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Gold & Silver Slammed Back Below FOMC Levels
Monday - Purge. Tuesday - Surge. Wednesday Purge.
As it seems USDJPY is responsible once again... (as the Gold/Yen trade rears its ugly head)
Although on light volume, gold and silver prices are tumbling this morning, now trading back below the pre-Dec 17th FOMC levels (making sure that status quo-huggers can point to them being down year-to-date as proof all is well in the world)...
Charts: Bloomberg
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And of course they will close the Dow about 18K
must keep gold under $1200
must keep gold under $1200
must keep gold under $1200
Silver eagles? Record. Silver Maples? Record. India Imports? Record. Despite those facts apparently you can't give it away.
Fuck em either way. Fuck em. This is bullshit for anyone with eyes to see, so go ahead and melt my face off with silver prices again, and again, and again. When things finally fall apart I'll be sitting in an undisclosed location with my stack.
Like any other market, when there are price cuts, sales volumes increase. So record sales of Eagles are to be expected when silver prices decline. Unfortunately, the premiums seem to get higher as a percentage (which is why I prefer bars over coins).
The overlords are insane... and evil.
Thisson, those coin premiums remain at sale though. Only considering premium is short-sighted. It's like buying a car without consideration for resale value. In fact, when considering resale value, it is often the case that the Coins are cheaper.
I don't buy into the argument that all those premiums disappear in a financial collapse either. I suspect the gas station owner will still place a higher value on an Eagle than he will on Noname Company Generic Silver Bars.
Granted, you should still shop and look for the best deals you can find, but the best deal isn't necessarily the lowest premium item.
C'mon Vlad, demand delivery.
Or is Brandon right and the NWO dick is in your mouth, too?
Thank you sir, may I have another (10 oz. bar).
Bars over Coins are you SERIOUS?
I have personally seen COUNTERFEIT APMEX Bars that look GOOD, even Morgan Dollars as of late.
I personally have only been buying CERTIFIED "PCGS or NGC" in this world of FRAUD and COUNTERFEITING I will trust nothing else. Don't get me wrong I own more RAW than I should, but for the last 1-2 years I have only purchased certified. I would rather pay the vig and sleep well.
To each their own, I personally like to be dversified.
I buy my bars from the Silvertowne Mint. The premiums are much lower than PCGS rounds.
Straight from the refinery to my car trunk.
They arent fake like the Eagles and Maples I see on Alibaba
http://www.alibaba.com/product-detail/2014-Silver-Eagles-Liberty_5000553...
http://www.alibaba.com/product-detail/1-5-Newest-1oz-canada-silver_18389...
Anybody who buys precious on ebay or Craigslist is asking for it.
I personally don't buy rounds, the three Certified Coins I have been buying as of late are the Mexican Libertad, Canadian Maples and the Chinese Panda and only in PCGS or NGC, In most cases I am paying close to 100% over the Silver cost, but I don't care.
Now I did just buy some more NGC Slab Boxes from Silvertowne for they do have them on sale right now.
btw....the FIRST time I ever seen Alibaba's website was using the link you have provided.
Slabs are heavily counterfeited. Be sure to cross reference the slab with the website maintained by the grading company. It is almost impossible for a dealer to verify the integrity of a graded item without removing it from it's holder.
I would not worry too much about it on silver bullion coins but there is no way we will take a graded gold coin without removing it from it's holder unless we have verified it online and know the seller. A few months back we had a client sell us 10 slabbed MS70 gold buffalos and I cracked every last one out. The customer was shocked but we paid him $10 over spot for each coin.
I have had attempts (multiple) over the last decade to sell us fake Pandas which were slabbed. In every case they were purchased online by the person attempting to sell. We now have a policy of contacting law enforcement should anyone attempt to sell such product, They can explain to the police where it came from.
I've bought a lot from them too. Vacuum sealed, mint direct, no middleman. I personally have no fear whatsoever that silvertowne is selling silver. I really don't worry about my LCS either, he gets all his in sealed monster boxes. I feel like you are pretty much asking to get ripped off buying PMs from eBay or alibaba. There's plenty I'll buy from eBay, but gold or silver.
Yeah, you have to know who your buying from, a lot of evil bastards out there preying on the foolish and stupid.
That is the best policy. Basically know that your dealer is getting product from a mint distributor and that he or she has the knowledge and means to detect counterfeits that may be offered by the public.
I've been buying 1964 and earlier silver coins on ebay, pretty hard to fake those.
Some fake "pre-1964" silver coins look perfect, even with a magnifying glass,
but can be picked up with a small magnet. I bought some Morgan "replicas" from
a street market in China, for about one dollar each, and was amazed that fakes
could be produced so cheaply. The factory that produced them could have used
real silver and sold them to people who could have claimed that they were
from a century ago. I was so disappointed by the skill of the fabricators
that I stopped buying coins, until & unless I someday learn how to
distinguish between old silver coins and new silver replicas.
Personally I buy from BGASC
The 10oz RCM bars are my fav.
Low premium and they come in sealed mint monster boxes if you buy in increments of 50 bars
http://www.bgasc.com/product/10-oz-royal-canadian-mint-silver-bars/10-oz...
(Also GSM 10oz bars are pretty cool as they come in tubes.
When I do buy some on occasion, I go to my local PM dealer (I know and trust), or get it from Kitco for larger quantities.
But it's been a while, since there are many other useful things to put hard-earned money into, which Yield a better and more satisfying ROI: Paying down the Mortgage, family needs, RE.
But it never hurts to have some PM (5-10%), purely as an insurance policy against Inflation, or as a once-in-a-lifetime emergency that other assets won't cover. That being said, RE or Stocks are superior in Inflationary times, and in a Deflationary world, "Cash is King" -- not leveraged debt, gold or RE.
Kitco? Well, that explains a lot. That outfit sucks ass.
I've bought a few from APMEX before, but mostly IO prefer to give my support to the LCS over the large corporations. I find I always pay a much lower premium at my LCS anyway.
Just about every bullion product on the market is now being counterfeited. Coins generally have security features that make detection somewhat easier than bars. Having said that, we are now seeing bars being produced with security features but they are a small percentage of overall bar and wafer production.
I recommend coins because careful examination should be adequate to detect counterfeits. This is really important because most dealers cannot afford high quality detection equipment and will pay less for bars because they will have to cut into them to ensure integrity. That would mean the bar cannot be resold to the public and will require refining. Point is that dealers will pay considerably less for bars in the future.
You might not plan to sell to a dealer in the future but consider ease of recognition for trade purposes. Old silver money is the most recognizable form of silver as we in the West are only a few generations away from having used it as money. Even the most ignorant members of the public would be able to identify an official mint coin as such given the chance to examine it closely.
Take the time to study the characteristics of your favourite bullion coin and ensure you can tell the difference with little more than a magnifying glass. Bars that require ultrasonic thickness testing and/or XRF testing etc will be heavily discounted as fakes become ubiquitous.
I have had the opportunity to closely examine Chinese counterfeit product and the quality of the bars and wafers is shocking. Counterfeit coins are improving but even the best can be detected by examination alone.
The Canadian Mint 100oz bar is my silver of choice right now. Coins lose their premium every December 31st.
As long as the Fed can print money and give it to their biggest shareholder to short paper silver...and that Wall St bank can buy 90% of the silver eagles at dealer price and stash them...this manipulation will go on for quite a while.
Enjoy the low prices while we can, fellow pm bugs.
At these prices I don't really pay attention to premium or much else. I've always gotten 1 oz coins of every stripe ( zombucks, maples, silver bullet silver shield, maples, rcm bird of prey, rcm wildlife, eagles, pegasus round - which were disappointing, incuse indians, buffalos ).
I don't give a seond thought to counterfeit silver because I buy from a reputable place. My attitude is worry about fakes when you are buying, not selling.
I figure I'll be happy to sell them 1 or 5 at a time and anyone who will be buying them will either know what they are or be desperate to get their stinking hands on them.
Either way we're talking haircuts on a cancer patient. In the end, having it will be the issue. What physical denomination it is in and what the picture is on it at some point won't matter so much..
p.s. I used to always joke about not buying silver rounds off ebay with a marijuana leaf on one side and an ak47 on the other. Well fast forward a couple years and I have SBSS cannabis rounds and ag47 rounds. A HAR HAR HAR.
+1 for haircuts on cancer patients. That's so much better than deckchairs on the Titanic.
Not a Problem, if you come to my farm for a dozen eggs I will gladly accept your 100oz bar or a 1oz Coin for a dozen eggs. I just never seem to have any change.
I don't need your month old eggs...I have my own farm.
I also have lots of Maples for chump change...the 100oz bars are for property taxes, and to buy the neighbours mortgages out.
I'm buying bar from Cache for $1.50 oz over spot. 2015 Silver Maples right now are $4,10 over spot. 2011 Maples are @2.50 over spot.
I should explain...Cache always posts the price of old Maples but seldom has any in stock
Fool. By the time people are ready to exchange gold for eggs they'll be helping themselves to your eggs and whatever ammo they can find left after the brief firefight before you were overrun.
That is the reality except the idea that we are supposed to believe is that in a free marktet prices drop when demand does which is pure distilled weapins grade horse shit.
I'd love to see what silver is trading for in the forward market where companies actually trade for the real thing.
Just stay away from boats. They're the real hazard.
Sorry I should have clarified, by undisclosed location I meant at the bottom of henderson lake in lethbridge alberta canada.
That's kind of the problem with the precious metals markets right now. They're absurd, ridiculous, physical demand steady and yet prices dropping - but somehow this has become an accepted normality. But when it reverses, when the current system finally comes apart, the people who then HAVE the gold, and make the new rules will point at the failed current system and say 'what the fuck did you expect, did you really think you can just print wealth out of thin air?' And EVERYBODY will have to say 'yeah, its so obvious in retrospect, I really should have seen it coming'. There's not going to be a complicated explanation required, other than why the shills in the financial media were allowed to be complicit for so long, but that's probably just stupidity and herd mentality anyway.
It's not that absurd. Annual stock:flow is ~65:1 for gold and (who knows?) ~10:1 for silver. So it's (relatively) easy for TPTB to warp markets.
I've been hearing about this physical shortage ever since I took an interest in the subject (2006/7) I bought on the back of the 'experts'' recommendations.
Either the physical market really is running on fumes - as the doomsayers have said for the last 9 years - or there's a lot more physical in the hands of TPTB than is admitted. I suspect Yamashita's gold is more than just a myth.
But where else can you go with your savings now? If I'd known then what I know now, I'd have bought stawks and benefited from the CB's largesse. As it is, with P/Es where they are, I can only stand back and look on in wonder.
Well, I was thinking more about the absurdity of the current system, where debt backed by more debt, with a self-justifying purchase cycle (sure interest rate is 1.5% on those bonds, but when it drops to .5% look at the capital gains I'll make), based on the same type of argument (interest rates will never normalize) that supported housing to 2007 (house prices never go down).
But I also think, knowing what I know about TPTB by watching them pervert, rig and lie about every system they own and run, with ever increasing flagrancy over the past 6 years, that they're not feeding the market their OWN gold to satisfy 'flow'. The Rothschilds and Rockefellers and other multi-generational dynasties don't keep private stocks of gold because they think it looks pretty. If you had inherited the education and experience of 250 years of family wealth management and accumulation, I'm pretty sure the first lesson would be 'keep a bunch of the family money out of the fucking currency system' - or maybe that's the second, right after 'manipulate the currency system to accumulate wealth for the family'.
I've always said it's like calling for the end of the world, you can only be right once, and every day that goes by we're closer to being right. I think yamashita's gold is a myth myself ( I find Karen hudes nauseating ) but lord knows.
I think it's as simple as we are running on fumes and have been for years. Unallocated gold and leasing has been the weapon of choice on the gold side, and for silver ( which is admittedly a head scrather ) I guess the supposed large chinese lease after the US stocks ran out and the base metal over mining has to this point kept everything together. Relacc there was a study where base metal above ground finished inventory in many cases has EXPLODED which begs the kwerstion. Why are you guys mining this shit? Perhaps for the silver.
I agree that we've all been hearing the "free beer tomorrow" rant for years but I don't think it's only my imagination that the desperation in the pm market has gotten worse. So yeah, sleep tight, buy as much as you can and some day we'll be right.
In a court case brought before the US 9th Circuit Court of Appeals, the court found that, in 1971 Yamashita's gold was indeed discovered in the Phillipines by a treasure hunter named Rogelio Roxas and then subsequently stolen by agents of Ferdinand Marcos. Roxas was orignially awarded $22 billion for the theft, but that was eventually reduced to $13.2 million.
http://uniset.ca/other/cs6/969P2d1209.html
Believe it ... or not.
Yamashita's gold is a myth. The proof is the fact that if it existed, we would see it endlessly trotted out by the mainstain media as a reason to avoid acquiring gold. I don't recall seeing any vault pics of it.
Just more disinfo to keep the public out of gold and in paper.
Yamashita's gold is a myth. The proof is the fact that if it existed, we would see it endlessly trotted out by the mainstain media as a reason to avoid acquiring gold.
I don't follow your logic. If Yamashita's hoard did indeed fall into the hands of the US government, it was used as an off-the-books asset for bribery and covert action around the globe during a period (Bretton Woods) in which gold was money. Officially announcing to the world that they had tonnes and tonnes of stolen gold, silver, jewels and artwork would open them up to lawsuits from tens of thousands of individuals and organisations in Asia who'd been plundered by the Japs.
Furthermore - unless you believe the Western CB's are actually disgorging their own hoards to keep the physical market depressed, the gold that we keep hearing going from West to East has to be coming from somewhere.
We know that rampaging armies pillage as they go. There is no reason to believe the Japs were an exception. Where did all of that plunder go? I'm sure a lot ended up at the bottom of the sea in sunken Japanese warships and freighters; but that still leaves a shedload of treasure unaccounted for.
It's the actions of a market that has reached a bottom of a correction. Neither the bulls nor the bears are in control. But the selling is exhausted.
its supply and demand ... get used to it!
In the case of Silver its supply (x100) vs. demand
That staement is backwards the suppl down and the demand s up and the price goes down hmmm nothing to see here i cant wait to see the collapse and he nay sayers with thier paper stocks and bonds say what happened to all my money untill then I have all the metals I need and I am going to enjoy the time that the manipulators have given us
"its supply and demand ... get used to it!"
Yeah, for paper!
Happy new year bitchezz in asia
Buy Palladium!?
Why? are you expecting GM to have a catalytic converter recall? Dental fillings and crowns are done in 3D printing.
Silveraydo Parody 3 - "Coloraydo" - Amiri King
Typical liberal that doesn’t know palladium is called white gold. Tune into your radio station Pd 106.42. Let’s return to the table of periodic table of elements.
Rewind this YouTube video and watch again. Silveraydo Parody 3 - "Coloraydo" - Amiri King Just prior to the part about the Chevy having a cock ring.
I own two Lincoln gas guzzling SUV's. 5.4lL . You just never turn back.
And you and your wife would probably have to get belt extenders if someone tried to throw a saddle on you.
Yes, palladium is a buy in my opinion. Uranium as well. Gold/silver could hit $1000/$12or less (briefly) before final shakeout occurs. I am still a buyer at these levels though, never know when the commies with pull the cord and 'Belgium' "stops accumulating TBILLs
I know you probably don't want to hear this, it does sound rather ridiculous but, Zinc, yes lowly zinc will be the first metal to be used up @current rates and known supply/deposits
hoard pennies????
dp
Sure, if you like to play penny ante poker. or ones that have VDB under the dead mans head.
Rare Earth elements
Just don't sniff it up your nose. Watch out for the palladium shelf life.
"Gold/silver could hit $1000/$12or less"
In that case, then what's with the horse-crap meme of "Gold is a store of value"? I don't have an issue with PM per se, but I do have an issue with all the bull-crap that idiots and shills are spewing, when it comes to PM.
E.g. You can't use the argument of what a great store of Value it is when prices are going up, and then cry about "Manipulation!" when it's going down. Talk about being a two-faced hypocrite.
I've yet to meet the person who got rich on perpetual buying of PM. But I do know quite a few who are poorer for having paid too much or having bought too much. Only Insiders make money on PM, and then by betting on Futures. I'd argue that you buy some if it makes you happy, and leave it alone if it doesn't.
Ha I almost bought palladium in '11 when it dipped below 600. Bought gold instead, could have bought two ounces of palladium instead on an ounce of gold and still had a couple hundred dollars left. Shoulda woulda coulda.
wop wop wah [/d. bowie]
More sure than death and taxes. Gold would end today below $1200. And Dow above 18,000. HAPPY NEW YEAR.
Have you seen the VIX? As I write this it is UP 5%.
The manipulation must be concentrated on bitch-slapping gold and pumping up the Dow. Nothing left for VIX slamming.
BUT we still have the closing minutes of trade, so we'll see...
Chinese have ramped up the buying. 57.3 tonnes delivered on Shanghai Gold Exchange over last three sessions. That's more twice the norm:
http://www.en.sge.com.cn/datas/sgeprice-daily/
And yet the price never goes up, so who really needs it? It's not like you can put it in your car and drive somewhere or heat your house with it.
yeah, and i hear 1 yr CD's r paying -2% on deposits...
rush out and get one...
or some Twitter maybe???
Let's see... PM prices are allegedly being "manipulated" downward. Fine.
BRICS are importing gold. Fine. Even those 'evil Ruskies'? Yes.
We see Russia and China as enemies, and yet we let them import tons of Western gold? We make a BIG stink about some meaningless piece of turf in E. Ukraine, but don't give a damn about all the gold leaving our shores? Anybody else see the glaring contradiction?
And remind me again who benefits with low PM prices, and who has the cash to manipulate the prices down. Gee, who could that be? I wonder. Couldn't be China. Has to be some Cabal, right?
Am I the only guy in the room with eyes and a noggin?
Have you ever considered who is working for the Chinese if your theory is correct?
Didnt think so....fuck off troll.
You're kidding me! gold and silver being slammed on the last trading day of 2014....who could've thought of such a thing?
I look forward to S&P 2100 by close too....we have never been healthier!
For all you shale haters, gold is priced at $92/bbl oil right now so if it were correctly priced, it would be teetering at the edge of $700. Talk about gluts, gold just piles up after it is mined, more and more of it uselessly gathering dust all over the world. The only place it ever gets noticed is as jewelry, otherwise no one knows it exists even thought there is a huge glut of it sitting in banks and other places. Way worse than oil which can easily be consumed.
YOU will be easily consumed at the reset.
What reset, I am 58 and jeebus has never arrived and neither will there be any reset.
prolly as it is your generation and those before you that are responsible for all the shit younger generations are going to have to face...
bullshit, you are responsible for your own situation.
Yup, I'm responsible for $17T in debt. I almost feel sorry for baby boomers. Your shell shocked dad's didn't spank you enough. You had everything given to you and you still sit there calling out others.
I got beat with a belt and told kids were to be seen and not heard. I was made to clean my plate and if I asked for anything the answer was always no. That is what those people were like, you forget, they lived through the depression and they were all drunks with a bad temper to boot, no matter how well educated and well to do they were.
You prove my point. Your Dad did the right thing and you stilil complain about it.
I don't know if he proves your point or not but what it boils down to is that the generation that raised us was a hell of a lot better than we were at raising our kids. We had the accidental good fortune to be born in what is more and more in looking back turning out to be the golden age of America. We had it all laying right before us like the first people who discovered gold nuggets just laying on the beaches before the stampedes of the gold rushes.
Go to a crowded place of commerce today and observe how ineptly people raise their children. They are bad at it because their own parents (boomers) were so incompetent themselves. We (You) are on the ride down the downward slope.
I had about $500 to pay back for student loans and bought my first house for $13,000 and yet so many fat fools try to pander the story they worked hard for what they have while sneering at you for not being as successful as them.
Yep, if I were you I'd be plenty damn pissed about it.
Good or bad parenting, it's still up to the individual to work things out for themselves. Crybabies complaining their parents didn't raise them right don't get any sympathy from me.
I'm complaining about other peoples parenting. It's hard to find a good wife picking through this pile of skanks.
I'm complaining about other peoples parenting. It's hard to find a good wife picking through this pile of skanks.
Just to be fair, if you are going to ignore the debt (if you are older than 20, you share responsibility for a big piece of that debt), you should also refuse to use any of the things Boomers gave the world. Turn off your computer, your cell phone, disconnect your internet connection...and that's just for starters.
And your generation has given the world what? Facebook? Miley Cyrus? Wow you're just so special!
There is no hope for the younger generation.
I teach university maths and every year the students out-perform the previous years in laziness and self-entitlement. Professors from other subjects tell me the same thing.
That is very true.
I might add that it has always been true for every generation.
Feel free to play Billy Joel's "We didn't start the fire..." to get the rif.
Just because you don't like the smell of the previous generation's turds, don't think that they liked the stink of the generation before them, and so on, and so on...
I'm older than he is and the worst thing our generation is guilty of is raising such an ill prepared and narcissistic younger generation. We are as guilty as you charge, even worse, and I apologize on behalf of all of us.
It's heart breaking to behold what a shit pile we are leaving you to clean up. Depleted fisheries, open oozing poison spewing fuck you shima disasters, clogged freeways, crumbling bridges, rusting pipes, increasingly dangerous feedback from the hate we've sown world wide by our abandonment of the principles that were solemn to our forefathers but unknown to the leaders in power now, and perhaps worst of all allowing digital zombism grab the younger generation by the throats. Hang on to your seats because the worst is yet to come and how many of the fatasses who hang out here can hardly wait for it to happen because in their furry minds they think it will be glory hallelujah because of the piss colored metal they own?
Idiot. When there is a reset you will be erased and gold will be meaningless until long after fire is rediscovered.
So the money in banks is just collecting dust too? Hundred dollar bills just rotting away....same thing with all of those digits on the cpu screen....just wasted light! Put a sarc tag on, fuckface.
No sarcasm, just an honest comparison. Oil is useful, gold is not, it's just like religion.
Actually both gold and silver are highly useful, particularly as an asset that has a history of being considered valuable and has no counterparty risk: no claim, no issuer.
Thers's lots of stats showing that the world has more gold stored than silver right now despite silver historically being produced 20 to one more than gold. Silver gets used up in all the modern electronics today.
There is a big shortage of silver, and JP Morgan knows it.
Obviously your first day in a new job ... trolling.
Get back to CNBS please.
Clearly he trades paper. My advice is to make money and trade it for tangibles, whatever that may be. Let's hope he listens.
Gold can reign in the criminals printing machine and liberate the world from these psychopaths...
its nothing like religion. Gold, whilst it just sits there doing nothing, is one of the few things that cant just be conjured out of thin air - unlike fiat currency. Gold has taken alot of investment and alot of work to dig out of the ground, and essentially the total amount of it increases only slightly with each passing year. The reason I say this is that you have to decide what you are happy with representing your work hours. Everybody recieves currency for their efforts, but as we know currency is not a good store of VALUE. Keep hold of a hundred dollar bill for ten years and see if you can still buy the same stuff. Essentially, the central banks by printing money, are diluting your purchasing power. Look back to when you were a kid and the stuff you could get then for $10. Now do the same with an oz og gold/silver/copper etc No matter how many times I repeat this it always amazes me that people cant see the simple truth. Gold isn't a day trade(well, it can be, but I wouldn't invest in it in that way - too manipulated), its insurance against the ineptitudes and shortcomings of governments and central banks.
I think what the PM Skeptics are saying is... that aside from its uses in Industry and Jewelry, it's just a commodity that "does" little or nothing for you and your modern lifestyle.
We make products from Resources (includes PM) + Labor (physical + mental) + Energy + Capital.
In this equation of reality, energy plays a MUCH bigger part than does PM. Especially when you consider that Petroleum is used not only for Energy, but as a material resource for all kinds of VERY useful things. Things like Plastics/Polymers, Pharmaceuticals, Fertilizer, Transportation, Lubricants, etc.
The usage and value of PM in a pre-industrial and pre-tech era is VASTLY different than in the era since then. Its modern importance and usage notwithstanding, its fans (and rabid worshipers) are over-emphasizing (over-selling) its modern-day importance. It just is not nearly as important to commerce and our lives as it used to be, even though it still plays a role.
The only argument I keep hearing over and over, is the much-promised and (here) much-hoped-for Economic Doomsday. Perhaps said Doomsday will come, but I sure hope that I won't have to wait 2000 years, the way some have been claiming that "The Second Coming is near" for said 2000 years. IOW, many gold fans are long on Hope and short on Reality. Just as Religion is.
That, I think, is the why Skeptics (people who prefer proof over hope) are skeptical. And last I checked, this site is not a religious site (fine though these might be), though it seems to attract many who are religious. Interestingly enough.
So let's leave Hopium to political and religious Hopers, and stick to material facts and material reality, and stick to the Modern era -- not brutish & short bygone ones.
Imagine a solid gold asteroid the size of kansas somehow crashing to earth without causing massive destruction. Would the planet suddenly be better off because of such an "enrichment"? Maybe a little because we could start using it built really good toasters and such but beyond that not much benefit to compensate for the loss of rarity. In other words, it has little intrinsic value. It only stays relatively valuable by consensus. Mostly the consensus of those who already own a bunch of the otherwise useless stuff, eh?
"the size of kansas somehow crashing to earth without causing massive destruction"
You could have made your point differently than by using such a leap of the immagination. thats 97 million cubic kilometers of gold and therefore no longer RARE. So if it were that common it would be used in common household wiring. Today though many mines have grades in the <0.5g/tonne area. They can't all be grasbergs in Indonesia.
Gold is used to gold plate tungsten....Duhh
https://www.youtube.com/watch?v=51Wg6k9cWhM
Your correlation between gold and religion is very profound. Do tell, what has more influenced mankind to consume, create, explore, and conquer than gold and religion? Petroleum certainly is a recent influence, but so were lumber and spices only a short while before you were born.
Your 58 year existence is as significant as a flea's fart from the back of an elephant.
I understand your arrogance. Your frame of reference is merely 1957 to 2015 rather than the last 200,000 years of human existence. What I don't understand, is how a Westerner, I assume American, does not recognize the influence of Christopher Columbus (gold and religion) on his vary existence.
How do you expect anyone to take you seriously when you say gold and religion are not useful? You may not "believe" in gold or religion, but that is not what you said.
The Black death was spread by fleas.
I can't trade my religion for much of anything.
In fact people are very anxious to give their religion away. It is called "Missionary Work".
You are not exactly right about gold utility. Trade is a use. Not our fault you chose not to trade it.
The main difference between oil and gold is that you can trade your gold, and to the degree you productive, it will return to you. Hence it is infinitely recyclable in its most economic use.
Oil burns once, and then is gone.
be nice to these zh'ers. without them your gold would be even more worthess. Madoff could have never gotten so rich without a steady stream of people with faith.
1/5th of all mine supply is consumed in electronics every year. Very little is recyclable.
I hear silver has some functionality outside of being a tennis bracelet too. It's not like he is 6000 years old.
I understand that a lot of the products that use silver (solar panels, electronics, smart phones, etc.) are being replaced by paper derivatives now, though, so they can do with paper varieties of silver rather than the metal. That's progress I suppose, you get stuck in an old paradigm of 'real stuff' being needed to 'make other real stuff', and next thing you know the digital world has passed you by.
Ah yeah bendy iphones gottit.
Mine supply is what percenatage of "known" above ground stocks?
There is no "known" above ground stock, only estimates of 170,000 tons. Mine supply is about 1.5% of that.
Which would make consumption for electronics about .3% of all known above ground supplies on an annual basis. Good luck using up all that stuff at those rates. Tell me again why everyone should want it?
For the love of all that is holy, PLEASE........stop feeding the trolls.
Being 58 and around ZH a few years, you don't appear well versed on the virtues of holding some gold as insurance against money printing and currency debasement.
How is that possible?
I bought lot's of gold below $300 and it's still sitting there doing nothing for me. Oil wells produce income for me while running my car and the gas heats my home and provides fire for cooking my dinner. Gold just hides so it won't get stolen if anyone actually wanted it but they don't. I also bought silver for $5 and it's still sitting there doing nothing other than tarnishing, at least gold doesn't tarnish.
Now you're just trolling and talking nonsense.
Nice try.
OK don't believe me, but it's true.
You got the Big end-of-year Fatwa today. Heresy and blasphemy, and I see someone tossed in the National Debt to boot. Of course, if that clown is older than 18 years, a big chunk of that debt is just as much his as yours. And yes, it is a religion to them. Just scroll through the comments in any PM article and you can see them reciting the same prayers over and over.
Since I know of you from elsewhere, I'm going to guess that your return on your Texas wells dwarfs the combined lifetime income of all of those taking exception to what you've written, and most certainly makes their buy-and-hold PM position look kind of butt ugly. They started "backing up the truck" at $40 Ag, and now it's mid $15s. Refilling their gas tanks is about the only thing that has kept WTI above $50/bbl, so maybe some "thanks" are in order.
Climb in the Lambo and just enjoy the Fatwa. Salman Rushdie is still alive, and his pursuers aren't impotent.
LOL, its a 991tts.
So you bought silver at $5 and Gold at $300 but failed to sell at the peaks in 2011?
You must be a special kinda retard chasing profits in oil and gas but not with the precious.
He failed to sell it because he knows damn well it could have gone higher........much higher.
I sell oil and gas everyday no matter the price, that's the way it works with producing properties. I collect a check each month. Gold doesn't do that. I get a free pass on 15% of the net from the check against taxes for depletion which I wouldn't get trading stocks or selling the gold and silver. I have them strictly, for well, I really don't know anymore. I like the oil wells and leases way better at the current time.
Uh, no, gold isn't useless. In fact, it's quite useful as money. In fact, it's the most useful form of money there is.
How come I can't spend it? Don't the same arguments that shale haters use against expensive oil apply equally well to gold? Mining gold is a complete money losing deal. No miner makes money on an all in basis, they have been losing money for the last four years, so how come they keep going?
I can walk down to the LCS any day of the week with my shiny and walk out with paper fiat (never would, but I can)
Can you do that with a barrel of crude?
Actually a truck comes and picks up the crude every day and a check arrives at the end of each month. The gas goes through a pipeline and a check arrives each month for that as well.
so maybe you should buy and bury barrels of oil in your backyard? Or lose them in a boating accident?
Some of us will keep stacking, why does that bother you?
nature already buried a few million barrels under my property
the force is strong with this one, but I sense a dark shadow.........
buying more once again on the cheap...
woe is me...
anybody who thinks this has anything to do with reality is sadly mistaken....
i will not b moved...
DEATH TO THE MONEYCHANGERS...
Are there any vaults not empty?
GLD - 710 tons (down about 15 tons over the past couple of weeks). Plus maybe some more complicit governments trying to get into the western club will swap their real gold for leases held in London, you never know.
The so-called gold and silver markets are phonier than a three dollar bill with Putin's portrait on it.
The fiat dollar must be protected at all costs from real money. How long these manipulations go on nobody knows but Japan looks primed for collapse as Yen approaches 120 on the dollar/yen. It has been a great achievement of the Central banksters to push interest rates to near zero, push down gold and silver even as they have printed over $10 trillion in fiat.
Manipulated markets never make sense.
10 trillion???
u better add some mo "0000000000's..."
A 3-dollar bill would have Leisure Suit Barry's picture on it.
These charts tell a story. An allegory of the criminals and fraudsters of the global reserve currency who have enough power to keep pounding down one of the few honest ways humans define "Money". It is the strange tale of lies being victorious against truth, fantasy defeating reality: The insane notion of an infinitely replicable currency produced at almost zero cost balanced on the books as untenable debt, favoured against the oldest, most desireable medium of exchange and store of value on the planet.
Every counterintuitive turn on the graph tells me that these fuckers are winning despite the plainly obvious fundamentals of supply/demand, the laughable insanity of their debt enslavement, the obscenity of criminals gloating over their ability to treat the planet as one collective easily manipulated dumb mass of meat. The private banksters that control the Fed probably have no choice but to keep on pushing down gold or any other serious competitor to their monopoly, but such blatant actions tell me something good out of all this - even the deaf, dumb and blind can surely see them for what they are now .
wish(hate bankers),think(they control price), pause(do nothing), ha...
think(deflation), patience(price has a long ways to go down), greed(buy when blood in the walmart lines)...
You should watch the GLD inventory, that's what's being sold off now. My own theory is when GLD is empty (or down to 200 or 300 tons maybe, I don't know) the game's over. Until then, no rush. There's no gold to support a mad retail rush into GLD, but plenty of spread to be pocketed by shorting comex and selling freed-up GLD physical to Shanghai at a premium.
Al, I never look at GLD or SLV. Both are phony fraud ridden PM vehicles operated by known crime syndicate outfits, HSBC and JPM. Both of them routinely lie about their activities and rarely the truth about anything. So why believe them on their "so called" inventories?
I think they're fraudulent in intent, but they obey the letter of the law in terms of gold in inventory. I've seen analyses done on bar numbers (by some really obsessively detail-oriented types) that support this. Also it fits with the overall model FOFOA puts out, which seems to have been a pretty good predictor of what's happened in gold. So I think they accumulated it as they ran the price up to encourage westerners to convert their 'cash to gold' at a 'good price' and now they're draining it to feed Asian demand, pocketing the Shanghai premium, as well as whatever they make on their paper gold short positions. POG won't go up until GLD is empty because they would have to get actual gold to rebuild GLD inventory if western retail demand picked up, and there is no gold available to do that. So the only thing left to do is empty it out and THEN let the cat out of the bag.
Those fuckers "obey the letter of the law"? Bar numbers with the BlowHorn's Bob Pisani? Come on...
Just yesterday Tyler put up a great post verifying Bankster FX rigging. Sorry, but GLD and SLV are completely compromised by the usual suspects.
Year-end book squaring?
This shit won't end until it's over. You can take your Elliot Waves and your alogrothms and your "this never happened before without a major market crash"es and shove them up your ass. Nothing about this rigged game will change until it suddenly all changes at once.
Come on you fuckwits. Slam it down to $1130 or $1000.
They draw more sucker bets on both sides by whipsawing it.
It has been highly volatile lately. Must be killing the leveraged specs.
$700 is the likely next step according to some who are experienced in precious metals trends but the nice thing about gold is as an insurance policy against failed government. If you already own 40-50 oz then that's a good amount to hang onto, and gradually add but don't overdo it.
It may reach $700 but the question is where else will your capital even exist?
I know what you mean that's why gold is a great insurance policy.
Add in some silver coins to the stash, they will be accepted.
This wouldnt be a case of more rigging and lies would it?
Thank fuck for that, for a minute I thought things were heading south. You know the international bosses would never allow anything like lying and frigging in the rigging, would they?
;-)
Can't have gold up YoY even if it is $2-3.
"For the third year in a row, gold has continued falling YoY confirming what an awful investment it has been."
-Marketwatch
EVERYBODY on Zerohedge expected this Gold/ Silver Slamathon.
Even the trolls expectorated this slam.
Happy New year to all ZHers.
Happy New year as well