is gold!

Nobody is saying that you have to have a real high percentage in gold (I am about 6% in gold).  Even though High Potentate Chumbawamba claims he is almost 100% in gold (I say almost Chumba, because you said you have a business).

What is wrong with having 5% - 10% in gold Bravo and yip?  Even normal investment managers of 20 years said that was OK.

Sun, 05/16/2010 - 17:44 | 355160 RockyRacoon
RockyRacoon's picture

Thanks for jumping into the fray.  Takes courage to make a stand around here!

It sure is fun to be accused of having a bias by the likes of the Yipster.  Ha!

I still think that JB/MB is more than one person.  There is just too much difference in the grammar, spelling, temperance, and tolerance in the comments grouped on different topics.  Check it out should you feel like you have no more of a life than those guys do.

 

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