Pluto

Just to show I don't always post bullish news, laughable though I think.

 

SAN FRANCISCO (MarketWatch) -- Gold futures will fall below $1,000 an ounce by year-end and fall as low as $800 an ounce next year, said U.K. forecasting firm Capital Economics Monday.

 

Gold to fall under $1,000 by year-end: forecaster

Of course, the fool who runs this outfit is a self proclaimed Keynes lover.

Roger Bootle is managing director of Capital Economics and economic adviser to Deloitte. You can contact him at roger.bootle@capitaleconomics.com

http://www.telegraph.co.uk/finance/comment...-solutions.html

Pluto,

1. Do you think we are seeing an Oriental strategy at work here - to break the shorts?

2. If a lot of short positions have to be covered tomorrow, what effect on price when they have to buy back in? 1200?

I have no idea what the orientals are doing or thinking. What we are seeing is the Anglos lose control of the price of gold. That is, the game of shorting gold with paper money is coming to an end. Folk worldwide want delivery of their metals - and not settling for paper promises anymore. Sooner or later the fools gold play will also come to an end.

The shorts are accumulating losses in paper money - which is manageable in a fiat system. As soon they are required to settle positions in actual metals, then they squeal like pigs in a slaughter house.

I took a little short at $1172 (December contract) today.

It is the shorts' stops that will add fuel the Gold fire that is ablaze right now.

As some of you know I am a customer of Alpari. They recently gave away some free charting software.

I thought I'd leave it running to see how well it does...or doesn't!

 

 

Short at 10.30 GMT this morning? I don't think so...

 

Anyone who thinks that all the info is right there in a chart and fundamentals don't make any difference will be crying right now!

 

Ignore Fundamentals at your peril; as CGNAO says Technical Analysis will take you to the poor house.

 

Think for yourselves people - there is a funking good reason why they give it away!

 

Technical Analysis belongs in the same category as: Crystal Balls, Horoscopes, Almanacs, Tea Leaves, and Reading Palms. It will lead you to ruins.

$20 move is hardly a toasting is it?

It is a toasting considering they have been in the toaster since Aug 29th 2009.

Turning nice and crispy black.

Options expiry tomorrow - shorts will be toasted.

Up to 1160.80.

 

This is going to be exciting. Can they take it down?

The Anglos are losing control of the gold market. Folk are realising more and more that wall street, and its "financial innovations", are just crooked scams to fleece them. They are demanding physical metals not more "innovations". Financial innovations is a term coined by wall streets propaganda station CNBC.

f*** me! - $1161 already.

 

5 years ago a market open like this would put a smile on my face.

 

these days it makes me worry...

Options expiry tomorrow - shorts will be toasted.

Who said history repeats itself?

Here's an article from 1965 which is even more relevant today.

"The time has long since passed, he told a press conference, when the currencies of any one or two nations can enjoy "this signal privilege, this signal advantage." The present-day world, said De Gaulle, needs "an indisputable monetary base, and one that does not bear the mark of any particular country. In truth, one does not see how one could really have any standard criterion other than gold."

http://www.time.com/time/magazine/article/...40572-1,00.html

The drums are getting louder regarding fools' gold*.

*fools gold is any item claimed to be gold you can't polish.

The magnitude of this paper gold and silver scam will even exceed that of the Madoff Ponzi scheme. The Stanford scam will look like chump change by comparison. You should own only physical gold and silver, which is in your possession. The only paper gold and silver you should own are the producer shares, period. All futures contracts, ETF shares and mint certificates are now potentially bottomless capital loss pits.

http://socioecohistory.wordpress.com/2009/...precious-metal/

The London and New York casinos are losing control of the price of gold.

Futures traders and hedge funds are starting to demand delivery and not selling contracts and booking gains/losses.

This is why the Casinos are losing control and why there are outfits popping up everywhere willing to buy your Nan's tinklets.

Keep it real and physical, you know the stuff you can polish, all else is fools' gold.

Barrick sees gold going much higher...

Sept. 8 (Bloomberg) -- Barrick Gold Corp., the world’s largest gold producer, plans to record $5.6 billion in third- quarter costs to eliminate fixed-price contracts as the company bets that prices for the precious metal will climb.

http://www.bloomberg.com/apps/news?pid=206...id=a_Rt2xgQeWvY

you never liked that paper stuff did you.

I remember thinking from day one that whenever I bought any silver/gold that it have to be physical. I don't think I could ever buy shares in the sm either.

Paper Gold, electronic Gold or any other form of gold that is not yellow and weighty are all oxymora.

They are getting desperate for your physical gold. Of course there is always heaps of pixel and paper gold for everyone.

Look here. This outfit claims to DOUBLE any other offer you get.

keep your friends and gold close by at all times.

http://www.money4golduk.com/

Take that! All you non-believers and gold shorts. A special kick in the nuts goes to Keynes who coined the term "barbarous relic"; his monetary polices and the idiots who implemented them will be ridiculed in future history books (the truthful ones anyway).

A couple of years ago I set up a couple of virtual portfolios on my stockbroker's account: 'Paul Hill buys' and 'Paul Hill gambles'. I didn't buy any of the shares he'd tipped - I just wanted to see how well they did. At the time of writing, most of the ones I recorded have done disastrously. The man's a clown IMHO.

As I have said before and will say again: There is only one gold, and that is stuff you can stash under the pillow, all else is bits of paper or pixels.

It looks like Green light is also seeing the "light".

We made a couple of modest changes to our macro hedges. First, after extensive investigation we switched our entire GLD exchange traded fund position into physical gold.

http://news.goldseek.com/GoldSeek/1251815214.php

My apologies if this has been posted here before as I have been away for a while.

yes, sadly any middle class families that don't own a good chunk of PMs (or other high value density hard assets) won't be middle class for much longer.

 

2009 version...

USD946.2

As I said yesterday..1000 is the line in the sand for the bankers. Could go sub 900 to shake out all the nervous nellies.

Bank stocks on a tear again.

Obama speech didn't do the trick, so they are hitting all markets at once, to try and please their Chinese masters who they are borrowing from.

Looks like they took you up to the challenge!

It seems as though the bankers are drawing a line in the sand at 1,000. Let's see it they can push below 900.

I take it this is in relation to GLD buying more gold in January than was mined. Why is there an assumption that they didn't get it from some other source? Have they announced that it was all newly mined stock?

Maybe the ETFs should publish the source of the gold so it can be verified.

The real issue here is ALL THE MINED gold in the world is not enough to keep up with demand from one EFT. That is huge demand and if it keeps up will drain all the gold ever mined into ETFs.

You'd better send a commiseration bottle over to HPC as well.

I am banned from posting there.

Well if it's a smackdown, it isn't much of one so far. The gimp anchors on CNBC are on their usual poo-poo-gold crusade. "Aw yeah, this gold play's a crowded trade an' as soon as there's a rally in stocks, I think we can expect a lotta money ta come outta gold". Notwithstanding the fact that they never say that crap about US Treasuries, it's worth noting that ever since Timothy Geithner unveiled his "plan" to save the banks, equities have been down, down, down and, moreover, there doesn't appear to be much in the way of positive newsflow to effect a reversal of that trend.

 

I mean, come on; after two weeks of the market complaining about a lack of clarity in his plan, one would imagine that if Geithner had any idea of the details, he would've made them public by now if only to calm the markets.

 

I could forgive this attitude from the anchors if it was being aimed at day-traders but let's face it, most of the guests they have on CNBC tend to have a long-term bias reflecting the nature of the audience.

 

The fact is that EVERYTHING these anchors say is bullshit. That muppet, Bob Pisani, with his second-rate Mr Byrite double-breasted suits is the worst of the lot. I remember him standing their whining about the fact that no one was getting in to the financial stocks when they were sucking in TARP money. These anchors are nothing but salesmen - Rick Santelli excepted

Whenever they talk about gold they mention ETFs, which is exactly what they were invented for, to herd the masses away from the metal. According to an article I read all of the gold mined is not enough just for one eft GLD. We're so doomed and stupid....

That's okay. Forums aren't always the easiest means of communication, and it just doesn't seem worth messing up this nice thread any further!

 

It's kind of one of those 'over a couple of beers' types of philosophical discussion, but I don't see any beers, so I thought it best to let it go!

Couple of beers would go down a treat right about now, now you mention it.

Yep, somehow I knew you'd miss the point completely!

 

Never mind. You know what you mean, and I know what I mean, and that will have to do...

I have no clue what you are talking about or getting at. I'm sorry.