qwerty

Hope I'm wrong, GF but it looks like a technical bear flag to me.

I hope that TA is 'in the bin' for silver, since it has dropped so much, but I guess it could fall further from here. Still, I'd rather be in silver than turdling. At least you can't print it!

Seems like there is a disconnect between the £ PHSP and $ Silver PHAG Etf's ,in £'s silver looks ok?.

Updated Do$$a chart

Silver Summit UK 5/11/08 James Turk and Others gold,silver,dollar,mining.

Don't know if this has been posted but here it is.

http://www.silversummit.co.uk/videos.htm

http://stockcharts.com/h-sc/ui?s=$SIL...id=p41585291416

It's amazing what you can see when the noise fades away. Nice chart.

I dont like noise!

Chart back to 2000 from Jesse's

http://jessescrossroadscafe.blogspot.com/

Stores of "value" since 2000

I have never seen this posted anywhere an Islamic Goldmoney based in Dubai which allows you not only to send payments etc but convert your holdings of gold and silver into physical metal and take delivery!.

http://www.e-dinar.com/html/

Presumably they are nervous because they are tax evaders.

 

 

Also, that quote referred to handing over records, not the gold holding itself. The UK government can get the records from BV anyway and will have records if you have exceeded the £5,000 and £10,000 limits for gold purchases from a dealer.

 

Taking this a bit further, the only way I can see that you could disappear from the radar completely is to have bought your gold in chunks of less than £5,000 per dealer for cash and then store it out of the banking system (which does increase the risk of robbery). eBay would leave a trail. However, if gold holding is declared illegal in this country, you would then have to leave and take your gold holding with you. In which case, you'd better not be one of those people who sweat a lot when you're under pressure

This has all been covered before many times .

There currently is no department to report your purchases too!.

Current legislation requires that where gold is physically delivered to British citizens in a sum exceeding £5,000 in one transaction (or aggregating £10,000 in a full year) then a report must be filed with HM Revenue and Custom's 'Gold Team'.

 

But the Gold Team no longer exists, so although the legislation remains there is no practical way of obeying it.

Duplicate post

Martin Hennecke of Tyche still advising buying gold on CNBC.

http://www.youtube.com/watch?v=QOAcd14bP8M

The other guy has not got a clue! "It's the power of the intellect that will drive the US forward not just the fact they can produce nuts and bolts!"?He is a worldwide fund manager.

Wait for the erm..........silence at the end of his speech!

Now add analysis lines to it such as MACD, RSI, 50EMA, etc?

Any Good?

http://stockcharts.com/h-sc/ui?s=$GOL...id=p34588046004

http://www.thestandard.com.hk/news_detail....&con_type=1

Gold rush

 

Benjamin Scent

 

Friday, November 14, 2008

 

 

The mainland is seriously considering a plan to diversify more of its massive foreign-exchange reserves into gold, a person familiar with the situation told The Standard.

 

Beijing is considering changing its asset allocations during the financial tsunami in order to build up gold reserves "in a big way," the source said.

 

China's fears about the long-term viability of parking most of its reserves in US government bonds were triggered by Treasury Secretary Henry Paulson's US$700 billion (HK$5.46 trillion) bailout plan, which may make the US budget deficit balloon to well over US$1 trillion this fiscal year.

 

The US government will fund the bailout by printing new money or issuing huge amounts of new debt, either of which will put severe pressure on the value of the greenback and on government bond yields.

 

The United States holds 8,133.5 tonnes of gold reserves valued at US$188.23 billion. China holds gold reserves of just 600 tonnes, worth only US$13.89 billion.

 

Beijing's reserves could easily go up to 3,000 to 4,000 tonnes, Tanrich Futures senior vice president Colleen Chow Yin-shan said.

 

Until now, the United States has had little choice but to issue massive amounts of debt to fund its deficits, and China has had little choice but to purchase it, as there are not many markets deep enough to absorb the mainland's US$30 billion to US$40 billion in monthly capital inflows.

 

Government officials involved in the management of China's reserves are beginning to see gold as an attractive place to park some of these funds. They see it as a real, tangible asset that will not lose its value over time - in stark contrast to the greenback, which is becoming more disconnected from economic realities as more bills are printed.

 

"It's the right time to increase the gold reserves, as the price is about US$710 to US$720 per ounce," said Wan Guoli, vice secretary general of the China Gold Association.

 

The International Monetary Fund has made reducing global payment imbalances one of its priorities in the aftermath of the financial tsunami.

 

"I think China probably will expand its strategic reserves into commodities during this downturn," said a Hong Kong-based strategist.

 

"China will continue to buy treasuries ... otherwise the system would get distorted," he said.

 

"But I think China will diversify its reserves."

As far as I am experiencing, there is no gold market right now due to a shortage.

 

There is a bloody 3 weeks waitlist to get the kilo gold bars I want to buy with the significant profits of my option "hobby". Not ounce wafers or coins, kilo gold bars! 3 weeks!

 

To add insult to injury, the sonofabitch gnome of Zurich won't lock the price in. I had to pay him an advance just for the privilege of being given the opportunity to buy at whatever the price will be in 3 weeks. He says it's because it's become "difficult to hedge on the futures market".

Quite a lengthy post for Cgano but then I believe Cgano likes music how about this then.

http://uk.youtube.com/watch?v=0wkkuaTvIso

Steve Netwriter might enjoy it

Deflationary deleveraging my *~^%#*

Been keeping an eye on Inflation Linked Treasury TIPS and the 5 year Treasuries seems like they are on the move ? Deflation.?

Were the indians waiting to buy gold? I hope for their own sakes they don't wait much longer!

http://timesofindia.indiatimes.com/Cities/...how/3641561.cms

Gold rates fell to $699 per ounce on Friday before settling at $732. This was a god-sent for Indian consumers, who are eager to buy gold on Dhanteras. Just before the auspicious day, prices dwindled to Rs 12,000 per tola (10 grams) as compared to an all-time high of Rs 14,000. Even traders who were expecting a dull Dhanteras had their cash registers ringing.

 

In fact, jewellers are now faced with a supply crunch and wholesalers are charging a premium over and above the base price, which is calculated by adding the local taxes to the dollar rates.

Dubai runs out of gold on Diwali rush

By Sunita Menon, Staff Reporter

Published: October 27, 2008, 23:36

http://www.gulfnews.com/nation/Society/10255029.html

And Vietnam ?

Vietnamese seek the security of gold

http://business.timesonline.co.uk/tol/busi...icle5019424.ece

So only a small amount of Germans 5% converting their money into gold cleaned out the supplies !

http://www.iht.com/articles/2008/10/26/bus...bury.php?page=1

(takes a while to load!)

Even more striking,[/b] a sudden surge in the demand for gold has led several Internet sites and gold vendors to temporarily shut down their sales operatios.

 

"I've never seen anything like this. We're basically sold out until the end of the year," said Robert Hartmann, co-founder of ProAurum, a gold vendor based in Munich. Despite the Ishortages, about 200 customers line up at his counter every day, he said, asking for coins and bars, not certificates. According to his estimates, "only about 5 percent of

 

I German investors" are interested in converting a small part of their savings to gold "but it's enough to put suppliers under strain."

Heinz, the financial adviser, started diversifying his investments in the run-up to the 1992 recession. He has bought land and gradually built up a stock of gold, which he buys in small units suitable as emergency payment and keeps in a safe in a specialized company.

 

He still remembers the stories his grandfather told of a suitcase full of bank notes buying no more than a loaf of bread during hyperinflation in 1923 Germany. He also remembers the currency changes of 1948 that again wiped out savings.

 

Some of his clients share his fears.n

t’s gold rush, even at premium

http://timesofindia.indiatimes.com/Cities/...how/3641561.cms

NAGPUR: The global slowdown brought a Dhanteras bonanza for Indian consumers. Gold prices crashed right amidst the festive season and consumers rushed to make Dhanteras purchases. So heavy has been the demand that in Nagpur gold was being quoted at a premium of Rs 400 against its basic market rate of Rs 12,000 per tola (10 grams) on Saturday. Traders say the situation will continue on Sunday too. World Gold Council claimed that 50 tonnes of gold was sold in the last 20 days in the country.

Why does the gold thread get moved every month?

I have referred a few people here but they cannot find the previous threads?

Over on the darkside HPC the original gold thread Goldfinger,Pluto,Cgano etc is still running why not here?

duplicate

Happy Helloween from the boys.You know who they are! Might be a nice picture to start off the new November thread Stevie N !

Nice interactive chart here of World gold supply producers and consumption.

you will have to click the link further down the page

" Map: World's largest gold buyers and sellers"

http://articles.moneycentral.msn.com/Inves...old-matter.aspx

thanks guys, will be working on the dollar top chats this weekend, i think we got it today.

This any help ?

All charts updated http://jessescrossroadscafe.blogspot.com/

 

No. Indian farmers are big on the rouble carry trade.

 

People will want to cash in their insurance.

I think they already were burned earlier this year carry trading their useless metal insurance for higher returns on the Sensex

Indians Selling Gold To Buy Stocks

http://www.marketoracle.co.uk/Article3411.html

India will not escape that trend because, in spite of all of India's venerable gold-buying tradition, the worldwide fiat/debt-economy is hard-wired into the Indian (non-gold) financial system.

 

The same trick once pulled on world wide gold holders by the US Fed under Paul Volcker is now being pulled on India's poor and middle class: by the siren call of "higher returns" they are suckered into foregoing their reliable gold savings in favor of questionable paper-promises Volcker did it by raising US bond yields sky-high in 1979. India is doing it by raising potential stock market profits to the point where gold owners "just can't resist" anymore.

 

Unfortunately, India's prodigious gold wealth will be bought up by its economic competitor, China, whose government tells its subjects that buying gold is a good thing to do. I'm sure there'll be some Arab buyers, too, as well as a few American investors who are only now slowly waking up to the scam - and who will soon have nowhere to go except toward gold in their wealth preservation efforts.

 

China has just passed the US as the world's second largest gold importer. India's longstanding record of being first in that category will fall victim to China's acquisitiveness very soon, if the current trend continues.

 

It's the same old story: India's new upper caste of newly rich debt-peddlers, a/k/a financial institutions, are skimming the wealth of the middle and lower classes. (Who knows? They might also be the ones buying the poor people's gold at lower prices!) Then, when the bust inevitably comes, the poor get left holding the bag while the elites get the first use of the printed money. Unfortunately, under the most likely scenario, China gets to hold all of the the gold.

The trend of Indian gold-selling and stock buying will have a mediate-term negative effect on world gold prices. Profit starved western mutual funds will dump their gold shares and gold futures. The price will drop. Skittish gold investors will sell their all-too precious metal, the world's top financiers (the ones who are actively rigging the markets for their benefit) and Chinese subjects and industrialists will get another chance at buying it at fire-sale prices, and everything will go on as before.

 

Except for one thing, that is: Members of India's poor and middle classes will be trying to bite their own rear ends off when they realize the huge mistake they have made.

 

Prognosis:

 

1. Gold prices will drop as a result of Indians' selling their inheritance to buy stocks;

2. They will fall all the way back to the $700 level, shaking out lots of stupid gold investors and traders;

3. The world will continue down its US-led path to economic self-destruction. At some point, western stock investors will realize there is no place left to put their remaining and dwindling funds - except into gold;

4. The gold price will rise again; newly paper-bound Indians and other investors will watch it rise, waiting for the "right time" to get back into gold;

5. By the time they get back in, their illusory stock market gains will have largely evaporated and gold will be back up to or near $900 per ounce again, robbing them of the fruits their misguided and misinformed attempt to wait for lower gold prices;

 

I remember when gold hit $600 an ounce a couple of years ago. A daughter of a local Indian jeweler told me that gold was "too expensive" and that the Indian jewelers were all waiting for lower prices.

 

Gold promptly shot up to $700, then dropped back to just under $600, stayed there for awhile, and now it's at $900 - and the story repeats itself. The gold dealers who were waiting for lower prices literally shafted themselves. Now, they are doing it again.

 

The bottom line? Indians will pay a high price for letting illusory paper gains bamboozle them into selling gold for stocks.

Lesson Learned?

Notice the date of the article

Jan 18, 2008

Last week they weren't buying - the price in Roubles was too high. Now they are back in time for Diwali to take advantage of the drops. If the price goes up again, they will stop buying again. After Diwali, demand will drop too, unless the price comes down.

Maybe they should have bought in in Rupees then?

Dollar chart from Jesse's

http://jessescrossroadscafe.blogspot.com/

remember that market always price future expectations. when you sell december contract, is that you think that in december prices will be lower. Current prices for physical are just fine, they were priced months before. Dealers (goldmoney, BV, coin dealers) will not be losing money just because market expects lower prices in the future, they will sell their inventories at the price that will allow them to make profits. Otherwise, they will say you "there is no gold", and what they really mean is "there is no cheap gold yet because i bought it more expensive than the actual spot price"

Any links to that hypothesis ?

Anyway here is a interesting chart.

From the excellent Jesse's

http://jessescrossroadscafe.blogspot.com/2...nd-current.html

Gold, Oil, MZM, Credit and the Short Term Liquidity Contraction

 

MZM is the Fed's broadest measure of liquidity. Although gold is not as 'immediate' as cash due to the need to convert it to currency, nevertheless it is a liquid store of wealth in that there are no time constraints on it such as on Certificates of Deposit or other time constrained instruments.

 

As we have shown before, the correlation between the growth of MZM and the price of gold in dollars is remarkable.