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Gold Tumbles To 2014 Lows As China Unveils Anti-Rigging Benchmark
With a Fed hinting at exit strategies, gold has tumbled to 2014 lows (and almost in the red year-to-date) as traders apparently forget Japan, China, and European central banks continue to (or are set to) print more money into the global reflation trade. It appears that as the West continues to sell 'paper' gold, the East remains enamnored as the PBOC announced this morning:
- *CHINA TO FORM SHANGHAI GOLD BENCHMARK, PBOC GOVERNOR SAYS
- *PBOC CHIEF ZHOU: GOLD MARKET IMPORTANT PART OF FINANCIAL MARKET
- *SHANGHAI GOLD MARKET HAS TO AVOID SYSTEMIC RISK: PBOC'S ZHOU
Furthermore, traders have noted physical buying interest continues in the Asian region as premiums rise in China and India.
As Bloomberg reports, PBOC's Zhou says Chinese gold market is crucial:
Gold market is important component of financial market and can help diversify financial market, People’s Bank of China Governor Zhou Xiaochuan says at ceremony in Shanghai for Shanghai Gold Exchange.
China to form a “Shanghai gold” benchmark: Zhou
* * *
But for now the price continues to fall...
* * *
Though, as Kitco notes, Asia demand remains strong:
Bernard Sin, global head of precious metals trading with MKS (Switzerland) SA, reported that some physical demand has emerged on the price pullback, particularly in the Asian region.
“The premium has gone up in China to between around $4 to $5; in Hong Kong it’s about $1 to $2,” he said. “In Singapore, it’s about $1.70 to $2. In India, it’s about $6 to $7.”
* * *
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BUYING OPPORTUNITY.
FUCK YOU YELLEN, DRAGHI, AND CHINA, U FUCKING BASTARDS.
Can we drive 88 and go back to 2002 just one more time again?
Yeah I was there once.....but I didn't know 2014 was going to be like this.
as always, keep BTFD, bitchez...keep lowering your cost average while stacking more cheap phyzz!
Silver Doctor's has Buffaloes on sale still for .65 over spot and 7.77 flat shipping any quantity. 19.05/round right now.
Can't beat that.
http://sdbullion.com/silver/generic-rounds/1-oz-silver-ntr-buffalo-round
Dealers are going to have to shut down or double premiums soon. Remember June last year when the Cartel slammed silver this low? It was taking some up to 8 weeks to deliver.
There won't be much phyzz silver available like this for long if they continue to slam the paper prices like this.
Have never used sdbullion... how is their ship times? I get nervous when orders don't leave promptly after they recieve wire or cleared check payments- JMBullion is like that. Always got it but it takes forever and you never know when one of those smaller places goes tits up (holding your money)
Makes no difference to me. My Gold is still stored outside the Banking system in safe places....
Tomorrow is options expiry. They want to rape the holders of options before price blast off next week.
Ah yes, Yellen with the same modus operandi as the good old boys before her. Anything to make a digital buck at the expense of the metals industry and retail investor.
Metals are looking more like REDRUM today...
The Chinese don't realize who they a fucking with, the jewish bankers are not going to succumb to the slanty eye goons that easy. This is a war between fiat currency and money. It will be very ugly before gold takes its rightful place.
disagree
while the chinese invented paper currency, the jewish bankers invented the old 'once in a generation flip the switch' back to gold.
The only tussle here -monumental as it is - is disagreement over the optimal timing
We no sooner get rid of the London Gold Fix, and we have the Shanghai Gold Fix.
At BEST, this is just going to be a giant arbitrage for the GLD caretakers - drive the Comex price down, get the last holdouts (784 tons in GLD) to sell their shares, which frees up the gold, which they deliver to the Shanghai market for whatever premium their 'physical' exchange pays. At worst (and more likely) the Shanghai exchange will be as rigged as the Comex. Either way, looks pretty grim if you're holding gold looking forward to 'making a dollar profit on it', but those GS forecasts of sub-1000 might be coming true soon.
Harvey Organ has surmised with the relative small price moves in GLD and SLV that they are actually already out of physical. It makes sense that if they are truly at 100 to 1, paper to phyzz ratio, at some point there will be many bag holders in the funds that can only expect a cash settlement.
You like examining trees in a $4.5T FED balance sheet forest? Beware normalcy bias in extraordinary times. I see your "At BEST" prognostication as a last gasp, yet you say it as if it doesn't bring down the curtain on the fraudulent ETF. Let us stroll down memory lane back to Rothschild's leaving the Gold Pool, followed by creation of GLD, followed by Brown's Bottom, followed by Germany's failed repatriation (even after the "safekeeping" of Ukraine's bullion). You are rather blithe in your ho-hum assessment of raiding the last physical out of the uber hypothecated account. I see it as dwindling moves on the chessboard, with physical as checkmate.
I see an evil magician with many more cards up his sleeve.
@Al Huxley. Precious Metals Pete forecasted about 2 years ago that the paper gold price would plunge well below $1,000 / oz. He made this forecast when gold was well above $1,700 that the price would continue to collapse going against all the other precious metal pundits.
His revalued price is somewhere in the $10,000 to $40,000 range.
Until then go Long on Ink and Paper.
Sounds similar to the FOFOA prediction - paper gold market gradually dies, with a collapsing price, then sudden reval to 55k or whatever. So seems like a good idea is short miners, long physical gold on meltdown days, and long spx, or big name tech (since it seems only a very select few stocks are driving the indexes these days).
i know - ive been tempted to go junior gold/silver stocks. But while some could return 2000% on the reset, they gotta survice until then, so you could be looking at a 0% return
"Either way, looks pretty grim if you're holding gold looking forward to 'making a dollar profit on it"
I am going to assume you mean holding physical. Ill tell you what I tell stupid family members who say "if it goes vertical you will make a killing." No if it goes vertical I'll have less net than I do now because Gold going vertical means everything else is quickly on its way to ZERO. If it goes vertical we are all completely fucked, I am just fucked less but at least I will be the richest guy in the thunderdome.
Anyone holding gold looking for a profit is a fool.
London Fix is to suppress price discovery.
Shanghai will be used to Fix gold-backed Notes.
Let's just use "Rothschilds," since it is accurate.
They have produced a fiat note for what, maybe a hundred years?
Once your fiat note loses too much value, you have to restore your Wealth, which as a wise man said once, is Gold.
"Gold is Money. Nothing else."
Remember, at the height of the British Empire, a "pound Sterling" was a pound of Silver.
A PM.
Now, the world turns again, not in a circle but a Spiral.
The Wealth will be in the East. That is why I am an expat here.
It is what I think is a natural law.
SDBullion ship times have been excellent. It's almost like they overnight the shipment to you. I've placed several orders over the last several weeks. They ship out of Michigan and it usually takes 3 days. My last order was made at 4:30pm EDT on a Friday and it arrived Monday morning. That's pretty damn fast to get to Florida from Michigan.
In the past, my orders from other vendors have taken 3-4 weeks after they have my cash funds ( i never use cards for purchase since i want the best price). Its always a bit of a gamble buying from the little guys with better over-spot fees vs the kitko/apmex big gorillas. I suppose paying the premium with a card is like buying insurance. Maybe i'll have to start doign that.
I don't know if that is why or not...or if it's just that SDBullion is kicking some serious ass and has a great operation going. Other than my LCS they're the only place I've been buying from online other than ebay whenver I score a good deal. And SDB has always had smokin' ship times....like I said usually takes 3 days. They ship from Michigan and I'm in Florida.
I may have said too much already....hey, who's that knocking at the do.....
hahaha
I've had nothing but good experiences with silvertowne. They are the only ones I've ordered online from. Good ship times, good prices on their generic bars. Pretty good looking too. They ship in sheets of 10, vacuum sealed
You all should check out silversaver.com
I have been using them for years, easiest and safest way to accumulate metals. Set up a weekly schedule to automatically purchase $50 a week. You can store it with them or take delivery.
SGE Announcements
Announcement of the Shanghai Gold Exchange on Establishing the International Board Certified Vault
To all Member units this may concern:
This is to notify that the Shanghai Gold Exchange, for the purpose of smoothoperations on its international board, has decided to establish the International Board Certified Vault to provide services for physical delivery at the SGE and physical warehousing of its International Members and international customers.
Information with regard to the certified vault
Vault Code Vault Name Contact Phone Number Address
8801 International Board Certified vault (the Bank of Communications) Qian Rong 021-63111000-4543 No. 20 Wanrong 1stRoad, Zhabei District, Shanghai, China
just ordered from SDbullion
less than 20.$ an oz total cost
paid with a credit card
first cup of coffee, first cigar of the day
and 50 rounds..
day is off to a great start..
>as always, keep BTFD, bitchez...keep lowering your cost average while stacking more cheap phyzz!
LOL. i love coming on here and reading this complete and utter garbage. youre down $700 from the highs, silver is down 60 fuckin percent and youre still 'buying the dip' and crying about 'manipulation'. youre either stupid or insane.
Insanity: doing the same thing over and over again and expecting different results.
Insanity: doing the same thing over and over again and expecting different results.
Then don't bother posting on here anymore acting like a douchebag thinking you're actually going to change anyone's mind, ya fuck-tard. Go hang out on the CNBS forum with the rest of the sheep.
Diablo,
You sound like a paper man.
May your paper burn in hell.
Yep, Diablo's a "Paper Bug."
btw, some of us aren't down $700 from the highs; we're up $900 from the lows...
$1,314 average here, not worried, not buying till we find some sort of stable area.
Deflation I'm cool, I own da Gold
Inflation I'm cool, I own da Gold
I'm cool I guess, I own da Gold Bitchez.........
so Diablo, when the paper price of silver is $1 and gold $100, are you gonna say stackers are fools
or are you gonna say 'hey maybe the system is fuckn nuts' and there's an opportunity for sanity to prevail.
silver has never reached the price it was in 1980. You take a basket of 80 common commodities and on average they are 200% above their 1980 price
Sounds more like someone that has none and is sweatin your stack
crazy as the silver fox...
You're cherry picking from the previous high. What about the low before the previous high, how much is it up since then?
Thanks for the link. Just added to the pile. Easy-breezy. Cheers!
If you can stomach the insanity, this very good for the market.
Gold physical market was devastated in 2013, now Silver 2014.
All gone from the west, making 2015 a good year to hold long and strong.
I am going to have to beef up security behind the woodshed.
if you follow gold, you've probably read about 1180 support
http://bullandbearmash.com/chart/spot-gold-weekly-closes-key-1240-suppor...
weekly support is 1180 before we bounce. how do we get there? stronger USD.
should bounce mildly after 1180 gets tested
ANOTHER gold guru just showed up. What should we do with him?
We could always stick him with Nadler.....poor guy only has Andy Smith to talk to.
Actually, I exoect them to break it below 900$.
Just a pure WAG.
I still got sum today, you just gotta have a strong hand and you have to look a few years down the road!
downside targets are just that. A target for the TBTF. Expect all 'support' to be broken. If you want delivery of the metal, you'll have to wait a few years tho.
Just for you orangecrush
http://www.youtube.com/watch?v=ToVIlrfpBAA
Gold is the only thing that is NOT in a bubble....strange huh???
Do you believe in miracles?
Since you came along, you sexy thing.....
I beg to differ. gold is a bubble. a multi-millennium bubble. and, according to Nassim Taleb, the longer something exists, the longer you can expect it to continue that's why I like gold
Makes puuurfect sense to me. eCONomy is stronger than ever, USD is backed by so many good things, .gov proven leadership, a general sense of peace all over the world amongst mankind............times are good!
(do I even need the sarc tag?)
I don't want to rain on your parade, but winter IS on the way and all and it did a number to our economy last year...You heard it here first.
Hey those greenbacks are backed by Nancy Pelosi and John Boehner. I fee l good about that.
(Ahem)
The "dollar" is backed by Bath House Barry.
So, everything is OK!
Your Au and Ag are worthless!
Send them to me, I will provide a mailbox #
I'd sell paper gold too if I realized a real market based on physical gold was going to invalidate the ponzi one.
THATS what im guessing as well....
Maybe.
There also should be a general deflationary spiral when all the margin calls come in (unless they can disguise the collapse and the sheep don't bolt for the doors). Folks will first sell what is real that they have, thus there will be an unwind in the price of all assets as they all come to market for liquidation at the same time.
When that bottoms out, people will hold tight to their "real" shit left over. No one will look at a stinky ETF. There will be shortages of "real" things. People offering real things will have to prove they are real. Then prices will really start to go up. The dollar is not a real thing. People will be getting out of all the fiats just like they will other "paper" products. The dollar will be flooding back to the USA as everyone tries to get the real stuff.
Then we can start talking about some inflation or even hyperinflation.
But I have been waiting for an elevator drop on gold, something to scare the fuck out of everyone.
Exactly.
Funny how people's memories of 2008-2009 are so brief. Following the initial deflationary downdraft (what I like to call the "Hunt for Liquidity") gold (and as you said: "real things") took off in price.
Appropriate that Buffet is currently blathering on Bloomberg; I'll borrow one of his lines: "Be greedy when others are fearful."
Just keep stackin', just keep stackin', that's what we do we stack...
[PS: Speaking of "real things," BitCoin is really selling off...]
EXACTOMUNDO!!!
No one "possesses" paper gold that they can sell. Paper gold is a contract speculating on how the others will be speculating.
If there is physical gold available for delivery on COMEX and some with lot of cash to spare are determined to keep the price of gold low, they can do so. If gold prices don't go up even after the Shanghai physicals exchange starts operating, the weak hands holding gold will go into a panic and it will move into the strong hands. Gold prices will move up after all the weak hands are out of the game.
OK.. complete investing noob here. But just want to ask a bottom-line question.
I have what little savings I hold in physical gold. Will this new exchange actually exert any real price-discovery pressure on the value of gold, and, if so, is that pressure going to be to the upside or downside?
The bigger question methinks is this; How long can you actually hold your breath?
Very long time. But I will admit I think I just exhaled a bubble of two. That's never a good sign for holding breath another 2 years
It's all noise. Just stack, don't worry about it for at least 6 months, 12 months, 24 months etc, who knows. Grab some phyzz whilst you can too. 64:1 against gold, a no brainer. And if we go lower, buy moar. This is a gift. The holiday season has come early.
Ultimately to the upside, but you're asking the wrong question. China is amassing gold, just as India, Vietnam, Russia and dozens of other nations. Eastern central banks are buying gold---What does that tell you? Where are they getting it? Ask the US Senate which will not go along with the House-passed bill to Audit the Fed. Ft. Knox is all but empty---ask Germany, which can't get its gold back that it put there 60 years ago to keep the Ruskies from taking it. The way the paper game works is that there has to be some gold for those who choose to take gold at the end of their paper futures/options contracts -- March 14, 1968, the London Gold Pool had to close overnight -collapsed-because it ran out of gold to sell.
http://www.gata.org/node/14456
Same will happen again. Not if but when. Bottom line: China is in charge of gold now, not NY or London. China is gobbling up all the gold they can find. Ultimately, China wants higher gold prices, not lower. Higher prices makes its 3 trillion in paper USD easier to swallow. Higher prices makes its citizens richer. Higher prices are coming, because the free market always defeats price management by governments. Always.
The question you should be asking is: Will there be any gold left to trade your paper for when everybody wants gold (remember long lines stretching around the corner 1980).
https://www.moneymetals.com/news/2014/09/10/gold-and-silver-price-suppre...
It’s our opinion the physical supply of gold and silver is reaching critically low levels. When the day arrives, the pricing mechanism will turn over to the physical market, away from the paper market, and the people shorting the paper market are going to have a religious experience.”
http://usawatchdog.com/gold-and-silver-end-game-here-john-embry/
Thanks for that. I did not know about the London Gold Pool having to shut down. Interesting stuff. I'm in this for the long term (5+ years before I expect to see any real profit from holding Au), but daily bills still have to be paid in fiat and I don't want to have to sell at a loss if possible - no matter how little I might be trading back for JPYs.
London Gold Pool was a default. So was Nixon's Aug 15 1971 announcement that US would no longer redeem dollars for gold. So was the Gold Agreement signed by dozens of nations to sell 400 tons of gold annually into the market to prop up the Dollar, that ended after 2008's crisis when global central bankers (smartest guys in the room?) saw the carnage coming. And so will this current scheme of depressing gold prices. China is in charge. He who has the gold...............In 2008, silver dropped from 20 to 8. You couldnt find any for less than 16, a 100% premium. There's no law that says sellers have to give it away. Keep that in mind. Hell, I went to a gold show in 2008 where there was no gold for sale. They were buying it like crazy,, but not selling it. Same could happen--will happen--again.
Well look at you - here I was rambling at Huxley above when I could have just pointed down here. Well said - articulate, accurate and concise.
Thank you. I try.
Like Mr. Rick said to Victor Laszlo in the movie Casablanca: "We all try; you succeed."
$1180 today, go on I dare you. Really, let's have it, I like a buying op.
The biggest transfer of wealth [West >>>>> East] the world has ever seen is in full swing. Don't expect President Chalky Chavez Goebbels to give a shit; him and his pals at the Fed & BIS are engineering it. Some day [probably sooner rather than later] when China has "enough" gold, and backs the Yuan with gold, the West looks back and says, "WTF, what happened?" Nothing, go back to watching Keeping Up with the Kardashians.
www.traderzoo.mobi
was the opium/silver trade from east to London larger?
was the securing (confiscation) from Japan's imperialism of eastern gold to the US in the 1930's larger?
honest questions.
Guys, I've just bought some SI Oct-Nov calls (18.5-19 strikes). All of the trades were mid-market buys and the order was filled in less than a second...
I think we get the last flush and then we bounce hard.
How's the inventory of silver looking on the Shanghai exchange? Are they out yet?
China and anti rigging; now I am truly lma off! Fucken eh, like china is suddenly exempt from human behavior! Still laughing...re read the headline! See something wrong- haha...
TPTB: Please, Oh Celstial Agents, keep taking our debt.
OK, but you have to put moar gold on sale, roundeye smelly barbarians, hahahha!
I'll be back. Headed for the LCS and then Provident.
Take it down you dumbass motherfuckers. I want MOAR!!
The people left on this side of the game are patient, I'm pretty sure none of us are remotely concerned about the dollar price anymore. All that matters is that the central banks of the world are telling us that black is white.
And we ain't buying that fucking bullshit. Not now, not ever.
There's a price point where sellers won't sell. Happened many times in the past 6-7 years. In both gold and silver. I wouldn't be too cocky about lower prices. The sellers will dry up--they won't give it away.
BTFD only works when you have dry powder available.
As the economy continues to squeeze people, their dry powder is getting used up.
Gold wlll go back to approximately $900 for an indeterminate period of time.
At which point most mines will shutter....
the miner stocks are much overvalued wrt au.
After falling from 1900 to 900 most people will not touch it for years..
You see it in any stock that takes a 50% hit
When mines start to shutter the producing mines buy them up with cash they dont dig more and they dont restart them. They wait for prices to rise on the next cycle
"traders apparently forget Japan, China, and European central banks continue to (or are set to) print more money into the global reflation trade. It appears that as the West continues to sell 'paper' gold, the East remains enamnored as the PBOC announced this morning:"
Which is it?
Is China 'enamored' of Gold?
Or is China printing "more money into the global reflation trade"?
These two sentences appear to express 180 degree opposite opinions of China with respect to Gold.
A Central Bank that prints money for reflation cannot, by definition, be committed to a non-inflatable Gold Standard.
So which is it?
What, you never heard of Gold Marks and Papiermarks? What China is doing to the Papieryuan is being done while the Gold Yuan is not yet in existence. Might make a difference, yes?
I think you kind of missed the point.
A 'committment to Gold' implies that there are certain things the Central Bank won't do - printing money comes to mind, since that is the WHOLE REASON for Gold as a monetary instrument.
The US still has gold convertability written into Law. Nixon simply directed the Treasury's Gold WIndow to stop following that Law. The point being that actions (closing the Gold window) more accurately depict a country's monetary disciplilne than promises (Paper notes and Laws).
There are a lot of people, Jim Willie foremost among them, who believe that Russia and China want a more fair reserve currency, and want that reserve currency to be Gold.
I am simply stating that their actions to day are incompatible with that assertion. They *might* SAY they want hard money. But they demonstrate that they can, do, and want to use elastic paper notes.
The ONLY way for monetary authorities to demonstrate committment to hard currency is to refuse to inflate when the Keynesian wisdom says to inflate.
The WISDOM associated with that discipline is the understaning that inflation is not an increase of wealth, but only a redistribution of it from future to present, from saver to debtor, from common man to the politically connected - and that the process of transfer is ALWAYS DESTRUCTIVE to the real economy.
Printing money simply says that the whatever the *official position* on Gold and monetiziation, the REAL committment is to monetization.
Yes I know about Gold Marks and Papiermarks. But it is a distinction without a difference because it invokes Gresham's Law. Everyone keeps the Gold Marks, and trades the Papiermarks for something physical - hence the real currency becomes immediately all-fiat, with the Gold being an individual reserve asset.
The SDR cannot be more stable nor less inflatable than its consitutent Central Banks.
That is a fact that the Euro sadly proves.
I'm with what lasvegaspersonna said on the subject in another thread,
Don't think they'll actually go for gold-backed currency, but they will accumulate and hold gold as a strategic tool and allow it to float freely against paper currencies as a measure of value for paper currencies.
The world will continue with fiat, gold will just be the yardstick(or part of the yardstick) to measure the value of fiat.
Understood, and as FOFOA and Jim Sinclair like to argue, fiat currencies won't go away because Governments and peoples (yes, the voting FSA bloc especially) require elastic money supplies to tame the herds. So if it isn't a convertible Gold Yuan specifically (for who wants to sell physical assets to the owner of a printing press ad infinitum?), it will still be a revaluation of actual wealth, not based on some show horse in the glue factory fiat paper index.
I fail to see where a valuation based on tangible non-financialized worth is not a worthy endeavor if the goal is as you say, to create an "individual reserve asset". That is exactly what we need, individual reserve assets that cannot be conjured through financial alchemy. If China emits paper to manage their own bubble along the way, it does not mean that they have changed their mind about gold as a response to Western USD hegemony.
I think China is enamored with gold but does not want a gold std. It needs gold to get into the group that will make up the SDR fiat currency. But that is different from a gold STD
That and I think it wants to diversify from its huge purchasing of FED paper.
Just my free opinion
i've been suggesting this for a while now. providing WWIII doesn't go nuclear, the SDR will be rebalanced adding the Yuan. the ratios will be based not only on gold but energy assets and possibly grain. otherwise it wouldn't work for everyone (east and west) and the NWO wouldn't have their global currency. it makes sense for China to go along with this plan rather than try to go to a gold backed Yuan as reserve currency. if they did go gold-Yuan GRC, the cycle would start over and the gold backing would be taken away much quicker than the 40-ish yrs that the gold-USD lasted.
Yes, yes, the Rickards gambit. I believe that distrust of the IMF will be the undoing of the SDR. The only ones who defer to the IMF hit men are those for whom the choice is taken away (and the PIIGS are showing who has the real upper hand, debtor or creditor). If Russia is disconnected from SWIFT, all bets are off, and your kumbaya scenario looks a bit rocky.
just traded moar currency for moar money.
I haven't done any research in a while on mints, but, if my memory serves me correctly, APMEX and NorthWest Territorial Mint were reliable with good premiums. Am I in the ballpark on that? Or, should I look at another mint?
APMEX is extremely reliable. Yes, they have slightly higher premiums on average, but there is ample supply for most items and their service is absolutely impeccable.
NWTM is sketchy. Caveat emptor, amigo.
http://www.goldismoney2.com/showthread.php?1150-Northwest-Territorial-Mint
and
http://golddealerreviews.com/reviews/gold-dealers/8-northwest-territoria...
I sell gold and silver, wrote a book about gold, have called the gold market almost perfectly and I guarantee lowest prices for the metals but have higher minimums.
Wrote this article May 7th. Why I See Lower Gold and Silver Prices Over the Next 3 to 4 Months http://bit.ly/LowerGoldSilverPricesAhead
I have a current thoughts section on my website for those that might want to follow along: http://bit.ly/goldcurrentthoughts
Have also been bullish the dollar and in the deflation camp which goes against most anyone selling gold. I gladly give my indicators I watch to predict gold's price movement which I recently wrote an article about (search for "8 indicators" on my site as I don't want to be accused of spamming here). Read my articles and you'll know what I'm about.
I welcome a further collapse in paper-prices, because a.) I will continue to receive larger amounts of metal (real money) for the same amount of fiat currency; b.)Put the collusive miners out of business, where they belong while further constraining supply; and c.) China, being by far the largest purchaser of gold over the past few years has so far lost the most in this correction; i.e. China has the greatest interest in seeing the price RISE. I don't believe it is mere coincidence that we are seeing China open its first physical exchange at a time when it has just about supplanted the U.S. in terms of economic importance, and the business cycle is turning down... China will revalue gold higher, because it will expedite its growth as an economic hegemon and will give its consumers a much greater amount of purchasing power, as the over-indebted western consumer is on its last legs...Higher gold prices will enable China to transfer from Western-dependent consumption to domestic consumption.
Agree with you 99% but.....There's a price point where sellers won't sell. Happened many times in the past 6-7 years. In both gold and silver. I wouldn't be too cocky about lower prices. The sellers will dry up--they won't give it away.
the usd is stong, due to the higher oil output in the us for last 3 years.
http://www.321gold.com/editorials/sirchartsalot/dorsch091714.html
The USD is NOT strong. The US dollar index is weighed heavily in Euro and Japanese Yen, and as all three central banks are mired in the SAME problem, they depreciate at relatively the same rate, i.e. you no longer can tell USD strength by looking at an index based on other fiat currencies. It's all about purchasing power--how much can one dollar buy of real tangible goods? In this respect, I promise you, all major fiat currencies, including the dollar are sinking...
Did we sell a trillion dollars worth?
Short Paper / Long Phyzz...
It's Almost time to Backup the Truck to Load Up on Silver
Games without frontiers....
Stay thirsty, my friends....
A currency, whether issued by single Central Bank, or issued by a collecion of Central Banks cannot reflect greater monetary discipline than its issuer.
The SDR, therefore, is simply a Euro with LESS discipline, and LESS cohesion.
Attributing monetary discipline and support for a Gold Standard to an entity engaging in QE is Schizophrenic.
I am not sure which one you are replying to, but have an up vote for comparing SDRs unfavorably to the Euro. I once was persuaded by Rickard's scenario, but in the face of current geopolitical hostilities, I do not see everyone coming to a communal table with their gold for a show your hands moment. China's reserves are an unkown amount higher than any official estimate, just as the US keeps grabbing the bullion of other countries because their "own" is an unknown amount lower. Both countries are fine keeping it that way as long as possible.
In a time of fake beheading videos to secure more war, militarized thug police, a total surveillance state, a wide open wet sore of a southern border, bio weapon releases in Western Africa and 3000 US troops headed there as incubators, maybe now is a good time to filter water, stock up on ammo and eats, and grab cheap phyzz while the gettin's good.
These NYC skyscraper people aren't microwaving their food and drinking Aquafina. They're not swallowing prozac and taking vaccine booster shots. They're tanking the metals to make the petro-paper look good to the rest of the world while they build fat stacks of offshore tangible goodies. They might be evil, but we can take some lessons from them in how to come out the other side of the Great Step Downward without losing a hell of a lot of skin.
John B. Wells likes to say make ready for what's to come.
If you're concerned ebola is deliberately being put into populations then water filtering won't do it.
You'll want condensation from the air to get water, like the Dewpointe, and you'll want to be outside of North America, Africa & Asia completely.
I've read most of the views below. Some are intelligent. Here's one to chew on: What do you think happens to dollar prices of silver if it is discovered silver kills the Ebola virus? Silver is known for medicinal values. Silver has solved medical problems for hundreds of years. Maybe silver stackers will be the billionaires of the New Abnormal. Quite sure researchers are looking into silver as an Ebola cure.
Hell, it's a great rumor anyway. Pass it on.
Silver kills bacteria ebola is a virus.
We would have cured the common cold if silver worked with viruses.
thanks for the update.
It probably will on a surface, but in the body lots of other things could happen. Could silver ions pry ebola loose from human DNA? I have my doubts.
Silver has been used in skin creams forever
Why the bounce today?
newbie PM buyer here:
1) In addition to lower purchase price with cash vs. credit card, I thought part of the advantage of buying with cash was to eliminate gov't reporting (i.e., <$10K purchased)? or doesn't it matter?
2) When FDR confiscated gold in the 30's i read that one was allowed to keep collectable coins but had to turn in bullion? As such would it be better in the long run to buy collectible coins even if they're more expensive than bullion if there is a concern for future confiiscation and if so, what are best buys for gold & silver collectable coins?
ersatz007,
You can get the lower purchase price with a check or wire transfer for gold and silver. There are no IRS reporting requirements for those purchases. Purcahses of 10k or greater gold dealers are required to report.
Collectible coins gold dealers love to sell and make the big commission on using fear tactics like potential confiscation. While in 1933, FDR did have an executive order to turn in the bullion gold and did not go after people's collections, it was recinded a short time later (once they had most the gold).
I sell only gold and silver bullion @ 1% over wholesale cost. No need to pay more than that because some high pressured gold salesman says to buy rare coins. Simply as the dealer if I sold these coins back to you immediately at the same spot price I am buying them from you, what would you give me for them? Watch them squirm. I wrote this article in 2011:
Gold and Silver Confiscation Nonsensehttp://bit.ly/confiscationnonsense
I was instrumental in the settlement of $4.5 million against a large gold dealer Goldline via the Santa Monica city attorney who has told Goldline that they can no longer use the term "confiscation" in order to solicit buyers.
No, on the long run it would be better to a) hide it and b) not in the USA
which implies c) you leave USA & don't return.
NOTHING will be safe in the USA. Not food, bank accounts, ownership of land, nothing.
Doug - thanks for the info! I'd actually prefer to buy bullion as I'm not a coin collector. Just read about the confiscation in a historical article.
IT'S crazeeeee Eddie's GOLD SALE! Golding out of business sale! Buy one, buy all! It's hOOOOOooge