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Gold Spikes To 3-Month Highs
It appears the same 'contagion' that is driving copper prices higher is also impacting gold and silver this morning. As we have noted previously, the CCFD unwind drives synthetic short (hedge) covering and inevitably rolls down the curve to drive spot strength (as the paper gold market tail wags the 'physical' market's dog). Gold is at 3 month highs and silver getting close.
One wonders if the following disclosures from Bank of America early this morning had something to do with the move:
- Strongest weekly buying of Gold in more than two years
- Large specs increased their Gold and Silver longs at the strongest pace in two years
Charted:
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While the USD takes a stiff left jab to the snout.
Is this the "excuse" for the ramp up in SP500 & RUT today? </sarc>
-or-
What IS the excuse for ramping up equities today?
The market is open.
Qingdao, bitchez
The bottom was in. You didn't hear it here first. Gold at any price is still a better deal then holding the debt based reserve notes we are auto-invested in as participating members of society.
V is giving a date of July 15th and Lagarde is giving cryptic references to July 20th. Things are heating up fast!
http://www.youtube.com/watch?v=V8otCSAJ4ok
$629
+ $6 (https://ounce.me/)
EDIT: now $632, on a run as well.
Nice, never saw that program before. Too bad we only have 1/2 hour of the conversation.
gh0atrider just subscribed. It's only $5 a month and great guests everyone here will recognize plus a few new ones.
Short week, so Monday is the new Tuesday
42.
Even mainstream money managers say 5% of net wealth could be held in gold. IMO, that could be up to 20% if you are prepared for the volatility and if you are extra-worried about the financial system.
Think longer term...
5%? 20%?
Only one question needs to be asked to oneself when buying gold. "Do you trust your government?"
Only one question needs to be asked to the other party when buying gold. "Do you still accept dollars?"
I take it to mean 20% of what would otherwise be your cash savings in a bank account. I have small change in the market. I have about 80% of my savings in pms. Every circumstance is different, most people have little savings, IMHO you should have some cash at hand to ride out the initial shock and bank runs.
How about, for liquid net worths of $1M and more (less than that, obviously adjust accordingly; for example, income-producing real estate likely not feasible) currently held in US "dollars" and dollar-denominated instruments, after all feasible emergency prepping is complete:
• 25% gold & silver bullion (bars and/or coins)
• 25% income-producing real estate
• 25% barter items (9 mm ammo, cigarettes, alcohol... ;-) )
• 25% cash *
* all in nickels ;-) :
Current melt value 4.96¢ , were at 6.8¢ when Kyle Bass bought 20 million of them ; i.e. fireproof, heavy and thus hard to steal, and can't go below 5¢ each in money value.
I like the way you think ChiangMai. Probably because it closely resembles my own ideas, which are not my own, but are still well and good.
Just don't forget the food supply and water purification, and a few benjamins for diversification (:
5% is noise. I agree with 20%, the question is what the other 80% is supposed to be.
Very subjective, my preference however: income properties, land, fine art.
I was interested in fine art too, until I googled "Beltracchi"
I would say invest in any income-bringing enterprise dealing in food, sex, shelter, or death. There is a reason why in the ghetto, it's all about pimps, playaz, hustlaz, and the Repo Man.
"It's jsut you and your tattered libido against the bank and the mortician forever, man, and it wouldn't be luck if you could get out of life alive."
@ZeroPower: I hope your fine art is VERY FINE. A friend who made his fortune running a west coast wildlife art gallery and retired this summer confided to me that the market is "Very slow." Boomers inflated the supply of colour reproductions for 20 years, and millennials aren't picking up slack. They don't WANT heirlooms. Antique stores are falling like autumn leaves. I think it's sad, because family roots are stored in those old keepsakes.
Silver
DoChen. I'm going to be buying pm's again. I was thinking of buying some palladium, Any thoughts about it?
I like palladium! But, I would only recommend a small holding (illiquid, and who knows Pd?). It is only 2% of my PM holdings. Pd would do great if they find a way to use it (vs Pt) in diesel engine catalysts.
My attraction to it besides it's rarity, is that Russia has large stockpiles of it that I think it will use in the future as a way of backing their currency.
PGMs don't have the resale-ability that gold and silver do, because they aren't engrained in the human subconscious like gold and silver are. I'm bullish on all metals, PGMs especially in the near-term for supply chain disruption, but silver is your best bet for most undervalued. Gold is your best bet for bribing any unwanted "visitors".
The big advantage of gold over any other element or commodity is that it it's stock is eighty times larger than the flow .
The idiots on WS ,taught that gold was not money, tried oil in 2008 as money. all the storage room in the world was filled after a few months, and the value plummeted as the hoarding demand died, along with consumer demand.
I bought most btwn $310 - $500, but have paid as high as $950 when a friend was forced to sell some. I am retired and when I need cash beyond income I do NOT sell my gold, consequently I am now at about 70% - and very comfortable with it.
I'm pretty poor compared to 98% of ZHer's. I have a few grand in a credit union and a couple thousand in checking for month to month bill paying. The rest is 100% in gold and sliver.
Fuck a bunch of fiat, I'm stackin' bitchez :)
On its way to $2000 USD
. . . and beyond
While Ag's get monkey hammered
+.58% does not equal "monkey hammered" though I'll agree it's being sat on.
Collective, yes but if you were long soybeans into this morning you got your face ripped off.
Damn. Good thing the only long position I have is beans in my kitchen.
What about bullets in the closet?
Gold is a slam-dunk sell. Going to $800.
Are you all-in short?
it was sarcasm, I was hoping people would recognize the Goddam Sux quote.
edit : I just downvoted myself.
Heh
One of these days, Tyler will have a translation plugin, for the sarc-impaired and the ironically-challenged.
Sign me up. My BS and Sarcasm Meter has never worked.
I think bringing back capcha back is a good start. It might keep an algo or two at bay.
And. Finally this one is confirmed by the gold shares leading the move up. Some up 3X the gold price move. Looks like its going to be a nice ride. But, you still have to watch out short term, the commercials shorted the crap out of it last week to try and contain the move. They seem to be relying more and more on this type of BS which tells me the London scumbags are getting low on the actual shiny; All under the watchful eye of our glorious regulators who do absolutely nothing. Place your bets gentlemen.
Step right up, son, and take a swing at gold, hitting 3 month highs and looking for a moon shot. Everyone's a winner. Up until they hammer your ass right back down into the dirt.
Lately, it seems more like they are hammering dirt into my ass.
The mania phase for gold and silver is going to be something to behold when it finally arrives.
GOLD bitchez....
If Gold is a Relic,
And Most Relics are Priceless,
Why wouldn't a Wise person own such a relic?
Tradition ???
Gold is still undervalued by about $10K/ounce.
Gold spiked as soon as this news broke. Retaliation is next up.
Three missing Israeli teens have been found dead in an open field north of Hebron in the West Bank, Israel's Channel Two and Channel Ten report, citing sources in the Israeli military.
The three teens, Eyal Yifrach, 19, Gilad Shaar, 16, and Naftali Frenkel, 16, disappeared June 12 or June 13 from the Gush Etzion settlement in the West Bank, the military said.
Right out of the ole yid's playbook....never let a crisis goto waste.
Any kids missing from the other side in past years? \sarc
How can this be happening? Didn't Goldman explain how the unwind would lower gold prices?
Gold is rigged and this article is shill. Frankly, all articles on gold are shill IMHO. If gold was not rigged where would it likely be today? How can people invest this way? It's a crap shoot or a mugs games IMHO. I would not buy gold or invest in it, ever.
Tell you what. I'l take the gold, you take all the rest. If your definition of a bad investment is: every investment that is rigged, I'd start investing exclusively in farm land and knowing how to bake bread for the unwashed masses.
O, and one more thing: gold is rigged indeed; if it wouldn't be, it'd be way up right now.
>> I would not buy gold or invest in it, ever.
That begs the question, why read and comment on gold articles then?
To attempt to learn and educate myself on current affairs with respect to the economy, that's why. Moreover, I commented so that I could see the feedback in terms of what I was thinking. My
question has been answered by the responses. Frankly, what should I read in terms of books on gold markets today? Does anyone have any good references for books on gold markets?
?
Gold Wars by Ferdinand Lips is a good one.
http://www.amazon.com/Gold-Wars-Battle-Against-Perspective/dp/0971038007
I think you accidently got redirected from marketwatch. Please, hit the back button a few times.
You are correct, the gold market (pricing) is rigged. Join the party; every market is rigged except the flea market. Just know that the value of your fiat currency and equity markets is even more rigged than gold. But here's the key: gold prices are manipulated low, and everything else right now is manipulated high.
Where would you rather be when price discovery arrives, which it will?
Five long years bitches.
The global financial criminal class has the ability to drop the price big time at any time...still, I am buoyed by the action over the last month. Something is bubbling.
That gold chart looks like a cup and handle breakout.
ONE MORE JP MORGAN EXEC DIES MYSTERIOUSLY (BANKRUPTCY ATTORNEY IN OHIO)
A Northwest Side bicyclist was struck and killed while taking a ride in Miami County yesterday.
Joseph A. Giampapa, 56, was biking north on Troy-Sidney Road near Loy Road in Piqua just after 11 a.m. when a minivan struck him from behind, Miami County Deputy Todd Tennant said.
Giampapa was pronounced dead at the scene. The minivan driver, Thomas G. Davis, 78, was at fault, Tennant said, but charges haven’t been filed.
Giampapa was taking part in a 200-kilometer ride from Springfield to Quincy to Troy and back, but he was by himself when he was hit. He was wearing his helmet and safety gear required as part of the ride, Tennant said.
I advise everyone with Gold to sell.... so I can buy it on the cheap.
I always love it when you Americans go on about buying ammo as a commodity/safegaurd/insurance policy etc.
Just wish I could partake, the only ammo I've got is .77 airgun pellets.
Amazing how many people aren't paying attention...I get my gold second-hand, and pay next to nothing, but the reason I can is because a lot of people just don't seem to know it even HAS value these days!
This weekend I got a small cardboard box filled with religious medals. There were at least 30 of them. I did a quick scan and saw most were sterling, but there were some gold ones. Now, I couldn't make out the marks on those, but I knew the others were silver, so I asked the guy what he wanted for the box. He takes a quick look, and goes "Gimme two bucks?" He didn't even poke his finger around. Then he says "They're all real, you know."
So I pay him, and when I get home I take a better look, and 4 of them are 14k. Almost 50 grams of 14k gold, along with God knows how much silver. He KNEW they were real, but didn't even give them a look over, and gave them to me for 2 bucks...What is that even a PRICE of these days? A disposable Bic lighter costs more...
The current melt value of 50 grams of 14k is over a thousand dollars. The silver is a few bucks more on top of that. Now that's not what I'd get for selling it as scrap, but for what I paid I don't have to get anywhere near that to be a very happy camper, do I? And I'm not selling now because I see it going up, who knows what that little haul may ultimately be worth?
This happens a LOT. And this year it is just getting almost too easy. When gold was high, people were all 'eagle-eye', though even then some just didn't seem to care, but it was a short-lived phenomenon. It's like people have been conditioned to feel disdain for the stuff. I've had people haggle with me like Arab merchants over the price for a set of bedsheets, then let me toss in the box of 'costume jewelry' for another 5 bucks without even looking through it, or just doing a quick scan.
I just want it to last through sale season. Then it can spike over winter if it wants to, but let me enjoy the next few months...
Pretty much all of my gold and silver miners have been sold because they hit the upper bolinger band (at an excellent profit I might add). Right now I'm hoping gold crashes again. Miners would crash with it, I can buy them again for the second or third time then hopefully get another quick 10-20% :D