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Gee sudz H ! Are we going to see a full 100% retracement?

We need to hold 739 again and get above circa 850 to confirm we have turned a corner.

 

 

gold051208.jpg

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Yeah, I've been wondering whether we need an increase in oil to support gold. Maybe next year but the oncoming global recession does not help.

 

Gold price is going boing-boing at the mo'.

I believe the average historic ratio is 15:1. Gold could stay well above this ratio as mr market increasingly recognizes its monetary qualities. The coming crises in currencies will see it rocket imo.

 

Edit: looking for trends in charts is extremely problematic in a macro environment in flux. The "background" to those charts, the indices on which they are based, are about to be warped big time. The currency crisis will hit all prices like a whirlwind. Only the solid value of gold, the strongest symbol of money, will be left standing.

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I'm about 60% gold in either physical or ETFs (mix) and considering dumping the ETFs at this point, just to keep my profits, whilst they are still there.... This would leave me about 40% in - allocated physical. Views?

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November US unemployment rate just came out.

 

533,000 nonfarm payroll jobs lost! :o

 

Largest monthly drop since Dec 1974.

 

Unemployment rate has gone from 6.5% to 6.7%

 

This is starting to look very nasty.

 

Edit: Gold, oil, DOW all down.

Dollar well up though. What does it take to reverse the perception of dollar "safe haven" appeal? laughable

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From a Jim Willie article (Dec 3) ZOMBIE BANKS & GOLD TRIGGER

With the shift of power away from the US and toward Europe in the Western world, the price of gold should be viewed more often in euro terms. It has not fallen badly, but instead has consolidated. The bullish divergence is clear. A U-shaped reversal pattern requires a move above 650 euros to ignite a rally. Before long, gold will run up in all currencies.

willie120408c.gif

http://www.gold-eagle.com/editorials_08/willie120408.html

 

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I'm about 60% gold in either physical or ETFs (mix) and considering dumping the ETFs at this point, just to keep my profits, whilst they are still there.... This would leave me about 40% in - allocated physical. Views?

If it is not 100% guaranteed fully backed by real gold I would get out of an ETF.

 

In fact, thinking of the near panic here a few months back when AIG was going belly up, I think I would get out anyway.

 

Just my opinion of course.

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Friend of mine went to see his private banker in Zurich yesterday. I was also in Switzerland. I had been talking about gold/gov't bonds with him for a while, anyway he ended up deciding to buy lots of lovely gold. His banker (wisely, it seems) advised to wait until after today's unemployment numbers, then he said he's 'goin in'.. bricks in the safe kind of thing. Pure physical, no nonsense..

 

What surprised me is the process by which they procure the gold. Apparently, CreditSuisse (yes, I know!) order it from the Swiss government. It takes two weeks and is then delivered. So my guess is it's proper nazi gold held in stores.. are the y allowed to use that!?

Or would it come from CRIMEX?

 

Anyone else know the mechanics of what is going on here?

 

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From a Jim Willie article (Dec 3) ZOMBIE BANKS & GOLD TRIGGER

 

willie120408c.gif

http://www.gold-eagle.com/editorials_08/willie120408.html

 

QUOTE

With the shift of power away from the US and toward Europe in the Western world, the price of gold should be viewed more often in euro terms. It has not fallen badly, but instead has consolidated. The bullish divergence is clear. A U-shaped reversal pattern requires a move above 650 euros to ignite a rally. Before long, gold will run up in all currencies.

 

 

This sort of fits in with cg's informed friend saying they are desperate to keep gold below Euro 600.

 

Like a previous poster I am aprehensive that cg has posted so little.

 

 

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I'm about 60% gold in either physical or ETFs (mix) and considering dumping the ETFs at this point, just to keep my profits, whilst they are still there.... This would leave me about 40% in - allocated physical. Views?

Im about 30%. Been following it for about a year now and the economy is worrying me far more then the gold price. I would like to boost my percentage but its the total lack of paperwork in this system of buying metal in a Zurich warehouse that prevents me going in further. I appreciate its the nature of online dealing and I know BV and GM try to addresses this by publishing audits online. In shtf situation anything can happen but while we are not there, there is still security in paper.

So how much can you afford to lose is what I say to myself

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Like a previous poster I am aprehensive that cg has posted so little.

I don't think it's unusual for cgnao not to post for several days at a time. So I wouldn't read too much into it.

 

Nice to see that gold has held adequately in euros and it is after all the second biggest paper currency in the world, so worth keeping an eye on.

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I don't think it's unusual for cgnao not to post for several days at a time. So I wouldn't read too much into it.

 

Nice to see that gold has held adequately in euros and it is after all the second biggest paper currency in the world, so worth keeping an eye on.

 

Bubb thinks he is in Dubai; that place is not immune far from it, the hubris there was pretty much at the extremis of this global bubble, then again I don't think the well informed cg would live in such a place unless he had an easy exit. Jesus it's in the middle east, Israel would be a better bet (so long as you are not under 40 and liable for millitary service or have not got military age sons)

 

If he is there I imagine he will be moving soon if not now.

 

NZ seems best to me but I am staying in the UK as I have connections and family here.

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I'm about 60% gold in either physical or ETFs (mix) and considering dumping the ETFs at this point, just to keep my profits, whilst they are still there.... This would leave me about 40% in - allocated physical. Views?

 

Take the ETF profit- swap out the profit in to actual physical (brit's or post-decimal sovereigns - no cgt on resale) on this dip. Also might not be a bad idea to have a few singapore 3 -5 year bonds for safety, if you want to go that way. As a Speculative punt, with oil this low most of the mining companies operating costs will be dropping, look for companies that have low gearing and large reserves. I'm also begining to think the Big oil companies are looking like a long value buy at the moment. DYODD

 

What does anybody else think?

 

 

 

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Im about 30%. Been following it for about a year now and the economy is worrying me far more then the gold price. I would like to boost my percentage but its the total lack of paperwork in this system of buying metal in a Zurich warehouse that prevents me going in further. I appreciate its the nature of online dealing and I know BV and GM try to addresses this by publishing audits online. In shtf situation anything can happen but while we are not there, there is still security in paper.

So how much can you afford to lose is what I say to myself

What do you mean by lack of paperwork? Both GM and BV provide statements of accounts and transactions which you can print out (probably a good idea to do that).

 

BV has a remote electronic backup of its data plus maintains printed copies of all accounts.

 

Not so many years ago there was no internet and no email. People used the postal system and telephones.

 

The electronic means of communication are a great convenience over and above older means.

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What do you mean by lack of paperwork? Both GM and BV provide statements of accounts and transactions which you can print out (probably a good idea to do that).

 

BV has a remote electronic backup of its data plus maintains printed copies of all accounts.

 

Not so many years ago there was no internet and no email. People used the postal system and telephones.

 

The electronic means of communication are a great convenience over and above older means.

 

Faith is nice but headed notepaper with an official signature for my heirs to be able to act on would be a better.

 

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Hi,

 

This story seems like it has interesting potential were it to take off not just in India but elsewhere.....

 

http://goldnews.bullionvault.com/gold_coin...count_120520083

 

Wanderer

 

Interesting listen. 1974 was mentioned there, I sometimes think we are in a similar position to 1974, with gold having fallen from $1000+ to $700.

 

Also, like then, the falls in £GBP were not as marked as the $:

 

http://gold.approximity.com/gold_GBP_monthly_since1952.pdf

 

it would be good if someone could produce a graph comparing pog between £ & $ during the 70's :D

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Very long article, with the great Zeal LLC gold charts.

 

The Correlation Between Real Rates and Gold

By Adam Hamilton | December 05, 2008 | 12:20 PM

http://www.greenfaucet.com/technical-analy...-and-gold/97645

 

Like this article only because it reinforces my attitude to gold.

 

http://seekingalpha.com/article/109400-is-...rticle_sb_picks

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Sorry about this repeat post but I think it got lost in the midst of other discussions:

 

Friend of mine went to see his private banker in Zurich yesterday. I was also in Switzerland. I had been talking about gold/gov't bonds with him for a while, anyway he ended up deciding to buy lots of lovely gold. His banker (wisely, it seems) advised to wait until after today's unemployment numbers, then he said he's 'goin in'.. bricks in the safe kind of thing. Pure physical, no nonsense..

 

What surprised me is the process by which they procure the gold. Apparently, CreditSuisse (yes, I know!) order it from the Swiss government. It takes two weeks and is then delivered. So my guess is it's proper nazi gold held in stores.. are the y allowed to use that!?

Or would it come from CRIMEX?

 

Anyone else know the mechanics of what is going on here?

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Great article from Financial Sense Editorials, Not sure if its been posted already.

 

http://financialsense.com/editorials/fekete/2008/1205.html

 

December 2, 2008, was a landmark in the saga of the collapsing international monetary system, yet it did not deserve to be reported in the press: gold went to backwardation for the first time ever in history. The facts are as follows: on December 2nd, at the Comex in New York, December gold futures (last delivery: December 31) were quoted at 1.98% discount to spot, while February gold futures (last delivery: February 27, 2009) were quoted at 0.14% discount to spot. (All percentages annualized.) The condition got worse on December 3rd, when the corresponding figures were 2% and 0.29%. This means that the gold basis has turned negative, and the condition of backwardation persisted for at least 48 hours. I am writing this in the wee hours of December 4th, when trading of gold futures has not yet started in New York.

 

The article goes on, great read. This was one of my favorite quotes.

 

gold is not for sale at any price quoted in Zimbabwe currency, however high the quote is.

 

By a Antal E. Fekete

 

Which ahs got to be a made up name if there ever was....

 

Lots of similar if toned down language to the honerable Cgnao,

 

On another note seems strange week, couple of posters not around, so hope all is well out there. Now where is that 100 post page.

 

 

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Sorry about this repeat post but I think it got lost in the midst of other discussions:

 

Friend of mine went to see his private banker in Zurich yesterday. I was also in Switzerland. I had been talking about gold/gov't bonds with him for a while, anyway he ended up deciding to buy lots of lovely gold. His banker (wisely, it seems) advised to wait until after today's unemployment numbers, then he said he's 'goin in'.. bricks in the safe kind of thing. Pure physical, no nonsense..

 

What surprised me is the process by which they procure the gold. Apparently, CreditSuisse (yes, I know!) order it from the Swiss government. It takes two weeks and is then delivered. So my guess is it's proper nazi gold held in stores.. are the y allowed to use that!?

Or would it come from CRIMEX?

 

Anyone else know the mechanics of what is going on here?

Could somebody explain how the American unemployment numbers impact the gold price? Presumably via the effect on stock markets?

 

About where the gold in Switzerland comes from, I don't know.

 

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