Gatesy Posted July 1, 2008 Report Share Posted July 1, 2008 <Lee McQueen mode> Now that's what I'm talking about! </Lee McQueen mode> (although anyone who hasn't seen the UK TV show The Apprentice will have no clue what I'm talking about) Great start to NY trading. Celebratory reverse terradactyl in support of silver's massive open ! Link to comment Share on other sites More sharing options...
Newbear Posted July 1, 2008 Report Share Posted July 1, 2008 Sossi, I'd recommend reading this thread to get you started http://www.greenenergyinvestors.com/index.php?showtopic=2981 For a fund you might like to look at Ruffer Baker Steel Gold Fund. It's quite heavy with juniors compared with, say, Blackrock Gold and General. For this reason it has not done so well over the past year - but of course that could change. Link to comment Share on other sites More sharing options...
frizzers Posted July 1, 2008 Report Share Posted July 1, 2008 Goldfinger, My interpretation of that chart is that lending, for all the reasons we know, is drying up very fast. The impact of this will imo be equivalent price falls in anything that is credit driven. If those lending levels go back to 98 - or even earlier though they are not visible on the chart - then there is an argument that prices of credit related or credit driven assets will also return to 98 levels. It's possible we will see hugely inflationary debt monetization first though. CC Link to comment Share on other sites More sharing options...
romans holiday Posted July 1, 2008 Report Share Posted July 1, 2008 "Cuthbert, what is your interpretation of this? " Could I hazard an interpretation? [but more based on the US though could be loosely applied to the UK] Based on the Boom/Bust theory of Von Mises. This graph represents the big picture. While we hear a lot about inflation these days the bigger picture is deflation. If we take inflation to be both the growth in money supply and credit, the correlating deflation is a reduction of money supply and credit. Sure, we have heard a lot about the “credit crunch” [such a nice little pithy phrase] but have pretty much neglected to factor in what it may mean to the larger macro-economic picture. The collapse of bank offered credit, which will only get worse, is a huge deflationary force. I would suggest it is the bigger “background” story, though the inflationary story seems more pressing as it is in the foreground. Today, all the focus is on the Fed’s “printing” of new money. The Fed is here trying to re-flate the bubbles. Of course, we all know this can not be done, and a lot of this new money is going into commodities and the queen of commodities, oil. The Greenspan years were inflationary years [the boom], with inflation going into paper assets and property. [this inflation is only now working itself out in inflated prices]. Bernanke’s job is to try and reflate those assets which are crucial to the economy. I believe Bernanke has in his mind the bigger deflationary background story [the bust]and is terrified by it. I also think the “zombification” of the banks [the collapse of credit] will define the Bernanke years. I would imagine that the amount of “money” involved with the withdrawal of credit, bank failures, collapse of derivatives and bankruptcies may dwarf the amount of money the Fed is issuing. Much of this new money seems to be going into the coffers of oil-rich countries, so Americans will be faced with the worst of both possible worlds. On the one hand there will be inflation, where their dollars lose purchasing power. On the other hand, there is deflation, where access to money and credit is drastically reduced. In this scenario, American assets will become very cheap………for foreigners. I saw recently, Europeans are already starting to snap up properties in New York Just my 2 cents worth. A word of warning, my opinions are not fully thought through [prefer it that way actually]. Also, I think that both future inflationary and deflationary scenarios are positive for the value of gold. [The defining feature of the great depression was huge amounts of bank credit made available beforehand and then the collapse of that credit] Link to comment Share on other sites More sharing options...
electroweak Posted July 1, 2008 Report Share Posted July 1, 2008 Short squeeze, anyone? Link to comment Share on other sites More sharing options...
romans holiday Posted July 1, 2008 Report Share Posted July 1, 2008 Stocks sliding into an official bear market while gold takes off. 938! Link to comment Share on other sites More sharing options...
cgnao Posted July 1, 2008 Report Share Posted July 1, 2008 Today I loaded up on these @4.1 EUR. ISIN CH0024125145 Call 1.000,00 USD 14.09.09 Just an update. 6.5 EUR today, +58.5% since June 12. PS. They are issued by UBS. This and other gold derivatives they issued over the past few years will crucify them. Link to comment Share on other sites More sharing options...
electroweak Posted July 1, 2008 Report Share Posted July 1, 2008 OMG, 940 -- through the 'resistance zone' ?? EDIT: shorts getting FRIED. EDIT 2: please review! http://www.rallymonkey.com/oldvideo.php Link to comment Share on other sites More sharing options...
ChrisP Posted July 1, 2008 Report Share Posted July 1, 2008 OMG, 940 -- through the 'resistance zone' ?? EDIT: shorts getting FRIED. EDIT 2: please review! http://www.rallymonkey.com/oldvideo.php but is it coming back down? Link to comment Share on other sites More sharing options...
electroweak Posted July 1, 2008 Report Share Posted July 1, 2008 but is it coming back down? My opinion; it will test 950 and fail. In fact it is already falling. However, if Israel ups the ante with Iran or anything else kicks off, we'll be over 1000 PDQ. Link to comment Share on other sites More sharing options...
harold bishop Posted July 1, 2008 Report Share Posted July 1, 2008 BREAKING NEWS: Eurozone inflation jumps to 4%. wal/AP/AFP/Reuters/dpa-AFX In German (in Germany, this IS news): http://www.spiegel.de/wirtschaft/0,1518,562917,00.html Umm... This should mean the ECB will raise rates. Thrichet has already suggested ECB rates will go up. Will the BoE and FED follow ? Will they all raise together ? I think the ECB will raise and tell Spain and Ireland to get stuffed. This is punishment for Ireland for voting against the Lisbon Treaty. It will make Europe a very expensive place to visit for Brits and Americans. In fact, it aleady is. Link to comment Share on other sites More sharing options...
sossij Posted July 1, 2008 Report Share Posted July 1, 2008 Now at its highest in the quarter to date Edit: oops, just slipped below Link to comment Share on other sites More sharing options...
bitbigt Posted July 1, 2008 Report Share Posted July 1, 2008 My opinion; it will test 950 and fail. In fact it is already falling. My opinion; it will try for 950 TODAY! ...and close near to but not over it. Link to comment Share on other sites More sharing options...
ChrisP Posted July 1, 2008 Report Share Posted July 1, 2008 My opinion; it will try for 950 TODAY! ...and close near to but not over it. is anyone buying at 930-940 or does anyone expect it to come back down again to the low 900s? Link to comment Share on other sites More sharing options...
bitbigt Posted July 1, 2008 Report Share Posted July 1, 2008 is anyone buying at 930-940 or does anyone expect it to come back down again to the low 900s? I asked myself the same question when oil was bouncing between 100-110 for a few days, as I was waiting to buy at 80-90. However, the speculators then got on board and you know what happened after that. I expect the same for gold - if not this month, then definitely this quarter. Thus - I think the chances of seeing a price below 900 again are rapidly fading. Link to comment Share on other sites More sharing options...
Bobsta Posted July 1, 2008 Report Share Posted July 1, 2008 is anyone buying at 930-940 or does anyone expect it to come back down again to the low 900s? I plan to buy a reasonable amount around $930. If we get a drop to around $925 I'll tuck in quite heavily. But having been burned before I'll be keeping an eye on anything that looks like it'll lead to a revisit below $900 ... I wouldn't ever claim to be as famous as Silver Sammy but I do tend to have a knack of being on-line when gold rises and then choosing to take some profits... only for it to shoot to the moon. I sold quite a lot of my holding at an average of $936 and I want it back!! Link to comment Share on other sites More sharing options...
sossij Posted July 1, 2008 Report Share Posted July 1, 2008 is anyone buying at 930-940 or does anyone expect it to come back down again to the low 900s? I buy regularly, so I will be I always buy the same amount in £s, week in week out (I get paid weekly). I like to think of expensive gold as being subsidised by the cheaper stuff I bought in the past. So far the amount of £s I could exchange my gold for exceeds the amount of £s I have spent on it. At the point at which this went to zero or negative I think I might then pause for a bit. Until then I'll keep buying. Is this a dumb strategy? Link to comment Share on other sites More sharing options...
ologhai Posted July 1, 2008 Report Share Posted July 1, 2008 is anyone buying at 930-940 or does anyone expect it to come back down again to the low 900s? "Don't buy into strength"... Link to comment Share on other sites More sharing options...
Gatesy Posted July 1, 2008 Report Share Posted July 1, 2008 is anyone buying at 930-940 or does anyone expect it to come back down again to the low 900s? Very tricky. I'm not buying more at the moment. I'm really looking for 1 or 2 further opportunities to invest a little more in this market but not just yet. We shouldn't forget that many on here still expect some meandering for the rest of the summer; the 300 day moving average is still only at around $828 and this consolidation period hasn't touched it yet. It increases by about $1 a day at the moment though so should be around $888 by the end of August, if the price continues to consolidate a while longer. This surely gives a strong base to bounce of and blast away into the late summer and early autumn? I'm hoping similar for silver too. I like Bigt was waiting for a slight pullback in oil and missed getting in a large long position on that one, but I have also chased silver before only for it to pull back and find myself in a larger margined position than I would like, having got in higher than I would have liked For physical, averaging is the way to go but as I say, I have at the moment a little more I'd like to invest leveraged so finding the lower price is more important. I' determined to wait it out a little longer this time for that particular opening. Link to comment Share on other sites More sharing options...
bitbigt Posted July 1, 2008 Report Share Posted July 1, 2008 "Don't buy into strength"... ...unless there's speculators/bankers around, with loads of (borrowed) cash burning holes in their pockets, looking for the next bubble to inflate :-) Link to comment Share on other sites More sharing options...
Bobsta Posted July 1, 2008 Report Share Posted July 1, 2008 We shouldn't forget that many on here still expect some meandering for the rest of the summer; the 300 day moving average is still only at around $828 and this consolidation period hasn't touched it yet. It increases by about $1 a day at the moment though so should be around $888 by the end of August, if the price continues to consolidate a while longer. This surely gives a strong base to bounce of and blast away into the late summer and early autumn? I'm hoping similar for silver too. Very sensible words Gatesy. I truly hope they turn out to be wise, as this is the approach I intend to follow. It's all too easy to see the price going to the moon today and thinking you need to jump in. I've done it in the past and, I have to admit, was half contemplating it today. I like the analogy used by some of "dry powder" ... although we know fiat is doomed to failure eventually, it's always good to have a little around to take advantage of dips in the market. (although I suspect GF might disagree ) Playing devil's advocate though... didn't quite a few of us think houses were overvalued 4yrs ago so hold off from buying? ... Then look what happened - we got left behind. Link to comment Share on other sites More sharing options...
Oddball Posted July 1, 2008 Report Share Posted July 1, 2008 Exciting stuff from Jimmy Sinclair. http://www.jsmineset.com/ Posted On: Tuesday, July 01, 2008, 11:43:00 AM EST It Is Now! Author: Jim Sinclair Dear Friends, There are two subjects of extreme importance today. I sent you an email months ago saying, “This Is It.” 1. I am now telling you, “It Is Now.” Gold is preparing for an assault not on $1000, but for a brief penetration of $1200. Violent chopping will occur, then off it goes to $1650. This violent chop we have been living in here and now will resolve itself very soon and the take will be seen by history as having occurred in this last formation HERE AND NOW. 2. Where your juniors are concerned please give equal attention to the fundamentals before you make any decision. When beaten down, as they have been, think about gold at $1200 and $1650 coming sooner than anyone expected. Call the company and respectfully demand to speak to management, not an IR officer. If management is in the country but will not speak to you, put that in the debit column. Allow time for a call back as many other investor may be doing the same thing. The questions are simple. Property, finances and costs are the subjects you approach. As an example, a high cost mining company in Ghana just experienced an increased production cost per ounce of gold as a byproduct of increased electrical costs in the country. Before you push the panic button the question to the company is “What are your total costs per ounce, not cash cost?” Once you have that answer think about gold at $1650. I will discuss the “why” of all this on www.JSMineset.com this evening. Respectfully yours, Jim Link to comment Share on other sites More sharing options...
cgnao Posted July 1, 2008 Report Share Posted July 1, 2008 is anyone buying at 930-940 or does anyone expect it to come back down again to the low 900s? Gold is staying overbought, characteristic of great bull markets. Those who want in are waiting for the correction that a seeming army of analysts are promising is "just around the corner." Meanwhile, the gold bull snorts, tosses his head -- and moves higher. The twin bull of silver does the same. -- Richard Russell, 2006 Link to comment Share on other sites More sharing options...
Compounded Posted July 1, 2008 Report Share Posted July 1, 2008 I have just received this from coininvestdirect QUOTE Dear Client, We would like to inform you with regards to an important change to our services offered through http://www.coininvestdirect.com//. As of July 1st 2008 we will no longer sell silver coins with 7% German VAT. As of then we will apply the UK customary 17.5% VAT. This change is necessary as per Article 34 of the EC directive 2006/112/EC by which mail order businesses are only allowed to ship up to a certain value per year of VAT liable goods to other EC countries. We have now reached this limit for 2008 in the case of the United Kingdom and therefore have to adapt our VAT to the rate of the ship to country. Please consider using shipping addresses in Germany or other EC countries, where the limits have not been reached and where we continue to charge only 7% VAT. Alternatively you are always welcome to pick up all gold and silver goods from our warehouse in Frankfurt/Germany. All Gold sales remain of course VAT exempted within the EC. We would like to thank you for your business and trust in our services in the past and for your understanding. We hope that our large selection of gold and silver coins and bars will continue to satisfy your investment needs. Please feel free to contact us should you have any questions regarding this notice: sales@coininvestdirect.com Link to comment Share on other sites More sharing options...
BelfastBoy Posted July 1, 2008 Report Share Posted July 1, 2008 Not sure if this is of any interest. RTE News, Ireland - Massive gold mine found in Monaghan - click here. What may be significant is that it was the headline story on the RTE 6 o'clock news. So alot more people aware of gold. Link to comment Share on other sites More sharing options...
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