CharlieSays Posted July 30, 2008 Report Share Posted July 30, 2008 Could this be related to the surprise rise in supplies at the end of last month? Which started the downward leg for oil for the last few weeks? Its a shame they cant just keep it all hidden in some big underground cavern, refuse to let anyone see it for 50 years, and just tell world that they have loads spare, meanwhile quietly sell any left hanging around. Link to comment Share on other sites More sharing options...
MattFC Posted July 30, 2008 Report Share Posted July 30, 2008 They want to push gold back below $900 but they can't. However its still finding it harder to recover than silver (bottomed at about 16.85, back to 17.40) Link to comment Share on other sites More sharing options...
drminky Posted July 30, 2008 Report Share Posted July 30, 2008 What do you think of DrBubb's prediction? Assuming a 50% retracement from low to high of the oil uptrend (which gold did pretty near spot-on @ $845), that would give a $100 target for oils' low. I can't see it getting much below that at a stretch, but then again, these days almost nothing in these 'free markets' would surprise me.. Link to comment Share on other sites More sharing options...
radge Posted July 30, 2008 Report Share Posted July 30, 2008 Narrowly missed increasing my stash in today's 'afternoon tea slapdown.' Hopefully their bankerships will oblige again tomorrow! Link to comment Share on other sites More sharing options...
cgnao Posted July 30, 2008 Report Share Posted July 30, 2008 However its still finding it harder to recover than silver (bottomed at about 16.85, back to 17.40) Silver always leads big rallies. Link to comment Share on other sites More sharing options...
narco Posted July 30, 2008 Report Share Posted July 30, 2008 Nice bounce off the uptrend line. Could be the bottom? Link to comment Share on other sites More sharing options...
cgnao Posted July 30, 2008 Report Share Posted July 30, 2008 Repeat with me. Gold is not a commodity. Gold is not a commodity. Gold is not a commodity. Gold is not a commodity. Gold is money. http://www.chicagotribune.com/business/you...,5885930.column Even the pros may be stuffing the mattresses July 29, 2008 If you saw dark clouds drifting from St. Charles last week, they were probably coming from the dreary mood at the CFA Institute's annual investment seminar for professional investment managers. .... Grantham said rather than buying stocks for the long run now, he would only "short" them, or bet that they will decline in price. He sees "nothing interesting in quality corporate bonds," and he has been shorting oil. "Commodities had a good run, but that's over," he said. Although downtrodden mortgage-related bonds might be a good deal now because some are selling for 59 cents on the dollar, he said he wonders if the price will seem compelling if home prices fall another 20 percent or 25 percent. He confessed to the group that "I bought my first gold last week, and I hate gold. It doesn't pay a dividend. I would only do it if I was desperate." Link to comment Share on other sites More sharing options...
lowrentyieldmakessense(honest!) Posted July 30, 2008 Report Share Posted July 30, 2008 Repeat with me. Gold is not a commodity. Gold is not a commodity. Gold is not a commodity. Gold is not a commodity. Gold is money. just for the worried StopWorrying About The Daily Noise Author: Jim Sinclair Dear Extended Family, Please stop your worrying. Today’s market action reflects the opinion that the Fed has everything under control because they are in charge by extending the life of the Begging Bowl lending window. If read clearly, there is a possibility that this window is open to other than financial institutions. That means the system is broken and has to be artificially held up because there is no other practical solution. Today’s market action is because of the President’s housing bill (actually designed by the liberals) that is going to save all the foreclosures, therein reducing home inventories and improving home prices. That thesis assumes the only problem with sub-prime loans is the resetting of rates. That suggests everything is hunky dory because employment figures showed a whopping growth of 9000 jobs. Today’s market action is a product of the glee in media that jobs grew at 9000 after analysts, who will never be named, predicted a 60,000 job drop. The game today is to predict dire results and then put in a better than anticipated number so all looks fine. Today’s market action is in the final distillate, the euro, against which the dollar improved. It seems however to be falling somewhat from its best positions. The calls I am getting today are pretty much standard operating practice. This is Prechter’s and Richard's anticipated meltdown of all assets as if gold bullion holders internationally are also in Merrill and WaMu while also loaded with all kinds of derivatives. Please click here to review the Formula to see how silly that opinion is. Why do people keep calling me scared to death because they read some horrible prediction from an inexperienced person who uses a used laptop to publish their blog? How many metals firms have they owned? How many exchanges have they been members of? How much successful trading have they actually accomplished? Did the CFTC once accuse this person and his partner of manipulating the entire world gold market? Did the Editor of Barrons call this person a pinhead in an editorial because that person said Volcker was a class act and would succeed? Did this person catch a top in gold and suggest at least a 15-year bear market? Who are you listening to? The financial system is broken. Most financial agents are walking dead zombies. Gold is going to $1200 this year. Gold will trade at $1650 on or before 14/01/11. The US dollar is going to .62 and thence to .52 The euro will trade at $2 or more, simply as the largest cap non-dollar on the planet. The Asian central banks will soak up any gold the West sells. The assumption that the West runs the East was made at the "Stupid Factory of Egocentric Xenophobia." As a final comment, the majority of calls I received until 1am this morning starting again at 6:30am today. Are people up to their eyeballs in margin? Please think twice before calling me if your problem has been reviewed to death by me. If you are simply lonely, I have a soft spot in my heart for that, but not all the time. Respectfully yours, Jim Link to comment Share on other sites More sharing options...
Errol Posted July 30, 2008 Report Share Posted July 30, 2008 Repeat with me. Gold is not a commodity. Gold is not a commodity. Gold is not a commodity. Gold is not a commodity. Gold is money. I kept on saying this over and over again on Hpc.co.uk but nobody listened. Gold is a currency - the ultimate currency by which all others are judged. Link to comment Share on other sites More sharing options...
sylvester Posted July 30, 2008 Report Share Posted July 30, 2008 Well $900 or there abouts looks good to me (that was where I bought my last lot in Feb). I think I'll increase my savings from 30% gold to 50%. I'd be tempted to go all in but a bit of fiat will act as a buffer for day to day purchases should the POG drop further / take it's time to rise enough to cover the mint's fees. Now I'd like a nice top of at least $1800 please Sir! Link to comment Share on other sites More sharing options...
Dispassion Posted July 30, 2008 Report Share Posted July 30, 2008 Repeat with me. Gold is not a commodity. Gold is not a commodity. Gold is not a commodity. Gold is not a commodity. Gold is money. I kept on saying this over and over again on Hpc.co.uk but nobody listened. Gold is a currency - the ultimate currency by which all others are judged. What are we saying when we say that "Gold is a currency"? Are we saying that the gold market is well correlated with currency markets? Are we saying that it can be freely exchanged for goods and services? What are we saying when we say that "Gold is not a commodity"? Are we saying that is not a material, in demand, that is supplied without qualitive difference? Are we saying that the market for it, isn't well correlated with commodity markets? What do we mean when we say the "currency by which all others are judged"? Are we saying that the value of gold is constant and the value of currencies, stocks, commodities, property and bonds, can historically, only meaningfully be measured against gold? These are tangible statements that we can get facts and data for, to either prove or disprove the argument and more importantly, understand more about the forces driving the gold market. Link to comment Share on other sites More sharing options...
bitbigt Posted July 30, 2008 Report Share Posted July 30, 2008 Hi All - just got back to the 'puta after travelling for 2 days ...and wow! It really seems like gold is not happy to go below the low 900s, and given that August is upon us (i.e., we're only 2-3 weeks away from the annual strong period) then I suspect we're at or near the low before a massive run up. As soon as the current smoke and mirror good news (e.g., US gov buying up bad mortgages, and their 'OK' jobless figures) is seen for the fallacy it really is, then a massive jump in PoG should occur. Jim explained this far better than I can when he said "the system is broken and has to be artificially held up because there is no other practical solution" Silver bounced wonderfully - 4% in a few hours. That shows what's possible. ...but watch out for another smackdown tomorrow. The PPT will have noticed silvers bounce, plus the bounce in oil prices again today. Finally, on oil, I am expecting a bottom of 100-110, and will start buying at 110. If DrBubb is correct and it falls as far as 80 (which seems a bit low, but possible), I'll just keep buying as I fully agree with him (her??) that we'll be seeing several hundred dollar oil in the next few years. Overall, this volatility is great - it's a blatant indicator that the worlds economy is going crazy, and when that happens gold is where you need to be! Link to comment Share on other sites More sharing options...
stevecook172001 Posted July 30, 2008 Report Share Posted July 30, 2008 Repeat with me. Gold is not a commodity. Gold is not a commodity. Gold is not a commodity. Gold is not a commodity. Gold is money...... Of course gold is a commodity. One that has special properties that make it exceptionally useful as money * It is rare and so is not easily inflatable * It is non degradable and so is not easily deflatable * It is relatively useless and so is not particulalry subject to delfation as a result of being siphoned off for other uses. Now, before you mention jewellry; the reason gold is used to adorn the human body is precisely because it has all of the qualities mentioned above. Gold is the original bling. A kind of human version of the ostrich feather. A way of telling thwe world how much your exchange value is worth. Fiat only posesses the last of the above qualities and so makes for crap money. Except, of course, it's not even money It's a promise to pay. In the case of modern fiat, a promise to pay bugger all since it's not backed by any commodity with the special properties embodied in gold Yes, gold is money, for all of the reasons I have mentioned above. This does not preclude it from defined as a commodity as well. The two definitions are not mutually exclusive Your suggestion that they are is just plain wrong Link to comment Share on other sites More sharing options...
thegeneral Posted July 31, 2008 Report Share Posted July 31, 2008 I kept on saying this over and over again on Hpc.co.uk but nobody listened. Gold is a currency - the ultimate currency by which all others are judged. I wouldnt waste anymore bandwidth on them Errol; some people can't be helped and others dont deserve to be Link to comment Share on other sites More sharing options...
stevecook172001 Posted July 31, 2008 Report Share Posted July 31, 2008 I wouldnt waste anymore bandwidth on them Errol; some people can't be helped and others dont deserve to be Your comment sounds like the kind of thing a religeous devotee would say. Is this a church or a forum where ideas are openly and critically discussed? Link to comment Share on other sites More sharing options...
thegeneral Posted July 31, 2008 Report Share Posted July 31, 2008 Your comment sounds like the kind of thing a religeous devotee would say. Is this a church or a forum where ideas are openly and critically discussed? Lol didnt want it to sound like i'm Moses; was trying to help errol seeing as he sounds so exasperated by HPC. I think he is flogging a dead horse and all that with all things Golden over there. BTW where in my comment did i say we couldnt discuss any ideas? I find your comment above slightly insulting tbh Link to comment Share on other sites More sharing options...
wren Posted July 31, 2008 Report Share Posted July 31, 2008 When I visit hpc I keep seeing massive BV banner ads. Link to comment Share on other sites More sharing options...
thegeneral Posted July 31, 2008 Report Share Posted July 31, 2008 When I visit hpc I keep seeing massive BV banner ads. Oh the irony of it. They seem to vary between that and companies offering loans etc Link to comment Share on other sites More sharing options...
G0ldfinger Posted July 31, 2008 Author Report Share Posted July 31, 2008 That's such an excellent article GF. I quite agree. Yes. Another quote that says it all: ``I would be surprised if Jan. 30 marks the end of the measures,'' said Mark Vitner, senior economist at Wachovia Corp. in Charlotte, North Carolina. ``The credit crunch is very much with us and, if anything, spreading a bit to consumer borrowing.'' Link to comment Share on other sites More sharing options...
G0ldfinger Posted July 31, 2008 Author Report Share Posted July 31, 2008 Silver always leads big rallies. I am very happy to be able to buy silver at any price below $20. James Dines: silver to $100/oz MINIMUM. Link to comment Share on other sites More sharing options...
G0ldfinger Posted July 31, 2008 Author Report Share Posted July 31, 2008 I kept on saying this over and over again on Hpc.co.uk but nobody listened. Gold is a currency - the ultimate currency by which all others are judged. HPC = bunch of muppets. Remember all the talk of Fed loans being short term only, and how awful a (price) deflation we would get? WAIT and see, good advice, even for muppets. Link to comment Share on other sites More sharing options...
romans holiday Posted July 31, 2008 Report Share Posted July 31, 2008 I kept on saying this over and over again on Hpc.co.uk but nobody listened. Gold is a currency - the ultimate currency by which all others are judged. Why be reductionist? How bout saying gold is a triune substance; money, currency and commodity all in one. Link to comment Share on other sites More sharing options...
G0ldfinger Posted July 31, 2008 Author Report Share Posted July 31, 2008 http://goldismoney.info/forums/showpost.ph...postcount=15351 Bill, STUNNING REVELATION FROM GS TOCOM POSITION In the July 29 session on the TOCOM Goldman Sachs COVERED a substantial 233 short contracts to bring their net short position to 5600 contracts. This brings their net short position to the LOWEST EVER in the last 30 months (the time I have been keeping records). The chart below is astonishing. There is almost a perfect descending trend channel in the net short position of Goldman Sachs which it has followed for over two years so it can hardly be called a coincidence. If this trend continues then the very latest that GS can reach a net short position of zero is when the top trend line meets the X axis. That extrapolates to November 25 2008!! Now isn’t that amazing? That is almost exactly the same date as the expiry of the MASSIVE COMEX Call option position in the DEC08 contract. I had already predicted from the Call option structure that gold will make a huge move sometime between now and the expiry of these options. We now have further confirmation because it looks as if Goldman Sachs will no longer be net short gold by that date! Cheers Adrian Gold action… Bill, It is very significant that the cartel best efforts to bring down gold on Monday on the day of option expiry failed. They have been able to bring gold down $30 since then, but when it mattered to take call options out of the money the buyers were in control. The massive DEC08 call option position shows there is some very big money moving into gold. They have no interest in stopping the cartel from taking down gold now that the option expiry is over. Their interest will be to pick up as much gold as they can at the bargain basement price financed by the cartel. As I write this we are only $10 above the 200 day MA…we can expect some very strong buying to emerge shortly. This is the killer move down that makes the final capitulation of those who just can’t take it anymore. Cheers Adrian Link to comment Share on other sites More sharing options...
dietcolaaddict Posted July 31, 2008 Report Share Posted July 31, 2008 Ladies and Gentlemen, stay patient. ‘Shorterz Shooting Season’ is only a few weeks away and they are going to be well-fed this year. Season starts on the glorious 25th of August –the historical optimal date for gold purchase over the last 10 years. The six best months of performance will soon lie ahead. Take the present now on offer at $900 (if you can, my funds are a few weeks away ) Link to comment Share on other sites More sharing options...
HPCSucks Posted July 31, 2008 Report Share Posted July 31, 2008 I wouldnt waste anymore bandwidth on them Errol; some people can't be helped and others dont deserve to be But don't they just provide balance? I thought you were into that? Link to comment Share on other sites More sharing options...
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