wren

The new junior miners ETF GDXJ started trading on Wednesday.

New Junior Gold Miners ETF Launches: As Volatile As It Gets

 

Van Eck has launched a new ETF focused solely on smaller sized gold miners and explorers than the predominant gold miners ETF GDX. This new Juniors ETF will trade under the ticker GDXJ. According to Investors Business Daily, here are some key stats:

 

63%, of the components are based in Canada, followed by the U.S. with 22%, Australia 11%, South Africa 2%, China 1% and the U.K. 1%

expense ratio of 0.60%

GDXJ's underlying index spiked 92.4% this year through Oct. 30.

http://seekingalpha.com/article/172955-new...tile-as-it-gets

Peak gold.

marketoracle has just published an article about Peak Silver and Mining by a Falling EROI.

I haven't read most of it yet. Plenty of charts:

http://www.marketoracle.co.uk/Article14756.html

My comments in bold:

Wren

 

Gold looks poised to break through the Euro maximum price of 770 some time before the end of the

year (this rally is analogous to the rally of 2005). The maximum Euro price then was 350 and that was broken and gold reached 400 before January 2006.

 

I'm certainly hoping for a great winter for the euro price.

 

At the moment, however, RSI is 75, very high so there may be a correction to give a buying opportunity.

I do not expect this to be significant, as gold has attracted some interest lately, and there are many

waiting for a dip to get in.

 

Barrick is also praying for a dip, they still have 3 billion $ to spend from borrowed money to buy back those damned hedges.

 

If the dollar bounces I still wouldn't be surprised if the euro price holds or even goes up.

 

The big question, is when silver will wake up. Of course, we know silver always plays catching up in

rallies, so big gains are expected later in the winter.

 

Silver has had a great year already. So I don't feel disappointed. Maybe it needs a breather.

$1116 /oz for gold (new all time record), silver still sticky in the mid-$17s (not even a high for this year)

USD 1117.10

EUR 745.66

at the mo'.

The euro price is still well below its record but interestingly today the euro price just steadily increased hour after hour. Pretty unusual.

See euro and dollar charts at this link:

http://www.24hgold.com/english/gold_silver...aspx?money=Euro

Excellent lets hope they are able to watch it in FINLAND.

Yes, it's available here in Finland.

Nice video.

If you intend on reading most of his works, then in my opinion chronological is pretty good as you get a sense for how his thought develops. The way I tend to view the development is: romantic, positivist, zarathustra, post-zarathustra. But in any case, definitely start with The Birth of Tragedy.

Thanks. So chronological it shall be.

Purchases from India kept premiums for gold bars steady in Singapore at 40 to 60 U.S. cents to spot London levels, while fears about further gains in prices spurred buying from the electronics sector in Hong Kong.

So much for a useless yellow metal. Scrap mobile phones contain a lot more gold per tonne than gold ores.

..

 

[i prefer Dostoyevsky to Nietzsche myself, just finished "The Gambler". A superb read. I suggest "Notes from the Undergound" be made mandatory reading for all first year economics students.... in order to balance out the nonsense of ceteris paribus/ all things being equal. They might then undertand a little about human behaviour.... or there subject at hand. ]

I can claim to have read Dostoyevsky as I read The Gambler several years ago and enjoyed it. It is a normal length novel though, unlike e.g. Crime and Punishment, which probably is that.

Just recently purchased most of Nietzshe's works spread over several books.

Do poeple have recommendations in what order they are best read or is chronological good enough?

I've already read the Anti-Christ.

The Chinese are actively encouraging their population to now save in gold and silver, so the investment demand is getting a large shot in the arm. I wonder how long before it takes over as the primary demand.

 

3.6 Million removed from Comex in a single day last week, default on the comex looking more likely in the near future.

Yes, I had forgotten for a moment about the new retail promotion of silver in China. This lends great support, maybe a Shanghai put (if the Chinese government feels the need to support price in order not to lose face, which I suspect is likely).

Just that I try not to get my hopes too high, like imagining that it will got to 20:1 in the near future. I would love it if it did and long-term I think it will.

Is it possible for Silver to rise significantly and Gold to remain at present level to achieve 20:1?

I think in the very long run silver will go to 20:1 or even less. However, I don't see it as likely happening in the near future.

I keep in mind that silver these days is primarily an industrial metal and only secondarily an investment metal. So silver is potentially subject to industrial demand reduction during this recession in a way that gold is not so much.

Having said that, if a physical delivery default occurs on COMEX who knows what the price of silver might do?

Today seems to be a day the cartels 2% rule is being well and truly broken, +2.33% and still climbing.

The euro price is up even more as the euro drops against USD. The euro gold price has been very boring for months.

USD 1084.32

EUR 737.32 (up from about 721 this morning)

I suppose the Indian purchase is psychologically signifiant: a sizable and highly public purchase by a central bank at over 1000.

I wonder if Asian trading will hold the price up? 1100 beckons.

edit - as an aside, anyone else thinking we may see pm's go up with the $ for a while - mish eluded to this on kwn last week

If there really is some sort of Shanghai put this might turn out to be the case.

Mish:

Why did gold rise with the dollar January-February? Those three charts above offer a possible answer.

 

The Euro bottomed against the US$ at the same time the crisis in the Hungarian Forint, Czech Krona, and Polish Zloty subsided vs. the Euro.

 

Although we would likely see weakness in gold if the dollar rallies, toss that relationship out the window if there is a currency crisis in Eastern Europe, or Asia. This could be another situation where gold rises with the dollar, as it did in the first quarter this year when the stock market collapsed.

 

Over the longer term, gold's move is a symptom of a flight from fiat currencies and various credit stresses in general, not just the dollar. If you are watching the US$ only, you are watching an incomplete picture. There are significant problems elsewhere.

http://globaleconomicanalysis.blogspot.com...n-european.html

I am planning on buying gold miners and a few silver stocks in the next crash. I would have done in last year's crash but couldn't get an online account, and didn't want to pay huge commissions to buy Canadian stocks from the UK.

 

I'll also buy more silver.

I'm just beginning to do background reading on these matters: indexes like the HUI and others and possibly junior stocks.

Let's hope we get a great buying opportunity. There are some new indexes including more junior stocks.

This is a good intro to the indexes:

Introducing the New Gold & Silver Companies Index (GSCI)

http://www.gold-eagle.com/editorials_08/wilsonl102609.html

I'm planning on opening a stock account with Internaxx (Luxembourg) which gives access to Toronto as well many other stock exchanges.

I'm hoping that this winter gold stocks get beaten into the ground but that gold holds up much better.

If so I can sell some gold next spring to get more gold stocks, as they would be relatively cheaper.

With me poised to make my first dive into silver (& with someone else's stash) I really would appreciate a steady helm

A useful drop in price today.

Short term I never really know whether to expect it to go up or down. For that reason I would average in over a few weeks.

Not very daring but it keeps the stress level down.

USD 16.09

EUR 10.93

Best of luck. Hope you get a good correction if you decide to average in.

Fake Silver Panda 2009 thread: http://goldismoney.info/forums/showthread.php?t=418766

Months ago I bought 1 silver and 1 gold Panda from CID (a dealer I trust). I decided that was all the Chinese I would buy, especially silver.

I wouldn't touch any Chinese silver or any silver with a Chinese connection with a barge pole. Why risk it?

I would probably go somewhere halfway, i.e. take on some mortgage but keep back a useful amount of cash/gold etc.

Is it really not possible for you to get a good place to rent including some security of tenure, say for 2 years? That's what I would try to get, but I think the hpc is still on, at least in gold terms.

Just found this video at GIM.

A brief explanation of the USD and silver carry trades.

From: http://www.youtube.com/watch?v=lHQR85_dgxY

Eerie quiet, considering all time records breaking. Not only no rockets, but hardly anyone even posting. Maybe too many people hoping for "the pullback"?

It's still well below the all time highs in euros, pounds etc.

I'll get excited when it makes new highs in those currencies.

I got some feeling that GF wanted a thread for keeping long-term charts and other observations without short-term trading stuff. Perhaps like a more expanded version of his GIM thread.

That would be a good resource.

Apart from that I would prefer if "and Investment" were put into the title of this thread and we could continue the old system where this is the daily gold "chat thread".

I recommend you read Gold Standard in Theory and History (Eichengreen, 2005) to find out why gold had more than just 'desirable' properties and why it was given up on. The actual historical explanation is a bit more straightforward and believable then the global elite-banker conspiracy pushed by most gold-bugs.

Gold was never given up on. Hundreds of millions of people keep it as savings. Central Banks still hold thousands of tons of the stuff.

I never mentioned the "gold standard". I never mentioned "global elite-banker conspiracy".

Gold is precious primarily because of its rarity and physical properties.

... I have met many elderly Russians living in poverty because they did not understand that their Rouble savings would be rendered almost worthless in a matter of months. I would not wish it on anyone and that is why I feel I have to warn people here what could happen to them if they don't wake up.

On the kitco forum there was an Icelander who put his savings into gold (at GM) before the Icelandic financial crisis.

Friends and collegues thought he was a bit of a nutter doing that. Maybe they changed their minds later.

Sorry, should have been more precise. Fiat as in 'through faith'. Gold is not de jure money anywhere and it's use as a money-like store of value is based on culture, history and mainly other non-intrinsic features.

Gold was and is valued primarily for its rarity and desirable physical properties such as fungibility, stability etc.

It acquired its history as a store of value because of those properties.

Anyone else find numerous posts like +1, +0, -1 etc a touch irritating?

+1.5

/I'll get my coat.

Was it impossible to change the thread tittle to keep us all together?

 

The split looks permanent to me

GF asked that "and Investment" be put into the title as was normal. It didn't happen so he started a new thread which is more about fundamentals and the long term than about short-term trading.

I was happy with the original "Trading and Investment" thread which included everything.

There seems to be some tension caused by the gold price move and differences of mood between those waiting on the platform hoping for a correction and those already aboard the train not taking the risk of being left behind.