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Spot Gold $1700
Earlier we noted Gold's seeming clairvoyance with regard the expansion of the Fed and ECB balance sheets over the last few years. It seems the EUR strength overnight (or stop-run) has provided just enough USD weakness impetus to nudge spot Gold (not futures) back over $1700 for the first time since March 13th.
Spot Gold breaks $1700...
and leads Fed/ECB balance sheets higher on expectations of more printing...
Charts: Bloomberg
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Not money $1700... BITCHEZ!
Glad I have my Gold but really getting freaked with how bad this inflation is going to get gas prices at this level are no good but they still are gonna print. Madness.
I've got mine too and have been happy about my "investment" since day one; now if it could just drop for a few minutes so I could offload some paper I've got, that'd be grand.
The reality that they will still give you Gold for paper is astounding.
What I am viewing right in front of my eyes is like living in the bizarro world. I have people paying for their car stereo systems again with their EBT card. They go to the ATM in our store, withdraw $400 and we put the new Kenwood in. What is up with this. At the convienince store that I get an Iced tea at, I see people buying beer and cigarettes using their EBT. THe fucker is ringing it up as FOOD. What a fucking scam.
My friend who earns his money in Costa Rica just got a check from Obama (Child subsidy becuase he is under the poverty level...HAHAHAHAHA) for $7600. Becuase he earned less than $20,000 in the USA. He has 2 kids. HE EARNS $250,000 a year in Costa Rica. I just got audited by the IRS. I helped to start a country band financing a friend as a business venture,flew to nashville, recorded a CD, bought all of the stage gear lots of gigs..... and the IRS said it was a HOBBY. $28,000 in penalties. AND I HATE Country music. Shall I continue. I walk around all day....and just look at the poor fools who have not prepared for what is coming. My sister even teases me and says "Why do we need to prepare, we will just come over to your house....ha ha." We will see about that....becuase little do they know that this house has nothing. They will walk into a shell when it goes down. Then that guy gets arrested from Facebook posts? Are you kidding me? And I jump over to my facebook account (Have to have one for our company account) and all I see is dumbass pictures of peoples food. People take photos of their dinner and post it? And they say shit like.."Getting a haircut now". Who gives a flying F*&^. That facebook thing is a turd. If you are Short Faceturd...you will win. The new timeline thing they forced on everyone sucks. Is this enough of a rant? My only security is that my fiance gets it...will stand behind me, and I come here to Zerohedge and enjoy the site sooo much. Thanks Tyler.
.
Wow...while I was typing this little rant...Metals just went way up......what is going on? (Gold up another $5 in 8 minutes)
Epic post.
Yeah, the whole system falls down...now or 18 months from now...and life is going to change a lot. Can't wait personally. It not about vengenance, but I will take great satisfaction in being proven right.
I hear you Lee, many folks have being calling for the collapse of the system for years...but in the last PM's correction they were bashed, now things will take course. I hoped you bought in TFD!
Y'all folks may enjoy watching this educational video.
"Urban Danger" (http://www.youtube.com/watch?v=g23ox-XUtH0) was a 1.5hr documentary on Youtube until it was removed for copyright claim just recently.
Trailer on googlevideo: http://video.google.com/videoplay?docid=4747693416853972231
Americans,
If you want to free your politicians from the bankers it is really VERY SIMPLE.
Make political campaigning illegal, and simply host a series of live televised debates in the run up to the election.
Suddenly the resources of your backers are out of the equation and it's all about the individual.
Cost to US taxpayers... Zilch.
Campaigning = resources = corruption
That'll work. {/sarc}
If you want to free your politicians from the bankers
Free them!!??? They sleep together on purpose - eagerly! Both groups are vigorous, happy thieves.
Pic of food is to let everyone know that even though peeps are broke they still manage to eat well. Same with haircut announcement, he might be broke, but still has money to cut the hair, or maybe he is not cutting the hair at all, but posting it on facebook makes it so. It's not a lie as long as you belive it.
@ takeaction, I'm still not voting for Romney.
...And they say shit like.."Getting a haircut now"...
LOL...and they don't even know how right they are!
1,700 has removed any last doubts about gold breaking out of its consolidation. Next stop: 1,900
Looks like someone has the playbook before everyone else. Ctrl-P in 3....2....1....
Gentlemen, start your engines! It's gonna be a bumpy fuckin' ride!
-NPH
i don't think CNTL+P as QE grand announcement will even work at this stage. they haven't stopped printing since 2008 and the only thing it achieved to date was worsening fundamentals more and more unemployment (not official bs #s) and levitating on shit fumes markets = no way to avoid utter disaster.
Money for Europe has to come from somewhere and it always seems to get fed from the Fed. Even though Bukkake Ben lies that it doesn't happen. Proof has shown otherwise.
The revolution and stealth QE won't be televised.
I don't anticipate it happening before the elections. Traditionally Au/Ag rise prior to any monetary movements. Remember, you've gotta let the insiders get positioned first.
They transferred a lot of wealth from savers to the banksters. That was the goal, and it was a resounding success.
Sorry forgot....
https://www.youtube.com/watch?v=NR47Ip-C-dQ
Indeed. The closer we get to the singularity of hyperinflation, the greater the volatility.
Surprisingly, this is the first time it dawns upon me that B/S means Balance Sheet as well as Bullshit. Coincidence?
Don't forget (B)en ($)halom!
Uh, I tought that meant just "bullshit". Do I have to re-read years of articles? (sarc!)
Long fishing pole and bow bitchez
Long freak boating accidents!
Yup, insiders all positioned. Let 'er rip!
Follow the big boys to riches!
game fucking on.
Holding double eagle up to the moon right now!
Holy wow SILVER is @ 32.85, Quickly, someone grab a ruler and extrapolate the price in 2 weeks!
This is awesome...cause it is only $5 to get it out of the ground.
If only it were that easy and true. Fundamentals and TA died long ago.
Looks like a liquidity rotation to me, finally, it's been 5 months now!
Tough to say. Depends on how much damage the incoming margin hikes do.
Was lowered 4 weeks ago :)
It was? Silver margins were lowered? It's just a bear trap then...suck the stupid in, raise the margins and crash the price. Pocket your money. Like they did in '11.
Just get physical. That's the only thing you can trust.
All good, we are 'GOLDEN' till end of October, as long as there is no collapse in stocks in next 3 weeks this should take us well beyond $35
I wonder what kind of margins are allowed on the Shanghai Exchange, and I wonder if the COMEX assclowns have to, now, be competitive and actually allow a high level of action in price.
[edit] From the Shaghai Exchange website:
http://www.shfe.com.cn/docview/docview_279452.htm
August 2, 2012
All members?
It is decided upon deliberation that the Exchange will make the following adjustments to the transaction fee standards for each variety since September 1st, 2012.
1. The transaction fee standard for copper futures contract will be lowered from 0.08‰ of turnover to 0.05‰ of turnover;
2. The transaction fee standard for lead and wire rod futures contract will be lowered from 0.05‰ of turnover to 0.04‰ of turnover;
3. The transaction fee standard for steel rebar futures contract will be lowered from 0.05‰ of turnover to 0.045‰ of turnover;
4. The transaction fee standard for natural rubber futures contract will be lowered from 0.05‰ of turnover to 0.045‰ of turnover;
5. The transaction fee standard for fuel oil futures contract will be lowered from 0.035‰ of turnover to 0.02‰ of turnover;
6. The transaction fee standard for gold futures contract will be lowered from RMB 20/lot to RMB 10/lot;
7. The transaction fee standard for silver futures contract will be lowered from 0.08‰ of turnover to 0.05‰ of turnover;
8. The transaction fee standard for zinc and aluminum futures contract will be lowered from RMB 4/ lot to RMB 3/lot.
...
Looks like there's a new casino in town.
This doesn't change my personal strategy.
Yep.They were."Sauce for the goose, Mr. Savvik?"
They're down to just wrapping this bus with duct tape hoping to keep it together until after November 4th. I don't know if they can make it.
As long as we keep the sentiment positive, and cross our fingers for no news or better some bad news, hitting $35 should be piece of cake!
Precisely
Probably a great idea to buy January puts
"Gol" Bitchez!
That second chart is golden !
Lol @ ClassicCommodity.
According to Bloomberg, that would be about right!
So...when TSHTF and hyperinflation sets in as we expect, what will be the proper protocol for using gold and silver towards procuring needed goods and services? I imagine there will be lots of gauging going on in the Black Markets, but I don't imagine that governments will be of much help either.
It would be better to own stuff too, hard assets, like ammo and guns as many mention but tools, batteries, medicine (even simple stuff like aspirin/nsaids, rubbing alcohol, gauze, bandaids, antibiotic ointment, idodine, etc), toilet paper and soaps and detergents, two generators and multiple solar panels and inverters, propane tanks, matches and lighters, food of course but durable food like grains vacuum packed and beans and nuts, jars for jarring and preserving food, warm clothes, hats and blankets, lots of alcohol...anything that will be of value to you will be of value to someone else and barterable.
And on the note about the medicine I have linked this before but people just aren't knowledgable enough:
Drug Expiration Dates - Do They Mean Anything?"What they found from the study is 90% of more than 100 drugs, both prescription and over-the-counter, were perfectly good to use even 15 years after the expiration date."
http://www.health.harvard.edu/fhg/updates/update1103a.shtml
Thank you Temporalist!
Tuco
"So...when TSHTF and hyperinflation sets in as we expect"
How you gonna get hyperinflation in a depressed ecenemy?
Return of dollars from overseas as reserve status deteriorates. Increased government payments to anyone except the middle class. Other.
the number 2
over in China
cancled meeting with the hilary ..
Asia buys gold and silver..
be here now..
I'd rather meet up with a barbarious relic than just a relic too
.2% EUR.USD move pushed it through, hope it has momentum, weak euronews will make it nosedive again
<a href="http://video.google.com/videoplay?docid=1447901706634101739">floyd/gann</a>
Bernanke is all in holding a pair of duces. Market just has to call his bluff and chips go a flyin'
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Douchebag.
Go away, Draghi. No one here is dumb enough to buy your shit.
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I only vote these shills up because of their limitless value to ZH.
true you can't eat polo shirts but those polo ponies are gonna be delish.
A string of poloponies?
http://www.youtube.com/watch?v=rbJNyGbFNRo
All my gold, on the botton of the lake, very sad boating incident.
Long deep water metal detectors and 3 tine claws!
For anyone interested in what silver will do next, pls have a look at this forecast I made yesterday.
http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&start=2420#p39376
Will not take much time.
I own a bunch of gold. Fished it out from some lake.
SNB just cut rates and gold gets a boner.
you're right and when the israel-iran situation blows up gas will go much higher. There's already a silent inflation at the grocery store. You can't go in and buy much at all with that $100 anymore. You get a few packages of meat, some condiments, milk, eggs, the basics and its all gone. The fed and the central banks are killing the middle class with their money printing. When they print, everything goes up at the grocery store and the gas station. Anyone who still has a job and is paying in feels the crunch. The poor are still getting their free-food stamps so they don't care. Its the middle class that's being crushed and amongst them, the savers, who at 1.6% yield on a cd are losing a percent or two adjusted for inflation. Central banks are really the problem, not the solution.
wrong reasons...right facts tho. Expansion of the WAR effort...not the balance sheet. http://en.wikipedia.org/wiki/Velocity_of_money as you can see by the chart on the right there "there's never been a bigger collapse of money velocity in history." freedom ain't free as they say folks. and of course gold reflects "the price that must be paid for that." you'd be surprised how few actually heed the call. sorry but still not a buyer...clearly the euro is in the realm of the "fantastical!" don't even get me started on Japan and China. the only fact that matters right now is that interest rates on Treasury debt have plunged to record lows...what has occurred as a consequence (massive expansion of the war effort by people who have no clue what this conflict is like...nor continues to be i might add) is only a surprise to willfully ignorant...or poetic among us. (how many of those are left?) of course if you believe "the path to recovery is to see who can bill the larger number of Cadillac Escalades" be my guess. My money is still on oil...and "supply chain management solutions" as a consequence. ain't no gold in that...unless of course you're arguing there's a balance of payments crisis out there somewhere. sure is in the EZ of course...http://www.dbresearch.de/PROD/DBR_INTERNET_DE-PROD/PROD0000000000279906/...
Huh?
The velocity of money will increase once people realize its value is vaporizing, and the move into PM's will become truly staggering.
As in epic, OMG, panic driven, have-to-have-it... MANIA!
The Euro is rising - because Europe has staved off economic collapse and their unsolveable debt crisis is over.
Consequently, the US Dollar is falling.
http://bullandbearmash.com/chart/usd-index-daily-september-05-2012/
And - consequently, the Euro markets and commodities are up - long the Euro markets everyone!! Dax is up 1.25% this morning. What a joke.
I believe Silver is on a march now.
I have watched it with a mixture of... here we go again, been there done that and also a bit of awe.
Puts a whole new meaning to the command used in battle...
HOLD.... HOLD...... HOOOLLLLDDDD......
Silver is the ultimate commodity for trading because of it's volatility. I use cfd's for trading it.
Fed + ECB Balance Sheet (in USD) vs. Gold (in USD) correlation? Nothing to see here, move along. Relic! (maybe the real relic here is Keynes and his magic money-printing unicorn)
I bought a LOT at $1635. So that "trade" is up by at least $70 as we speak.
These paper money calculations are pointless. When this is over, your gold will buy you something (at least as much as it did back in 2000 or 2008 or 2012). Your dollars (no matter how many Trillions you have) will buy zilch.
Booyaaaaahn.
It's really very simple: the US dollar is slowly being immolated on the altar of socialism-crony capitalism. The government is a bloated money pump. The private economy which adds value to money is dying. The population of dependency is growing. The United States is massively disinvesting, consuming it's seed corn as gold moves east. All the FED can do is feed the ever growing government deficits and spending on social welfare through continuous currency dilution. Monetization of Treasury debt never stopped since 2008. There is no positive net foreign ownership of Treasury debt in the last several years. The FED is buying al of it. This will continue and inflation will rage in the US. If you do not hold hard assets such as physical gold, silver, food and medicines, you will be financially slaughtered. Gold is no merely for profit - it is a means of survival.
In Poland 1 oz gold costs $1984 if you divide the official price of physical 1 oz coin by the price of $1 in local currency. I had to pay $1700 two years ago if I wanted physical. Americans, they have it so cheap!
http://nbp.pl/home.aspx?c=/ascx/bielik.ascx
The coin is beautiful, though:
http://www.numistat.pl/artykuly,2035,orzel-bielik-polskie-zlote-monety-b...
Last night I explored the world for some computer parts. When I figured the exchange rate for the current asking price versus equivilant parts that I bought new....
I am being asked to pay double or damn near triple. When you figure the exchange.
No wonder everyone wants to sell to America. Profit!
I cannot afford gold... however if the ratio falls from 56 to one down to 14 to one... sure.
It would give me great pleasure to flip a few ounce coins down and pay the student loan off instead of enduring 10 more years with the interest and all.
GATA Chairman Bill Murphy's appearance today on the Russia Today television network's "Capital Account" program, hosted by Lauren Lyster, has been posted at YouTube here:
http://www.youtube.com/watch?v=sxVsosT3GAw