wee Jinky 0 Report post Posted November 3, 2009 Something just lit a fire under g+s... $1078.90 Gold/Oz $17.08 Silver/Oz $1080 Share this post Link to post Share on other sites
Justin Thyme 0 Report post Posted November 3, 2009 Guess investors are beginning to realize there are two safe-havens after all - one real, the other bogus. Share this post Link to post Share on other sites
sideshow 0 Report post Posted November 3, 2009 Stop loss buying at $1070? Share this post Link to post Share on other sites
HPCSucks 0 Report post Posted November 3, 2009 Is BigT another useful contrary gold indicator? Share this post Link to post Share on other sites
creditcrunch 0 Report post Posted November 3, 2009 Something just lit a fire under g+s... $1078.90 Gold/Oz $17.08 Silver/Oz Got gold? Feel much better to have a little now. Phew. Share this post Link to post Share on other sites
drbubb 0 Report post Posted November 3, 2009 GOLD / GLD is seeing some decent volume on its move up today ... update The trading day is still young, as we are seeing some new highs in GLD Apparently, India bought some serious number of Gold ounces from the IMF Share this post Link to post Share on other sites
bitbigt 0 Report post Posted November 3, 2009 Is BigT another useful contrary gold indicator? Great. I'm glad to be of service :-) But at least my views are 100% in agreement with Guru Marc Faber (even when it comes to Governments use of war as a final get out of jail free card for themselves) http://commoditywatch.podbean.com/2009/11/02/dr-marc-faber/ So perhaps Marc is also a contrary gold indicator? Share this post Link to post Share on other sites
TrueNorth 0 Report post Posted November 3, 2009 So, given today's action, can we add "the Indian put" to "the Chinese put" vis a vis gold? Share this post Link to post Share on other sites
warpig 0 Report post Posted November 3, 2009 Whoever said posting rocket pictures wasn't acceptable, wasn't speaking on my behalf! Share this post Link to post Share on other sites
fitkid 0 Report post Posted November 3, 2009 Gold Climbs to Record as India’s Central Bank Buys From IMF Share Business ExchangeTwitterFacebook| Email | Print | A A A By Claudia Carpenter and Pham-Duy Nguyen Nov. 3 (Bloomberg) -- Gold jumped to a record after India’s central bank bought 200 metric tons of the metal from the International Monetary Fund, heightening speculation that there may be more official purchases. Gold futures for December delivery rose to a record $1,081.70 an ounce on the New York Mercantile Exchange’s Comex unit and traded at $1,080 at 12:10 p.m., up $26, or 2.5 percent. The previous record was $1,072 an ounce, on Oct. 14. “This will encourage other countries and other investors, especially Indians, who are big buyers anyway, to jump into the market,” said Leonard Kaplan, the president of Prospector Asset Management in Evanston, Illinois. The Reserve Bank of India bought the bullion, for $6.7 billion, from Oct. 19 to Oct. 30. It was “the biggest single central-bank purchase that we know about for at least 30 years in such a short period,” said Timothy Green, the author of “The Ages of Gold.” “The only comparable event was the U.S.’s steady purchases in the 1930s and 1940s.” Prices also rose to an all-time high in gold traded in Indian rupees. Central banks, the biggest holders of gold, may diversify out of the dollar and buy bullion as ballooning U.S. debt and low interest rates weaken the greenback. “It is but a matter of time until China and the IMF announce much of the same,” said Dennis Gartman, an economist and the editor of the Gartman Letter in Suffolk, Virginia. Rising on Dollar Before today, gold gained 19 percent this year as the U.S. Dollar Index, which measures the greenback’s performance against six major currencies, slid 6.2 percent. The index rose to a four-week high today. “The fall in the U.S. dollar seems to be pushing all the central banks to strengthen their portfolios with gold,” said N.R. Bhanumurthy, a professor at the National Institute of Public Finance and Policy in New Delhi. “Gold is a safe store of value compared to the U.S. dollar.” India’s purchase buoyed gold as industrial metals slumped on concern that governments will remove economic-stimulus measures, crimping demand for raw materials. Copper and lead both fell as much as 2.8 percent on the London Metal Exchange. India held 350 tons of gold at the end of 2008, making it the 12th-largest government owner, according to the GFMS Ltd. 2009 Gold Survey. The additional 200 tons propels the country past Russia into ninth place, according to GFMS figures. India is the largest buyer of gold for jewelry and investment. Unusual Move “You usually associate Indian consumers buying gold more than you do the central bank,” said Mario Innecco, an MF Global Ltd. broker in London. Gold averaged about $1,049 in the two weeks when the IMF gold sale occurred. Prices may rise to $1,125 by year-end, Innecco said. The IMF’s executive board on Sept. 18 approved the sale of 403.3 tons of the metal, pledging to avoid disrupting the market. The board sought to use the sales of about an eighth of the organization’s total stockpile to help shore up its finances. China has increased its gold reserves by 76 percent since 2003, to 1,054 tons, the official Xinhua News Agency reported in April. Gold holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, have risen 41 percent this year. President Barack Obama has increased the nation’s marketable debt to an unprecedented $7 trillion as the government borrows to revive economic growth. The Federal Reserve has kept the benchmark U.S. interest rate between zero and 0.25 percent since December. Gold may average $1,125 in 2010, “with strong investment demand anchored by a negative real-interest rate environment and probable central bank purchases,” analysts at Toronto-based Desjardins Securities Inc. said in a report. Among other precious metals, silver futures for December delivery rose 46 cents, or 2.8 percent, to $16.90 an ounce on the Comex. Before today, the most-active contract climbed 46 percent this year. To contact the reporters on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net; Pham-Duy Nguyen in Seattle at pnguyen@bloomberg.net. Last Updated: November 3, 2009 12:12 EST Share this post Link to post Share on other sites
Pixel8r 0 Report post Posted November 3, 2009 Whoever said posting rocket pictures wasn't acceptable, wasn't speaking on my behalf! Here's a nice one for you, a Triumph Rocket III. Share this post Link to post Share on other sites
Pixel8r 0 Report post Posted November 3, 2009 Gold Climbs to Record as India’s Central Bank Buys From IMF I wonder how long until they announce China has bought the other half. Now the cartels line in the sand has been broken, think we should see $1100 soon. Share this post Link to post Share on other sites
fitkid 0 Report post Posted November 3, 2009 I would rather have one of these full than a rocket any day.!!!! Share this post Link to post Share on other sites
fitkid 0 Report post Posted November 3, 2009 Look even GoM is smiling.!!!! Share this post Link to post Share on other sites
Pixel8r 0 Report post Posted November 3, 2009 Today seems to be a day the cartels 2% rule is being well and truly broken, +2.33% and still climbing. Share this post Link to post Share on other sites
fitkid 0 Report post Posted November 3, 2009 How much more ???? How much more ???? Share this post Link to post Share on other sites
InSilverWeTrust 0 Report post Posted November 3, 2009 1087! With Silver riding in the sidecar. Share this post Link to post Share on other sites
warpig 0 Report post Posted November 3, 2009 If anyone here sold their gold for one of these, you couldn't blame them. What a beauty... Here's a nice one for you, a Triumph Rocket III. Share this post Link to post Share on other sites
TrueNorth 0 Report post Posted November 3, 2009 What? It looks like it's made of Lego! Share this post Link to post Share on other sites
azazel 0 Report post Posted November 3, 2009 Today seems to be a day the cartels 2% rule is being well and truly broken, +2.33% and still climbing. Congratulations to all the gold bulls who anticipated golds move up this year. $1085 we ought to place bets on $1100 being breached. My guess is ........friday? Share this post Link to post Share on other sites
wren 0 Report post Posted November 3, 2009 Today seems to be a day the cartels 2% rule is being well and truly broken, +2.33% and still climbing. The euro price is up even more as the euro drops against USD. The euro gold price has been very boring for months. USD 1084.32 EUR 737.32 (up from about 721 this morning) I suppose the Indian purchase is psychologically signifiant: a sizable and highly public purchase by a central bank at over 1000. I wonder if Asian trading will hold the price up? 1100 beckons. Share this post Link to post Share on other sites
sideshow 0 Report post Posted November 3, 2009 It seems almost too easy since $1000. Perhaps this is a trap before the FOMC announcement tomorrow? If they change their language to hint at tightening monetary policy gold could take a big hit. I don't think they will but it's in the back of my mind, as is the BoE announcement on Thursday. Share this post Link to post Share on other sites
bitbigt 0 Report post Posted November 3, 2009 Here's a nice one for you, a Triumph Rocket III. Nice 'bikes. But why the hell did they make them chain drive? Share this post Link to post Share on other sites
