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Fortune

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Posts posted by Fortune

  3. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    Seoul's new 25 tonnes join the 14.4 tonnes it already holds in London in the vaults of the Bank of England. In Korea's reserve statements, the 14.4 tonnes are listed at their historical value of only $80m.

    Well, I guess they are stuffed. Good luck with that so-called gold purchase. Who wants to bet that those 25 tons (plus their other 14 tons) have been encumbered? When TSHTF it looks like they will be at the back of the queue - behind rich arabs, sovereigns, germans, GLD and SLV. :blink:

  5. SILVER

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    Very interesting article by Prof. Fekete regarding silver. China has the trump card. Seems like he's a silver bug too!

     

    Last year I was in China and I met several officials in influential positions. I came away with the impression that American-trained people in the banking establishment suffer from an overdose of America-worship. While studying at U.S. universities they fell for Keynesianism hook, line and sinker and can't get it out their system. These people laughed me out of the lecture room when I was trying to tell them about the benefit of a metallic monetary system. But I also met others who were totally immune to America-worship. If they were Communist, it certainly didn't stop them from promulgating a new policy letting Chinese peasants acquire as much silver as they would. This policy makes sense only if China has long-term plans to open its Mint to silver. Naturally the plan, if it is to be effective, must be kept secret for the time being.

     

    http://www.marketoracle.co.uk/Article28687.html

  6. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    Man, when that yellow metal blows, it will an awe inspiring sight. For the first since owning PMs, I'm actually very aprehensive about the world we will be living in when that yellow volcano explodes. Or perhaps like an exploding star would be a better description.

  8. SILVER

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    Superb long article from ZH. The noose is tightening:

     

    On Friday, May 6, 2011, the short sellers must have been proud of themselves. They were able to deliver 243 contracts, or 1.2 million ounces of silver, which is a huge amount. But, the open interest for May delivery only declined by 13 contracts, which means that the artificially cheap prices attracted 230 new long contract buyers who paid cash. The new contracts will need to be delivered this month. As hard as it must have been to find the silver for May 6th delivery, they are now forced to find another 1.15 million ounces somewhere.

     

    The so-called “spot” price is now largely irrelevant, but short sellers have still not acknowledged that fact to themselves. Intense physical silver demand continues. This is amply illustrated by continued backwardation. Dealers at COMEX and the LBMA may create fake prices at will, but the cash market is their achilles' heel. Short sellers have put paper silver on a fire sale at the futures exchanges. Yet they have not improved their position by doing so. They have, instead, insured a worse problem. Cash buyers put the fear of God in the hearts of silver manipulators. Cash buyers can put them into bankruptcy, destroy their power over the market, and discredit the futures markets, LBMA and the central bankers by inducing multiple defaults....

     

    http://www.zerohedge.com/article/guest-post-anatomy-silver-manipulation-how-low-can-it-go

  18. SILVER

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    I think Adam has fallen into the trap of looking too much at linear charts. As I recently pointed out the current increase doesn't look half as over extended when you look on a log chart.

     

    In the chart below you can see that it could be that we do have a rapid increase to $50 over the next few months, IMO this could then lead to the "too far too fast" situation that Adam mentions in his article. But even if that does happen it also could be said that silver hasn't moved too far or too fast in that the silver ballon has been kept under water for so long by the bullion banks manipulation and JPM massive short.

     

    20110219-fkma113dcycp9ecb1jyag1eiea.png

    Yep. And there are too many unknown variables going on right now in the world. TA doesn't mean squat, considering the event happening right now in Japan.

  19. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    Scary rumour alert. The jackboots are coming..(maybe)

     

    Roger Wiegand sent out a RED ALERT email to other metal experts/analysis, due to information from multiple high level inside sources of his, of the potential of confiscation of gold and silver from the American Public, this year for a new world currency.

     

    Roger and I have exchanged a couple of emails regarding this Red Alert, with my asking permission to publish it. He has given me the green light to release this to the public, as long as I made sure to say this is not absolute, but a potential from his high placed inside sources. This is the email sent out - without any changes and exact!

     

    RED ALERT

     

    Editor: There is a plan to use the IMF (AKA US Treasury and Wall Street) to be the front man for the new world order and one currency. We also got disturbing news yesterday from an impeccable source that when gold touches $2,000 it will be confiscated in the USA for about $200. Then it's to be reissued by the Treasury for $10,000 per ounce to back the new IMF world currency using SDRS in 2011. Large physical gold is being moved to Canada. money.cnn.com/2011/02/10/markets/dollar/index.htm

    I very much thank both David Morgan and Roger Wiegand for allowing me to post this information as I believe it will help all who read it to become aware of what is being discussed as a potential of future events.

     

    The article in the email links to the IMF calling for a new trading currency in place of the U.S. dollar. The writing is on the wall. I just have to ask, has everyone been paying attention? Also when an email like this goes out from a very well respected metals expert to other experts in the field, everyone should sit up and pay attention!

     

    http://www.marketoracle.co.uk/Article26409.html

  22. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    Perhaps this should be in the Fringe forum but still....

     

    I've just listened to Cliff High from halfpasthuman(dot)com. For those who don't know, he's the creator of a web-crawling software that scans the internet for specific liguistics to try and make a prediction about the future. Anyways, he recently stated that the global OTC derivatives system will DEFINATELY blow-up and the cause of this will be gold. This will involve some institution (not necesarily a bank) failing to deliver gold on demand to some very very influential clients. Could be a sovereign state or a billionare, he didn't say. This will lead to a mass panic and a run on all paper within hours. In fact it will happen so fast that it will be too late to the average joe to buy some krugs at his/her local coin dealer. Also this will happen in London, not in New York (could be LBMA?). Cliff didn't give a specific dates but he said it will come.

     

    Just though I'd just throw it out there. Interesting rumours and all that. Ties in with what Jim Willie has been saying for a while now.

  23. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    Yeah. I was so very tempted to swap some silver for gold thinking this is the 'correction' but it didn't materialise. I think there still is bit of downside left to go - perhaps more sideways than down - if you measure your PMs in dollars. Though i'll take another look at around the 35:1 mark ;)

  24. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    I've given the miners a pass for a couple of reasons:

     

    1) The miner stock price is 'up', measured in dollars or pounds, but what does that really mean? Isn't the currency its measured in depreciating as well, since the underlying asset is becoming more valuable?

    2) The volatility will become insane - who has the metaphorical cajones to buy and hold through those wild correction? Only those with nerves of steel.

     

    I think the only way you can win this game is to trade the miners (long and short), take the 'profits' and buy physical gold and silver. Steward Thompson says something to that effect. When the whole system blows up, you will still be holding a 'claim' to metal in the ground rather than the actual thing. Stocks are still derivatives (albeit derivatives which are closer to the real uderlying thing than say CDS). Will the companies and the exchanges follow the rule of law in a crisis? Who know? If what many are predicting actually comes true then any form of paper will ultimately become worthless.

     

    Personally, I would have farmland over the GDX anyday. But that's just me.

  25. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    Messers Armstrong in his latest piece has been calling for a potential low in Gold by around June 2011 - which would be very very bullish long term.

     

    Price point to watch is 1372. A weekly closing below this means a visit to 1348. A monthly closing below this price means a testing of the 1285 and/or 1150 level.

     

    Once that's out of the way, the fun will really begin.

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