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Precious metals go into the tank on chatter the G-7 is set to issue a statement in which all...

Precious metals go into the tank on chatter the G-7 is set to issue a statement in which all will pledge to get along with regards to currency devaluation. The G-20 meets in Moscow at week's end. GLD -1.2%, SLV -1.5%.
Comments (37)
  • The G20 agreement sounds a lot like the agreements that Germany signed just about everyone in the 30's and early 40's.
    11 Feb 2013, 09:45 AM Reply Like
  • I'm calling BS.
    It's a race to the bottom...
    11 Feb 2013, 09:47 AM Reply Like
  • And.... people think that said countries will adhere to this agreement?

     

    Mmm, I think I'll hold on to my debasement hedges.
    11 Feb 2013, 09:47 AM Reply Like
  • Another buying opportunity coming up.
    11 Feb 2013, 09:49 AM Reply Like
  • Tampat: To buy what?
    11 Feb 2013, 10:17 AM Reply Like
  • Eagle

     

    Gold and Silver! Do you really believe ALL will agree to anything?

     

    It's just a matter of time that a few cheat, then were back to the races to the bottom..This is pure lip service.

     

    Anyone believes this i have a bridge to sell as well..
    11 Feb 2013, 10:53 AM Reply Like
  • IT, Did you see what happened to DUST today? Up 6%!

     

    I hope you took my advice and made money.
    11 Feb 2013, 10:55 AM Reply Like
  • TAMPAT

     

    Gold and Silver are already cutting into their losses..So the buying opportunity might be short lived!!
    11 Feb 2013, 11:08 AM Reply Like
  • Buy! buy! buy! Get physical though. Protection be damned.
    11 Feb 2013, 11:09 AM Reply Like
  • IT,

     

    I don't really care much about the day to day price swings as I don't 'trade' the PM's. I don't really need any more than I have but if we get a significant sell off back close to July levels I will pick up some more of both.
    11 Feb 2013, 12:01 PM Reply Like
  • TAMPAT

     

    Neither do i...Mine has been bought years ago..Again just a part of my portfolio..

     

    But i find some post funny, like the fundamentals of our economy changed.. http://seekingalpha.co...

     

    Check this out!
    11 Feb 2013, 12:06 PM Reply Like
  • Get second doctor opinion on our economy.
    11 Feb 2013, 02:00 PM Reply Like
  • Just because they agree to be polite and take turns devaluing against each others currencies, doesn't mean they can't go all out devaluing all their currencies against hard assets ;-)
    11 Feb 2013, 09:55 AM Reply Like
  • As a journalist, this one event doth not make a trend! Gold is still hot.
    11 Feb 2013, 10:15 AM Reply Like
  • I'm with Tampat, another buying opportunity coming. Ask China and India to stop buying Gold and I'll listen, maybe.
    11 Feb 2013, 10:20 AM Reply Like
  • Print money and buy gold with the fresh cash rather than another depreciating currency. If governments do this they can still devalue their own currency but without seeming to be attacking the fiat currency they are offsetting against. This strategy (which Russia and China seem to be following) keeps the printed currency weak (more in circulation) but actually improves the quality and quantity of reserves. (Gold replaces paper).
    11 Feb 2013, 10:27 AM Reply Like
  • Is paper gold (e.g. GLD) becoming like a new fiat currency?
    11 Feb 2013, 11:52 AM Reply Like
  • These G-7 nations should be taught a lesson. Let's get physical, gold bulls!
    11 Feb 2013, 10:40 AM Reply Like
  • Any gold bugs here want to get physical?
    11 Feb 2013, 10:56 AM Reply Like
  • Did you forget your meds again?
    11 Feb 2013, 03:42 PM Reply Like
  • What? You want to keep buying the paper ETF? Very risky!

     

    Get physical.
    11 Feb 2013, 04:31 PM Reply Like
  • I might add if this was such good news then why haven't the markets go parabolic? They are down!! Humm...Nobody is buying this working long term..
    11 Feb 2013, 10:59 AM Reply Like
  • DUST just went up 7% IT, that's pretty parabolic, no?
    11 Feb 2013, 11:03 AM Reply Like
  • I don't see Indians lining outside gold shops to hock their bullion en masse.... Infact I see mostly buyers loitering glitter in eyes...
    Buy physical gold/silver or agri land and hang on to it. You may not benefit directly in the short term but surely your grand children are going to think you were one smart Charlie!
    The vulture is a patient bird..... we gold bugs need to learn from it if we are to trounce paper players. A broader canvass, a broader time frame and we will overcome!
    11 Feb 2013, 11:00 AM Reply Like
  • What if you do not have any children, let alone grandchildren? Still buy gold?

     

    The vulture is a patient bird - that's a pulp fiction by James Hadley Chase - right?

     

    I do like the comparison of gold bugs to vultures - patiently waiting to profit from the demise of modern civilization.
    11 Feb 2013, 11:02 AM Reply Like
  • G7 is like Bill Murray in the movie "Space Jam." "Perhaps I could be of some assistance."

     

    http://bit.ly/1272RtU
    11 Feb 2013, 11:02 AM Reply Like
  • This is news. I've never heard of countries agreeing before. It's now every country for themself. Save No. 1 first. How do we hold Tim Geithner responsible 6 mos. from now. He's gone with all the other cabinet appointees, some very early.OJT is wonderful isn't it. The only way out is to keep printing money. I would like to be selling the ink.
    11 Feb 2013, 11:13 AM Reply Like
  • I am going to buy gold all this week.
    11 Feb 2013, 11:13 AM Reply Like
  • It is amazing how some just don't see through this..Been buying my metals for years and have been very happy..

     

    Patience, that's the key as the Govt will do anything to shake your confidence!! Yeah Russia and the USA agreeing ?? China as well??

     

    What a joke!
    11 Feb 2013, 11:17 AM Reply Like
  • gold should bottom at around $1450, silver at around $26, before getting new feet, see if the newsletter I get is right?
    11 Feb 2013, 11:52 AM Reply Like
  • The central bankers meet in Moscow - Russia is now the world's largest gold buyer - article at http://bit.ly/MWC1hH do as they do Not as they say.
    11 Feb 2013, 12:42 PM Reply Like
  • China could crush the COMEX if this meeting doesn't go well..All they have to do is take physical delivery instead of cash..The US better be careful..

     

    Russia is just sitting back watching..What did anyone think they would say publicly anyway??
    11 Feb 2013, 12:56 PM Reply Like
  • You should send a quick fax to the Chinese Central Committee, IT. They may not know that they are required the crush the COMEX this week and cause massive global panic. But I am sure if you instruct them they will happily do it.
    11 Feb 2013, 01:00 PM Reply Like
  • "Reuters said the G-20 officials said any statement would likely reaffirm a previous commitment to market-determined exchange rates. " Now how does the "market" (if such a thing really exists) get to determine exchange rates in the face of massive printing form all CBs? So Japan prints another $100T yen, how does it's value relative to the USD not go down a lot? How is this not a currency war? If the US counters by printing another $1T or $2T USD, does that not push the Yen back up? How is that not a currency war? The only meaningful statement would be for all CBs to print about the same amount worth of new money, and then nothing would really change so there would be no net effect, so what's the point? How will China react to such a statement? It sounds like the G7 is about to declare Currency War on China as allies. That could be dangerous!
    11 Feb 2013, 01:49 PM Reply Like
  • " The only meaningful statement would be for all CBs to print about the same amount worth of new money, and then nothing would really change so there would be no net effect, so what's the point? "

     

    The point is that it will increase money supply in each country. That will increase nominal GDP.
    11 Feb 2013, 04:32 PM Reply Like
  • Note the dollar index futures dropped on the news, but still above 80. "Reuters said the G-20 officials said any statement would likely reaffirm a previous commitment to market-determined exchange rates." Much ado about nothing.
    11 Feb 2013, 01:50 PM Reply Like
  • Lessee - not a pig in bunch mentioned. And how will the PIIGS manage with a strong currency? If the ECB continues buying pig bonds it won't matter what they SAY.
    11 Feb 2013, 03:47 PM Reply Like
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