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Scrambling Gold Mints Around The World Plead: "We Can’t Meet The Demand, Even If We Work Overtime"
One of the big disconnects over the past year has been the divergence between the price of paper gold and the seemingly inexhaustible demand for physical gold, from China all the way to the US mint. Today we get a hint on how this divergence has been maintained: it now appears the main culprit is the massive boost in supply by gold mints around the world working literally 24/7, desperate to provide enough supply to meet demand at depressed prices in order to avoid a surge in price as bottlenecked supply finally catches up with unprecedented physical demand.
Bloomberg reports that "global mints are manufacturing as fast as they can after a 28 percent drop in gold prices last year, the biggest slump since 1981, attracted buyers of physical metal. The demand gains helped bullion rally for five straight weeks, the longest streak since September 2012. That won’t be enough to stem the metal’s slump according to Morgan Stanley, while Goldman Sachs Group predicts bullion will "grind lower" over 2014." Odd - one could make the precisely opposite conclusion - once mints run out of raw product, the supply will slow dramatically forcing prices much higher and finally letting true demand manifest itself in the clearing price.
More from Bloomberg:
“The long-term physical buyers see these price drops as opportunities to accumulate more assets,” said Michael Haynes, the chief executive officer of American Precious Metals Exchange, an online bullion dealer. “We have witnessed some top selling days in the past few weeks.”
The propaganda is well-known: “Prices are likely to drop further as global economic conditions are stabilizing and tapering worries continue,” said Rob Haworth, a senior investment strategist in Seattle at U.S. Bank Wealth Management, which oversees about $110 billion of assets. “There is no doubt that physical demand has improved, but it will not be enough to support prices." Uhm, yeah. That makes no sense: what happens when global mints are hit by capacity bottlenecks from gold miners for whom it is becoming increasingly more economic to just halt production at sub-cost levels.
Meanwhile, here is a case study of how individual mints are working overtime to plug the unprecedented demand comes from Austria:
Austria’s mint is running 24 hours a day as global mints from the U.S. to Australia report climbing demand for gold coins even while Goldman Sachs Group Inc. says this year’s price rebound will end.
Austria’s Muenze Oesterreich AG mint hired extra employees and added a third eight-hour shift to the day in a bid to keep up with demand. Purchases of bullion coins at Australia’s Perth Mint rose 20 percent this year through Jan. 20 from a year earlier. Sales by the U.S. Mint are set for the best month since April, when the metal plunged into a bear market.
It's not just Austria. Presenting the US Mint:
The U.S. Mint, the world’s largest, sold 89,500 ounces so far this month. The Austrian mint that makes Philharmonic coins, saw sales jump 36 percent last year and expects “good business” for the next couple of months, Andrea Lang, the marketing and sales director of Austria’s Muenze Oesterreich AG, said in an e-mail.
“The market is very busy,” Lang said. “We can’t meet the demand, even if we work overtime.”
The price for the Austrian mint’s 1-ounce Philharmonic gold coin slumped 27 percent last year, according to data from the Certified Coin Exchange.
“It’s been a very bad year for gold,” said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago. “People who bought coins have lost value, but they are not looking at short-term gains, and hope springs eternal.”
Tell that to China.
That said, keep an eye on GLD ETF holdings - for now the biggest marginal setter of gold price remains the paper ETF, whose "physical" gold holdings have cratered in the past year. Once this resumes going higher, buy.
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I was trolling facebook this morning and noticed a page suggestion for Barack Obama. It was for a survey to see what people were most looking forward to Obama discussing during the SOTU. I clicked on the comments link and was overjoyed to see that about 9 out of 10 commenters said, "His Resignation".
Yes, Trapper...I think the sheep are waking up.
Someone has to be selling them the raw materials still to keep up with demand.... If it isn't the Central Banks and bullion banks on the Comex playing the conveyor belt shell game delivering owed gold to each other after melting someone else's down that they had in the vault then who is/are the source(s) if the Comex paper is fractionally reserved? The demand almost says there isn't enough gold mined and rate of which it can be mined to keep up with supply by the miners alone if the paper isn't fractionally reserved in the first place.
Attention stackers, there's a "Blue-Light Special" on gold in aisle 5.
"Germany can have their gold back when we get it back."
Gold mining stocks down big as I type. Any idea why?
sunny
Because I loaded up on them...
I could sell and cause a price spike of 50%.... but where would the fun be he?...
I feel so much like crying that I'm starting to laugh at it :)
@sunny
dead cat bounce
http://www.moneyandmarkets.com/mining-shares-look-weak-is-it-time-to-buy...
Good article.
But: http://blog.milesfranklin.com/larry-edelson-right-for-the-wrong-reason
Good article.
But: http://blog.milesfranklin.com/larry-edelson-right-for-the-wrong-reason
Fed meeting this week. They always bust PM and try to pump equities on Fed meeting days, at least they have consistently done so over the past couple of years. I intend to buy more on Wednesday morning.
first notice day coming up for FEB contracts. Just trying to scare the dumb money out of their positions. Can't wait to see how the deliveries stack up against inventory, could be interesting month!
Maybe because they can't produce ounces nearly enough to match the price their shares were before the drop?
in any case http://scharts.co/1mQ5p5g the hit doesn't look too bad to me in comparison, but out of them all fnv & slw are the ones I'd feel happier with (and I hold none at this time)
So....the mints are really the PM price market makers? Why would they want to work 24/7 to meet demand at cheaper retail market price?
In the US at least, they are required by law to meet demand.
Not that they always do.
Perhaps, but what does meeting demand, mandted or not, have to do with keeping the price low? It's all backwards. For example, what if gold was mashed down to $10/oz today, a law mandating that mints meet that demand would be irrelevant you couldn't meet the demand it would be impossible.
Maybe the big players struck gold, but didnt yet announce it to the world?
99,9% of gold is in the earth molten core
Or found some previously lost gold and melting it down to remove any markings that could establish ownership rights if found out it was being sold into the open market to restock vaults of other gold with said gold now matching in size and serial numbers to gold they were supposed to have had in the first place.
But that is tinfoil hat conspiracy theory stuff and pure speculation at this point.
Ulterior,
Good god do NOT tell them that !
They'll drill and pump out every last grain and collapse the earth's crust !
Collapse, hhhmm where have I heard this before ?
Actually if they REALLY REALLY want to get all the best heavy metals they need to take an antimatter bomb to Mercury and crack that bitch open.
The new Sabbath album isn't a bad start, either.
High demand is bad for the price right?
The more they buy.... yep... gold should drop to 500$
Ah hell, just go on over to the COMEX and load up....they never seem to run out.
And the straw buyer for the 656 tons of Bundesbank gold still owed
Scrambling, are you kidding me. If I were a gold mining company right now I'd be paying the employees to take vacations and the machines too.
What an opportunity to slow the fuck down if I ever did see one.
can someone clarify this: "...the biggest marginal setter of gold price remains the paper ETF, whose "physical" gold holdings have cratered in the past year. Once this resumes going higher, buy."
1. When what resumes?
2. Buy what? Paper etf or phyz?
When the paper price resumes going higher, investors will jump back in to sell again or buy depending on their trading nature, there not in it for long term gains only short term.
Also, the small dealers need the turnover in stock to remain solvent, I've been to many coin shows and the large dealers are interested in rare numismatic coins not bullion, in fact they detest people looking for bullion only.
well, I can see dealers wanting to unload the same weight for higher premium.
I won't oblige.
I can see short-term investors trying to get fiat dollars off anything, much less gold price moves.
I won't oblige them either.
I think the article meant when the physical inventory of GLD starts increasing again, buy. I would say buy physical if you are in for a longer term trade.
I actually don't agree with that statement in the article. GLD appears to be a fractional reserve gold vehicle. First, the gold in the GLD trust could just be unallocated bullion bank gold owned by someone else. Secondly, even though there is enough gold for every GLD share in the trust, there could be multiple GLD share owners for every actual gold share. So it's not at all clear that GLD inventory levels are a leading indicator for the gold price. See following article:
GLD – The Central Bank Of The Bullion Banks
What, next you'll want me to believe my lyin' eyes & Bob Pasani's gold bar.
wait, that's NOT a GLD bar sitting in GLD's "vault"?
oopsies
I am seeing mixed signals. At a coin show just days ago (an annual event and quite large) dealers had the usual numis but of all the sellers I saw zero bullion. The odd 1/4 eagle for some ridiculous price like spot +25%. Owners of bullion who setup tables for that show are just leaving their stock in the vault.
On the other hand there are a few local bullion dealers with retail shops, and the have at all times 1 oz coins and bars for the usual $55 (+ or -) over spot. No shortage in shops. No shortage at Tulving either.
It begs the question, if this story is true specifically why is Tulving loaded with tubes of bullion for sale?
It would also depend where you are located. My local guy has had plenty of bullion 1 oz coins but here no one except for the Orientals and 5 tinfoil hat non oriental people like myself buy locally in the main when it comes to coins. I had the conversation about this with the guy and the reason he is holding stock because it is combined walk in online sales factor if you are a smaller shop your sales maybe brisk online but the competition is stiffer but not vault busting brisk when spread out among the whole market while walkin traffic is regional only competition and that makes the difference between vault busting or not when combined with these smaller guys. If anything they are seeing more people selling gold (jewelry) and junk silver than buyers for walkin traffic and that they have stiff competition with all the pawn shops.
Tulving.com is a leader among many online bullion dealers. I just checked and they have tubes of 2014 eagles, Canada maples, Phils, only Perth Mint offers are scant at this point. Anyone can buy there. Until this guy says he is sold out, I am not buying any newswire gossip that mint production can't keep up with supply. Plain and simple.
Here are the complaints about Tulving: http://about.ag/tulving.htm
# Complaints
(as of 24 Jan 2014) 331 Average Order: $34,734.54 Average Delay: ~13 weeks Outstanding Orders: ~$300,000,000 Orders Taken Illegally: ~$500,000,000 # Lawsuits: 2 (Rudek and Olse
Wow very interesting. Other players Kitco, Apmex and Gainesville. I prefer coin shows and local coin shop. I do sincerely hope that there is a shortage of physical but I do not see it yet.
I ordered form Gainsville about a year ago and had to wait 2 months. Never again.
silvergoldbull.com - longest wait 2 weeks, shortest wait 2 days.
I've seen the same thing and seems mostly a function of a several things.
First, some seller inventory is the stuff they bought at the higher prices and will not sell for a loss. The 25% premiums are for the suckers they can find. And the smaller the denomination the higher the % premium anyway.
Secondly, many buyers don't have the cash to buy a sleeve, or the minimum, of gold coins at a Tulvings' and can only manage a single coin at the higher premiums. Many of them are also very unsophisticated, or paranoid, about purchasing such things online and haven't checked it out. These folks help create the market for paying high premiums on small amounts.
Well stated.
I can still buy corn at the grocery store. All I want. Yet it is over $4 a bushel. It should be zero.
They can mint a billion zinc pennies every year but when it comes to a few thousand gold coins they are working around the clock 24/7? Just like it took the FED over a year to deliver 5 peasley tonnes of gold to Germany. I'm sure they were working around the clock 24/7 all year long to get that suitcase of 5 tonnes back home to Germany.
You have to wonder what lies the central bankers tell themselves to justify their ponzi attempts every day. It is not even desirable from an economic standpoint to try and set the price of the best financial collateral to stupid low levels. They are so scared of completely worthless MBS derivavtives going bidless, but if they can make gold prices low, that won't have any short term bad economic effects? LOL Gold will come out the other end of their scam blightless. But the economy won't. Gold has a huge effect in funding global business. To deny that is just ignorant.
It all makes sense if you assume they do not have the best interest of their countries at heart.
I don't know your income, but mine is limited and I enjoy these lower prices, as it was intended by Pres. Reagan in 1986, the mints are to supply gold and silver on demand to the citizens. Over the last 27 years the mints have been tasked with ever increasing demand and now rather than 86,000 coins a year its 86,000 gold coins a month. The mints have not been prepared for this demand and it will most likely increase especially if the price continues to be cheap. I'm a follower of fofoa and believe in freegold and the eventual reset. BTFD
Feds arrest BitInstant CEO http://gizmodo.com/report-bitcoin-exchange-ceo-arrested-for-running-ille...
I am sure they will let them off the hook like they did for HSBC. HSBC's crimes were actually real. These guys didn't actually do anything.
WS Banksters get off scott free.
Bitcoin competitors to the FED TP, get the max with no parole
High demand and low prices...the perversion continues
Who needs mints when we can prints!!! BZOOMBA!! Bunga bunga party time!
Everything is jacked except gold - that should tell you something....
Gold at $1250...there's enough.
Gold at $900...there's too much.
Gold at $1800...there isn't enough.
Everything else is Bullshit.
so, don't you know that supply and demand doesn't work with Gold. Gold defies econ 101.
Right: the assumption of a free market with perfect information.
04D
WRONG!
Gold does react to supply shortages just like any commodity. The problem for gold holders is that the majority of those who want 'gold' are completely satisfied with a paper derivative...and there has never been a shortage of paper derivatives in the past 20 plus years...this is ending however as the last of the physical leaves the last of the big, non-sovereign hoards...GLD.When there is no physical then the derivatives market will be seen as the fraud it is...then we will see what physical gold is worth.
I read O4D's comment as snark.
I think that he is aware.
Gold is lower = there is no inflation. No need for stinking gold.
That's all there is to it. If a shortage erupts, the mints will cry they can't stomp all those tons in the back room fast enough. Yeah, sure, that's the ticket.
Why don't they just shut up about it. Their lies make my head hurt.
They had some jackass from the Perth mint claiming this same bullshit over on SD a week ago.
Unbelievable chutzpah.
..."there is no inflation..." Tell that to Argentina and Venezuela etc...stay tuned for others.
It was a sarcastic poke at the bankers.
I better start doing the /s thing.
I'm taking sarc to png form.
http://static1.wikia.nocookie.net/__cb20080117215428/tron/images/2/21/Sark.png
Gold was never the great inflation hedge it was touted to be. TBills make a better hedge. Gold is there for a collapse of the currency/economic system.
That was so profoundly stupid, I almost didn't even bother to downvote it. Almost.
T-Bills won't even exist 10 years from now, that's no hedge of any sort.
They come from US Gov & US Gov will collapse.
If you're still in denial of this you can't be helped.
"Once this resumes going higher," Bye...
When its real, and this time may or may not be real, the price of gold Phys and Paper will drop, as it did in 2007.......
Play the game out
1) Fed tapers 5 and 5, probably no price reaction in either the stock market or gold, with a bearish tendency to gold.
2) Fed tapers say 10 and 10, Gold gets Monkey Hammered. Stocks may run on this scenario.
3) Fed dosent taper or untapers, and I think Stocks get Monkey Hammered, and in this scenario gold may rise....
One out of three that gold rises........ untaper now has to be a hell of a long shot.
Your timing is off. The 2011 drop to date IS the repeat of the 2007-to-2009 drop. It's over.
At the risk of the wrath of the stackers, I provide the following.
PMs are not the answer for the great reset that is upon us. Community is the only way that you and your family can make it through in one piece to the other side. PMs imply that you will isolate and when you do, you will become the target of the marauders that will be searching for food and other essentials.
Isolation is the worst approach when the chaos starts and PMs imply isolation.
Build community, there is strength in numbers. Buy food and ammo, but be prepared to share it with those you deem are not worthy due to their unpreparedness. Community, friends, family, neighborhood, church and groups. These will get you through.
sschu
To ensure your safety, you put on filthy clothes, get a dirty plastic bottle and put a couple ounces of foul water in it, and go to each and every home nearby and beg for some garbage, or a bottle of water..
They will never bother you again.
The way that people will treat you in a time of plenty while dressed (as that homeless person which you described who is in need) is quite indicative of how much worse that you will be treated when the shit hits the fan.
Plus 1000 on your post.
Many of these "community minded" people mistreat the homeless currently. I watch them call the police and have them harassed for panhandling.
Then they claim that community is the optimal strategy???
Hah!!!
redacted.
agree with your community sentiments. that said, there is nothing wrong with stacking to store some wealth. it should not be all you do but part of balanced preparedness IMO...
OK, sounds good. Do you intend to share with the community your PMs or the fact that you have these? Community implies all cards on the table including how many bags of dimes you have. Otherwise you will be ostracized for holding back. Why should I give my stuff if you will not?
PMs imply isolation. Isolation is the worst thing you can do.
I hope it does not come to all this, but it is difficult to imagine that it does not. Funny, not many stories out of Argentina, turkey, Ukraine, etal about how “the people” are faring.
sschu
Community minded is just another way of promoting Socialism.
I have seen the treatment offered by the "community". I will fare much better alone.
I misread you a few posts up Tom, and busted on your balls. I'm with you on the "community" thing and don't trust most people any further than I can throw them.
I think "tribe" is going to become a new hot buzzword before the world stablizes again.
I am not talking about socialism and hope you fare much better alone. I am talking about how to survive the reset and the possible ensuing chaos. Perhaps you will do just fine alone, more power to you. Maybe there will be no chaos, that would be even better.
If a band of a dozen marauders looking for lunch shows up in my community with 50 people well positioned and organized to defend our territory they will look for easier prey. Once they determine you are all alone, they will see you as an easy target. It will not take long for the marauders to realize that the reason you are all alone is because you have something of value you want no one else to know about.
Then you become a "high value" target. Good luck with all that.
sschu
I hope that they can deal with Rocket Propelled Grenades. Who needs a gun?
OR,
they'll scout at night, next night take all the kids, then kill one in front of you.
You will see a child killed every hour until you give up ALL weapons ALL food ALL money and leave forever.
We are talking SHTF after all.
That shit happens NOW before SHTF globally.
Think about it.
You don't "build" a community that can survive this.
All people who are able & armed come together to form such a place, or, they all are fucked.
When I'm selling ham sandwiches for a gold eagle each don't expect change back
You won't be selling many because they will all be standing in line at my place to buy one for a Merc dime. :o)
Do the two of you even have got canned hams? If not, I got two words for ya': Monster Box
Take the canned ham or leave it. ;-)
Pikers. Fresh steaks on the grills at my place, Phyz, guns, ammo, women accepted after inspection.
Wendigo Meats, LLC.
I expect you'll be told a chocolate gold coin is the most you're worth & you'll gladly take it.
The sandwich? Oh man, that was for the price for you to get on your knees.
You can keep the sandwich: anyone coming to you will have tons of food stored compared to you.
I agree with the gist of your post SSCHU but you are implying that one should stay in paper money after one has acquired the above mentioned food/ammo in large/sufficient quantity (not that there is a limit to food but space is usually the limiting factor). The ZH crowd has always said to take care of necessities FIRST (think maslow's hierarchy of needs to include self defense) THEN look to store excess wealth in Gold/Silver. Not many here think that Gold/Silver is the panacea to all problems when TSHTF. It is the advisable method of transporting excess wealth from this monetary system to the next, whatever that might be.
"PMs imply that you will isolate"
I see PM buying by the small time buyer as a specific rejection of isolationism. Consider, our entire culture is trending towards superficializing our interactions. "They" are trying to get us as isolated from eachother as possible (ex., go to any playground in America: most of the parents that would otherwise be getting to know eachother (or hell, even their own kids) are buried in their smartphones).
There is a great sense of comraderie in preparing for a sustainable future for our family and friends, with the accumulation of precious metals as a means of trading (envisioned as primarily local in nature) being an important function of trade/barter in a post-USD reality that is quickly approaching.
And really, enough with the "random hordes" bullshit. Anyone who is worth their salt in being prepared has already committed to small town/rural living, or has at the very least developed the very community connections you talked about to ensure that, when the USD hits the fan, they have a plan in place.
We never stay in one place too long. It's a human tendency to want to stay, make a home, become familiar. These days that mindset just gets you killed. Before the collapse, before we found ourselves picking through the smoking ruins of our civilization, we had some ideas about value. We thought that paper and metal were worth something. Out here, without a weapon, a little food, fresh water, strong boots and a will to go on, there's not much else that will keep you alive.
We're moving south now. The wind blows more radiation in every day, there's not much left alive around here. We'll reach the coast soon, find a boat, keep traveling to where the air is cleaner and maybe get a new start.
I passed by a big abandoned house last night, saw a red Ferrari in the driveway. I remember thinking that I'd always wanted one of those. It's funny how things turn out...
So why didn't you boost it?
Who are these barbarians buying gold?
Didn't they get the memo that they will get rich buying stocks and bonds?
Rationalizing your $1800 purchances ?
More like savoring my $350 and $4 purchases. Mmmmmmmmm...
nope. bought at 850. and purchase is written, well, purchase.
those f*cking Obama voters cant even write.
What do you mean? I bought at $5,000.
Too bad. I guess that there will not be any taxes due when I sell and take the Capital Loss.
(It is unwise to respond to a bait which asks you to reveal your Purchase Price. The IRS reads these Message Boards, too.)
Don't you mean cashing in on hedges?
That's what puts on agq, slv, gld are for. Look at chart, see price move that's likely, buy an ounce, buy a contract. It's that simple.
Surely you didn't think that's never been done before?
"No one saw this coming...."
This doesn't make sense. Of course we all know the price of gold is manipulated lower. But why would the mines crank up production to full capacity when the price is suppressed? You'd think they'd cut production to drive up the price just like OPEC diswith oil. The mines must be getting rewarded somehow.
In fact this does make all too much sense.
One might wonder do the miners sell all there gold or just enough? Aftr all you would think some of them at least understand investing gold in gold.
P.S. Silver!
The miners, in years past, sold future production in exchange for cash. The production must go on.
Stack 'em high bitches!!
canned food and shotguns, bitchez
http://freebitcoinz.com/r/ezbtc
Get your free bitcoins before even a satoshi is too valuable to give away.
I can understand the price of paper gold being slammed, but wouldn't physical gold still be highly profitable at this time? Paper price might be $1200, but miners should still be able to sell for $1300 or $1400 if the demand for physical gold is still there.
Because those idiots sold their gold via long-term future contracts to the banksters
Check what you can sell your coins on ebay for. I've noticed a nice arbitrage from my LCS price.
"Silence is Golden"
But my eyes still see
The Forex market trades 1/3 of the annual mine production on a daily basis.
As long as the folks who use paper are OK with that then the physical supply will remain irrelevant to the POG.
It will only be when the world's major producers, who seek to preserve wealth for future use, demand physical, that the paper gold market will fail. Watch for Comex to just close, GLD to exhaust its inventory (it is just about half gone since 12/2012) and everyone involved settled in cash. Until certain folks (oil, China) are unhappy with holding US Treasuries instead of gold that we will see a change.
The price of physical and the availibility of physical just do not matter.
I love price slumps.
Dirty deeds done dirt cheap!
F.U. Ben.
ok
Dillon Gage Group
Bullion Trading. Gold, Silver, Platinum
(I get the 100oz bars direct)
Has all you want same price as GLD. Not a problem yet!
I say gold miners will go up more than shinney coins if a shortage comes.
Watch GG
Check price on eBay.
That said, I got in around xmas, I will sell soon.
Got some TZA make $ on the way up & on the down:)
Its funny people are running to short term treasuries for safety....but not gold and silver....are we that stupid now...this is what our schools have produced..
This is what our faux "markets" have produced.
What people? -lol
The entire market is rigged from top to bottom.
As gold plummets again.
It's ass backwards and absolutely ridiculous.
The only thing you can do sit, wait and hope for a BIG plunge to buy more at a cheaper price.
Still waiting for $800 or is that too high?
800/gram for gold, it's coming, around $24883.50 / oz that is, but it's a bit of a wait.
800 $/oz is impossible so if you're waiting for that, you'll die of old age first.
Oh look, an old friend just popped in: http://static1.wikia.nocookie.net/__cb20080117215428/tron/images/2/21/Sark.png
The price of gold is dropping now. Must be because no one wants paper anymore. This market is a circus.
Ooops- disregard.
mybad
None of it matters! See the stick save on US stocks and the smash in gold in the afternoon?
On what news exactly?
This market is so corrupt I try not to look at it (but still do!!!!)
Bankers: "When the global physical gold supplies dry up, it will kill the demand and the market for gold because there won't be any. Pinkie promise."
If you don't believe suppy is tight, Google "Tulving complaint" and read the tales of recent problems with delivery. Sounds to me like Tulving is imploding.
Here are the complaints about Tulving: http://about.ag/tulving.htm
# Complaints(as of 24 Jan 2014) 331 Average Order: $34,734.54 Average Delay: ~13 weeks Outstanding Orders: ~$300,000,000 Orders Taken Illegally: ~$500,000,000 # Lawsuits: 2 (Rudek and Olse
This is the effect they are going for if gold were cans.
https://www.youtube.com/watch?v=eXRM3lFRwRI
Any sane person would want to buy physical gold, we all know paper gold is largely a finacial engineering product of great trading value, but of dubious real value. Only gold in hand is real money, so the street is getting rich trading paper gold for fiat profits, we know this is because of QE liquidity surplus all over the system. Especially for us 99% 'ers, physical gold is invaluable. Let the market manipulations in paper gold carry on, iside bank vaults, even governments like Germany are unable to enter and see their gold, or get it shipped to them in anything but a trickle. What does that tell you about paper gold! It's built on lies and counter party engineered obligations nobody can meet. It all a giant fucking lie! People the world over want physical gold, billions of people can't be all wrong.
Soar Demand = Crush Gold = same shit rince and repeat
I'm seriously starting to think about giving up. I can't take it anymore.
I'm going to be poor. Wife's hours cut, business doing shitty. G&S getting hammered daily. I'll be on the streets before too long.
Whatever you do. Hang in there. Do not give up.
oh yea, I forgot rent is going up and I will never buy a house again.
I have never bought a house in my life, never will.
My rent always goes up but I calculate for that for my years-ahead budgets, a steady 6% to 10% rise annually.
Cut your costs to match that or increase your income to match that, every year, forever.
to be honest you're supposed to predict those things ahead of time & only invest/save with the excess. It's not for short-term paper-price gains, it's for barter.
You should be storing up all food & equipment, med-kit stuff & tools before gold & silver.
When the physical monkeys stop selling at comex price its over!
Ok but why are the miners getting hammered every week? No demand? Or is it to keep the price down long enough for the morons to buy the gold neccessary to pay Germany? Gold to $5000 soon enough asswipes.
So the U.S. Mint employees are exhausted from stamping 3000 gold planchets per day? Wow. They must get a lot of coffe breaks because if I had their equipment I could press the button that stamps them and be done by 9:05am...after punching in at 9:00am. I suppose it's part of the same process of sending Germany's 300 tonnes of gold back one oz per day for the next 5 million years.
Yogi Berra made more sense when he said, "Nobody goes there any more because it's too crowded."