GOLD

[G0ldfinger]

DJIA:gold has now broken 8.00 on the downside.

 

http://gold.approximity.com/gold-silver_watch.html

 

http://gold.approximity.com/gold-silver_watch.html

[G0ldfinger]

The London AM Fixing this morning was an LBMA all time high in all three major currencies:

 

08-Jun-10

 

USD 1,248.00

GBP 867.45

EUR 1,048.03

[warpig]

 

 

Jim Sinclair’s Commentary

 

For once relax. Gold is doing well. The rumor that Prechter had become a gold bull is false.

[drbubb]

From DrB's diary - I thought some might want to see this:

GOLD may be now at what has been a Seasonal high point

 

GLD / Gold etf ... update

 

I pealed off 5 of my Jan.$90calls yesterday, and sold them for about 50% profit.

I still have 65 GLD calls left, and physical Gold, and various Gold junior shares.

[Steve Netwriter]

May I ask what kind of world we will be living in under the scenario of Goldhouses/GoldOil?

 

If/when I work it out, I'll let you know

 

Predictions that vary from the current state by a large amount worry me. Not because I think they are wrong, but because I worry that the common man will be prevented from benefiting.

 

[Steve Netwriter]

Look at gold versus more than just the US$ for this year:

 

 

[drbubb]

Look at gold versus more than just the US$ for this year:

Steve,

That suggests a FLAT correction to me:

 

[Jake]

If/when I work it out, I'll let you know

 

Predictions that vary from the current state by a large amount worry me. Not because I think they are wrong, but because I worry that the common man will be prevented from benefiting.

Exactly.

Does FOFOA talk about this anywhere? eg. Nationaliation of mining companies. Confiscation. Outlawing trading in metals.etc..

I read that FOFOA does see Hyperinflation as basically inevitable.

Have you got a thread, Steve, on preparing for this?

It would seem wasteful to use gold now to get prepared, or maybe it would be wise to(sacrifice) start preparations for the long haul/emergency/term.

How one prepares for a hyperinflation would seem to lead one back into the arms of gold however, no matter how you look at it, for the time being at least. Ah schuks...extend and pretend and then some.

I guess we'll have to come back and look at this again when gold/houses reach 100 for average.

I am interested in the gold/acres thread I think you had about 2 years ago...do you know where I can resurrect it?

I notice that in the UK at least good ag land is increasing in price. How about NZ? Even woods in the UK are about 7000/acre it seems.

 

I feel like the UK is slipping away from me, which may be a good thing, actually. Nothing is really happening there except this ongoing, stupid stalemate. Stubborn as a dead mule. At least Japan is well down the road and one can have land and woods for a relative song, if you don't mind having it in deep country. Even the US people are aware that life is changing. Is it really only the UK that people are still happy to sell houses to one another willy nilly and agents ponce around like clowns.

 

I hope the UK has a wake up call asap. She certainly needs one. The 'average' house is a dump besides and I feel suicidal even looking at those properties on the screen. Perhaps I wouldn't give you 2 ounces of gold for one (not to live in myself) anyway. Laughs madly.

[Steve Netwriter]

Steve,

That suggests a FLAT correction to me:

 

 

It's a little unclear to me at the moment.

I see a few possibilities:

 

1. A change of trend line from the old 15% red to 20% blue.

2. A change back to somewhere between 15 and 20%.

3. A retracement back to the 15% red line.

4. A completely new trend at 50%, which is what it's been on since it left the 15% trend line, which is quite a long time.

 

I'm a total convert to the G5 Index, IMO it paints a much clearer picture. I've ditched my old chart because of it.

 

From here:

Analysis of Gold Movements Using the New G5 Index (inspired by and for shuttle) by Steve Netwriter 27 May 2010

http://neuralnetwriter.cylo42.com/node/2920

 

[Steve Netwriter]

Exactly.

Does FOFOA talk about this anywhere? eg. Nationaliation of mining companies. Confiscation. Outlawing trading in metals.etc..

 

Yes, but I'm not sure where!

 

I am interested in the gold/acres thread I think you had about 2 years ago...do you know where I can resurrect it?

 

I think I wrote about land being the major contributor to house price rises.

I'm not sure it was me who did land in oz of gold. Maybe GF ?

 

[Steve Netwriter]

Jake,

Confiscation was a question I had in my list that needed answering.

You prompted me to go find out.

 

http://neuralnetwriter.cylo42.com/node/2985

 

Cheers

 

[Happy Nihilist]

That was a big call by T O'Brien. It didn't really make sense to me that he was saying sell gold [maybe I got that wrong, and he was only suggesting trading a litlle... but still]. The risk/ reward ratio just doesn't make it worthwhile.

 

Well, at least in the short term, the technicals (volume, RSI, MACD etc.) suggest we could be due for a more prolonged correction. Ross Clarke has also noted an upside exhaustion in the recent price action (although he views this in the larger context of heading to $2000+).

 

Tom O'Brien has been long Gold since $282 in 2001. His argument is quite simple: buy low, sell high. Given the recent parabolic price action in Euro Gold etc., he is arguing that now seems a good time to take money off the table? Anyway, he seems to be playing it by ear, and so far is only calling "a" top, not necessarily "the" top. But he is walking the walk, cashing in all his gold and going short! However, he is a trader, so I'm sure if the situation were to change, he wouldn't have too many hang ups in jumping back in.

 

Although I don't think this is "the" top, I do think it is worth noting a significant shift in sentiment towards Gold by the Mainstream media. Check out his latest interview on Kudlow for a case in point! LINK

 

 

[romans holiday]

Well, at least in the short term, the technicals (volume, RSI, MACD etc.) suggest we could be due for a more prolonged correction. Ross Clarke has also noted an upside exhaustion in the recent price action (although he views this in the larger context of heading to $2000+).

 

Tom O'Brien has been long Gold since $282 in 2001. His argument is quite simple: buy low, sell high. Given the recent parabolic price action in Euro Gold etc., he is arguing that now seems a good time to take money off the table? Anyway, he seems to be playing it by ear, and so far is only calling "a" top, not necessarily "the" top. But he is walking the walk, cashing in all his gold and going short! However, he is a trader, so I'm sure if the situation were to change, he wouldn't have too many hang ups in jumping back in.

 

Although I don't think this is "the" top, I do think it is worth noting a significant shift in sentiment towards Gold by the Mainstream media. Check out his latest interview on Kudlow for a case in point! LINK

Tom O'Brien is making a good point, but I reckon he's stating the case too strongly by shorting gold. I agree with him that gold could come back down to a 3 digit dollar price BUT I reckon this is next to impossible to time... gold could easily carry up to 1300 or so before coming back down. And then the problem is how far will it come down... if investors are buying for safe haven liquidity and not an asset then probably not far. But then we still have the hot money that jumps in... maybe if we see a parabolic rise to 1350.....yet, the risk/ reward ratio just doesn't seem worth it. Now silver on the other hand.......

 

What is the volume/ RSI/ MACD etc looking like on the dollar? Would you want to short the dollar here?

 

 

Gold is once again benefiting as a ‘flight to quality’ investment with PIIGS concerns expanding

to PHIIGS

 

From the link above. Why don't they call them SHIPS.... as in sinking ones. [Greece has already sunk]

[Happy Nihilist]

What is the volume/ RSI/ MACD etc looking like on the dollar? Would you want to short the dollar here?

 

Maybe

 

On a daily chart there is slight divergence, which might suggest a correction (perhaps in progress now?). There is an argument that the Euro could see one more lurch down to complete an AB=CD structure (from memory the target is around 1.16 I think), and although I'm no Elliot Waver, I think the current wave count on the Euro also suggests one more spike down [i.e., one more spike up in USD] before staging a more substantial rally. Anyway, personally I'm interested in a slightly longer time horizon, and for the moment the weekly chart in the USD still looks pretty good.

 

From the link above. Why don't they call them SHIPS.... as in sinking ones. [Greece has already sunk]

 

Perhaps they should replace the yellow stars on the European flag with a yellow submarine

[romans holiday]

Maybe

You're braver than me.

[littledavesab]

The market would not be able to handle such volumes. My guess is that these funds will all get stuffed with nake gold shorts, or similar. Or it's just gonna explode.

 

Not all at once granted - but if a few early movers on the pension side are starting, this could get your golden wheels spinning. Interesting development with potential.

[VictorBroom]

I am interested in the gold/acres thread I think you had about 2 years ago...do you know where I can resurrect it?

I notice that in the UK at least good ag land is increasing in price. How about NZ? Even woods in the UK are about 7000/acre it seems.

 

I guess it would have to be based on 'average' land values, such as these from Knight Frank. Perhaps Knight Frank could e-mail you their Farmland Index on a spreadsheet. They would have some good historic data I am sure.

 

Ag. land can vary by a large margin dependant upon type, quality and location. Have a look here as well.

 

I am going to subscribe to 'Farmland Market'. Will let you know if it is any good.

 

 

Also see this thread:

http://www.greenenergyinvestors.com/index....st&p=170858

 

 

[Steve Netwriter]

Tom O'Brien has been long Gold since $282 in 2001. His argument is quite simple: buy low, sell high. Given the recent parabolic price action in Euro Gold etc., he is arguing that now seems a good time to take money off the table? Anyway, he seems to be playing it by ear, and so far is only calling "a" top, not necessarily "the" top. But he is walking the walk, cashing in all his gold and going short! However, he is a trader, so I'm sure if the situation were to change, he wouldn't have too many hang ups in jumping back in.

 

IMO he's the sort of person who is likely to be wiped out.

And it seems to be a very very common paradigm these days. The "trader paradigm".

 

An extremely dangerous tactic in these times.

 

I wonder whether he will be happy with his "US$ profits"

 

[G0ldfinger]

IMO he's the sort of person who is likely to be wiped out.

And it seems to be a very very common paradigm these days. The "trader paradigm".

 

An extremely dangerous tactic in these times.

 

I wonder whether he will be happy with his "US$ profits"

Just to put it into perspective (steamrollers & nickels come to mind...)

 

[romans holiday]

Stocks up. Euro up.

 

Dollar and gold down. How's that for correlation.

 

 

 

 

 

 

Bernanke the master manipulator back at it again:

 

Gold drops on steadier markets, Bernanke comments

 

http://www.reuters.com/article/ousivMolt/i...E64R5OH20100609

Gains in the euro, equity and commodity markets showed appetite for assets perceived as higher risk returned on Wednesday, denting gold's investment appeal.

 

Comments by Bernanke about gold sending a different signal in response to inflation when compared with other assets prompted bullion investors to lighten positions, traders said.

 

At a U.S. House of Representatives hearing, Bernanke said that prices of commodities including oil and food have fallen quite severely recently.

 

So, "gold is out there doing something different from the rest of the commodity group," he said. However, he said there is a great deal of uncertainty in financial markets.

 

Spot gold was at $1,227.15 an ounce at 2:29 p.m. EDT, against $1,233.63 late in New York on Tuesday. U.S. gold futures for August delivery settled down $15.70, or 1.3 percent, at $1,229.90 an ounce.

 

George Gero, vice president of RBC Capital Markets Global Futures in New York, said investors were adjusting their allocation to bullion after rallies to all-time highs.

 

Gero also said the Bernanke comments weighed on the metal.

 

"Central bankers view gold as an unnecessary distraction from government bonds. So, when they speak, they show their un-enthusiasm because gold is the economic and political barometer," he said.

[Errol]

U.S. asset managers worried Obama could confiscate gold

 

LONDON -

Speaking at the FT Silver conference in London yesterday, lead-off speaker John Levin, HSBC Bank's Managing Director, Global Metals and Trading (HSBC is one of the world's top precious metals traders and its vaults in the U.S. and Europe hold huge holdings of gold and silver bullion) recounted conversations with some of the U.S.'s top asset managers controlling massive amounts of capital asking if HSBC had the capacity in its vaults to store major gold purchases. On being told that the bank's U.S. vaults had sufficient space available he was told that they did not want their gold stored in the U.S.A. but preferably in Europe because they feared that at some stage the U.S. Administration might follow the path set by Franklin D. Roosevelt in 1933 and confiscate all U.S. gold holdings as part of the country's strategy in dealing with the nation's economic problems.

 

http://www.mineweb.com/mineweb/view/minewe...3&sn=Detail

[G0ldfinger]

U.S. asset managers worried Obama could confiscate gold

It won't be necessary, because he can just buy it (print & buy).

[G0ldfinger]

http://gold.approximity.com/gold-silver_watch.html

[Manual labourer]

Stocks up. Euro up.

 

Dollar and gold down. How's that for correlation.

 

 

 

 

 

 

Bernanke the master manipulator back at it again:

 

Gold drops on steadier markets, Bernanke comments

 

http://www.reuters.com/article/ousivMolt/i...E64R5OH20100609

 

 

Could be Mr Bernanke, is just a little pissed, by the fact he can't just print a bit of gold as and when he wants to!

 

Regards

 

ML

[Crashman begins]

What do you all think about this . Articles suggesting that the amount of gold in existance has been kept a secret to enable them to crash the market at will etc

 

http://www.roadtoroota.com/public/181.cfm

 

Fair Warning! What follows may scare the Dickens out of you gold bugs but will make silver bugs fall over themselves to swap even more of their gold for silver. Refresh yourself on the benefits of swapping gold for silver here: http://www.roadtoroota.com/public/136.cfm

 

The mainstream gold world wants you to believe that in the entire history of gold mining there has been just over 160,000 tons of gold mined from the ground. On top of that, with all our latest seismic and exploration technology, we have only found about 100,000 tons of underground gold reserves that could be economically mined in the future. That is what "they" want you to believe but...

 

&

 

SECRET ABOVE GROUND STASHES

 

There are many secret above ground hoards of gold that the US and the banking establishments do not want the world to know about...and for good reason. Nobody should underestimate the importance of gold in the economic, political and global balance of power.