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Western Speculators Sell Gold; Asia And West Buy Bullion - Coin and Bar Supply Increasingly Tight
From GoldCore
Western Speculators Sell Gold; Asia and West Buy Bullion - Coin and Bar Supply Increasingly Tight
Gold is higher in most currencies but especially in dollars and Swiss francs. The dollar and European equities are lower due to nervousness prior to Bernanke’s speech at Jackson Hole. Expectations are waning that Federal Reserve Chairman Bernanke will indicate further quantitative easing measures to prop up the ailing U.S. economy – at least in the short term.
Gold is trading at 1,790.80 USD , 1,241.10 EUR , 1,098.90 GBP, 1,422.50 CHF and 137,779 JPY per ounce.
Cross Currency Table
Gold’s London AM fix this morning was USD 1,787.00, EUR 1237.10, GBP 1094.17 per ounce (up from yesterday’s USD 1,716.50, EUR 1191.10, GBP 1049.59 per ounce).
Gold rose sharply from the low of $1,704.25 yesterday and eked out a 0.3% gain. It is too soon to say if the sell off is over though.
Gold is set to finish the week lower as it is 3.7% lower so far on the week. This will embolden the momentum traders on the COMEX. There is also the risk of another margin increase from the CME. Although it is hard to know how they could justify this as gold’s leverage is now in line with most commodities and less than that on US Treasuries.
Gold in US Dollars – Two Weeks (Tick)
The correction was primarily due to the Shanghai and COMEX margin increases. Profit taking and short selling also took place due to gold’s short term very overbought status.
Mitsui in London note the unusual nature of the PM fix yesterday "in an extraordinary afternoon fix in London, gold was pushed down from a starting price of $1,806 to fix at $1,770."
Sharps Pixley’s respected Ross Norman noted that the furious nature of the selling could be motivated by Jackson Hole: "I have never been a fan of conspiracy theories but I do wonder about the manner and timing of the sell-off. Much of the selling was conducted through the London p.m. fixing (when New York was active) which is a favored route for official (central bank) selling rather than being finessed into the market as a fund might prefer. It was, if you like, a statement - and quite a handy and effective one just in advance of the Jackson Hole meeting."
Our conversations with people in the industry and our own experience makes us confident that this is a paper driven sell off drive primarily by speculative, leverage interests on Wall Street.
Bullion dealers and banks have not changed their long term outlook for gold and are ignoring the considerable “noise” and bubble chatter on Twitter and in the media in recent days. This chatter has again come from those who have little understanding of the reality of the gold market.
GoldCore like other bullion dealers, bullion banks and government mints internationally have experienced near record demand for physical bullion coins and bars in recent days.
Overall supplies of small gold coins and bars are at low levels and some refiners are having difficulty meeting demand with some indicating delays in providing stock of six weeks. Perth Mint gold bars (1 oz) at competitive prices remain available in volume.
UBS note that their gold bullion sales to India were the best this week since May – twice the average daily volume.
Robust physical demand from Asia is again clearly seen in premiums for bullion in Asia. In India, ex-duty premiums were $5.82 on the London AM Fix and $10.80 on the London PM Fix with world gold at $1,732.62 and $1,707.10. These are high premiums and show that demand from the sub continent remains very healthy.
Bloomberg Composite Gold Inflation Adjusted Spot Price - U.S. Urban consumers price index (CPURNSA)
High premiums in India have been a fairly good indicator of lows in the world gold price. Sometimes, world gold rises high enough that imports stop.
India’s economy is strong and growing thereby creating a significant‘wealth affect’. There are now more than 83,000 US dollar millionaires in India along with 1 billion people with an affinity for and belief in gold.
India remains a significant buyer today and that is before September which is the big month for gold demand as the Indian wedding season begins.
In Vietnam, local gold was at a premium of $34.22 to world gold of $1,761.90 as inflation has surged in Vietnam on dong depreciation. Limits on gold shipments have been removed for some companies as part of attempts to halt a surge in domestic prices.
Bloomberg reports that in Vietnam, gold rose to as high as 47.1 million dong ($2,263) per tael in Hanoi as of 3 p.m. local time, compared with 45.6 million dong yesterday, according to the Vietnam Posts and Telecommunications. One tael is about 1.2 ounces. “Banks continued to buy dollars to import gold due to the significant gap between domestic and international gold prices,” Viet Capital Securities Joint-Stock Co. wrote in a note late yesterday.
Premiums on gold bars in Hong Kong and Singapore have also been healthy in recent days. "Investors are feeling really comfortable holding the metal at any prices," a Hong Kong-based trader told Dow Jones on Wednesday when gold has corrected to $1844/oz.
In Shanghai yesterday, near record volume saw gold close at a premium of $9.02 to world gold of $1,744.80. China’s total demand for gold has increased on average 14% every year since 2001, but much of it has been propelled by individual investors, Caixin Online reports.
Asians beg to differ with those calling gold a bubble and Asia is clearly a buyer at these levels.
Asians understand gold is a store of value and financial insurance.
Gold's value is that it is a safe haven asset. These are not the claims of a vested interest but an empirical fact backed up by much international academic research.
For the latest news and commentary on financial markets and gold please follow us on Twitter.
NEWS
(The Street) -- Gold Prices Rally Ahead of Bernanke's Speech
http://www.thestreet.com/story/11231717/1/gold-prices-rally-ahead-of-bernankes-speech.html
(Bloomberg) -- Gold May Rebound After Plunge From Record Price, Survey Shows
http://www.bloomberg.com/news/2011-08-25/gold-may-rebound-after-plunge-from-record-price-survey-shows.html
(MarketWatch) -- Gold advances ahead of Bernanke speech
http://www.marketwatch.com/story/gold-advances-ahead-of-bernanke-speech-2011-08-26?link=MW_latest_news
(Bloomberg) -- Gold Set to End Best Weekly Run in More Than 4 Years, Dropping From Record
http://www.bloomberg.com/news/2011-08-26/cash-gold-poised-for-worst-week-since-2009-after-plunging-8-from-record.html
(Wall Street Journal) -- Gold's Violent Slide Shows Strains Among Investors' Ranks
http://online.wsj.com/article/BT-CO-20110825-714805.html
COMMENTARY
(Forbes) -- Gold Tumbles 10% Due To Over-Extension: Bullish Fundamentals Still In Place
http://www.forbes.com/sites/afontevecchia/2011/08/25/gold-falls-10-due-to-over-extension-bullish-fundamentals-still-in-place/
(Reuters) -- "Increasingly obvious that we're approaching some kind of end game of our paper money system"
http://insider.thomsonreuters.com/link.html?cn=uidTWEMEA&cid=254660&shareToken=MzozYjRiMDI1Ni05YzlhLTRiNTAtYmY3MS1iMGFlYjY3NzIzMGM%3D&start=30&end=86
(ZeroHedge) -- Caution: Another Gold Margin Hike Imminent
http://www.zerohedge.com/news/caution-another-gold-margin-hike-imminent
(CNBC) -- QE3 Is Coming by Year End: Roubini
http://www.cnbc.com/id/44276918
(The Telegraph) -- Nobel gurus warn Britain on fiscal overkill and Fed on monetary overkill
http://www.telegraph.co.uk/finance/financialcrisis/8723302/Nobel-gurus-warn-Britain-on-fiscal-overkill-and-Fed-on-monetary-overkill.html
(MarketWatch) -- After the Gold Rush
http://www.marketwatch.com/story/after-the-gold-rush-2011-08-25
(The Irish Times) -- Gold Bubble?
http://www.irishtimes.com/newspaper/finance/2011/0826/1224302992827.html
(CNBC) -- Roubini: “Cash is going to be king; Gold is in a hyperbolic bubble”
http://www.cnbc.com/id/44276918
»
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Let the backwardation begin!
Could we collectively raise funds to find the guy who coined the phrase "backwardation" and send him to the Strunk and White College of Grammar? That term is a grammatical trimester abortion.
Agreed. At the same time, 'contango' is also quite fucked as a term as well.
Con-tango is the opposite of sin-tango or retardo
Contango: Dance Club for grifters...
It takes two to contango.
rim shot....
Specialist groups always invent their own language to keep the rubes in the dark as long as possible... and to make them seem smarter than they are...
So, that explains all the legal terminology as well.
the heavier the jargon...the heavier the flim flam
The Definitive Gold Price Discovery Video...
So Definitive, I Capitalized The First Letters Of All The Words...
http://nationaleconomist.blogspot.com/2011/08/gold-video-production-soro...
yeah, thought you would like it...
warning: there is no mention of Goldfinger
Roubini going mad with rage....cos he cant eat gold...cant understand why people are buying gold...yet at the same time wants QE3...
on his third set of dentures...
still can't eat this darn gold...
that was a bad joke
i actually think Roubini is frustrated because of his incorrect calls on gold...and nothing to do with any other economic theory...afraid of being butt of jokes .
Meanwhile Turd says that gold at 1800 would make a H&S....which if it happens, gold falls by around $400....I would say good time to buy...but Roubini and gang will be out in full force then..dickheads
I respect Turd and enjoy his site... But I wouldn't put any faith in technical patterns in the current economic environment... For instance, notice how Jim Sinclair's call for gold to 'go parabolic' when it reached $1764 was a non starter...
A 'head and shoulders' with an accompanying margin hike would cause another temporary drop in gold price... but the game changer is the margin hike...
Best advice, imo, is buy and hold physical... preferably out of the reach of desperate governments... Maybe the insiders have info on gold comments/regs to be made by Ben today? Who knows... When govs get desperate they will stop at nothing to save their worthless carcasses...
if the effect of the margin hikes only brings the price down to what it was less than two weeks ago, I'd say Jom sinclairs theory would've been proved correct.
We'll see, but if the correction is short and sharp and basically knocks no exuberence out of the market, Jim Sinclair will be right - and I think he will be.
I like Jim but his old prediction has already been proven wrong... Gold has not gone parabolic at $1764...
and margin hikes will continue to work until they don't...
I hope the paper system shatters and burns but the fact is that it is still working NOW...
I think Jim's prediction was long term in nature and he did not mean that gold would go to the moon this week. He made a similar call in the mid $500's and was right (long term). Is he right or wrong on his $1764 call? We'll probably have to wait a year and see.
Jim said 'gold will go parabolic when it reaches $1764'... Hell, we can wait 50 years and all of our crazy azz predictions will prove correct at some point in time...
IMO, Jim was saying that at $1764 TPTB would not be able to contain the price of gold from rising in a parabola... He is wrong... $1764 was just another number and gold has already crossed it going up and down several times...
I am physical only except oil so I don't give a damn how many time paper gold trades above and below Jim's number... But, when a call is wrong a man/woman should admit it...
jim dead wrong lol
1764 then streightto 1910 what is that a limp dick. the gold story has yet to be played out . And sand box league critics bounce spit balls off the top of their pointed heads and then trot off to work waiting for the bell to ring to further their adventure i trying to make them selves into market pundents
read the rest of his statements about gold once it hit those angels would see a sharp sell off deep but quick.
and by nthe way where were the critics at 250 gold .. and also in 1972 when he called the top at gold . for 1980.. probably having their diaper changed
I've been buying and stacking physical since 1968... I doubt Jim has been doing so much longer than me... My first purchases were worn out numismatic gold double eagles for $60-65 each... Owning bullion was still illegal in 68... I still have them plus a whole lot more...
You won't find anyone that believes in physical more than me...
If you want to buy into someone calling gold futures/physical prices based on voodoo, go for it...
I wouldn't call the H&S theory dead just because of the managed state of the markets. TPTB know that there's plenty of people still relying on TA, so they will be happy to give them the prints necessary to get them to do the selling for them. I'm not saying it's game over for gold, I'm just saying that they will use every trick in the book to manage the markets. We should expect nothing less.
"TPTB know that there's plenty of people still relying on TA, so they will be happy to give them the prints necessary to get them to do the selling for them."
Might as well look at chicken guts or goat entrails... Voodoo still works with some ignorant groups only because they truly believe that it works...
It's just another yoke to throw off...
Funny you should say that. I just sacrificed a virgin chicken this morning. It's entrails told me we'll see QE3 today. Let's see if it's right. Either way, I'll be eating chicken and dumplings tonight.
The entrails were wrong... enjoy the chicken and dumplings... lol
Glad I killed that damn chicken! Never liked it anyway. I'll like it more in a warm bowl of soup. :)
With this much manipulation, Ben Bernanke laughs at wave patterns, tech analysis, and fundamentals. The disinformatin campaign extends to technical patterns too.
This means Ben can make any pattern he wants and sucker you in or scare you out, like say, before Jackson Hole. We'll see if that little theory holds true today.
Technical analysis and analysis of economic fundementals aren't useful in determining artificial prices. I'd like to see the US mints run out of metals, then the black market prices would would take over.
Exactly. With such tremendously managed markets, TA is not just useless but misleading. We have a criminal kleptocracy supported by a criminal wall street and no regulation. I would like to see bullion dealers, large and small, set their own prices, which is happening more and more. Some dealers here just refuse to sell at CRIMEX prices when they sudden fall drastically and I dont blame them.
Snidley,@08:16
You need to read what Sinclair said again, go to his BLOG.
JSmineset.com
And read what he said........................
He never said it woud go PARABOLIC when it hit $1,764.00 IMmediately, that was ONE of is angels................read his take on the dumpers on the pullback.He has stated many times how this plays out, and it's working like a clock.
...or because the world is beginning to recognize the one-trick pony.
Yeah, Ben had 2 levers before... interest up or down... print up or down...
Now his interest lever is stuck at zero... his print lever is still operating... for now... but if he leaves the print lever in up then it becomes a useless lever...
Never forget what Greenspan said in his 1966 Ayn Rand magazine article...
http://www.321gold.com/fed/greenspan/1966.html
He can still extend the duration of his spreadsheet. Forcing down the 10-year might have an effect on the housing market. I know I'll refi a mortgage if he does. With the interest tax credit, plus inflation, my house will be free.
"With the interest tax credit, plus inflation, my house will be free. "
Your house will be nearly free but everything else in your life will not be free... Unless you are one of the fortunate few with an income that is inflation indexed to medical costs, gas, groceries, et al...
I don't have a mortgage and would not take one on now... and if the bankers smell a bout of deflation coming they will not be offering refis... they are greedy but they ain't dumb...
As a homeowner who isn't underwater I'd like to add a few ticks to this. The government aggressively tries to buy my mortgage by offering me slightly lower interest rates and ineffectual principle reductions. No joke I get 5 offers a week in the mail and some by phone. I tell them over and over I died in the war but they won't go away! I'll take a principle hike and a 30% rate before I set myself up to fail by signing over my house to Barry and the Gang. Its a ploy gents. What happens when a disaster or emergency "happens" and the gov declares what's yours is his? Legally they can jack your shit without goon squads raiding you or henchmen lurking your every move, they just claim title or demand payment all at once. Not a single shot fired, not a single lawyer hired. With only a penstrokes flex, they leave you vexed. Only through a hail of lead and shrapnel and when Im cold and gone will my shit belong to The Dark Prince and his throng of demonic fork tongued serpents. Come and take it, stop calling and writing, for I have become deaf dumb and blind to your sugar coated goat shit nuggets you call stimulus and "help".
Thanks for posting the link for the Greenspan piece that 321Gold has up.
I’ve read it before and I knew that Greenspan was a sellout who claims to be having second thoughts and regrets, but reading it again in light of all that I have learned in the last handful of years was sobering.
Recall that under “The Maestro’s” irrationally exuberant watch that Brooksley Born’s attempt at regulation was squashed and the derivatives bucket shop was legalized.
When the autopsy of the US economy is finally performed, Greenspan will be identified as a once healthy clump of brain cells that went malignant.
"Gold falls to 400," you have been living in your western paper-asset loving society bubble much too long...
Get you some brass, lead, and sulfer products, those are cheap.
...gold falls by around $400...
.. but you can drink a "Gold-Weizen", still better than "Euro-Beer"
I hope he has fun wading in 6 feet of water while clutching his handfuls of cash, only to discover that sometimes inflatable boats are king.
You can't eat inflatable boats. Plus, boats are a barbaric relic of tradition. Who fucking needs tradition? They don't pay dividends. I mean come on. You can't chase alpha in a boat.
Hey, Ms. Silocone Bubblehead said the same thing on CNBS today!
Must be true. Guess I'll sell all my boats when I'm in NYC this weekend. (sigh)
Roubini has never been right on any one issue yet because he shares the views on paper versus metal, they utilize his view reagrdsless.
Roubini, a Houdini who cantfind the rabbit in his hat.
Rube-ini, a Keynesian weenie and a gold-hating meanie with the Bernankster's zucchini up his wazzini.
We've been bouncing around $1760-1790 since NY closed.
I think we have a modest GREEN open.
Gee, and to think when I bought a lot of gold way back in the old days (2009) it was around $500 and a big daily move on gold was $4.
Gold At $500 in 2009? Where?
Either your date or your amount is screwy.
>> Gold At $500 in 2009? Where?
These market wizzards who supposedly buy the lows and sell the highs always crack me up. This is the third jackwad I've seen claim to have loaded the boat with $500 gold in '09.
I call BULLSHIT on your elleged purchase!
2009 low about $800.
Last time gold at $500 = 2006.
Waiting to go PARABOLIC... over and OUT.
Parabolic is the shape of a satellite dish? Up, down in the middle and up again.....Is that good?
I think you would perhaps prefer an exponential rise in gold?
Over.
That's only if the satellite dish is lying on its back.
I prefer the term exponential as that's more mathematically similar to what really does happen. On the other hand, it's also one of the better warnings for shorter term traders to sell -- nothing can stay exponential for very long, and you usually get at least a short sharp correction right after -- which is often a good time to jump right back in, only now you can afford to buy more than you had last time around the cycle. You can of course, only do this reasonably well in paper, which is also why it's a good "feature" that you're sometimes out - you might be lucky and catch the failure of paper while out.
You know, with the fight club meme and all -- we shouldn't be pushing the doom and gloom and fear premium, it only prices us out of our own favorite market -- you save that for the last move, not while you're accumulating.
I've long used TA by the way, not because I believe in it -- that would be silly. It works because other humans believe it, and when it says buy, they buy, driving the price up, totally self fullfilling. If enough people sign on to astrology, it would work just as well for the same reason - the multiplying effect of any herd. By using tech analysis, I see the same things the herd bases their decisions on - so I know how to make my own, and whether to be trading something at all or not. Doesn't mean I think there's some magic in the math - I know better. I suspect, so do "they".
The Pan Asia Gold Exchange opens Q4 this year... It is going to be a game changer...
http://www.cheviot.co.uk/news/2011/08/the-pan-asia-gold-exchange-and-hugo-chavez-a-curious-meeting-of-minds/
Do you accept barter for services or cash?
Come on then and list your service/business on http://www.bartercalcpro.com
(Soon my new bartercalc pro app will be coming!)
On a different note, if you are a hippie, you might enjoy the music on http://rainbowglowmedicineshow.com
cheers
Yes, I accept barter for cash.
Just got here, and it's already "beat the shit out of gold" time. Mf'ers. Every fucking morning.
when this settles down..Asia, India will own are the hard metal..we will be playing with our paper...sad but true
Not sad at all. We deserve it, we are an uneducated, arrogant and lazy country that has be lied too by this courrpt banking cartel.
Untrue. This is a game. Kicking the can and buying gold was the game instituted by the Fed and the ECB, not "ASIA". In the end, I believe the Fed and the ECB will remain atop the heap in international banking. Not so for our citizens. I expect that the Western citizens will be in exactly the situation you describe, with no PMs, but their Asian counterparts will have PMs. Central banks know the game and they won't get hurt. The game is to kick the can and acquire gold.
OK class, can anyone tell me why Asian countries are telling their citizens to buy gold and Western nations are not????
Because to create a viable system, they have to bring down the living standards of the average Westerner. Urging momma san and pappa san to buy gold, but not Western mom and pop, transfers wealth from us to them when we go from fiat to gold. Moving to a gold standard creates no wealth at all. It just changes the measuring stick. In doing so, WEALTH IS TRANSFERRED from those who have no PMs to those who have PMS. (provided the value of gold rises, but central banks are not buying it because they think it will fall).
So you can all sleep better at night knowing that there is a logical reason you are getting screwed.
Your forgetting something.
With a poulation well over a billion, many of the Chinese Gov policies revolve around maintaining social order and preventing unrest.
A citizenry that holds gold will be better off and less likely to revolt.
True, I can't challenge that assessment.
I think the authorities in China are scared. They promised "The Century of China" like it would be some sort of eden. The realities can't be hidden. China benefitted from the old system and cannot exist in a vacuum. The world economy is broken, and China is part of it. They smacked down Google for a reason, they are desperate to maintain control.
Also, a citizenry that holds gold can find a bride in a one child society that has been purged of women.
"A citizenry that holds gold will be better off and less likely to revolt."
They revolted allready.
So pre-menstrual women are destined to rule the financial world?
Oh the humanity!
I was shocked to see Tulving out of Kruggerands....
Krands have been shipping to Europe, ME, Asia, in large quantity recently...
I always had a preference for them.... no mention of any link to fiatcos...
last evening my coin dealer only had one Krug i took it!
>> Tulving out of Kruggerands....
Tulving has been out of Kruggs, and other coins, off and on for years. Nothing to see here, move along.
That chart looks more like Government-Inflation adjusted !
Well, I don't buy it.
Any German Bank in July 1986 bought 1 Kg. Gold for circa DM 80,000 . .. i.e. ca. EUR 40,000
Based on the above chart for July 1986 , that means circa EUR 120,000 / Kg. would be today's price, e.g. roughly 3 times higher.
JMHO FWIW
There is also something wrong with the slope unless it was 3 times shorter in the latest years.
Standing at the office coke machine,
I discovered I actually had a silver dime among the coins in my pocket.
While tucking it safely away, I mentioned it
to the young man next to me.
He asked, "did they really used to make coins out of silver?"
Something similar happened to me. I realized it was a silver dime when the machine refused to take it. Glad the machines can't recognize true value either.
In the past year I've been handed silver quarters as change on two separate occasions. It was great paid for my lunch both times.
Gold has become the worlds reserve currency. Hugo Chavez knows it. Germany is demanding the PIIGS back loans with Gold collateral. Kazakhstan is making sure it's national Bank buys all Gold mined in it's country. More countries will come to understand this. Some will be dragged kicking and screaming to it because they will have no choice in the matter.
Anyone HFT MOMO trading gold is a flat out idiot.
You should go up and fix that $500 gold/year error. I'm sure you just typed in the wrong date or dollar figure.
The problem with valuing physical gold, we have a good idea how much physical has been mined in all history, but no-one on earth knows for sure how much fiat or it's derivatives are sloshing around.
My estimate:
Paper currency and instruments
expressed in terms of USD $ 5 x 10^14
Gold 5 x 10^10 Troy Oz
The symbol ^ means "to the power of".
Do your own research.
While the CME cheats American workers to protect JP Morgan and the banking scumbags the Asians come in the backdoor and buy Gold and Silver at a discount. Love the free market! lol!!
August 26, 2011 8:09 AM ET
http://money.msn.com/business-news/article.aspx?feed=AP&date=20110826&id...
The Super Wealthy are starting to load up on physical....by the kilos I read.
Never tried to put a silver dime in a machine, knowingly anyway. I don't plan on doing so either.
Wish I had the funds for kilos of gold....
Never tried to put a silver dime in a machine, knowingly anyway. I don't plan on doing so either.
Wish I had the funds for kilos of gold....
With CME's 27% margin on gold, there's really no point in serious hedge funds holding on to it any more to play the casino. For protection, yes, for playing the casino, no. Does that mean more gold for us? Not necessarily. It was paper gold anyway, and unless there's been a drastic change in refining methods, the demand is still much higher than supply.
Whatever Bernanke does, he has to kill gold and promote fiat. Then when it all goes tits up, this will be the final tool: Gold confiscation. Gold/silver represent a serious challenge to the supremacy of fiat money in the near future, so they have to kill it with volatility, over supply (Or pretend to over supply by announcing sells), and of course legality (aka conflict gold).
Human nature being what it is, the value of symbols and tangible assets are based on the subjective bias of desirability and behavioural economics. That's why some paintings are worth millions and others a few bucks even though the age, quality and constituents are the same. If you can think of any other under valued asset that may be desirable in the future, now is the time to convert all that useless paper into it.
Imo, contemporary zeitgeist is one of polarity - in paper and gold, in right and left, in war and peace. I'd make a tentative guess that PM prices won't go exponential until after government confiscation. Until then I expect much volatility.
I think you and everyone else is misunderestimating the game. You explain the "tangible assets are based on the subjective bias" rule, but fail to apply that to US$ also. My theory is that he who prints the paper that the sheople "subjective bias" to have value wins forever. He who prints US$ can print dollars on a controlled spree, use the dollars to buy gold, and at the same time bleed the sheople of the same dollars through tax. It's win-win for the masters, and it doesn't ever have to end. We are just floundering in the wake, those who have no AU at all are worse off even than that.
I agree with you. I may not have mentioned it except as a "symbol", but that subjective bias is active with fiat USD.
Negative JPM:SILVER ratio watch - Day 25.
Suck on THAT, Blythe.
Gold is going the way of the Elmo Doll, you betcha!
But you can eat an Elmo doll
I am bored of this gold talk, everything is cheap these days IMO, I think I will go buy another uber-expensive, single piston, pneumatic wabbit-killing machine. You can eat wabbits.