Spot Gold Passes $1640

Tyler Durden's picture

Nobody could have foreseen the "tradition" being a safe haven escape to all the other "traditional" fiat-based garbage available to investors. Nobody. Next stop: $1950.

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fiftybagger's picture

Hyperstagflation bitchez

Stoploss's picture

Actually it is global hyper bi-flation. Much more dangerous, than stagflation.

Thorlyx's picture

hyperglobalbistagflation, bitchez !

Pladizow's picture

For 11 years it has'nt mattered what Washington or The Fed have said, Gold is screaming, "BULLSHIT!"

TruthInSunshine's picture

Tradition mandates that I point out, yet again, how woefully tragic the prognostications and forecasts of Ben S. Bernanke, alleged 'highly intelligent' person and stipulated highly educated individual, has been....well...about every single thing he's pretty much ever said (why is this individual in any position of influence, monetary policy power, etc?):

It'd Be Hard to Be More Wrong Than Benanke‏
Id fight Gandhi's picture

His whole basis is don't crash the stock market and all is well. But the market does not equal the economy nor main street.

DCFusor's picture

His whole basis is bailing out his still-insolvent banker buddies, saying whatever he has to to cover that.  Once you know that, it all makes plenty of sense, and you see how smart he is -- pulled the wool over most eyes entirely, including a lot here -- and pulled off the end of QE2 without any of the dire things happening most predicted here.

It sucks we've created a system in which guys like him have to tell lies to make things work out -- even when they are NOT doing something perfidious.  But here we are with what we have.


Sure am glad for those large core holdings in PMs today.  Not quite dancing in the street, but hey, this is nice!

RockyRacoon's picture

I wonder if at some point the Fed, and their Congressional friends, become actually ashamed and embarrassed about what they are doing.   When does greed and covering for criminals, which is quite apparent to anyone who takes 5 minutes to look, reach a point of revulsion for those involved?   On the other hand, it can be argued that sociopaths don't have situations like that.   Are there studies on collective sociopathy?

ChookChoker's picture

Is the collective noun for a group of congressmen a sociopathy?

jus_lite_reading's picture

Hypernova inflationary collapse... that means buy gold because it will go to $9,000,000 an oz!!

vamoose1's picture

right on   sw   a  target assumes a constant dollar,   ya rite

Upswaller's picture

Nobody does it better than Totinos Bernanke!!!!!!!!


Edit: Hey, where's the strikethrough on Totinos?

EscapeKey's picture

...whose CB's turn is it to "take one for the team" and announce gold sales?

topcallingtroll's picture

Hehe.  good thing I jumped back into gold three weeks ago but forgot to mention it until now.  Just kidding.  Where is robotrader by the way?

GetZeeGold's picture


Digging holes in the ground with mathman.

Damm.......nothing yet.



jus_lite_reading's picture

+1 speaking of methman where is he/she/it?

when does he return to aplogize to us about gold???

RockyRacoon's picture

Same time that MasterBates comes back to apologize.   Never.

StychoKiller's picture

The MathMan program went into an infinite loop and had to be terminated.  Something about illogical program assumptions...

midtowng's picture

That would be either Italy or America. Germany isn't going to do it, and everyone else in Europe has already sold most of their gold. Asia is busy buying it.

THE DORK OF CORK's picture

Ireland still has 4 or 5 tons to give .......................

THE DORK OF CORK's picture

Dorks Brinks deposit box....................... I wish.

misterc's picture

Damn, and I was waiting to buy at a dip this week!

dogbreath's picture

The power to manipulate is fading, its like the more I drink the soberer I become.


jus_lite_reading's picture

wait until they seek physical!! doom!!

DaBernank's picture

1637 is your dip, then.

tekhneek's picture

Ah yes, another excellently timed dip buyer. Love these guys.

DosZap's picture



You missed it at $1,615.00

Id fight Gandhi's picture

Silver is underperforming related to gold. Most likely after the CME manipulations.

I'd rather ride the silver train to new highs from here

css1971's picture

Platinum particularly and sometimes silver can lag gold for a while.


zapdude's picture

I'll admit that I'm a dork and have been waiting for an attractive dip to double my holdings (still small). 

I was hoping this debt ceiling charade would cause a brief sell-off before our inedible barabarous relic took off again to $1950+. 

So I'll ask you guys who do this more often and smarter than I do:  do you buy every week, month, or try to time things like me???


Long-John-Silver's picture

I keep just enough fiat cash to pay bills and buy food. Everything extra gets converted to bullion no matter the price.


mickeyman's picture

I usually buy whenever I have cash to spare. Usually works out to about once a month.

zapdude's picture

@ Long John Silver & mickeyman -- Thanks for the advice.  Dollar-cost averaging seems to be the way to go. 

Knowing how rigged the system is with manipulation by CB's and JPMorgue et al, and with the absolute certainty that Benanke will pull the trigger on QE3 - QE10+ makes me nervous. 

I'm tired of being the dumb money and bought physical gold 2 years ago.  Looks like I'm going to buy 5 or more oz. this week.

TCA's picture

I have some gold, but mostly buy silver because it's all I can afford right now.  I buy $100 of silver once a month regardless of price.  PMs are not an investment to me so I don't time the market.  I just acquire to build an inheritance for my children.  They are going to need all the help they can get in the future.

zapdude's picture

I'm planning on buying more silver too.  Understand that's more speculative than gold, but if the historical ratio holds up silver is set for a massive ride upwards.

I also have a wife and children (six kids actually) and see this not as a way to become rich, but rather to preserve wealth & freedom for them someday.  I figure worst case scenario is I give them these shrink-wrapped gold bars on Christmas 2016 as play money for their LEGO's or whatever and tell them how silly I was to buy all this gold (on the inconceivable chance that its no longer a reliable store of value).  However, I don't think that will happen before gold hits $3,000+.

Buy physical and don't look back.

Manthong's picture

Silver is more VOLATILE than gold from a relative per centage perspective.

Nowadays, if your time horizon is more than a year or two, there isn't much speculation involved.

Consider the acceleration of dollar debasement and history.. it is all too obvious.

DCFusor's picture

Yeah -- this is why you maintain a goodly core set of holdings that you don't trade.  That dip might still happen, give it a little time.  In the meanwhile, that last little dip was over 1% below where gold is now, and 2% less than silver now - not a bad trade, which I was in on.


Yeah, PM's to the moon!  But their purchasing power remains the same in general - so don't get too excited if they are worth more bucks - you didn't win, you just didn't lose.

Smiddywesson's picture

You don't need a dip to buy into a move like this.  This isn't just a trade, it is a once in a lifetime event, the death of most, if not all fiat currencies in a global economy, and the destruction of the reserve currency, which was leveraged to stave off the collapse, thereby ensuring it will be all the more cataclysmic. 

The run gold has had over the last ten years will be dwarfed by the run it has when the reality of the situation becomes clear to everyone.  Don't buy on the dips, buy now.  The difference of 0.00001% profit will be meaningless when it is time to sell.

Hobbleknee's picture

Me too!  I thought it would be a nice dip, coupled with the seasonal low.

Strider52's picture

Yeah, weren't we all in agreement that with the signing of the debt deal, gold was going to take a haircut? Heck, in 33 minutes the Senate will vote it in, and gold is NOT going down at all. I was secretly wondering "If we're announcing that we're borrowing (or printing) more dollars, that should weaken the dollar, right? "

Cash_is_Trash's picture

Gold: The measuring stick for failed Keynesian economics.

Papa Boule's picture

Keynesianism didn't fail. It was dismantled and sabotaged.

NotApplicable's picture

More like it's on steroids.

TaxSlave's picture

Yes, central economic planning by a handful of elites is always best, except we keep on getting the wrong elites, every single time.  Darn it!  I wonder why that is? /s

holdbuysell's picture

Reminds me of the book "Wisdom of the Crowds." The basic premise is that a group of independently-thinking, informed people are better at arriving at the optimal answer than a small group of experts in the area.