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Gold Soars As Trading Reopens, Hits $88 Away from $2000
We may have been pessimistic with our assumption that gold would reach $2000 in under a week. At the rate it is going, it may get there tonight: upon reopening, gold immediately soared from just south of $1900, to a new all time higher of $1912 as pent up buying interest took out every offer in the market. This time around silver is not far behind and after many were staunchly pushing shorts around the $44 price, the metal also snapped above the $44 barrier. The only question we have is whether the CME will hike margins before or after gold touches $2000. Since the stop loss orders there are likely quite aggressive, we hope our Comex friends would push gold a little lower before it takes off for its next target 5-digit target. Incidentally, those who are long spam and short gold may want to consider unwinding that trade at this point.
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Tradition bitchez!
+1, for the obligatory pole position comment.
Chavez Bitchez!
Kelly's Heroes, bitchez!
http://www.youtube.com/watch?v=OqSiLL8U3vo
1913! Bernanke! Are you not entertained?!
http://www.youtube.com/watch?v=FsqJFIJ5lLs
angela merkel's breasts, bitchez!
http://azizonomics.com/2011/08/22/eurocide/
I'll vote for Hugo. At 100:1, he is retiring 20,889 tons of paper gold. 'Course, it's not really that hard, cause the paper really doesn't weigh anything at all.... I mean... compared to the real stuff.
Hugo will come out of his Chemo induced haze and realize what he has done when the ship's bill of lading indicates 20 tons of gold in crayola with gold flakes.
I wonder if the gold movement bumped the baltic dry any?
OK - so gold and silver are moving higher...but which should be moving faster?
Is silver underpriced relative to gold?
http://seekingalpha.com/article/288799-is-gold-underpriced-relative-to-s...
Sorry, I am going to have to give that one a negative score just on principle. Why would anyone even think of such a hideous thought?
by the same logic, i gave it a plus.
forgive me for this... http://www.spiegel.de/international/europe/0,1518,grossbild-903062-49079...
http://www.bloomberg.com/news/2011-08-22/morgan-stanley-at-brink-of-collapse-got-107b-from-fed.html
...and a kick-ass interactive Bloomberg graph, here, until Tyler gets a post up.
EDIT: My bad. I now see this has already been posted on the prior page. I blame jet lag.
Hey guys
Sorry to be such a N00b, but can anyone point me to a site that shows how much money was given to the banks, vs how much has been paid back?
Some idiots on another site are saying the banks have paid back all the trillions they "borrowed" and that the banks are now free of FED debt.
Thanks for the help- you guys rock!
Go check out Harvey Organ's latest entry. It shows the line-up for precious metals at Scotia's head office.
http://harveyorgan.blogspot.com/
Thanks for that link, Harvey Organ is impressive, I just added his blog to my favorites. Yet again another thing to thank Zerohedge for.
Nomi Prins used to track it, but the last report was October 2010.
http://www.nomiprins.com/reports/
Merkel needs at least 8 more tits for te EU leaders.
TOTALLY NOT COOL DUDE
You should NSFW tag that cow....
We had some young ones on my crew. We got rid of him because he spoke of liking much older women.
There should be plenty down at the Rock to break him in.
Some things are a crime ... a thought crime even.
arrggh. can not unsee. what has been seen.
GOOD LORD WHY DID I CLICK THAT LINK!?!
You Bitches know you want some of that ;-)
that's worse than the goatse dude....unless...merkel IS the goatse dude!
Now we know why DSK had to get out of jail so desperately.
Not such a bad set...
When I was a kid (10-15,16) , I used to work for a farmer whose wife bore an uncanny resemblance to Merkel. Picked rock, cut/raked/baled hay, cut stacked firewood etc.. Every day I worked, I was fed dinner and supper. One day, when I was 13 or so, at supper, the farmer caught me taking a bit too long of a look at his wife's chest. He looked at me, winked and said quietly, "They're just like the starter button on a 53 Ford."
Her set ain't all bad.
LOL! No Farmers daughter, I Take it?
NOT. YET.
I ran milk route, Boss's daughter was there. All I could do to keep my wits about me on the job. I know if we carried through, I will not be here. I would still be on the farm throwing down supplies.
I had to give you a green arrow. Boobs that sweet even when attached to a German Sow are worth taking a gander at.
ya made me look, ya dirty [transvestite(?)] crook...
good for you! i hardly ever fall for that! trust me?
Merkel should rent those out - one silver coin to bury your face in those and go 'blubbbbbbbbbb'!
NICE !!!
How do you download a new avator ?
She's got huge...tracts of land!
http://www.youtube.com/watch?v=g3YiPC91QUk
+ 1900 on the Kelly's Heroes reference.
Its a mother beautiful bridge...and it will be there. Woof woof woof...thats my other dog impression ;-)
Nice! I just watched that last night on the military channel.
"I've got medals for you in the car."
Its a classic...its a what makes different people tick flick...and everyone comes out a winner, of sorts ;-)
"Did you lose my aerial photographs?"...LOL!!!
Make him a deal deal..... maybe he's Republican
Don Rickles was perfect...LOL!!!
The best part was when the SS captain's eyebrow raised up when he was told what he was guarding for the "fatherland".
Boom!!!
There is something to be said for personal but mutual interests ;-)
Re: Mutual interest: Yes there is....
One of my favorite movies.... one problem, the amount of gold never jived with value assuming $35 / oz... similarly in The G,B & U, th number of bags never make sense, $200,000 would have be ~10,000 coins, each bag would have weighed ~100 lbs.. (there were 8 bags IIRC)
Its a movie Flak.
Always with the negative waves. Always with the negative waves. Why can't you just be positive for once. Have a little faith baby ;-)
http://www.youtube.com/watch?v=-IatwoA00E0&feature=related
Touche
open market conditions starting friday at jackson hole....
physical only this weekend??????
Obama speeks monday..... gold revaluation for jobs....on "labor day"
LOL! I love a good hero movie! +1
kelly's heroes is another hollywood whitewash job.
"The Communists blew a bridge, and forced a German Gold convoy to detour through Oradour sur Glane. They ambushed, and destroyed, the entire unit of 120 Germans, but had a town 0f 642 witnesses. They executed all the men, and herded the women and children in a church, using a bomb. The entire village (photos) was destroyed. London ordered a bombing attack, after the ambush.'
http://www.thenewsturmer.com/On%20Jews/NazigioldandOradour.htm
The town is still a memorial ghost town
http://www.youtube.com/watch?v=zhJZXOWNdMM
One is forced to question a source that refers to one of the witnesses as a, "Jewess".
One is forced to question a tale....whose only teller is a Jewess.
http://www.youtube.com/watch?v=zF4N-lvduG0
maybe they know by now that Libyan gold is not actually there to plunder...
more interesting than the dollar price is the price in other currencies.
You've got 4 digits in everything (sounds like my previous gf lol), 146k yen (strong yen?), 1329 EUR, 1159 GBP, freakin 3059 reais (from a trading range down in the 2200s before this breakout)...gold is just cranking momentum in all currencies at this point.
Good point Trav. I have noticed that everything is increasingly relevant only if you observe it from the viewpoint of all currencies, all equities, and all interest rates.
The average American doesn't know the difference between nominal and real prices, and the reality is, everything is a moving sidewalk.
I can't believe how many people, including the MSM think that FRN's control the price of gold. Don't they understand that gold judges all currencies?
Do you always ask questions that you KNOW the answer to? (Pardon the bad grammar!)
i made a similar point earlier, today (or tried to) when i challenged someone who was quoting an "authority" that the euro was strong, and the place to BE b/c blahblahblah by pointing out that, with the phyzzZZZ, ya got leverage 'cuz it covers all the styoooopid paper currencies at once!
but 4 digits? everywhere? man, you are practically a two-fisted dink-er! i betcha miss her sometimes, too. slewie wld! your story reminds me of my old...
7 ounces of gold can buy you a home in Baltimore.
http://www.baltimoresun.com/business/bs-bz-baltimore-region-housing-market20110821,0,5171792.story?page=3
and in a couple of months, one ounce will buy you an entire neighborhood.
North Ave is still dirt and grass from the 68 roits. Want it?
Or howbout dat highlandtown?
And a few links from those heavy gold chains will buy you some peace for a time.
Religion bitchez!
I continue to be amazed that Turd Ferg. advised all his readers NOT to buy the summer gold rally. That was ~$400 ago!
For someone who tracks gold prices hourly and has an entire website devoted to the precious metals market, that was a HUGE MISS!
Has gold ever moved this much in a two month time frame? Ever?
*LOL*
No doubt, this was the worst prediction of 2011, and that even includes tmosley's monthly prediction of a COMEX implosion. That guy has predicted a COMEX blowup every month for three years! *LOL*
Doomers are funny.
Got your ass handed to you in the Ron Paul thread so you are back to barking up Turd's tree?
Sad dude, sad.
Ass handed to me? WTF are you talking about?
There's not one thing I said that was wrong. In fact, none of you doomer goons had any idea that JPM (or individuals contributing on their behalf) was a top contributor to RP's campaign in 2008. None of you idiots knew that.
The $8M in shrimp research? True.
Constitution doesn't say anything about shrimps? True.
Top porker in Washingon? True.
Takes campaign money from Wall Street? True.
Requested $400M in earmarks? True.
Votes no when he knows porked-out bills will pass anyway? True.
Get a clue.
You are, without question, the biggest fucking douchebag on this board.
Get some help.
Just because I expose the hypocrisy of your candidate and the fallibility of your favorite market analyst doesn't mean you should be hostile towards me. If anything, you should thank me for showing you the truth.
Sometimes I feel like Copernicus around here.
No see Copernicus started a revolution of ideas. You're trolling one.
100 bernankclownbux says Libertarians fo... is really Spalding, RoboTarder, Leo Welfare State K or Harry Urinal Cakes Wanger (or all of the above).
He's Red Neck Repugnicant.
Pretty sure he is either spalding or methman. Both of them stuck to turd like flies on shit.
Could be all the above (same boiler room clic)...I seen him call tmo by his name...dead giveaway.
Sometimes I feel like Copernicus around here.
Sure genius... however I'm reminded more of Otto from A Fish Called Wanda.
http://www.youtube.com/watch?v=5YKbYLb5GVc
Can't you see they're open to information that contradicts their worldview, Darwin?
Ideology *must* inform reality at all costs! /sarc off
But in all seriousness, this whole show has very little brains in front or behind it. Why the hell would any outsider take what is being presented here seriously? Both the posting and the comments are so ridiculously shallow and politically extreme that no one who isn't already convinced of the impending apocalypse-cum-bigoted libertarian paradise is going to buy this. Sorry guys, but your semi-affluent myopia concerning pm's is a very tiny part of reality on Earth. Your audience has either covered their ears to all other views or is possibly too ignorant to understand when they are being fed very little actually useful data and quite a lot of opinion.
That insecurity you feel as you plan to type a defensive comment is the background noise of all the data you choose to ignore. It is quite likely that if you stepped outside your ideological comfort zones, you might come across some facts that counter your worldviews. Remember when people used to challenge themselves in order to inspire confidence in themselves and others? Wow, what a spectacular failure of character is on display here. It seems to me that deriding everyone who disagrees with the views here [and I've spelled them out many times..track if you need to] - even slightly - has made most of you very weak debaters.
You can't hold onto your convictions, folks. Let's go down the list of failed rebuttals to what I'm presenting here, shall we? What are we likely to see next?
- You can do the mirroring thing, basically repeating my argument because you have no creativity. This is the rhetorical equivalent to "I know you are, but what am I?" Sad..and kind of pathetic.
- You might take the strawman approach, putting me in various camps ranging from raving socialist to corporate statist because you desperately want to change the subject. This kind of statement also bothers many of you because it's difficult for you to face the possibility that a critique of something can exist without being attached to some clearly defined partisan camp. Because you see the world this way, this is an example of your ideology distorting your reality again, btw.
- Some of you attempt to appear clever by inviting "serious conversation" right after a round of ridiculous bile-filled name calling. Yeah sure, I'll get right on that.
- My favorite though, is when you deny that there isn't rampant anti-woman, racist, and homophobic bigotry that is condoned on ZH. It's kind of an obvious weakness when one is going for empirical, tough minded analytical legitimacy. I think the "diversity of opinion" rebuttal I always hear is the biggest gut-buster. Actually not really. You look like assholes. I mean seriously, you must be fucking kidding. Dude, your community has even developed a little +1, -1 scoring system to demonstrate *just* how much you actually support various flavors of hate speech. Bravo. When this one comes up it's the bullseye of hypocrisy.
***
But let's get back to what Zerohedge supposedly is - a site that promotes a certain type of view to a certain class of people. Fine, whatever - it's the internet. However --- the big problem is legitimacy.
You see, when people are feeling anxious and insecure, they reach for all sorts of justifications for the worldview which informs their actions. Thus, when writers like Tyler present these justifications in the guise of empiricism - when the goal really is to promote a particular view regardless of the facts, this is bullshit. And frankly, most of the time it's done pretty sloppily, as it's done here today. It becomes particularly obvious when you watch the same disingenuous behavior repeated over and over again.
Anyway, that's the problem when you're trying to present analysis. It has to actually be analytical. What we have here is simply shit talking. Luckily, this is why god invented calling bullshit.
Why post here if you think it's all bullshit?
BTW, I found nothing worthwhile in your little rant. Shallow, arrogant and condescending.
Dude, better run along. Mitt's hollering for you. He can't find his Just for Men gel, and he needs his salad tossed.
LOL!!!
Don't give it away!!!...make them pay for it ;-)
+1
Nice to see you again Col...
Turds site is turning into a beast. It will be a force to be reckoned with going forward.
F
U
B
M
You forgot to mention that "special" Libertarians for prosperity salad dressing with the hand pump applicator...
sorry just have to jump into the fray here.
top 3 contributors to Ron Paul in 2008 were the Navy, Army and Air Force. 3 branches of the MILITARY. Yet he is NOT advocating war. Doesn't that tell you something about the constitutients who are voting from those branches?
JPM a top contributor? they contributed a whole... $12,422. Hell the DEPARTMENT OF DEFENSE contributed more ($19,498).
http://www.opensecrets.org/politicians/contrib.php?cycle=2008&type=I&cid...
And get your facts straight. Has he put ANY request for funding in a bill he's presented? NO.
How does the political system work? Do all bills issued by congress have their budgets finalised at the time of voting/passing? Uhnn.. NO. Congress votes on an appropriations bill, which Ron Paul always votes NO against. But since they get passed, he requests EARMARKS from the already approved funding to get his constituents' TAXES PAID back.
The Douchebag does not understand a single word you are saying.
Don't waste your breath on him.
....he requests EARMARKS from the already approved funding to get his constituents' TAXES PAID back.
That's an incredibly dumb thing to say. That logic could be applied to any politician who wants to make an excuse for their earmarks. All government spending could be excused as an attempt to get some value back for taxes paid. Why are RP's earmarks different than anyone else's?
It's amazing that RP can spend $8M on bullshit "shrimp marketing," and you guys think of it as getting "taxes paid back." Yet, if any other politician spends money on bullshit, it's wasteful spending as usual. You guys are so blinded by your infatuation with libertarianism and RP that you can't even acknowledge simple truths.
And this doesn't even address the hypocrisy of RP's strict views of the constitution. Every chance he gets, he says that if a bill isn't directly supported by the spirit of the constitution, then he doesn't support it. Where in the constitution does it mention "shrimp?"
Hypocrisy!
Libertarians: Like Tea Partiers, we believe in a strict interpretation of the Constitution for everyone, except us!
ya know, i don't think r.paul is so hot, either, altho i like his book title...
why slewie? well, b/c he had a chance to LEAD those who were against raising the debt ceiling, try to stop the bill that passed from getting started in the House, and get his son to maybe try a filibuster in the senate, also as a show of leadership in the "family" and he (they) just decided to...follow...and also to pretend that to stop the ceiling upskie was inferior strategy to the fuking "balanced buget amendment" when it woulda had the same practical result, NOW (i.e. balancing the buget, which actually means spend what you take in, without more freaking debt, if that's not too hard for zeroHeads to grasp)! and, i published these ideas, here, in real time, as it was all a-happening, as some of you may, perhaps, recall, but only if you "like me" probably, for many, if not most, involved, here
i guess he thought nobody could think outside the MSM, bankster, internationalist box and see that. so, he "got in line" wasn't "uppity" and was part & parcel of making sure that the council on foreign relations wouldn't get upset, that the fuking budget will never get balanced, and that we'll now have a "super ass-fuking cumming from TPTB" (his puppeteers, it seems to me)
also, the same day that he and his kin made certain that this styoooopid bill would be passed, (i.e. the day it actually passed) he introduced legislation not to pay the FED for $1.6 Tril of Ts on its bal sheet b/c "We owe it to ourselves" which is just about the dumbest fuking legal argument that slewie has ever heard, and he based it (according to his "bill") on the Constituion (!) [art. I, sec 8, if i recall, offhand] wtf? are you kidding moi?
unhhh...this leads me to opine, "logically" that in his gyno-mind, "We The People" = the indebted goobermint (incl the Treasury) and also = the FED b/c, you see, "We owe it to ourselves!"
if people are dumb enuf to fall for this asshat's "shtick" there's nothing i can doodoo abt it and good luck 2ya, BUT, personally, i am gonna support ralph nader. again. why? b/c i think that he is the very best "candidate to date" and he has a much stronger track record of pulling for the people, against TPTB, is clearly a fearless fuking leader, and is also "cleaner" pac-wise than r.paul, too! Simon & Garfunkel - Mrs. Robinson - YouTube
so, thank you for standing up for yourself to the "junksterz" some of which were honest enuf to try to refute you, even tho, imo, they failed, most certainly due to a) conditioning, and b) a certain propensity to "join the herd" b/c of "hope for change", of course,...and also they are m/l blind, as we might say, for "some reason"...but i'm repeating myself...as were you...
Why don't you two get a room? (And no, I don't care to know WHO operates the whip & chains!)
" Incidentally, those who are long spam ... "
Spam? Oh, yea ... silly me. I misread that as "Scam" which, of course, would mean you are referring to GLD & SLV.
Isn't Nouriel Roubini long spam? Ha!
That's my only other investment besides PM's. Spam to the moon, Bitchez!!
Damn, velveta is going up like crazy too. Nothing better that a spam and velveta sandwich.
The "long spam" mark made me do it...
http://www.youtube.com/watch?v=anwy2MPT5RE
Tonight we take you back to ancient Rome
www.youtube.com/watch?v=RSOu5C55kUA
+1 for Muppets.
Keeping physical, but shorting this pop over $1900 overnight. The stretch from $1900 to $2000 should be a protracted battle.
It is getting close to put-buying time!
Gold is undervalued at $2000 per ounce, but that will not stop it from correcting back to $1700 or so.....
I saw you the other night at Blackhawk Country Club, you'd think the ladies would see through your Rogaine and black hair dye, but I saw that silicone botox'd Flip mutt your brought, she's too stupid to realize it's all leased anyway. THUMBS UP!!
gold is undervalued at $9000 an ounce.
enjoy your puts.
http://www.goldmoney.com/video/sprott-turk-interview.html
apologies if this has been here b4, just saw it and was blown away.
He will be cashing them in at $3500. no doubt.
Easy on the way up.
Not so easy on the way down.
Eat Angela's shit and die you Porche turd.
I agree. I'm long, but looking to buy short-term puts when we get to $1,950. No doubt TPTB will stuff this back down with margin hikes and short selling paper gold. Plus we've seen such a powerful run, there's bound to be some profit taking. Long term, gold goes much higher, short term, correction to $1,700 seems perfectly reasonable. Oh, and when Ben doesn't announce QE3 on Friday, gold will probably get kicked down a buck. I know, I know, the market has priced this in, but reality always seems to set in after the fact.
Hate me if you want, I'm just saying its worth a few bucks to buy some puts and if they go up, sell 'em and buy more physical.
I can see a series of margin hikes beginning any time now. Good time to buy. Just as when the Swiss or the Japanese intervene in the forex markets. Time to buy.
I have nightmares that they won't do it this time.
They might just let it run (again, I say, in fiat terms) so the average Joe thinks he can't "afford it" even as the dollar (the labor value) they would save by the exchange crashes and burns like, well, ummm paper...lol.
Ah well...one last toast to margin hikes, for the people ;-)
They will pull the plug just like they always did when enough suckers have piled enough cash into the game.
Nothing else really matters to them or anyone that understands how their game is played. If THEY (TPTB) wanted to own all or most of the gold in the world, they could easily buy the miners and the claims.
It's a game. Just that this game is playing on people's fears and convictions.
walkure,
Well, this time they have to UNplug the WORLD.
It was easy when it was just he US owners............whole new game.
Ding!!! We have a winner, and Walkure gets the Big Brain Award today. Yes, they will change the rules mid stream when it suits them. Sorry Bitchez, no hyperinflation to get you out of your mortgage and crush the bankers. No deflationary death spiral either. They will just pull the plug and put us on the Spam standard, the wampum standard, or whatever abortion of a standard that suits them. Hmmm, what have they been buying to prepare for this????
Agree on intent. Not so sure on TPTB's capacity to execute. Numbers are getting too unwieldy and there is REAL fear in the towers.
I'm starting to doubt their omnipotence as well.
When that happens, they won't buy the miners, they'll steal them or tax them into oblivion.
Walkure.
LOSE.
So Sorry, you have no brains.
Margin hikes will effect the big shorts at JPM, HSBC, et al...
The paper game is coming to a close...
TPTB are afraid that margin hikes might not work, but backfire, and blow the hell out of CRIMEX, LMBA, and their other paper manipulators.
Perhaps Chavez is not the only one to request their physical be returned?
I never thought of that Snidley, can that be done quietly?
SW, I have read two different accounts of Germany requesting it's gold be returned but they are not substantiated... rumors, iows. The supposed request by Germany came about 2 months ago.
We will see. Something as big as Ger requesting it's gold cannot be kept quiet forever.
Snidely,@19:48
" I have read two different accounts of Germany requesting it's gold be returned but they are not substantiated... rumors, iows. The supposed request by Germany came about 2 months ago.We will see. Something as big as Ger requesting it's gold cannot be kept quiet forever."
What's the LAST thing the PTB want brought into the light of day?.
TRUTH.
Germany is complicit in the NWO scheme, Chavez ,like (Ackmajagginoff) hates our guts,so he broadcasts,does anything to hurt us,fiscally/world view,their end goals are diametrically opposed.
The true insiders amongst insiders, the Fed and the ECB nations, don't need to repatriate their gold. They are part of the conspiracy. The gold is there to facilitate the conspiracy, not to protect it from the Soviets. It is there for a reason, otherwise it would have been returned when the Berlin wall fell.
Good point Snidley. We certainly would't expect the establishment media to cover another story of a country wanting possession of their gold if they didn't have to.
didn't germany ask for theirs, last year?
Aren't we getting beyond Paper Price Suppression tricks now? Once the big holders of gold bullion demand its return the game changes. Now the Banksters have to scramble to come up with the bullion. Given that reality, not sure the COMEX paper games will work. It's looking like the great awakening has begun.
Chavez move could drive gold through the roof - and put confiscation on the cards again
Author: Lawrence Williams
Posted: Monday , 22 Aug 2011
LONDON -
Long dismissed by the mainstream as conspiracy theorists and a fringe organisation which appeals only to right wing gold fanatics, the Gold Anti Trust Association (GATA) is at last beginning to feel totally vindicated by events. Over the years since its foundation the organisation has unearthed some telling official evidence of government and central bank meddling in the gold market - perhaps to try and stabilise currencies, given gold is seen by many as a bellwether of the health of the dollar and, by association, of most of the world's other currencies. True, some of GATA's ‘findings' may revolve around making the facts it has uncovered fit the founders and supporters of the organisation's basic theories, but it seems that many of the pressure group's warnings and predictions are beginning to come true and find more favour with some key economists.
At the heart of many of GATA's arguments is the theory that much of the world's gold reserves held by central banks, and by the bullion banks, is no longer really there - or if it is there that title is held to each gold bar by a large number of different organisations and people simultaneously. Much of the Central Bank and bullion bank gold holdings are claimed to have been leased, loaned or sold over the years and although the banks may theoretically hold title to this gold much of it, according to GATA, has disappeared into the broader financial markets and is unlikely to be recoverable by its purported banking sector holders.
If this is actually the case - then a move such as that by Venezuela to repatriate its gold holdings held in foreign vaults in New York, London, Zurich et al - could exert a serious squeeze on the gold markets as the bullion banks and central banks try to source the physical gold that may have disappeared from their vaults to deliver to Venezuela. Either that, or they default - or are protected by some newly, and rapidly, imposed government strictures on physical gold exports to obscure the situation even further. Chavez would, of course, cry foul but there might be little he, or his government, could do about it apart from confiscation of any remaining foreign-owned assets which have not yet entered his nationalistic grasp. We wait and see what actually happens.
If gold is in as tight a supply situation as GATA claims, then without government protection the bullion banks and central banks will have to between them somehow lay their hands on a massive 211 tonnes of the yellow metal to send to Venezuela. Don't expect them to accomplish this in a hurry - and even if they can manage to pull this amount of physical metal together the impact on the gold price could be massive.
Should Chavez get his physical gold without any fuss, or serious impact on the gold price, then perhaps GATA will have been barking up the wrong tree in their analysis of global gold holdings and this would be very bearish for the gold price. However should banks and governments start putting obstacles in the way of such a transfer, GATA will have even more ammunition for its campaigning stance - and the gold price would likely skyrocket to new highs..
A sobering thought too for physical gold holders is that any government legislation aimed at protecting the central banks and their gold holdings from a growing move to take delivery of physical could also be extended to individuals' gold holdings. Could confiscation of gold be a step nearer again?
http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=133930&sn=Detail&pid=110649
===============
Some readers speculate the CME/COMEX Margin Hikes will end the surge in Gold. GATA president, Bill Murphy, offers up a market dynamic worth considering before concluding the Bullion Banksters retain their same perverse control over the Gold Market:
"Boy how times have changed! Gold is $1850+ and silver is approaching $43 an ounce. Since GATA's historic gold conference at the Savoy Hotel in London on August 4, 5, and 6, gold has leaped $185 per ounce. It has been a move of breathtaking proportions, as our long awaited Commercial Signal Failure has given the long side a tailwind. This means commercial shorts, who normally sell rallies, have been forced to not only not sell, but cover their short positions, leaving more of a vacuum above the market."
Pegasus Muse, @ 20:50,
I know you just pasted this in, so nothing personal.
"Should Chavez get his physical gold without any fuss, or serious impact on the gold price, then perhaps GATA will have been barking up the wrong tree in their analysis of global gold holdings and this would be very bearish for the gold price."
I call BS here, as if he gets his Gold, then So what?.,It will not change ONE thing relative to World affairs, and the mess we are all in.
Secondly, where did the #211 Tons number come from?.
Chavez's (Venezuela's holdings ) is in excess of 380+tons, not 211.According to TWO separate charts ,seen here, and elsewhere......................
The end of this article smells like crap, and IMHO is painting a canvas that has no need of a portrait.
(Almost like an Agent Provocateur hit job on GATA.)
While we are likely to see a correction (hopefully to 1700-1750), which would be healthy long term, the facts remain the Western world is in the shitter,no TP forthcoming, and in Dubai premiums are 500-750% above the cost per coin.
One article reads the Japanese are dumping like crazy, and the folks in Dubai, are paying thru the rectum for physical..............
Who do you believe?...............
i like GATA b/c of what they publish, i guess. i find it truthful and generally straight up. however, i do not believe that their conference caused the price to go ape-shit and i certainly wld be surprised if even the most raving goldbugs there claimed that for themselves, and, disappointed, too! co-incidence is not causality. and (occam's raze) it is not the most "efficient hypothesis" to my mind, b/c it is trumped by "oceans of fiat and no counterparty, too!"
what tf are people "worried" abt if they have physical PMs and were smart enuf to buy them abt 60-80% "ago"? huh? or even last Spring? or last month?
WHO FUKING CARES? do NOT "sweat the small stuff" (both of you!)
@ dos, re the 211: my dear ciga, i "think" that the 211 = # of tons not in physical possession in venezuela, of the total (which is more, as your data indicate) at the present time = the amount they are "calling" from the fuking banksters, who are "holding" it in london, canada, ny, and possibly st. elsewhere
c'mon, people, it's only money!
don't do it yet.. gold is about to go parabolic like any bubble...
Up 30% in 2 months time is NOT yet parabolic?
no..think nasdaq parabolic.
In a speculative bubble, up 30% is parabolic.
- Smiddy (enjoying a good chardonnay)
PS: Charts and rules of thumb don't work in this hurricane. I laugh at historical arguments that don't fit the history. Unless it dates back to the 1920s in Europe, or the 1930s in the US, I'm not convinced by technical arguments.
I feel a lot like Daniel: I see the writing on the wall, I understand it (but I don't understand WHY everyone else is so tone-deaf!). I'm NOT looking forward to The Great Implosion™ that's coming!
Make sure you seal the ears and keep mouth open against the blast wave that is coming.
No, parabolic is 30% in one day!
Yes, it will go vertical like any parabolic, but mere speculation is not driving it, so it will surprise us all, even the gold bugs, in how very far is can travel before it runs out os steam. Central banks hold it, and they are insolvent. They will use their considerable powers to ramp gold prices.
pehraos
It's not a bubble. It's that Alpha currency. It stands its ground while everything around it moves.
Frames of Reference, Bitchez! Not just for Quantum Mechanics anymore (get you some!)
I might have to agree. Hunting season begins once gold hits $2000. Targets could include but are not limited to Illegals with gold grillz, welfare recipients with gold grillz and rappers with mouthfuls o' gold! Happy hunting:)
Be careful going short, the recent run up literally wiped out a bunch of shorts in the London market.....I am not talking a bloody nose, I am talking they got their heads lopped off.
Buy gold now or be priced out forever.
You heard it here first. You know the rest of the story.
The spike in gold futures 2011 is comparable to the spike in oil futures 2008. It's a paper game.
When the paper weaklings get scared away with a 25% loss yoy, the attention will be gone.
look @ the nasdaq bubble.
[graphs are log-normal]
http://www.metalaugmentor.com/wp-content/uploads/2011/08/NASD_1990-2001_...
Now compare it with gold
http://www.metalaugmentor.com/wp-content/uploads/2011/08/GLD_log1.png
gold is clearly in a bubble, and now in the greed stage.
http://upload.wikimedia.org/wikipedia/commons/thumb/4/4b/Stages_of_a_bubble.png/800px-Stages_of_a_bubble.png
Increased money supply will push up ALL long term commodity prices. Gold just got there ahead of the others due to its historical legacy. But it is now overshooting its long term price trend line, that I believe to be around 900-1100USD, given current global M2.
But it is now overshooting its long term price trend line, that I believe to be around 900-1100USD, given current global M2.
you believe lol
that and 2.00 bucks gets you a small drip coffee.
you or sinclair .. i take the pro.. which leaves you setting in a small private sand box
and your insight on gold gets a minus 10..
"gold is clearly in a bubble, and now in the greed stage."
You got that right! Gimme, gimme, gimme? I want some more. and I aint sellin' it for a long time, either.
"that I believe to be around 900-1100USD"
Let me know how that goes at $1000 gold again, pm me when it gets there, I'll own my own island by then, picture me rollin.
Yes indeed. You see, the more intelligent you are, the more you can convince yourself of anything.
Gold is going up because everything else is alight with the fires of an unsustainable system. Perpetual growth was never perpetual. The people in power know where this is going, and they are all, all over the world, all at the same time, buying gold.
I mock your petty charts.
Increased money supply will push up ALL long term commodity prices.
This is a "tree" view, oriented on the basis of fiat currency.
The "forest" view recognizes that gold is real money - the Alpha currency - and fiat currencies are falling away.
Thus increased (fiat) money supply is chasing real money (gold) as fast as conviction is spreading, because gold is what's going to buy those other commodities. Further decoupling from other commodities is more likely, and I think Ag is just getting into 2nd gear...
Dangertime,@ 18:37,
WE can only hope so( Would like to snag another 40-50ozs at $1,700.00)................................if the Comex was smart, they would hold off the Margin Hikes.
All that does is diminish the supply of physical even more.
yeah, I saw 14-period RSI in excess of 80 today, which is pretty overbought. Last time it went up to these rarified heights it traded mostly sideways after a correction, for a period of 2 or 3 months
lol, I don't know man... 4 up vs. 7 down? Compare that to April, when suggesting that silver was due for a correction was like saying you molested children or agreed with Paul Krugman. Maybe post this comment in a few weeks and see what the reading is then
Congratulations Reuse......you have figured out part of my game. Testing reactions of the investors.
Investors? You are looking for fish in the treetops.
He's just a little bitch trying to act superior. We get them all the time.
As we've said all along botox boy, it's really not that important that you made a few extra thousand dollars during an Evil Empire raid. Our silver coins had a 3 month holiday, and you have to re-up again since you sold. And you made a few extra thousand. Whoop de fucking do. The fact that you try to act better than all of us as a result, as if somehow you were some superior bitch, rather than congratulating us that we are all in the same physical metal life raft together, means you live a shallow, petty existence with no real solace, just going bar to bar hoping some 50 year old washout notices you. Oh right I forgot, that means i'm jealous of you. Right. If only I had your extra winnings I can be l33t like you. Right.
Cryyyyyyybaby!
Absolutely, but I disagree with your numbers. What is considered a correction of late is 2-7 days of sad faces and then everything is happy, happy, happy again!!!!
Your correction to $1700 or so might very well happen, but if it does move far on the price axis, it won't move far on the time axis. OK, $1700 overnight, but we won't see a close at $1700 again in my lifetime IMO.
PS: Your post made me think of things I haven't though through before and 7 people junked you???? Why?