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Gold continues to march to its own drummer. This time clearly supported by massive North Korean retail buying (inflation being under complete control).
But wait... don't order yet!
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Marla gives me golden wood when she talks dirty, especially when gold is involved.
FTW, gold to $5,000
That's been my call all along, gold to $5000 by the end of next year. I see it slowly climbing through $2000 by early next year, then just going ballistic when the govt announces their "fix" for Fannie/Freddie at budget time.
It's all relative. When the Fed comes out and admits that the $USD is going to 20% of its current value, gold will hit $5k, gas goes to $15/gal, $500k homes presently $200k underwater reach $2.5m and the Dow comes in @ 50k.
The only losers will be savers and those on fixed incomes. Think the Chicoms will be happy losing $1.5T of value? Or have they already hedged all their futures contracts? As for seniors, well, it's important that useless eaters die off pretty quickly so that health care & SS can be stabilized.
I agree with all except home prices... they aren't going to rise. Who will lend money at 5% when the currency is devaluing at 200%/year? No one. You'll be able to buy that 500K home for 50 ounces of gold...
I think B9 meant that 500K houses would be underwater a few large in that scenario. So methinks you agree with him/us.
(inflation being under complete control)...
In N. Korea, everything is under control... except food riots.
TOKYO -- Chaos reportedly erupted in North Korea on Tuesday after the government of Kim Jong Il revalued the country's currency, sharply restricting the amount of old bills that could be traded for new and wiping out personal savings.
The revaluation and exchange limits triggered panic and anger, particularly among market traders with substantial hoards of old North Korean won -- much of which has apparently become worthless, according to news agency reports from South Korea and China and from groups with contacts in North Korea.
The sudden currency move appeared to be part of a continuing effort by the government to crack down on private markets, which have become an essential part of the food-supply system in chronically hungry North Korea.
http://www.washingtonpost.com/wp-dyn/content/article/2009/12/01/AR2009120101841.html?hpid=artslot
oh, you said NORTH KOREA,
whew
Meanwhile, Venezuela closes 4 banks wiping out savings of persons and companies (~$5000 recoverable per entity); thinking of nationalizing the rest of the banking system.
Communism/Socialism doing its best yet again, spreading misery and despair over enslaved populations. You can have it too, just keep hope up.
That's not true. The Venezuela situation is entirely different.
http://news.bbc.co.uk/2/hi/business/8388289.stm
"Mr Rodriguez said most of the banks' 725,000 account holders would be protected by the government's deposit guarantee fund."
BBC got it wrong (to be mild). Go to sources in the original language:
http://www.noticias24.com/actualidad/noticia/123584/salas-feo-exige-al-g...
http://www.noticias24.com/actualidad/noticia/123409/chavez-vuelve-a-adve...
Yeah, for a moment there I though they were talking about the US.
Hey GG, would you care to enlighten me as to why:
-- IMF sells gold when it could have borrowed
freshly printed dollars using its gold as collateral ?
We all know the dollar will be worth less tomorrow- right ?
-- only sucker central banks are buying it ?
Gimme a Wu Wu:
http://www.youtube.com/watch?v=k_-Ik98poTg
Bonus:
http://www.youtube.com/watch?v=iiLS-AlfO30&feature=related
Holy f------ s---! Rollerball, that's awesome. You made my night.
i love you guys. that is all.
http://www.theglobeandmail.com/blogs/streetwise/barrick-closes-gold-hedg...
I thought someone on here said Barrick was going to be broke because of their hedges
The Squid must be pissed. I guess the equity ramp was a double edged sword.
No, the landscapers didn't show up this week...
Thats a steer, not a cow,
That's what I said yesterday...steer...not cow!
Bull vs Cow? Tiger vs Cow? Woods vs Mrs Woods? Very confusing.
Cows have horns
Oh really? Do they have breaks?
Some get good breaks, some get bad. Whether or not they have brakes is another question.
Indeed. What are the steaks involved?
We get to keep the bull
We are the steaks(for dinner that is).
How do you guys insert pictures in posts-
I dont see a button for that...
You need to pass the oral exam..
I consistently pass the psycho exam which is all that matters...
No, it's the first question.. SP
They closed them out. Besides, there's no such thing as a perfect hedge. Well, there is, but you can only find one in a Japanese garden.
last I read they didn't actually generate enough cash to close out all their hedges, and they are broke
Article on BOJ quantitative easing:
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6703032/Japan-steps-up-quantitative-easing-to-fight-deflation.html
While I like it at 1,200, I'm gonna love it at 2,000 in 2010.
mmm 2010 in 2010?
Or 2020 in hindsight?
I resemble that statement--gold bitches but continues upwards^^^^^^^
lovely
The 800EUR mark has been broken!
Kudlow hits bottom
http://www.cnbc.com/id/34220598
when cnbc gets bought out, maybe they will do some house cleaning. one can only hope...
No doubt auditioning for Faux. Sad.
Kudblow - what a douche.
what an insufferable DOUCHE....(kud-fail)
yep, just jumped the shark
I don't care what Tiger does with his wood.
Oh, come on. You have to love the Viking bitch kicking his butt with a left over driver.
Only in America can we spawn the worlds best golfer with the last name Woods and his wife clubs him with one. FOUR
A man is only as old as the women he feels.
+1
Extreme hottie. Horned cap, shiny metal bra-halter-thingy with points and a metal short skirt. Hell yea. No wonder they kicked serious ass.
Marla,
You're joking about the N. Korea retail, right? They don't have enough gnp to buy two bags of cheese at Whole Foods let alone move gold more than a couple of cents.
:) What do YOU think?
vielen Dank
Whole Foods? You mean Whole Paycheck, as their prices are so overpriced it makes $10,000/oz gold seem like penny candy.
Jong-Il is a Mr. Universe when it comes to 'brinkmanship'. I don't know what our gov't ain't tellin', us but NK might be requesting bullion instead of rice and bullion cubes.
From the best in business news worldwide. Pathetic.
It is what it is, dude.
I am Chumbawamba.
What Kudlow never mentions is that his god is wall street and the dollar. Yes, 'god' forgave him, and he has faithfully peddled their bullshit all the way to the bank in the meantime.
As zoonooz so aptly said "Kudblow - what a douche."
BUCCKIN RIIGHHHTSS BRUUUHHH!!!
North Korea....! This is getting stranger by the minute.
damn.... glad i left a call spread on it... when will the music stop and will Ben have a chair?
Holy shit, North Korea revalued their currency?????? +100 on the S&P then eh?
100 old to 1 new with a cap on max amount transferred.
ZH needs a deathlist so we could do under/overs on currencies and sovereign defaults.
The bullion banks keep increasing their short positions and are now currently net short over 30 million ounces of gold. It would be nice if Gensler would finish that report on manipulation that he's been working on for over a year now. Maybe the dog ate it.
As Joy Division said..."something must break now".
Where can one find credible sources of data to show the shorts the banks have?
http://www.cftc.gov/dea/bank/deanov09f.htm
11/03/09 CMX SILVER U.S. 2 1,426 1.1 41,318 32.0 129,240
That's TWO US banks are long 1,426 contracts (1.1%) and they are SHORT 41,318 contracts of silver on the futures market at the COMEX. That SHORT position amounts to 32.0% of the entire open interest.
That is the HIGHEST % of shorts in any real (non-paper) commodity in the list.
11/03/09 CMX GOLD U.S. 2 523 0.1 123,331 25.0 493,991
TWO US Banks are short 25% of the entire open interest in gold on the COMEX, the second highest % of shorts in any real (non-paper) commodity in the list.
Since gold and silver are no longer backing our money, WHAT THE HELL ARE EACH OF THESE TWO US BANKS SHORTING COMMODITIES FOR? Why does the COMEX allow them to have such huge short positions? It is to the detriment of gold and silver holders, who incidentally don't like our government printing up trillions of dollars to give as TARP money to bankers.
Are these shorts using TARP money to sustain their speculation activities?
Here's a link to the reports:
http://www.technicalindicators.com/cotgold.htm
http://www.technicalindicators.com/silvcotreport.htm
I rely on analysis from people like Ted Butler. Here's his website:
http://www.butlerresearch.com/
Thank you, i've seen those sites. So are we to assume that commercial shorts are the banks? If so, how do we come to that conclusion.
TIA.
The bullion banks are known as the commercial shorts.
what 1000 mt short? where data from? thats more gold then china has, or more then ETFs
the only reason they are short by 30 MOz is because they wrote the report. sheeesh!!
regards
http://www.caseyresearch.com/displayGsd.php
the report
regards
give it a year, USA will devalue its currency too. 1 new dollar for every 3 old one.
GET OUT OF YOUR DOLLARS NOW....
This is probably a completely unreliable source (I honestly don't know) - but for the hell of it I'll repost and see what others think...
http://www.eutimes.net/2009/11/obama-orders-1-million-us-troops-to-prepa...
We don't have 1 million troops available
Green is Universal.
Bitchen!!
Gold is not a hedge against inflation....It is a hedge against goverment
Bernakes/Soros Dollar crash plan is working out perfectly in fact so good that he might just collapse all "central planning" I mean "banking"
China just pushed "all in today" and Bernanke will soon "call" with a great depression
http://www.martinarmstrong.org/files/GOLD-5000-11-11-09.pdf
Love the titles M/T
Golden showers for everyone!
Yes, we're going to need more hookers, and most likely more blow.
This is huge and should be the subject of a post by itself from Bob Chapman:
"The following information may be the most important we have ever published. One of our Intel sources, highly placed in banking circles, tells us that on 1/1/10 all banks that have received TARP funds have been informed by the Federal Reserve that they must further restrict any commercial lending. Loans have to be 75% collateralized, 50% of which has to be in cash, which is a compensating balance...
Now get this, the FDIC is going to be collapsed before the end of 2010, which means no more deposit insurance. This follows the 9/18/09 end of government guarantees on money market funds. Both will force deposits into US government bonds and agency bonds in an attempt to save the system.
This will strip small and medium-sized banks and force them into shutting down or being absorbed. This means you have to get your money out of banks, especially CDs. We repeat get your cash values out of life insurance policies and annuities. They are invested 80% in stocks and 20% in bonds. Keep only enough money in banks for three months of operating expenses, six months for businesses.
Major and semi-major banks are being told to obtain secure storage for new currency-dollars. They expect official devaluation by the end of the year.
We do not know what the exchange rate will be, but as we have stated previously we expect three old dollars to be traded for one new dollar. The alternative is gold and silver coins and shares. For those with substantial sums that do not want to be in gold and silver related assets completely you can use Canadian and Swiss Treasuries. If you need brokers for these investments we can supply them."
http://www.marketoracle.co.uk/Article15412.html
OK, let's please discuss this - I know rumors are difficult to address, but this is the kind of thing that won't be broadcast before the event. If it's real this should be the first place to break the news.
A reverse split on the dollar? Why? This article has been making the rounds in lots of places, but it's too tin foil hat for me.
I read that yesterday at goldseek.com. I'm still thinking about it. I've read Chapman for years and he's always been ahead of the curve, but like you say...this is huge.
Unfortunately Bob Chapman is not a reliable source, which is a shame because so many colorful stories come from his site one might wish they were true . . . except not this one of course, or the one about the quarantined Navy ship where everyone on board was supposedly dying of manbirdpig, which also turned out to be disinfo . . . or the yearly warnings of bank closures . . . or the quarterly rumors of COMEX defaults or . . . well I'm out of examples because I stopped reading him. Just watch him for awhile; you'll see.
Bob Chapman I hope for Christ sake you are wrong though if you aren’t Gold is gonna scream the truth; $1,680/oz gold & $ 2,450 platinum by this May means the USD is fucked
And don't forget, the Hale Bopp suicides when the aliens were coming down to retrieve the believers. It could happen again. Hopefully 98% of the planet will choose that path.
Umm, the Squid is never gonna choose to do it on 1-1-10. Too much triage. It's easier just to inflate. No conspiracy, just Keynes.
And don't use Swissie as protection, they're more corrupt than a Louisianna Democrat.
After both Chapman and Willie called a bank holiday and martial law in late September/early August, to which I was looking forward, and which obviously didn't materialize, they sort of dropped on my credence meter. The "Cry Wolf" syndrome and all that.
I'll believe it when it happens. The key is to be prepared for any eventually, which right now I mostly am. So whatever, I don't care what happens or when. Let it come. I'll be ready.
I am Chumbawamba
Agreed chumba.
+[canned food]
"Major and semi-major banks are being told to obtain secure storage for new currency-dollars. They expect official devaluation by the end of the year."
Jim Sinclair writes that the eviction of retail gold from HSBC vaults is causing the hair on his neck to stand up. He has reports that commercial clients are getting the boot as well (hence the need for armored cars to line up outside the bank). Something is up alright, although he feels it is directly related to gold.
http://jsmineset.com/2009/12/02/why-is-hsbc-backing-out-of-the-gold-busi...
Thanks, I read the link - the statement the banks were told to "obtain secure storage for new currency dollars" could be related to HSBC kicking their individual and commercial secure clients storage space (used for gold storage).
Some plan is in the works, our current system seems unsustainable and we continue to hear rumors that suggest major moves. Timing is the only question, and it would be better to be early in reacting than be late and surprised.
Thanks, I read the link - the statement the banks were told to "obtain secure storage for new currency dollars" could be related to HSBC kicking their individual and commercial secure clients storage space (used for gold storage).
Some plan is in the works, our current system seems unsustainable and we continue to hear rumors that suggest major moves. Timing for a major change is the only question.
Think about the october 25th web bots thing. It picked it up. It wasn't a real thing. It was simply a test ongoing. The banks did MODEL a wealth clearing house event.
So the question is if these sorts of things are real or just preperation H.
http://www.luxurylaunches.com/entry_images/1107/03/gold_coins_outfit.jpg
Some real gold beetches here: These getups are made from real gold coins from the Austrian mint and with today's prices I'm guessing they would be worth about $1.8M+
When China announces they are buying Newmont in the not-too-distant future, watch for a gold gap up $100 day.
Okay, when do we sell gold? 2,000? 10,000? 4,000,0000? At one ounce per person (world wide), it should buy a house, no?
It's not a bubble. You don't.
I am Chumbawamba.
Don't sell. Start your own bank.
A Now, did not thread this right, sorry.
What would it mean for existing debt? Say a credit card?
I don't know about this claim, but what ever they will do to try to "fix it" you know it will be something waaaay out of the everyday.
Thing is, I am not so sure the public would just swallow this.
To me it doesn't make any sense for exactly the question you asked----what does it do for the debt problem? Absolutely nothing, if all existing credit is likewise reduced to one third it's all a wash. So why do it at all? Far better is to inflate the debt away.
Agreed. Inflating (printing) = gradual debt default.
Everyone knows there will be a breaking point. What will it be? What will put people in the streets?
An official devaluation? Why? This is all about herd control. The only thing that could hasten this sitchyation is a true, non-US Fed sponsored black swan, such as:
Hi MsCreant-
I posted it here to get some feedback and see what others think of it.
I don't like where we are headed, as you know inflation has been pick pocketing your bank account and the public does swallow this, and members of congress have discussed accessing 401K retirement funds just like Argentina. Deficit spending and high taxes are also examples of the redistribution of wealth - arbitrarily to their friends, campaign contributors, and those they want to buy votes from.
Stated goals of climategate are to make wealth more equitable between wealthy and emerging countries - a wealth transfer with oligarchs taking a huge chunk (based on manipulated data). Theft is becoming so common (nobody on wall street is held accountable) and individual property rights are not being respected, so I would not put anything past them.
Obama reminds me of FDR and he devalued, of course we were on the gold standard at the time. So I think your instincts are right, it would have to involve debt in addition to cash since cash could just be printed faster to devalue. Prior posts have discussed the introduction of the law of diminishing returns with regard to increasing debt levels - it's taking more and more leverage to increase GDP or returns. Because of this, I believe they will want to change the system "way out of the everyday" to allow the same racketeering - but it will have to impact debt levels since that is the bottleneck.
Of course the US gov could just cover its own debts with gold at a much higher value since it's the largest hard asset reserve - but that would not solve the Fed's TBTF banks (shareholders of the fed) problems since they don't hold gold reserves.
I'll follow your thread, since you made one. :)
I think the article that A-Now forwarded is actually feasible. But what I find is really sad is that the banking system might implode from the bottom up-- starting with the community banks-- rather than from top down.
What it implies to me is that CRE might not have much more of a bailout cushion, and that we could still see a wave of RRE defaults.
The corraling of the public away from FDIC insured accounts to Treasuries implies that TPTB cannot rely on foreign financing of sovereign debt much longer.
This is a very uncomfortable scenario for a number of reasons. But if banks are going down right and left in 2010, the public might just have to swallow hard. I hope it doesn't come to that.
MC,
Here's one potential "fix" that would be waaaay out of the everyday. It is a very arguable point that actions taken by FR, Fed govt, and foreign govts and CBs are designed (or at least have an end result) to encourage people, businesses, and govts to go further into debt. At some point, ability to service the debt hits the wall (a point which I believe many here feel has arrived or will arrive soon).
So, to "fix" this you have a jubilee of debt forgiveness in this country (60+% home ownership society plus credit card society anybody?) and then you turn to the rest of the world and tell them to screw. But wait! The rest of the world will not look kindly on this and it would propel us into wars of currency and trade, and probably armed conflict. The potential sticks/trade-offs backing up the carrot of the jubilee (which would come at a price) are conscription to fight wars ("Do it for your country, we forgave your debt.") and dramatically reduced liberties and privacy.
Just one potential outcome for one out of the ordinary "fix" to our problem.
Follow the yellow brick road... :) Am a janitor who bought gold years ago. i'm rich beyotch!!! www.youtube.com/watch?v=IOLwZP5Orx8
I can't sleep... Why am I in so much need of information? It seems that shit will hit the fan sooner than expected... How can I convince a bunch of corporate employees, that the dollar is/will become useless and they need to start buying gold/silver. I need something quick and schoking. Ideas/Links/Videos?
always disturbing to watch no matter how many times you do:
http://www.youtube.com/watch?v=s3LdNxV0yPM
Dude, don't bother, it's pointless. Most will think you've just lost it and will feel sorry for you, ignoring your admonitions. Ironic, eh, since you're the one who will actually be feeling sorry for them when they don't take your advice.
All you can do is save yourself. Anyone who doesn't figure it out in time on their own will simply be one of the statistics.
I am Chumbawamba.
http://www.youtube.com/watch?v=AzcR4nTPy1M
Apocalypse Now,
Does this mean that my credit card debt and peoples mortgage debt (I don't have mortgage debt, I own my house free and clear) will be cut by 2/3?
Not sure. I was always curious about this when reading about the monetization of debt. Any takers on this for a good answer? Thanks in advance! ;)
Yes.
Well, unless the government legislates another bailout for the banks, in which your personal debt is ballooned by the same factor as the devaluation. But then the bullets would start flying.
So anyway, yes.
I am Chumbawamba.
Yes, that's exactly what it means, all else being equal.
If you are certain gold will keep rising and the dolar will devalue, why not leverage into buying gold? The burden of your debt will diminish and the underlying asset will increase in value.
Come to think of it, buy Gold on your credit card. Based on my reading about gold on this site I can't see how that could possibly end badly.
You're just now figuring out the credit card arbitrage trade?
I am Chumbawamba.
"Credit Card Arbitrage"
Awesome. ZH really needs to put together a full write up on this one. I'm sure there's already a CCA HTF fund connected directly to the Capital One servers, too.
Happy Days Are Here Again, la-la.....oh well, you know the rest of that tune:
http://jessescrossroadscafe.blogspot.com/2009/12/gold-comex-and-exchange...
Gold is in a bubble, but I've begun participating in the bubble.
The dollar is a bubble. Gold is the lens through which we see that.
Gold relatively fixed
Fiat. relatively mutable.
Gold is NEVER a bubble. It's a bubble checker.
With gold at 1,200+ I will now be going back to my previous strategy of buying steel, copper, and lead. If everything goes to hell, I'll be able to get all the gold I need. :)
Yes, I'm sure you're the ONLY one with this idea.
Whenever I hear this sentiment I think of the geekiest programmer in Office Space jamming to his gangster rap.
Why do you put a smiley face on this? Mr Mossberg has a reputation as a smile-wiper. As I said to another punk with same sentiments, you *will* miscalculate.
Gold-Bitches, yes! Better also invest in brass and an AR15. Actually, the later may be the best investment when it all goes down.
This historic relationship between the dollar and gold has been forever severed, as buyers demanding delivery will become a de-facto standard, bankrupting all "paper" wealth.
It's a new paradigm, and anyone who doesn't buy now will be priced out forever. People who do buy now will be rewarded with a lifetime
of riches, as gold will continue its yearly 30% price appreciation.
Retail investors, and those born in future generations will be unable to afford the $10000+/ounce spot price, or diversify their portfolios.
They will end up buying gold weighed in grams, or nothing at all.
This asset bubble is different than the others. It will never slow down or pop. The gains are permanent.
Have physical but... Hmmm where have I heard this before?
Do not underestimate the powers of the FED, or suffer the dollars fate, you will.
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