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40 year veteran Robin Griffiths of Cazenove. Cazenove is one of the oldest financial firms on the planet and is widely believed to be the appointed stockbroker to Her Majesty The Queen. When asked about the action in gold, Griffiths responded, “The main point is it wasn’t a bubble and it hasn’t burst. Earlier, when the price was $1,900 an ounce, it was, in technical terms, overbought. It was too high too soon, actually trading 28% above the sustainable trend. The only slightly surprising thing is that it fell back to the trend really very rapidly.”

 

http://maxkeiser.com/2011/09/29/%E2%80%9Cthe-main-point-is-it-wasn%E2%80%99t-a-bubble-and-it-hasn%E2%80%99t-burst/

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Jim Rogers' view on gold:

 

We have discussed before that gold has been up 10 years in a row, which is very unusual in any asset class. So if it is up this year or 11 years in a row, gold is overdue for a correction and it could have a nice substantial correction given that it has been so strong.

 

I doubt if it will go to $2000 an ounce in 2011, it is more likely to have a correction which will last for several weeks, several months. It has been very strong. If it goes down some more, I would buy more gold as I have told you many times.

 

http://articles.economictimes.indiatimes.com/2011-09-26/news/30204713_1_base-metals-precious-metals-silver-and-gold

A sensible view.

"likely to have a correction which will last for several weeks, several months"

Larry Pesavento has been talking about the possibility of $1200, or even lower.

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...The only slightly surprising thing is that it fell back to the trend really very rapidly[/i].”

http://maxkeiser.com/2011/09/29/%E2%80%9Cthe-main-point-is-it-wasn%E2%80%99t-a-bubble-and-it-hasn%E2%80%99t-burst/

Not everyone was surprised.

Several on TFNN nailed it, talking about $100 per day drops, and a return to $1550 or so.

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It is humorous, too be sure.

But there's a certain short-term-ish logic in it.

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A sensible view.

"likely to have a correction which will last for several weeks, several months"

Larry Pesavento has been talking about the possibility of $1200, or even lower.

 

pesavento sucks.

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It is humorous, too be sure.

But there's a certain short-term-ish logic in it.

Are you being serious? The dollar is 'backed' by the the FED who have been running the printing presses at full speed. Gold needs no backing as it has intrinsic value in it's self, it is no ones else's liability. The same cannot be said of course of the paper gold that put your faith in.

 

 

CTV where obviously very embarrassed about the comment and have pulled the video of youtube for copyright infringement.

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POSSIBLE RETURN TO GOLD Standard discussed in the Press

 

New York Sun Article, 9-26-11…”Plan To Return America To the Gold Standard Set To Be Offered at Washington”

Posted on September 28, 2011 by kauilapele - http://kauilapele.wordpress.com/

 

Okay, I’m not an “intensely into” money and finance person, but this article from the New York Sun (pointed out by Mike, thank you, Mike!) about someone (Lewis Lehrman, One-Time Member of Reagan-Era Gold Commission) proposing steps to return to the gold standard, really caught my eye. Many have talked about the world first transitioning to either metals-backed and/or real-stuff-backed money. So here’s someone actually proposing the steps to get there. I like it.

 

EXCERPT:

In recent months, a growing chorus of serious observers have started to speak in favor of the restoration of a link between the dollar and gold. Some of them have been establishment figures, such as the president of the World Bank, Robert Zoellick, who in November last year startled the debate by issuing in the London Financial Times an op-ed piece suggesting there might be a role for gold in a reformed monetary system.

 

Since then a number of the nation’s most respected journalists — led most notably by Mr. Grant — have come out publicly for a return to the gold standard. Mr. Grant’s demarche came on the op-ed page of the New York Times. Several Republican candidates for president, ranging from Congressman Ron Paul to Congresswoman Michele Bachmann and Governor Perry, among others, have signaled that they view that the restoration of a sound dollar as being a component of returning America to the path of economic growth and full employment.

 

Mr. Lehrman, however, is the first of the leading figures in the debate to step forward with a plan, which he is expected to lay out in the Washington conference on a stable dollar. The conference is being hosted by the Heritage Foundation think tank. Mr. Lehrman’s plan is elaborated on at length in a book his institute will publish next month called, “The True Gold Standard: A Monetary Reform Plan Without Official Reserve Currencies.”

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POSSIBLE RETURN TO GOLD Standard discussed in the Press

 

As a holder of physical PM's, the one thing I fear the most is a return to a gold/bi-metallic backed dollar/euro/bancor or anything else.

 

JL

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As a holder of physical PM's, the one thing I fear the most is a return to a gold/bi-metallic backed dollar/euro/bancor or anything else.

 

JL

 

Purely interested to know why?

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Purely interested to know why?

 

Others have speculated and done the maths as to where the price of gold would need to be.

 

Imho, if gold was to reach these values almost overnight due to a currency event, the accompanying raft of draconian legislation/taxation etc would make trading/profiteering from PM sales almost akin to a black market/illegal activity.

 

Examples of efforts to restrict profiteering my include, the trading of PM's must be undertaken at government approved and registered coin/bullion dealers, documented proof of ownership/title to the metal i.e proof of purchase, all transaction will be referred to HMRC for appropriate taxation (CGT), cash transaction strictly prohibited etc

 

Steady as she goes is best for this ship.

 

JL

 

Edited for more clarity & detail.

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Others have speculated and done the maths as to where the price of gold would need to be.

 

Imho, if gold was to reach these values almost overnight due to a currency event, the accompanying raft of draconian legislation/taxation etc would make trading/profiteering from PM sales almost akin to a black market/illegal activity.

 

Examples of efforts to restrict profiteering my include, the trading of PM's must be undertaken at government approved and registered coin/bullion dealers, documented proof of ownership/title to the metal i.e proof of purchase, all transaction will be referred to HMRC for appropriate taxation (CGT), cash transaction strictly prohibited etc

 

Steady as she goes is best for this ship.

 

JL

 

Edited for more clarity & detail.

 

Agreed, I'd definitely prefer slow and steady, but my plan in case of huge appreciation and draconian measures is just to go to Dubai or India for a flying visit if I need to. That's the beauty of physical imo.

 

 

EDIT: looks like someone just woke the Qataris:

 

http://www.telegraph.co.uk/finance/personalfinance/investing/gold/8802793/Qatari-wealth-fund-plans-10bn-gold-buying-spree.html

The fund is seeking to invest in a range of natural resources, but gaining access to physical gold is its top strategic priority.

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Not everyone was surprised.

Several on TFNN nailed it, talking about $100 per day drops, and a return to $1550 or so.

 

Gamblers never do remember their losses. How many times has Tom O'Brien sold all his gold since we hit $1200?

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From the recent Martin Armstrong thread:

 

The thing I like about Martin Armstrong is that he can explain sophisticated problems in a clear way that is easy to grasp. His commentary on the doomed Euro was enlightening.

 

Of interest were his scenarios for gold:

 

1. gold blasts off to new highs in a parabolic move that exhausts itself prematurely followed by a severe correction after next year.

 

2. gold continues to correct to key support in the $1400-1450 area and consolidates over the next 6 months into July when a reversal comes. He sees the final highs coming in 2016 and could reach $5000 (or higher).

 

How to spot the blow off top: a doubling that occurs within a short period of time (weeks) like what happened in 1980 when it went from 400 to 800.

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Bullionvault back down to $1600.

 

Higher or lower folks?

 

Short-term - lower, long-term, higher.

 

$1400 is a number that is being bandied about. I am a natural pessimist, so I see it going that far before the year end.

 

There are steady climbs followed by big sell-offs, suggesting big boys unloading gold, while the little people pick it up.

 

Very long-term, it can only go to the moon, as fiat money gradually heads to its ultimate value of complete zero.

 

Or does anyone suggest we are not going to see $1900 ever again in the future??

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Short-term - lower, long-term, higher.

 

$1400 is a number that is being bandied about. I am a natural pessimist, so I see it going that far before the year end.

 

There are steady climbs followed by big sell-offs, suggesting big boys unloading goldpaper, while the little people pick it up.

 

Very long-term, it can only go to the moon, as fiat money gradually heads to its ultimate value of complete zero.

 

Or does anyone suggest we are not going to see $1900 ever again in the future??

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In case we need to be reminded COMEX are a bunch of crooks...

 

http://www.zerohedge.com/news/soaring-financial-vol-leads-cme-announce-33-margincut

Soaring Financial Vol Leads CME To Announce A 33% Margin...Cut

Because while soaring volatility in gold and copper, not to mention silver, results in one after another margin hike to "cool off the speculators", when it comes to financial stocks, especially in the "tail wag the dog" variety where the synthetic drives the stock price, a surge in vol means a cut in margins, or 33% to be precise. As of minutes ago, the biggest futures exchange just cut XAF margins by a whopping 33%, exploding vol be damned, or actually, because of it. The CME would be even more delighted if clients were to pledge their gold as collateral, especially following yesterday's expansion of gold's marginability from $200 to $500 million.

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Isn't it lovely that they leave such a nice trace for everyone to see?

 

In case we need to be reminded COMEX are a bunch of crooks...

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I am of the strongest opinion the bottom is in unless we see more manipulation. These smack downs are not liquidity sell offs. Gerald Cenlente says the crash is coming this month.

 

http://www.youtube.com/watch?v=OPD-cWW2ks8

 

 

Short-term - lower, long-term, higher.

 

$1400 is a number that is being bandied about. I am a natural pessimist, so I see it going that far before the year end.

 

There are steady climbs followed by big sell-offs, suggesting big boys unloading gold, while the little people pick it up.

 

Very long-term, it can only go to the moon, as fiat money gradually heads to its ultimate value of complete zero.

 

Or does anyone suggest we are not going to see $1900 ever again in the future??

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