Jump to content

Recommended Posts

After all those rises we're still roughly at a house price /gold 2 for 1 deal. IMO this crisis is far bigger than anything we saw in the 70s or 80s, so I'd like to think the lows on the ratio will be taken out.

 

Anyway, here's another article from the gold experts in the MSM. Nice to see her immediately lay her cards on the table with the 'fact' that oil prices are unsustainable at $120.

 

I can't believe she gets paid to write this stuff.

 

When I read these articles I get a distinct impression that the authors and their colleagues do not own gold. It's a sideshow worthy of commentary and column inches, but there is no vested interest on display. Even less likely is that these people own real physical gold! Personally I believe the final violent upleg in this bull market will be driven by the collapse of confidence in all forms of paper gold. After finally taking some serious time to read the research of Adrian Douglas and GATA, I can't believe the bars in GLD are unencumbered.

Share this post


Link to post
Share on other sites

http://www.bbc.co.uk/news/business-14368064

 

South Korea buys gold as safe haven, first time since '98

 

South Korea's central bank has confirmed it has made its first purchase of gold in 13 years.

 

The purchase of 25 tonnes of gold shows the bank is diversifying its foreign exchange reserves away from the US dollar.

 

Gold is seen as a safe haven investment when other forms of investment like shares and currencies are more volatile.

 

It is the first gold purchase by the bank since the Asian financial crisis.

Share this post


Link to post
Share on other sites

http://www.bbc.co.uk...siness-14368064

 

South Korea buys gold as safe haven, first time since '98

 

South Korea's central bank has confirmed it has made its first purchase of gold in 13 years.

 

The purchase of 25 tonnes of gold shows the bank is diversifying its foreign exchange reserves away from the US dollar.

 

Gold is seen as a safe haven investment when other forms of investment like shares and currencies are more volatile.

 

It is the first gold purchase by the bank since the Asian financial crisis.

Beat me to it. cool.gif

 

Here's the FT article;

 

 

South Korea lifts gold reserves 17-fold

 

By Christian Oliver in Seoul

 

South Korea, holder of the world's seventh-biggest foreign exchange reserves, has increased the value of gold in its reserves 17-fold over the past two months as part of a gradual diversification away from the US dollar.

 

The Bank of Korea said on Tuesday that it had purchased 25 tonnes of gold – worth $1.24bn – in its first acquisition of the precious metal since the Asian financial crisis in 1997-1998, when Korean citizens donated gold jewellery to the bank to help the nation through a period of economic emergency.

 

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.

 

The Bank of Korea's expansion of its small gold reserves – a move it said in October that it was considering – follows an announcement in May that it planned to move some of its $311bn reserves to renminbi-denominated assets on the Chinese mainland...

Share this post


Link to post
Share on other sites
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:

Share this post


Link to post
Share on other sites

That chart says there will be a monster correction first.

 

I don't see what your monster correction thought is based on from this chart, but also I'm no chartist !

Share this post


Link to post
Share on other sites

I don't see what your monster correction thought is based on from this chart, but also I'm no chartist !

 

Yep, I see the monster correction in gold.. that is upwards. We are in the early stages of a global currency collapse with America leading the way.

Share this post


Link to post
Share on other sites

New record at 1640.20$ moments ago. This is a summer like no other. I am glad I have repurchased all the PM sold in May. The rate of price appreciation has recently increased with the corrections becoming increasingly smaller, so that it may be best to adopt a policy of buy and hold, unless someone is an experienced trader.

Share this post


Link to post
Share on other sites

I don't see what your monster correction thought is based on from this chart, but also I'm no chartist !

 

 

Really? Despite the fact that the chart is complete hokum, if you were to draw a conclusion from it I think the best one would be that every time the debt limit has been raised in the last 5 years gold falls dramatically THEN rises to the new ceiling.

 

I'll make it simple, do you see where the little black line move upwards? That's the debt ceiling being raised.

 

Do you also see the little red line move down when the little black line moves up, that's gold falling.

 

QED.

 

Guess what gents, I'm pro gold. Although I guess I now fall into heretic category for making a simple observation on a chart. The level of defensiveness on here is hysterical sometimes.

Share this post


Link to post
Share on other sites

Guess what gents, I'm pro gold. Although I guess I now fall into heretic category for making a simple observation on a chart. The level of defensiveness on here is hysterical sometimes.

I found the same thing. I posted a picture that I took myself of the New York Stock Exchange with a big poster on it saying, "The best currencies Gold and Silver!" I was asked if the picture was fake. I'm pro gold too.

Share this post


Link to post
Share on other sites

We know you are, I was just curious why you thought that. I can see your point, but on a chart that imprecise I didn't reach the same conclusion, hence I asked... B)

 

 

 

Really? Despite the fact that the chart is complete hokum, if you were to draw a conclusion from it I think the best one would be that every time the debt limit has been raised in the last 5 years gold falls dramatically THEN rises to the new ceiling.

 

I'll make it simple, do you see where the little black line move upwards? That's the debt ceiling being raised.

 

Do you also see the little red line move down when the little black line moves up, that's gold falling.

 

QED.

 

Guess what gents, I'm pro gold. Although I guess I now fall into heretic category for making a simple observation on a chart. The level of defensiveness on here is hysterical sometimes.

Share this post


Link to post
Share on other sites

That was me and it was a joke, it clearly wasn't photoshop'd...

 

I found the same thing. I posted a picture that I took myself of the New York Stock Exchange with a big poster on it saying, "The best currencies Gold and Silver!" I was asked if the picture was fake. I'm pro gold too.

Share this post


Link to post
Share on other sites

Really? Despite the fact that the chart is complete hokum, if you were to draw a conclusion from it I think the best one would be that every time the debt limit has been raised in the last 5 years gold falls dramatically THEN rises to the new ceiling.

 

I'll make it simple, do you see where the little black line move upwards? That's the debt ceiling being raised.

 

Do you also see the little red line move down when the little black line moves up, that's gold falling.

 

QED.

 

Guess what gents, I'm pro gold. Although I guess I now fall into heretic category for making a simple observation on a chart. The level of defensiveness on here is hysterical sometimes.

 

I do see what you are talking about but I think it is a bit of a stretch to say that gold falls each time the debt ceiling is raised. Here the same graph with some downward lines to show you what I mean, about half the times it actually goes up post raising so not much can be gained from it really.

 

20110802-qr97hnjx9nxmxg9wjaueshrh85.jpg

 

Share this post


Link to post
Share on other sites

That was me and it was a joke, it clearly wasn't photoshop'd...

Ok, never mind.

 

£1007 Sweet :)

 

This has been an exceptional summer. I was expecting the usual 15%+ summer pull back before now. Gold usually rises from mid/late August

(from my limited experience observing the market since summer 2007)

Share this post


Link to post
Share on other sites

Where is the August correction this year? I cannot recognise any pattern, is 2011 the beginning of a new phase?

I was planning to load my truck this month... :-(

I am less and less optimistic for a major correction, a nice 10/15% would give it a good kick for the autumn.

Share this post


Link to post
Share on other sites

I think we are on the edge of a fundamental change in the PM market, seasonal trends are over IMO, at least in the % terms we're used to, there will always be corrections though, so it's just a question of timing. I think now is as good a time as any, I'm prepared to bet £6.74 that we'll be close to $1,900 before Christmas.

 

Where is the August correction this year? I cannot recognise any pattern, is 2011 the beginning of a new phase?

I was planning to load my truck this month... :-(

I am less and less optimistic for a major correction, a nice 10/15% would give it a good kick for the autumn.

Share this post


Link to post
Share on other sites

New record at 1640.20$ moments ago. This is a summer like no other. I am glad I have repurchased all the PM sold in May. The rate of price appreciation has recently increased with the corrections becoming increasingly smaller, so that it may be best to adopt a policy of buy and hold, unless someone is an experienced trader.

 

Seasonals are over! This is exactly what I meant in this post. Investment demand is now larger than the demand from

the jewellry industry. Entry and exit points, should now be based primarily on economic news. And the news at the

moment is the possibility of downgrade of US debt, as well as the Italian and Spanish bonds.

Share this post


Link to post
Share on other sites

Seasonals are over! This is exactly what I meant in this post. Investment demand is now larger than the demand from

the jewellry industry. Entry and exit points, should now be based primarily on economic news. And the news at the

moment is the possibility of downgrade of US debt, as well as the Italian and Spanish bonds.

 

from what i remember the last few years the summer drop in gold is usually finished by the end of july anyway.

Share this post


Link to post
Share on other sites

$1,650!

 

Congratulations to Mr. Gold: Jim Sinclair!

 

... for the investment call of the century!

 

King%20World%20News%20Jim%20Sinclair%205%3A10%3A2011.jpg

 

No manic-depressive trading is needed, no fearful paper shuffling with liabilities not worth the paper they have been written on.

 

Good old gold has done what it has done for thousands of years, and will continue to do.

 

Don't sell your gold now, don't be stupid. The Sinclair gold price model hints at a price of $16,000 an ounce today if gold was to go back to ratios it has gone to before in the 1970s and 1980s. Don't listen to the "gold pays no dividend" morons, they don't understand what they are dealing with.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×