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Buy Gold While You Still Can!
In part 1 of his 2 part report on the ever-tightening supply of physical gold, Chris Martenson describes the fascinating data that “reveals the extent of the West’s massive dis-hoarding of physical gold”. He points out the enormous and growing disconnect between the cash and physical markets for gold which, as he explains, has major repercussions for physical gold storage.
Martenson also describes how the Fed watches the price of gold very carefully, regarding it as a “golden thermometer” of market sentiment.
An important update on the supply of physical gold
by Chris Martenson
One of our long-running themes here is that the truly historic and massive flows of gold from West to East is (someday) going to stop, for the simple reason that there will be no more physical bullion left to move.
It’s just a basic supply vs. demand issue. At current rates of flow, sooner or later the West will entirely run out of physical gold to sell to China and India. Although long before that hard limit, we suspect that the remaining holders of gold in the West will cease their willingness to part with their gold.
So the date at which “the West runs out of gold to sell” is somewhere between now and whenever the last willing Western seller parts with their last ounce. As each day passes, we get closer and closer to that fateful moment.
Read more on Chris Martenson’s PeakProsperity
DAILY PRICES
Today’s Gold Prices: USD 1137.60, EUR 1016.26 and GBP 747.23 per ounce.
Friday’s Gold Prices: USD 1145.50, EUR 1027.63 and GBP 752.18 per ounce.
(LBMA AM)
Gold in EUR – 1 Month
Gold closed at $1146.60 with a 0.61% gain on the week. Silver closed at $15.08, down $0.05 and down just 0.46% for the week. Euro gold fell to about €1023 and platinum lost $7 to $945.
Read more on the GoldCore.com blog
IMPORTANT NEWS
Gold steady after earlier losses amid worries over U.S. rate hike timing – Reuters
Gold ends lower, but posts a gain for the week – MarketWatch
Gold eases as Yellen remarks on rates boost dollar – Reuters
Gold Bears Grow Weary as Options Ratio Drops to Three-Year Low – Bloomberg
Banks Discuss Shifts to How London Gold Traded for 300 Years – Bloomberg
IMPORTANT ANALYSIS
A Comex Bank Run For Scotia Mocatta – TF Metals Report
In cash we trust – abolish it and you invite tyranny – Financial Times [paywall]
Congress and the Fed Refuse to Learn From Their Mistakes – Ron Paul Institute
What If This Retail Silver Investment Shortage Doesn’t End? – SilverSeek.com
Thoughts from the Frontline – Balloons in Search of Needles – GoldSeek.com
Read more News & Commentary on GoldCore.com
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"Buy Gold While You Still Can!"
How do you crooks sleep at night running this gold pump and dump scam? Anyone with one working eye can see the unrelenting down-trend in gold charts. This is a guaranteed money losing investment. Yet you lot of scoundrels keep telling all your chump customers that any day now... BOOM, to the MOON!
Anyone with any education in history, economics or finance knows that we are headed into a deflationary crash. Gold, being a commodity (and not a very useful one at that), will get crushed. But before that happens, you'll be sure to load up all the suckers with big piles of it.
If you were trustworthy, you'd be telling them to invest in land, away from populated areas that you can grow food on, and tools to work that land.
Shame on you!
I'm no expert, but while recently globe trotting, the airport gestapo at two different airports pulled out a small change purse and traced their fingers through the coins within while I watched, bewildered. In Sweden, the gestapo guy told me not to travel with coins anymore. He said something about "black" which I'm guessing was "black market something." I'm guessing they're going to start saying that the bad guys are using gold to launder money. So, it's okay if they have it, but not okay if we have it. Fortunately, there was no gold in the change purse. But I'm just sayin'. It was another cartoon moment in the "Things Can't Get Any Weirder" series we're all starring in.
I can't buy gold every week besides it is being monkey-hammered today.
I can and did this morning. Got some of that other precious also.
FUCK um - "In for a penny in for a pound"
Buy gold ? No, you exchange (short) fiat for real money, and at a later point buy (greatly devalued) fiat back.
No. You exchange fiat for a real asset with value (gold). When that fiat collapses you retain value.
When this fiat collapses there won't be another fiat replacing it.
There will likely be credit and fiat money (partially covered by gold), but greatly devalued currencies (vis a vis au). Gold will be the store of value, fiat currency for transactions. We will see... I think we agree that au is greatly undervalued.
Why didn't you tell me NOT to buy gold when it was $1800, and to wait for the price to come down?
...
Asshole.
Does the person making HUGE amounts of money selling gold ever tell people to not buy gold?
Exactly, the point of my question -- why, in 2011, were these 'folks' not shouting "SELL gold while you still can!" ?
And why do they still pretend to have a clue?
Say after me: "dollar cost averaging" "dollar cost averaging" ...
Dollar cost averaging...I buy my gold second-hand, in the form of jewelry. A typical week, I get 10-15 grams of 14k, and pay anywhere from 25 cents to 2.00 for it.
Seriously, at those prices, phrases like dollar cost averaging, profit margins, spread, etc, are but interesting concepts.
In order to dollar cost average my stack to current prices, I'd have to buy like a kilo at 10,000 an ounce or something ridiculous like that. This fact is very freeing to me...
I always wonder at those who buy coins and pay a premium for the coin itself, and for the gold content...That keeps you awfully close to break even unless something very extreme happens. I'd prefer to chug along at the nickel and dime level. Gold would have to return to 50 dollars an ounce before it would affect me.
Do you take personal responsibility for your own investment decisions?
Take personal responsibility? This isn't 1950. We don't need personal responsibility in 2015. That's...unAmerikan!
Sorry my friend, but if you're not in the upper double comma club or above, then it still comes in handy;
unless of course you want a cardboard condo and rat-ka-bob.
Gold? Buy more Pb instead. Tobacco, booze and bulletts have more intrinsic value during a collapse than gold.
You need to diversify. The things you mention are good, also food, water, basic first aid, etc.
But some gold and silver as well, and even some fiat cash, in both domestic and foreign form. ( Often when currencies collapse, people will adopt foreign currencies perceived as somewhat stable...if the dollar goes down, what's likely next in line?). Diversification allows you a bit of flexibility, as none of us really know how things will unwind. It could be disruptive, or it could go full Mad Max. We won't know till it's well under way, and then it will be too late to make adjustments.
But I believe that all of us will be caught a bit short of something when TSHTF, and we'll be saying, "Wow...I NEVER thought of THAT!"
How about after the collapse?
While I would debate the intrinsic value argument during the collapse I would wager that gold will retin far more value after the collapse than the afore mentioned goods.
I would hold gold to transfer wealth from this economic system into the next.
Exactly, that's what gold is really for. It allows you to segue between currencies. It's the "coin" you must pay to Charon in order to get on the ferry that takes you from this world to the next.
You don't need a lot, but if you have none you aren't going, period.
Perhaps during. But what about after?
Since none of us can know the future, what difference does it make? You don't know the future NOW, yet you are functioning...I assume you aren't sealed in a bunker today because you aren't sure what tomorrow will bring.
Take care of today, and let tomorrow worry about itself.