lowrentyieldmakessense(honest!) Posted February 23, 2009 Report Share Posted February 23, 2009 Seat belts on, here we go (I think) another one predicting this is it http://www.kitco.com/ind/rosen/feb202009.html Dear subscribers, please do not wait; do not hesitate; if you do not own gold in physical form, buy now. In a shooting war we need guns. In a financial war we need gold. NOW IS THE HOUR. THERE IS PRECIOUS LITTLE TIME LEFT BEFORE THE WORLD WAKES UP TO THE EXTENT OF THE COLLAPSE. I CAN NOT PREDICT EXACTLY HOW THIS DISASTER WILL END BUT I KNOW WHAT HAS SURVIVED EVERY FINANCIAL DEBACLE IN HISTORY. IT IS NOT POLITICIANS WORDS OR MONETARY MANIPULATIONS. IT IS GOLD AND GOLD ALONE. As I have in the past I will in the present and the future attempt to lead all of us through the forest of financial failure. That means I will be following the rising path of gold and the falling path of the stock market using every last bit of knowledge I have acquired fighting these wars for fifty two years. For some time I have been writing that the day will arrive when “the big switch” must be made in order to complete our financial survival. This will involve the sale of gold and the purchase of totally devastated major industrial shares. The reason for the “big switch” is because they will have fully and completely discounted every known and unknown financial disaster. At the right time they will be the safest item to own. “Time is more important than price; when time is up price will reverse.” … …W.D.Gann Link to comment Share on other sites More sharing options...
huntergatherer Posted February 23, 2009 Report Share Posted February 23, 2009 Unfortunately I need to sell a bit of the yellow stuff for Sterling ( yehhhh yehhhhh, I know dont sell, keep stacking etc etc ) . Its only some of the stack and needs must for cashflow I need to sell either Tuesday or Friday, what do you guys think. Is it worth holding out till Friday ??? Not sure what big economic indicators are out this week. I have already put the sale off for a month, so gained in Sterling terms HBOS release their official loss figures on Thursday. (estimated to be £28 billion) Lloyds TSB anounce their losses on Friday. Depends what the actual figures are and how the market reacts and effect on sterling etc. Link to comment Share on other sites More sharing options...
sylvester Posted February 24, 2009 Report Share Posted February 24, 2009 Gold trade going well in Vietnam: Sunday, February 22, was the bank holiday, but the transactions at gold shops were still bustling. Phu Nhuan Jewellery Company (PNJ) alone reported the high volume of gold traded at between 3,000-4,000 taels, while the figure was just between 200-500 taels on previous Sundays. Nguyen Quang Huy, Director of the Forex Management Department under the State Bank of Vietnam has confirmed that the central bank has allowed several enterprises to export gold in the last while, but refused to provide the list of the enterprises and the exact export volumes. Therefore, though the domestic prices keep escalating, companies still buy gold and even collect 18K jewellery gold to make 24K gold. Currently, the domestic gold price is still lower by VND 1 million/tael than the world’s price. The Link Link to comment Share on other sites More sharing options...
gwizzie Posted February 24, 2009 Report Share Posted February 24, 2009 BOI urged to use gold reserves to guarantee loans Link to comment Share on other sites More sharing options...
lowrentyieldmakessense(honest!) Posted February 24, 2009 Report Share Posted February 24, 2009 BOI urged to use gold reserves to guarantee loans they have some left that they havent leased out and why would anyone want that relic Link to comment Share on other sites More sharing options...
lupercal Posted February 24, 2009 Report Share Posted February 24, 2009 Gold trade going well in Vietnam:The Link They are selling below spot though. I do keep wondering who will buy gold at $1000 per ounze. Link to comment Share on other sites More sharing options...
huntergatherer Posted February 24, 2009 Report Share Posted February 24, 2009 HBOS release their official loss figures on Thursday. (estimated to be £28 billion) Lloyds TSB anounce their losses on Friday. Depends what the actual figures are and how the market reacts and effect on sterling etc. Edit: Should read; 'RBS release their official loss figures on Thursday. (estimated to be £28 billion)' But most people on here knew that. RBS has the largest corporate company debt in Britain's history. Lloyds TSB HBOS losses estimated to be £10 billion. Link to comment Share on other sites More sharing options...
Steve Netwriter Posted February 24, 2009 Report Share Posted February 24, 2009 A good one: Lou Paquette What Is Driving Gold? *AUDIO* http://www.howestreet.com/audio/loupaquette20022009.mp3 India demand -> seasonality. Investment demand != seasonality. We have the latter. Link to comment Share on other sites More sharing options...
bitbigt Posted February 24, 2009 Report Share Posted February 24, 2009 Guys - looking at recent price activity of gold and silver, I am incredibly impressed at the resilience shown at these levels, especially since we've seen dollar strengthening and deflation warnings everywhere you turn. I really start to think we're at a key upward turning (rocket) point in the price of PMs Additionally, bond markets and some commentators are now just starting to consider inflation risks again. So if even just a little evidence of further economic weakness appears (e.g., worse than expected earnings reports and bank problems), and/or some evidence for inflation returning becomes apparent in the next few weeks/months, we really could be - right now - on the launchpad for the moon! ....I feel it in me bones!!! I wrote the above 3 weeks ago, when gold was hoverring at 900 Further bank problems have since emerged, and the rocket has launched as I predicted. ...but have we now topped out? No way Hosey!!! - we're still to see more bank problems (nationalisations), car industry failure, and evidence of returning inflation (e.g., oil price recoverring to USD 60+, and other soft and hard commodities increasing). Gold will reach 1400 this year ...at least! Link to comment Share on other sites More sharing options...
ologhai Posted February 24, 2009 Report Share Posted February 24, 2009 No way Hosey!!! José... Link to comment Share on other sites More sharing options...
hotairmail Posted February 24, 2009 Report Share Posted February 24, 2009 Good article FTAlphaville: http://ftalphaville.ft.com/blog/2009/02/24...-saw-it-coming/ What’s coming next, from the ‘Man Who Saw It Coming’ Posted by Gwen Robinson on Feb 24 06:31. The litany of dire predictions for currencies, commodities and the global economy in general not only seems endless - it is getting more predictable by the day. That is because few pundits are making any waves - or money - out of playing Pollyanna, as everyone from Jim Rogers to Nouriel Roubini well know. While it’s an increasingly safe bet for analysts to leap on the gloom’n'doom bandwagon, there are a handful of analysts out there who get taken more seriously than most - as opposed to herds of kneejerk Cassandras who have shelved their usually bland reports to start warning that the “western banking system is imploding”; “the US is on the brink”; “Europe is melting down”; “China is going down the toilet”; “Japan is already down in the S-bend” etc etc. Among them, CLSA’s equity strategist Christopher Wood can rightly claim to have been more prescient than most of his ilk - warning some years ago about the consequences of exploding US mortgage securitisation and more specifically, about the growth of subprime lending. In his often colourful newsletter, Greed & Fear (which sadly we no longer receive), Wood has been banging on about everything from warning signs in the Baltic Dry Index for commodities prices to Britain’s banana republic tendencies long before it was vogueish to do so. As a result, he has been consistently rated among the top equity strategists on Asia - most recently by Institutional Investor magazine - and was billed by the Wall Street Journal in 2007 as “the man who saw it [the subprime mortgage crisis] coming”. That is why when he confidently insists that the gold price will more than triple to reach $3,500/oz in 2010, among other bold predictions, people begin wondering when to buy and how they’ll store those yellow bars. At CLSA’s annual Japan Forum conference, which opened Monday in Tokyo, Wood was even - err, cheerier than usual, possibly mindful of being an advance act for uber-pessimists including Satyajit Das, author of “Traders, Guns & Money” and Friday’s closing speaker, Marc “Dr Doom” Faber - not to mention the singer Macy Gray (hit songs including “The Trouble With Being Myself” and “Oblivion”) who will entertain participants at the traditional end-of-conference party on Thursday. According to Wood, not only will gold more than triple in value by 2010 (”it’s the only form of money or credit not contaminated by the credit system” - and the fact it’s still money is that central banks still own a lot of it), the global paper currency system will steadily deteriorate, eastern and central Europe will face a full-scale currency collapse - putting huge pressure on western Europe - and the US will be dealing with a deflationary crisis far worse than that which derailed Japan in the 1990s. The only realistic course for the US is radical action to nationalise its most stricken banks and create one big “bad bank” to take on their toxic assets, he warned. Anything short of that will bring about more economic chaos and drag on other economies. Monday’s reports about the proposed semi-nationalisation of Citigroup, with the US government considering a plan to take as much as 40 per cent of the group, represents “continued ad hockery” that would merely worsen the malaise and prolong the life of what would effectively become a zombie bank, Wood said. To those who warn the US financial system would collapse if such radical measures were announced, Wood says “nonsense”. The real problem up to now has been inconsistency of the government’s responses - letting Lehman Brothers collapse while saving others. Of course, while bank stocks would “go to zero” under such steps, full nationalisation of troubled banks and a comprehensive restructure - regardless of who and what it wipes out - would ultimately revive equity markets and avoid a “Japan situation”, he added. Elsewhere, Wood sees bad news for Asia in the ongoing collapse in US consumer spending: “Asia needs to realise the US consumer is not going to go back to spending like they have in recent years”. Japan, in particular, will face a more-than-doubling of unemployment to 10 per cent within the next 12 months, the “implosion” of consumer confidence and a slide in the value of the yen. At least, he adds, Japan’s growing woes will put the focus squarely on politics, away from purely economic issues, which could well lead to real reform of the domestic economy. And that’s the good news on Japan. Without such reform, however, the country seems doomed - particularly since the briefly encouraging performance of its stock markets last year was completely derailed by the deflationary bust and slide in exports. After a rundown like that, it might be at least refreshing for the hordes of investors - several hundred who travelled to Japan for the conference - to hear Wood’s final prognosis: that he still believes “Asia is the best long-term growth story… If i was putting money into stocks, I would go for China and India”. As one reader notes, “any good conference should end with a buy recommendation for your local audience for their local market”. Link to comment Share on other sites More sharing options...
bitbigt Posted February 24, 2009 Report Share Posted February 24, 2009 José... Touché... [at least that means you read my post ] Link to comment Share on other sites More sharing options...
romans holiday Posted February 24, 2009 Report Share Posted February 24, 2009 Great article. The gist of which is all paper currencies can depreciate. Link to comment Share on other sites More sharing options...
drrayjo Posted February 24, 2009 Report Share Posted February 24, 2009 José... Meet José Link to comment Share on other sites More sharing options...
hotairmail Posted February 24, 2009 Report Share Posted February 24, 2009 Great article. The gist of which is all paper currencies can depreciate. Hi Roman. It's not that I didn't understand that fiat currencies can all devalue against physical assets and gold money. They have done all my life. No, the question I was posing, was if Bernanke thinks one of the keys ways countries got out of the Great Depression was to devalue against other countries - how is that going to work this time round in a synchronised devaluation of all currencies? Synchronised devaluation = continuing Depression. A new 'Brettton Woods' will need to be put in place before all this ends whereby producer/net saver nations will have to let their currencies appreciate and stimulate demand for the global economy. Any better ideas? Link to comment Share on other sites More sharing options...
LauraB Posted February 24, 2009 Report Share Posted February 24, 2009 http://www.marketoracle.co.uk/Article9041.html Some guys just don't hold back! I particularly liked:- "Modern economics is, in truth, a monetary pathology akin to a blood disease wherein the body's blood supply has been supplanted by a blood substitute for the purposes of power and profit." Yep, it's a pro gold article Link to comment Share on other sites More sharing options...
romans holiday Posted February 24, 2009 Report Share Posted February 24, 2009 Hi Roman. It's not that I didn't understand that fiat currencies can all devalue against physical assets and gold money. They have done all my life. No, the question I was posing, was if Bernanke thinks one of the keys ways countries got out of the Great Depression was to devalue against other countries - how is that going to work this time round in a synchronised devaluation of all currencies? Synchronised devaluation = continuing Depression. A new 'Brettton Woods' will need to be put in place before all this ends whereby producer/net saver nations will have to let their currencies appreciate and stimulate demand for the global economy. Any better ideas? In practice, I think the debt burdened economies of the west will have the lion's share of depreciation; wealth destroyed doubly in lower asset prices and a devalued currency. imo what we see in the unravelling of western finance is a power shift from developed economies to emerging economies whose currencies will remain relatively strong. I imagine those economies will eventually bring the world out of a depression. China at some point surely has to "cut the rope" and allow its currency to appreciate unless it too wants to be dragged down with the west. I suspect it is a bit nervous to cut the perceived apron strings for the moment. I am assuming the US dollar will also start to depreciate at some date. Link to comment Share on other sites More sharing options...
Pixel8r Posted February 24, 2009 Report Share Posted February 24, 2009 Today should give us direction. Link to comment Share on other sites More sharing options...
InternationalRockSuperstar Posted February 24, 2009 Report Share Posted February 24, 2009 Link to comment Share on other sites More sharing options...
InternationalRockSuperstar Posted February 24, 2009 Report Share Posted February 24, 2009 http://www.marketoracle.co.uk/Article9041.html Some guys just don't hold back! I particularly liked:- "Modern economics is, in truth, a monetary pathology akin to a blood disease wherein the body's blood supply has been supplanted by a blood substitute for the purposes of power and profit." Yep, it's a pro gold article I liked this bit: Gold has once again broken through the $1,000 price level in US dollars. For some time, gold has broken through pervious highs in other currencies; but the US dollar, the lynchpin of the bankers' fiat money system will be the bankers' final battleground. Link to comment Share on other sites More sharing options...
gwizzie Posted February 24, 2009 Report Share Posted February 24, 2009 Very quiet here today. How bout some music? Link to comment Share on other sites More sharing options...
tinecu Posted February 24, 2009 Report Share Posted February 24, 2009 $973 down 18...smackdown. I wonder if this corresponds with CGNAOs warning? Link to comment Share on other sites More sharing options...
ologhai Posted February 24, 2009 Report Share Posted February 24, 2009 Very quiet here today. How bout some music? Damn! Too cheerful! Try ! (Or a version of it that someone has added their own rather evocative video to. Have you cheered down yet? ) Link to comment Share on other sites More sharing options...
signofthetimes Posted February 24, 2009 Report Share Posted February 24, 2009 $973 down 18...smackdown. I wonder if this corresponds with CGNAOs warning? is that the best they can do? Link to comment Share on other sites More sharing options...
Wanderer Posted February 24, 2009 Report Share Posted February 24, 2009 Hmm, I'm not happy about this one... now down 26 and no sign of slowing. I hate volatility! Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now