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"The best currencies - Gold & Silver!" on the front of NYSE... Own up, this must be photoshop'd....!

... definitely NOT!. I could hardly believe it myself. To be honest I was actually a bit stunned and confused when I saw it. There were lots of other people there taking photos too. And the New York FED is only a few hundred yards away.

 

On another note - any theories as to why gold has not dropped this summer?

 

PS Thank you Goldfinger and good luck. I particulary liked your discussion on exit targets. Hope you will spare the time to update us occasionally.

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Too soon to start a:'The best of GF' thread? :unsure:

 

I have my entry lined up

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"The best currencies - Gold & Silver!" on the front of NYSE... Own up, this must be photoshop'd....!

That must have cost Rob McEwen a pretty penny. cool.gif

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Apologies if posted before. Standard Chartered have published an interesting gold note - particularly comments about the supply constraints facing the gold mining industry. Imo, there is not consideration given to this. I recently asked a well known gold fund manager how high he thought the gold price would have to go to see a meaningful increase in supply. His view was a lot higher - perhaps double the current price.

 

Full link to report:

 

http://www.zerohedge.com/article/standard-chartered-three-factors-will-drive-gold-5000

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Gold is bigger than just [hyper] inflation concerns. As opposed to an inflation hedge, the article mentions gold as an alternative currency.

 

http://www.bloomberg.com/news/2011-06-16/gold-climbs-for-third-day-in-new-york-on-demand-for-currency-alternative.html

Gold rose for the third straight day as volatility in the currency markets boosted demand for the precious metal as an alternative investment.

 

The euro fell to a three-week low against the dollar on speculation that Greece’s sovereign-debt crisis will worsen as talks over another aid package stalled. The greenback has dropped 12 percent in the past year against a basket of major currencies. Gold priced in British pounds rose to a record today.

 

“Gold is now a currency,” said Dennis Gartman, an economist and the editor of the Suffolk, Virginia-based Gartman Letter. “Gold is strong and growing stronger.”

 

On the Comex in New York, gold futures for August delivery rose $3.70, or 0.2 percent, to settle at $1,529.90 an ounce at 1:46 p.m.. The price gained 0.7 percent in the previous two sessions. The metal has advanced 24 percent in the past 12 months.

 

Implied volatility for one-week Eurodollar options surged to the highest since November. The measure signals the expected pace of swings in the underlying currency.

 

Gold rose to a record $1,577.40 on May 2 as escalating sovereign-debt woes and record-low U.S. borrowing costs increased the appeal of the metal as an alternative to currencies. The price denominated in euros reached an all-time high on May 25.

 

‘Roll the Dice’

“Investors don’t want to roll the dice on being caught in one particular currency or the other,” said Adam Klopfenstein, a senior strategist at Lind-Waldock, a broker in Chicago. “There is gravitation toward the gold market to diversify away from paper currencies.”

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Thanks for all the kind comments. If some of you are doing much better financially than only a few years ago, and I had something to do with it, then it was worth all the effort.

 

No beans to be spilled. Firstly, I want to spend more time offline and reading (real books, printed on paper). Secondly, some of us use GEI (or other forums) akin to a personal blog. So does Bubb himself. The problem is the noise, as many others are doing the same, interfering with you. Then there also is the spin either owners or moderators can put on it. If you don't agree with the spin, e.g. if you want to communicate a "message" different from it, you have a problem, even if you're a mod (one of many). You can start your own forum, but you're just going to run into the exact same problems, as some of you with forums of your own can possibly tell.

 

So, instead, I will possibly start a blog at some stage, where I can focus my own thoughts without the noise. Noise is good to some extent, as it fosters discussions and your ideas get challenged. On the other hand, there is also a danger of running in circles all the time, hearing the same arguments over and over again. With comments on a blog, and possible spin-offs where blog entries are discussed in a separate forum (e.g. on here), the line of thought can possibly be kept in better order, is easier to navigate.

 

So, there you have it: less posts from now on, and I will try to keep clear off the ever-returning same discussions (with the usual suspects), but maybe there is going to be a blog at some stage in the future when I find the time and motivation to set one up.

 

BTW, this also means that I am going to be a little less active as a mod (not that there was much to do recently anyway). The recent comments on moderation, which I originally did not want to comment on, are not justified. This forum is moderated pretty light-handedly. Personally, I hardly ever suspended anyone, especially not for longer times, and I can't even recall the last time it happened. Obviously, I am by far not the only mod, but speaking as one, I think even the "problem posters" got, all in all, more than fair treatment and "second" chances over and over again.

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That must have cost Rob McEwen a pretty penny. cool.gif

I think when you list on Amex you get to have your company outside the NYSE for a day.

 

First Majestic did it earlier in the year

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I think when you list on Amex you get to have your company outside the NYSE for a day.

 

First Majestic did it earlier in the year

Cool, can't wait for the GPR day. cool.gif

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Cool, can't wait for the GPR day. cool.gif

 

 

Pixel - did you see the GPR results the other day? It's been a volatile ride but I'm still in. I view it as a smaller First Majestic

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Pixel - did you see the GPR results the other day? It's been a volatile ride but I'm still in. I view it as a smaller First Majestic

Yeah Q1 EPS up 500% from a year ago, I hope they can continue such amazing growth. It would be good to see them start a dividend payment soon though, rather than just keep doing more financing.

 

I sold half my original buy to realise a 10 bag and free up some cash for more purchases, will hold the rest for the duration I think.

 

20110617-prqhgxam54tdy9wrb26j8um2am.jpg

 

 

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This could be a load of fun.

 

Is your gold squeaky-clean gold?

 

http://www.gold.org/about_gold/sustainability/conflict_free_standards/

 

I trust the wgc are not considering backdating this :D

My gold is conflict free - apart from the bickering over who gets the cheese sandwiches after a hard morning's panning! :D

 

SV100684-centre.jpg

 

But then, there's always this kind of conflict:

cash4gold.jpg

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This could be a load of fun.

 

Is your gold squeaky-clean gold?

 

http://www.gold.org/about_gold/sustainability/conflict_free_standards/

 

I trust the wgc are not considering backdating this :D

 

The ways of stealing gold from the weak are myriad - this is the latest attempt. IMO, a sign that the Phoney War period is coming to an end.

 

 

"Criminals now using conflict gold to avoid banking system."

 

"Proof that terrorists operating parallel banking system using conflict gold."

 

"General Public now sees conflict gold hoarders as worse than paedophiles."

 

"Football star accused of hiding secret stash of conflict gold Krugerrands, admits he is guilty but claims he was influenced by Internet Gold Bugs - life sentence expected."

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Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15

 

The details are too vague to really anticipate how this will play out... Any thoughts?

 

One small step toward Executive Order 6102 part 2, and one giant leap for corruptcongressmankind.

 

From: FOREX.com <info@forex.com>

Date: Fri, Jun 17, 2011 at 6:11 PM

Subject: Important Account Notice Re: Metals Trading

To: xxx

 

Important Account Notice Re: Metals Trading

 

 

We wanted to make you aware of some upcoming changes to FOREX.com's product offering. As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011.

 

In conjunction with this new regulation, FOREX.com must discontinue metals trading for US residents on Friday, July 15, 2011 at the close of trading at 5pm ET. As a result, all open metals positions must be closed by July 15, 2011 at 5pm ET.

 

We encourage you to wind down your trading activity in these products over the next month in anticipation of the new rule, as any open XAU or XAG positions that remain open prior to July 15, 2011 at approximately 5:00 pm ET will be automatically liquidated.

 

We sincerely regret any inconvenience complying with the new U.S. regulation may cause you. Should you have any questions, please feel free to contact our customer service team.

 

Sincerely,

The Team at FOREX.com

 

So far we have only received this warning from Forex.com. We are waiting to see which other dealers inform their customers that trading gold and silver over the counter will soon be illegal.

 

It appears that Forex.com's interpretation of the law stems primarily from Section 742(a) of the Dodd-Frank act which "prohibits any person [which again includes companies]from entering into, or offering to enter into, a transaction in any commodity with a person that is not an eligible contract participant or an eligible commercial entity, on a leveraged or margined basis."

 

http://www.zerohedge...ginning-july-15

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Any thoughts?

 

 

Two (initial)

 

1)'Gathering Storm' three posts up?

 

2) I'm at an age when I'm almost beyond caring. So should I be the one to volunteer to spray the bullets around in a final futile gesture ........ if this 'news' isn't just a load of ykw?

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Dodd Frank is all about getting swaps and securties based swaps onto regulated exchanges so that greater transparency can be effected into the transaction.

 

I don't believe the buying of physical metals is covered.

 

What is covered is buying on the futures market if you have no intention if taking physical delivery.

 

Clearly rules may change in the future but no drama so far.

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That's staggering... We've always know they repressed the price of gold (via GATA) through gold leases, but that's the first figure I've ever seen. If Belgium have leased 41% of their gold, what state are the US and UK in I wonder... probably worse. The problem is this gold is now in the hands of private investors, it was always an insurance policy and should never have left the CB vaults. Their plan to manipulate the price of gold has back-fired spectacularly. I hope the gold lease yields were worth it!

 

Is that good or bad relative to other central banks, or is not knowing the problem? Do we trust the numbers?

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That's staggering... We've always know they repressed the price of gold (via GATA) through gold leases, but that's the first figure I've ever seen. If Belgium have leased 41% of their gold, what state are the US and UK in I wonder... probably worse. The problem is this gold is now in the hands of private investors, it was always an insurance policy and should never have left the CB vaults. Their plan to manipulate the price of gold has back-fired spectacularly. I hope the gold lease yields were worth it!

 

 

I think it's more pertinant to think of how many calls there are on all of this gold.

How many owners 'own' an ounce in the vault?

 

If you don't hold it.... you.. are... gonna.. be.... toast... :(

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