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One Ounce Of Religious Non-Money Tradition = $1700
And while the world's reserve currency, better known to various Chairsatans as "money" continues dropping to record lows courtesy of his dollarcidal tendencies, the "tradition" also known as a "barbarous relic" just passed $1,700. We will be sure to point out when it passes $1,800, $1,900 and $2,000 next.
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History is simply one damned thing after another...
- Winston Churchill
Only arable land, water supply and women have real value. Everything else is bullsh*t
How much ya want for the woman?
Ramboy, you sound like a real DICK
Yes- it would be far wiser to haul around a wagon of cheeseburgers until they rot in the sun.
Don't be deliberately dense- gold and silver just take the value of the cheeseburgers, and hang onto it so that you can easily carry it in your pocket until you need it. You can't do that with something covered in catsup and pickles. What do you want to haul along if you need to move to another area to pursue a better life?
Yeah, food is crucial- but the point of selling anything is that you have more of it than you actually need or can use.
Yes, that assumes a stable economy. If you fall short of that and for a moment enter full chaos, where food supply chains are disrupted, gold is worthless.
The big LIE is that gold is hedge to chaos
You are essentially right -- for the wrong reason. Gold is a hedge to normalcy. It preserves wealth to make it to the other side of chaos. If you have to use gold during the bad times you have planned badly.
RIGHT. Indians found that anal beads were no longer money after white man came.
Spastic much?
Just part of the desperate astroturf.
No, Tonto, anal beads no good. White man dick is money; and you're going to be one rich little brave. (I couldn't resist).
ZH really needs a better class of troll. The current crop aren't very good at it - Harry, Robo, and Leo are much better trolls, and far more entertaining.
It can be- and this is why.
First, I have a little box of silver- but I also have a basement that now looks like a supermarket, with enough food to feed my family for a year or more- and a large garden, as well. To protect my preparations, I have enough lead to start a one-man war- at least two rounds for every man, woman and child within walking distance of my house. I also have the training and tactical knowledge required to make those rounds count, along with a defensive strategy that I and my neighbors agree to.
So, I don't need to buy cheeseburgers when the SHTF. I already have food, and if needed, I could sell some to people who do not in exchange for their gold. I have no interest in gold or silver in and of itself- it's just a bunch of coins, not particularly more magickal than the ones in my change jar.
But when everyone else is desperately scrambling for food and weapons, I will be able to trade those metals for even more productive capicity than I already have. If I can, I'll buy a farm, a factory, the electrical grid and the water treatment facility in my town when the chaos is at it's worst, and pay an army with the food, goods and energy I produce with them to protect those investments. If I can't, I can always bury the metal so that I can dig it up and hit the ground running when it's time to rebuild.
When people tire of the chaos, and things start to improve, I'll be in a position to do some real good during the rebuilding, as well as profit handsomely.
But whatever, good luck with your cheeseburgers.
Sounds awfully strenuous to me; I kind of like the daily flight to New Zealand.
That's a separate argument. Owning gold does not mean I am unable to take other measures.
+ 1702.50
It's not news, but according to the Fed's own document "this metal, above all others, has been used for centuries as a medium of exchange, a measure of value and a store of wealth...." It goes on to say that many nations choose to "leave their monetary gold reserves in the Bank’s custody." Doesn't "medium of exchange" and "monetary" refer to money? Ben Bernanke thinks otherwise, and claims it holds gold due to "tradition." Apparently, it is also tradition for grand central banks in their final days to hire jesters.
Gold only has value when there is a stable and functioning society. In a chaotic black out, nobody will want your "money"
I guess you have no idea about Zimbabwe...take a look, these people aren't eating with fiat dollars, and their society is as close to Mad Max as anywhere has ever been.
http://www.youtube.com/watch?v=7ubJp6rmUYM
Mad Max societies have no capital markets or currency. Mad Max world exchange at Barter Town. They are not yet mad max.
Who gives a crap about Mad Max? Gold just passed $1700 in reality.
gold is lower tonight in Rice terms.
Rice is nice. Put some on the stove and give up your hopeless case, Ramboy. Or is it Rambo? Besides, the blackout, if it even comes to that, will be brief, followed by military-imposed fascism. I suspect North America will muddle through in terms of calorie count much more seamlessly than more dystopic destinations around the world.
Durden says rice is up 40% tonight in tokyo. i'm not making this up...
gold is lower tonight in Rice terms.
But you can't eat rice.
It's higher in terms of Coffee, Corn, Soybeans and Wheat.
What was your point again?
next discussion: when will the wheat gold ratio be 1:1
Here's the juice, Ramboy: after Ponzi Collapse, you take your green paper with dead presidents on it to the local farmers' market: you starve to death. But two (2) Silver Eagles will buy you about one week of food: you live for another week. paper=DEATH. PMs = LIFE.
after ponzi collapse, gold and silver lose value every day at exponential rate vs. resource depletion. By 1 week, 2 silver coins buys you a sack of potato. In 2 weeks, it gets you a cup of water. In 1 month, it'll get you nothing.
When humans reset and we enter the new era without usury and paper, gold doesn't carryover like anal beads never carried over for injuns when white man arrived.
The anal bead theory has left the readership unconvinced. Perhaps you could mention pee-pees or who-haws in your next epistle.
if they'd been in north america first, they'd have called themselves analbeadstein
Ramboy meant dingleberries...his own.
Really?! There is no capital market or currency in Zimbabwe, either. There hasn't been in over two years, the Zimbabwe dollar died after they printed the 100 trillion note, which you can buy on ebay for $1 US dollar...since then they have settled accounts in GOLD and foreign currencies per their own governments decree, the government owns all land and unemployment is around 90% The currencies they use when not using gold mined by the people to buy food is the US Dollar, South African Rand, Botswana Pula, Euro, and Pound Sterling, you obviously did not follow the link and do your research dimwit...
Gold only has value when there is a stable and functioning society.
As government weakens the opportunity arises for society to become more stable and better functioning.
Try selling one once of gold on ebay for $1,800.00 and buy 1800 cheeseburgers dumb ass
the double cheeseburger is on the dollar menu, break it open and have 3600 cheeseburgers dumb ass
Try eating better than McDonalds, Ramboy.
The GMO has obviously scrambled your brain to the point where you don't think gold is money.
I bet you they would. The sort of people who work at McDonalds know better the value of gold than your average American.
Do you enjoy being a douche bag?
Silver needs to break 50$ at least this week... since gold is at 1700$, silver should be at least 50-56$... and if it were at the high ratio of 15 like in 1980, it should be around 113$...
Agreed with the $50. Not so sure about the 15:1 ratio- and I say that as a silver investor. It's true that the ratio was fixed around 16:1 for a long time, but that was a long time ago. 40:1 has been the norm for decades, and is still hanging in there pretty well. It'll take a lot of juice for it to break that.
If the ratio gets to 16:1, I'll be trading my silver in for gold with both hands. Til then, silver alone will have to do- just po' boys can't afford gold, and there's no one around able to make change for it anyhow.
$100 of silver costs the same as $100 of gold. Is there a po' boy that reads Zero Hedge and can't afford to invest $100?
$100 buys two oz. of Silver, give or take. It won't buy 1/10 oz of Gold.
But your point is taken. I guess now would be the point at which I would need to point out that gold went up 2.48% so far tonight, while silver increased 4.03% as of this particular moment.
My toungue-in-cheek comment was that there are some folks who don't mess with silver because it's too bulky and heavy- they're the ones who can afford a safe full of double eagles, and I'm certainly not in that strata. :)
Same song, second verse, brother Prometheus.
I would happily trade out half of my Silver for Gold even at a ratio of 25 to1.
I'm happy for all those in PM's, but this development caught me flat-footed waiting for funds from a TSP account. :-(
I had to console myself with a measly 20 Oz's. of Silver today. :-)
Precisely my point!
No way I can get into the better country-clubs and drawing rooms with mere white metal.
well at this rate you wont with gold either. Not to knock gold but silver is going to smoke its ass. You must realize that the reason gold and silver became so undervalued is that the two metals were demonitized and once they are remonitized the old ratios will return with a vengence. I would expect that because the ratios have been so badly out of whack in favor of gold you will get sub 10/1 ratio at some point as silver enters a bubble.
I am going to start trading my silver in for gold at 10/1 and keep selling into it until 5/1 at which point I will dump it all for gold. It may not get to 5/1 but it most certianlly will get below 10/1.
You could be overstating Silver's potential when considered only in the short term.
Long term, however, I believe you are correct. Even setting aside Silver's industrial, and monetary uses, the implications for it's use in the Medical field may one day far out pace production, IMO.
Yeah, this is weird. JPM?
Another $65 an ounce and APMEX will anounce half-days and four day work weeks.
...referring to Sinclair's $1764 parabolic lift-off?
The whole fiat system of only 40 years age does not stand a chance when it comes to a store a value as gold, which has been around for thousands of years and represents sound money rather than worthless paper.
Check out the latest from the Capital Research Institute (CRI): "It’s Time for Sound Money" www.capitalresearchinstitute.org
15-AUG-2011 is the 40th anniversary of Nixon removing Gold backing of the US Dollar.
-1 spam
it is worse than spam.. its fucking boring laid off republicant bullshit!
Logical fallacy: because gold has been around for thousands of years, it is inherently worth something.
Reality: Virtually everything on this earth has been around for thousands of years in one form or another. Gold does not have any intrinsic, immutable value. It is a relatively rare element and that's all. There are many substances that have been around for thousands of years, some a lot rarer than gold. That doesn't make them inherently worth something. Gold can be money, and it has in the past, but right now most of the world values fiat currency for transactions and not gold.
Logical fallacy: paper is worthless.
Reality: I just exchanged $4 of FRN (linen and cotton, not paper, but I'm being pedantic) for shaved ice this afternoon. The vendor seemed quite happy exchanging my "worthless paper" for a tasty treat.
Logical fallacy: believing that just because something is one way right now, that it will be that way in the future.
The same shaved ice vendor will NOT be accepting that worthless paper very soon.
Reality: Basing investment decisions on thousands of years of empirical evidence of cycilical collapses and asset bubbles caused by government
You felt the need to prove your stupidity and ignorance twice in the same post?
First proof: ignorance of the history of money and why gold is an excellent medium of exchange.
Second proof: you paid $4 for a cup of frozen water.
lol
No shit, 10 years ago, shaved ice was a quarter.
"Gold can be money, and it has in the past, but right now most of the world values fiat currency for transactions and not gold."
Someone hasn't been reading the latest headlines.
If you want to get into semantics on the true value of things then clean water is much more valuable than gold to humans... but it's dirt cheap. And air even is more valuable than water and it's free. it'a all about perception. Perception is changing...A lot.
40 ounces of U-235 seem to be quite valuable, especially when stored all in one place...
Reality: Money is nothing more than a belief that an object will be honored as valuable by the next person in the line of commerce. Gold has alway been valuable in terms of fiat currency, i.e. there has always been price discovery. Many, many fiats have come and gone. The current fiats are likely numbered in their days. One can either hypothesize about which fiat will gain relative strength or move to gold, which will likely have value no matter what fiat (if any) prevails.
Reality: Just because the shved ice guy trusts that your FRN note has value does not mean it is objectively does. People are stupid. Didn't you just point out that a guy couldn't sell a $50 gold coin for $50? How then can you argue that acceptance or non-acceptance equals money? We don't accept Euros in the U.S., does that mean it's not money? I would argue trust is what counts, and the music has never stopped on gold.
Now we can still game currencies, argue dollars will long have value because oil is priced in dollars, etc., but those will prove foolish, because as we speak mechnisms are being put in place to price oil other currencies.
Gold however will likely always be convertible into the reigning fiat, as such currency is needed, and is, therefore, a superior form of money and safety in historical terms.
The Bible says that gold has intrinsic value and is money. Not sure about you, but the Word of God is good enough for me.
Yes but how many of those things were created at the beginning of civilization and were dug out of the ground completely intact. You forget that gold is indestructible, it is not that gold has been around as currency for thousands of years, it is that the first coin ever made of gold could still be found millions of years later by someone down the road. That is why gold is a store of wealth, it literally stores wealth because it does not rot, depreciate, or sucum to degradation.
Actually it does. If you do not see value in something that is immutable you are a fucking dumb ass.
Only its a rare element that is immutable, and holds no counter party risk. Gold is payment, not debt.
Yep, fiat currencies are used right now because the government uses FORCE, i.e. the threat of imminent violence if you do not comply. Not exactly a great argument to use dick wad.
How so? Paper is worth less than the dollar denomination it is printed, unless you are trying to argue that paper and ink is worth more the denominated value or some how pieces of paper have some kind of intrinsic value to them, which they don't, or could you think of a use for pieces of paper with ink on them other than wiping your ass that makes them worth trading for?
Reason why gold is worth so much:
bitchez like it.
Men like a certain part of bitch[ez] anatomy.
therefore, it's in men's best interest to make bitchez happy.
the story of civilization.
From Jesse at the Cafe:
"But what goes around apparently comes around, and this has been a long time coming. As the founder of their bank, James Pierpont Morgan himself, once said:
"Gold is money. Everything else is credit.""
It would be refreshing to see the Bernank arguing the nature of gold with JP Morgan.
Old JP understood Gold.
It's a sad irony that JP Morgan's surviving company is the short that will be vaporized in the coming precious metal explosion.
Yes!
If JP Morgan is vaporized, it'll probably take the rest of us with it, even with our safes full of metals.
My guess is they are smarter than that and will get out of it somehow.
If they can bust the hunt brothers and send silver down for 30 years, they won't hesitate to manipulate the market again.
Some one FIST me for real!
Nota bene: A short term correction is much needed here. Gold has gotten too hot too fast and RSI shows it's well overbought. Better a pullback now than a crash in a month or two. Keep in mind that when this centrally planned global economy goes kaput, gold holdings will be liquidated to cover margin calls. At which point, BTFD.
+1 not to mention comex raising margin requirements
Raising margin requirements was a one trick pony. Everyone remaining in PM trading after May are prepared to pay higher margins up to 100%.
Margin calls this morning are going to be on the shorts...
Lay off the thong trades. Pussy is ( NOT) a commodity! RESPECT the WOMAN!
Over bought in what? US Dollars? I think what's happening here is the US Dollar is way over valued so you're seeing it's correction in the price of Gold.
In your comment, replace "gold" with "real estate," and you sound exactly like a housing bull in 2005.
Not really sure I buy your argument.
Just because there is a parabolic rise does not make it a bubble.
You have to look at the collapse of the USD.
The other difference with real estate is that it is a leveraged investment.
All the physical holders here hold the physical with no debt. So unless if you're speaking about the comex or GLD ETF I don't see leverage. Anyone who paid off their house pre 2005 isn't exactly in any worse shape now. They can live in their house and just maintain it. In fact property tax should come down for them. Even if they had to move and sell their house, they'd take a 'loss' on their house, but also get to buy a house really cheaply wherever they move to. Net net they are no worse off.
So if you want to compare, compare physical PM holders with people who own their house outright. If you want to talk about a gold bubble, then compare comex margin buyers and shorts with multiple home owning couples (with multiple mortgages).
The housing bubble was caused by credit expansion and non existant lending standards created by congress as part of the fair housing act that came about during the clinton administration.
The price of Gold being driven higher is not because every tom dick and harry is maxing out their credit cards buying PM bullion. So your argument is moot.
Maybe not. Lot of strong hands in gold now. Lota people will not part at these prices. Could be a lot of dissapointed people waiting for a dip that doesn't come for a long time.
Naah!
Just looks scary. Besides, the G-7 just announced they surrendered.
At 1700, a 1% move is $17, and an average yearly 25% move is now $425 --- looks scary but it's still only 25%. But things should move faster now due to increased uncertainty.
Gold has been artificially supppressed for so long it is only popping back up to where it needs to be. The 1980 inflation adjusted high is about $2400. Remember, it took 20% interest rates by Volcker to crash gold.
Gold has been moving 20-25% per year for the last decade -- that means $2110 this time next year, still not the 1980 value high of gold. But it should move faster than the usual 25% per year, without even breaking a sweat, because the world is on fire.
Jim Rickards says $3-4000 before investor gold price should be re-evaluated, and he quickly added that things will have probably change more in favor of gold by then, requiring no difference in the outlook for further gains.
Lose no sleep.
All I want to say is "FUCK APMEX !!". I will never buy from them. They want to gouge shoppers, then let them lose business and die. I was glad that i was able to buy physical from other online stores hours before the asian market opens.
http://www.worststockmarketcrashes.com/wp-content/uploads/2011/03/100-wi...
I think my version is better (ala Banzai):
http://www.freeimagehosting.net/3572f
Agree, the gold chart is Not a good looking chart. Would like to see a pull-back to 1580 or so. At that point I will buy more physical. I have been waiting for a couple of months now for a big pullback that we always got. Still waiting and lost a couple hundred sitting here. But I have a good stash, there will be more entry points. Good post Superslam
When The Bernank said that "gold is not money," perhaps what he really meant was the Gold is better than Money???
Asia down 2-4%, Europe minus 2-3%, u.s futures down 3-4%.
Today's pre-open Euro and U.S. rescue talk has done nothing; tomorrow, or soon, we may be looking at market closures. Not trigger halts; closures.
But world gold cannot be closed.
Another good point long john, but the chart says way overbought, and someone here sold there gold and silver tonight. Now that makes 0 sense to me. I am sitting tight, miners probably get hit again in the morning. Will add to that group if so.
I love the way chartist's view their profession in this atmosphere of deceit and Obfuscation.
Who the fuck do you think has been painting these charts ?
There will be NO OPEN Monday Morning!
Volatile Market Opens
During a Volatile Market Open, the Exchanges may expand the Numerical Guidelines applicable to transactions occurring between 9:30 a.m. and 10:00 a.m. based on the disseminated value of the S & P 500 Futures at 9:15 a.m. during a Volatile Market Open:
https://www.nysenet.com/cee/welcome.do
and the Banks may not open from fear of a stampede for cash.
Agreed that it meets the criteria, but that's not going to look good for the politicians who want to whistle past the graveyard. I'd be more suprised to see than than I would a mystery spike or two in the prices.
dollarcidal?
was that recetly... coined?
pun always intended.
agreed...i feel that i have often been unjustly bully-und
being bully-und turns me on.. I must be into some kinky stuff!
smells like another margin hike in the works to me
smells like another margin hike in the works to me
All good: each margin hike makes the paper Silver, paper Gold <attractive. At 100% $ req., paper burns away and we get, finally, a true market price discovery for PMs.
Yes.
Oh my dam! Those poor souls short gold and silver are troooooouble. Waiting patiently for platinum to get a bid. I got nothing but time.
EVERYONE GO COMMENT ON BLYTHE MASTERS OFFICIAL BLOG!!! http://blythemasters.blogspot.com/
IT'S REAL! CRASH JP MORGUE, BUY SILVER!!!
Weak!
I cant wait until we are in the thick of the bubble, and we're all discussing when to sell.... dreams do come true, folks.
Personally, I think Adrian Douglas has it right, calling for around $50,000 per ounce gold AND silver. This upward rollercoaster is JUST getting started.
We are all going to be MULTI MULTI MILLIONAIRES.
In Zimbabwe, you had to be a trillionaire just to buy a loaf of bread. Be careful what you wish for...
Deep breath, man.
Lots of nasty stuff will happen between then and now, and you need to remember that it's not going to be fun. Anyone holding $50,000/oz gold or silver is likely to be covered in ashes and blood before they get their payday.
And, it won't matter all that much, if a million bucks buys you a used chevy. Got my 100 Trillion Dollar Zimbabwe note coming in the mail to remind me not to get too hung up on the nominal value of my shiny stuff. If you're going to trade doomsday, you need to be expecting the worst.
Let's not get ahead of the progression. Isn't it more likely we will see 20-30% inflation over next 2 years? PMs can triple before FRNs go hyperbolic. Big question for me is when does the bond market puke?
I suspect you're right- but none of us will be able to call the moment when things shift into high gear. Just tossing out the reminder, in the off chance that this is the week.
How JP Morgan Took Over All Kentucky's Financial Services, And Why You Should Be Scared
http://www.alternet.org/story/151917/how_jp_morgan_took_over_all_kentucky's_financial_services%2C_and_why_you_should_be_scared/?page=entire
gold will hit $2000 very, very soon once the ECB bond buy up blows up as Italy will dump every bond they have onto the ECB balance sheet. Then German kicks in and starts to shut down their part of that bailout fund. Total absolute chaos on the cards.
% locked in! SM<ART you are!
British financier Guy Hands, known for his outspoken views, has sent bankers, investors and journalists a letter of best wishes for 2008 with a Christmas gift of a book -- "The Great Crash 1929" by John Kenneth Galbraith.
http://www.reuters.com/article/2007/12/17/us-hands-idUSL1751976620071217
And throwing the gauntlet back to governments, he said Western states must, in order to avoid a "great crash" now "find a way to unwind this excess in liquidity without social and economic chaos".
Agreed. This is what drives gold price tonight -- not the downgrade.
And so much for unwinding excess liquidity...
silver looks solid...nice move Ag...very nice...
Yes. I'm even liking the way it's crabwalking right above $40 the last few hours. Too many recent smack-downs for me to want to see it shooting straight up for too long without building some support.
right...the damage was done a couple months back...i like it better than Au on short term tech
Ahh... there is goes again. Looks like Hong Kong likes it better than Austrailia for now.
Tomorrow's going to be a long workday. Should probably sleep sometime. *sigh*
1708.8??? are you fuckin kidding me? quick...somebody buy my paper gold! (i'll buy it back later)
$1700, glad I stayed up.
Long live the barbarous relic.
It moves fast from here, methinks.
1.03 handle on the AUD about to get knocked out. tight. Asia is selling like mad
It will be interesting to see if the mining stocks go down with the market or trade according to gold price.
just thinking the same thing, beat me to it.
Don't know. Good time to be a miner.
SLW: Silver Wheaton buys mine output.
I sold SLW after I heard their CEO say he would hedge at $50. That was one of the dumbest things I had ever heard.
So, what are the gold miners doing?
They were unjustly beaten down and out of favor.
Is this their time?
a million bucks
will buy you
a monster box of maples
and a log or two of silver ....
what a deal ...
Kamikaze Trading?
FOFOA needs to post more frequently...
I can't stop laughing!
Damn ...this is better that the superbowl
people are all whacked, slow down ,it takes time for this mess to play out, we are further away from the outcome than this week and the longer it developes the more solid the story becomes, you cant even set targets unless your a trader and good luck with that, I am in long and deep and hope I my instincts are spot on.
Long and deep in what?
9 Ways That Gold Is A Religion Masquerading As An Asset Class
I'd like to submit one extra reason to Weaselthal:
Gold is kicking your ass...so there must be a god!
Weasaldork is a DICK.
wtf kind of bullshit is that?
Who are these geniuses who believe that Glen Beck is running up the gold price? China and India account for 57% of gold buying and they never heard of Glen Beck.
Didn't you hear? It's all the Tea Party's fault, even Sen Kerry is calling it the Tea Party Downgrade (or some other bullshit). Don't you know that the dinosaur parties of Dem and Rep now have a new evil enemy that took the U.S. "hostage" by trying to point out that they are spending more than they can possibly ever pay back.
Down with the truth!
my fav:
BONUS: Gold bulls love to burn hereticslol, so fail.
Double-talking agent of the oligarchy drifts into ad hominem argument, attack the man when you have no case. Call it religion, i.e. non-rational faith-based. Fuck off, Weisenthal, there's more reason and logic to PMs than in your slick sophistry.
We worship the sun god, he is the fun god. Ra! Ra! Ra!
I just realized that Au to Pt is almost 1:1...that is a mess.
ah ha! you have discovered the secret young one...
this is exactly why Ron Paul is building up to asking Bernake what a DOLLAR is.
In the coinage act of 1792, a dollar is defined as 371 grains of silver.
If we had stayed on a silver (or gold) standard it would have been defined in terms of grains or oz, and we would be talking about how many oz / grains something costs.
We use FRNs because that is the only way most of us get paid, get to buy groceries etc. Until things change, we don't have much choice.
Also denominating it in FRNs allows us to see how quickly the rate of FRN depreceiation/debasement occurs. Measuring in terms of weight means nothing. An oz of gold = an oz of gold. We'd be discussing how a Maple is 9999 and a American gold eagle is only 999
My most precious metal is still hardened steel. It has limitless value in skilled hands.
A well-sharpened chisel, cutting through wood, is a joy all its own! :>)
We focus on gold here and it is indeed going up as part of the 2011 spook. Good news, I see Oil is down below $84 atm. Good news for the consumer that is.
This is looking a lot like 2008 all over again with certain notable differences. Europe banks are in the crosshairs this time, more than the Americans. As bad as it is, the system is not going to seize up like it nearly did in 2008. The market knows the Fed is there and won't let it degrade past critical mass. Remember when the Fed were the only ones buying Commercial Paper, when banks stopped trusting each other. Some banks wrill lose, but this is a damn far cry from 2008 in the trust factor. Bernanke is th backstop, whether we agree with the Fed or not, which most ZHers do not it appears.
More power to the gold bugs and I know there are many of them on ZH. Where I differ with the gold bugs is that even at this high time of uncertainty, I'm telling you that it is not going to collapse and the spooked people are going to look mighty foolish when this shit turns. History is full of up and down spook stories, it amazes me many investors allow themselves to get spooked this easily when base fundamentals have not degraded that badly. Sure unemployment is too high, but it has been too high for 3 years plus, why are the spook investors scaring now?
I really find it hilarious that a country like China feels it can preach to America about anything, a country that edits its internet connections to favorable political tones. When they get my respect is when they allow dissenting opinion.
Back on topic, enjoy the run up in gold ZHers. Honestly to me, it only will provide yield comparable to what I have much more confidence I will get in other investments due to the lockup in Washington and the paralysis leading to a low interest rate environment. There are smart people who benefit in an environment like this, and I am planning to get my share of this. I wish I was as smart as some of these people that can run profitable legal businesses in this climate. I can at least give some of my investment support which I will and have done. Cause it ain't better anywhere else folks, even if it isn't great here. Why is the world still so interested still in everything we do in finance (the debt debacle proved that)?
disparity (of wealth) or despair-ity (of life), one or the other, both, or somewhere in between.
Long and deep in PM's 1989,90,91,92,93 bought 100 gold 2500 silver eagles, all up less than 45K. Bought SantaFe gold, homestake,placer, and those tuned into GG,Abx and aem. In my neck of the woods thats deep