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Gold ‘Will Go To 3,000 Dollars Per Ounce’ - Rosenberg

Tyler Durden's picture




 

From GoldCore

Gold ‘Will Go To 3,000 Dollars Per Ounce’ - Rosenberg

Gold’s London AM fix this morning was USD 1,580.75, EUR 1,221.69 and GBP 980.98 per ounce.

Yesterday's AM fix was USD 1,590.00, EUR 1,228.37, and GBP 987.39 per ounce.

Gold rose $3.00 or 0.18% in New York yesterday and closed at $1,594.00/oz. Gold ticked lower in Asia and in Europe and breached yesterday’s intraday low of $1,580/oz.

Cross Currency Table – (Bloomberg)

A close below $1,580/oz could see gold test support at $1,523/oz and $1,533/oz – the lows in December and September 2011 respectively.

Gold fell after shares in Asia were hit by JPMorgan's massive $2 billion loss, political turmoil in the euro zone and also by weak economic data from China. The JP Morgan loss may be higher than $2 billion and could lead to sharper sell offs in markets which could lead to further gold weakness.

However, the JP Morgan loss is gold positive as it shows how little reform there has been of Wall Street and the global financial system which continues to resemble a casino. It also shows that systemic risk remains.

Gold tracked equities lower despite the JP Morgan loss, deepening worries about Europe's debt crisis, Chinese economy concerns and their impact on global economic growth.

Safe haven gold is again showing short term correlation with risk assets, with sell offs seen across risk assets such as equities, industrial metals and oil this week. It seems likely that some more speculative players are again selling gold on the COMEX to cover losses suffered in other markets.

Gold is set to fall by more than 3% this week, the deepest drop since early March, however there are technical and fundamental factors that suggest we may be near an intermediate low.

There has been far less selling of physical bullion this week and indeed a small degree of buying the dip.

In the physical market, weaker prices led to buying from Thailand, Indonesia and also main consumer India. Reuters reports that premiums for gold bars in Singapore edged up to $1.10 to spot London prices from $1.0 quoted on Thursday.

While gold prices have had 11 consecutive years of price gains one would not know it from the lack of popular media coverage (and often unbalanced and uninformed), and lack of participation on behalf of the western public.

Gold in Euros – Daily (1 Year)

However gold is set for a 12th consecutive year of gains as investor demand is likely to be spurred by unfolding eurozone sovereign debt crisis, according to the World Gold Council (WGC).

"We believe this will be the 12th year of a bull run by the end of this year," Marcus Grubb, managing director for investment at the industry funded WGC, told a news briefing.

Gold ‘Will Go To $3,000/oz’ – David Rosenberg

Highly respected economist and strategist David Rosenberg has told that Financial Times in a video interview (see below) that gold “will go to $3,000 per ounce before this cycle is over.”

Markets are repeating the downturns of 2010 and 2011 and it is time to search for safety, David Rosenberg of Gluskin Sheff tells James Mackintosh, the FT Investment Editor.

Rosenberg sees a “very good opportunity in gold” as it has corrected and seems to be “off the radar screen right now”.

He sees gold as a currency and says the best way to value gold is in terms of money supply and “currency in circulation.”

As the “volume of dollars is going up as we get more quantitative easing” he sees gold at $3,000 per ounce.

Mackintosh says that Rosenberg’s view is a “pretty bearish view”.

To which Rosenberg responds that it is “bullish view on gold and gold mining stocks.” Mackintosh says that it is “bearish on everything else”.

Rosenberg  says that it is not about being “bullish or bearish,” it is about “stating how you view the world” and he warns that the major central banks are all going to print more money and keep real interest rates negative “as far as the eye can see.”

This is “critical” as one of the key determinants of the gold price are real short term interest rates.

The longer they stay negative “the longer the bull market in gold is going to be.”

Rosenberg sums up that “this is not about being bullish or bearish, it is about how do we make money for our clients.”

The interesting interview can be watched here.

OTHER NEWS

(Bloomberg) -- Palladium Shortage Forecast to Run Through 2016, UBS Says

Palladium supply will lag behind demand for at least through 2016, with the shortage estimated at 714,000 ounces this year, UBS AG said.

Platinum will have a surplus of 143,000 ounces this year, Ben Davis, an analyst at the bank in London, said in a report today, citing the bank's research from April. The platinum price forecast was raised to $1,700 an ounce for this year from $1,675 an ounce, he said, citing the April report.

Platinum and related metals will benefit in the second quarter from signs of growth in the U.S. and expansion in emerging economies, he said. The palladium price forecast was raised to $760 an ounce from $725 an ounce for this year, according to the report from April.

Gold in GBP – Daily (1 Year)

For breaking news and commentary on financial markets and gold, follow us on Twitter.

NEWS

Gold Bull Run Set For 12th ConsecutiveYear - WGC

PRECIOUS - Gold heads for worst weekly fall since March - Reuters

Gold Bulls Weakest in Month as Investors Buy Dollar - Bloomberg

China’s Gold Demand Growth Seen Stagnating as Price Drops - Bloomberg

Gold rises amid bargain hunting - Sydney Morning Herald

COMMENTARY

Jim Grant: "The Gold Move Is Not Over" - CNBC

Is JPM Staring At Another $3 Billion Loss? - Zero Hedge

Oil, Gold Take Hits For Their Own Good - MarketWatch

Gold's Setback 'Barely Registers' In Long View - King World News

Marc Faber Sees A 1987-Like Crash Approaching - Bloomberg

 

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Fri, 05/11/2012 - 07:42 | 2416624 Sircornflakes
Sircornflakes's picture

Never mind that the cycle has no time frame attached.

Fri, 05/11/2012 - 07:52 | 2416635 Rusticus
Rusticus's picture

Grand supercycle  [live long and prosper]

Fri, 05/11/2012 - 10:02 | 2416901 Pinto Currency
Pinto Currency's picture

 

 

It's pretty obvious where gold is headed.

Where was Rosenberg 5 - 10 years ago?

Everyone is just walking around the wreckage now and waiting for the gas tank to blow.

And if bonds aren't in a bubble, why is gold going to take off?

 

With respect to the interviewer Mackintosh, I've never understood why interviewers think that telling others that they have a depressing view makes them look clever.

Fri, 05/11/2012 - 10:41 | 2417313 CIABS
CIABS's picture

$3000.  Wow.  Almost a double.  Gosh.  A double!  (Very nearly.)

Fri, 05/11/2012 - 10:47 | 2417342 HedgeOn
HedgeOn's picture

he was saying the same thing about gold 4 years ago

Fri, 05/11/2012 - 11:30 | 2417514 Xkwisetly Paneful
Xkwisetly Paneful's picture

THank the heavens.

I woke up this AM unbelievably insecure about my metals position.

Good thing I can come here and count on pump gold from someone who is already fully invested.

Went to Chinatown to get some raw eels to fry up for lunch,

the chinaman says-need so mejal? I said WTF? Guy says need so mejal? I look at him very quizically thinking maybe some kind of eel I never heard of, then he swings open his jacket and says loudly, need so mehal? Showing off an array of gold and silver.

Wrong as the day is long.

 

Fri, 05/11/2012 - 12:34 | 2417663 Zero Govt
Zero Govt's picture

Gold going to $3,000, $5,000 or even $10,000 is presented as a get-rich opportunity (investment?) when it's nothing of the sort... it simply means Fiat will be worthless, not that PM's will be your dream of being a millionaire fulfilled

Gold could be worth $50,000 per Ounce but it'll be an uber-brief moment (days?) as Fiat goes up in flames 

Sure Gold will hold value but after one Fiat goes down and another (Rothchild Ponzi) is resurrected you'll be left with a stack of Gold to sell ...probably into a buyers market!

Fri, 05/11/2012 - 13:11 | 2417885 Pinto Currency
Pinto Currency's picture

 

 

Cass, you can do better than that!

Fri, 05/11/2012 - 09:44 | 2417007 DosZap
DosZap's picture

Markets are repeating the downturns of 2010 and 2011 and it is time to search for safety, David Rosenberg of Gluskin Sheff tells James Mackintosh, the FT Investment Editor.

He damn sure is right on that score.

Fri, 05/11/2012 - 07:44 | 2416626 dundermifflin
dundermifflin's picture

If jpm is tanking, then why is silver not going up. the conspericy theory was that jpm was keeping silver down

Fri, 05/11/2012 - 07:48 | 2416631 DogSlime
DogSlime's picture

I thought it was all the paper ETF stuff that was keeping PMs down?  Nothing like being able to "print" Silver if you want to manipulate the price, yes?

Fri, 05/11/2012 - 09:04 | 2416869 economics9698
economics9698's picture

Dunder, deleveraging, deflation, print, inflation, peak, deleveraging, deflation, print, inflation, peak, deleveraging, deflation, repeat as necessary as long as people still play the game. 

The end game will be inflation or deflation, war, permanent rat blood status aka austerity.  Gold and silver may end up deflated but history shows central banks go out with a bang not a whimper.

Your silver and gold will be worth what it is today no matter what the central bank does.

Fri, 05/11/2012 - 09:29 | 2416955 twotraps
twotraps's picture

...economics9698, agree, well said.  Don't want to get into inflation or deflation or possible gold standard or even some approx value of gold down the road.  If I understand you correctly, you get into gold cause its Not paper, and as long as they manipulate the paper you are risk.  I accept the risk with gold but on balance feel that is better in the end in that I can trade it back into other things at my convenience.  I have read everything from 3k an ounce to 30k an ounce if there is a gold standard but I cannot see that happenning.  Like farmland, you have mkt risk, but at the end of the day, even with some bank holiday-re-issue of currency, at a minimum you are not left to twist with the rest waiting on the fucking central bank.  Have a good weekend.

Fri, 05/11/2012 - 10:25 | 2417222 CPL
CPL's picture

You have it backwards actually.

 

The paper wasn't worth anything to begin with, the paper is only a reflection of what it is tied to.

 

With all that paper tied back to nothing but debt, unemployment...well, everyone will see soon enough. 

 

Here comes dow 25k and S&P 3500.  BOOM!  Btw those of you thinking that this is good thing.  Good luck selling your stocks.  Volume sucks and all I see is a board full of people trying to sell and no buyers except algo's.

 

Fri, 05/11/2012 - 18:22 | 2418871 twotraps
twotraps's picture

you're right, the paper really isn't worth anything, so I'm suggesting not crying about what happened yesterday or at the creation of the Fed in 1913....and take some action to get some assets not denominated in dollars.  I have no illusion about beating the system....rules changes galore will prevent that, but that doesn't mean I have to take a full beating like everyone else in the process.  If they are stupid enough  to have a bank holiday and revalue the dollar 40% lower, then I'll sell some gold and get new funny money, wtf?

Fri, 05/11/2012 - 11:31 | 2417525 Xkwisetly Paneful
Xkwisetly Paneful's picture

Sick thing is you actually teach kids.

Fighting the fed is a losing strategy, it has been a losing strategy since the creation of the FED.

But I get it, fanatics are fanatics for a reason.

Fri, 05/11/2012 - 13:09 | 2417882 blunderdog
blunderdog's picture

Investing in gold is *cooperating* with the Fed.  They want to devalue the dollar.

Fri, 05/11/2012 - 07:46 | 2416632 junkyardjack
junkyardjack's picture

They still manage to "manipulate" the silver market as their company fails...

Fri, 05/11/2012 - 08:48 | 2416803 sessinpo
sessinpo's picture

It's still profitable for them. Consider their derivatives position. They held it until it blew up in their face.

Fri, 05/11/2012 - 09:03 | 2416866 Lost Wages
Lost Wages's picture

JPM lost some money, but they haven't gone out of business (yet). So they are going to keep doing successful things, like gaming silver, to make up for dead whales.

Fri, 05/11/2012 - 09:07 | 2416879 youngman
youngman's picture

If Jamie is going to tighten up the ship...they should be closing out some of their shorting trades....clean up the book...more transparent and simple...

Fri, 05/11/2012 - 09:33 | 2416946 JOYFUL
JOYFUL's picture

...If jpm is tanking, then why is silver not going up. the conspericy theory was that jpm was keeping silver down...

 

Does yur wife call yu "Rush" Limpbough?

Fri, 05/11/2012 - 10:32 | 2417275 tmosley
tmosley's picture

*Implying that they used their stock price to keep silver down.

*Implying that JPM has already declared bankruptcy.

lol

Fri, 05/11/2012 - 07:45 | 2416630 junkyardjack
junkyardjack's picture

During this cycle it will also hit $1,000

Fri, 05/11/2012 - 11:32 | 2417522 prole
prole's picture

6 Gold Longs did not appreciate your comment sir. I also don't ..... DAMN YOU!!

But you just could be right.  Gold went from 800 back to 250 before, it could easily do something similar .. I hope it doesn't, I'll be br if it does.....

Fri, 05/11/2012 - 07:52 | 2416633 MichaelNY
MichaelNY's picture

Of course it will go to $3,000.

The question is: "When?"

Fri, 05/11/2012 - 09:08 | 2416876 economics9698
economics9698's picture

You will see serious movement by October 2012.

Fri, 05/11/2012 - 07:55 | 2416646 grey7beard
grey7beard's picture

The more I see these pie in the sky forcasts, the more I wish I had some nice utilities.  Goldman Sachs second "gold to $1850 this year" proclamation made the hair on the back of my neck stand up, both of them.

Gold will continue to be savaged as it's the reserve currency competition for Bernanko Bucks.  If Iran wants to trade oil for gold, then gold will be slaughtered.

 

 

Fri, 05/11/2012 - 09:25 | 2416936 grey7beard
grey7beard's picture

Good morning Turdites.

Fri, 05/11/2012 - 11:21 | 2417486 Silver Bully
Silver Bully's picture

You are correct that gold is:

-competition to the dollar, and vice versa, as a percieved safe haven.

-gold will be 'managed', and if Iran trades oil for gold, it will be 'managed' lower in the short term.

However, it won't stay that way. The physical market will not let them keep the price down forever. All the manipulators can do is try to manage the gold's ascent, otherwise they would be completely flattened by it.

Fri, 05/11/2012 - 13:08 | 2417872 flyingpigg
flyingpigg's picture

If Iran wants to trade oil for gold, then gold will be slaughtered.

What a nonsense. Do you expect the Fed to print gold? If gold goes down in dollar terms, the Iranians will just ask more gold for their oil. So even if gold "would be slaugthered", it would not hurt the Iranians. Thumbs down for you greybeard...

BTW, I might do some uncivilized buying if it would happen and I'm pretty sure that I won't be the only one.

Fri, 05/11/2012 - 07:58 | 2416648 Levadiakos
Levadiakos's picture

Roseberg hasn't been right in 4 years. The only reason this calll might be different is that there is no time gme target given. gold $3000.....in May 2312. BTW I'm calling for DOW 112,000

Fri, 05/11/2012 - 08:01 | 2416652 LULZBank
LULZBank's picture

If JollyPants Moron goes bust, how will we get our cheap PMs???

Blythe, please dont go!!!

P.S. I love you!

Fri, 05/11/2012 - 08:13 | 2416674 Sudden Debt
Sudden Debt's picture

50 dollar gold ounces and 1 dollar silver ounces...

wet dreams for now...

 

Fri, 05/11/2012 - 08:26 | 2416709 LULZBank
LULZBank's picture

Just dont wear your ball crunching nylon boxers when you get your wet dreams.

Containment is not always helpful.

Fri, 05/11/2012 - 09:27 | 2416944 Dr. No
Dr. No's picture

If JollyPants Moron goes bust

 

lol.  goes bust.  good one.  Did you know they own the printing press and approved the application of the guy running it?

Fri, 05/11/2012 - 08:11 | 2416670 Sudden Debt
Sudden Debt's picture

I don't really take this guy serious. Yes it wil go above 3000 and even way higher but is it before or after the elections...

I don't even think this year.

Next year... very well possible.

 

Fri, 05/11/2012 - 08:14 | 2416679 scatterbrains
scatterbrains's picture

Step back and look at a longer term view and it looks like the Fed could knock prices back in the pm's a bit more before the next stage of printing begins...or so I'm thinking.

 

http://fiatflaws.blogspot.com/2012/05/gld-jjc-xau-iyr.html

Fri, 05/11/2012 - 08:18 | 2416682 eddiebe
eddiebe's picture

Along with everything else the banksters hold a lot of gold. They know better than the masses the worth or worthlessness of fiat and government IOU's, after all it is their notes that the governments are borrowing. When it suits the banksters they will and do revalue gold overtly and/or covertly. If you were one of them, wouldnt you try to get more of it by shaking the tree periodically?  Do yourself a favor and trade some of that paper if you have any left for the only real money there is, even though I'm sure Benny frowns on that.

Fri, 05/11/2012 - 08:21 | 2416693 punxsutawney phil
punxsutawney phil's picture

Wow gold longs hurting and it is not even down that much.  This could go to 1400 and it is still in a crazy uptrend.  Folks need to calm down, and ride it down a few hundred points.  Why does everyone think things move in straight lines. 

Fri, 05/11/2012 - 08:34 | 2416746 Chief_Illiniwek
Chief_Illiniwek's picture

...because I saw a video on the internet that said they would.

Fri, 05/11/2012 - 08:35 | 2416750 Non-overlapping...
Non-overlappingMagicCereal's picture

ZeroHedge - where 'highly respected economist' is a mark of shame.......unless you agree with us, don't have a PhD, and work for an investment firm.

Fri, 05/11/2012 - 08:44 | 2416783 orangegeek
orangegeek's picture

If gold goes up, the USD will likely decline.  If the USD declines, markets will move upward, likely beyond the 2007 highs.

Anything is possible.

 

More probable to see gold decline - http://bullandbearmash.com/chart/spot-gold-daily-9-2012/ - probably down to $1300

Fri, 05/11/2012 - 08:57 | 2416845 sessinpo
sessinpo's picture

Totally opposite of your thought using the same technicals/fundementals.

 

http://www.investinganswers.com/investment-ideas/commodities-precious-me...

Fri, 05/11/2012 - 09:42 | 2416994 DosZap
DosZap's picture

Totally opposite of your thought using the same technicals/fundementals

UH,

Check the date....................

By Nathan Slaughter

August 17, 2011

 

Fri, 05/11/2012 - 12:32 | 2417734 Zero Govt
Zero Govt's picture

Nathans promises/predictions about Gold miners soaring got slaughtered

..much like the shills at King World News though Jim Sinclair has yet to squeek a peep about their (and his) tragic market calls on the miners

Mr Gold (Mr Tanzanian Royalty) talking his book while promoting himself as every Gold bugs bestest friend

Fri, 05/11/2012 - 08:47 | 2416796 Red Heeler
Red Heeler's picture

Now is when we buy.

Fri, 05/11/2012 - 09:26 | 2416947 Al Gorerhythm
Al Gorerhythm's picture

Patience Fido. Now get behind!

Fri, 05/11/2012 - 11:08 | 2417441 Red Heeler
Red Heeler's picture

RedHeeler, exercising patience since '02.

My little lady gets behind.

http://www.youtube.com/watch?v=1c5pgo6zU10

Fri, 05/11/2012 - 08:50 | 2416813 Bastiat009
Bastiat009's picture

Mr Rosenberg must have gold for sale and can't get out fast enough.

Every single piece of news has been bullish for gold over the past few days and yet it's crashed ... gold is definitely not safe.

You cannot say that gold will protect you in times of trouble when the price of gold crashes every time a tiny crisis emerges.

Fri, 05/11/2012 - 09:15 | 2416913 Clint Liquor
Clint Liquor's picture

There is only one crisis that will matter and that is the collapse of the current World's Reserve Currency.

Here watch this and get a clue:

http://www.youtube.com/watch?v=pk8e5nx2uHY&feature=relmfu

 

Fri, 05/11/2012 - 09:42 | 2416979 Bastiat009
Bastiat009's picture

You guys crack me up here. You are exactly like all the people I knew who thought that real estate prices could not go down too much. Gold is crashing faster everyday It's crashing faster than Greece's currency. It's time to get real.

Unlike all of you geniuses, I do not make prediction. Gold prices may go up but it is obvious that gold is terrible when the shtf ... and the crisis just started.

Fri, 05/11/2012 - 09:50 | 2417021 DosZap
DosZap's picture

Bastiat009

Nothing new here, Deflation first, the Hyperinflation........................

Patience Grass hopper, and use the GIFT of lower prices to get your DCA down..........if you have bought in the run up, Silver lining to every cloud.

Remember those presses are running FULL speed ahead, and are going to get even faster.

Fri, 05/11/2012 - 09:55 | 2417044 Clint Liquor
Clint Liquor's picture

I am sorry you have no Gold, it is a pity.

From the BRIC Summit joint statement April 2010:+

"We believe that the world needs today a reformed and more stable financial architecture that will make the global economy less prone and more resilient to future crises, and that there is a greater need for a more stable, predictable and diversified international monetary system."

Get it?

Fri, 05/11/2012 - 13:13 | 2417899 Bastiat009
Bastiat009's picture

See, you're the perfect example of the person who doesn't read what is written but "reads" what they want to "read" or "hear" or whatever.

Where do I write what I own or don't own?

Where do I write that I don't think gold could or should back currencies?

But there is a huge gap between what should be done and what is done. And until science makes huge progress, I have to live on this planet and I have to follow the rules set by idiotic governments.

Sat, 05/12/2012 - 11:27 | 2419747 Absinthe Minded
Absinthe Minded's picture

Gold is sold for liquidity to cover their positions. Paper gold I might add, that is what the index follows. How are we going to cut spending in order to prevent the Fed from printing more money? If you can answer that with a real sensible way that will actually pass the Senate, the House and have good old Barry O's signature on it, I might believe gold will crash. Until then BTFD!!!

By the way, if you can answer that, you may be eligible for the Nobel Peace prize.

Fri, 05/11/2012 - 08:52 | 2416824 rsnoble
rsnoble's picture

Whos says commodities won't crash with everything else?  Maybe gold will go to 3k, but it has a real possibility of going a lot lower first. 

Fri, 05/11/2012 - 11:26 | 2417502 Silver Bully
Silver Bully's picture

It will go lower first, how much is the real question. Also, gold (despite protests by keynsians everywhere) is not a commodity. Treat it as a currency.

Fri, 05/11/2012 - 08:54 | 2416830 godgunsandgold
godgunsandgold's picture

I'm short Dimons

Fri, 05/11/2012 - 09:10 | 2416898 Anne Ominous
Anne Ominous's picture

Busy shirt combined with a busy tie... big fucking mistake!

 

You Never Go Busy Tie Busy Shirt!!!

 

Made me feel nauseous and had to Dimon up my dinner.

Fri, 05/11/2012 - 09:19 | 2416924 failure to perform
failure to perform's picture

I'm ready to get into silver. Where do I go to buy? No laughing.

Fri, 05/11/2012 - 09:56 | 2417038 krispkritter
krispkritter's picture

www.gainesvillecoins.com Good selection, prices are decent, and orders are ready fast. I'm local and can pick up so I'm a bit biased...just ordered again today in fact. Now if I could just remember the patches for the boat...

Fri, 05/11/2012 - 09:54 | 2417047 DosZap
DosZap's picture

failure to perform

I'm ready to get into silver. Where do I go to buy? No laughing.

Wait till it hits $20.00.................then back up the truck. Save your POWDER.

My money says in addition to QE 3(coming very soon), Israel is VERY close to hitting Iran.................they have stated they cannot wait any longer.

The watch the market .........................

Fri, 05/11/2012 - 10:58 | 2417404 Red Heeler
Red Heeler's picture

"Wait till it hits $20.00."

Right. I know a guy who wanted to wait 'til silver got back to $7 before he bought. Later he wanted to wait 'til silver got back to $10 before he bought. Later he wanted to wait 'til silver got back to $12, then $14, then . . . . well you get the idea. On the plus side he's sitting on a pile of cash and when silver hits the right price, BOOM! He's on it.

Each month buy a little gold or silver.

Fri, 05/11/2012 - 11:31 | 2417520 Silver Bully
Silver Bully's picture

When they came for silver at $15, I said nothing and did not buy.

When they came for gold at $1100, I said nothing and did not buy.

When they came for the worthless fiat, I said 'you can't squeeze blood from a turnip, so I burned that worthless pile of paper to keep warm.'

Fri, 05/11/2012 - 09:35 | 2416970 Womb Service
Womb Service's picture

David, you forgot a zero on the end of your prediction.

Fri, 05/11/2012 - 09:40 | 2416982 jaygould
jaygould's picture

how does one spell moron? hint: david rosenberg. Q for him: how much gold does HE own personally???????????

Fri, 05/11/2012 - 09:44 | 2416998 Peter Pan
Peter Pan's picture

And when gold goes to $3000 an ounce, what will the price of bread and fuel be? Will there be peace, jobs and a decent health system?

Fri, 05/11/2012 - 11:41 | 2417568 prole
prole's picture

Questions deserve answers on ZH!

And when gold goes to $3000 an ounce, what will the price of bread (5$ per loaf)
and fuel be? (8$ per gallon)
Will there be peace (no)
jobs (Yes, same as now)
and a decent health system? (No, same as now, or worse)

Now answer those questions for when gold goes to $1,000 per ounce?

Fri, 05/11/2012 - 11:51 | 2417591 DosZap
DosZap's picture

prole,

Now answer those questions for when gold goes to $1,000 per ounce?

The answers to your questions, They will be far worse.

Name ANYTHING that has changed for the better...............you cannot, its getting worse, day, by day.

When the bottom falls ALL the way out, you had best have VERY strong hands,or you will be table scraps.

Fri, 05/11/2012 - 09:56 | 2417051 FranSix
FranSix's picture

Mining stocks will basically start to come to life once gold exceeds its 40-year inflation-adjusted average. But they will also have to take the initiative and start paying very robust dividends.

Fri, 05/11/2012 - 10:23 | 2417211 Elmer Fudd
Elmer Fudd's picture

Dammit, lower and lower gold prices... I'm out of fiat until payday.

Fri, 05/11/2012 - 10:31 | 2417271 Nachdenken
Nachdenken's picture

Jim Sinclair (JSMineset) has called this gold cycle since 2002 consistently, a decade of rises with corrections, with a clear longer term goal with defined time frames and stages.  His fundamental and technical analysis run on rails, easy to follow.  Well worth a bookmark.

Fri, 05/11/2012 - 11:44 | 2417579 DosZap
DosZap's picture

Jim Sinclair (JSMineset) has called this gold cycle since 2002 consistently, a decade of rises with corrections, with a clear longer term goal with defined time frames and stages.  His fundamental and technical analysis run on rails, easy to follow.  Well worth a bookmark.

 

Amen to that....................................he also has stated MANY times there would be times when the prices in fiat would swing 100-300+ A DAY.....................that is down as well as up.

He has recently stated, because of weak hands emailing him 3000+ times in a week, worried about the gold mkt, that if you cannot stand the heat get the hell outa the kitchen.

You should have  bought it for insurance.....................if for any other reason, then your on the wrong field.

We ALL know what fiat is worth.

Fri, 05/11/2012 - 12:48 | 2417792 Zero Govt
Zero Govt's picture

what you are omitting from your rose-tinted review of JS Mineset is Jim Sinclair has been inaccurate all year about his call on Golds trading range of $1,700-$2,000

Sinclair has also been (badly) out on his calls for months on Gold mining stocks which have tanked over -30% since he (Mr Tanzanian Royalty) has been promoting them 

Sinclair also doesn't call corrections, the only way is 'Up' ...as an ex-stockbroker his rosey look only at the upside is bloody naive given his CV

Fri, 05/11/2012 - 10:43 | 2417330 youngman
youngman's picture

The London Metals Exchange if for sale...they are down to 4 bidders..the usual crooks and competitors....CME and Shanghai I remember...the other two I do not...this is a big deal...Harvey Organ always says they are short metals...they are way leveraged...could this drop in price be them...as a lower metals price means less exposure for them..and a higher sales price?????

And why would anyone sell now......except that you know the Asian exchange will be taking all of your business in the future..and that your hard storage is disappearing as people take their metals out and take them home....see India today.....me thinks this is another canary in the coal mine event...

Fri, 05/11/2012 - 11:16 | 2417466 dunphyben
dunphyben's picture

My broke indebted underemployed ass is purchasing my first two ounces of gold today. Hooray. 

Fri, 05/11/2012 - 11:27 | 2417506 oddjob
oddjob's picture

Where's that fat parrot Willy Webb, I guess David needed his car washed.

Fri, 05/11/2012 - 12:05 | 2417626 impermanence
impermanence's picture

3,000. or 3,000,000, who cares?  Live life on your own terms. 

Fri, 05/11/2012 - 16:14 | 2418528 Incubus
Incubus's picture

oooh... so hip and edgy.  Ever thought about marketing for some sports/fitness/outdoors company?

Fri, 05/11/2012 - 13:07 | 2417874 SILVERGEDDON
SILVERGEDDON's picture

FIAT stands for  "Fix It Again, Tony."  I'll take GOLD for $3000.00, Alex. No fucking fiat Jeopardy for me. BTW, lead is good, too, I am very bullish on lead. Melts at a lower temperature than gold or silver, and can be moulded into useful projectiles. Bankster repellent. 

Fri, 05/11/2012 - 13:11 | 2417890 Amused2Death
Amused2Death's picture

As long as Euro in turmoil, Dollar will strengthen and hence Gold will decline.  Simple as that, Gold may hit $1000 before $3000.  There'll be a time to back up the truck but it's not now; Mr. Rosenberg's premise is valid about central bankers and printing causing eventual inflation but the world is not that static...

Fri, 05/11/2012 - 13:31 | 2417958 Bastiat009
Bastiat009's picture

Over the past six months gold has lost nearly 12% of its value, while the euro has lost "only" 6% of its value, which makes the euro twice as strong as gold. If your currency is twice as weak as Greece's, it may not be very good.

Fri, 05/11/2012 - 14:04 | 2418068 IrritableBowels
IrritableBowels's picture

Any metal bears out there should take a trip to Provident Metals and witness the 'temporarily out of stock' silver ounces.  It's very apalling. 

Maybe JPM is gonna run it dry before...KABOOM!

Fri, 05/11/2012 - 14:52 | 2418188 Fred C Dobbs
Fred C Dobbs's picture

There might not be any physical gold you can purchase at $1000 per ounce"

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