whoops_apocalypse Posted March 5, 2008 Report Share Posted March 5, 2008 LOL the commodities slump didn't last long and OPEC has just told everyone to go fook themselves. Silver/gold looking great, glad I bought a some yesterday. Bernanke Rumour of 0.75% cut AGAIN on March 18th, UK Food inflation over 4%, minimum wage to rise 3.8% You just can't make this sh!t up. They can and will as I believe sticking a zero after the 4 would be more appropriate IMO... Link to comment Share on other sites More sharing options...
tinecu Posted March 5, 2008 Report Share Posted March 5, 2008 These corrections are what is required to the PMs into orbit. The short sellers that pile in for the "big one" and nervous nellies all end up buying back in at higher prices - adding rocket fuel at 1000 octane. Yep. Like trying to pacify a hornets nest by hitting it with a stick! Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 5, 2008 Author Report Share Posted March 5, 2008 Oops. That was a $991.20 for the spot price. Link to comment Share on other sites More sharing options...
Pluto Posted March 5, 2008 Report Share Posted March 5, 2008 LOL the commodities slump didn't last long and OPEC has just told everyone to go fook themselves. Silver/gold looking great, glad I bought a some yesterday. Bernanke Rumour of 0.75% cut AGAIN on March 18th, UK Food inflation over 4%, minimum wage to rise 3.8% You just can't make this sh!t up. Yep, I saw some guy on CNBC telling the masses that OPEC said this in not a supply and demand issue - this is a dollar issue. Basically pointing the finger straight back at the US and specifically the Federal Reserve. Yesterday's smacking was in anticipation of this news from OPEC. Coincidence? No. Manipulation? You betcha. Keep you family and PMs close, this is gonna get wild now. Link to comment Share on other sites More sharing options...
marceau Posted March 5, 2008 Report Share Posted March 5, 2008 What do we reckon, will it break $1000 today? Link to comment Share on other sites More sharing options...
wren Posted March 5, 2008 Report Share Posted March 5, 2008 Over at hpc somebody asked about the main gold thread in the "Gold going mental" thread. So, I tried to help with this post: The main gold thread lives elsewhere now:DrBubb's investor site Unsurprisingly, it was deleted 3 minutes later. I just want to help those who say they are interested. Link to comment Share on other sites More sharing options...
Billy Posted March 5, 2008 Report Share Posted March 5, 2008 Here's my gold sceptic thought of the day, feel free to skip it if you only like hearing pro-gold views: One thing that worries me about the attitudes of current goldbugs is that they are developing a bubble mentality, together with some seriously defensive psychological tactics. So any drop in price is a temporary drop, probably as a result of cartel conspiracy. Anyone who says anything bad about gold must be jealous or scared, or a gold-hater. And so on. My opinion is that the gold run has further to go, possibly a lot further, and I'm pleased for anyone who does well out of it. But history tells us that gold also has the potential to eventually peak and crash, and with all these defensive attitudes being reinforced by a long gold bull run, I worry that people will be left without the critical tools for perceiving a bubble forming. I'd also note that almost all the things people are saying now about gold were being said in the late 1970s. Fiat was about to crash, gold was real money, the only safe store of wealth, etc etc. And then it peaked and crashed and a lot of people lost out big time. My suggestion would be that whatever you say about gold, try using the same language about shares or property and seeing how plausible it sounds then. That might help give you a clue as to whether you are being rational or participating in bubble mentality. from my buddy CIGA Jim Gold has never made it thorough a round number without a battle. You may recall every 100 points since $248 gold battled at each $100 mark. To assume we are going through $1000 with ease can only occur if my $1650 magnet is so low it is silly. I don’t assume that. The real number is not $1000 nor $1050 but rather $1024 with a maximum over run of $26. You may recall I suggested the run to $1000 was going to be as straight up as markets can perform. I would expect a break above and then some rotation around $1000 until the third day above $1000. Following that it is off to $1650. I will give you more minor angels as we move past $1024. The ratios long the majors and short the juniors sold as an OTC derivative by the same geeks that have brought you the end of the financial world as we knew it, also produced the gold share ratio spread. This spread is starting to contract now as the majors decelerated their climb and the juniors in the main have decelerated or ended their decline. The US dollar has been for a long time and is now totally hopeless. The price objective on the downside of the dollar is .5200. It will get there. Gold is going to $1650. Remember this. It will get there. No commodity share is going down when the underlying asset of the company is going to establish at least an appreciation of 665% from the low. The geeks only look at the momentum of a spread once again forgetting a thing called a market. When the recent OTC derivatives skewing a market explodes, as it will, the juniors will fire out of their silo like an ICBM, doing nuclear damage once again to those criminals and their overloaded laptops. Link to comment Share on other sites More sharing options...
Pluto Posted March 5, 2008 Report Share Posted March 5, 2008 Over at hpc somebody asked about the main gold thread in the "Gold going mental" thread. So, I tried to help with this post: Unsurprisingly, it was deleted 3 minutes later. I just want to help those who say they are interested. They think because houses are going down they have deflation. They will pay dearly. Link to comment Share on other sites More sharing options...
marceau Posted March 5, 2008 Report Share Posted March 5, 2008 Over at hpc somebody asked about the main gold thread in the "Gold going mental" thread. So, I tried to help with this post: Unsurprisingly, it was deleted 3 minutes later. I just want to help those who say they are interested. Leave them to it and let them wallow in their own ignorance. I'm sure they will be trying to console themselves with all the dollars RB has told them to buy. Link to comment Share on other sites More sharing options...
Billy Posted March 5, 2008 Report Share Posted March 5, 2008 I was thinking about yesterday's correction, and wondering if anyone thinks it was stronger because the previous few days had seen such weak smackdowns at NY opening time... maybe they'd held off for a few days, in order to go for a bigger smackdown? Or doesn't it work like that? Bernanke was speaking. See my MIDAS post that I put up yesterday that explains what happened and why. They like to pint the ticker tape on a Friday too ~ suggest you sign up for a free trial at GATA.org and you'll soon be completely on top of what is going on. Cheers! Link to comment Share on other sites More sharing options...
narco Posted March 5, 2008 Report Share Posted March 5, 2008 They think because houses are going down they have deflation. They will pay dearly. Also people thinking we are in the same situation as the great depression. They somehow think that gold certificates and silver coins are the same thing as fiat paper. Link to comment Share on other sites More sharing options...
Billy Posted March 5, 2008 Report Share Posted March 5, 2008 I str about a year ago to get the ex wife paid her bit, i am glad i did, got her out for 9k she was desperate for money to pay of credit card debts, i pocketed the rest and got to keep the kiddies as well I put most of it into gold and silver,and am riding the bull, i will also when the markets settle i will get into shares like energy and wheat sugar other copper etc..etc The next few years will be most interesting and i am going to start selling gold when it reaches about $2000 in chunks but i will also keep about a third of it and let it just sit,and who knows it could be a nice pension that third in 20 years, or pass it on to my kiddies. I'm property poor, but real money rich. Great strategy. There's a v informative book, was on the bestseller lists a year ago in the UK, something like 'How to profit from the coming commodities boom' - well worth buying, British author. Link to comment Share on other sites More sharing options...
marceau Posted March 5, 2008 Report Share Posted March 5, 2008 Also people thinking we are in the same situation as the great depression. They somehow think that gold certificates and silver coins are the same thing as fiat paper. They can't know much about the depression then. Gold was about the only thing that kept its value during that period (and mining shares quickly recovered). Link to comment Share on other sites More sharing options...
Pluto Posted March 5, 2008 Report Share Posted March 5, 2008 Leave them to it and let them wallow in their own ignorance. I'm sure they will be trying to console themselves with all the dollars RB has told them to buy. RB is a major problem with that site. He posts links with misleading titles and tells everyone that dollars is good and gold is bad. If he were a TV I would take it back to the shop and demand a refund on the grounds of the picture being fuzzy, and when you can make it out it just tells you lies. Link to comment Share on other sites More sharing options...
whoops_apocalypse Posted March 5, 2008 Report Share Posted March 5, 2008 Leave them to it and let them wallow in their own ignorance. I'm sure they will be trying to console themselves with all the dollars RB has told them to buy. Oh dear... Dollar Plunge Resumes Link to comment Share on other sites More sharing options...
wren Posted March 5, 2008 Report Share Posted March 5, 2008 Leave them to it and let them wallow in their own ignorance. I'm sure they will be trying to console themselves with all the dollars RB has told them to buy. Yeah, I'm just worried that some who want to know, don't know where to find this thread. I never realised that some people seem actually to hate gold. You live and learn. Link to comment Share on other sites More sharing options...
whoops_apocalypse Posted March 5, 2008 Report Share Posted March 5, 2008 Yeah, I'm just worried that some who want to know, don't know where to find this thread. I never realised that some people seem actually to hate gold. You live and learn. I think some over there just hate anything that isn't white tbh... Link to comment Share on other sites More sharing options...
Billy Posted March 5, 2008 Report Share Posted March 5, 2008 Off course now it is ovious, the smackdown yesterday was to butter the markets up for todays report on oil. Also, OPEC overnight saying the price of oil is due to the falling dollar - first time they have said that as far as I am aware. Week longs got shaken out yesterday for our next assault on 1K. For a big'ish smackdown there's almost always a reason, and that is obviously that if they didn't smack it down we could easily be in 1000 bux territory right now. It's interesting to follow all this on a daily basis but it's all noise. The last 18 months I have lumped in on silver and gold whenever I've had the readies - I'm not concerned with timing anything to save a few bux, I'm concerned with getting on the train before it leaves the station. I think I bought about 200,000 bux worth of silver and gold in the 55 / 45 ratio, with silver at 13 bux and gold at 630 - just recently I sold 77 gold eagles at the peak and on the same trade (physical) bought silver bars at 20. I am now up to 9,000 oz of silver and 18 Au coins left - probably convert those to silver. The gold silver ratio has dropped/is dropping, hence my move. It went from 54, to 52 for a long while, then 50 49 48 quickly, so I decided to act. It's a gamble. As we approcah 35:1, if I am correct, I'll maybe go back 50 50. We'll see - ultimately cgnao and Sinclair are right, if things get as bad as they predict then gold is the thing to be in, physical gold, so that's my aim, try and leverage silver for as long as possible then jump ship! Link to comment Share on other sites More sharing options...
marceau Posted March 5, 2008 Report Share Posted March 5, 2008 As an aside I can see some major short covering rallies taking place over the next few days in mining shares. Not too sure what will happen to the juniors but $1000 gold is bound to have a significant impact. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 5, 2008 Author Report Share Posted March 5, 2008 Today, the big specs show the central banks that they have a big hammer too. This is all Dollar weakness. No more, no less. Link to comment Share on other sites More sharing options...
Billy Posted March 5, 2008 Report Share Posted March 5, 2008 from our freind CGNAO.. THEY WANT TO SAVE THE DOLLAR BUT THEY CAN'T THEY WANT TO KEEP OIL DOWN BUT THEY CAN'T THEY WANT TO KEEP GOLD BELOW 1,000 BUT THEY WON'T HPC MODS WANTS THE SHEEPLE TO STOP DISCUSSING GOLD BUT THEY CAN'T Superb. Guy's got CLASS! :D :D HPC is a microcosm of the powers that be, the central banksters, crooked politicians and the bent FED and BOE. :lol: :lol: Link to comment Share on other sites More sharing options...
marceau Posted March 5, 2008 Report Share Posted March 5, 2008 $1000, it's sooooo close. I don't think there's any way they can stop it from happening today. Link to comment Share on other sites More sharing options...
Pluto Posted March 5, 2008 Report Share Posted March 5, 2008 As an aside I can see some major short covering rallies taking place over the next few days in mining shares. Not too sure what will happen to the juniors but $1000 gold is bound to have a significant impact. I have my own theory on Juniors, and that is they rely on capital markets for money (which is tight) and use a lot of energy prospecting (oil) which is expensive. The juniors best chance, and investors to, is a buying from one of the majors like Goldcorp, Barrick, or Newmont. Bubb is an expert on Juniors and mining, so when he gets back hopefully he can weigh in. That is if he is isn't mad at us for setting up shop over here. Link to comment Share on other sites More sharing options...
marceau Posted March 5, 2008 Report Share Posted March 5, 2008 Shorters last stand looks to be at $991. If that gets taken out then the upmove could be big. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 5, 2008 Author Report Share Posted March 5, 2008 Ooops. http://www.bloomberg.com/apps/news?pid=206...&refer=home Agency Mortgage-Backed Bond Spreads Reach Highest Since 1986 By Jody Shenn March 5 (Bloomberg) -- The extra yield that investors demand to own agency mortgage-backed securities over 10-year U.S. Treasuries reached the highest since 1986, boosting the cost of loans for homebuyers considered the least likely to default. Ooops. http://www.bloomberg.com/apps/news?pid=206...&refer=home Ambac Trading Halted Pending Statement, NYSE Says (Update1) By Christine Richard March 5 (Bloomberg) -- Ambac Financial Group Inc., the bond insurer facing a crippling credit-rating downgrade, had its shares halted pending an announcement, according to the New York Stock Exchange. Link to comment Share on other sites More sharing options...
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