50sQuiff

It's starting to feel like we're approaching an intermediate top here. Sentiment is becoming a little frothy again and I'll sell a significant portion if we blow off to anywhere near $1220.

Is it de rigueur on GEI to post pictures of rockets? I'll show some restraint for now, but this is looking like a mini-moonshot. Gold just can't help spiking whenever I'm about to make my monthly gold purchase. If anyone would like to know the date and time in advance, there's an opportunity for a nice arbitrage play on my misfortune. Damn this bank holiday weekend for slowing down my bank transfer to GoldMoney..

He's now frantically piling into USD. This is the clearest message I've had yet to lighten up on dollars.

I think RH is an interesting philosophical and theoretical poster. I'd argue those qualities are more important than ever, given the social inflection point we seem to facing here in the West. It also sounds like he has plenty of 'skin in the game'. What's wrong with his posts?

That was one hell of a plunge from the Pound, wasn't it? Looks like my next monthly gold purchase is going to be the most expensive yet.

GF, I hope and think you're right. But a Greek bailout will postpone the decoupling I fear. We may have to wait for Portugal or Spain to stare into the abyss before Gold becomes monetized/de-commodified in the minds of investors. The above graph is causing me some serious cognitive dissonance - I'm substantially long gold and short the S&P.

You still can't separate gold from the S&P at the moment. Gold fundamentalists need this unhealthy relationship to break down:

Am I the only one slightly concerned about today's action? This is exactly how Prechter has been calling it. I'm reading financial stories saying "Gold rose 1% on improving economic sentiment". It's still rising in tandem with everything non-Dollar: Euro, crude and commodities. No sign of decoupling yet.

I have to say, I'm a gold bull 'clawing at the sky' here. What a takedown. I never thought we would breach $1070 again, to be honest. I though the catalyst for a dollar spike would also be bullish for gold this time round. But this isn't a dollar story. My S&P, copper shorts and T-bills are having one hell of a day to compensate, but I can't get excited about them. Emotionally, gold hurts.

Despite all that action, it barely moved in Sterling

It's all eyes on Friday's US employment stats. If they're positive, this could be the ideal news to justify the momentum that's building behind the dollar. In due course, could this present an ideal opportunity to reload on Gold? I've got some sterling on its way to James Turk at the moment..

No doubt 2010 will see public participation, but I think we're probably a couple of years away from a mania phase. That comes when Jeremy Vine is conducting interviews and most of his callers are warning people that they'll 'miss the boat'. It's going to be fascinating to sit back and watch this.

I hear you. Plus, allying strong theory with empirical evidence never did anyone any harm. I'm comfortable thinking about money and subjective value in theoretical terms, but not the monetary commodity itself. I think that's a side-issue, probably best viewed from an evolutionary and cultural perspective. I suppose this line of thought leads people to say "gold is money". I'm inclined to say "gold has been, is, and probably will be money in most cultures"

I think the whole metaphysical debate about gold is over-complex. A universal unit of exchange and store of value has been an integral part of human economic evolution over thousands of years. Over time, gold and silver have consistently proven to be the most useful monetary commodities. So far in human history, each time we think we've found a better form of money - that gold is an 'ancient relic' - it's been an evolutionary dead end. The perpetrators are usually executed. As an aside, progress, in the form of sustainable technological and scientific advances, has had absolutely nothing to do with the fiat standard. So far the fiat era has been characterised by unprecedented destruction and brutality.