narrowescape Posted August 21, 2008 Report Share Posted August 21, 2008 There is gold and there is fool's gold. Gold has run out. Fool's gold is more abundant than ever. Buy some at http://www.exchangetradedgold.com MUHAHAHAHHAHAHAHAHAAHAHAHAHAAHAHA http://online.wsj.com/article/SB121928079980258833.html The Eagle Has Been Grounded As gold prices tumbled from their highest level ever, investors and collectors loaded up on one-ounce "American eagle" gold-bullion coins. The buying spree came to an abrupt halt this week after the U.S. Mint stopped selling the coins for the first time since production began 20 years ago. "Due to the unprecedented demand...our inventories have been depleted," the Mint -- part of the U.S. Treasury Department -- told its dealers Friday. "We are therefore temporarily suspending all sales of these coins." Speaking of shortages - spreads on sovs up by 25% at ATS Bullion because "no one is selling". Didn't stop me buying more though Link to comment Share on other sites More sharing options...
HPCsoYESTERDAY Posted August 22, 2008 Report Share Posted August 22, 2008 This looks like an interesting graph: From the following article: http://www.kitco.com/ind/Radomski/aug152008.html Link to comment Share on other sites More sharing options...
drbubb Posted August 22, 2008 Report Share Posted August 22, 2008 GAPS TROUBLE ME... THE GAP - from last Christmas that got refilled Now, yesterday's upward action left another Link to comment Share on other sites More sharing options...
HPCsoYESTERDAY Posted August 22, 2008 Report Share Posted August 22, 2008 check this out: http://cgi.ebay.co.uk/ws/eBayISAPI.dll?Vie...0863%26_fvi%3D1 Link to comment Share on other sites More sharing options...
drbubb Posted August 22, 2008 Report Share Posted August 22, 2008 $275,000 for one Gold coin. There must be plenty of buyers Link to comment Share on other sites More sharing options...
Steve Netwriter Posted August 22, 2008 Report Share Posted August 22, 2008 check this out: http://cgi.ebay.co.uk/ws/eBayISAPI.dll?Vie...0863%26_fvi%3D1 They don't ship to NZ :( Oh well Pretty coin Link to comment Share on other sites More sharing options...
Steve Netwriter Posted August 22, 2008 Report Share Posted August 22, 2008 Amateur Precious Metals Investors Panic on Derivatives Deleveraging Commodities / Gold & Silver Aug 21, 2008 - 04:38 PM By: Richard_J_Greene http://www.marketoracle.co.uk/Article5967.html Rah rah rah After this display anyone that uses the paper markets to invest in gold and silver is just an out and out dummy, plain and simple, and they deserve what they will eventually get… nothing. ..... Even the US mint has suspended production of gold coins. Silver coins are being severely rationed because they can not divert any more silver from the industrial users that must have the physical silver to consume, taking it off the market forever. If you can not see by now, with all this data in hand, that the crash in gold and silver has nothing to do with market-related prices you would have to be a complete imbecile. ..... This is life and death for your financial survival. Don't be tricked out of your financial survival assets by manipulations and forced technical analysis chart violations that are engineered by the Plunge Protection Team. Even precious metal investors I believed to be sophisticated are running from shares like scared children. The gold ETF (GLD) and the silver ETF (SLV) were brought into existence and have as custodians JP Morgan and Barclay's, sworn enemies of gold and silver. Sell all your gold/silver ETFs and buy physical :D Link to comment Share on other sites More sharing options...
azazel Posted August 22, 2008 Report Share Posted August 22, 2008 GAPS TROUBLE ME... THE GAP - from last Christmas that got refilled Now, yesterday's upward action left another What do you think this might mean? Link to comment Share on other sites More sharing options...
marmite Posted August 22, 2008 Report Share Posted August 22, 2008 Posted over on Axe's thread................ BERLIN, Aug 22 (Reuters) - Germany's Bundesbank on Friday rejected calls that it should sell some of its gold reserves to help boost the slowing German economy, telling Reuters financial and political uncertainty make the reserves even more important than before. "Gold sales are not a suitable way to sustainably consolidate the public accounts," the Bundesbank said after a query about trade union proposals that it sell gold to fund some of a 25 billion euro ($37 billion) economic stimulus package. "National gold reserves have a confidence and stability-building function for the single currency in a monetary union. This function has become even more important given the geopolitical situation and the risks present in financial market developments." The Bundesbank is the world's second-largest holder of gold after the U.S. Federal Reserve, and has sold just 20 tonnes out of total reserves of over 3,000 tonnes in the past five years. These sales were to allow the German finance ministry to mint gold coins, unlike the much more active sales programmes of other central banks which wanted to shift their portfolios from gold to a more diverse array of assets. To reduce volatility in the price of gold , 15 European central banks agreed in 2004 to limit gold sales to 500 tonnes a year over the next five years. The Bundesbank is expected to make a formal statement about any gold sale plans around September, when the final year of the Central Bank Gold Agreement starts. "The Bundesbank reaches decisions about the nature and size of reserves autonomously. The board of the Bundesbank decides every year afresh about changes in the level of its gold holdings," the central bank said. (Reporting by Rene Wagner, writing by David Milliken; Editing by Gerrard Raven) ($1=.6727 Euro) Keywords: GOLD BUNDESBANK/ tf.TFN-Europe_newsdesk@thomsonreuters.com jlw COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. Link to comment Share on other sites More sharing options...
dietcolaaddict Posted August 22, 2008 Report Share Posted August 22, 2008 This looks like an interesting graph: From the following article: http://www.kitco.com/ind/Radomski/aug152008.html HPCsoYESTERDAY, a good find! The comparisons between the 2006 and 2008 corrections are very spooky... * 80% of peak price at c. 150 days * gold-to-oil ratio bottoming (perhaps) at c. 110-130 days post-peak I've put my money where my mouth is and bought more physical - I'm guessing this is a bottom. It's also the best time to buy from a historical perspective as I've demonstrated in this thread before. For a third reason, I read Greenspan's quote last week as a coded message of further banking trouble ahead “Home prices in the US are likely to start to stabilize or touch bottom sometime in the first half of 2009 but prices could continue to drift lower through 2009 and beyond ”. My suspicion is that gold price has been engineered downwards recently so that the big boys can load up and hold physical in the economically testing times ahead. Speaking to the bullion dealers, it is clear that gold coin stocks in the UK are now very low. This forced me to eventually settle on ugly Krugs rather than my favoured Britannias – an unpatriotic but necessary compromise under current circumstances. Link to comment Share on other sites More sharing options...
drbubb Posted August 22, 2008 Report Share Posted August 22, 2008 GAPS TROUBLE ME... THE GAP - from last Christmas that got refilled Now, yesterday's upward action left another So today: back down to fill the GAP left yeserday on the Opening Link to comment Share on other sites More sharing options...
marceau Posted August 22, 2008 Report Share Posted August 22, 2008 Well I'm finally back after almost 4 weeks away from a computer and as usual gold has gone crazy. Unfortunately it went crazy in completely the wrong direction and it would be fair to say my speculative cash pot has taken something of a pounding. There are saving graces, as once my stops were hit I was unable to re-enter the market. This prevented me from buying even more on the way down ($890, $870, $850, $800, I would have bought them all) and losing a packet more (which I undoubtedly would have done), so it wasn't an absolute wash out for me. It's taken me almost 3 days to read all of the online material I've missed over the last month or so and to be honest it's been heartbreaking to see just how effectively the financial fraudsters have managed to pick the small guys pocket yet again. What particulalry riles me is that they expend so much effort fleecing those who are earnestly trying to protect their wealth while simultaneously propping up fast buck speculators in housing and the stockmarkets. Free markets? I think not. Nonetheless I'm still a total PM bull and like pretty much everyone else on here I can't see any fundamental change in the causes which made me invest in PMs in the first place. Also like everyone else I haven't sold an ounce of my core positions and don't intend to do so until the REAL picture changes. Those who think gold is dead really haven't grasped the severity of this situation. There's a whole flock of black swans moving out of the reeds as we speak and they're hell bent on making sure the market and the central banks get their arms broken. I'm still drip feed buying, but as for short term trading I think I'll give it a rest for a while. If this really is the deflationary scare before the inflationary take off then I have a sneaking suspicion we're going to see falls in the 40% region before reality kicks back into gold and silver (sub $600 sounds crazy, but this market really is that stupid). So as I can't bring myself to short gold, I'll take the easy option and stay out until we have a safer technical picture. I suppose the bottom line is that this gives me even more time to accumulate something with real value. So that's what I'll carry on doing month after month and, if necessary, year after year. That's all for now, I hope no-one on here got too badly burned. Link to comment Share on other sites More sharing options...
kernull Posted August 22, 2008 Report Share Posted August 22, 2008 wow! what a sell off in oil! but gold stands, thats bullish, unless Asia understands it the other way next monday, of course. Link to comment Share on other sites More sharing options...
torino Posted August 22, 2008 Report Share Posted August 22, 2008 This gold thread is very inspirational. After thought, I am interested in storing physical oil. I'll be curious to know if it is possible to stock physical oil in a major city? Where would you go to store larger and larger quantities, without getting into troubles? Link to comment Share on other sites More sharing options...
lardoon Posted August 22, 2008 Report Share Posted August 22, 2008 This gold thread is very inspirational. After thought, I am interested in storing physical oil. I'll be curious to know if it is possible to stock physical oil in a major city? Where would you go to store larger and larger quantities, without getting into troubles? Are u serious? Link to comment Share on other sites More sharing options...
ziknik Posted August 22, 2008 Report Share Posted August 22, 2008 This gold thread is very inspirational. After thought, I am interested in storing physical oil. I'll be curious to know if it is possible to stock physical oil in a major city? Where would you go to store larger and larger quantities, without getting into troubles? Assuming you are serious. It is possible but the outlay costs are prohibitive. I have bought a few fuel tanks over the years (for commercial use, I don’t have them in my garden). They cost around £5 per litre of storage. Example, a 2,000 litre tank costs £10,000. It probably makes more sense to lease / buy a petrol station and use its tanks for your storage. I’d guess a fuel tanker will hold around 25,000 litres of fuel, so most petrol stations should have over 100,000 litres of fuel storage. When you lease / buy your petrol station, make sure it has operational tanks. It will cost you a fortune to re-commission mothballed tanks because of the constantly changing environmental standards. Link to comment Share on other sites More sharing options...
lardoon Posted August 22, 2008 Report Share Posted August 22, 2008 Assuming you are serious. It is possible but the outlay costs are prohibitive. I have bought a few fuel tanks over the years (for commercial use, I don’t have them in my garden). They cost around £5 per litre of storage. Example, a 2,000 litre tank costs £10,000. It probably makes more sense to lease / buy a petrol station and use its tanks for your storage. I’d guess a fuel tanker will hold around 25,000 litres of fuel, so most petrol stations should have over 100,000 litres of fuel storage. When you lease / buy your petrol station, make sure it has operational tanks. It will cost you a fortune to re-commission mothballed tanks because of the constantly changing environmental standards. Yes you could buy a whole petrol station and get 100,000 litres of petrol storage... Or buy one 100 oz bar of physical gold (and have the same £ exposure)... mmmh, not sure whats the most economical... even if the gold/oil ratio drops quite a bit... Link to comment Share on other sites More sharing options...
Justin Thyme Posted August 22, 2008 Report Share Posted August 22, 2008 Well I'm finally back after almost 4 weeks away from a computer and as usual gold has gone crazy. Unfortunately it went crazy in completely the wrong direction and it would be fair to say my speculative cash pot has taken something of a pounding. There are saving graces, as once my stops were hit I was unable to re-enter the market. This prevented me from buying even more on the way down ($890, $870, $850, $800, I would have bought them all) and losing a packet more (which I undoubtedly would have done), so it wasn't an absolute wash out for me. It's taken me almost 3 days to read all of the online material I've missed over the last month or so and to be honest it's been heartbreaking to see just how effectively the financial fraudsters have managed to pick the small guys pocket yet again. What particulalry riles me is that they expend so much effort fleecing those who are earnestly trying to protect their wealth while simultaneously propping up fast buck speculators in housing and the stockmarkets. Free markets? I think not. Nonetheless I'm still a total PM bull and like pretty much everyone else on here I can't see any fundamental change in the causes which made me invest in PMs in the first place. Also like everyone else I haven't sold an ounce of my core positions and don't intend to do so until the REAL picture changes. Those who think gold is dead really haven't grasped the severity of this situation. There's a whole flock of black swans moving out of the reeds as we speak and they're hell bent on making sure the market and the central banks get their arms broken. I'm still drip feed buying, but as for short term trading I think I'll give it a rest for a while. If this really is the deflationary scare before the inflationary take off then I have a sneaking suspicion we're going to see falls in the 40% region before reality kicks back into gold and silver (sub $600 sounds crazy, but this market really is that stupid). So as I can't bring myself to short gold, I'll take the easy option and stay out until we have a safer technical picture. I suppose the bottom line is that this gives me even more time to accumulate something with real value. So that's what I'll carry on doing month after month and, if necessary, year after year. That's all for now, I hope no-one on here got too badly burned. Welcome back, Marceau ! You've got cajones if you had trades running for so long without access to a computer but, as you say, you'd probably have been going long all the way down. Instead of trading, I've revisited the junior miners which took an absolute pounding on the drop to the high sevens. Guys like Capital Gold, Jinshan and GBS have been obliterated . . . Jinshan went to C$1.08 then bounced back to C$1.50 - nice ! Guess it's still leveraged play but, then again, you never get stopped out Link to comment Share on other sites More sharing options...
G0ldfinger Posted August 22, 2008 Author Report Share Posted August 22, 2008 ... "National gold reserves have a confidence and stability-building function for the single currency in a monetary union. This function has become even more important given the geopolitical situation and the risks present in financial market developments." The Bundesbank is the world's second-largest holder of gold after the U.S. Federal Reserve, and has sold just 20 tonnes out of total reserves of over 3,000 tonnes in the past five years. ... The Germans are not stupid. They've seen it all before. Just 85 years ago. Link to comment Share on other sites More sharing options...
LauraB Posted August 23, 2008 Report Share Posted August 23, 2008 This gold thread is very inspirational. After thought, I am interested in storing physical oil. I'll be curious to know if it is possible to stock physical oil in a major city? You would need armed guards to protect your oil. Buy land & grow your own? http://en.wikipedia.org/wiki/Copaifera_langsdorfii Link to comment Share on other sites More sharing options...
ologhai Posted August 23, 2008 Report Share Posted August 23, 2008 Welcome back, Marceau! And, for anyone who's able to receive the UK TV channel ITV1, the classic James Bond flick Goldfinger is this afternoon starting at 4pm (that's UK time, of course)! I'll definitely be watching it (or at least recording it and watching it this evening[1])... and while I do, I'll be thinking of you lot! [1] Boy, do I know how to have fun on a Saturday evening! Link to comment Share on other sites More sharing options...
Steve Netwriter Posted August 23, 2008 Report Share Posted August 23, 2008 We're going to be watching "Monk". I don't know why, but I love that programme. I think it has a charm and quality from days long gone. Link to comment Share on other sites More sharing options...
sylvester Posted August 23, 2008 Report Share Posted August 23, 2008 We're going to be watching "Monk". I don't know why, but I love that programme. I think it has a charm and quality from days long gone. I like Monk too. It has that charm and guarantee of non-offensivness that I used to get from Last of the Summer Wine. I hope you flipped over for Claudia Black in Stargate after... Link to comment Share on other sites More sharing options...
Steve Netwriter Posted August 23, 2008 Report Share Posted August 23, 2008 I like Monk too. It has that charm and guarantee of non-offensivness that I used to get from Last of the Summer Wine. I hope you flipped over for Claudia Black in Stargate after... Today's was a good one I missed Claudia, she wasn't on the beach this afternoon. Mores the pity I prefer Amanda Tapping in the older series though She's as good as gold. See how I got this back on topic Link to comment Share on other sites More sharing options...
azazel Posted August 23, 2008 Report Share Posted August 23, 2008 Welcome back, Marceau! And, for anyone who's able to receive the UK TV channel ITV1, the classic James Bond flick Goldfinger is this afternoon starting at 4pm (that's UK time, of course)! I'll definitely be watching it (or at least recording it and watching it this evening[1])... and while I do, I'll be thinking of you lot! [1] Boy, do I know how to have fun on a Saturday evening! I don't think that gold is real. Getting excited about all that gold is like being aroused by a dummy in a lingerie shop window Link to comment Share on other sites More sharing options...
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