GOLD

[Pixel8r]

Gold is highly volatile today, it is almost like someone really wants to take it down but is being allowed. Check this graph which shows the tick movements in price, the price is moving 1% between each tick. I don't think it is normally like this.

 

 

 

[wee Jinky]

I dont post much on this forum

 

mainly because I have very little expert knowledge on the subject

 

although I do read it intensely and am learning a great deal

 

Just wanted to thank all the contributors for sharing and doing so

 

in such a polite and considerate manner

 

I also at times visit HPC as I notice a few on here also do

 

It really is the absolute pits in comparison

 

keep up the good work boys and girls ,your forum is a pleasure

 

 

 

 

 

 

[G0ldfinger]

...

I also at times visit HPC as I notice a few on here also do

 

It really is the absolute pits in comparison

 

keep up the good work boys and girls ,your forum is a pleasure

The madhouse HPC? Just look up the good old gold thread on HPC (maybe somewhere hidden in the investment section). Thousands of posts long. Many people from here (who left or got consecutively banned over at the madhouse [it's like a badge of honour]) posted on there.

[grumpy-old-man]

The madhouse HPC? Just look up the good old gold thread on HPC (maybe somewhere hidden in the investment section). Thousands of posts long. Many people from here (who left or got consecutively banned over at the madhouse [it's like a badge of honour]) posted on there.

 

 

ah the infamous old

 

 

gold thread

 

remember it well. It lives in the economic section iirc.

[bitbigt]

What "cliff"?

The cliff that has been repeatedly carved out by the PPT and the deflation monster

[ares]

Gold is highly volatile today, it is almost like someone really wants to take it down but is being allowed. Check this graph which shows the tick movements in price, the price is moving 1% between each tick. I don't think it is normally like this.

 

 

It looks to me like it's in a very tight range, 991-993 so thats only ~0.2%, the graph looks very volatile due to the scale.

 

 

[d2thdr]

I dont post much on this forum

 

mainly because I have very little expert knowledge on the subject

 

although I do read it intensely and am learning a great deal

 

Just wanted to thank all the contributors for sharing and doing so

 

in such a polite and considerate manner

 

I also at times visit HPC as I notice a few on here also do

 

It really is the absolute pits in comparison

 

keep up the good work boys and girls ,your forum is a pleasure

 

 

I quite agree. I am so glad I discovered this forum, albeit a bit late, before all goes tits up. Atleast I feel I am preparing for the inevitable. My thanks too, to you all.

[frizzers]

Thanks to those who emailed me about Ascot. I know the company and own shares.

 

I have also participated in this deal.

 

On the upside you are buying gold at 20% discount. On the downside, there is a problem with one of their mines and they are late on delivery, or, worst possible, the company falls apart and you lose everything. That is the gamble.

[Pixel8r]

It looks to me like it's in a very tight range, 991-993 so thats only ~0.2%, the graph looks very volatile due to the scale.

Yes that was my mistake, thanks for pointing it out.

[azazel]

The madhouse HPC? Just look up the good old gold thread on HPC (maybe somewhere hidden in the investment section). Thousands of posts long. Many people from here (who left or got consecutively banned over at the madhouse [it's like a badge of honour]) posted on there.

 

A gold badge of honour even, like a medal. Yer I have one of them for questioning the all seeing wisdom of the "Moderators". When you understand gold is money, its rediculous to discourage discussion of it in relation to houses. Interestingly, I find people think I am money minded as I often talk about gold, but I see it as key in world affairs.

 

I agree with you wee Jinky, a great forum here because of the manners. Welcome to the forum. I wish I could contribute more but Im just a fool, so I just jibber jabber!

 

Its a holiday in America today so I guess thats why its quiet in the gold market today. Tommorow is likely to see the start of september action IMO.

[FWIW]

I dont post much on this forum

 

mainly because I have very little expert knowledge on the subject

 

although I do read it intensely and am learning a great deal

 

Just wanted to thank all the contributors for sharing and doing so

 

in such a polite and considerate manner

 

I also at times visit HPC as I notice a few on here also do

 

It really is the absolute pits in comparison

 

keep up the good work boys and girls ,your forum is a pleasure

 

Nice to see someone new!

 

Time to sing a song?

 

"I believe that new members are our future, treat them well and let them lead the way!!"

[ziknik]

...

I would be less nervous if gold closed above $1000.21 and stayed above it!

 

That's a really precise number. What is the significance of the 0.21? [Genuine question]

[duckwomanloulou]

I dont post much on this forum

 

mainly because I have very little expert knowledge on the subject

 

although I do read it intensely and am learning a great deal

 

Just wanted to thank all the contributors for sharing and doing so

 

in such a polite and considerate manner

 

I also at times visit HPC as I notice a few on here also do

 

It really is the absolute pits in comparison

 

keep up the good work boys and girls ,your forum is a pleasure

 

 

+100

[LauraB]

That's a really precise number. What is the significance of the 0.21? [Genuine question]

 

I have a sneaking suspicion that it is related to a momentary event in the second month of this year, that is yet to be repeated.

 

 

 

 

 

[wren]

Australian production increasing again after recent declines:

Gold shines as China dumps greenback

Robin Bromby | September 07, 2009

 

NOT before time -- and great timing, at that. After problems in recent years with declining gold output -- production fell by 4 per cent in the 2009 fiscal year -- Australia is back on the growth path.

 

Melbourne-based Surbiton Associates, which produces quarterly statistics on the local gold sector, tells us production of the yellow metal not only turned around and rose in the June quarter (by two tonnes) after three quarters of decline but we're on track to become the world's second-largest producer within a year (behind China but ahead of present No.2, the US).

 

<snip>

 

What a time to be churning out gold, with the metal so close to $US1000/oz.

 

Ask yourself this: if, as some politicians would like the world to believe, everything is on the brink of being hunky-dory, how come investment demand for gold is growing?

 

You should ignore the hand-wringing of some commentators about demand for gold in jewellery being down. It's irrelevant. You only have to look at China to see why.

 

We've been reading reports during the week that indicate the Chinese government is about to starting encouraging its 1.3 billion people to invest in gold and silver.

http://www.theaustralian.news.com.au/busin...5005200,00.html

[wren]

It seems that some Chinese firms involved in derivatives contracts were not authorised by the State to do so.

 

State-owned carriers Air China, China Eastern and Shanghai Airlines have reported losses of almost two billion dollars since last year on aviation fuel hedging contracts.

 

Late last month, Caijing magazine reported, citing an unnamed state enterprise executive, that only 31 state-owned firms were licensed to enter into such deals, while many more were apparently doing so.

http://sg.news.yahoo.com/afp/20090907/tbs-...va-ec2362a.html

[Pixel8r]

UN Says New Currency Is Needed to Fix Broken ‘Confidence Game’

 

Sept. 7 (Bloomberg) -- The dollar’s role in international trade should be reduced by establishing a new currency to protect emerging markets from the “confidence game” of financial speculation, the United Nations said.

 

UN countries should agree on the creation of a global reserve bank to issue the currency and to monitor the national exchange rates of its members, the Geneva-based UN Conference on Trade and Development said today in a report.

 

China, India, Brazil and Russia this year called for a replacement to the dollar as the main reserve currency after the financial crisis sparked by the collapse of the U.S. mortgage market led to the worst global recession since World War II. China, the world’s largest holder of dollar reserves, said a supranational currency such as the International Monetary Fund’s special drawing rights, or SDRs, may add stability.

[Mr Pipples]

Thanks to those who emailed me about Ascot. I know the company and own shares.

 

I have also participated in this deal.

 

On the upside you are buying gold at 20% discount. On the downside, there is a problem with one of their mines and they are late on delivery, or, worst possible, the company falls apart and you lose everything. That is the gamble.

Found this post: Ascot Mining and bargepoles - http://incakolanews.blogspot.com/2009/09/a...bargepoles.html Quotes (in full) the following Minesite article: http://www.minesite.com/nc/minews/singlene...orld-price.html

[Mr Pipples]

UN Says New Currency Is Needed to Fix Broken 'Confidence Game'

 

Sept. 7 (Bloomberg) -- The dollar's role in international trade should be reduced by establishing a new currency to protect emerging markets from the "confidence game" of financial speculation, the United Nations said.

 

UN countries should agree on the creation of a global reserve bank to issue the currency and to monitor the national exchange rates of its members, the Geneva-based UN Conference on Trade and Development said today in a report.

 

China, India, Brazil and Russia this year called for a replacement to the dollar as the main reserve currency after the financial crisis sparked by the collapse of the U.S. mortgage market led to the worst global recession since World War II. China, the world's largest holder of dollar reserves, said a supranational currency such as the International Monetary Fund's special drawing rights, or SDRs, may add stability.

 

Just going to post FT thing on that... Got gold?

 

http://ftalphaville.ft.com/blog/2009/09/07...reserve-debate/

 

The UN’s Conference on Trade and Development put out a somewhat forthright view on the subject of international-reserve currencies on Monday. In no uncertain terms, the UN appears to be calling for the end of dollar hegemony.

 

Jim S reckon on middle of 4th quarter (whatever day count we're on now) for all this to come to a head. I'm feeling less skeptical...

[G0ldfinger]

The UN currency thingy is a joke. You can't just create a world reserve currency. It must evolve. Because, otherwise, why would you trust it? So, momentarily there is gold, and that pretty much is it.

[FWIW]

That's a really precise number. What is the significance of the 0.21? [Genuine question]

 

Don't read too much into it - it's just where one of my thick freehand resistance lines is drawn (which disects the wick from 17th March 2008 - actually 1003.15 is more precise, but this is not an exact science).

 

 

[Catflap]

Gold looks likely to go through 1000 here, and could well go below it soon after though I doubt very much we will see gold below 900 again.

 

That sounds odd given your deflation stance!. Gold sold off on fears of deflation last year along with equities but real deflation hasn't happened because the banks were saved, base rates were cut to virtually nothing and governments printed money.

 

So gold and equities recovered once the deflation scare passed but I don't think it's gone away - I see the economy bouncing back into the middle of next year taking equities, house prices and possibly gold to higher prices from where the problems begin again.

 

I think equities could be in a bull market until mid-2010 after which they enter a bear market that lasts until spring 2013 - this I feel is when and where we finally get real deflation (at least in the US) with 2011 and 2012 being the worst years.

 

But how is gold going to perform in such a scenario?. If gold is not money (ie, money has no backing with gold) then won't it perform the same way that it did last year and go well below 900 as everyone sells stocks to raise cash which causes the dollar to strengthen?

[drbubb]

...from the "gold may be done here" thread...

 

What price does gold have to get to for this thread to die

 

I think it should be proven wrong first ... update

 

 

"Early/Mid May, is also a fine time for a top", I said in post #1

 

GLD was then about $93.5/94, and Gold rolled a bit higher to make a top at the end of May / early June.

We are back to very near those topping levels, and a possible "double top" with the February high.

 

(not much volume in GBS, the London-traded etf for Gold)

 

If gold blasts through $1,000 this week and stays there, the thread will go quiet, I reckon.

 

If it falls from here, or pops to $1,050 (+/-) and dives, I think it will get more active

[romans holiday]

That sounds odd given your deflation stance!. Gold sold off on fears of deflation last year along with equities but real deflation hasn't happened because the banks were saved, base rates were cut to virtually nothing and governments printed money.

 

So gold and equities recovered once the deflation scare passed but I don't think it's gone away - I see the economy bouncing back into the middle of next year taking equities, house prices and possibly gold to higher prices from where the problems begin again.

Not at all. I have consistently said gold will perform well in this deflation. Gold sold off previously on forced liquidation and before QE last year. QE has effectively monetized gold and problematized the currencies indulging in this practice. The debasement of currencies is the" hyper" in my hyper-deflation thesis where the value of all assets deflate including cash [see signature]. Gold could dip again [i doubt below 900, on another round of liquidation] but is on its way to 2000 next year imo. Equities, commodities and real estate should go down with continued deflation once this bear market rally is over. Demand for gold as a currency will remain strong.

 

But how is gold going to perform in such a scenario?. If gold is not money (ie, money has no backing with gold) then won't it perform the same way that it did last year and go well below 900 as everyone sells stocks to raise cash which causes the dollar to strengthen?

Gold does not need to be linked formally to a currency to act as money. It has already been "remonetized" in the minds of investors and nations such as China and Russia [sovereign funds looking to diversify out of the dollar]. Think of it as a currency now. Gold could continue to strengthen along with the dollar at some point on liquidation in the market. There is nothing sacrosanct about the supposed inverse relation between gold and the dollar. Look at gold here, it has shot up while the dollar remains relatively stable.

[drbubb]

"If you're on the Buy here, you're buying from me"

 

-says the maker of this Video on Gold:

http://www.gracelandupdates.com/video/ucrisis3/ucrisis3.html

 

Personally, I'm not selling here. I am still long.

But I am watching very carefully this week

 

== ==

 

A WAY to get long the Dollar (with some gearing) ... UUP-update

 

 

...if you were to choose to do so (in the next few days)