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What Happened The Last Time The Mainstream Media Unleashed The Anti-Gold Artillery
With the mainstream media onslaught against precious metals climaxing this weekend as WSJ's Jason Zweig proclaimed gold "like a pet rock," describing owning gold as "an act of faith," we thought it worthwhile looking back at the last time 'everyone' was slamming gold and entirely enthused by the omnipotence of central bankers... May 4th, 1999 - "Who Needs Gold When We Have Greenspan?"
Over 16 years ago, The New York Times' Floyd Norris unleashed the last big gold slamming piece topping a period of precious metal bashing...
Who Needs Gold When We Have Greenspan?
Is gold on its way to becoming just another commodity? The people who run the world's financial system are doing their best to secure that fate for the metal that once was viewed as the only ''real'' money.
The process of removing the glitter from gold has been a gradual but inexorable one, and is one of the most telling counters to the argument that national governments are less important in this era of globalization. Much of the world is now quite happy to accept the idea that a greenback backed by Alan Greenspan is just as good as one backed by gold.
Certainly gold's reputation as a store of value has eroded. At the peak of the gold frenzy in 1980, an ounce of gold cost $873, precisely that day's level of the Dow Jones industrial average. Now the Dow is at 11,014.69, about 38 times higher than the $287.60 price of gold.
Actually, that measurement understates the amount by which stocks have outperformed gold. If you had owned stocks all those years, you would have received substantial dividends. If you owned a lot of gold, you got no dividends but did have to pay storage fees for the stuff.
That is, in fact, how the central bankers of the world look at gold these days. Michel Camdessus, the managing director of the International Monetary Fund, said last week he expected the fund to sell gold for the first time in two decades. The Clinton Administration is pushing for such sales by the I.M.F. to help finance a laudable program to forgive debts owed by very poor countries.
The money received from the gold sales is to be invested in Government securities that will provide income, and that income will pay off the loans. The implicit assumption is that gold, which does not pay interest, is a lousy investment.
A couple of weeks ago, the Swiss electorate voted to begin untying the Swiss franc from its gold backing. The Swiss central bank could begin selling gold as early as next year. Once again, the argument was that selling gold was a way to find easy money for good deeds. To those who still view gold as the only real money, having the Swiss defect is a bit like discovering that Rome is embracing Protestantism. It is the last place that should happen.
But it is happening, and it seems likely that more central banks -- like the Australian and Dutch banks -- will join those that have already begun selling gold.
The argument against retaining gold is that its day is past. Once it was useful as a hedge against inflation that would hold its value when paper currencies did not. Now financial markets have their own sophisticated ways, using exotic derivative securities, to hedge against inflation.
Once gold served as protection for investors against governments that debased their currencies. Now there is plenty of debasing going on -- the Brazilian real is down 27 percent this year -- but the lesson people have drawn is to believe in the dollar. There is growing support for the idea that all of Latin America should adopt the dollar as a currency.
Dollarization, as that idea is called, amounts to a sort of a gold standard without gold. There would be a universal money whose value was based not on gold in the vaults, but on the wisdom of Mr. Greenspan and his successors at the Federal Reserve. Few fear that one of those successors might resemble G. William Miller, the Fed chairman in the late 1970's who seemed to have no idea how to slow inflation.
If the demonetization of gold continues, the price is likely to keep falling as central-bank sales more than offset any increase in demand from jewelers or industrial users. That could change if it turns out that central bankers are not the geniuses they are now deemed to be. But for now, the world believes in Mr. Greenspan and sees little need for gold.
What happened next? A 650% run over the next 12 years:
Not to mention a complete about-face by the very same Alan Greenspan:
Remember what we're looking at. Gold is a currency. It is still, by all evidence, a premier currency. No fiat currency, including the dollar, can match it.
...
And the question is, why do central banks put money into an asset which has no rate of return, but cost of storage and insurance and everything else like that, why are they doing that? If you look at the data with a very few exceptions, all of the developed countries have gold reserves. Why?
So here's a thought Jason: instead of quoting a Barclays analyst why "a lot of investors have become disillusioned with gold" and why "safe-haven demand hasn’t been strong enough to lift prices, but has only been strong enough to keep them from falling", maybe you can try to figure out why that is the case.
Start by making a few phone calls to Citi or JPM and find out why their commodity/precious metal derivatives exploded as they did - as can be factually seen in the OCC's Q1 report - at a time when gold has not only not risen following a surge in global risk, but has tumbled to its lowest value since 2010.
Because that's what actual "reporters" do - they report, something the WSJ may have forgotten.
It appears the mainstream media's total indoctrination of a narrative handed down by the central bank... in the face of central bank hording of gold - once again shows the desperation of the status quo to keep the dream alive (and suppress any signs of fragility) as The Fed moves to tighten.
Paraphrasing The New York Times from the 1999 lows in gold,
If the demonization of gold continues, the price is likely to keep falling as central-bank buys are nmore than offset byu paper manipulation. That could change if it turns out that central bankers are not the geniuses they are now deemed to be. But for now, the world believes in [Mrs. Yellen] and sees little need for gold.
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or that they're selling their treasuries to drive it down so they can buy up the physica.
So for every person in these threads who is gloating at the recent falls and mocking "goldbugs", I have to ask:
Do you think whats happening in the gold market is all above board? Does it seem strange to you that any interested party would sell massive amounts of paper into the market at it's most illiquid times in order to take out the entire bidstack and get the worst price possible for their gold? Is it natural or does it look like manipulation?
Because if you're honest with yourselves you know whats happening here and its a flashing red sign of a problem that goes way beyond the gold market. This kind of corruption and grift is a precursor to the kind of turmoil that goes into the history books. The exact kind of turmoil that leads to eruptions in every market, including the ones in which you have so wisely (and smugly) invested.
If this is the case, perhaps you should rethink how much you want to applaud that kind of criminality.
You are right RC - when TPTB smash gold the way that they did it is a sign of panic and desperation. In a free market it would make no sense for gold to keep going down when the fundamentals for holding gold have never been higher with all of the current turmoil in the world financial markets. People confuse the paper market with the physical. Supply is tight in the physical market and premiums are skyrocketing. Demand is greater than world production.That is another reason why it doesn't make sense for the price to go down. When demand is high and supply is low in a free market prices will rise and not fall. This is economics 101 stuff...pure common sense.
My son's last yearbook comment before he finished high school was.....
If only common sense was really common.
Should have been "were", rather than "was".
Ah, the American school systems...
Isn't common sense singular and not plural? How many common senses does a person need?
We are in a period where reading "Art of War" is more relevant then Graham's "Security Analysis".
Of course the media will slam PM...They f***ing own them! They slam anyone who says anything to the contrary.
I added c. 10% to holdings today. If everyone of the goldbugs did that then I am sure the crooks would be getting concerned over physical supply.
I am so so so curious to how exactly this plays out. Whether the market takes it higher 'naturally' or a meeting of the g20 crooks revalue gold one Sunday night.
Anti-gold PAPER artillery.
This is a paper smash and has nothing to do with actual bullion. Physical demand has never been higher for priavte or public funds.
now u know how it feels Tyler..same shit on going in oil but u chose to ignore
The Golden Extrapolation -- Greenspan was goldbug when he was Ayn Rand's acolyte. Then he grew up and now he's in second childhood. All things revert to the mean. Stack on.
OK, which will make you more money over the next 6 years? Buying and holding IBB or buying and holding GDX?
The same... you'll lose 100%. The reason, of course, is that within 6 years the predators-that-be will confiscate ALL paper assets (government "bail-in").
Then the only folks with anything will be folks who have physical possession of physical assets like gold, silver, platinum, farmland, seeds, etc.
Though folks with precious metals will be sitting pretty, those who hold and operate productive equipment and supplies to produce a never-ending stream of goods and goodies that people want... will be in the best position of all. That is, assuming they are away from places the western powers totally control (USSA, UK, CA, AU, NZ).
Meh, hyperinflation is still the only outcome. They never stopped printing money after they said QE ended. They never will.
I think the problem is people can't break the idea of gold's value in "dollars". It's irrelevant. I wouldn't sell mine, like an insurance policy. But MSM gets their talking points from Fed and must prop up fiat. Should be fun to watch
When the US dollar is worthless, what will the 'price' of gold be???
When the US dollar is worthless, what will gold be worth???
Cognitive Dissonance - this place is absolutely full of people with it. Wake up people; telling yourself that paper price doesn't matter is the stupidest thing I have ever heard.
More bold bug crap
- the dollar is doomed.
- hyperinflation is coming (maybe inflation, but hyper??; come on)
- the fed is manipulating gold (really? are you that stupid; and if you do believe it then why would you play a rigged game?)
- it is rigged (so what isn't and if you know the rules going in why are you bitching about them now?)
Did you know it has been proved long ago that the Fed is directly buying US treasuries?
Once I learned that FACT, I had to screw my head on different about the nature of our economy and who is doing what, and how precarious everything is.
If you consume anywhere on the grid, you are in the "rigged" market.
For me, I get my smooth criminal mind on, and I realize that if they are buying treasuries, they can shoot their 0s and 1s to any bank account anywhere they please. They can buy the stock market. They can put it in your account if you do "them" a favor. They can even print pallets of the stuff if that is what you prefer as a third world dictator who is willing to look the other way while they abuse your country, for the right price.
This knows no bounds.
You are mentally hamstringed if you can't see how bad this is.
Manipulating gold, inside all of this, is child's play.
Its hamstrung and its position #22 in the kama sutra.
Missionary Impossible
Missionary Impossible DEFINED.
And, the FED may also have an agreement to either not collect any interest due, nor even principal amounts That means they can ostensibly collect yet remit /forgive all or part of the interest. The result can be a no-interest borrowing with even the principal never collected. There is no public transparency in such transactions.
Q? What is to limit gov issue of bonds to the Fed Res on which no interest is in fact paid? What is to prevent gov non-payment of entire principal amounts to FedRes bond buyers?
I believe there must be some limits, but can think of none. The gov and the FedRes can have any agreements they choose without any need for the public to told anything.
To answer you point by point.
1) US power and world confidence in the US has been waning for some time now. Dedollarization is happening and with it the terrible flaws of the USD will be exposed. And more to the point, the power of the Fed to print at will and then export the inflation to other countries will disappear. It may happen gradually at first, but the pace will accelerate, to the point where no one will be able to react. That means about 90 to 80% of the population.
2)USD hyperinflation is a real possibility once all the USD reserves start getting flung back to the US because of dedollarization (see 1)
3) Audit the US gold reserves. For real. Only then can we really talk about this. Lets just say the Germans were not impressed with this one.
4) It is rigged but there is rigging and then there is rigging. This is just too blatant to go unnoticed. It is not about the rigging. It is about regulators and a system that makes Idi Amin's regime look positively honest and upright.
All today has done is to reinforce my conviction for gold, or for every tangible asset you can hold and hide away from the very indiscreet eyes of this system. I am a simple man with very limited access to information and even more limited ability to analyze it. I don't expect to make money by holding it and eventually selling it when the price is high enough (what price is that anyway? And will anyone sell in the middle of the fiat panic?). I don't expect to trade it successfully either. In today's market I don't expect to trade anything successfully, because fundamentals don't matter, debt doesn't matter, volume doesn't matter, nothing really matters but the whims of the Central Banks, TBTF can kicking and above all getting the Fed minutes early.
But when I see this kind of behavior all around me at every level, I know that in the end the outcome will be total Mad Max. The US government had to pull out all the stops to avert the moment of truth in 2008. I don't think they have enough to do it again.
Meanwhile Tic-Toc the debt clock.
If you sell now, the paper price matters.
If you hold until paper is worthless, it's a whole different ball game.
Insurance.
Why would you hold paper until it's worthless?
The reality is that if the world financial system collapses, then gold will also be nearly worthless. Gold is only valuable if a small part of your local world collapses, and the market for gold remains robust in the majority of the unaffected world. Did gold increase in value at the end of 2008? Why not?
If the entire world collapses, you would be FAR better off with hard assets that can EARN you money (things to trade).
That's a straw man, so fuck you.
There is no such thing as the world financial system. There is the us dollar, euro, yen, etc... They may collapse one at a time, but not all at once. So if the us dollar collapsed, your gold would be a stable store of value in euros/yen/swissy. During the collapse, you would need some of those foreign currencies as a medium of exchange to live on. See greece for what happens to you when the banks close and you have no printed currency.
The funny thing is every Indian and other Asian I work with was busy at lunch time on the phone or online buying that shiny metal.... all of them groaning..."it's too low.."
If the predators-that-be do indeed outlaw cash, watch for gold, silver and bitcoin to rocket past the moon.
In fact, maybe the predators-that-be knocked gold and silver down because they ARE planning to "go cashless" quickly, and so they want to buy cheap what they KNOW will explode in value when that happens.
Stranger things have happened.
"If the predators-that-be do indeed outlaw cash, watch for gold, silver and bitcoin to rocket past the moon."
That is what I am betting on in the long run.
Ever had alfonso mangoes with an englishman who speaks english in the East End? Its apparently getting to be a rare breed.
A bit like a predator who is not considered one as he is considered an insider with savvy doing god's work.
Nothing less strange than that in land of capitalism that knows no rules, just Ayn's randy motto : do your own thing upto the hilt and don't worry about laws and supply and demand. If you be boss you can make the law and stuff supply down demand's mouth and keep all the mangoes for yourself !
Now that's talking straight talk that even Dick Cheney can understand.
just Ayn's randy motto : do your own thing upto the hilt and don't worry about laws and supply and demand. If you be boss you can make the law and stuff supply down demand's mouth and keep all the mangoes for yourself !
People who have read Ayn Rand know that that is the opposite of her philosophy. She promoted the trading of value for value. If you truly oppose crony capitalism then you'll find a strong ally in Rand once you actually read her work.
Still better to have some than not?
Hey goldbugs, don't give up, keep buying! The bid volume's a little thin and I want to sell! 1080 tomorrow, 1040 by Friday then a nice ride down to 800. Enjoy the ride!
I am buying and think it will be FANTASTIC if I get to buy at $800!! Always keep a little dry powder!!!!
i just worry that if all fiat currencies falter and civilization as we know it ends I will never have a chance to have "HBO sex."
what if the FED is hit with a cruise missile, will that change anything?
Only if ALL the right people are in attendance
Maybe it is just me, BUT as of the time of writing this note, Gold is down 3.14% for the day.
WHY FREAK OUT?
Didn't some Chinese indexes loss >7+% a day during the last few weeks?
Can someone refer me to a site/ chart that compares the effectiveness of the amount spent to knock down the gold price vs. the end result lost for the day?
According to Z-H article 7/19 23:49 they had to "dump" 2.7 BILLION dollars worth of paper on the market. (Some question this, idon't know but it was a LOT of money/ papergold) Now, 18 hours later, the result is a 4.5 % drop in gold.
Doesn't that seem like very little "bang for the buck?"
Can someone help us research the cost involved to drop the price of gold 1% factored over the last 7-8 years time? Today's cost was $600 MILLION paper gold dollars per point lost.
I get that they can obtain a LOT of paper gold and Citi has all those derivitives. But consistently through the day, silver dropped only one half as much as gold, OR BETTER! It was at a positive (or close) when gold was still way down this am (around noon NY time). For the last 18 hours, silver dropped only 2.3%.
Maybe this is a hidden victory, or at least some positive spin.
Can they keep this up if the S&P, Dow-J, and China makets drop at the same time?
Another estimate of the volume required, through MULTIPLE attempts today:
Speculators Smash Gold as Dollar Squeeze Tightens
By Ambrose Evans-Pritchard
The Telegraph, London
Monday, July 20, 2015
Powerful speculators have launched an unprecedented attack on the world gold market, driving prices to a five-year low as commodities wilt and the U.S. Federal Reserve prepares to tighten monetary policy.
Spot prices slumped by more than 4 percent to $1,086 an ounce in overnight trading after anonymous funds sold 57 tonnes of gold in Shanghai and New York, choosing the moment of minimum market liquidity in what appears to have been a synchronized strike intended to smash confidence.
Edit: Link- http://www.gata.org/node/15577
The drop in price required multiple hits, 2 hit that I count.
duplicate
Bron Suchecki:
http://research.perthmint.com.au/2015/07/20/dissection-of-a-gold-price-s...
Come on Bron, admit it. MA--NI--PPPPu--LA---shun
My last reply to my own comment, I don't know the proper ediquette.
You can edit your comment until someone answers you. Lower right hand side of the comment says edit on my screen.
Edit: When I think of more to add, like letting you know that the accidental double or triple post can happen around here, I just do this.
Edit: Then I see you have been around for 5 years, and this may be TMI.
I think Evans-Pritchard means powerful speculator..the Fed.
They lie about everything. Why would they lie about this?
Liberty is a demand. Tyranny is submission..
that sounds like Groucho at the races.
What did he say; delusion is an illusion that the chalice with the malice has the brew which is true?
If you repeat it often enuff it becomes true!
The more I see gold smashed the more I feel the fear that TPTB have for gold. They know what's coming and they Know that the next gold rush is going to be a tsunami that will take them all. The entire world is going back into recession even with all the money printing and zero interest rates: how, I ask all of you, how they are going to deal with all the debts they have piled up, when they cannot produce the necessary real growth to pay for? Only with hyperinflation they can do it, nothing else!
Great article!
But gold is still going below $900.
Suspect you are probably right. I don't read these articles and think they are saying it will go to the moon this week. I read them and see that they are saying that GOLD is, well, as good as GOLD. Best to hold, and do not fold, or you will be controlled. (Sorry about that, saw the rhyme, could not resist).
I sure hope so. I will buy MOAR!!!
If there is any left @ 900$+Premium.
I even heard a story about gold's price crashing on NPR this morning. I knew the manipulators were on the move when a story like this shows up there.
At one time I wouldn't have believed you, but then in 2014 I saw a GOP caucus election stolen by about 100 people who showed up unexpectedly (that hadn't beein around in the previous 4 years in our little town), and within 30 minutes of the election outcome papers were written smearing the Liberty movement people who lost and how "their movement has no future!"Later that day I found this to be the case for four key Iowa counties, basically where the Liberty movement leaders were located. Rumor has it the GOP National called the Gov and told them to vote us out, or risk losing ag money and first-in-the-nation status.
Of course, we were all elected to the waiting list and everyone got to be in the party conventions anyway (those voted in didn't bother to show up), but I learned fast that official opposition is very real, and very pervasive. Even at the local level.
You listen to NPR?
So what happened to the savvy of the ZH gold bugging clique; isn't Von Mises around to confort you like the Fountainhead of Ayn Rand's dream?
She was so dogmatic it was a scream, she thought she had reinvented philosophy, outdone Aristotle, with Objectivism.
And her cant was awesome as it stiltified the awed into believing the divine text she drooled about John Galt, who had the balls to play ping pong with Mao. And bet the bank that gold would never mould like french cheese.
Well Mao has more cats in his bag than John has balls to juggle or cuddle with, like Ayn's dream, whose hubris kills all gold bugging mosquitos on the San Pedro as it chugs along selling gold for fiat on the great Yangtse Kiang river that knows no return on barbarous relics.
When China becomes gold's big traitor who can buy noodles and think they are spaghetti?
Is gold now as dead as Colt's leaden shares all chaptered 11?
If Ayn Rand is wrong tell me why morality should not be based on reason and why you live by the values given to you by others rather than by your own. Provide examples from your own life.
Ayn Rand is wrong in one small but critical way.
Her theory depends on the perspective of someone of about 30 (maybe 40) years of age. But the community consists of people of all ages and experience levels.
At the young end of things, people have very limited experience of life, and are easily distracted. They are also right focused on trying to comprehend the world, sort out how to survive, and try to procreate.
At the older end of life, your perspective changes, and your energy levels tail off. That makes you far less incline to shrug. If you can see a way to drift without conflict until you die, many people will make that choice.
So, Ayn Rand does not consider the interactions of these various competing viewpoints and life situations.
Our predators methods in TPTB do factor in this complexity of human outlook. Rather successfully going by the history of the world.
Why don't you examine the premise of objectivism : https://en.wikipedia.org/wiki/Objectivism_(Ayn_Rand)
Closed Loop thinking; where reality is defined in terms of "theoretical DOGMA" not in terms of real impact on society.
All libertarians stay hidebound in theoretical assumptions; inductive reasoning; and NEVER look at the impact of theory on PRACTICE. A man is like society : what it (he) does, not what it preaches. "REaD MY LIPS" is the biggest machiavellian scam throughout the ages.
And we piss on Montesquieu's grave (separation of powers and true transparency to find causality of major decisions), as we go "whistling to the bank", like these oligarchs who PRACTICE American "exceptionalism" so dear to Ayn Rand. Her concept of "self serving" ambition was totally AMORAL in reality.
That is the Achilles heel of this logic : whats good from my perspective is what expresses my SPIRIT and I am not accountable for its fall out on those non ambitious people. You are always accountable if you exercise POWER, and you cannot play your harp while Rome burns and say "the world does not understand my inner impulses, more fool them!"
Ayn Rand never accepted that consequences of acts were important. Dick Cheney would agree with her! (Our way of life non-negotiable).
And its laughable; today, the guys of the Tea Party adore her perspective but find her Atheism regrettable. Hahaha, "I am a devout catholic" is the ONLY argument they can find to reject "Objectivism" which is fine otherwise!
Gold (and silver) always gets slammed when too many folks start figuring out that they're being lied-to and stolen-from (big time).
this gets so old, pet rocks, gold-bugs, etc.
you either think pm's are a good investment, hedge against inflation, protection of dollar collapse, or just peace of mind, it's your asset you bought with your money, keep it or sell it,
whats sad is mine, yours, and the employees at the wsj. next 10 generations will be buying paper gold to bail-out tbtf's, at the point of the govts's guns, (taxes), so that the .00001% can keep thier pm's.
why do these people worry about whos got the most gold, between the brics,and asia, their going to have 2/3 of the worlds consumers, and 1/2 of the worlds means of production,
you want that order super-sized?, that will be 2 wheelbarrows of frn's, gratious,
this gets so old, pet rocks, gold-bugs, etc.
you either think pm's are a good investment, hedge against inflation, protection of dollar collapse, or just peace of mind, it's your asset you bought with your money, keep it or sell it,
whats sad is mine, yours, and the employees at the wsj. next 10 generations will be buying paper gold to bail-out tbtf's, at the point of the govts's guns, (taxes), so that the .00001% can keep thier pm's.
why do these people worry about whos got the most gold, between the brics,and asia, their going to have 2/3 of the worlds consumers, and 1/2 of the worlds means of production,
you want that order super-sized?, that will be 2 wheelbarrows of frn's, gratious,
Ummm...One question, why does JP Morgan keep buying physical silver?
To keep the price high!!! ;-)
Buying quietly for the Fed. Probablty gold as well. Germany wants their gold back and everyone knows the Fed's cupbaord is bare.
"Ummm...One question, why does JP Morgan keep buying physical silver?"
I would guess they see a market turn coming. The insiders sell at the top when everyone is rushing in to buy and buy when everyone is rushing out to sell.
Per that other ZH article on the Greek property market being 95% cash I wonder what you could buy now for a few ounces of gold over there?
Maybe a handful of dirt, retard. The euro hasn't hyperinflated. Jeezus, is everybody a moron here now?
Soon will be the time to make lots of money on gold/silver like 2009. I keep wanting to jump in each day that there is a new low. I think that September'ish may be the bottom.
And the top of the Dow.
Gold hit $1099 at 1440-1449 today 21 Jul 2015, a critical level maybe since it bounced.
Sounds like now is time to start buying, or continue buying. You'll know it's time to sell when everyone else wants to buy gold. Remember when even South Park had an episode about gold? That's the top. That's when you get out. I also remember Opie & Anthony talking about Joe Piscopo selling "gold leather" baseballs as investments. Yeah, that's the top.
It's also interesting to note what the show Arrested Development was about. Show started in 2003, and it was about a real estate developer. The show went on for 3 seasons before being cancelled. 2006 was pretty darn close to the top of real estate.
Except these days, more people are selling than buying, or simply not buying. That's why the price went from $1800 to $1100 the past 2-1/2 years.
https://www.youtube.com/watch?v=waetWPG_W7o
-------------------
Worth every minute and should be taught to everyone; nothing more impactful other than regeneration of the soul by the supernatural act of God.
---------------------
The reason is simple; they have so much control, the next logical step is a fully digital "currency";so the corruption and control can go to levels that make the Central Banking Cabal "wet their pants & salivate all over themselves". Watch the documentary above and you will understand why the metals are hammered. Much more blood will have to be shed to take all that was stolen back and it begins on your knees.
Hmm, so if everyone hates gold because it's a pet rock that pays no interest... why the hell isn't CNBS doing hit pieces on Swiss 10 yr bonds? Same damn thing. (Well, except that whole counterparty risk thing. Advantage gold there.)
Anyone who listens to the "ALL IN" CHARLATAN and places their wealth in Gold or Silver is a fool.
True...to the extent that person invested ALL of their liquidity in them. We may not know when the ponzi will implode, but it will. PM's should be primarily an investment for times of extreme economic stress, market collapses, etc.
Anybody who has no allocation of gold or silver will prove to be the greater fool in time.
Tick tock, tick tock...
Words of wisdom in a world of many unknowns. Their is one thing more precious than gold; love and forgiveness offered freely by One who cannot be a tyrant and made the greatest sacrifice in human history out of a love we are not capable of comprehending. You know of whom I speak.
One of the most beautiful creatures alive, the crocodile?
You're distracted, no need to worship a diety when thoughts are clear and true.
Kaboom
One solid example of why the sociopathic banksters lie, steal and murder to keep your fiat paper promises in circulation where they can get at it, instead of you buying gold and silver where they can't get at it. And it's not even his main residence.
http://www.amlu.com/2015/07/19/former-lehman-brothers-ceo-to-auction-off...
Did I somehow miss this in the MSM and the outrage over these comments?
http://freedomoutpost.com/2015/07/former-u-s-general-calls-for-rounding-...
It's just the butcher of Serbia aka Wesley Clark spouting off again.
Thanks fuckers for the buying opportunity. $100,000 Gold!
I prefer to use the weed index 1999 one ounce of weed bush 250 aus dollar hydro 350 400, whatever that fuckin means somebody chart that shit.
"What happened next? A 650% run over the next 12 years:"
Conversly, gold fell from 1900 to 1100 from 2011 to today. Not quite a 50% drop, yet.
Bear markets end when nobody wants the declining asset any more, be it stocks, bonds or precious metals.
Gold bugs have been fighting this bear market all the way down. They have been losing, regardless. There is no asset that doesn't go down, as well as up. Even if one claims it is real money, thus it is special. A 45% loss is a loss, regardless what one wants to believe about anything.
After the bear market ends, where will the price go? No one is calling for a million dollars an ounce. Previous predictions have been $3,000 to $5,000. That would be a 3 to 5 fold increase, if the low turns out to be $1,000.
The S&P has had a 3 fold increase since March, 2009.
Gold will shine again, but don't forget the flip side of the coin.
Riddle me this. When it (gold) goes "up", and you sell it, what will you take in exchange for it? If it were an investment as you say, you'd take dollars. If I offered you a bazillion dollars for an ounce of gold, you wouldn't accept.
Why? Because dollars ain't money.
Heard about Cyprus?, heard about Detroit ?, heard about Athens Greece ?
Zweig, Greenspan, Miller, Yellen, Bernanke...all these names mentioned in this article. What do they all have in common????
http://www.realjewnews.com/?p=177
"Wars are the Jews harvest, for with them we wipe out the Christians and get control of their gold. We have already killed 100-million of them, and the end is not yet." (Chief Rabbi in France, in 1859, Rabbi Reichorn).
On that '99 NY Times article:
Is it me or was writing back then more intelligent in making such arguments? Whether you agree with it or not, there seems to have been a certain level of intellect embedded in that article that's much higher compared to what we see today.
Articles of this sort went on even longer -- I recall a long one, mid 2000, in the "The New Yorker," about the last holdout gold bugs.
with interest rates at 0% there is no reason to own gold as you can buy any other asset with a return cheaper! its headed lower, perhaps below $900 soon
That is actually one of the best reasons to own gold. The bond bubble is the biggest in the history of finances.
An oz of gold will always be an oz of gold, and buys about the same amount of things it did 200 years ago. It is tradeable anywhere in the world. And it doesn't 'inflate' into more gold. I honestly don't think people realize that when the value of paper goes up, so does everything else you buy. But it's a pointless debate, we're near the end of this fiat try. And fail it will again. And plastic notes are already being printed with a 1/10th of a gram of gold in them, along with silver backed bank cards. Texas soon to allow gold / silver as payment. It's happening, you just have to look. This site is a good place to look.
Here is the only thing you need to know about paper fiat.
Gold is not currency. Gold is a commodity and is used for electronics and making jewelry and sitting in a vault and being mined and getting manipulated for fees and trading just like any other "publicy traded commodity or security". Gold and bitcoin are not fiat. They can be traded for currency but you can't give somebody at the store gold and expect something back in return. You would have to weigh the crap and all else. Ok so you can't debase a commodity. No shit. but you also can't expect to drive that heavy shit around all over the place. It's just not practical for a way to trade.
If you want to say gold is money then I can tell you oil, steel and pig bellies are money too. Diversify and hold some gold but do not put any more than 10 percent into it. The gold standard is not coming back, just like bitcoin is not worth $1200 each. No way no hell. The only positive bitcoin has behind it is the blockchain technology and portability. It is too prone to hacking getting screwed with etc. I have a dollar in my pocket and people cannot hack my dollar.
Ok, so the profit margin on trades is gigantic. Fractions of a penny for something the banks can do for free (besides ungodly cost of their technology, like bitcoin). Unless you have an account that lets you trade for free (they make money off your cash holdings > 25,000 they invest and fractionalize themselves). Where else do you get charged $10 dollars for something that costs a couple of pennies to produce? What a huge scam by Wall Street. They need more volume.
What a fool you are. The fed reaches right in your pocket and steals the wealth right out of that FRN in your pocket. It is NOT a "dollar". You must be young, but you will learn...the hard way.
"They can be traded for currency but you can't give somebody at the store gold and expect something back in return."
I can remember as a kid in the late 70's when silver spiked - a local appliance store was accepting silver coins for payment. He would have the price in paper dollars and the price in silver coins.
Circa 2006:
Real Estate Prices are going up Forever!
Let me put this out there and hope it sinks in. As long as the ponzi scam with the stock market and the USD is going on, you will never be seeing gold go up again in a real way.
The stock market has far less value than they would like you to believe. Any decent selloff crashes the stock prices. I'd be shocked if a $1b valuation could get 10% of that out before it crashed to nothing. The only thing that keeps up the ponzi scheme is the 401k plans and other "retirement account" bullshit. It's a ponzi scam relying on new money coming in to compensate for old money coming out, and it requires FAR more new money than old to keep it stable. Having another outflow for those funds? Good luck at seeing that. The companies are so overleveraged that a significant correction would fuck most of them.
The USD is being inflated by Fed policy. They have created a vehicle to suppress rates and crash bonds. The rates are a joke, but it's seen as safe and is allowing the US to refinance its debts. Gold going up hurts this ability significantly. Special care is taken to keep money out of gold as much as possible. That's what these massive shocks and beatdowns are all about. Hurting gold investors to a point where they just say screw it and jump to something else. If you are printing infinite money and are in bed with the banks and freqs, it's not even a game anymore. With banks posting multiple years of no daily losses, it's fairly fucking obvious they are all in bed together. It's a nice club and you're not in it. It's a casino that colludes with the company that packs the decks... you have zero fucking chance at winning unless you just so happen to figure out their moves.... and if you do, get ready to be investigated and chucked into a deep dark hole somewhere for doing it.
Greenspan has always believed gold was the only "real" money, and IMO, he accelerated the end game on purpose. Paul got the legislation through that created over its 30 year (next year) period to date a whole freakin' economy worth of gold and silver legal tender money. Between that, and 12 US. Sec. 411, Not feeding the FED is right IN FRONT of everybody.
Don't listen to the clowns that say "you can't buy anything with it", it's bullshit, just ask!!! At the very least you'll have a good conversation, and at best you'll get a kick ass deal in a PRIVATE transaction.
MILLIONS of gold and silver coins are being minted EVERY year and they're fucking sold as fast as they can be made here and people still have the gall to sell the bullshit that it's a "relic with no demand". That people buy that is as astounding. Where the fuck does everyone think it's going??? To fill leprechaun pots???
Putin is not shouting about it all over the world. And of course, he still accepts US dollars as an intermediate means of payment. But he immediately exchanges all these dollars obtained from the sale of oil and gas for physical gold.
Right now the West spends much of its efforts and resources to suppress the prices of gold and oil. Thereby, on the one hand to distort the existing economic reality in favor of the US dollar and on the other hand, to destroy the Russian economy, refusing to play the role of obedient vassal of the West.
Today assets such as gold and oil look proportionally weakened and excessively undervalued against the US dollar. It is a consequence of the enormous economic effort on the part of the West.
And now Putin sells Russian energy resources in exchange for these US dollars, artificially propped by the efforts of the West. With which he immediately buys gold, artificially devalued against the U.S. dollar by the efforts of the West itself!
Double win for Putin.
Gold is the dick, fiat currency is the pussy, and banking systems are the assholes, all explained below
https://www.youtube.com/watch?v=2cV_q-mVAAA
Gold this, Gold that, it's the Rodney Danger-field of commodities, metals and currencies that will be the ruin of the all powerful "They" Say what you will of JP Morgan and the guys at Citi, got to admit they are schrewed and ruthless and don't seem to lose alot of money. In fact it seems to flock to them. So it's High Ho Silver!!
Well look at this chart of the Purchasing Power of Gold over the last 400 years.
Your ounce of gold in 1560 has maintained its purchasing power fairly consistently since 1560 and has grown even further over the past decade.
http://i.telegraph.co.uk/multimedia/archive/01494/PF-gold-price_1494468c...
If you wanted to leave wealth to your great great great great great great Grandson in 1560 100oz gold far better than Pounds
Nice chart.
Look how volatile it's been since the fed was created. I don't think we know what gold is any more. All the old relationships to money supply and trade balances have been removed.
The truth is, it's not a stable store of value any more. We really have no idea if gold will transfer wealth to future generations. Not until this fraudulent system breaks down and we see what's next.
ZH STILL touting gold despite doing untold damage to retail investors. Shameful ignorance.
Bring on the artillery. I'll be in HK next month, and I want the price to be crashed when I buy some Pandas. It's all a plot by me.
Dear ZH, why do you bother to comment on Main Stream Corporate Media?
Yes, they are dead wrong. but I do not grasp it, that you bother to comment.
You are for them nonexistent and nobody in the best case.
So why do you here and there bring them up?????
In $CAD terms, you would have been well prepared for the devaluation after the oil price crash and rate cuts. But you can call it a pet rock if you like.
I WUV my weedole itsy bitsy cuddly wuddly pet rock!
WSJ Blog
http://blogs.wsj.com/moneybeat/2015/07/20/how-the-street-is-weighing-up-...
"Who Needs Gold When We Have Greenspan?"
God made gold and God made man - but God gave man freewill
God made gold and God made Greenspan, and gave us free will to choose between the two.
Goldbugs foam about how dollars are a fiat currency. Well gold is a fiat commodity. It has no use to anyone apart from a few electronics applications where near-enough subsitutes exist. Appeals to its status of treasure from antiquity leave me asking why don't goldbugs collect parrot feathers? They were also highly prized once upon a time... long, long ago...
you gave me a dollar for my bushel of corn - took the corn , printed another dollar and called me a fool
"Reporters" are now nothing more than court stenographers. If they actually do any reporting, they lose the "inside" (poop) scoop.
why is it that people look at the situation
as though a stock market asset is going up
as against a stable dollar
rather than
the value of the dollar is going down
as against a stable stock market asset??
the choice of point of reference
is the simplest basic concept of relativity
and does not require anyone
to understand Hamiltonian mechanics