Gold: $1,116.20 Per Ounce

[Cruise]

It's probably going to be a few more years before you see whites, generally, getting so upset, they feel there is nothing to lose.

In the meantime, accumulate whatever trade goods you can.

DO NOT BUY A CAR!!!!!
DO NOT BUY A HOUSE!

These are two money pits Washington and Wall Street love to use against people's finances.

Buy small, easy to transport, durable, high-demand items. They will become a new currency that will be better than any dollar, euro, savings account, check, or credit card.

Gold and silver are great, but they are not the only ways to prepare yourself in advance of financial collapse.

 

[Juboy76]

The price of gold is waaaay to high to buy in now...The key is buy low sell high

 

[nittie]

Unite against the banking system.

 

[Lamarr]

Unite against the banking system.

the only way to do this is Gold! The reason gold is skyrocketing is because people around the world are losing confidence in the paper "fiat" currencies issued by central banks worldwide. Gold is real money. Why, because it is an instrument of wealth, whereas Federal Reserve notes, Yen, Euros, etc. are instruments of debt. Greece will fall, Portugal will fall, Spain will fall & eventually.................

Precious metals will be the only thing of value (outside of some ammo & canned goods) Gold has stood the test of time for 6000 years. Personally, I'm workin on silver but to each his own

Gold $1234.60 peace!

 

[Lamarr]

"Listen the Ron Paul stuff... if it weren't for part of a conflict story, would be funny. Ron Paul is one of many elected representatives that we have, that DOESN'T even have a basic understanding of fundamental economics... let alone, more complex issues and better ways to hedge against inflation, than buying GOLD. Gold's a complex instrument... and, you know it speaks to a bigger point, "He (RP) doesn't even know what he's doing."

Maria Bartiomo... YEAH.

Stop listening to these people! ! ! ! ! ! ! ! Gold 1249.50

Ron Insana, a failed hedge fund manager, just went on CNBC to diss Ron Paul's investment strategy.

Follow along here.

In March 2006, Insana left CNBC to start Insana Capital Partners, a money management firm that would manage a fund of funds. He closed the firm in less than two years. His return to investors who put money with him was negative 5%.

 

[Lamarr]

I'm watchin CNBC & they don't know why gold is up $24 in early trading. I don't know whether to laugh @ suckaz or cry due to their naivety

Stop listening to these people! ! ! ! ! ! ! ! Gold $1271.5

 

[Cruise]

The price of gold is waaaay to high to buy in now...The key is buy low sell high

It's not that gold is becoming more valuable...

it's that the dollar is reaching it's natural value... ZERO!

You'd better get what you can, while the dollar still has some purchasing power left.

 

[ashimac]

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[Lamarr]

the U.S. government is waging an all out war on the purchasing power of the U.S. dollar and the move up in gold is an indication that they are winning.

 

[mike123]

I'm just hoping this eventual dollar crash doesn't hit for a few more years.

I need more time to accumulate and establish my position.

c/s

 

[Lamarr]

Update: Gold Resumes Uptrend Following FOMC Statement

(Kitco News) -- Gold resumed its uptrend after Federal Reserve policy-makers said Tuesday that they are willing to undertake further action to prop up the economy, with the metal moving to record highs.

Gold up $16 today to $1290.40

 

[Lamarr]

just a heads-up, dollar index under 77. @76.52

Gold explodes to $1378

Bank of Japan announced another round of QE:

Now China Has Announced Gold Purchases As Well:

 

[ashimac]

"Gold is the money of kings; silver
is the money of gentlemen; barter
is the money of peasants; but debt
is the money of slaves." Money and
Wealth in the New Millennium, by
Norm Franz, copyright © 2001,
Whitestonepress, page 154.



Ronald Reagan once told Ron Paul.
" Any nation that leaves the gold
standard, doesn't remain great"
He understood the value of Sound money.

 

[nittie]

Regardless of where gold is it has to come down because that's the nature of the Market. Obama is right, there has to be reforms put in place so we don't have these boom and bust cycles. What he doesn't speak about publicly even though he knows something must be done about it is the distribution of wealth. Hedge fund managers cannot be making a billion dollars a year while the average home is losing value that is a recipe for disaster.

 

[Cruise]

Max Keiser said yesterday on Iranian TV that Russia and a few OPEC countries were organizing to devalue the dollar today.

It looks like they were successful.

The Fed will have a meeting in November about inflating the dollar (quantitative easing).

If they do it, gold, silver, imports from China, gas, and everything else will see MUCH higher prices. The whole country will suffer to save Wall Street.

If they do not, at least one of these too big to fail banks will collapse (I'm betting on Bank of America). Bank suspensions, bank holidays, and/or bank defaults would occur.

 

[Lamarr]

The Fed will have a meeting in November about inflating the dollar (quantitative easing).

If they do it, gold, silver, imports from China, gas, and everything else will see MUCH higher prices. The whole country will suffer to save Wall Street.

wow....Gold $1412.50 (as of a few minutes ago), oil inching up. You called it

 

[LennyNero1972]

Max Keiser said yesterday on Iranian TV that Russia and a few OPEC countries were organizing to devalue the dollar today.

It looks like they were successful.

The Fed will have a meeting in November about inflating the dollar (quantitative easing).

If they do it, gold, silver, imports from China, gas, and everything else will see MUCH higher prices. The whole country will suffer to save Wall Street.

If they do not, at least one of these too big to fail banks will collapse (I'm betting on Bank of America). Bank suspensions, bank holidays, and/or bank defaults would occur.

wow....Gold $1412.50 (as of a few minutes ago), oil inching up. You called it

I'm riding with you Cruise on BoA.

 

[gene cisco]

Max Keiser said yesterday on Iranian TV that Russia and a few OPEC countries were organizing to devalue the dollar today.

It looks like they were successful.

The Fed will have a meeting in November about inflating the dollar (quantitative easing).

If they do it, gold, silver, imports from China, gas, and everything else will see MUCH higher prices. The whole country will suffer to save Wall Street.

If they do not, at least one of these too big to fail banks will collapse (I'm betting on Bank of America). Bank suspensions, bank holidays, and/or bank defaults would occur.

 

[Cruise]

It's a shame that it happened.

The Federal government, the Federal Reserve, Congress, the states, and the courts are out-of-touch.

This new printing puts us at $4 gas sometime next year.

We all know what happened the last time we saw $4 gas. Wall Street collapsed and we were all sacrificed to keep them in business and pay their bonuses.

We are all going to get a lot poorer over the next 10 years.

 

[thoughtone]

One world currency, GOLD!

 

[Lamarr]

Source

The contact out of London has updated King World News on the massive Asian buyers which have been accumulating both gold and silver. The London source stated, “Last week Asian buyers let the price come in to them. They were buying all day long, hitting all of the offers and they were not sending the price higher. As much as the orchestrators were hitting the bids, there were some smart buyers hitting the offers. The thinking was, I can pick up tonnage here, literally I can pick up tonnage here.”

The London source continues:

“On the surface this does not appear to have anything to do with the physical market. The spot buyers are indexing, and this is what no one is talking about. They are indexing the metal to the real physical even if they can’t get the physical metal at that moment.

What would stop you from putting up a few billion dollars? This is what China is doing. You’re China, you were refused IMF gold, so you are going to quietly sell your treasuries, or swap your treasuries more likely for a spot financial transaction. What they are doing is buying spot, which is a currency transaction because you can’t get the metal. The physical market has now completely diverged from the paper market.

The only way to fight it, and it can’t be done in the US, but it can over here in England (the Asians can), is to buy the foreign exchange transaction which is gold versus dollar, silver versus dollar. So essentially what you are doing is shorting the dollar versus gold, or shorting the dollar versus silver. The great thing about that is even if you can’t buy the physical, you are now indexed to the price of the metal. So even if you can’t get the physical at that time, you now have your hedge, you essentially have what you want.

So if the price of gold and silver goes up, the price of your spot goes up. Even if the Comex defaults, spot will go up. Even when the market is taken down, it is constructive in terms of filling your physical orders. As they take the price down, you are happy to pay a premium to pick up the physical. The point of all of these purchases is to eventually convert them to physical gold, or physical silver, 100% of them. The Fed has to know this, they are not stupid.”

So the Asians are exercising patience in converting all of these spot purchases to physical?

“If these guys converted all of their spot to physical, there would be a massive default today. No one in the US understands that, the Asians are laughing at these guys. It’s a way to unload billions and billions of dollars into the market. Looking at the futures market gives you a totally false impression of what is going on, this is going to totally blow up. Remember if you are China, your primary goal is to get out of trillions of dollars, that means purchasing hard assets such as gold and silver.”

How sustainable is that?

“It’s eventually going to blow because at some point these buyers will say, ‘I’m indexed, but I actually want to get all of this physical gold and silver now.’ When that happens, the game is over.”

Well there you have it, the Asians are aggressively exchanging US dollars for gold and silver spot transactions, and eventually converting those spot transactions into physical gold and silver. For the Asian buyers this is an interesting game, it requires calm persistence, a scheme that is perfectly suited for a culture known for its patience and long-term strategy.

Eric King

 

[ashimac]

Will Silver Outshine Gold Again in 2011?
By CHARLES WALLACE
​

Everybody knows gold had a great year in 2010, rising 27% and beating most other investments. But silver actually did much better, climbing a breathtaking 83%. Can the "poor man's gold" continue to outperform its more expensive big brother?

Many analysts think so. Adrian Day, an asset manager and author of a recent book on commodities, Investing in Resources, says that for 25 years silver stockpiles were so huge that its price didn't move. But in recent months, the stockpiles have been exhausted.

"Supply-demand has been pretty tight" Day says. "I think silver could continue to go up." But he also cautions that the recent large jump, particularly since last August, means that "clearly the downside has increased."

Favored Ways of Investing

Peter Schiff, CEO of Euro Pacific Precious Metals in Westport, Conn., says he looks at the ratio between the prices of gold and silver. With gold at $1,400 an ounce and silver at $30.90, that ratio is 45:1, which is very high by historical standards.

"I think that still favors silver," Schiff says. "If the gold bull market continues, which I believe it will, people will continue to make more money in silver than in gold. If we have a big decline, then silver will go down more."

Day favors investing in silver in exchange-traded funds (ETFs), such as the iShares Silver Trust (SLV), while Schiff favors putting money in bullion. But a note of caution: Owners of physical silver (and gold) such as coins or via ETFs have to pay a collectibles tax of 28% on long-term gains, as opposed to the 15% tax on other long-term capital gains.

"As gold gets more and more expensive, there are a lot of people who cannot afford to buy an ounce of gold anymore," says Schiff. "So they take what's left of their paycheck and buy silver."

Not "Particularly Cheap"

Data from the U.S. Mint confirms this trend. It says sales of its American Eagle gold coins fell 14% last year, while silver coin sales were up almost 20%. Of course, that could be simply because investors had switched to investing in ETFs rather than owning physical coins, but the greater demand for silver is plain.

Another possible investment alternative is to buy stocks known as silver-stream shares. Both Day and Schiff say they own (SLW), and Schiff also owns Endeavour Silver (EXK). Silver Wheaton has outperformed the underlying silver price, climbing 162% in the last year. "None of the silver stocks is particularly cheap," says Day.

Sponsored Links
Silver isn't actually mined directly anymore. Rather, 75% to 80% of its production is the byproduct of other mining activities such as copper, lead or zinc. Silver-stream companies purchase a portion of the silver output of these byproduct mining operations, usually by offering an upfront payment in return for a steady supply at a fixed price.

One of silver's attractions is that it has many industrial uses. As supplies get consumed, upward pressure is put on silver prices. Gold, on the other hand, has very little practical use apart from jewelry and some applications in electronics, so prices are more determined by speculators.

Both metals are considered a safe hedge against inflation and as a store of value. For the small investor, however, a $30 silver coin is a lot more approachable than a $1,400 gold investment.

See full article from DailyFinance: http://srph.it/fpZ4bb

 

[deputy dawg]

just skimmed thru the posts~

Lots of silliness spouted above -

one headline from early2010 stood out though;

US gold drops on pre-weekend profit taking

The climb in gold price reminds me of something else, what can that be...








HOUSES!!

Just like the housing market, people react to news readers reporting about record value increases. The time to buy is when everybody is doing something else somewhere else.



The key to profits said earlier:

The price of gold is waaaay to high to buy in now...The key is buy low sell high

Buying gold at this ridiculously high price is like paying cash and spending too much for a property. Not taking out a mortgage, but paying cash for the property (like paying cash for gold). You're only making the people who bought at a lower price that much wealthier. Then when gold drops you either sell for a loss or hold on to it waiting for the next inflated value hike, the in the next 20 year cycle.

If they're talking about it on the news, it's too late to jump in. You're only following the herd of sheep to financial slaughter. We're in the down side of the real estate cycle. This is the time tobuy properties. People being foreclosed on need to live somewhere (else). A working person/couple who got one of those crazy mortgages to get into their dream home loses that dream home will need to rent somewhere. They can and will pay rent, hopefully to you.

I'd rather spend $50 - $80K on property than on silver or gold in this current climate.

 

[Cruise]

The price of gold is waaaay to high to buy in now...The key is buy low sell high

If you are talking about ETFs, mining stocks, certificates, and other paper gold/silver contracts, maybe... maybe not.

If you are talking about the actual metal...

Saying it is too late to buy gold/silver is like saying it is too late to eat.

It is only too late when it is not available.

 

[deputy dawg]

If you are talking about ETFs, mining stocks, certificates, and other paper gold/silver contracts, maybe... maybe not.

If you are talking about the actual metal...

Saying it is too late to buy gold/silver is like saying it is too late to eat.

It is only too late when it is not available.

No, no no!

When one goes out to buy gold what do you actually get? Media hype is telling everyone to sell your old gold jewelry for cash, or some progressive countries selling gold bars via vending machines.

The average person isn't going to go head to head with super investors and get "ETFs, mining stocks, certificates, and other paper gold/silver contracts," as you stated. The big money is in the heard of "sheep" jumping on the bandwagon foolishly trying to get rich and throwing their money into GOLD 'cuz it's at the highest value they've ever seen!

Like I said, the money being made now is by those who bought at a low price and are selling at today's high price. Those who buy at this high price will see decent returns late in life, or after they are dead and their heirs reap profits.

 

[Cruise]

No, no no!

When one goes out to buy gold what do you actually get? Media hype is telling everyone to sell your old gold jewelry for cash, or some progressive countries selling gold bars via vending machines.

The average person isn't going to go head to head with super investors and get "ETFs, mining stocks, certificates, and other paper gold/silver contracts," as you stated. The big money is in the heard of "sheep" jumping on the bandwagon foolishly trying to get rich and throwing their money into GOLD 'cuz it's at the highest value they've ever seen!

Like I said, the money being made now is by those who bought at a low price and are selling at today's high price. Those who buy at this high price will see decent returns late in life, or after they are dead and their heirs reap profits.

I think it is best to distinguish value from price. To me, value is usefulness. Price is a unit of account.

Gold/silver prices, in the units of account, whether dollars or any other world currency, have been rising for 10 years.

It is rising because the United States, the Eurozone, and Japan keep sinking deeper and deeper into debt. As long as China and the rest of the world peg their currencies to the dollar, they are going down too.

So ask yourself, which do you believe?

The United States will stop going into debt, reduce government expenditures, and stop its wars...

OR

The United States will refuse to be responsible with its spending and liabilities because the American way of life is not negotiable.

If you believe in United States' fiscal responsibility, stay in dollars.

Otherwise, get gold and silver (while you still can).

Of course, this is all just my opinion.

 

[texast]

I'd rather spend $50 - $80K on property than on silver or gold in this current climate.

I agree deputy dawg, gold is a pure gamble. Take the 25 to 40 percent sure money in renting out foreclosures, plus the posiblity of future equity increases. Maybe put 5 percent in gold in case all hell breaks loose, but no more than that.

I must admit I just bought some options on the gold ETF "GLD" today on the dip, but I will sell as soon as i make a profit, hopefully in a week or so.

 

[ashimac]

Gold, Stocks and the Dollar: The Rise and Fall of a Correlation
By PETER COHAN Posted 11:30 AM 01/24/11 Columns, Economy,

Despite the fact that pundits and experts toss out explanations each afternoon about why the market just moved the way it did, it's impossible to really explain why stocks -- or any other investments -- go up or down on a given day. But since President Obama was sworn into office, a strong relationship between the dollar, stocks and gold has developed. When the dollar dropped, stocks and gold rose. The mathematics of that relationship were nearly perfect.

The simple explanation for this inverse correlation -- I'm not sure whether it was valid -- was that investors bought gold as a hedge against a declining dollar and stocks because a weaker dollar would boost American exports and corporate profits. But now, that correlation is approaching zero, and as gold ATMs are starting to dot the American landscape, the implications for gold bugs are ominous.

"Close to Zero"

First, let's briefly discuss a fundamental concept in statistics: correlation coefficients. These range from -1 (when A goes up, B always goes down -- a perfect inverse correlation) to 1 (when A goes up, B always goes up -- a perfect positive correlation). When there's no consistent relationship between the behaviors of A and B, the correlation coefficient is 0.

Between January 2009 and the end of 2010, stocks and gold rose when the dollar dropped. According to The Wall Street Journal, the correlation coefficient between stocks and the dollar was nearly -1 during that time. However, since the beginning of 2011, that connection has evaporated. "For much of the past month, that correlation has been close to zero, meaning the relationship between stocks and the dollar has been, practically speaking, almost nonexistent," explains the newspaper's Mark Gongloff.

Not only has the negative correlation between stocks and the dollar vanished, but so too has the positive correlation between gold and stocks, held for most of 2010's second half. Since New Year's Day, the relationship between gold and stocks has turned negative: Now, when stocks rise, gold falls, and vice versa, and gold's price is down 5% to $1,347 an ounce from its year-end 2010 price of $1,421 an ounce.

Is Gold an Illusory Hedge for the Dollar?

When an apparent correlation relationship dissipates, it's good to remember that there's a more subtle problem with the whole idea of analyzing correlation: the distinction between correlation and causation. Does a rising price for A cause the price of B to rise (or fall), or it just a coincidence? That's important in this case because gold bugs claim that gold is a hedge against so-called fiat currency -- meaning that people buy the precious metal because they think the dollar is essentially worthless (a view shared by U.S. Rep. Ron Paul (R-Texas).

Sponsored Links
But now that the correlation between the values of gold and the dollar has gone from near -1 to near 0, that argument goes out the window. After all, if gold's price movements have nothing to do with the rise or fall of the dollar, gold becomes a terrible hedge against a weakening dollar.

Regrettably for investors in gold, this revelation is arriving on the scene at a time when gold ATM machines are popping up in places like Boca Raton, Fla., and Las Vegas. This feels reminiscent of how TV shows about rehabbing and flipping real estate became really popular just before the housing bubble burst. And it could mean that anyone buying gold from these machines is getting in at the top of a market about to tumble.

The Wall Street Journal article concludes that the changing relationship between the dollar, stocks and gold means investors are beginning to focus more on fundamentals. I think that conclusion is wrong. The reality is that unless big buyers and sellers have to tell regulators -- under penalty of perjury -- the real reasons for their trading decisions in real time, all other "explanations" are really just idle speculation.

That Popping Sound

It could be that gold and stocks are parting ways because investors are sensing a turn in the public mood against gold, ironically, just as Rep. Paul -- the new GOP chairman of the House committee that oversees the Federal Reserve -- is moving to push the Fed toward a gold standard.

Once investors stampede for the exits, the sound of that gold bubble popping will be loud and clear.

See full article from DailyFinance: http://srph.it/ei3Xe2

sorry for the old news

 

[ashimac]

Why Gold Has Been Knocked Off Its Highs
By DAN BURROWS Posted 12:10 PM 01/28/11
​

Good news is bad news if you're a gold bug. Double-dip recession fears, financial instability in the eurozone and central bank money-printing pushed gold prices to new nominal all-time highs seemingly every other day in December.

What a difference a month makes.

Gold futures have tumbled nearly 8% in January and are closing in on a full-blown technical correction of a 10% drop. Trading hands at around $1,320 on the Comex division of the New York Mercantile Exchange, the precious metal has lost $100 an ounce from its non-inflation-adjusted record high hit just last month. Indeed, gold prices haven't been this low in four months.

Friday's action notwithstanding, in which gold prices rose as the stock market sold off, safe-haven assets are suffering at the expensive of equities and other riskier assets. That's what happens when the global economy appears to be picking up steam. The allure of owning gold, which pays nothing in dividends or interest, starts to dim in a context of soaring stock prices and, gulp, rate hikes.

​

Gold is a hedge against inflation. The Federal Reserve remained committed to a near-zero interest rate policy on Wednesday, but global food and energy prices are rising. McDonald's (MCD), Procter & Gamble (PG) and Colgate-Palmolive (CL) all testified to that when they released fourth-quarter earnings earlier this week. And on Friday, we learned that U.S. gross domestic product grew at an annualized rate of 3.2% in the last three months. Even though this is under the 3.5% estimate that was widely forecast, which helped spark investors to sell stocks, it's a strong move up from the previous quarter's 2.6% rate.

Technically, the economy is now longer in recovery mode. It's expanding. At some point, the Fed will raise rates as part of its mandate to promote price stability. Just as important is what's happening overseas. China is the force behind the global recovery, and Beijing has moved repeatedly to tighten fiscal policy in order to cool China's torrid growth.

"Everyone focuses on what the Fed is doing, but for the gold market it is also important what the Chinese and Indian central banks are doing," write analysts at Natixis Global Associates, in a note to clients.

And then there's the debt drama in Europe, which has eased considerably. Just look at the euro, which has jumped to around $1.36 from $1.30 in the past month or so. With the Dow Jones Industrial Average ($INDU) earlier this week hitting the 12,000 level for the first time since June 2008 and the S&P 500 ($INX) at levels not seen since Sept. 2008, risk is the new black. Who needs gold?

See full article from DailyFinance: http://srph.it/e6yGjq

 

[Give Me 3ft.]

good thread.

 

[Lamarr]

Buy, Buy, Buy!

Silver lookin really nice right now

Long-term strategy y'all, & by the looks of things, it may not be that long

 

[Lamarr]

$1457.60

$39.33 / oz

 

[Cruise]

It's no fun to be right when the news is bad.

It is going to be a harsh winter for a lot of people if the Federal Reserve keeps trying to prop up these failed banks.

Why do people go along with this?

Is it cowardice or stupidity?

 

[Lamarr]

Gold $1499.70

 

[Lamarr]

Return of the Gold Standard As World Order Unravels

As the twin pillars of international monetary system threaten to come tumbling down in unison, gold has reclaimed its ancient status as the anchor of stability. The spot price surged to an all-time high of $1,594 an ounce in London, lifting silver to $39 in its train.

On one side of the Atlantic, the eurozone debt crisis has spread to the countries that may be too big to save - Spain and Italy - though RBS thinks a €3.5 trillion rescue fund would ensure survival of Europe's currency union.

On the other side, the recovery has sputtered out and the printing presses are being oiled again. Brinkmanship between the Congress and the White House over the US debt ceiling has compelled Moody's to warn of a "very small but rising risk" that the world's paramount power may default within two weeks. "The unthinkable is now thinkable," said Ross Norman, director of thebulliondesk.com.

Fed chair Ben Bernanke confessed to Congress that growth has failed to gain traction. "Deflationary risks might re-emerge, implying a need for additional policy support," he said.

The bar to QE3 - yet more bond purchases - is even lower than markets had thought. The new intake of hard-money men on the voting committee has not shifted Fed thinking, despite global anger at dollar debasement under QE2.

Fuelling the blaze, the emerging powers of Asia are almost all running uber-loose monetary policies. Most have negative real interest rates that push citizens out of bank accounts and into gold, or property. China is an arch-inflater. Prices are rising at 6.4pc, yet the one-year deposit rate is just 3.5pc. India's central bank is far behind the curve.

"It is very scary: the flight to gold is accelerating at a faster and faster speed," said Peter Hambro, chairman of Britain's biggest pure gold listing Petropavlovsk.

"One of the big US banks texted me today to say that if QE3 actually happens, we could see gold at $5,000 and silver at $1,000. I feel terribly sorry for anybody on fixed incomes tied to a fiat currency because they are not going to be able to buy things with that paper money."

Read the Rest