It's A Tradition... It's A Religion...It's A Barbarous Relic... It's $1,650

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Tue, 08/02/2011 - 15:21 | 1517864 spartan117
spartan117's picture

Now Jim, take TRX to $50!

Tue, 08/02/2011 - 15:32 | 1517945 flacon
flacon's picture

Jim Sinclair must be celebrating right now! Another angelic landmark

Tue, 08/02/2011 - 15:36 | 1517974 Drag Racer
Drag Racer's picture

ya, but here is the real story...

http://www.metal-pages.com/metalprices/tungsten/

Tue, 08/02/2011 - 16:20 | 1518189 Frog-And-Toad
Frog-And-Toad's picture

I cannot believe that I never ever thought to look this up... 

So now central banks are simply creating their own gold because the realized that they couldn't simply print "money" any longer... This market is a joke

Tue, 08/02/2011 - 16:34 | 1518264 GetZeeGold
GetZeeGold's picture

 

Tungsten bitchez.

 

Tue, 08/02/2011 - 18:07 | 1518617 Upswaller
Upswaller's picture

Aaaaaaand, it's gone.  The new zero is 1660.

Tue, 08/02/2011 - 19:13 | 1518856 Mongrel
Mongrel's picture

It's about time, it's about space, it's about two wankers (Bernanke and Geithner) of the ___________ (you fill in blank) race.

Tue, 08/02/2011 - 19:31 | 1518917 Rodent Freikorps
Rodent Freikorps's picture

...and the great love that dare not speak its name.

Tue, 08/02/2011 - 20:39 | 1519108 narapoiddyslexia
narapoiddyslexia's picture

Well, I don't know anything about that, but when gold gets to $150,000 per ounce, the US will be able to pay its national debt with the gold allegedly in Ft. Knox. That will be in the year 2525. Of course, a beer will cost $3 million, if its good.

Tue, 08/02/2011 - 22:35 | 1519383 thadoctrizin
thadoctrizin's picture

Serious question... Let's say Gold goes to 50k/oz.... If I have gold in hand where do I go to convert it back to fiat? Lets say i want to convert back to pay off my mortgage or something...The buy gold guy wants 30% under spot so he's out. With the average Joe more concerned about his next meal...how liquid is gold at those prices?

Wed, 08/03/2011 - 00:17 | 1519528 zebrasquid
zebrasquid's picture

Lots of places will pay you almost spot for gold, particularly now, since it is in demand.

Check out, for instance, Liberty Coin in Del Mar, CA. Their website constantly updates the buy and sell prices for various gold coins(Maple Leafs, Eagles, etc), and today, most were bid at just $5-10 under the spot price.

In other words, nothing to worry about....the most liquid market of all, if you know where to look (run of the mill local coin shops will act as a middle man, for about 3-4% commission - but you can do better than that, as per my citation of Liberty.

Wed, 08/03/2011 - 00:26 | 1519547 dark pools of soros
dark pools of soros's picture

how about just calling up your mortage bank and telling them you will pay in gold?  You think they would reject you in those dire times?

Wed, 08/03/2011 - 08:02 | 1519950 thadoctrizin
thadoctrizin's picture

Currently if I called my lender and offered to pay in Swiss 20francs I'm not sure that would work.

Wed, 08/03/2011 - 08:13 | 1519983 thadoctrizin
thadoctrizin's picture

Again we must ascertain that It is only conceivable that thes prices will be seen in dire straights. Farmers will be guarding their fields with shotguns from looters. Many have mentioned that they are looking forward to trading their pms for some farm land. I'm from farm country and I find it hard to believe that any farmer that has invested his blood sweat and tears into his fertile land would swap it for a gold bar.

I'm a pm stacker myself, but I'm questioning the discussion of what role will pms play in the coming crisis.

Wed, 08/03/2011 - 03:13 | 1519714 GoldBricker
GoldBricker's picture

Have a look at a fine book, Stefan Zweig's The World of Yesterday. Zweig lived through the post-WW1 hyperinflation in Austria. It comes to a point where the existing fiat is losing value so fast that it is no longer accepted, or accepted only at a deep discount (to cover the risk for the person accepting it).

As other respondents noted, there are plenty of dealers around, especially in the US. In Belgium, where I live, there are fewer dealers but all banks will buy and sell the major coins and bars. My guess is that, in a crisis, lots of small dealers will spring up, as there will be lots of demand and lots of people who know how to run a store who are newly out of work.

My own take on gold, which comes from Nathan Lewis, is that it's a vehicle to get your wealth to the other side of the crisis, not necessarily a survival strategy inside the crisis. For that, I'd try small silver coins or small-denomination Canadian currency (in the US, here in Europe it's Swiss francs).

 

Tue, 08/02/2011 - 15:40 | 1517998 clymer
clymer's picture

yup - Sinclair's projection of $1650 ON before Jan 16, 2011 - was only 6 months off. Not bad - he made projection back in the early 2000's, didn't he? And all of his lovely detractors spun off like he was a kook for making the statement

jsmineset must be getting plenty o' hits right about now

 

Tue, 08/02/2011 - 15:52 | 1518092 Henry_Hill
Wed, 08/03/2011 - 00:19 | 1519533 TruthInSunshine
TruthInSunshine's picture

Question:   Why did Bill Gross go into the closet?

 

Answer:      To change his mind.

 

 

Bernanke Unlikely to Raise QE3 Possibility, Gross Tells CNBC (July 14th)
Tue, 08/02/2011 - 15:44 | 1518032 hambone
hambone's picture

I remember reading that GOLD had never moved more than 2% in a day?  And today now over 2%...anybody cnfm or deny if this 2% gig is correct?

Tue, 08/02/2011 - 15:50 | 1518081 1100-TACTICAL-12
1100-TACTICAL-12's picture

I saw a Peter Schiff video where he stated, $100 swings in Gold would be the norm.

Tue, 08/02/2011 - 17:07 | 1518369 Jolie Pepee
Jolie Pepee's picture

When gold is over $5000, they're not incompatible.

Wed, 08/03/2011 - 09:00 | 1520095 DosZap
DosZap's picture

Mr.Sinclair said to get ready for 2-300.00 daily swings.............................

Tue, 08/02/2011 - 16:17 | 1518178 Captain Planet
Captain Planet's picture

depends on your defnition of never. if b never you mean since 1971, then maybe, if by never you mean since man first started using gold as mone, doubtfull

Tue, 08/02/2011 - 17:23 | 1518395 Bay of Pigs
Bay of Pigs's picture

My man Slav is in the house....good to see you on this historic day for gold.

Blue Sky Bitchez...

Tue, 08/02/2011 - 22:40 | 1519393 MsCreant
MsCreant's picture

Glad to see Slav over here!!!!!!!

Slav, I used to post as "They Stole my Country" over at Mish's. Always enjoyed your posts and observations. My hottie avatar over there did not work here so I reincarnated as this! And I can't seem to get on over there to post.

I can be bad here. Mish won't let us be too bad. I like being bad.

Wed, 08/03/2011 - 00:30 | 1519553 StychoKiller
StychoKiller's picture

Daddy likes naughty girlz!  You are a chick, right?

Tue, 08/02/2011 - 16:25 | 1518205 slavador
slavador's picture

duplicate

Tue, 08/02/2011 - 15:48 | 1518061 politicskills
politicskills's picture

Want to know how high gold and silver will go?  How much $ will The Bernank print? Infinite.  Hold-on Baby...

From August 19, 2005

http://www.lewrockwell.com/thornton/thornton29.html 

But will gold reach $500, $600, $750, $1000, or perhaps even $1200 per ounce?

The answer is almost certainly yes.

However, the reason for this affirmative and quite bullish answer also implies that the price of gold will go even higher than $1,200 per ounce. In fact, it implies that gold will exceed $5,000 and $10,000 per ounce.

Discounting any numismatic value for dollars, the ultimate price of gold will be infinity. That's correct. Those in charge of the printing press will continue to print up dollars until they drive the value of the dollar to zero, making the price of gold infinite in terms of dollars. They will destroy the dollar because they have the power to do so.

 

Tue, 08/02/2011 - 15:37 | 1517981 Pladizow
Pladizow's picture

Historically a daily 2%+ move in gold is a rarity.

I'd feel better to see a couple of months of sideways movement, up until QE3.

Tue, 08/02/2011 - 15:44 | 1518030 Long-John-Silver
Long-John-Silver's picture

Under normal circumstances I would agree. Nothing is normal now.

Tue, 08/02/2011 - 16:13 | 1518168 Doña K
Doña K's picture

This is the new normal. Stocks up, gold up. Stocks down, gold up.

Tue, 08/02/2011 - 16:56 | 1518328 DoChenRollingBearing
DoChenRollingBearing's picture

Long, you got No. 6 from me.  You are absolutely right that nothing is normal, and I would go further by saying nothing will ever be normal again.

This is starting to get out -- that our country is in BIG TROUBLE, and that people are now just starting to buy physical gold.  All kinds of people I know are now worried.  And hate .gov.

Gold goes MUCH higher.  And it looks like its moves will accelerate.  $100 moves on the upside.  Those of us with gold will do fine.

Time grows REALLY short now.

Tue, 08/02/2011 - 15:21 | 1517865 the mad hatter
the mad hatter's picture

it flies like a plane too

Tue, 08/02/2011 - 15:43 | 1518020 Long-John-Silver
Long-John-Silver's picture

It can go like a rocket as well.

Tue, 08/02/2011 - 15:48 | 1518064 Sudden Debt
Sudden Debt's picture

but it can't kick cans down the road...

it actually blocks them...

Tue, 08/02/2011 - 15:22 | 1517871 Hulk
Hulk's picture

Just a small preview of days to come Bitchez!

Tue, 08/02/2011 - 15:32 | 1517946 Cheesy Bastard
Cheesy Bastard's picture

Here is a preview also:  1 min video. (notice cameo appearance by Tim Geitner)

 http://youtu.be/watch?v=ijLOSDeRggw&feature=related

Tue, 08/02/2011 - 15:36 | 1517977 Cognitive Dissonance
Cognitive Dissonance's picture

Looks like the bots took over Gold precisely at 3 PM.

Now that is the perfect afternoon delight.

http://www.youtube.com/watch?v=eplbDbp6XJQ

Tue, 08/02/2011 - 15:41 | 1518008 Caviar Emptor
Caviar Emptor's picture

Sorry, it ain't just bots CD! 

Tue, 08/02/2011 - 16:23 | 1518207 Cognitive Dissonance
Cognitive Dissonance's picture

Damn it CE. You ruined my Will Ferrell "Anchorman" set up. :>)

"This song is about daytime love making."

Tue, 08/02/2011 - 16:32 | 1518251 Hulk
Hulk's picture

UV's a spermacide. Alignment's a bitch!

Tue, 08/02/2011 - 16:27 | 1518222 Hulk
Hulk's picture

And the original

http://www.youtube.com/watch?v=2NUkhMq_iRo

Danoff and Taffy wrote "Take me home, country roads"

We were up nearly 40 bucks today. Not bad, not bad at all!!!

Tue, 08/02/2011 - 15:41 | 1518009 jus_lite_reading
jus_lite_reading's picture

PRINT $1655!!!!! HOLY !!!!

Tue, 08/02/2011 - 15:51 | 1518080 Jonas Parker
Jonas Parker's picture

Must be those financial "terrorists" from the TEA Party manipulating the price of gold again! [/sarc]

Tue, 08/02/2011 - 16:02 | 1518144 jus_lite_reading
jus_lite_reading's picture

YESSSSSSSSSSSSS!!!!!!!  WHERE IS THAT "BALLS TO THE WALL" WALL ST MUTHAFUCKER NOW BITCH?

 

I'm lovin' it!!! GO GOLD!!! CAN WE PRINT $1776 this week!!!!!!!!

 

;)

Tue, 08/02/2011 - 17:04 | 1518361 DoChenRollingBearing
DoChenRollingBearing's picture

I just had lunch today with one of the very few I know who owns physical gold.  He just had the great good luck to close on selling his house at a very good price.  And just got the money.

He then went to talk with an investment officer at the bank.  And where are you looking to put that money, sir?  Asked the young guy (early 30s).  "Gold."  The youngster looked at him just like Tyler's picture of the deer in the headlights...

My take on  buying gold from here on is to keep buying!  Save each receipt as long as gold is running up!  Higher cost basis...  Try to buy 2011 dates.  And as soon as the 2012s come out (at $1900 / oz?), buy them!

Tue, 08/02/2011 - 18:22 | 1518677 Al Gorerhythm
Al Gorerhythm's picture

I took a video of me talking to my mutt about the silver story and about gold as money. She sits there attentively, cocking her head first to the left and then to the right, with that quizzical look that they get when there is too much information, that WTF? look they get. That's my family. I'm going to wear the gaudiest Tin Foil Hat when they come to dinner, that has ever been created. 

Tue, 08/02/2011 - 22:25 | 1519368 StormShadow
StormShadow's picture

Amen. My parents have no clue. Have given them books and articles galore. Lost cause. Funny thing is they're millionaires and I'm not even close. That relationship will reverse itself in short order. Sucks for them but hey, I tried

Tue, 08/02/2011 - 21:41 | 1519271 sullymandias
sullymandias's picture

With all this tungsten about, I think I might prefer coins with older dates on them..

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