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Peter Hambro: "It's Virtually Impossible To Get Physical Gold In London"
Submitted by Koos Jansen via BullionStar.com,
Just after my colleague Ronan Manly wrote a very extensive article on how much gold is left in London (not much), Petropavlovsk Chairman and Co-Founder Peter Hambro discusses gold at Bloomberg Television. He, like Manly, concludes there is very little physical gold left in London. From Mr Hambro:
My baseline is they [the Chinese] have been buying and the Indian have been buying in enormous quantities. It’s virtually impossible to get physical gold in London to ship to those countries. We get permanent requests from Russia, would we please sell our physical gold to India and China. Because there is no physical, only endless promises. And I really worry that the market, that paper market, could be stamped on and people will say “sorry we’ll have a financial close out”, and it’s all over.
Perhaps this quote explains why UK gold export directly to China in June was not a net outflow from the UK – because there is little gold left in London (Manly, Hambro) and thus the UK had to ramp up import from the US in June to send forward to China.
The Financial Times reported on similar gold shortages in London. From the FT (2 September):
The cost of borrowing physical gold in London has risen sharply in recent weeks. That has been driven by dealers needing gold to deliver to refineries in Switzerland before it is melted down and sent to places such as India, according to market participants.
“[The rise] does indicate there is physical tightness in the market for gold for immediate delivery,” said Jon Butler, analyst at Mitsubishi.
I’ve also asked BullionStar CEO Torgny Persson in Singapore what he’s currently seeing in the precious metals markets. He replied there are shortages in both the gold and silver market. From Mr Persson:
I just got off the phone with A-Mark which is one of the world’s largest wholesalers. They are reporting that they have no gold and silver at all live available, that they have stopped taking orders for Silver Maples and Silver Philharmonics altogether and that Silver Eagles are available first in the end of November. For Pamp, there is similarly long delivery times for all minted gold bars.
We still have most products in stock because we stocked up as massively as we could in the last weeks but for many products, we are unable to replenish as of now when we run out.
Big squeeze with shortages starting now both on the wholesale/retail level and at the bulk level… Unless the paper price is reverting up, it may not subside this time around and then the paper fiat mess (including paper prices of gold and silver) is in trouble. If it goes to the point of shortages at the bulk level like 1kg gold bars and 1000 oz silver bars, the emperor will stand without clothes.
To be continued…
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I would STRONGLY Suggest Accuiring "some" ASAP!
Silver Works also....
I love it when they say it is hard to store. You can put a nillion dollars in a shoe box and bury it in the middle of the night, no one will ever find it and its safe from the fucking government and/or crooks.
Jesse has recently upped his rhetoric on gold. Look like he thinks a dénouement is coming soon.
http://jessescrossroadscafe.blogspot.com/
http://www.safehaven.com/article/36534/lbma-data-points-to-gold-and-silver-default
Welcome to the world of fraudulent central banking....rigging gold markets by endless illegal short selling. In a crony capitalist aka bank fascist run system, the only justice is Just-us.
He's only telling half the story. In London you can get a promise AND a handjob.
It's like rationing ... trying to control supply with artificially depressed prices.
Like the toilet paper market in Venezuela.
Or medical care in CA under ObamaCare where virtually no docs or hospitals take the stuff because the reimbursement is so low. Cheapest care you can get for free ...... Fuck All None
Where is the vusual for the article: the queen sadly wandering through the rack of painted tungsten.???
The BIG problem for the PM fraudsters is the jewelry manufacturers. They melt the bars so they can make stuff like chains and earrings and wedding rings, etc. So they would immediately know if they got bad bars. It’s probably a safe bet that it is the CB’s with the bad bars and all those crazy Indians and silly Chinese peasants who have the real stuff.And let's not forget about the paint manufacturers. So don't you worry about the Queen. All that shiny paint is still there.
I've been hearing this "it's running out!" claim since 2008.
Talk about the boys who cried wolf... well, maybe this is it, this time, maybe not. It wasn't last year; or the year before; or the year before that. But they have no shame, these fucking people. I have yet to hear any of the Chicken Littles, the James Turks "out of Spain", the "street smart" Rick Rules, the Eric Sprotts, the Jim Sinclairs, explain why this time - this time! - we're really going to run out of physical and stackers will finally be able to rejoice.
Maybe in 7 years time we'll all be looking at a POG of USD$800 and KWN will still be screaming themselves hoarse. Fuck I need another drink.
I hope silver goes to $1 and gold to $20. I hope it stays there for at least a year.
The phyzz will be looooooooong gone before that price level is ever seen...If it goes to .50 and there isn't any to take delivery, price doesn't matter :)
If you're looking for paper gold/silver, you might get your wish sooner rather than later :-)
As for physical, in your (our) dreams!
Yeah Jim I wondering that too. But it seems real this time, I think historically the retail market was tight but the wholesale market was fine, the shortages were just from stacker sgoign nuts and overwhelming the coin minting chain. But when the wholesale market is tight it is the real thing. Also, I don't believe they have invaded any countries lately to steal their gold...
I haven't bought gold (and silver) in a while as I'm waiting/speculating on the upcoming interest rate decision, so I just checked the dealer in Germany where I usually buy: http://www.proaurum.de/home/preisliste.html
Plenty availability in the 1 TrOz Canadian Maple Leaves and Aussie Nuggets that I normally buy. Only the smaller (1/20 or 1/10th TrOz) coins seem not available. Also plenty of Austrian Philharmonikers, American Eagles and South African Krügerrands available if you prefer those instead.
Silver seems to be a little less available, but in my experience they always have a few tubes of my favourite 25 silver Maple Leaves when visiting their office, despite it showing as "not available" ("nicht verf.") on their website.
Personally, I think this shortage in supply in the US is because of bad (or smart?!) planning from US coin and bullion dealers, who in one way are desperately trying to talk up the market ("buy now, OMG we're running low on stock!") but at the same time the coin dealers themselves are NOT buying stock because they anticipate a future drop in price.
I bought some gold and silver coins during the height of the Greek crisis a few months ago, when according to KWN and ZH everybody in Europe was standing in line in front of a gold dealer, but also then I just walked in, bought what I wanted to buy, and left the store. In and out in 10 minutes, no waiting, no fuss, no shortage, no problem.
The thing is, it's also hard for most critical thinking Americans who follow a "contrarian website" to verify the facts, especially when it's on the other side of the ocean.
I agree with what BigJim said, and in addition I personally think it's all "pump & cash $$ commission" from the usual suspects on KWN, TF Metals and ZH. They've been saying the same stuff over and over since I started watching these websites, and seem to cater specifically to the US audience who are easily impressed when someone throws in a few exotic locations ("London, Singapore, China, Europe") and also talks with a funny accent.
Now go ahead with the fiat minuses again...
This story is bollox. A popular London-based dealer has lots of denominations of bullion available. The 1kg bars you have to order a minimum of 3! And they also have loads of 5g and 10g, e.t.c. bars. - So if you have £60,000.00 or less to spend, you wont have a problem getting your hands on phys.
Maybe if you're trying to buy tons you might have a problem? Who knows, we have to take 'their' word for it. Don't get me wrong, I am championing a catastrophic failure of this shit-show and I hope gold goes to the moon and further.
This begs the question:
How many of the downtrodden huddled masses of Muzzie migrants are humping gold into the EU?
The psychopaths figure they'll just confiscate what they need when the time comes
Make sure your fillings are porcelain, or else be prepared to have your teeth pulled.
-
Jesse has class.
Gold in London is in (Semingly permananent) backwardation and the Paper to Deliverable physical ratio on COMEX has risen parabolically to almost 230:1, unknown record territory. Something is going to break.
Nothing like a good Gold story to bring out the paid trolls in 3..2..1...............
Which ones are the paid trolls?
The ones trashing gold or the ones singing its praises?
The trolls are the ones that never could, never would and never will possess precious metals in their life ... ever. They are a sad bunch that are ashamed of themselves for being such poor slobs and are tremendously jealous of anyone who stacks.
Yes, and when you die it'll be safe there forever.
LOL my thoughts exactly!
I've heard so many people say that Gold is a problem because you have to store it and it can be stolen but what about cash?
This is why TPTB want to ban cash, see: to save us money.
Additionally TPTB can steal our money quicker in a digital cash society.
THIS +1,000,000
The problem isn't that people can steal it. The problem is that the government can't steal it.
by the time the average person figures out his script are notes of debt and that NO ONE is extending any credit by accepting the notes, it will be too late. all the real money will have been hoarded away.
at that point PMs won't be measured by dollars, yen or euros; they will be measured by their weight. nations will be forced to offer currency and trade notes backed by something tangible because no country will be willing to trade real goods for paper promises anymore.
collateral chain, and counter-party risk.
when these two phrases start being reported on in the MSM, the time is nigh.
All bullshit, how many more testimonials are we going to see from CEOs of bullion dealers, saying theres no supply, yet the prices keep falling.
I must have missed a chapter when I read adam smith.
The prices keep falling because the paper-to-physical ratio keeps climbing.
lol "prices keep falling"
You are talking about Comex: Why is it not dropping in price at the dealers?
Do yourself a favor and stop conflating the two ;)
When someone conflates the two prices, which breeds the confusion, then one can conclude that they are either ignorant (intentionaly or unintentionally) or that they have a financial incentive to do so (compensation, et al.)
Far too many times we have differentiated the two different prices on this website.
The price of unenforcable and undeliverable Futures Contract will realize their intrinsic value...ZERO. They are DERIVATIVES of the real product.
On the other hand the physical asset will always commmand a price.
My bet is that he is a bot or a paid troll, someone from a Public Relations Firm.
Without FULL DISCLOSURE he is in ethical violation doing what he is doing.
It will be fun to execute the PR Managers and employees post economic collapse. I will guarantee that they will never be able to promote their fraud and dishonesty again...especially after they are dead.
The databases from these companies will retain a high value after the collapse so that we may prosecute, convict, and execute the guilty. Names...addresses...
Perhaps their IT people will be wise to retain a backup copy of these databases...to save their own necks from the hangman's noose.
Because the dealers are fleecing you. Physical is about 3% over spot :
http://www.degussa-goldhandel.de/en/prices.aspx
Just bought some two weeks ago from them. Do your research and stop buying from the crap peddlers. And go tell Obongo, FATCA cuts both ways biatch.
Great freelance work opportunity for anyone... Work for three to eight h a day and profit in the range of $5000-$12000 each month... Weekly payments... Here is what i do... www.wallstreet34.com
SCAMMER - http://www.ivetriedthat.com/2010/05/17/do-not-sign-up-for-the-home-incom...
Whoring?
But but but It's so volatile!!! No. Look at this. It's a piece of metal. It's not doing anything. It buys the same amount of bread (a lot) as it did when it was minted 2000 years ago. Paper promises are wildly changing in value. LOL. A classic
Run a satellite scan of Jamie Dimon's island. Thar she blows.
Isn't either Yamashita's or Hitlers gold buried under Heathrow?
No, I thought Jimmy Hoffa was there.
That never gets old.
it still makes me titter, though, the number of articles that talk about the paper and gold price in terms of technicals.
Like, it has any bearing whatsoever on the market that is 100% manipulated. The price is what they want the price to be, until they actually literally run out of physical metal. Period.
Tick Tock, Mother Fuckers... somebody somewhere isn't going to be Paid..
you piss off the wrong person.. things mysteriously Bad Happen...
I hope it doesn't happen to Gerald Celente. He's already been robbed once by MFGlobal.
Aren't paper settlements grand?/s
If he trusted Corzine that is his own fault.
Never trust a politician.
Even more so - never trust a democrat politician.
(yeah I know blue/red team is bullshit, but not always. I have found that working for democrats is much worse than working for republicans)
Very high demand for a pet rock. Was just checking out my pet rocks today. Hadn't played with them in a year or two.
Hope you remembered to equalise your nitrogen saturation properly on ascent..
The joy of saying I told you so to my loved ones who have invested in stocks...... will not be worth me being right... I lost all my metals to the sea :(
why doesnt London just buy from Ebay? :)))
just checked on ebay in the US, about 15-20% premium on any 10 oz. silver bars.
I don't think the price of silver is going back to $12, as i recently suggested, except, maybe on the COMEX. Other than there, people are buying pretty much all in sight.
I buy silver coins off bums who get them as change in Baltimore.
Burglary loot "seed corn" .... don't let them follow you home !
GOT PHYZZ?
Carrying 100k in cash is a pain in the ass.
If you have fairly new $100s and you pack it tightly, you can get $1,000,000 in cash in a briefcase.
Heavy! But so are 100 toz of gold (over eight lbs, worth approx. $110,000 "paper price").
So gold down to $1030 it is then. Janet raises to 1/4% ... gold and stocks get whacked ... market realizes Fed is boxed in ... gold starts climbing ... Comex raises margin to 100% .. gold keeps rising ... stocks plunge ... Janet cuts to zero (again) ... gold keeps rising ... stocks keep plunging .. QE4 (QE for the 99%) ... nominal markets rise ... inflation goes balistic ... system comes apart at the seams.
Sounds about right.
arbwhore; interesting, plausible.
Get outta my head.............
I was thinking of this same scenario today myself, but even more severe, at this point I think a 1/4% hike would cause a relief rally if they gave any future direction at all, even if it was further hikes.
So lets say they go on a rate hike craze, .25% 3 times within 6 months. as you say, gold and stocks get whacked, suddenly US/britain are massively net buyers as china sells off to maintain support of yuan, US buys up majority of their gold for under $1000, maybe under $900, then the stock market is fubar, US cuts rates, dollar goes into free fall, announces QE, massive inflation, US starts buying back debt at basement prices, and about the time we are creating the 1 trillion dollar note... US announces return to gold standard, with almost no debt and gold now trading at $8000 an ounce..... gotta come up with some fantasy to sleep at night.
I like the way you think.
Your thinking is sound, except for the fact that the FED is the backstop not only for the US but the entire finanical world.
At this stage of the game, the infalability of their dominance must be maintained or the worldwide financial system crashes.
Elvis has indeed left the building. We are in uncharted territory.
Fantasize on Danni Ashe...
Those who convinced themselves that printed Toilet paper is the way to go,deserve whatever Khazarian warlord Banksters do to them.
Down with money changers and their fucking Pupets politicians .
Par for the course Arb. Apply, lather, rinse, repeat.
With over 220 times paper futures to phys, what's to stop the manipulators using all that 'leverage' to drive it to zero (paper price)? They could theoretically take it out twice over (200% of papers to phys), at which point there will not be a market, and only those local to you will be relevent traders IF you have phys. That is, people who you can see/meet face to face, or personally travel distance to meet face to face. If distribution logistics go down, or the lights go out, WHERE will the market be? So much of this discussion ASSUMES that there will be some kind of a 'broader free market' to engage with/in after the crash. If credit freezes in a crash, like it did in 2008/09, but worse, what kind of free movement will there be? No credit=no fuel/food/distribution etc. The world's running on 'credit (actually debt). If it dries up, then what? Or confiscation Executive Order or similar? Serious ideas/answers please...
Some type of credit will continue unless of course banksters wish to exterminate millions by design. As long as they make more money and the sheep get screwed everything will continue functioning. After all, bank deposits and credit are just artificially created 1s and 0s so why not just create them as much as they want? Unless they don't want to for CONTROL purposes.
<sarc> No problem. Washington has plenty stored away in Fort Knox. </sarc>
damn, I hope you are being sarcastic, there aren't enough sarc 's available to cover the sarcasm in that statement. Having you considered covering the risk with sarc derivatives?
I'm down the street from the Bullion Depository, they did some construction there a couple of years ago, and ended up with a little building about 1/10th the size of the "foundation" they dug. The rest is grass again. I wonder what is under that grass?
https://realcurrencies.wordpress.com/2012/01/18/who-is-ed-griffin/
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Why Money Need Not Be “Tangible” - Martin Armstrong
http://www.armstrongeconomics.com/archives/36942
Money: What Is It? What is Interest? What is the Wealth of a Nation?
http://www.armstrongeconomics.com/archives/28070
https://realcurrencies.wordpress.com/2013/10/11/the-difference-between-d...
Armstrong is hopeless on this subject, at least in terms of understanding the nature of money.
But his short-term predictions for POG may have some merit... if you can understand them.
Armstrong has a reputation as a gold-hater; if you read him carefully, you will learn he is not. He is at heart a trader, and thinks it is financially indefensible to buy something today that will be cheaper tomorrow. Which has been the situation in gold and silver for 4 years now.
And you would have to be an idiot if you think he doesn't understand what money is. I'm a gold bug, but I also appreciate gold's limitations as well as its strengths. It's not a perfect magical substance that instantly cures 100% of all monetary and financial woes. Much as we wish it could.
And you would have to be an idiot if you think he doesn't understand what money is. I'm a gold bug, but I also appreciate gold's limitations as well as its strengths. It's not a perfect magical substance that instantly cures 100% of all monetary and financial woes. Much as we wish it could.
No, you would have to be an idiot if you read his various rants on the subject of money and monetary history and not realise he's either profoundly uninformed, or a shill for TPTB who suddenly decided to release him from prison. He routinely conflates gold and derivatives of it, conflates PMs with commodities, appears not to understand even the simplest arguments behind claims that the price is manipulated, airily discounts documented evidence from officials themselves that they intend to manipulate the POG, and cherry picks data to confirm his theses.
And no, I never claimed gold is a perfect magical substance that instantly cures 100% of all monetary and financial woes but thanks for implying I did. Any other sophistries you'd like to throw into the fray, wanker?
Armstrong has a reputation as a gold-hater; if you read him carefully, you will learn he is not.
No, if you read him carefully, you will learn he is - chiefly - a self-publicist who ignores any data that doesn't confirm that he is The One Who Has Mastered the Cycles of The Financial Universe. And the Cosmos, too, judging by his recent posts regarding climate change.
Though I agree it doesn't make a lot of sense to buy an asset now that you can buy more cheaply tomorrow. But I'm not sure why I'd listen to him on those grounds, either:
http://www.informedtrades.com/1341538-%5Btext%5D-martin-armstrongs-audit...
amateurs.....the gold picture is never truthfully explored by the media
Strong demand, shortage of product yet the price does not go up. Why is that?
The current pricing mechanism is broken beyond repair.
Price is relative to the currency in which it is priced. In Venezuela and Brazil the price has increased dramatically because the value of the currency relative to the USD. Never think of metals in terms of price discovery because as long as the market is suppressed; not much will change.
You know why....because infinite amounts of paper Gold can be "Mined" in the form of freshly printed naked paper shorts dumped into a thin market at 3AM to take out the stops and crash the price, coutesy of The Fed and BIS. As long as the price of Gold is set by the paper futures markets, the price of Gold will whatever they want it to be. And they are no longer even trying to hide that fact.
Actually, I think the price is going up.
With the "official" prices trapped in a manipulated alternate universe that keeps the spot price pegged in a very narrow range, dealers are effectiuvely creating their own real world spot price through the use of premiums over and above their normal 10% up or down from spot market price business model.
They have, in effect, escaped the financial reservation. The first of many to tunnel out.
And yet the paper price in the early Sunday evening market is not reverting up, but has acquired a decidedly downward direction so far. Looks like a setup for another sharp smash downward below 1100.
$1030 (2008 high) on Thursday afternoon. At that point, everyone will be calling for sub-$1000 and probably sub-$500 targets. The bottom will then be in. The physical price is probably already at the bottom.
$1030?????????
You Buffoon, Gold will never again see that level in your or my lifetimes.
Dream on.
If that holds; that is also an indicator as to the US market indices direction. Suppress gold and PPT is more successful.mp upward and the indices plunge despite of PPT intervention, which has been very obvious as the momentum is persistent to the downward side.
I take these hard-to-get-physical articles with a grain of salt anymore.
Remember the "Lining up down the block for gold in Guangzhou" photos a few years back?
I am more interested in precious metals than most but geez, these letter writers have been scraping the barrel in desperation to come up with something, anything. Turning the charts every which way.
The 2011-present chart says it all - down and to the right, down and to the right ... five years of grinding misery for heavy buyers and buy-the-dippers. And more to come because the gold price is the thermostat of a weakening currency and the .govs all over have it packed in ice and are not letting go . . . it's anyone's guess.
It's all about the dollar. The fed will find a way to inflate. They must.
paper gold == paper
paper silver == paper
paper currency == paper
physical gold == gold
physical silver == silver
physical money == gold or silver
Very soon ONLY folks who hold their own physical gold or silver will be able to have physical gold or silver, because nobody will be willing to exchange any for fiat paper.
tick... tock... tick... tock... tick...
Physical Gold stands for ... "Get Out of Leveraged Derivatives"....its time to shine will come!
The Bloomburger hosts don't even realize that manipulation determines price. There is zero need for these "spokespersons" and their "opinions".
I'm impressed he even made it onto Bloomberg
I was on Provident metals site today and most of the silver stock is delayed. http://www.providentmetals.com/bullion/silver/private-slv/silver-bars.ht...
ALL of Apmex's fractional silver rounds are sold out except for one oddball overpriced 1/20th round that no one wants.
Never seen this degree degree of "sold outs" on Apmex.
After the last market shock you would think their wouldn't be any physical to be had, we have been borrowed time as it is. Silver was affordable for anybody that lived below their means. If they don't have any by now they must not have wanted any. Tough shit, lets get this three ring shit show on the road already and see if what we have to work with when we start over. I hope the Chinese market collapses tonight, unleash the Kraken!
There's definitely something weird going on in the gold and silver markets. On friday, I got a huge flyer that I assume was written by a Chinese person (it would write 20$ instead of $20), and it said "WE BUY ALL AMERICAN AND CANADIAN GOLD AND SILVER COINS!!!"
Has anyone else recently received flyers like this in the mail?
I would be scared if I was the only one on my street who received such a flyer.
I didn't get a flyer, but I did get a fortune cookie that said "That wasn't chicken".
virtually possible, I say! You can get plenty of virtual gold... just buy some ETFs... hahaha. Do I need a sarc tag here?
Framing this one!
Does anybody know if the Chinese are buying the shit out of American metal dealers? And if so, how the fuck is there no waiting periods of more than a couple weeks for APMEX, JM Bullion etc?... Or has this changed?
What kind of restrictions are there for Asian clients buying 100 oz or more that take it out of the U.S.?
Haven't purchased in more than 9 years so I wouldn't know...
How bout the major coin dealers in terms of what the average spread they charge on top? Interested in knowing how it varies depending on what part of the Country you are in as well in determining volume of purchases.
CORZINE knows where the gold is
As a precious metals dealer, I can confirm it is getting very hard to obtain physical metal. Silver especially, but gold is getting backed up as well.
We have a contract with the Royal Canadian Mint and have product that we have sent in for refining and can not get a ship date for any products of our own material back.
It is very tight out there. We turned down over 10,000 oz's of silver orders on Friday as I can not offset the orders with a delivery date.
These guys don't seem to have a problem
https://www.coininvest.com/en/gold-coins/maple-leaf/maple-leaf-50-dollar...
Notice the premiums?
Silver is over 30% premium to spot on that site.
I can get you 50000 oz. right now if you are willing to pay 30% over.
So do the premiums added on indicate the real price? If spot was at that price everything would be AOK?
BINGO.
Thanks for the background.
You can see premiums creeping up in silver.
Oh come now Peter; Its not impossible to acquire physical gold. As a matter of fact I have some for sale, but my sales price is many multiples higher in Jew confetti than what your stinky comex price says mine is worth. Yes Im thinking of a number, No not that number silly, a Jim Sinclair insane number. Until then my boating pond will continue to look like bottom of a fountain at Disney, Got it London Scab? Happy hunting.
that is unless I get really broke or something..................And I am never, ever broke.
Oh yes, I forgot about my latest find, A King George 4 piece tea set of total weight of 278 troy ounces found at of all places, a freaking consignment thrift shop.. Crazy lady thought is was silver plate because the tray it was sitting on WAS and clearly marked so. She did not know the other 4 pieces had makers marks with those fabulous little London one handed lions hidden under the lids. Ha, the other pieces Pure solid sterling except some bands on the handles made out of some type of strange whitish yellow material from some kind of Large African Mammal. I have zero experience with antique dishes and such, but I think I may be willing to learn. he he
Thanks to your dumb ass pricing I got it so cheap I almost feel ashamed. NOT---WOOT, lol. Its gonna look killer with both the tea and coffee pot overflowing with coins for my photo shoot before it too disappears in the buried Pirates chest.
That is AWESOME
Too many thoughts in my head of "I've heard this all before". It's 9/13 and nothing has happened...so much for Jewish Calendars. Perhaps 9/23.
I may be drinking heavily this New Year's Eve, not to celebrate the arrival of 2016, but to desperately forget that nothing has changed and the Fed still has its minions smashing gold and silver as usual.
If that is the case, I will crawl into a hole and post no more until we see $2300 Au and $65 Ag. And I will be having nightmares that when I'm on my deathbed, PMs will be illegal and no one sells or trades without the Mark.
Nothing happening would suit me fine. I like living.
Laurent Fabius 500 days will be over in 2 weeks.
$5000 gold, any day now. I know because I read ZH and JS, plus all the gold sellers on the radio say so too. So all those 1 oz gold coin relics my wife has are worth less now that 5 years ago, without including inflation. Meanwhile, she could have sold them in 2010, invested in stocks and make a nice return.
Not trying to be cynical, but generally if there are shortages of physical materials, it becomes more valuable. What am I missing here? Why don't gold prices rise?
The pricing mechanism (Comex futures) is broken.
Generally I've liked what JS has had to say, so when I saw this I had to modify my reservations:
My Warning About Jim Sinclair
https://www.youtube.com/watch?v=Ped9BrJ5lmg
"What am I missing here?"
Paper futures ponzi scheme flooding market with artificial supply
Gold is not money but a metaphor for money/wealth when it is simply a hunk of metal that is not a currency ANYWHERE.
If you want physical gold in London just ring the doorbell of the Whore of Babylon Queen Elizabeth II, and tell the old whore that MASTER OF UNIVERSE sent you.
I have many pictures of her, maybe she would autograph one.
They should be buying billions in gold from the COMEX and demanding delivery.
Every paper owner should be demanding delivery from the COMEX.
Watch the COMEX close it's doors due to the 200x for every ounce.
The Chinese have so many dollars they could easily blow up the COMEX.
Well, I am sure glad I listened to that Bloomberg clip. Thank you, Tyler!
Gold peaked at $1858/oz in mid 2011 and is now selling nearly $900/oz cheaper with no end in site for it going even lower.(that's a 170% drop form its peak) Meanwhile, the gold miners as represented by the ETF - GDX is lower in price now than at the height of the 2008 recession.
So, yeah, I am sure that physical gold is just impossible to get; yeah, it's impossible. Sure. Yeah, I believe him. He is obviously spot on! Putting money on this right now!!!
Wait a minute; wait a minute. I was just flipping through on old economics book of mine and it mentioned something about supply and demand. It says in that book - hell, it could be wrong - that when supply exceeds demand the price goes down. Holy moly! Do you think it could be right??? Could it just be that the asshole on Bloomberg was talking his book or just talking out of his ass?
Nah! After all, this guy was on Bloomberg. OK - back to putting money on this right now!!!
Please, go away for the night. Your naivete is painful.
Asshole, have you not learned anything about the paper futures scam flooding the market with phony paper gold in order to suppress price?
If you want to sell me gold at 170% off its peak I'll take all you've got, if you can afford it. Hell, I'll even take it at only 100% off its peak.
Some basic mathematical literacy might help your argument, you fucking goat.
Must be a very OLD economics book....does it mention a maniacle, manipulating government who is controlling all aspects of the economy while trying to crash the economy and instill a one world currency? Looks like your still thinking deep inside the box...no wonder you have 21 thumbs down on your diatribe...
Just steal some more from Saudi Arabia's pile in Switzerland.
None left!
One thing is for sure, I can buy a lot of bread :)
Gold Bitchez.....I pick up pennies
Price can't hold support levels for higher. That is fact. Everything else including this article is noise.
You have to ask the question as to why the physical markets are so tight, but then you may not like the answer.
It's not hard in California at all. There are three places within 5 miles of me that have Eagles available for spot +$80. Not a great price but nothing to care about if gold someday hits $5000.
I love these bullshit articles They are low on fact but high on conjecture . There is no shortage. If there was the price would go up! Get it ? Why do people only suspend the law of supply and demand when it doesn't fit their investment theory????
I'm weighted 35% in physical gold and the rest in cash...actual "cash" cash, not a bank deposit. Nevertheless, it feels weird being so "cock sure" about a market outcome taking this degree of a defensive position...what am I missing? China and Russia draining the supply might be prudent investing of it might be an attack on...what?
You are not alone...
We can see elites propping up markets forgetting that these are supposed to represent the underlying companies and economy.
Commodities, the stuff real products are made from, reveal the true picture.
When the underlying economy has collapsed, what is the meaning of high prices in rigged markets?
The Russians and Chinese are not stupid and maybe they realise gold is one of the West's Achilles heels.
A massive market supported by a small amount of real gold.
When all the real gold has gone the inverted pyramid collapses.
Russia and China hording gold will ensure the COMEX will one day never be able to settle a gold contract in gold. The will break the COMEX, great, but is accomplishing that alone worth the expense?
On the other hand, if I could print money out of thin air and exchange it for physical gold, why wouldn't I??! It's hard to see the Chinese as broke with all their gold holdings. There could be a gold backed Renminbi with the stroke of a pen.
All the main UK coin dealers are well stocked in gold coins. Just check their web sites.
again, what s the average cost of mining 1 ounce of gold today?
http://www.theglobeandmail.com/globe-investor/investment-ideas/how-much-...
http://marketrealist.com/2015/06/cost-gold-miners-digging-gold/
so when some idiot talks of price of gold going down to say a $600 - I am laughing.
so when some idiot talks of price of gold going down to say a $600 - I am laughing.
Hopefully you're also smart enough to laugh when a Mises Monk responding to the obvious statement "there's not enough gold on Earth to "back" a Medium of Exchange" ... eg. only 1oz per person on Earth, says make gold be worth $100,000 per oz.
Honest question: What would happen if someone bought 50 futures contracts on the London exchange and then at expiry insisted on delivery?
Forced cash settlement or nailgun suicide.
Fantasy gold is just the tip of that crazy iceberg and creation for madness in mayhem .........
Oh, and that headline ….. Peter Hambro: "It's Virtually Impossible To Get Physical Gold In London" …. could/can/should just as accurately be written as …… Peter Hambro: "It's Physically Impossible To Get Virtual Gold In London"
Methinks though 'tis probably much more accurate a statement on the true untrue nature of the market and markets overall, and in general and particular. And with the steady and ongoing uncoverings of that discovery, the reason for major market jitters, outages, stoppages and/or corrections.
And the Great Game is only at ITs "In the Beginning" Stage. Wow! Kapow! Whatever next?
I like the cut of this mans cloth.
So there are still some white guys in London?