It's A Tradition... It's A Religion...It's A Barbarous Relic... It's $1,650
This the intraday chart of spot gold. Whether the surge is due to JPMorgan's outlook on 2012 GDP, to Fitch saying it does not rule out revising the US outlook to negative by the end of August, or to Gross finally admitting QE3 is possible, is irrelevant. Our work here is done.
And just in case, here is a two day chart.
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Now Jim, take TRX to $50!
Jim Sinclair must be celebrating right now! Another angelic landmark
ya, but here is the real story...
http://www.metal-pages.com/metalprices/tungsten/
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
Tungsten bitchez.
Aaaaaaand, it's gone. The new zero is 1660.
It's about time, it's about space, it's about two wankers (Bernanke and Geithner) of the ___________ (you fill in blank) race.
...and the great love that dare not speak its name.
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.
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?
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.
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?
Currently if I called my lender and offered to pay in Swiss 20francs I'm not sure that would work.
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.
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).
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
would have lost his million dollar bet though!
http://goldprice.org/gold-news/2008/04/jim-sinclair-bets-million-dollars-gold.html
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)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?
I saw a Peter Schiff video where he stated, $100 swings in Gold would be the norm.
When gold is over $5000, they're not incompatible.
Mr.Sinclair said to get ready for 2-300.00 daily swings.............................
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
seldom hambone
a big day nonetheless
http://silver-and-gold-prices.goldprice.org/2008/09/yesterday-gold-price-staged-its-largest.html
My man Slav is in the house....good to see you on this historic day for gold.
Blue Sky Bitchez...
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.
Daddy likes naughty girlz! You are a chick, right?
duplicate
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.
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.
Under normal circumstances I would agree. Nothing is normal now.
This is the new normal. Stocks up, gold up. Stocks down, gold up.
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.
it flies like a plane too
It can go like a rocket as well.
but it can't kick cans down the road...
it actually blocks them...
Just a small preview of days to come Bitchez!
Here is a preview also: 1 min video. (notice cameo appearance by Tim Geitner)
http://youtu.be/watch?v=ijLOSDeRggw&feature=related
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
Sorry, it ain't just bots CD!
Damn it CE. You ruined my Will Ferrell "Anchorman" set up. :>)
"This song is about daytime love making."
UV's a spermacide. Alignment's a bitch!
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!!!
PRINT $1655!!!!! HOLY !!!!
Must be those financial "terrorists" from the TEA Party manipulating the price of gold again! [/sarc]
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!!!!!!!!
;)
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!
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.
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
With all this tungsten about, I think I might prefer coins with older dates on them..
Um, anyone who can fake a coin can fake a date. I worked for a coin dealer in the early 1980s and can attest that old US gold has been heavily counterfeited because it commands a high premium. The purity and weight is OK, it's just fake. Old US gold should be avoided for non-numismatic purposes. I've heard the same about old British sovereigns, but have never detected a fake.
My strategy is to go with small, less-popular coins (e.g., Netherlands 10 guilder, Austrian 20 korona -- I live in Europe so these are still well-known to dealers and banks). Even though old, these are always uncirculated since they were minted not long before being removed from circulation by the onset of WW1. I figure that fakes can be artificially 'circulated' and thus harder to detect from off-color and poor detail.
I reason that smaller coins with fine details are harder to fake, and if you're going to set up the works needed to fake something you'll probably choose K-rands, small bars, eagles, sovereigns, i.e., something that will sell worldwide). For US residents I would suggest Mexican 5-10-20 pesos, or perhaps South African 1 and 2 rand (the 2 rand is same size and gold content as the sovereign). These coins are familiar enough that any dealer will know them, but not so familiar that a fake shop is likely to find them a good choice.
It should follow from this that bars are also to be avoided. For one thing, they have little detail in the larger sizes. For another, the larger sizes (e.g., kilogram) are poured into a mold rather than struck. The tungsten rumours I've heard all involved large bars.
I would like to hear from anyone who has more recent experience with fake bullion.
Thanks for that, GoldBricker. I hadn't considered faking the dates.
I guess I never really took seriously the idea of someone faking a coin. Too costly. That is, up until the last year or two when gold prices really took off.
Here's a cool tool that's supposed to check the weight:
http://www.goldcoinbalance.com/?gclid=CM_X4aLkw6oCFYyD5Qod4jjlbg
Of course, platinum no longer costs more than gold.
Or maybe $1913.
Before I left the USA I converted my savings to 65% gold 10% silver.. I just say NO to euro & usd . I pitty the fools which leave their entire savings in the bank . Mobama 2012 ... Don't worry he's got your backside... Heres your CHANGE Biachezzz...
who needs fiat anyway...
All aboard!
You're going to run if you want to catch it now.
That's why it's smart to buy your tickets in advance.
Gumby land(.)
hurray, country's fucked.
Yep:
http://www.youtube.com/watch?v=KQf1rZ14y98
Fun fact: The COMEX has roughly 2,000,000 ounces of registered (dealer) gold; its market value today is $3.3 billion. Pocket change.
http://www.cmegroup.com/trading/energy/files/Gold_Stocks.xls
Maybe you aren't Hans-Stupid!
Watching gold rise sure beats break dance fighting.
Admission is always the first step.
"It's evolution, baby."
Yippee! Sold everything I ever owned to buy 2 pounds of gold. The price surge has validated my decision. Now I just sit back and wait for the world to collapse so my gold appreciates more. I will be so comfortable, safe and warm with my 32 gold coins. Praise the lord!
got lead?
Uh... 2 pounds of gold would equal 24 oz... Troy... the way gold is measured.
I'm having a little trouble with the veracity of your statement.
While the precious metals are of course sold and measured in troy ounces, nobody, but NOBODY, uses the archaic and utterly irrelevant measure of the 12-ounce troy pound.
One ordinary (avoirdupois) pound is approximately equal to 14.5 troy ounces --- so both of you are wrong.
Be careful celebrating a demise. It may not be what you want it to be. I'm waiting for the stick save from the PPT going into the close. Let's see if they are still in the game. Apparently, Mr. Market has voted on the fiscal deficit bill for the obvious charade it is.
Interesting how the stock markets have just died during the process of this debt ceiling bill getting passed and signed off.
Actually the drop seems to have increased.
Amazing...but not surprising...
Texas, how the heck are you? Didn't you say gold would never go this guy or was it the other troll
JonNadler, great seeing you here buddy! What's Blythe saying around the water-cooler now?
Is it true that Jamie D has gold bars stacked alongside his Lafite Rothschild there at his Hamptons house? Or has he moved them to his Gulfstream yet?
That was my green for our favorite troll!
+ $1655 (wow!)
Kudos to Jim Sinclair.
I have to echo your statement. I have followed JS before he set up jsmineset.com He used to be interviewed on financialsense.com until Jim Puplava had Prechter on. That was it for Jim. Prechter, what a bozo, in his book Conquer the Crash, he stated gold would never exceed $400.
It seems the smarter these guys are the less they know. I work in Forex and none of the economists have had a warm thing to say about gold from day one. How can you work in the currency markets and not understand the role of gold? I suppose it's the schooling.
Gold is money which is anti-thesis of fiat. The currency people need the fiat for their ponzi to continue. Gold as money means no fx-trading.
I have to echo your statement. I have followed JS before he set up jsmineset.com He used to be interviewed on financialsense.com until Jim Puplava had Prechter on. That was it for Jim. Prechter, what a bozo, in his book Conquer the Crash, he stated gold would never exceed $400.
It seems the smarter these guys are the less they know. I work in Forex and none of the economists have had a warm thing to say about gold from day one. How can you work in the currency markets and not understand the role of gold? I suppose it's the schooling.
I work in a garage and I can tell you nothing depreciates faster than a rusty Fiat.
It's 'tradition'
Huh?...
Robo's prediction of DOW 13500k & Gold $1650 has just been blown to smithereens
took the other side
of robo's dow 13500 call....
<snicker>
Traditions, traditions. Without our traditions, our lives would be as shaky as a Fiddler on the Roof.
http://www.youtube.com/watch?v=gRdfX7ut8gw
It's 'transitory'
Ok, Where are all YOU SO CALLED "SPURTS", that had the balls to make a call against one the GREATS?.
JS said, it, years ago, Alf, and Martin, have stated far higher to come.
+ $1655 (!)
General Jim and Martin Armstrong are to be thanked for making daring calls.
Just wait until we start congratulating FOFOA for his daring call of $55,000 (non inflated 2009 dollars). We are at Stage One of monumental changes. There will be no "normal" Not even "new normal". We are in uncharted terrain.
The government has just showed us its real face. Gold and guns will help keep us (relatively) free.
Some say gold will rise to $50,000 an ounce.
Who knows?
Better "Q" is who knows how much money the Fed will print?
Follow the "True Money Supply" expansion and some say that will predict golds next move. Presently Michael Pollard at Forbes calculates the TMS every month and shows it to be 12% rate which includes June, 2011 expansion.
But does the velocity of money count too?
Who knows?
GL!, I 'm going for a break and eat some green eggs and Ham.
fofoa.blogspot.com
He writes a long and complicated (think CogDis style) case for gold to huge numbers...
Perhaps the easiest way to get started with FOFOA is his recent article "Honest Money". Then go back into his archives, and watch him build his case, brick by brick.
Disclosure: I contribute to his blog. And DAMN proud of it!
Unfortunately, $50k gold also = $8 a roll toilet paper.