GOLD

[Ret45]

ok, so I'm new to the party so please excuse if you have been asked this a thousand times before. I have just opened a BV account. Before I hit the button, is there any real difference between ETF, BV and buying coins???

 

 

[signofthetimes]

ok, so I'm new to the party so please excuse if you have been asked this a thousand times before. I have just opened a BV account. Before I hit the button, is there any real difference between ETF, BV and buying coins???

 

are you serious?

 

buy physical, not digital

[lowrentyieldmakessense(honest!)]

ok, so I'm new to the party so please excuse if you have been asked this a thousand times before. I have just opened a BV account. Before I hit the button, is there any real difference between ETF, BV and buying coins???

start here

[Ret45]

thanks for threads. looks like its BV for me then!!! I am in eurozone so guess I'll buy in euros and store in Zurich (used to live in CH and am very comforted by the fact that every Swiss man over 20 has a gun tucked away in his house and has to refresh his military service for two weeks every year - I always wondered why, now I know its to protect the gold!)

 

[G0ldfinger]

thanks for threads. looks like its BV for me then!!! I am in eurozone so guess I'll buy in euros and store in Zurich (used to live in CH and am very comforted by the fact that every Swiss man over 20 has a gun tucked away in his house and has to refresh his military service for two weeks every year - I always wondered why, now I know its to protect the gold!)

I think the Swiss were forced to sell a lot of their gold some time ago (by the US, of course).

[Steve Netwriter]

The reason for the sell off in gold and silver?

 

wake up call

 

Cheers. That's another one for the manipulation archive

 

[Steve Netwriter]

thanks for threads. looks like its BV for me then!!! I am in eurozone so guess I'll buy in euros and store in Zurich (used to live in CH and am very comforted by the fact that every Swiss man over 20 has a gun tucked away in his house and has to refresh his military service for two weeks every year - I always wondered why, now I know its to protect the gold!)

 

I suggest you also open a GM account. It would allow you to diversify, and buy some silver if/when you want.

 

[ziknik]

I suggest you also open a GM account. It would allow you to diversify, and buy some silver if/when you want.

 

 

How long does/should it take for GM o do the CAP verification? I sent off my paperwork a week ago and heard nothing back so far.

 

I should have spent 2 minutes looking at GM before asking.

 

It takes one working day to verify (usually)

 

http://support.goldmoney.com/article.php?id=081

[confounded]

The reason for the sell off in gold and silver?

 

wake up call

 

Ladies and gentlemen, the OBSCENE amounts of these financial instruments being thrust through the system – allegedly in the name of 1 bank, amounting to MULTI-TRILLIONS per quarter – CAN ONLY BE THE WORK OF A PRIVATE CENTRAL BANK [read, the FED], because no public entity – bank or otherwise - has the balance sheet maneuverability in an impaired credit environment to conduct such business.

 

Conclusions

 

That such obscenities are allowed to continue – UNREPORTED by the mainstream financial press – is, in itself, a condemnation of not only how warped, twisted and connived our capital markets are, but how COMPLETELY BROKEN and complicit our system of free speech and irresponsible our media have become.

 

We should ALL CARE about this because, in the immediate term, market manipulations like the ones outlined above lead to the inefficient allocation of valuable, finite resources.

 

The point they chose to intervene was no coincident, the warning light of gold was staring to flash too bright again with the challenge on the previous high. It was such blatantly manipulation I was surprised so many on here were so fearful all the "support" levels being taken out. I am fairly new to Gold and have far less experience than most but I have been observing the manipulation since this crisis began manly in the equity markets and it is clear they are doing all they can to restore stability, the system could have gone into meltdown as early as Feb 07 and they have done a remarkable job to hold it together for so long, but obviously we are betting they wont hold it together for ever and this is when gold will have its day.

 

To think gold has had it's fireworks display already is a bit like mistaking the sparklers in the crowd on guy Fawkes night as the main show!

 

[Ret45]

Thanks Steve. by the way, when you say "diversify" are you talking about ensuring that your physical gold is spread among different gold brokers to be on the safe side. Is one gold broker considered safer than any other - GM vs BV?

 

I have a terrible feeling I may become a gold junkie...are there signs i should look out for, like when you say to yourself things like "that weekend away must have cost me an oz!" by the way Steve, I looked through some of your posts - you are the Eminem of finance! (and probably as frightening to middle class people everywhere). Can you sing?!

[Steve Netwriter]

To think gold has had it's fireworks display already is a bit like mistaking the sparklers in the crowd on guy Fawkes night as the main show!

 

I quite agree.

 

[Steve Netwriter]

Thanks Steve. by the way, when you say "diversify" are you talking about ensuring that your physical gold is spread among different gold brokers to be on the safe side. Is one gold broker considered safer than any other - GM vs BV?

 

I have a terrible feeling I may become a gold junkie...are there signs i should look out for, like when you say to yourself things like "that weekend away must have cost me an oz!" by the way Steve, I looked through some of your posts - you are the Eminem of finance! (and probably as frightening to middle class people everywhere). Can you sing?!

 

As you may have picked up on, I am ultra bearish on the world financial system. IMO in such an environment, the more you can diversify, the better.

Unfortunately the options are limited.

So, BV & GM, that seem equally reliable, with GM having the silver option, which I like. GM being Jersey based may have a slight advantage over BV.

And the use of UK and Swiss vaults, with a leaning towards the Swiss ones.

There's maybe more risk with the UK ones, but in order to diversify with vaults, there's no choice.

 

Then of course there is physical stored in secure storage facilities which you find yourself. That can mean a list of bank safes, again for diversification, and other secure facilities.

 

With my ultra bearish view (I don't have a tin foil hat - I prefer something thicker ), anything not as above is at risk, except for a 100% owned property. And that includes all investments in stocks etc.

 

You are a gold junkie when you think about how much paper it costs to buy an oz of gold, and realise how worthless the paper is

 

I think it's better to think of me as a secretary, rather than a CEO. I do a lot of filing, and I get to read a lot of stuff written by people who know more than me. So I pick up a lot. I try to gently encourage, to persuade, but I've found most people who haven't already opened their eyes don't really want to listen

I put the information in front of people in denial, and hope that the cognitive dissonance will eventually create a spark of reality

 

[Steve Netwriter]

Eminem - Green and Gold - Unreleazed

http://www.youtube.com/watch?v=l2Pn3zW-MRI

 

:lol:

[radge]

To think gold has had it's fireworks display already is a bit like mistaking the sparklers in the crowd on guy Fawkes night as the main show!

 

We did "Ye cannae polish a turd" earlier (top marks to the man who found a way to do it!). Staying with aphorisms, hopefully the FED will learn that "Ye cannae fart against thunder." Presuming, of course, that we and the thousands of others who have been merrily buying up PMs are the thunder, not the farts!

[Steve Netwriter]

:lol: :lol:

 

 

[G0ldfinger]

[notanewmember]

 

 

B.Bulls Daily indicator - Trilogy complete now

 

CRUD - Oil: BUY 19/08/08

PHAU - Gold: BUY 21/08/08

PHAG - Silver: BUY 26/08/08

 

[Steve Netwriter]

James Turk

At the edge of a precipice *AUDIO*

http://www.howestreet.com/audio/jamesturk26082008.mp3

 

James Turk makes the case that the United States is insolvent and we are standing at the very edge of a precipice. Is a Deflationary Depression in the cards?

 

[Steve Netwriter]

David Smith

167 Million ounces of Silver *AUDIO*

http://www.howestreet.com/audio/davidsmith26082008.mp3

 

Who moved a mountain of silver this month? Why has gold been displaying weakness? That and more this week, as David checks in, after his trip to Quebec.

 

-------------

 

He warns those who do TA not to have their chains yanked by the big players who mess with the market.

 

[Steve Netwriter]

US Mint Gold Coin Sales

 

GF,

What worries me with that is that it's not really a good measure of demand. It's really just a measure of supply, which is being restricted.

 

I've had someone tell me demand is down, and quoted US Mint sales

 

I quoted back the ETF tonnes of gold bought

[mattyboy]

I suspect many of you already subscribe to the Daily Reckoning newsletter, but I thought I'd share this from today's:

 

The Daily Reckoning Presents: One could hardly fail to notice that gold investors have suffered a little more than a "bit of pain" over the past month. More like a good kicking as gold moved down by about 20% from its recent high of $986 on July 15. David Galland of Casey Research explores...

 

THE BUILDING STORM: GOLD, THE DOLLAR AND INFLATION

by David Gallan

 

Making assumptions is often a bad idea, but I am going to go out on a limb here and make the assumption that those of you with an interest in gold are concerned over the latest setback, the depth of which has surprised even us.

 

Don't be.

 

The evidence to support that statement would fill a telephone book at this point. Starting with the latest U.S. inflation numbers which, even using the government's own crooked calculations, rang in the last reporting period at 5.6%. Quoting John Williams of ShadowStats.com from a recent email I received from that organization...

 

"Reported consumer inflation continued to surge on both a monthly and annual basis, once again topping consensus expectations. The July CPI-U jumped to a 17-year high of 5.6% in July, while annual inflation for the narrower CPI-W - targeted at the wage-earners category where gasoline takes a bigger proportionate bite out of spending - annual inflation jumped to 6.2%. The CPI-W is used for making the annual cost of living adjustments to Social Security payments. The 2009 adjustment - based on the July to September 2008 period - remains a good bet to top 5%, more than double last year's 2.3% adjustment for 2008. Such is not good news for federal budget deficit projections."

 

Based on William's calculations, which use the same CPI formula used by the Fed prior to the jiggering of the Clinton years, the actual inflation rate is now running at 13.64%. And on August 19, we learned that the U.S. Producer Price Index rang in at a month-over-month increase of 1.2%, the third month in a row where that leading indicator has topped the 1% mark. Meanwhile, in Europe, the latest numbers put inflation at a 16 year high. And these are not anomalies, but the norm as the inflation tide continues to rise literally around the world.

 

A good analogy to the global currency devaluation is a slow-moving hurricane that, once over warm water, gains energy.

 

Right now the global inflation is a huge storm, slowly circling off the proverbial coast where it is gathering strength from the hundreds of billions of dollars being fed into it by governments desperate to avoid economic collapse...and from pricing decisions being made by everyone from manufacturers to local shopkeepers looking to cover rising costs.

 

At this point the skies are dark, the wind is rising, and the torrential rains are beginning to sweep in. The radio is broadcasting warnings to move to higher ground, but the hurricane has yet to hit the shore.

 

But when it does, it will be a Category 5 and maybe worse.

 

That's because, in addition to the straight-up consequences of the government monetary prolificacy and businesses raising prices to try and stay afloat, there is something else feeding power to the storm...something we have been warning about for years now: the rising odds that the global fiat currency system will fail.

 

Let me add some nuance to that remark.

 

In recent years, the global financial community, reflexively looking for an alternative to the obviously damaged U.S. dollar, has settled on the euro. But the euro is equally flawed, and maybe even more so, than the U.S. dollar. Now that the trading herd has also come to that conclusion, they are rushing back toward the dollar.

 

They are doing so not because the U.S. dollar is healthy, but rather because that is all that they know...a heads-or-tails continuum running something along the lines of "If the 'it's-not-the-dollar' play is over, then it must be time to go back into the dollar." The euro sinks, the dollar goes up.

 

And so gold, viewed by these same traders only in terms of its inverse relationship to the dollar, gets hammered.

 

What they are missing, but not for much longer, is that rushing back into the dollar is akin to heading for the vulnerable coast, and not to the higher ground now proscribed. They are also missing the point that gold's monetary value is not limited to protecting only against a failure in the U.S. dollar, but against any faltering fiat currency...a moniker that the euro deserves in spades. Not only is it backed by nothing, but it is also backed by no one.

 

I hope that the above point is clear, because it is an important one. One way to think about it is to think about Zimbabwe. If you lived in that blighted country and a year ago you could have had an ounce of gold or a wallet full of that country's failing currency, which would have been the better bet?

 

The answer, while obvious, is illustrative...because the wealth preservation role that the ounce of gold would have played for a citizen of Mugabe's paradise had zero connection with how well gold did, or didn't do, against the U.S. dollar over the period.

 

Gold is viewed as tangible money right around the world, and has been for millennia. When the trading herd wakes up to the fact that neither the U.S. dollar nor the euro, nor any other fiat currency, will protect them against the monetary storm that will soon begin tearing the roofs off their cozy offices, they'll fall all over themselves in the rush for something that will: gold and other tangibles.

 

Many of you know that the scenario just described is one that we have forecasted for some time. If you think the thing through, precedent to the global monetary crisis, the euro first had to stumble. Well, it now has. The next stage - and given the volatility of the situation, I don't think we'll have to wait long for it - will be the realization that there is no safe fiat currency. It is at that point that the massive hurricane, a crisis of confidence in the entire fiat system, will begin ravaging the global economy in earnest.

 

The price action of gold and, especially, gold-related investments over the last year, have been frustrating...to say the least. But the scenario now unfolding remains step-by-step in sync with our base case. As such, the best way to view this latest correction in the price of gold is as a temporary setback of no real consequence from an investment perspective (unless you use it as a buying opportunity).

 

The failure of the euro, on the other hand, is not just important...it is as monumental as it was inevitable.

 

David Gallan

for The Daily Reckoning Australia

 

Editor's Note: David Galland is the Chairman of Casey Research, publishers of BIG GOLD, an inexpensive monthly advisory dedicated to providing unbiased and actionable research on simple, effective and cautious ways to participate in rising gold markets.

 

[ologhai]

 

What was happening in '98 to start that buying frenzy?

[G0ldfinger]

What was happening in '98 to start that buying frenzy?

In 1999, the famous Brown Bottom occured. People knew, when the UK government sells gold, it is actually time to buy.

 

Similarly, when the UK government made a +£50bn investment in the mortgage business ('Northern Rock'), it was clear that it was time to get out of property.

 

Just do exactly the opposite of what the UK government does, and you'll get very rich.

 

(EDIT: On a serious note, I think people just saw that gold couldn't really get that much cheaper.)

[frizzers]

I bet it was YK2 fears

[id5]

So, er, how much space does a year's supply of canned food actually take up?

...

 

A British Army ration pack is a 20cmx20cmx12cm box that weighs approximately 1.8KG, so a year’s supply of rat packs would be a cube about 1.2m on each side and would weigh 657KG. But don’t forget each one includes everything that is needed such as a hexamine power heater, can opener, matches, tissues, tea, coffee, water purifying tablets and they also last for years. Just add a laxative and you could live off them for years.