Gold Surges In Asian Trading To Record Nominal High On Washington Theatre And Dollar Debasement

Tyler Durden's picture

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Version 7's picture

The phenomenon of “peak oil” is widely known of and debated however “peak gold” may be of as great import and may be a more realistic threat as a U.S. or global Depression would see demand for oil drop sharply.

You mean people won't have money for gas but will afford to buy gold?

GetZeeGold's picture

 

No.....rich people will realize they are not rich until they dump their worthess paper for gold......then they will really be rich.

Gold.....you can't print it. You have to go down a very deep hole to find it. Take the easy route and just pay cash. Let someone else do the hard work.

 

Id fight Gandhi's picture

Silver is under performing big time. Still taking lumps from the criminal CME manipulation a couple months ago. Just buy physical and horde it.

GetZeeGold's picture

 

Think of it as being subsidized......finally a welfare program for rich people.....think about it.

 

Id fight Gandhi's picture

Market is totally run by algos and machines now. How else would all this debt and defaults be shrugged off. Shit, even chipolte missed earnings last week and it still closed at a record high up 200 points in a year - fucking momo burrito shack!

I'll gladly be a coin clutcher than play in this mad house.

bullionbaron's picture

A post on which Silver 1oz coins might be best to buy for those interested:

http://www.bullionbaron.com/2011/07/silver-bullion-coins-which-should-yo...

Id fight Gandhi's picture

Best deals are the us junk silver quarters, halves and dimes before 1965.

THE DORK OF CORK's picture

I bought a dozen Mexican Libertads recently on the off chance it would be remonetized via a Hugo Salinas Price campagin............

 

Raymond K Hassel's picture

Now would be the perfect time for a truly half ass debt deal

Id fight Gandhi's picture

I would prefer them to use their whole ass.

Either way we get shit. Debt raised = dollar falls, default = dollar falls.

css1971's picture

NOOOO!

Say it isn't so! Our politicians are liars and bankers are swindlers! If we can't trust them, what can we trust?

 

Silver Dreamer's picture

This is my rifle. There are many like it, but this one is mine.

overmedicatedundersexed's picture

quick fix for the debt in USA..sell the SPR millions of barrels of black gold would keep the gov going for months then sell gold  in fort knox (if any) then sell the city of San Francisco and you get the Idea..it could keep the ball in the air for years to come and nobody would have to face the music..in congress.. a win win  LOL.

theprofromdover's picture

Just put out a rumour that all Credt Default Swaps are to be declared (illegal and) unenforcable.

That will start the big clean-up.

Sudden Debt's picture

The last debt ceiling raise that size made gold pop 300$ and boosted silver 50% and pushed the DOW 800 points higher.

BRING IT ON BITCHEZ!!

Let's hope inflation doesn't cause to many problems like it did for now.

 

Temporalist's picture

Silver hit $41 on kitco charts.

ViewfromUndertheBridge's picture

Well, to me that looked like short covering this morning "in Asia"...tomorrow is Options Expiry, what chance a Debt Ceiling agreement to co-incide with OpEx and a smash-down...by the clowns.

pmn's picture

Another Silver Drive-by shooting coming?

 

Eric Sprott just sold 1 million shares of PSLV…(The last time he sold was before the smack down he reinvested the money back into silver related assets.)

Options expiration on Tuesday…

Last week of July Delivery…

Seems like all of the stars are aligned for another silver drive by shooting.

http://goldsilvernews.blogspot.com/2011/07/another-silver-drive-by-shooting-coming.html

ViewfromUndertheBridge's picture

That open was Johnny5 v. Joe Six...

MiningJunkie's picture

The JPMorg is going to try a raid in the gold pit today - let's see if they can out-muscle the Asians.

My bet is "not a Fucking Chance."

Developers's picture

...but a default is quite unlikely as ratings agencies may be unlikely to downgrade the U.S. with the global financial system already in such a precarious state.

In other words, ratings agencies are worthless.  Why are they even relevant?

 

Snidley Whipsnae's picture

"There was some unusual selling in the electronic market prior to the open which saw prices fall from the close on Friday at $40.05/oz to $39.69/oz prior to the surge on the open."

LOL... who woulda thunk it???

karmete's picture

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