marmite

Could they fool the people for a second time ?? I cant see people parting with physical under any threat, when history shows that it will be revalued upwards in the future, But yes the ETF sell off would be brutal

Thanks ABB, a read about thisa few days ago, but forgot all about it. hmmmmm, why sell the best performing commodity of 2008

Sold for £890 + £6 postage Wow Could have bought all you wanted of these 18 months ago for £400 and under

I hope we do see a break through of $865, as I am being forced to raise some short term capital over the next 8 weeks and need to sell a little bullion. I missed the £600 fix last week so hope we reach that level again soon. Why is when you want to buy the price keeps going up and when you need to sell it goes the other way :-)

What have I just missed ???? Gold just fell off a cliff. I cant see any economic figures today. Or it being dragged down by Oil ????

Ebay crazyness !!!!!!!!! 2007 1oz Gold Bullion coin £850 http://cgi.ebay.co.uk/One-ounce-1-oz-Fine-...A1%7C240%3A1318

He is still posting. Last on the 30th December on the Pound gates of Hell thread. http://www.greenenergyinvestors.com/index....amp;#entry85788 Even Cgnao needs to take a Xmas break I'm sure he will be back this week, what with Alisters comments over the weekend regarding additional bank bailouts, the BOE meeting on thursday and US non Farm Payroll on Friday. Its going to be a busy week for the £ at the begining of the week and all eyes on the US at the end.

I dont know what can be read into this, but whilist at work flicking through a copy of Fridays Sun Newspaper, came accross the Sun City section and " Six Sun Share Tips for 2009 " http://www.thesun.co.uk/sol/homepage/news/...icle2090516.ece GlaxoSmithKline Pice 888 Carillion Vatukoula Gold Mines BAT Shoe shine boy moment ???? Although last years tips are interesting http://www.thesun.co.uk/sol/homepage/news/...ticle642837.ece RBS 444p 52.50p BT 272.75p 141p Synchronica 5.25p 3.75p Ascribe 31p 27.85p Premier Foods 204.75p 33.25p UK Coal 462p 112.75p

Wow, gold in GBP up 44.3% in 2008 !!!!!! But I dont understand all the mainstream press have been bashing it http://goldmoney.com/en/commentary.php Gold Climbs Again - Eight Years in a Row The numbers for 2008 are in. Gold has done it again. Gold is up for the eighth year in a row against the US dollar. Here are gold's rates of appreciation in terms of several major currencies. Gold % Annual Change USD AUD CAD CNY EUR INR JPY CHF GBP 2001 2.5% 11.3% 8.8% 2.5% 8.1% 5.8% 17.4% 5.0% 5.4% 2002 24.7% 13.5% 23.7% 24.8% 5.9% 24.0% 13.0% 3.9% 12.7% 2003 19.6% -10.5% -2.2% 19.5% -0.5% 13.5% 7.9% 7.0% 7.9% 2004 5.2% 1.4% -2.0% 5.2% -2.1% 0.0% 0.9% -3.0% -2.0% 2005 18.2% 25.6% 14.5% 15.2% 35.1% 22.8% 35.7% 36.2% 31.8% 2006 22.8% 14.4% 22.8% 18.8% 10.2% 20.5% 24.0% 13.9% 7.8% 2007 31.4% 18.6% 10.4% 23.0% 17.9% 17.5% 24.7% 21.5% 29.2% 2008 5.8% 32.5% 32.4% -1.1% 11.9% 30.4% -14.9% 0.2% 44.3% Average 16.3% 13.3% 13.6% 13.5% 10.8% 16.8% 13.6% 10.6% 17.1% The appreciation gold has achieved over the past eight years is remarkable. Without any doubt, gold's 16.3% average annual change against the US dollar has made it one of the world's best performing asset classes this decade, but oddly, gold continues to be ignored by many. I expect this inattention to change in the year ahead. The outlook for the US dollar continues to worsen as the Federal Reserve balloons its balance sheet. What's more, the Fed's zero interest rate policy removes any incentive to hold dollars in an environment where counterparty risk remains an intractable problem and where rapid money growth portends a surge in inflation in the weeks and months ahead. M3, which measures the total quantity of dollars in circulation, grew by about 10% in 2008, near record highs. Two of its components, M2 and M1, increased over the past year by about 10% and 17% respectively. These rates of growth in the quantity of dollar currency are highly inflationary. Credit continues to contract, and as a consequence is destroying a large amount of wealth as overvalued assets that were buoyed by easy credit are now being marked down in price to realistic levels that more accurately reflects their actual worth. It is important to note, however, that we are measuring the price decline in these overvalued assets with a currency that is being ever-inflated. Though the Consumer Price Index has dropped a little over the past couple of months principally because of the lower crude oil price, the CPI continues to rise on an annualized basis, even by the federal government's own calculations, which understate the true rate of dollar debasement. More inflation and more dollar debasement can be expected. The Federal Reserve has thrown away the rule book. It is ignoring three hundred years of central bank practices and putting the dollar on an untried path in an attempt to avoid the consequences of the inevitable bust that always follows the boom created by easy credit. The Federal Reserve's grandiose experiment will I expect eventually destroy the dollar, and I don't hold out much hope for any other national currency. To explain why, take a close look again at the above table. We can see that gold is rising against every national currency. The reason for this phenomenon is that the dollar is the world's reserve currency, and because of this role, it is held as a reserve by central banks around the world. The dollar provides part of the base upon which other currencies are created. Therefore, as the dollar is debased, other national currencies are also being debased along with it. In other words, the US dollar is now going down a 'black-hole', and its gravitational pull is dragging every other currency down with it as evidenced by the rising gold price this decade in all currencies. There is one other unique aspect apparent in the above table. The average annual rates of appreciation that gold has achieved against the nine currencies in this table is remarkably consistent. Gold appreciated 13.3% to 13.6% on average for eight years in terms of four of the currencies. Gold gained from 10.6% and 10.8% against the two best currencies, the euro and Swiss franc. The euro and the Swiss franc are the 'best' in the sense that less of their purchasing power has been inflated away compared to the other seven currencies. Against the three worst currencies that have lost the most purchasing power from inflation, the US dollar, Indian rupee and British pound, gold appreciated from 16.3% to 17.1%. Then contrast this consistency in gold's average annual rates of change to gold's annual change against these currencies in any year. Gold's worst annual performance was the -14.9% it lost this past year against the Japanese yen. It's best annual performance was also achieved this year with gold's 44.3% appreciation in terms of the British pound. Here's my point. Gold shows remarkable consistency when viewed over the long-term. Thus, it is national currencies that are volatile, not gold. Annual changes in gold are a result of currency fluctuations, not anything inherent to gold itself, and this point is proven by the consistency of gold's average annual appreciation this decade, which smoothes out the annual volatility. We are in a world of freely floating exchange rates where currencies bob up and down relative to one another. But in reality these currencies are not 'floating'. They are actually sinking when compared to gold. The purchasing power of every national currency is being eroded, but this erosion is sometimes difficult to see when currencies are viewed only against each other. But the true picture clearly emerges when all of the world's currencies are compared to gold. In an environment where the purchasing power of national currencies is being constantly eroded by bad central bank policies, which has been the case throughout this decade, own gold. Importantly, ignore the month-to-month and even the year-to-year fluctuations in the gold price. These fluctuations are not important from a long-term point of view, and in any case occur from factors that cannot be predicted. For example, who forecast a year ago the extraordinary strength in the yen this year from the unwinding of the carry trade? It nevertheless happened, and consequently, gold declined -14.9% in terms of yen this year even while gold soared against the British pound. But for the past eight years, gold remarkably is up 13.6% on average in yen and 17.3% in British pounds, which is the important point. Therefore, continue to follow the same strategy that I have been recommending this entire decade. Continue to accumulate gold using a dollar-cost averaging plan. Some months and even some years you will be accumulating gold at a higher price, and at other times a lower price. But over the long-term your consistent accumulation of gold will be averaged in at a good price. When you accumulate gold this way, you are saving sound money, which is the prudent thing to do in a world where the purchasing power of all national currencies is being eroded by bad central bank policy. The same conclusion is also true for silver, if you are inclined to take the additional risk that comes with silver because it is more volatile than gold. The following table presents silver's annual rates of appreciation for the same nine major currencies. Silver % Annual Change USD AUD CAD CNY EUR INR JPY CHF GBP 2001 -0.1% 8.5% 6.1% -0.1% 5.3% 3.1% 14.4% 2.3% 2.7% 2002 4.8% -4.6% 4.0% 4.9% -11.0% 4.3% -5.0% -12.6% -5.3% 2003 24.0% -7.3% 1.4% 23.9% 3.2% 17.7% 11.9% 11.0% 11.9% 2004 14.3% 10.2% 6.5% 14.3% 6.4% 8.6% 9.6% 5.4% 6.5% 2005 29.6% 37.7% 25.5% 26.3% 48.1% 34.6% 48.8% 49.3% 44.4% 2006 45.3% 35.3% 45.3% 40.5% 30.4% 42.6% 46.7% 34.8% 27.5% 2007 15.4% 4.1% -3.1% 8.0% 3.5% 3.2% 9.5% 6.7% 13.5% 2008 -23.8% -4.7% -4.7% -28.9% -19.5% -6.2% -38.8% -27.9% 3.8% Average 13.7% 9.9% 10.1% 11.1% 8.3% 13.5% 12.1% 8.6% 13.1% Silver too has appreciated in terms of each of the above currencies, but its annual changes show much greater volatility than gold. These changes range from -38.8% to 49.3%. To conclude, gold and silver will probably appreciate in 2009. There is no reason to think otherwise, given the path chosen by central banks in general and the Federal Reserve in particular. After all, who wants to own any national currency when the interest income one can receive is less than the inflation rate? Who wants to own any national currency when counterparty risk makes repayment uncertain? In short, the interest income available today on any national currency does not fully compensate for the risks one takes when holding that currency. So why lose sleep from worrying about holding national currency and what the Federal Reserve or some other central bank will do to that currency? Own the precious metals instead. But as I repeatedly emphasize, own physical gold and physical silver. Own the real thing, and do not accept paper substitutes.

Wow, what a smack down

http://www.greenenergyinvestors.com/index.php?showtopic=5193

Are gold bullion 2009 Britannias expected mid january ????? The 2008 Brits where only released Sept 2008 ????? Seems rather early for the bullion version, proofs are always earlier. Any news on Fractionals ??

Posted over at HPC regarding Gold Backwardation. A excellent read http://www.kitco.com/reports/PositiveCarry-Dec09-08.pdf

FOMC Meeting Will employ all necessary tools Target rate 0 - 0.25% !!!!!!!!!!!!!!!! Release Date: December 16, 2008 For immediate release The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 percent. Since the Committee's last meeting, labor market conditions have deteriorated, and the available data indicate that consumer spending, business investment, and industrial production have declined. Financial markets remain quite strained and credit conditions tight. Overall, the outlook for economic activity has weakened further. Meanwhile, inflationary pressures have diminished appreciably. In light of the declines in the prices of energy and other commodities and the weaker prospects for economic activity, the Committee expects inflation to moderate further in coming quarters. The Federal Reserve will employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability. In particular, the Committee anticipates that weak economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time. The focus of the Committee's policy going forward will be to support the functioning of financial markets and stimulate the economy through open market operations and other measures that sustain the size of the Federal Reserve's balance sheet at a high level. As previously announced, over the next few quarters the Federal Reserve will purchase large quantities of agency debt and mortgage-backed securities to provide support to the mortgage and housing markets, and it stands ready to expand its purchases of agency debt and mortgage-backed securities as conditions warrant. The Committee is also evaluating the potential benefits of purchasing longer-term Treasury securities. Early next year, the Federal Reserve will also implement the Term Asset-Backed Securities Loan Facility to facilitate the extension of credit to households and small businesses. The Federal Reserve will continue to consider ways of using its balance sheet to further support credit markets and economic activity. Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Christine M. Cumming; Elizabeth A. Duke; Richard W. Fisher; Donald L. Kohn; Randall S. Kroszner; Sandra Pianalto; Charles I. Plosser; Gary H. Stern; and Kevin M. Warsh. In a related action, the Board of Governors unanimously approved a 75-basis-point decrease in the discount rate to 1/2 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of New York, Cleveland, Richmond, Atlanta, Minneapolis, and San Francisco. The Board also established interest rates on required and excess reserve balances of 1/4 percent.

Time for the rockets ????

Year end is approaching very fast, only about 11 trading days left and some of those may be half days. Who wants to be short over the xmas period ???? People are paying for short term bills. It is all about return off money and not return on money over the year end. I dont think we will see smack downs over the next few trading sessions. But im probably wrong

What allocation of protection do people think is needed ??? Lets say you had £100k, general "old" rule of thumb 10% of worth, means £10k gold. As it turns out, if you had spent the £100k on 290 ounces last year ( £340 oz ), today you would have in the region of £158k today. Hindsite is a wonderful thing , but this would not have been prudent investing but more of a gamble that paid off. What about the future, if you have £100k today, what allocation do you give to gold ??? And back to my old bug bear 10% of 100k is 10k, but 10k will buy you 18oz today but would buy you 29oz last year, so do we measure gold allocation against net worth by weight or by currency ???? What is 10% of 100k by weight ??????

Good article, thanks for posting. I hope I understand it. Gold price is in limbo until Dec 31st ????

Lets hope I see 1111 in the med / long term on my screen

Welcome Foobar, There is a Gold Comex Default thread http://www.greenenergyinvestors.com/index....ic=5195&hl=

It must have something to do with this MAGIC SEVEN 7 is the Holy number. There are 7 days in creation, 7 days in the week, 7 phases of the moon, every 7th year was sabbatical, and 7 times 7 years was the jubilee. There are 7 ages in the life of man, 7 divisions in the Lord's Prayer, 7 bibles, 7 churches of Asia, 7 Graces, 7 Deadly Sins, 7 Senses, 7 Sorrows of the Virgin, 7 Virtues, 7 joys of the Virgin, 7 Precious Things of the Buddhas, 7 Sleepers of Ephesus, 7 Lamps of Architecture. The apostles chose 7 deacons, Enoch, who was translated, was 7th from Adam; Jesus Christ was the 77th in a direct line. The vision of Daniel was 70 weeks; and the elders of Israel were 70. There were also 7 heavens, 7 planets, 7 stars, 7 wise men, 7 champions of Christendom, 7 notes in music, 7 primary colors, 7 sacraments of the Catholic Church, and 7 wonders of the world (see below). 7 gateways were traversed by Inanna, the most important goddess of the Sumerian pantheon, during her descent into the underworld. The 7th son was considered endowed with pre-eminent wisdom; and the 7th son of a 7th son is still thought to possess the power of healing diseases spontaneously. The 7 wonders of the ancient world are: - Great Pyramid of Giza, - Hanging Gardens of Babylon, - Temple of Artemis at Ephesus, - Statue of Zeus at Olympia, - Mausoleum of Maussollos at Halicarnassus, - Colossus of Rhodes, - Lighthouse of Alexandria. The 'Seven Blunders of the World' according to Mahatma Gandhi are: - Wealth without work, - Pleasure without conscience, - Knowledge without character, - Commerce without morality, - Science without humanity, - Worship without sacrifice, - Politics without principle EDIT.......................................... For the pious, seven is a sacred number. For gamblers, it is lucky. It is said that God created the World in seven days. Muslims circle the Ka'bah in Mecca seven times. Hindus observe seven chakras. The Seven Deadly Sins are a source of human downfall, while the Seven Wonders of the World are a source of inspiration. For couples eager to take the plunge into marital bliss, it is hoped that sealing their love on the seventh day of the seventh month of the seventh year of this century will have lasting and fortuitous blessings.

777 keeps flashing up on my screen, is it a sign

Excellent Link. It gives a very clear picture. Thanks It does bring up the question as to why is it dropping ??? Following oil down, but I thought it had decoupled ??? ..... Deleveraging, but once that finishes it will shoot up like a ball under water ????? New Treasury Sec anouncements last week ?????? Have I missed something, time to trawl news feeds / forums ???? Terror attacks, but doesnt that make the price go up ????? Expected good Black Friday figures, but I thought consumers where skint ?????? Better than expected non farm payroll expected this friday, but factories are closing ????? Ouch Ouch, all this thinking hurts my head The only thing I can compute is Dollar cost average

I suppose the question is........ Is Gold tanking or is the $ strengthing ??? Index is at about 82 I know what you mean tho, I dream of the days of GBP/USD 2+