GOLD

[callmejoe]

I think it was back in 2008 or 2009 I posted a message somewhere on this forum that a wealthy Middle Eastern client discovered his gold bullion stash in an unnamed Swiss bank was missing and that it nearly led to a diplomatic incident.

 

Now here's a similar tale:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/5/21_Greyerz_-_Customer_Shocked_Allocated_Gold_Not_in_Swiss_Bank.html

 

Remember who told you 1st ....

[Pixel8r]

This story could have legs.

Your starting to sound like a GATA nut.

[electroweak]

Egon von Greyerz with a first hand account of a customer transferring allocated gold from a swiss bank; bank did not / could not deliver, apparently.

http://kingworldnews.com/kingworldnews/Broadcast/Entries/2012/5/22_Egon_von_Greyerz_files/Egon%20von%20Greyerz%205%3A22%3A2012.mp3

 

(5m10s - just before the halfway point)

[drbubb]

Egon von Greyerz with a first hand account of a customer transferring allocated gold from a swiss bank; bank did not / could not deliver, apparently.

http://kingworldnews.com/kingworldnews/Broadcast/Entries/2012/5/22_Egon_von_Greyerz_files/Egon%20von%20Greyerz%205%3A22%3A2012.mp3

 

(5m10s - just before the halfway point)

Hmm.

What does "allocated" mean then?

"We will do our best to get it, when you ask"?

[Peppa Pig]

Hmm.

What does "allocated" mean then?

"We will do our best to get it, when you ask"?

Damaging to the industry. The likes of goldmoney and bullion vault could get tarred with the same brush.

[drbubb]

Those charts again

 

Weekly ... update

 

Daily ... update

 

 

Gold-in-A$

 

[drbubb]

CME Group Lowering Margins For Gold Futures

 

24 May 2012, 8:15 p.m.

By Kitco News

 

Editor's note: Catch the Latest Happenings with Kitco Video News!

 

(Kitco News) - CME Group is cutting margins for gold futures, the exchange announced late Thursday.

 

The new rates will be effective after the close of business on Tuesday, CME Group said. The exchange operator also announced margin changes for a number of other markets, mostly lower, including reduced margins for crude oil, gasoline, lean hogs and lumber.

 

CME Group said the new margins were part of the “normal review of market volatility to ensure adequate collateral coverage.”

 

For the main 100-ounce gold contract on the Comex division of the New York Mercantile Exchange, the initial margin for new speculative positions will fall to $9,113 from $10,125. The maintenance margin for existing speculative positions, plus all hedge positions, will fall to $6,750 from $7,500.

 

Margins were also trimmed for the smaller-sized gold contracts.

[drbubb]

Jeff Christian thinks Gold may be headed down into summer ($1480-1500)

 

http://www.kitco.com/Exclusive-News/

 

Meantime, Gold-in-Euros is working its way higher

[Jake]

Jeff Christian thinks Gold may be headed down into summer ($1480-1500)

 

 

And Robert Prechter thinks that even though gold is beginning a 'multi year correction' (and silver down to single digits) he still recommends a core holding of gold. Funny old world...

 

Why do you recommend a core holding of gold and how can I purchase and store it?

 

Responder: Bob Prechter Date: 5/11/2012

The following is excerpted from the 2nd edition of Conquer the Crash, Appendix A (you can read the full recommendation on pages 273-276 in Conquer the Crash:

 

I have run into many people who think their money is safe because it is in bank CDs, corporate bonds, municipal bonds, money-market funds, etc. But most of these investments depend upon the solvency of some creditor institution that will probably not survive the developing depression. Conquer the Crash readers should continue to hold most of their liquid wealth in Treasury bills, greenback cash, short term debt of Switzerland, Singapore and New Zealand (see www.stablecurrencyindex.com) and some gold, ideally held in safe depositories such as those identified by SafeWealth Ltd., based in Switzerland.

 

When the crisis reaches an extreme, people may rediscover the values of using gold as money and give up on the idea of central banking. I want to be among the advance guard of the new monetary era by owning accounts denominated in real money, not the “IOU nothings” offered by banks worldwide under the fiat-enforced, debt-based, money-substitute system. Remember, a bank is a loan-brokering institution that in most cases has handed out, in exchange for promises to pay interest, your money to home buyers, car buyers, property developers, credit card borrowers and other such debtors. If you deposited all your money in a bank and it goes under because its debtors can’t pay, you won’t have the money to buy food, pay for heat or fill up your car’s gas tank. But if you have real money in a vault, you will always have purchasing power.

 

 

 

 

 

EWI Special Offer: Receive 6 Months FREE Storage from GoldMoney

 

Bob has included several recommended services in the Elliott Wave Theorist and in the 2nd edition of Conquer the Crash. Among them is well-known gold analyst and dealer Jim Turk's firm, GoldMoney. You can open a GoldMoney Holding and electronically transfer one of nine major currencies into the account. You can then purchase gold and arrange for safe storage in vaults in London, Zurich and Hong Kong. Your tangible deposits are insured by Lloyd's of London and external auditors ensure that the company never lends your metal to third parties.

 

If you own (or plan to own) precious metals, you should look into opening a GoldMoney Holding. GoldMoney is extending a special offer to EWI followers. When you make a purchase from GoldMoney, you will receive 6 FREE months of storage.

 

I wonder what his definition of 'real money' really is? Gold or Greenbacks or both?

[drbubb]

And Robert Prechter thinks that even though gold is beginning a 'multi year correction' (and silver down to single digits) he still recommends a core holding of gold. Funny old world...

 

I wonder what his definition of 'real money' really is? Gold or Greenbacks or both?

Whatever you want to consider "real money", I have different definitions of it pigeon-holded and stored

for uncertain times, and will not miss out if gold or silver prices soar

[Van]

The only thing that goes up in Pretchner's EW models is his ever increasingly detached ego.

[drbubb]

Our Gold bulls (myself included) will like this:

 

Peter Schiff - "The Real Crash is still coming !"

 

http://www.youtube.com/watch?v=aY6dHhVS1_Q

 

(about 38 minutes in)

 

LIndsay Williams is the last segment.

Go to: 2:14

 

+ Final indicator of the Crisis getting worse: rising rates

+ Gold to $3,000, and Silver to $75

+ Gold eventually will go to $7,000

[Jake]

Whatever you want to consider "real money", I have different definitions of it pigeon-holded and stored

for uncertain times, and will not miss out if gold or silver prices soar

...so all the old gold bulls can come back to pasture?

 

It's a damn shame they are not here, imho. Better than all of hall lights posts altogether was pix or warpig or gf or...or...or...

 

It was a serious question though. I wonder what Prechter means when he says 'real money'. He once said on Dom's interview a few years back that 'gold was the only real money'. I still think he rues the last 10 years bull in gold whilst advising against it. Costly. And the irony is that he could have ridden it spectacularly, sold at 1900 and bought greenbacks. Then wait for the multi year collapse a la deflation, then sweep up the bullion, hand over fist.

 

Anyway...

[drbubb]

...so all the old gold bulls can come back to pasture?

 

It's a damn shame they are not here, imho. Better than all of hall lights posts altogether was pix or warpig or gf or...or...or...

 

It was a serious question though. I wonder what Prechter means when he says 'real money'. He once said on Dom's interview a few years back that 'gold was the only real money'. I still think he rues the last 10 years bull in gold whilst advising against it. Costly. And the irony is that he could have ridden it spectacularly, sold at 1900 and bought greenbacks. Then wait for the multi year collapse a la deflation, then sweep up the bullion, hand over fist.

 

Anyway...

They chased themselves away, and many of them were far too rude towards those of us who warned them

that gold was not on a one-way trip

 

The site is much more harmonious, intelligent and useful without the ridiculous spats, don't you think?

 

I expect they are either fighting with themselves elsewhere, or are maybe a bit wiser by now

[drbubb]

Spanish banks stocks are down an average of 5% today.

 

Bank stock prices are hitting fresh lows, and thsi meltdown cannot continue indefinitely.

 

Europe must develop a plan, and act soon IMHO.

And almost anything that I can think of them doing is likely to help Gold prices, I reckon.

[lyb]

Spanish banks stocks are down an average of 5% today.

 

Bank stock prices are hitting fresh lows, and thsi meltdown cannot continue indefinitely.

 

Europe must develop a plan, and act soon IMHO.

And almost anything that I can think of them doing is likely to help Gold prices, I reckon.

 

Gold is under a lot of pressure again from the rising dollar. Frankly, I am surprised it does not act as a safe heaven at the moment.

Spaniards have an excellent opportunity to protect their savings from the collapsing banks, by converting to gold. However, cash appears to be king at the moment and the turn for gold will only come as a result of new measures from the ECB/Fed.

[Manual labourer]

Before a TSUNAMI!

 

The tide always goes out !

[Steve Netwriter]

Those charts again

 

Weekly ... update

 

Daily ... update

 

 

Gold-in-A$

 

 

Pictures of NZ, tales of a Roman Holiday, and apparently the "Goldbugs" have left?

I haven't been following the charts much recently, I just check occasionally.

Am I the only one who thinks those charts are screaming one thing?

 

If this was Star Trek, Scotty would be screaming "the pressure is too great Capt'n, she's gunna blow" lol

[drbubb]

Please scream away, Scotty.

 

Beam us up !

 

It's LONELY at the bottom, don't you think ?

[drbubb]

They are RINGING THE BELL today !

 

Good call, Steve Netwriter !

 

Very impressive : The Turnaround in Gold today !

 

GLD : 151.60 + 0.58 / +0.38% / lod: 148.53 xx% off the low!

GDX : $44.67 +0.58 / +1.32% / lod: $42.72

DXY : 82.772 +0.35 / +0.42%

FXE : 123.41 - 0.95 / - 0.76%

SPY : 131.80 - 1.90 / - 1.42%

USO : $33.06 - 1.17 / - 3.42%

Notice the contrast between USO, the oil etf, and GLD !

 

====

 

That is impressive, and may be giving an important signal,

since it is coming on a day when both stocks and the Euro/FXE are very weak

 

Have the flows into Gold begun?

 

The situation amongst the Banks in Spain is looking increasingly desperate.

The bank run may be accelerating, as bank stock prices fall

[Steve Netwriter]

Please scream away, Scotty.

 

Beam us up !

 

It's LONELY at the bottom, don't you think ?

 

What do they say, "buy when all else are selling" lol

 

It looks to me like we've been through a long enough period of boredom and depression for those who think lines up should be straight

 

I do remember commenting on Jim Sinclair's 1650, and how the GoldUS$ rate went straight through it, but now looking at the chart, maybe he did pick an important level.

 

Onwards and upwards

[G0ldfinger]

Updates available: http://gold.approximity.com/gold_charts.html'>http://gold.approximity.com/gold_charts.html

 

The gold bulls have been right all the way. It's all falling apart: Europe, UK, US, even China. Even Bubb has given in now and is bullish. Pretty quiet here nowadays without the bulls.

 

Anyway, we had a bounce over the green line! I still think it will mostly hold.

 

 

As for houses, a bounce here too, but the line is holding.

 

http://gold.approximity.com/gold_charts.html

 

Sinclair model update: http://gold.approximity.com/since1970/Gold_Price_to_External_Debt_Equilibrium_Price.html

 

What can I say? Gold is just dirt cheap!

 

 

Until next time...

[Kapouillax]

Even Bubb has given in now and is bullish.

 

As far as I understand, he's been long term bullish all along, but worrying about the short term outlook and risk, something most of us don't care (much) about.

 

Until next time...

 

Nice hearing from you again

[drbubb]

Updates available: http://gold.approximity.com/gold_charts.html

 

The gold bulls have been right all the way. It's all falling apart: Europe, UK, US, even China. Even Bubb has given in now and is bullish. Pretty quiet here nowadays without the bulls.

LOL

"even" Bubb "gave up"?

You mean: prices got low enough that DrBubb added aggressively to his gold position.

 

As far as I know, the way someone makes money is by Buying Low and Selling High - which is what I have been doing.

Have you found another (more creative?) way to make profits ?

 

Thanks for the Laugh, and the updated charts

[Peppa Pig]

LOL

"even" Bubb "gave up"?

You mean: prices got low enough that DrBubb added aggressively to his gold position.

 

As far as I know, the way someone makes money is by Buying Low and Selling High - which is what I have been doing.

Have you found another (more creative?) way to make profits ?

 

Thanks for the Laugh, and the updated charts

I agree. Now is the time to be buying, or have been buying as I would prefer. Personally, i do not make purchases of gold / silver bullion at the point of crisis because it usually takes some weeks until delivery of larger orders. In times like this you don't want to credit ANYONE. The alternative is to go in person with cash withdrawn directly from your account. Well, depending on who you are, walking around with tens of thousands in your backpack is only slightly moere appealing than posting funds into the financial grid during a fucking bank run!

 

In any case, where your bullion is concerned you need more of an accumulation and hold attitude. This is not for technical market timing reasons but because, ultimately, at the infinitesimal point in time at which you need your gold, it will be too late already. T-o-o. L-a-t-e. Let's say you make an excellent call to sell then the price is dropping, as it does. You wake up and that's is. Its all over. They've reset the credit clock,

escheduled the currency in some way whatever it is. Well, despite what looked like a great call, youre screwed now because you dont have the purchasing power you thought you did. Assuming you even have any or access to it in totality or in part for whatever timeframe, months years, indefinite hold. Who knows the outcome of what wouldbe a total utter shambles by any measure.

 

The fact that you do buy gold indicates to me youre in broad agreement with these possibilities. So i suppos what I'm saying is that in either scenario, paragraph 1 or 2 above, if you don't keep most of your bullion at all times where it belongs, one day you'll be caught with your cock hanging out.

And I have to say drbubb that, as useful as the etfs might be, they are NOT a substitute for the bullion.

 

 

 

BTW I am not grilling you drbubb. Just wanted to point out the risks of trading in and out of a safe haven asset like gold.