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There Goes Gold
There probably is a reason for the sudden move higher in gold, but we don't know or care. At this point the end of Ponzism is a given. Just a matter of time. Next stop for gold $2,000, then various multiples of $1,000 after. But first, the all time nominal high of $1,577 from May 2.
And Longer-Term:
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Do more research. It really doesn't work that way.
Not one comment about selling gold here. Doesn't that scare you guys?
Ummm... No... next question...
FOMC minutes: "Gold, Bitches!"
And here comes silver by a length in the turn...!!!!!
if it only cost $5 bucks to dig it out of the ground why is it $1,565? o wait thats silver!
Quick, sell! it's a double top!
(yes, I'm being sarcastic)
Long, long way to go before I even think of selling my gold, silver. Lets see from 500 to 1,500 and no one is selling. Thank you Bernank. What a fool.
the reason for gold rising is always the same: anticipation of the next bailout... there might be some "disappointment" on that front coming soon...
No: loss of credibility for the currency is the reason. And it can't be stopped: do the math . . . former investors in UST paper have.
exactly..
-credibility = +velocity = +inflation = -purchasing power = +$gold
Yeah you are probably right. Last time gold made a weekly move like this, it got hammered down by 50+ dollars in two days and then settled out at around $1,485. I don't expect the manipulators to do much different this time.
I am long physical but am going to buy a small amount of GLD puts before the close. I hate buying puts on gold but with the retracements it is a small amount of insurance which can pay the utilities in the meantime. I have never sold physical but have sold GLD calls which made me money.
Goldal warming. Shit's hot, yo.
Gold continuing its $28/month average upmove for the last 30 months gives nice targets: Xmas 2011: $1703, Summer solstice 2012: $1871, Xmas 2012: $2039 per ounce.
But bond vigilantes everywhere and banking agencies worldwide running out of both fiat power and credibility may bring on these higher au prices much sooner.
Does this have anything to do with the harsh downward move of nearly EVERY market in the world except the US markets?
Does the fact that DOW futures are in backwardation with the market have anything to do with it?
Does anyone find it fishy that the Fed Reserve Industrials Average, the NASFED, and the S&PPT 500 are shooting up again after lunch? On bad trade data and a Euro mess?
I need a stiff drink. Think I'll go buy a dozen eagles.
you're not suggesting that some unseen invisible hand buys the futures before open are you or intervenes on the dips? that would be conspiratorial and we know that covert price rigging doesn't happen, ever, right? Well perhaps in currency markets there's intervention, bond markets too. Maybe oil. But never, ever stocks or precious metals. They're different. Yes, sarcasm.
Can't happen -- it's illegal.
We have checks and balances to prevent that. I was told to believe that in public miseducation.
Except the private Federal Reserve Global Banking Cartel. It gets an exception.
See, it's official mandate is to serve the people, and by golly, that's good enough for me!
I watched todays gold trades....It was strange to me with all the news out there..Italy...Greece..the US debt meetings...gold should have taken off much earlier...Something stinks to me....but keep the hard stuff....I think the paper is seperating from the real stuff....
Yeah I keep a few cases of Vodka just in case.
Dollar and other fiat currencies are being crushed.
Right on T.D.!
Tuco
It is either going to be either really good, or really bad. But it looks sure that soon, we will find out what a collapse of the worldwide monetary system looks like.
changed my avatar
from the north side of K2
to
the north side
of gold mountain
stop at the top ...
In other yellow commodities news, corn making a healthy return.
good eye...good eye...dare I trade the ZC?
"Corn"; the other yellow commodity. that is funny.
Nice spike late in the day. Hmmmm? FOMC/QE3 leak?
Paper and hard stuff, right across the spectrum, are separating. The scarey part is its going to get much worse before it gets better.
Spot gold has tacked on $10 more, $1571.80 at 2:30 eastern. $1600 tomorrow?
Have a golden day !
Markets behaved almost logically today in the wake of the QE3 test balloon - equities level, currencies down, commodities spiking. Hmmm...
Please sir, can I have some...more.
Can we expect new moronic "WTI & brent spread" saga applied to gold orchestrated by banksters or free physical gold trade is already fully controlled and suspended?
Don't like the correlation between stocks and commodities. Move in gold correlated right with the move in equities.
Agreed Johnny L. I feel the same way. There may not be a big move anywhere in PMs, commods or equities for a while. But if you are not in a hurry...they can't print PMs so it looks most promising in the long run.
I agree, I'm definitely a long-term gold bull. But we saw what happened in 2008 to gold when the equity market sold off. It dropped 25%. Oil went from $140/barrel to $35/barrel in about 5 months. If you believe an equity market collapse is coming, then commodities have to go down with it...unless you believe they will suddenly decouple.
There was near universal faith in the USD in 2008. This time IS different. Yes, gold will decouple.
The dollar as measured by DXY was actually lower in 2008 than it is now.
Source: Check out the 3yr chart on this -- http://www.marketwatch.com/investing/index/dxy
1571.69 I'm struggling to remember the last move up that went quite like this.
Fuck the NWO, fuck the idiots who trade in paper money!
GO GOLD!! GO!!!!
Hockey stick, bitchez!
http://www.guardian.co.uk/world/2011/jul/11/libya-paris-muammar-gaddafi
http://www.independent.co.uk/news/world/africa/rebel-chief-clears-way-fo...
http://www.telegraph.co.uk/news/worldnews/africaandindianocean/libya/863...
That 144 tons of gold you were looking for? Turns out someone is a fan of Mr C. Heston, and has been reading his biography of Rommel at bedtime. I suspect someone is hoping a new central bank to get involved with a nice retirement settlement for the big G. It would somewhat save the fiasco that has been NATO's first adventure since the Balkans.
Couldn't be sure though.
This clever guy has calculated the monetary base in terms of gold:
http://www.cqcabusinessresearch.com/2011/07/05/marc-faber-is-right-about...
Using this measure, gold's right about where it was in the early 70's.
Which means goldbugs are screwed....as soon as US mortgage interest rates go over 15%.
I'm OK with that. By the time mortgage rates hit 7%, the Fed budget will implode on itself, the US will default and gold will be standing as real money.
BTW, the "real" gold price ain't the one showin' up on the Crimex ticker.
Fed minutes / QE3 possible... also, metals being shorted to help facilitate the first non-QE2 bond auction, which came off fairly well (shorts off... PM beach ball breaks through the surface... before the Fed minutes were released).
Dam, I missed the auction schedule and bought silver early yesterday... should have waited 'till this morning... my bad!
Eric Sprott recently said that his clients are buying three times as much gold as silver since the big takedown of silver, that before silver sales predominated, that he continues to expect that silver will appreciate significant more than gold. That big takedown obviously caused some trauma in silver buyers, especially the ones who entered recently. Im thinking of selling some gold for silver... see no reason to believe that gold will outperform silver.
I thnk you win with both but for me , gold has far less risk.
Gold is money. Silver is an industrial commodity that used to be money, but due to its recent scarcity, thanks to its many new found uses, is no longer suitable as such. Read FOFOA's treatise on the subject.
Yes, i have read fofoa and respect him but am not convinced about his views on silver. Fofoa is almost too persuasive in a way... could convince you black is maybe white. And he could simply be wrong, of course. I respect Eric Sprott, too, and he is hands on, in the game itself and seems to walk his talk. And silver is money too.
The word for silver also means money in a number of languages and silver has been money in the West, Mexico, China and elsewhere. I do worry about its industrial use dropping. On the other hand, its a relativelys small market and investment demand might offset a drop in industrial demand. Frankly, who really knows, but until I see a longer term reversal of gold outperforming silver, I favor having more silver than gold at this time.
Gold is mostly used for ornamentation and as a currency. It wouldn't destroy whole industries if it even went to $60k and ounce.
When the collapse comes and the central banks have as much gold as they were able to amass, they will drive the price of that gold as far as they need to deleverage.
Silver, on the other hand, has too many industrial uses to allow it to appreciate too high.
In other words, TPTB will be in a position where high price gold is their desire. They are amassing gold, not silver. Silver is also a precious metal, and will rise (a lot) but not artificially high as will be the case with gold.
So you're saying it is too valuable to have a high price?
These are basic laws of economics. You can't overcome them, no matter how powerful you claim to be. If they don't have the physical silver to flood the market, then the price of physical silver will continue to rise, or explode as the case may be.
Paper or physical?
Why wouldn't gold take off? The replacement power of monetary metals when defined in FRN's can only be greater with time and fiscal insanity. I agree with Tyler 100% and if you all want to ride the New Klondike 2011 wave, you can climb aboard the Kaminak Express.
http://stockcharts.com/h-sc/ui?s=kam.v
If gold ever becomes significant, trafficking in it will be outlawed. That will eliminate all quoted prices and any possible buyer or seller who contacts you may turn out to be a narc.
Value: zero.
The item actually important to people (civilization) that has just spiked, is, of course, oil.
"trafficking" ? What the hell are you talking about? Gold has been significant for 5,000 years. Would be very surprised if it doesn't end up forming the basis of a new reserve currency. Fiat currency "traffics" . . . in lies.
Value of and item can go up under prohibition.
Entire nations of financially manipulated and victimized citizens have been, are, and will be using black markets to continue the business of life, despite the meaningless empty threats of corrupt, bankrupt government regimes.
Almost NOBODY today has gold. The last time they outlawed it, EVERYBODY had gold. Don't you see the difference? They had to outlaw it to get their hands on those coins and melt them because that idiot FDR depreciated the dollar.
Debasing the currency is a lot easier when it is just paper. The central banks are doing quite nicely amassing gold. They don't need your paltry sums to business, and purely from a personal perspective, I'm sure the Boyzzz want to sell their gold too when this is all over.
Yeah, prohibition... just like Food, Pot and Liquor = Value: Zero.
Comment from a previous post:
Sure, I have my silver stash and plan to get some more. But a few things are bothering me wondering if there's not a setup here.
1) We all know the PM market is manipulated to no end, why couldn't the TPTB move their PMs around so it appears there's an immediate shortage just to sucker in some more small players - like me.
2) Wasn't one of the causes for the Great Depression the fact that the world's currencies were pegged to gold and they couldn't deflate their currencies which pushed them into the deflationary spiral - similar to Greece now? If so and if there are real plans to go back to a gold backed monetary system, what's to keep this from happening again? Sure, centeral banks are buying gold by the truck load, but is this just a short term hedge?
I hate being just another sucker, thoughts?
Sounds like you are more concerned with your image than your future.
Study the history of money and read a little FOFOA.
Confidence will return with knowledge.
Don't think of your wealth in terms of dollars...think of it in terms of Ag and Au ounces
You echo my concerns with getting married to precious metals (PM). When things got ugly for the USD in Great Depression I, those who moved USD to British Pounds and Swiss Francs cleaned up, while those who harbored in gold got to "sell" their holdings to Uncle Sam at gunpoint (while the Supreme Court looked the other way on a technicality). Uncle Sam promptly took all those $20 gold pieces, purchased by him for $35 and used them to prop up USD from Ft. Knox for decades to come. Hint: those gold pieces were worth a lot more than $35 when all those American citizens were made the offer they couldn't refuse. My point is, gold belongs in your portfolio, but it shouldn't be the whole thing. Even if fiat money tanks, you have to be diversified. I recommend planting your Victory Garden now. Do you know how to hunt deer and rabbits?
If you miss the gold train, there's still time to catch the silver train.
"ALL ABOARD"
fun, fun, fun 'til your daddy took the T-bird away . . .
There's no way I would touch gold. We will see $1,300 before $1,700.
I remember when the predictions were $500 before $700.
If you could dream up a scenario where the USD isn't totally destroyed, I could entertain that belief, but inasmuch as there has never been a currency that has done this and survived, I can't agree. It may drop before the march continues, but gold only has one final destination, the moon.
.
Buy prime multi-family buildings/units instead. Sure, you are overpaying to hell but att least you get a yield and some tax shelter. I'm talking good stuff- San Fran, Manhattan/Brooklyn, West Side LA, DC inside the Beltline.
I like your thinking.
You're cracking me up. This is not what's called "thinking"; it's precisely, "not thinking"; Thinking would consist of things like rent control; a government who decided to punish the landlord class with taxation, property taxes, lack of qualified renters, etc. etc.
tax shelter...for now.
...normalcy bias infection alert.
PMs are still cheap. There is no limit to the Black Swan of all Black Swans. The pulic is not even aware of any of this, yet. Better muster some cash too for the bank runs.
Exactly ... and half of the 1.6 trillion in money funds are in European banks. Fancy that ... and that money market fund managers were given the power to stop withdrawals over a year ago.
Ah, I see you're in possession of some "inconvenient truths"; very good. for metals speculators.
Better muster some cash too for the bank runs.
Cash - check
PMs - check
Ammo - check
Fuel - check
Food, water & meds - check
Sweeet. I just rid the world of 50 1 oz .9999 silver Maples last night. May some future great granschildren have the lode I have built, mostly in gold, since 2005.
I want the end of three things before I pass: Zionism, Colonialism, The Fed.
Well, don't .333 is a good batting average in the Majors.
+1 well played
Corporatism as well (aka facism by musolini)?
Rent controls are factored into the cost. You still get a yield. Tax the income? Still a yield. Qualified renters? All those downsizing middle classers from the 'burbs who were paying $5000 mortgages on their mansions should be able to handle $2000 in rent don't you think?
Still a yield.
Golds a barbaric relic
Gold is a bubble
Gold doesn't pay dividends
There aren't any uses for gold beside jewerly
You can't eat gold!
I wonder what the next disinformaiton solgan will be. Any guesses?
Eating Gold gives you constipation?
Gold to the moon.....Thanks Ben,
It takes a bald headed bankster to get a dirty job done !
Gold makes me smile.
Gold $1573,50 High Today Only $4 Removed from Gold’s All Time High at $1577,40 on May 2, 2011 http://charts.kitco.com/KitcoCharts/
Why? Who Cares. Maybe the Chinese developed some new appetite for gold . Just maybe? ;) And the Negative Real Interest Rates of course.
Excerpt from Whistleblower Andrew Maguire Interview by Eric King on King World News July 11, 2011:
Last week London Whistleblower Andrew Maguire told King World News that the launch of the new gold and silver exchange in China will destroy the remaining gold and silver shorts. Maguire stated, “The launch of this new gold and silver exchange has flown under the radar, but certainly has my attention. I firmly believe we are marking a pivotal point that will in very short order affect current precious metals price discovery dynamics. We now have an additional factor to be vended into the supply demand equation. This factor will ultimately destroy the remaining short positions in both gold and silver.” http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/7/11_Whistleblower_Andrew_Maguire_Audio_Interview_Now_Released!.html
GOLD!
Yessssss!!!! Gold Always believe in …. Gold, Your indestructible, GOLD!!!
Go for Gold – Party 2.0!
Bring The Gold
The Ecstasy Of Gold
Buy Gold!
Ancient GOLD
just ordered another case
of dehydrated gold nuggets...
The Emperor has NO Economy!