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Gold Retraces Half Of Record Plunge
With its biggest 8-day rally in 20 months, Gold having jumped another 1% this evening has just breached $1445 and retraced half of the record plunge from April 12th. It would appear that the record physical demand that we are seeing in every corner of the globe is indeed leaking back into the actual price of gold.
Spot Gold has retraced half of its record plunge losses...
with the best 8-day performance since early September 2011...
Charts: Bloomberg
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Tell me about a good store of value that is better than gold regarding those moral issues you raise.
-1 sounds like zeitgeist Peter Joseph Merola robo-communist nonsense to me from Venus Project.
It's "disingenuousness". I had to look it up.
Yes, I can: Just think of the board of Sacksman Gold.
I can - investment and central bankers, you droll mouthbreathing cunt
"vulnerable to the slightest criticism."
Gee, let's contrast the presentation of evidence which I put forward with the visceral reactions you all put forward shall we?
You are nothing but a malicious and retarded agent of diversion and disruption, and I have requested that the moderator here look into your posting history as proof of trolling, and as reason for your justified and probably eventual banning.
TROLL though he is, he’s still following rule #8 – if it’s your first time at fight club YOU HAVE TO FIGHT.
You did this
http://www.greenerideal.com/wp-content/uploads/2012/09/canadian-oil-sand...
You're a hypocrite.
:)
LOL!
Now I understand why we have to dig down into the hot bowels of the earth to find gold!
2. Nothing would please you more than a little bit of the ole hyper inflation which would also be the greatest tragedy modern society ever suffered under
In case you hadn't noticed, one of the side effects of central bank counterfeiting is exactly that. Because some people see it and wish to protect themselves from it you call them names and say they are immoral instead of the ones creating inflation?
let me ask you one question...it should lay to rest this entire debate
suppose you walk into your favorite clothing store to purchase a shirt
you find one you really like and it's cheap
you are told that it is made in a sweat shop by children and that the factory dumps all its toxic waste into a river which has destroyed the character of the local community.
would you still buy the shirt?
Of course you would prefer to run around naked if you couldn't afford a "fair traded" shirt, right? Fuck you, and the lowly pony you rode in on!
if you can afford gold coins I'm sure you can afford a fair trade shirt..don't you think?
What would become of the children who work in the sweatshop, if I did? Do you really think they would be better off in any regard? Or should they just starve to death already, because nobody wants to buy their merchandise? That doesn't seem very much of an advancement to me. So don't change horses in midstream: What shall become of them? Pray tell!
i realize that you are not very bright so i'll explain that to you so that even you can understand it...
What would happen to all the slaves if they were just cut loose from the plantations in the 1800's?
What happened to all the children who worked in american sweat shops in the early 1900's?
I would love to make you a slave, working in a mint making gold coins.
Now that would be justice.
You obviously are a very cruel person with little moral fibre
Actually, I find you to be the evil presence here.
Not as obviously as you are presumptuous ....
come on, akak, your stabbing your own foot there, he's just making a moral argument, you old pirate... -1
No, he's making an idiotic, disingenuous and illogical argument, as he has from the beginning of his perverted and rabid anti-gold crusade here.
I love differing and contrasting opinions, but I will NOT tolerate malicious and dishonest trolling.
Excuse me, but where did he make any earnest argument? His morals can be shown to be flawed - so what's his argument?
All I have seen is long copy and past jobs executed with suspicious speed that mimic the writing on a tin of SPAM, married to brief responses (that at least represent an "original" regurgitation of the SPAM content). It's not even an engagement in argument, much less a debate.
"What would happen to all the slaves if they were just cut loose from the plantations in the 1800's?"
Some would become Frederic Douglass' & some would go west & some would sharecrop & some would turn to crime about like anyone else. You do realize there are sharecroppers to this day right?...both black & white.
"What happened to all the children who worked in american sweat shops in the early 1900's?"
They got indoctrinated within the government school system to become good little marxists? ;-)
sharecroppers to this day right?...both black & white...and brown.
ever wonder why Trader Joes is selling all that wholesome food for so cheap?
the modern world is one giant moral oxymoron. and the so-called "greenies" are on the frontlines of it with blinders on.
.
without getting into the merits of the argument: do products and services made by the labour of millions of US prisoners count as "fair trade" or are they to be seen as a form of slavery?
Do the prisoners do it voluntarily or are they compelled to do it?
does the answer really change the proposition? but ok, let's say in Prison A they are compelled and in Prison B they do it voluntarily
mind you, imho most people - including children in really poor countries - have to work to get what they (and their families) feel they need, from indispensable food and shelter to dispensable cigarettes and sweets
forced labor is slavery
Prison B get's the "free & fair trade" label, then? even if the whole Prison Industrial Compex is a huge profit machine mired on growth?
The prison industrial profit complex would be a whole different issue. you asked for a definition of slavery and i gave one. i did not comment on the prison system nor am i qualified to at this time
imo my question was a different one. I urge you to have a look at the PIC and ask yourself some moral questions. JC was adamant on starting near you (actually starting with your very eye) and progressing further, in case you morals are based on Christianity
No, it’s the same issue. You aren’t qualified to talk of any of these issues but that isn’t stopping you apparently. I thought you were “speechless” from your other comments, no?
Like conscription?
don't start with that. conscription, if done properly, i.e. starting with the elites, does help to have less wars, imho
I know, this is statist and just shows where I come from. and yet it is reality the way I see it in my studies of history. 'nuff said
All taxation is forced labour. If people could legally pay no tax then it wouldn’t be, or additionally legally choose HOW MUCH tax they can afford and pay no more and again, never be forced.
Yes, prisoners are always asked with the utmost respect and deference regarding the multitudinous options and choices open to them in prison.
like... will you be my Valentine? but that's co-prisoners, and I hear many Americans being proud of this part - not that an old-fashioned european like me can really understand or imho even judge
"will you be my valentine" is not a question - it's a hypnotic suggestion.
You are simply once again positing a ridiculous red herring argument.
Gold mining is no more environmentally destructive than ANY other form of mining, and significantly less destructive than some (have you seen photos of the hundreds of square miles of Chinese territory that have been rendered toxic and that are for all practical purposes permanently ruined by the mining for rare earth minerals?).
Who are YOU to decide, for all of humanity, what is and is not "essential" resource utilization? That to me smacks of a hubris so extreme as to be pathological.
If you really wanted to reduce the egregious waste inherent in our society today, you would be fighting tooth and nail for honest sound money and an end to the corrupt and woefully immoral fiat monetary system, and the corrupt and perverted financial system backed by it, with their inevitable and monumental economy-wide resource destruction and wasteful malinvestments caused by the manipulation of interest rates and artificially fluctuating levels of credit and debt.
That is absolutely false. Gold mining is the worst of all mining practices and I've demonstrated that over and over with one article after the other.
i do fight against the system but that is not the topic of this post is it?
There are two possibilities here:
1) You do not have the slightest clue what the fuck you are talking about (which you have abundantly demonstrated),
2) You DO know what you are talking about, but choose to propagate lies and half-truths in your rabid if futile and insane campaign against one particular metallic element.
So which is it?
no, there are not only 2 possibilities and you do not decide what the possiblities are.
If you call me a liar then you would be well served to point out any specific lie i've told and offer evidence why it is a lie
i don't think you can or would
You wrote: "Morals fall under that category in so far as it is universally accepted that child rape is immoral..etc"
I call that a lie, and it doesn't get any more true through repetition.
All three of you should take the day off, you've become boring and cliche already.
You obviously do not know the first thing about gold mining, for one thing. It is in no way uniquely environmentally destructive, and in fact overall is far from the worst kind of mining in regards to its overall environmental impacts. Go examine some of the old lead-mining districts in Russia, for example, or the area around Sudbury Ontario, or the 2500 year-old mercury mining region of Almaden, Spain if you REALLY want to see environmental damage from mining.
Why aren't you railing about the Chinese rare earth mining industry, which has toxified and destroyed hundreds of square miles of Chinese territory? What about nuclear power, whose wastes still have no long-term storage sites or even plans, despite remaining dangerously radioactive for tens of thousands of years? What about diamond mining, as frivolous a pursuit as one can imagine?
Your 'arguments" are childish, shallow and specious.
Now go kill yourself, troll, and make Gaia smile.
Absolutely not: oil drilling and aluminum mining (and smelting) are the worst, absolute worst. Gold mining is less harmful than copper mining since so little of it is needed & any rocks dug up that have no gold will not see the chemistry for refining / purifying, like mercury or cyanide. They stay as they were, just moved around.
Yes I would.
If I no one buys the shirts the people working in the sweatshop will be out of a job, won't they?
Exactly. (See my comment above.)
oh, i see. so you buy drugs from drug cartels too because if you didn't they would be on welfare?
what happened to all the american children who worked in american sweat shops when we enacted labor laws? did they all starve?
You too are not very bright and should refrain from arguing with me to save yourself the shame
"so you buy drugs from drug cartels too because if you didn't they would be on welfare?"
Pretty sure the manufacture of clothing is not illegal.
"what happened to all the american children who worked in american sweat shops when we enacted labor laws? did they all starve?"
Answered that above.
"You too are not very bright and should refrain from arguing with me to save yourself the shame"
Try not to be such a self centered twit so enamored with applying half baked socio-economic theory eye liner that you run over someones kid in your Volvo.
LOL!
+3, at least!
You should refrain from trying to argue with me without bringing any argument. (Throwing a tantrum does NOT count.)
Fiat dollars are that shirt – gold is the one which has minimal harm associated. There are no shirts with zero harm so if you want zero harm you don’t get a shirt ever. Those fiat dollars have power from oil wars & mass murder. Gold does not.
Always shoot the messenger and fire the postboy! ;-)
Peak stupidity
Peak disingenuousness
(If you insist on seeing a proper answer to your points, I've already covered them: http://www.zerohedge.com/search/user_comments?name=Long_Xau)
I would say that the "actual" price of gold is the physical price. But the market hasn't worked this out yet. The paper controlled price is the shadow price. It should really be the Discount that paper gold trades to physical, not the premium that physical trades at relative to the "gold price".
Buy beryllium!
The only thing I can compare it to is the return of Jesus Christ.
Nothing ever moves in a straight line for long. With a drop like that, gold had to bounce. The metal is now cheaper and demand is of course up.
APMEX Gold Eagles
1 - 9
Homey, we've broken free and have our own F'n Market.
Farewell Dimon. I'll meet you on the other side.
$1,528.89 $1,574.76Why hasnt gld moved with the price of physical gold?
Nothing better illustrates the heartless and mechanistic nature of our system than modern-day Gold mining
http://barrickbeyondborders.net/gold-mining-facts/
now you can obviously do whatever you like but what you cannot do is dispute the facts. if you cling to your immoral and unethical notions then you do so willfully despite being very well informed by me the consequences of your actions.
Nouriel you should spend this much time running your business.
I piss on you and your faux tree-hugging crocodile tears, troll.
Just where in the world can you buy an ounce of gold for under $1500?
Yup.
I have started to pretty much ignore the published "market" price for gold. I only go by my PM broker's bid now. I just checked it a minute ago and the current bid on a 1 oz. gold Eagle is a little over $1,477. As far as I'm concerned, THAT'S the current price of gold.
Gold is retracing - wave 4 up - wave 5 down to follow - should take us below $1300 per ounce.
http://bullandbearmash.com/chart/spot-gold-daily-closes-continues-retrac...
Gold fell over 18% last week - someone must have been selling.
Looks like Bitoin has done the same thing. Nearly EXACTLY.
I don't know much about financial market fuckery, but could it be:
Given, TX wants its gold back, TPTB see that gold is at a historical high and given those two things they figure to maximize the money to be made by such a situation...so they sell TX's gold and knowing the timing of when they are going to do that, they're perfectly positioned to profit from the selling and buying.
They'll make money on any transaction costs or lack thereof, given the TBTF/TBTP's are monopolies & in the club.
So they sell and then turn around & get back in buying incrementally as value shoppers rush in (buying with free money from the Fed who is in on the deal). They don't have to worry about finding themselves pissing in to the wind because if needed the Fed will say or do whatever will make them whole.
All said and done, they still have the gold (which they paid nothing) to return back to Bassland and they have made a boatload of money using other peoples assets and other peoples money.
Or
Comex inventory is down in a big way because someone feels it's a good time to take the gain or exit the building.
Granted, not being in this secret society, I don't know what I don't know, so I may have missed some important realities, making my theory gibberish
Taking delivery of silver contracts looks like a profitable move. Slamdown coming in 3-2-1.
sudzee, good point. If one could actually take physical delivery, one could turn that silver right around on ebay with one-day auctions and, even after the confiscatory 10% fees to ebay, come away with tidy profits. The Comex has created a new business model with little overhead and nearly guaranteed profits of around 15-18%.
Get phys from Comex at $23. Sell on ebay for $30, less $3 in fees, net $27 per ounce sale. That's a $4 profit per ounce. Sell 50 to 100 ounces per day, and you're rolling in fiat and maybe slipping a little of the shiney off to the side for oneself. Rinse, repeat.
HOWEVER, getting delivery from Comex is probably not going to happen for long. Figure the dealers have already figured this out, so await the warehouse receipt. Fuckers. Ruined a perfectly good arb business.
Believe it or not, ebay is a very efficient market for gold, but especially for silver. The price of silver throughout this fiasco has tended to remain at about $29-30 per ounce and hasn't wavered.
That's the market price. Not $23 or whatever the CRIMEX posts.
eBay, the world's marketplace. Well, maybe. Seems to be working.
But according to Mr Big Picture, Barry Ritholz, you are all 'storytellers' .... not 'investors'.
He is 'empirical' and 'analytical', those who do not follow his perspective are mindless emotional numbnuts. I'm ok, you are not ...... heads I win, tales you lose ...... got it BarryR ... thanks for your opinion and have a nice day hanging out with Paul Krugman.
Oh by the way Barry, are you really nothing more than a Democratic party propagandist masquerading as a 'financial blogger'? Just askin' sir.
Do it again, Jamie!