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Morning Gold Fix: July 28
Commentary courtesy of www.fmxconnect.com
Yesterday’s activity was a kick in the face to dip
buyers like me. If you read yesterday’s post and just ignore the first
line, I was spot on. But I ignored the signs and made an assumption
that the pin risk was stronger than the bowling ball around Gold’s
neck. Time to go back to just assessing events and risks and leave the
prognostication to the tea leaf readers. On that note, take a look at
this technical report out yesterday from Citi on our embattled yellow
metal. Full PDF here
Time to take a much more defensive stance on Gold
•While
we remain constructive on Gold from a long-term perspective the
shorter-term price action is now very disappointing with a severe
correction lower looking a real danger.
•Equities are performing
well with bullish weekly reversals on 4 major U.S. indices last week
and break of supports on VIX yesterday.
•U.S. yields are finally
rising with possible double bottom forming on U.S. 30 year yields at
4.12%. A break would suggest 4.40-4.50% again and drag 10 year yields
through the pivotal 3.05-3.10% area. U.S. 2 year yields are also
starting to rise and drag USDJPY higher with 89.00 mow looking on the
cards here.
•European sovereign spreads are falling sharply; German 2 and 10 year yields are rising as the curve flattens.
•EURCHF is bouncing strongly
•Industrial commodities (Copper and Crude in particular) are outperforming Gold in recent days.
•It’s
looking like a very pro-risk dynamic could be developing and as this
has been happening Gold has not been able to follow through towards our
$1,300 target
•The
base of the 2 year channel around $1,176 is now under threat and a
close below (Weekly) would suggest a danger of extended losses. Weekly
divergence at the recent highs also supports this danger.
•A weekly close through the base of this channel could suggest extended losses towards $1,030-$1,045 again.
•Could
it be that we are entering a multi-month pro-risk environment where
people feel less need to hold Gold as a hedge as other assets look more
attractive?
Gold monthly chart
Source: Aspen Graphics / Reuters 27 Jul’10
-Elizabeth Thawne
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An excellent post by our friend Rasputin over at Wall Street Bear Chat
Those "cackling, over the top, gloating, gold bashing
hyenas..."
Rasputin
- Wed, Jul 28, 2010 - 08:51 AM
For the record, I have become disillusioned (note: in order to
become DIS-illusioned, one must first suffer from an ILLUSION) with the
whole idea that one day, I swear, the world is gonna regain its sanity
and:
1. Gold will again become the basis of our monetary system
2. Fractional reserve lending will be outlawed--under penalty of
death
3. Same for central banking
4. Securitization will be heavily regulated, and any of the
gamblers who partake in this casino would enjoy NO bailouts whatsoever
5. Same for other derivative instruments.
Instead, after YEARS of research, study, ruminating, posting about
and intensely debating the subjects of money, economics, finance,
politics, history and human psychology, I have finally arrived at the
following conclusions:
1. Nothing's gonna change, anywhere, because the world is FILLED
with sheeple who beg to be slaughtered and sheared by the Alpha Thugs
who are in charge
2. The vast majority of wanna-be GHSers are really nothing more
than NASDAQ-style, bit-flipping, F12 monkeys, who are only trying to
skim a few fiatscos by TRADING in and out of either buggy whips, mining
stocks or both
3. There is an entire community of charlatans who prey upon the
fear, paranoia, and gullibility of the GHSers, bilking them while
assuring the fools that "We're your friends, we're not like the others".
...so please forgive me if I poke fun at BOTH myself (for having
been so idealistic, naive, and stupid) and the still-deluded, Walter
Mitty crowd of goldbugs, who continue to cling to the same old tired
fantasies of phantasmogorical riches and power, and who also fall for
the same old tripe of "Any minute now, we swear (fill in the blank
here), and then it's gold to da mooooon, baby!"
Finally on this point, I also find that those who are most offended
by good-natured ribbing by a fellow GHSer, or even a "gold-hater" are
the most insecure about their "investment" (translation: gamble, with
the intent of one day dumping their position on a "Greater Fool) in
whips.
(Ras Conclusion): There is nothing, I mean NOTHING more pathetic
than the whiny, crybaby, CIGAs, who profess to be "hard money
advocates", but are in reality no better than the AAPL-speculating
sheeple about whom they constantly complain.
And I personally am ashamed that I fell for all the hype and tripe
that the gold-shill community pumps out.
However, I am slowly regaining my sanity and coming to grips with
the reality that, at best, GHSers will simply never become filthy rich.
And at worst, they will be hunted down and punished for their bad
little "seditionist" ways.
Perhaps every goldbug should do some deep introspection and ask
themselves some of the questions I have been prodding them to consider.
Honest answers on their part might just be an enlightening
experience.
.................................
By the way, gold now has to rise by $4.35 per day to reach $1,650 by January 11, 2011.
Right now, that's looking like a pipe dream
ROFL. Thanks for that robot :)
Gold ? its a bubble, its a bubble !
Meanwhile 5 year treasuries hit all time low, best bid to cover since 2006. Thats the bubble you FUCKING MORONS.
Robotroll.
I don't know if we'll see $1650 by Jan 2011 but at least Sinclair puts his money where his mouth is. His understanding of the gold market DWARFS anything these douchebag trolls could ever put forth on this blog. As someone pointed out here yesterday the paper price plummets while the coin shops get cleaned out of their physical. Yeah, that makes a lot of sense doesn't it?
There, there, robot. My general take is that the evil global conspiracy (henceforth EGC) continues to trade paper/electronic fluff for real assets, like gold. With central banks now in the business of buying MBS and, probably, anything else in order to inject newly minted money into the deflating balloon that is the West, they will someday basically own everything -- your house, your car, equities, sovereign debt of every stripe, etc. So if the little people like us can get our hands on a few ounces of the shiny stuff and bury it out of view of the black helicopters, I still think that's a good policy even while we will never see independent gold-backed currencies like in the good old days. Maybe a global asset-backed SDR or something along with a mark on our right hands and/or foreheads.
One question that I've always wanted to ask the goldbugs is:
If gold is manipulated downward, like goldbugs claim it is, why do they buy it?
Who would want to own an asset that is perpetually held down by the evil Nadler conspiracy?
I do not understand why people would even buy a "manipulated" asset if the manipulation was working against them...
Aren't you a chartist? Maybe you should look at a chart of gold. 10 year, 40 year.
Okay, but why buy an asset that is manipulated against your position? Isn't that like, financial suicide?
And wouldn't the manipulation seem likely to make the trend change?
I am not a teacher, and you are not interested in learning. What movie was this quote from? 'Fat, drunk, and stupid is no way to go through life, son.'
Sorry, I don't base my investing off of things I heard in movies. Just common sense.
So here's a tidbit of common sense:
Who would buy an asset that they know is manipulated against them?
Would you buy a house if you knew there was a "vast Nadler conspiracy" to keep the price of housing down? No?
So why would you buy gold in the same circumstance?
All junks, with the realization that "wow, what he said IS logical. I guess I never thought of why I buy something that I claim is manipulated against me..."
And of course, there's no logical answer to that question aside from "mommy! He goes against me! Junk him!"
why buy?
If big money is selling it's because it's trying to push the market below a significant technical level so all the technicians will puke up their shares. By running an important technical level it can cause a ton of sell stops to activate, allowing it to accumulate a large position without moving the market against itself in the process. We saw this very thing happen in the oil market recently and also in February as gold bottomed. -Todd
JB,
Why play dumb?
You've spent enough time around here to understand the "goldbug" philosophy even if you disagree with it.
Gold is money. Fiat money always fails. Bankers and governments manipulate the price of gold downward in order to prop up the fiat currency regime. The efforts of the bankers will not succeed in the long run. The downward manipulation by the bankers creates an opportunity to purchase undervalued gold at a low price. Someday the manipulation will end and gold will return to its traditional role as money.
Whether you believe it or not, it has been explained here hundreds of times and even you can understand the concept.
So now YOU answer the question which you have never had the balls to respond to -- what is your agenda? No rational person would spend this much time telling people he clearly dislikes that their investment ideas are bunk.
First rule of Zero Hedge is never talk to Johnny Bravo. Ever.
Yeah, he has a tendency to call laughable claims about the future price of commodities into question.
We must junk him now, so that gold can rise 4000%.
Stupid Johnny Bravo, being right all the time...
Why are you here?
To make 8 million dollars a day bringing down the price of gold by posting on the internet so that "they" can buy more. Didn't you read my conversation with my best friend Nadler?
JB,
That is obviously untrue.
Why are you here?
I told you already!
I get paid massive amounts of money by Nadler to ensure that the goldbugs sell their gold before it goes to 54000 an ounce.
What, the story isn't believable?
*wink*
Try again, JB.
I'm waiting.
So you buy an asset that is manipulated downward because you believe that someday that "all powerful" manipulators will somehow lose all of their power in the Zimbabwe-esque collapse? Makes sense to me..
I never said your investment ideas are bunk. Just that your predictions for the future are not true. Was I wrong?
My agenda:
I am paid 8 million dollars a year by the vast Nadler conspiracy to post all day on the internet. By single handedly changing the sentiment about gold prices one investor at a time, I ensure that gold will get dumped so that "they" can back up the truck and buy all the gold. The 8 million dollars a day I make by posting on the internet was only necessary because I have a sick grandma and need to buy her chemotherapy medication. Otherwise, I'd be long and strong, waiting for the 54000 dollar an ounce target next Monday.
JB,
Reread my post. I said that the theory is that the manipulation will end. If the bugs believe that the manipulation will end then they do not believe that the manipulators are "all powerful" as you say.
Keep setting up those straw men, they are so easily uprooted and turned against you.
Predictions about the future cannot be true or false by definition.
Can't believe I just read that post - 30 secs of my life I'll never get back.
They can when the future comes and gold doesn't go to 2000 by June, or 54000 by January.
Try this prediction - the majority of posters on this site will ignore you, and I'm going to join them.
There's something to be said for not feeding the trolls, But Johnny boy is the kind of guy that can go on all day whether anyone responds or not.
On occasion, I find some entertainment in pointing out his oh so obvious logical fallacies and watching him NOT respond.
Ask him to explain himself on one point or another and he's off somewhere else howling about $54,000. Too funny.
Still, I gotta wonder why he is here? If he wanted to help folks buy disabusing them of some error that would be fine, but he so obviously hates one and all -- wait maybe THAT is his motivation -- I dunno.
"oh so obvious logical fallacies"
"gold to 54000"
Who is illogical?
"gold to 54000"
Who is illogical?
But I never said that, did I JB?
Thank you for providing yet another stupid mistake for my entertainment. Doesn't your ongoing display of complete incompetence embarrass you? I mean, really. There's nothing funnier than a loud mouthed imbecile shouting "all you people are so stupid!"
May we have another?
"Who would buy an asset that they know is manipulated against them?"
I would, but only under the circumstances that now exist:
Besides, it makes sense ofr everyone to have some percentage of their assets in REAL assets all of the time. Now is just a good time to boost that percentage.
VI has finally gotten around to thinking about building a modest position in physical. I don't have the first clue on what forms of Au to hold (bars, coins, mixture?), nor where to buy. I have seen several posts regarding all of this, and failed to save any of it. Would anyone mind posting some links for me? Much appreciated.
http://www.tulving.com
Thanks for the reply. I think I read that tulving and one other company were standouts for purchases. One was better for larger orders. If memory serves me, tulving was that company???
Correct, he has a high minimum.
much appreciated.
Not being a "larger order" kind of guy, I've not dealt with Tulving but have heard nothing but good things about his company. I've had dealings with APMEX and have been very satisfied.
thank you.
Second that VI.
If you live in or near a city, call a coin store (maybe the biggest or oldest in town). Almost all of them will sell 1 oz gold bullion coins to small buyers. I like US Gold Eagles (1 oz of gold with some copper and silver for durability).
There are many online sites to buy gold as well, although I only bought online once (your friendly coin shop may allow you to buy anonymously), for me a plus.
thanks again.
Go with cash friend. Let events unfold from there.
Thanks, you MsCreant, you.
For myself, it's cash conversion to PM's (silver and gold) in coin.
Something to consider, online transactions can be tracked through Visa, Discover (Citi...LOL) should the need or desire arise. If that doesn't concern you, APMEX or Bullion Direct are just as good as any. For myself, it's a private two party transaction that any third party doesn't need to be privy to.
Always factor in shipping charges to the natural premium of minting you pay.
Regards.
Apmex.com. Suggest American eagles and/or Kruggerands.
Since when is gold manipulated? The gold coins I own are still the gold coins I own. Nothing about them has been manipulated. They look and feel the same as the day I bought them. On the other hand, the paper FRN's in your wallet are mass produced whereby the value of such are dropping fast.
Why has the DXY went from 74 to 82 (and as high as 89) since the price of gold was last 1220?
It seems that the price of the dollar has increased.
Relative to other worthless pieces of shit paper? Regardless of the price of gold in terms of USD, the DXY, the S&P, or bananas, physical gold is an asset that cannot be manipulated if your goal is to use it as a store of wealth.
If you are in and out of paper gold for trading purposes, that's a completely different story.
Because eventually, all attempts at market manipulation end in tears for the manipulator. Especially attempts to manipulate the gold market. For the most recent example of this failure, google "London Gold Pool" and see what you find.
THAT'S why you buy gold.
Apples and oranges, Dr. Bravo. Housing and gold are not correlative.
One has to live someplace and if housing is currently in a bubble, well, you gotta pay more. Equating housing and gold is not just a weak argument, it is not an argument at all.
The big banks allocate capital (printed money) to move the price. The more they try to move the price, the better the end result will be for the gold investor.
"Okay, but why buy an asset that is manipulated against your position?"
When manipulation occurs there must be value. If the price of a sweater is manipulated down because the store needs fiat, does the buyer or the seller feel worse?
"Isn't that like, financial suicide?"
No. Financial suicide or better put russian roulette, is trading labor for fiat or fiat for other pieces of paper that can be made worthless by, well, a government order (a fiat decree) or a "fat finger" or pick your poisoned variation of a fiats death...LOL.
Most goldies have begun to buy as we approach the 200ma. on any chart you wish to pull up.
"And wouldn't the manipulation seem likely to make the trend change?"
Yes. But in who's favor ;-)
My interest is in buying physical and holding. I don't care about the price in colored paper denomination tomorrow. We already know colored paper depreciates rapidly. How much colored paper does it take to buy a 1963 US Quarter? It's 25 cents, isn't it?...LOL.
You will have to come to grips with the fact that the fiat dollar buying physical, in all likelihood, will never enter the stock market. At least at it's present dollar value, which means even if it did it will buy less.
Finally, why do CB's and the IMF hold gold? Why not just colored paper? It's an easy question Johnny, surely your smart enough to figure it out.
@ Johnny Bravo #491876
I have no idea if gold is manipulated or not. Could be though.
You and everyone else here already know I hold gold for preservation, not speculation.
History is your friend! Read up!
"evil Nadler conspiracy". <-- well chosen words when I needed a laugh, thx.
its just a matter of time before they lose control.
Jim Sinclair is right on and has a lot of balls.
Unfortunately, analysis and fair value don't matter in these markets where the ultimate end buyer is the FED. Gold is going to $1080 by 130ET today.
Puke now pussies!
Gold's price does not matter if you keep buying physical on a periodic basis and as long as you don't rely on it to pay your bills. It's a store of wealth and when fiat money inflation or hyperinflation hits and/or paper money trust breaks down, "you will be a man my son." To paraphrase Kipling.
The physical metal trumps the paper game every time.
+ $1165 Oracle! I buy gold as money comes in. The price does not matter.
Bien dicho amiguita!
Whatever the opposite of junk is.
good post.
I'm sure it's been said many times before here, but I really do wonder at the supposed gold bugs who fret relentlessly over the price of gold in dollars.
I thought the idea was that dollars were going to be worthless?
Shouldn't you be ecstatic the longer the price stays down so you can buy more?
Who cares if the price goes to $50,000, that would mean a chocolate bar would cost about $500, so you are no better off, just have not been wiped out, which is a good result.
(Personally, I'm one of those gold buyers who looks to flip it like AAPL, and I'll be waiting a while yet before I jump in the game again.)
Who cares if the price goes to $50,000, that would mean a chocolate bar would cost about $500, so you are no better off, just have not been wiped out, which is a good result.
Nonsense argument. Chocolate bars are not up 500% since 2000 are they? But Gold is.
It is precisely this argument that proves that a 500% jump in the price is overdone.
Hey, Mr. Technical Analysis, have a gander at this and salivate over the charts:
http://goldstocktrades.com/blog/2010/07/27/gold-at-long-term-trend-suppo...
Don't slobber all over your keyboard too much since a little more sticky crap in there will hamper your typing.
"GHSers will simply never become filthy rich."
Well, looks like somebody missed the point entirely (or deliberately for his post).
Gold is insurance, not an investment.
And if you listen closely, that's what Jim Sinclair is saying as well.
The bullion is insurance, the miners are an "investment."
If getting rich were the object then you have an argument.
That is not the object, and if I have to explain it, it won't register.
Previous ET Gold Gems:
1220 on options expiration: book that [Actually 1157]
http://www.zerohedge.com/article/morning-gold-fix-july-21-2010
So puke all you want ye of little faith, we’ll be there buying all the way down to zero!!
[So far gold down from 1265 to 1155]
http://www.zerohedge.com/article/morning-gold-fix-june-22-2010
Previous ET Gold Gems:
1220 on options expiration: book that [Actually 1157]
http://www.zerohedge.com/article/morning-gold-fix-july-21-2010
So puke all you want ye of little faith, we’ll be there buying all the way down to zero!!
[So far gold down from 1265 to 1155]
http://www.zerohedge.com/article/morning-gold-fix-june-22-2010
Please change the title of these posts to Morning Paper Fix
Kick in the teeth, indeed. It does seem that the recent takedown coincided with the 380 ton BIS swap. Perhaps this summer will present excellent buying opportunities for us long-term physical buy-and-hold types? One even might say, a GOLDEN opportunity. Ha! Get it!? I'm so funny.
Gold has corrections, big ones, the banksters make sure of it.... I hope they smack it down to $700. Now that they have a firm handle on each and every crisis around the world there is no reason to take the risk of owning gold.
http://www.theschoolforgods.com/files/pinocchio1.gif
Simply more shaking out the weaker hands who hold physical gold/silver. Always buy and hold physical of course.
MarketTruth is completely correct.
No gold is leaving my hands, unless my daughter gets it...
Well, I might just trade a little for more ammo. Isn't that what it's for?
Especially since I'll be using dollars to get the kindling going.
This week several dollar-denominated assets have pancaked at different times. Gold, oil, and now the australian dollar have gone splat.
Are these assets suddenly undervalued/victims of price suppression? Nah. The US Dollar is what's being suppressed. But the suppressors are losing control one asset at a time, despite trying to flood the market with more dollars. So far, they're keeping the stock market and treasuries up, but who knows for how long?
For dollar haters out there, is there anything that you want to own that's denominated in dollars? What? Treasuries? Stocks? Bonds? Commodities? Real Estate? Whatever you prefer, I bet the list is shrinking. All that will be left, eventually, is dollars.
By time the majority realizes that dollars are the only thing not going down, it'll be too late to be in cash - you won't be able to find any.
uhhh....................., what?
More concisely: The dollar is the most shorted asset in the world. Naked short-selling of the dollar has been the primary basis/driver for economic activity in the past, oh, couple decades. Now everybody's getting/ordering margin calls on the dollar shorts.
What could possibly happen next? If you think the dollar will lose value against other assets (of which we've produced unparalleled numbers over the past couple decades) good luck with that. There are plenty of people willing to trade you their assets for your dollars.
FRNs are dollar-denominated instruments with a negative interest rate. Treasuries are dollar-denominated instruments with a positive interest rate. Why do you think a US default on Treasuries would cause the FRN to appreciate in dollar-denominated terms?
Its too early to look at the weekly chart, since the candle isn't fully formed, though I speculate that the correction in the works now for six weeks is almost identical to a previous correction terminated in Jul 2009, preceding a rally into November. Seasonal lows and all. By sheer coinkydink, the discount rate is projecting another low for November.
http://stockcharts.com/h-sc/ui?s=$GOLD&p=W&b=5&g=0&id=p22191914136&a=156853006&listNum=2
Just remember the rule of thumb: Central banks provide the capitulation move in the gold price.
Not really sure that the commercial banks in the U.S. really want to see sharp sell offs in advance of their trading day, since lease rates for bullion are all turning positive.
I would be watching for negative repo rates in the news in coming weeks:
http://www.ny.frb.org/research/current_issues/ci10-5/ci10-5.html
"It’s looking like a very pro-risk dynamic could be developing"
But isn't gold the risk asset par excellence? It being a dead asset that you can't eat, just another commodity...
Buying physical gold is essentially shorting the entire world financial system. In that sense, it is somewhat of a hedge for all other assets combined, if used properly. However, overweight gold portfolio is essentially a naked short of the human race. That is a pretty high-risk investment.
No it isn't. It is a bet against the successful perpetuation ad infinitum of a financial system that, at it's heart, is predicated on infinite and exponential growth, despite existing within the confines of a non-infinite planet with non-infinite resources.
That is a very low-risk investment over the long-term, but I take your point that there could be significant risk in terms of getting the timing right.
earth's resources may not be infinite, but as long as the sun still shining we'll be just fine.
I sure wouldn't bet on running out of anything in my lifetime or my grandkids, if I had any.
That's always been a very bad bet.
And as supplies get short of something, prices go up, alternatives are found. No big deal.
One day solar might even be economical, though I have my doubts : )
So then, you see no problem with the underlying premise of our monetary system, i.e. that the monetary base MUST expand at an exponential rate forever simply in order to allow the interest on existing debt to be repaid (Money=Debt in our wonderful system)?
Furthermore, you do not anticipate a situation where quadrillions of new dollars being created and added to the money supply every year (a situation which must come to pass because that is how our system is designed), causes the cost of anything, whose supply cannot also be increased exponentially to hyperinflate?
In short, if money supply increases exponentially to infinity then, to avoid hyperinflation, the quantity of goods and services which money is supposed to represent, in it's guise as a store of value, must also increase exponentially to infinity. I would be interested to hear your thoughts as to how you think this will be achieved.
Yours is a thoughtful position, but a review of history shows there are always ways out. To note but two examples in the last 100 years, the Weimar Republic's economic problems were resolved, and a powerhouse (albeit a batshit insane powerhouse) rose from the ashes. Zimbabwe didn't even require a regime change.
My reply was strictly about earth's resources being finite or not. I think for all intents and purposes (meaning for the next few thousand years) we have all the resources we need.
I wrote my econ thesis on bohm-bawerk so have been an austrian economics follower for decades, and I totally agree paper money is doomed.
But that doesn't mean the sun will stop shining or that commodities will be the best place to have money in the next few decades.
Wish I did know the right place to be invested, but while things sort themselves out I am trading, best trading market I have ever seen.
You didn't mention water and/or air though; the most important commodities next to sunshine. Without either it's all over too. And potable water is getting more scarce and there are more battles over rights to it between govts. and the people. Also...see the GOM. Water, air and food supply are all impacted by the oil spill and the GOM is not the only catastrophe just the most recent and largest. And the sunshine can be blocked by volcanoes, how quickly people forget, which can kill almost everything or at least reduce the food output enough for most to die...beyond the control of human kind. A lot of good solar does in the shadow of a global dust cloud. The world has forgotten what a mega blast is like but the chances of it happening are great...nearly certain at some point.
I think you are a lot smarter than you are being given credit for. You are, of course, correct. And that seems to be the message that dump-gold fanatics are missing. Nobody has advocated that we should sell all assets and put 100% into physical gold. Just hold as much as you feel comfortable with and lets you sleep easy. That will vary from 0% to 100%. I doubt there is anyone on this page that is at either extreme. I am at about 30% of assets in gold/silver with that ratio being 60/40. I feel great. There is very little chance, in my view, that the U. S. will end up like Viggo Mortensen in The Road. Gold would have done the dude no good! If I thought that I'd be stashing canned goods, etc.
Anyhow, I think you have some great thoughts that I'd like to see expanded upon. Thanks for your contributions.
This was my impression as well. Glad you stopped to say something.
Dips, buyers...LOL
Does anyone remember the Summer of 2008, right before TSHTF and the deleveraging rats started chewing on their own limbs? Why is it going to be any different this time?
Much ado about options expiry.
http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html
From your post:
"but there are other formations worth considering."
Yeah, like a rising wedge.
I like your website very much Jesse.
Never stop writing, never leave us.
+ I hope more than $1165
manipulation of info is part of the business plan , embrace the beast
I wonder what it has to go up to get to 2000 by June, as so many goldbugs suggested.
Wait, it's already past June?
Well how much does it have to rise to get to 54000 an ounce then? LOL
Putting a price target on gold shows a fundamental lack of understanding of gold. You are as guilty of this as anyone.
Indeed. Just to have its awesome shininess should be enough for anyone!
Agreed. Gold is:
1. shiny
2. pretty
3. I can hold it in my hand.
This spells multi-year bull market, probably with a target of 54000 an ounce.
Back up the truck, bitchez!
Oh, are we gonna get junked!
Junked? But I'm bullish, bitchez! Didn't you see how I predicted a 54000 an ounce price based on the fundamentals?
I wish your gold trolls were clever. :(
I wish my gold trolls were clever too.
Shall I destroy the goldbug, my Emperor?
No, that would take effort. You should just junk him. That proves a better argument than making valid points anyway.
Ok boss. See you back at JPM.
Del.
You're probably holding something pretty in your hand right now -- and desperately trying to shine it up.
He did originally post as Master Bates. Hmmm....
More badly needed laughs Rocky and MsCreant! Thank you!
But, Bravo helped me through today as well.
I'm a Machinest / Mold maker by trade to me it's just another fucking metal and a useless one at that. Maybe just maybe if you sold everyone a Plasma/LCD Tv and they all wanted the best Gold plated Monster Cables to connect thier Theater Surround Sound ThX blah blah blah system maybe then, maybe but no. You mention Gold on this site anywhere you get 200 plus comments, ya go ahead buy on the dips if it makes you feel better.But getting rich from doing that well now you know why were in this mess. Hey look everyone it's the "Something for Nothing" crowd. What was the expression I read here yesterday, better to be an Amish Carpenter than a trader. Something for nothing has killed this society.
You'll be sorry when gold is 54000 an ounce next week.
The United States will be Zimbabwe, and you'll be under your porch eating canned hamz while I get rich, biatch!
But . . . no other metal, when buried in the backyard, can give its owners so much psychic pleasure dreaming of future riches.
and if, when you dig it up, it has a piece of squirrel shit on it, you put out a video on Youtube claiming you've been sold a fake!
I agree...to me, gold is merely an alternative to a negative interest rate loan to an insolvent institution (bank account) or the debt obligations of bankrupt States, and a savings vehicle that is more anonymous and portable
Whoa! That's a little technical for a mere machinist. I used to be a carpenter and tile layer so that applies to me as well. All I know is that I'm not putting money in a bank that pays little interest -- or negative if you figger in the inflation. Nor will I hold dollars since the U. S. economy sucks. Even my State is destitute and there is no way out. I like gold because nobody knows I have it and I can escape the city with my assets in my pocket. Other than that I don't understand your comment.
</sly grin>
By and hold physical long term !
There are two little Micro Bits (of gold) in my old mans ass used to locate the Prostate cancer for radiation treatment. I'm hoping he'll will it to me.Judging by what everyone here thinks it'll be worth, he's sitting on a fucking gold mine.
What about the dollars in his ass though? Surely there has to be a few of those that got stuck from when he was using worthless dollars as toilet paper?
someone please explain me why brazilian spot gold is trading in the 1200-1300 range since 2 months ago (1290 as of now)
Because the U.S. market is manipulated by the evil Nadler conspiracy. Without the manipulation, my calculations are showing a gold target of 54000 an ounce by sometime in the next couple of weeks.
Obviously, this is why gold traded in reals is much higher. They know that the United States is becoming Weimar as we speak.
if you changed your name to Friend of a Friend of a Friend of a Friend of ANOTHER (FOAFOAFOA), the bulls will worship you as a god!
They already should. I know the values of gold. It's shiny AND pretty.
What will dollars be good for besides papercuts on the anus when we're all using them as toilet paper?
LOL. I said anus.
Johnny are you off your meds again?
No. I truly believe that 54000 is a viable target once Nadler stops manipulating the price and Zimbabwe and Weimar, etc, etc, etc.
Jonny, you idiot, I told you and robot during our last staff meeting not to bring up my name didn't I?
I'm sorry, boss. I spent the 8 million dollars a year I make bashing gold on a bunch of coke and hookers. I wasn't thinking clearly, so I'm sorry that I exposed our vast, anti-gold conspiracy.
Johnny Bravo, you are clearly a man of bold conviction. I encourage you to act on these convictions, and sell gold relentlessly at every opportunity, especially this one. In fact you should consider leveraging yourself up to do so.
Huzzah to you, sir!
Jon & Johnny.
We may disagree on gold.
But you guys really helped me smile on a day that is pretty rough for me.
Shine on you diamonds! Or would that be dissing you...
This has been one hell of a sock puppet show! I'll keep reading just to see what happens next...
Johnny's got a sock, but he's not making puppets with it.
Ah geez. Maybe today will turn out to be a good one for me!
Thanks AGAIN Rocky and MsCreant for the smiles.
Best to all here at ZH.
wow, a lot of gold bashers today while the bulls are pretty quiet. Good stuff, funny. What an amazing change in sentiment in just a few weeks.
Perhaps indicative of a bottom.
I get louder when the price goes down. Buy more and if you don't then you are a fool.
I hope & PRAY it goes back to $500.00, I will LOAD up like a rabid dog.........
There is NO way this system can stay afloat...............period.
The more it drops, the better the DC Averaging.
What paper, is worth anything?.
What happens when Iran get's bombed?,what happens when North Korea, finally loses it?......one of these two, will HIT the fan.
When we were the Largest Creditor nation, not the largest Debtor(and getting worse daily), the dollar was a sure bet............now it sucks.
The Reserve currency we have now will be TAKEN away from us...........bank it.
You do what you want, I'll hold some REAL money, and you invest and make 1-3% IF you can..............losing 6% to inflation@ 3%Interest..........w/ the great chance you lose 50% or more of your total dollar holding.
India's Gold purchases are up 491% ytd compared to last year, China is FULL bore accumulating,and dumping TRASHuries, and Bonds,Russia is doing the same, why are the stronger soverigns,resource rich, and FAR stronger economically than we are doing this?.
Because their stupid?.................I don't think so...........they have plans for US.
The way I see it, they will knock it down, get the SPECULATORS dumping, and the CB's will load up,Soverigns(that have the ability) ........and our buddies at GS/JPM.
Do I want to hold a LOT of PM's no, the way I see it, what other choices do you have.
I have been around a LONG time, I have lived thru times WHEN ONE incedent, removed the controls , and price manipulatons OUT of the hands of Governments/Markets.
This world we are in is a Friggin MINE field.The absolute worst I have seen EVER.
Do what you want.................make that choice. It's your life, and your fiat money.And your Government is a monster intent on taking you DOWN.
Hear, hear!
While today I have had to get my smiles from the gold-haters, I now see "our side" entering the fray.
Absolutely NOTHING wrong with having a good chunk of assets in gold.
Like you DosZap, I think long-term. Many problems: in every bush, around every corner.
To quote the great Hugh Hendry, only monkeys pick bottoms.
Well you can see the bandwagoners bailing on gold. No biggie, more in the market for me.
The cabal will continue to find ways to weed out the weaklings with relatively small moves in price. It is funny to watch the stock junkies bail on gold after a few months when it does not pathalogically move straight up. These are the same traders who lose money in the long run, even if they make modest gains, due to inflation of the dollars they trade with.
People jumping now don't believe in gold as money, but as a way to make a quick buck.
Gold bitches! (my first post, did I pass?)
I do love my physical 100g Valcambi and PAMP Fortuna shiny objects, as well as my Krugerrands, and days like these past few force me to add just a lil' bit (can't help myself), and despite the recent softness I sleep well at nights nevertheless...
But I need to look into this systematic manipulation by the monkeys at Jamie Morgan etc a bit more before I buy it. You guys ever worked on the sell side? Hard to imagine it wouldn't be out everywhere and even the back-office guys working on Mr. Head of Futures Trading's PnL wouldn't be blogging about it.
Figure out who the 5 top JPM futures guys are, surely there is a way to get to the bottom of the manipulation issue and fast, instead of jerking around the matter for decades.
So I'll ask again:
Why would you, or anybody else, buy an asset that has "proven" manipulation to the downside?
It's a straightforward question.
Because all empires eventually fail. I have a store of wealth to hand down to my family.
Johnny,
It's simple..................there will come a time, as I described above, when THEY can no longer manipulate it.
That's the reason to HOLD it.
Insurance...........
"First they ignore you, then they manipulate, then Johnny Bravo does stand-up, then you wince. by Mahatma Gandhi
I own dubloons but JB IS funny.
Agree though that TPTB are a wounded beast. They've broken the country (world?) this time and...a change gon' come
Thanks homey. I do what I can...
Jonny, I told you to stop it with that worn out argument, even the gold bugs are not that stupid
I guess that's open to interpretation...
Ask PT Barnum...
A+, so yeah you passed just fine.
A fine first post nontaxpayer, you also chose a great name.
Bienvenido!
nontaxpayer, welcome.
It would seem there is less and less transparency all the time. The options expiration thing does seem to be a pretty consistent dip time. Keep us posted on your exploits into this.
Welcome to the madhouse. You chose an auspicious comment section to make your debut. You are getting to see Johnny, the house clown, perform exceptionally well today.
No worries. The yellow METAL is not 'battered", but the PAPER metal sure is...
"HEY,CUT OUT THE QUARRELLING UP THERE YA FREAKS"
Here,I got a classic Twilight Zone Episode(20min) fo'ya.
Season 2, Episode 24: The Rip Van Winkle CaperOriginal Air Date—21 April 1961
After successfully stealing a gold shipment, a group of criminals and their scientist accomplice put themselves in suspended animation in a remote desert cave. When they awaken decades later, complications ensue when their truck is destroyed.
Part 1
http://www.youtube.com/watch?v=DccS7qWi2e0
Part 2
http://www.youtube.com/watch?v=xFeGr5cA7d8&feature=related
Part 3
http://www.youtube.com/watch?v=YrEgOOuCuK0&feature=related
........how do ya like that!