Pixel8r Posted December 30, 2008 Report Share Posted December 30, 2008 Millions Of Buffalo Pies Posted: 29 Dec 2008 11:15 AM PST - RunToGold.com A long time ago a charming and respectable man appeared in a small village and announced he would buy buffalo or cow pies for $1 each. The inhabitants, seeing that there were many buffalo and cow pies lying around, went about gathering them up. The man bought thousands at $1. As the immediate supply began to diminish the villagers stopped their effort. The man then announced he would pay $5 each. This increased price drew out more supply as the villagers ventured further away from the village to collect buffalo and cow pies. Predictably the supply diminished even further and buffalo and cow pies became even rarer. The man then increased his offer to $10 per buffalo or cow pie. The inhabitants started searching everywhere but could rarely find any buffalo or cow pies. They had become extremely scarce! The man had to go to a neighboring town to complete some business. Nevertheless, he left an assistant in charge of acquiring more buffalo and cow pies along with an astounding offer of $40 each. After the man left the assistant told the villagers, “Can you believe all the buffalo and cow pies in this man’s giant collector bin? I will sell you all the buffalo and cow pies at a mere $25 each and then you can sell them to the man for $40 each when he returns.” The inhabitants rounded up all $700B of their savings in the CRAPs fund and purchased all the buffalo and cow pies. Then the assistant skipped town and neither he nor the man have been seen since. No one sincerely wants to know how many buffalo and cow pies everyone else owns. Ignorance is bliss and denial is fun. Link to comment Share on other sites More sharing options...
warpig Posted December 30, 2008 Report Share Posted December 30, 2008 This is disapointing, why quote gold in dollars on the BBC. Don't they want to let the cat out of the bag? http://news.bbc.co.uk/1/hi/business/7789538.stm Link to comment Share on other sites More sharing options...
anciom Posted December 30, 2008 Report Share Posted December 30, 2008 currency bonus !!! thanks guys. Link to comment Share on other sites More sharing options...
safebetter Posted December 30, 2008 Report Share Posted December 30, 2008 I find this article from Bob Moriarty a bit flawed, am I missing something? Gold: Chaos on the Horizon? Invest in Real Assets If as he says the U.S. gets hyperinflation Zimbabwe style: "We’re going to go into Zimbabwe-type inflation where they’re printing off $200 million dollar bills to buy a loaf of bread." Then when he says: "The really bad gold stocks are going to move up 500%." Does that mean the final stock price will be Billions of worthless US$? Also does not seem to be what Jim Sinclair / Alf Field are thinking. Any views? SafeBetter Link to comment Share on other sites More sharing options...
Ret45 Posted December 30, 2008 Report Share Posted December 30, 2008 Gold and Silver in 2009 by James Turk - http://news.goldseek.com/JamesTurk/1230583965.php You'll like this! hmm, a guy who sells gold for a living is predicting is that the price of gold will rise will in value. I also think the price in gold will rise, but i don't think that articles by people with a vested interest have much value. Will James Turk be writing articles when he thinks that the price of gold has peaked? Estate agents predicted that the price of property would increase, and for a long time they were correct too. Link to comment Share on other sites More sharing options...
grumpy-old-man Posted December 30, 2008 Report Share Posted December 30, 2008 hmm, a guy who sells gold for a living is predicting is that the price of gold will rise will in value. I also think the price in gold will rise, but i don't think that articles by people with a vested interest have much value. Will James Turk be writing articles when he thinks that the price of gold has peaked? Estate agents predicted that the price of property would increase, and for a long time they were correct too. said by a guy who's avatar says 'pot o gold' I think you want it ALL for yourself & your trying to put us all off. Link to comment Share on other sites More sharing options...
ziknik Posted December 30, 2008 Report Share Posted December 30, 2008 This is disapointing, why quote gold in dollars on the BBC. Don't they want to let the cat out of the bag? http://news.bbc.co.uk/1/hi/business/7789538.stm They've framed it to look like gold has fallen in price. Solid gold returns? Link to comment Share on other sites More sharing options...
Ret45 Posted December 30, 2008 Report Share Posted December 30, 2008 said by a guy who's avatar says 'pot o gold' I think you want it ALL for yourself & your trying to put us all off. It's MY precious! Well, like a lot a lot of people on this site I do think that gold is a good store of value. But I am wary of 'experts', and some people on this site, who seem to think that gold will rocket in value and the pog will stay high forever. Knowing that gold is a good buy is the easy bit, recognising the signal to sell will be the real challenge. No doubt the same people who came to the btl game at the 11th hour will also rush to gold just as its peaking. Maybe I should register a GoldPriceCrash site now before someone else does. Link to comment Share on other sites More sharing options...
BelfastBoy Posted December 30, 2008 Report Share Posted December 30, 2008 They've framed it to look like gold has fallen in price. It is intresting that gold has not been mentioned in the main stream media recently. Yesterday, I saw the gold spot price at £611/oz. That is a record sterling high. Yet no mention? They did say that the pound had recovered slightly against the euro on the telly today. Just before it made another record low of 1.01950. If it was not for the internet I would be a happy mushroom = kept in the dark and fed sh1t Link to comment Share on other sites More sharing options...
BelfastBoy Posted December 30, 2008 Report Share Posted December 30, 2008 Maybe I should register a GoldPriceCrash site now before someone else does. You are too late Gold Price Crash Enjoy yourself over there. I'll be along in a little while. I still want to see gold go up on a power with the way house prices did. Then will be the time to get out. Link to comment Share on other sites More sharing options...
grumpy-old-man Posted December 30, 2008 Report Share Posted December 30, 2008 It's MY precious! Well, like a lot a lot of people on this site I do think that gold is a good store of value. But I am wary of 'experts', and some people on this site, who seem to think that gold will rocket in value and the pog will stay high forever. Knowing that gold is a good buy is the easy bit, recognising the signal to sell will be the real challenge. No doubt the same people who came to the btl game at the 11th hour will also rush to gold just as its peaking. Maybe I should register a GoldPriceCrash site now before someone else does. you made a valid point actually, I was just kidding. edited - it does everyone good to keep looking at investments from all angles, keeps you on your toes. what else is there to invest in right now apart from pm's ?? some agricultural & energy stocks (excuse my ignorance here as I am not a TA ) ps - buy more metals.... Link to comment Share on other sites More sharing options...
G0ldfinger Posted December 30, 2008 Author Report Share Posted December 30, 2008 As we are writing, the average UK house price in ounces of gold is: £158,442 / £575.70/oz = 275 oz. As predicted on here many times before, UK home owners are now experiencing a double whammy of house prices falling off a cliff while their currency is going down the toilet. What's your tagrget GF? 50 oounces? And what's your target for London HPs in OOG? ... 100 ounces not impossible from here. I think I had 200 as a target once upon a time. But 100 ounces from 666 now . That makes gold in London houses from here still a potential 6 1/2- bagger. Ouch Yes, I think London will drop more than the UK average. For the UK I see 100 oz as a given, 80 oz probable, 50 oz a possibility. In any case, someone who invested into gold rather than property over the past 5 years should be more than happy to exchange this gold for a house at 100 oz if this was the ultimate goal. This person will have made a killing. Link to comment Share on other sites More sharing options...
G0ldfinger Posted December 30, 2008 Author Report Share Posted December 30, 2008 The real price of gold - National Geographic article. I bought a copy of it today. Haven't read it yet but will soon. It's clear that gold mining will often be illegal and very dangerous (for people and the environment) in developing countries. Funny enough, as a bullion holder, I would in fact greatly profit from the shutdown of existing mines. Anyway, IMO, bad mining might tell more about local governments and economies than anything else. Link to comment Share on other sites More sharing options...
Catflap Posted December 30, 2008 Report Share Posted December 30, 2008 hmm, a guy who sells gold for a living is predicting is that the price of gold will rise will in value. I also think the price in gold will rise, but i don't think that articles by people with a vested interest have much value. Will James Turk be writing articles when he thinks that the price of gold has peaked? Estate agents predicted that the price of property would increase, and for a long time they were correct too. I was thinking exactly the same thing today - VI's, exactly how it was with housing and people constantly trying to talk the market higher. Anyone who has a very large portion of their wealth in gold or makes their living from trading it is going to be a VI by default - they will only see gold going higher and it will long term but that doesn't mean it can't correct 40% in nominal terms just like it did from December 1974 to August 1976. That 18-month period was under higher inflation than today so in real (inflation adjusted) terms it might have been more like 50%. There's nothing to say the same won't happen again - inflation could be close to zero or negative next year and if stock markets rally like they did from the low of December 1974 then I don't see why gold should go higher. VI's love to talk the price of what they are holding or selling - I bet there's loads of them just waiting to dump their gold at the last peak just before the worst of the recession takes hold next year so they can buy back in again in 18 months time. And before anyone shoots me I am pro-gold - I just don't like vested interests in any market that try and manipulate the price into a frenzy for their own gain. Link to comment Share on other sites More sharing options...
Mr Pipples Posted December 31, 2008 Report Share Posted December 31, 2008 Crikey, well I'd best not post anything from JT again without a 'VI warning' then, eh? Gold and Silver in 2009 by James Turk - http://news.goldseek.com/JamesTurk/1230583965.php You'll like this! - obviously! [VI WARNING!!!] Link to comment Share on other sites More sharing options...
wren Posted December 31, 2008 Report Share Posted December 31, 2008 The real price of gold - National Geographic article. Here's a 5-minute video about this mine, La Rinconada, in the Andes. http://www.alternativechannel.tv/achannel/...1A3374CB470A690 (A cross-post from the thread about it.) Link to comment Share on other sites More sharing options...
Mr Pipples Posted December 31, 2008 Report Share Posted December 31, 2008 From GATA: Rob Kirby: Morgan Chase's gold derivatives soared as gold was floored Submitted by cpowell on Wed, 2008-12-31 02:28. Section: Daily Dispatches 9:19p ET Tuesday, December 30, 3008 Dear Friend of GATA and Gold: Correlation isn't necessarily causation, but anyone who believes that JPMorgan Chase does anything that isn't encouraged by the U.S. Treasury Department and Federal Reserve should pursue getting a conservator, as is suggested by GATA consultant Rob Kirby's review tonight of the U.S. Comptroller of the Currency's quarterly report on gold derivatives. Kirby, proprietor of Kirby Analytics in Toronto, finds that a huge increase in JPMorgan Chase's gold derivatives book in the third quarter this year just happened to coincide with a hammering of the gold price. Of course as long as the U.S. government can contrive money into existence at will, without any oversight, and pass that money along to its favored agents in the markets, and as long as participants in the gold market accept paper promises of metal instead of taking delivery, the price of gold will be heavily weighed down by the price of imaginary gold. Kirby's analysis is headlined "Government-Sanctioned Theft" and you can find it at GoldSeek here: http://news.goldseek.com/GoldSeek/1230678365.php CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. Link to comment Share on other sites More sharing options...
G0ldfinger Posted December 31, 2008 Author Report Share Posted December 31, 2008 Here's a 5-minute video about this mine, La Rinconada, in the Andes. http://www.alternativechannel.tv/achannel/...1A3374CB470A690 (A cross-post from the thread about it.) Excellent video. Horrible conditions and exploitation these people are working in. Of course this has nothing intrinsically to do with gold, and people working on Lama farms or whatever might just be as miserable. As an investor one of course should make sure to invest in mines with reasonable ethical standards. Link to comment Share on other sites More sharing options...
Wanderer Posted December 31, 2008 Report Share Posted December 31, 2008 Ouch. Gold getting poleaxed in pounds today. Yikes. Down 20 quid or so. Just been to Bullionvault. Now I'm a BV fan, but I think interviews like this one: http://goldnews.bullionvault.com/gold_us_default_122920081 with Bob Moriarty do them no favours. Bob suggests the USA is about to break down into warring feudal statelets in one sentence and then suggests people invest in gold mining stocks in the next sentence. If the USA has fallen apart and the government failed, who on earth is going to be in a position to defend property rights relating to stocks traded on an electronic exchange?! Bob is fairly apocalyptic in this article and, I think, does himself no favours. He is pretty specific about timelines and is going to look pretty stupid if it doesn't pan out like he says (and I can't believe it will - the US will inflate rather than default on bonds, surely? - that is the prerogative of the reserve currency nation...) Link to comment Share on other sites More sharing options...
G0ldfinger Posted December 31, 2008 Author Report Share Posted December 31, 2008 I've heard on FSN Radio that 33 US states have a standing call for a constitutional convention. They only need two more to have one. This would mean the entire US constitution could be thrown over in one way or the other. Link to comment Share on other sites More sharing options...
narrowescape Posted December 31, 2008 Report Share Posted December 31, 2008 Ouch. Gold getting poleaxed in pounds today. Yikes. Down 20 quid or so. Just been to Bullionvault. Now I'm a BV fan, but I think interviews like this one: http://goldnews.bullionvault.com/gold_us_default_122920081 with Bob Moriarty do them no favours. Bob suggests the USA is about to break down into warring feudal statelets in one sentence and then suggests people invest in gold mining stocks in the next sentence. If the USA has fallen apart and the government failed, who on earth is going to be in a position to defend property rights relating to stocks traded on an electronic exchange?! Bob is fairly apocalyptic in this article and, I think, does himself no favours. He is pretty specific about timelines and is going to look pretty stupid if it doesn't pan out like he says (and I can't believe it will - the US will inflate rather than default on bonds, surely? - that is the prerogative of the reserve currency nation...) Boioioioiiing!! Was expecting a major smackdown today (end of year profit-taking) but from the action in the last few minutes it looks like the market might have other ideas. Not counting chickens though - there's still time for a good kicking Link to comment Share on other sites More sharing options...
electroweak Posted December 31, 2008 Report Share Posted December 31, 2008 Boioioioiiing!! Was expecting a major smackdown today (end of year profit-taking) but from the action in the last few minutes it looks like the market might have other ideas. Not counting chickens though - there's still time for a good kicking Could be a bit of window dressing going on; i.e. end-year balance sheet s wanting to show they hold some gold? After all, as Bloomberg keep saying it is one of the only assets to have actually risen this year in USD terms. Link to comment Share on other sites More sharing options...
grumpy-old-man Posted December 31, 2008 Report Share Posted December 31, 2008 yeah right: sell gold & buy treasuries so zero yield, yeah that's a great investment then. also, he says, hoard cash :lol: fookw1ts. edited - my comments were aimed at the original posters link: this link Link to comment Share on other sites More sharing options...
id5 Posted December 31, 2008 Report Share Posted December 31, 2008 Boioioioiiing!! Was expecting a major smackdown today (end of year profit-taking) but from the action in the last few minutes it looks like the market might have other ideas. Not counting chickens though - there's still time for a good kicking GBP had a good day today, first one in a long while and up against all including Gold, Euro and USD. Lets see if it can keep any moment up past next Monday. EDIT: GBP going up made Gold look like it was taking a pounding but it only moved a few USD Link to comment Share on other sites More sharing options...
G0ldfinger Posted December 31, 2008 Author Report Share Posted December 31, 2008 Bloomberg: Gold Heads for Record Eighth Annual Advance in London on Dollar, Recession http://www.bloomberg.com/apps/news?pid=206...&refer=home Link to comment Share on other sites More sharing options...
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