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A massive wave of Asian buying of precious metals is emptying dealer shelves across the region....

A massive wave of Asian buying of precious metals is emptying dealer shelves across the region. "I haven't seen this (kind of) gold rush for over 20 years," says the head of the HK Gold & Silver Exchange, adding that old-timers haven't seen anything like this for 50 years. GLD +2%, SLV +1.4%.
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Comments (34)
  • bertrandrighi2
    , contributor
    Comments (37) | Send Message
     
    Listen to JPM and they will make you drown. You have been warned. Bear in mind what were their last previsions. Already they think of their own clients as "muppets". Imagine what they think of YOU !!!
    22 Apr 2013, 09:38 AM Reply Like
  • Jeb Handwerger
    , contributor
    Comments (628) | Send Message
     
    "Fiat currencies are being actively debased by Central Banks who are quietly purchasing gold as the price declines. They may be using this decline to add to their physical positions. Eventually, we could see powerful moves back into the Venture Index and the junior miners as the shorts exit and new buying enters."

     

    http://bit.ly/137d62r
    22 Apr 2013, 11:53 AM Reply Like
  • Interesting Times
    , contributor
    Comments (11488) | Send Message
     
    @JEB

     

    May be adding physical? Uh, they are pouring it on to be sure !! Germany does want their gold and will stay quiet for only so long. They really don't want to stir the pot right now as it isn't in their best interest and they know it !!
    24 Apr 2013, 12:16 AM Reply Like
  • worldclass777
    , contributor
    Comments (186) | Send Message
     
    What is interesting is that JP Morgan and GS both declared that “gold is going lower” and then took massive short positions in the paper (hedging) market. Both JPM and GS are large enough that they can “move sentiment.” Then….gold sold off. Now, you have all the “pent up demand” coming back to buy the dip.
    Fiat money (paper money by the decree of a government) is being multiplied and sovereign debt is being monetized (call it what you will). Gold will come back….
    22 Apr 2013, 09:53 AM Reply Like
  • Mad Matt
    , contributor
    Comments (93) | Send Message
     
    Yes, those CROOK idiots at JP Morgan and Golden Slacks have been trying their best to drive down the prices of gold and silver for many months using the PAPER ROUTE. What they HAVE NOT figured out is that gold purchases in the US are PIDDLING compared to China, India, Russia, etc., where they actually buy the metals......and not the worthless paper contracts. So they falsely believe they are controlling the metals market because of the idiot traders and manipulators in the US, when in fact, it is WORLD DEMAND for the actual metal that COUNTS. Their crap works in the short run, but not too smart a strategy in the long run. So just buy the REAL THING on the dips, and HOLD, and you will be rewarded if you have patience.
    22 Apr 2013, 12:21 PM Reply Like
  • trader_350
    , contributor
    Comments (100) | Send Message
     
    I don't understand why everyone thinks the paper contracts are worthless. I bought a whole bunch last Monday, and guess what, they are worth a helluva lot more this week. The physical didn't drop in value so why would I buy that?? Buy the dip people. The system is NOT imploding, your contracts are highly liquid, sell them if you think they are worthless!
    22 Apr 2013, 03:32 PM Reply Like
  • kmi
    , contributor
    Comments (4040) | Send Message
     
    The guys thinking they are worthless don't understand what the contracts are is all.
    22 Apr 2013, 07:08 PM Reply Like
  • Interesting Times
    , contributor
    Comments (11488) | Send Message
     
    @TRADER

     

    The paper contracts are worth something in the short term. However some accumulators of the metals are doing so for the long term.

     

    I personally do not trade anymore. Got too old for it. So I just like to look at my physical bought years ago. It is a personal preference of an investment or trading strategy.

     

    Good luck!
    22 Apr 2013, 09:15 PM Reply Like
  • Interesting Times
    , contributor
    Comments (11488) | Send Message
     
    @KMI

     

    How about the illegal naked shorts the TBTF are doing?

     

    Is that ok? Can the powers to be just turn their heads and not look at it?

     

    That is why some just like to touch what they own and are happy to wait it out. Some of us aren't great at trading, nor want to risk it.. I know at my age I would rather go the safer route. But that's just me.
    23 Apr 2013, 01:01 AM Reply Like
  • kmi
    , contributor
    Comments (4040) | Send Message
     
    Interesting times,

     

    I do believe large players push markets around, and don't disagree with that, it wasn't my point however.

     

    If we believe JPM's assertion that the gold selloff was primarily driven by "managed money" liquidating its open interest in futures contracts - and there's no reason not to - futures contracts do indeed represent 'physical'. Not that most folks who purchase futures contracts intend to take physical delivery ( the size and value of the delivery is too large for most small speculators to deal with, never mind storage etc)

     

    Link to gold's future contract specifications: http://bit.ly/V4pMBG

     

    The physical you are discussing is different in that it is purchased in small quantities (coins etc) with the additional issue that holding a futures contract incurs costs to roll over (which reflect storage) whereas what you have under your mattress does not....
    23 Apr 2013, 07:57 AM Reply Like
  • Mad Matt
    , contributor
    Comments (93) | Send Message
     
    A typical response from a "trader"! Good luck in the long run!!! How have you done over the past 10 years? Are you up 400% overall. That is how much I am up by buying the actual metals and holding them. You bought a bunch on Monday. WOW, I am impressed. When do (did) you sell? What happens when the computers and flash trading crooks at GS and JPM do their thing and send things on a wild ride. Can you outdo the crooks? Are your computers faster and smarter than their's? All I can say is that if you are up 400% or more over the past 10 years, you are a GENIUS and should go to work for GS and JPM. I personally like to sleep at night, and I never lose a wink, even when the BIG DROP occurred recently. I just bought more to buy and hold! This strategy has made my other stock investments look sick. Just my humble opinion.
    23 Apr 2013, 09:43 PM Reply Like
  • Mad Matt
    , contributor
    Comments (93) | Send Message
     
    Interesting times, you are a WISE man. I am old like you, and I learned the hard way in the 90's, and yes I had some big gains, to be followed by big losses. Net/Net it was a wash at best. You cannot outsmart these crooks with their computers, algorithms, flash trading, etc. Their tricks work well in the short run, but their antics just create buying opportunies for the actual holders of the REAL THING. My theory is that gold and silver, and actually holding the physical metals (gold and silver eagles), is GREAT INSURANCE that protects us from the financial disaster that will hit us sooner or later. And to me, and I think you, I have enjoyed great DIVIDENDS with this approach, and no loss of sleep. And you always have the INSURANCE the entire time, unlike trading in and out. If your timing is lousy, it is CURTAINS.
    23 Apr 2013, 09:54 PM Reply Like
  • Interesting Times
    , contributor
    Comments (11488) | Send Message
     
    @KMI

     

    So what is your opinion if someone wanted the physical but is told no?

     

    That they have to settle in cash?

     

    Like I said I do not trade, but I would not be happy. I like what is under my mattress ( how did you know that ? )

     

    Trade all you like, as someone else posted I do sleep a lot better for sure !

     

    Good luck.
    23 Apr 2013, 11:27 PM Reply Like
  • Interesting Times
    , contributor
    Comments (11488) | Send Message
     
    @MAD

     

    I might add I thought Asia was buying physical at a record pace not seen in 50 years as well? What a big mattress they must have huh??

     

    Traders will be traders and of course ALWAYS be on the right side of the trade. Age does add education doesn't it !!
    24 Apr 2013, 12:17 AM Reply Like
  • Interesting Times
    , contributor
    Comments (11488) | Send Message
     
    @MAD

     

    I agree with you and if I am wrong I just pass down what is under my mattress to my kids. So my insurance is a win/win. Trying to outsmart those guys I gave up on years ago. If I want to gamble I will go to the track. Even casinos are rigged!! House always wins in the long term.

     

    Timing for the majority of investors over the long term is lousy. Those who disagree with that aren't looking in the mirror. If they did they would see a very big nose !!
    24 Apr 2013, 12:22 AM Reply Like
  • Mad Matt
    , contributor
    Comments (93) | Send Message
     
    Once again, Interesting Times, you are so WISE. You have probably seen lots and LEARNED WELL in your lifetime. It took me until I was in my late 50s to learn these lessons about buying and holding the real thing. These crooks will not be outsmarted, because even the CROOK REGULATORS who are supposed to protect us little guys are in on the take. Notice that these fake regulators come from Golden Slacks, JP Morgan, etc., and then go "regulate" for awhile, and then get PAID OFF handsomely as they return to doing all their crooked things. People are slowly catching on, but most are pretty slow on the draw. Just look at who the so calle regualtors have been over the past several years. History speaks for itself. THEY ARE ALL CROOKS AND GREEDY BASTARDS in my book. And they all feed off one another. Just lie a bunch of vultures. What a SHAME in this day and age.
    24 Apr 2013, 04:34 PM Reply Like
  • Cassina Tarsia
    , contributor
    Comments (646) | Send Message
     
    I guess that it's time to buy, now! I bought some last Friday ... probably wish that I could afford more.
    22 Apr 2013, 10:43 AM Reply Like
  • Jakarta Expat
    , contributor
    Comments (100) | Send Message
     
    Very true this, I talked to Billy at Gold Price Singapore this morning (Monday, 22nd of April) and he said he and other dealers were completely out of stock and he would not open up until the afternoon today only after he had a chance to re-stock. I also had a talk with a counter man who deals with the gold buying and selling for UOB Bank in Singapore this morning.. He said they were busy all the time and if i came to expect a 1 1/2 to 2 hour wait due to the lines of people. He estimated 4 out 5 were buying gold and of the 4 buying that 3 were buying physical gold and 1 buying paper gold. I have heard the same kinds of stories from Indonesia and Thailand. Asians love these low prices.
    22 Apr 2013, 11:12 AM Reply Like
  • thatsforschur
    , contributor
    Comments (55) | Send Message
     
    I am no expert but pure common sense tells me that the rush and acute shortage of silver coins alone must speak volumes. I am patiently waiting.
    22 Apr 2013, 11:12 AM Reply Like
  • zenoizen
    , contributor
    Comments (9) | Send Message
     
    Try buying some physical silver right now. You'll find that the spot price is somewhat low. Right now I'm watching my eBay bids page and seeing a $1 set of Roosevelt dimes go for $29.99. That's roughly 3/4 troy oz. for more than the 1 oz spot price.

     

    Then there's a Sunshine Mining round going for $34.

     

    Online dealers have withdrawn almost all of their product. What they do offer is marked up significantly.

     

    Conclusion: this is hardly any kind of buying opportunity.
    22 Apr 2013, 11:12 AM Reply Like
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    Gouging oppty before the price drops again.
    22 Apr 2013, 12:30 PM Reply Like
  • Trader 611
    , contributor
    Comments (61) | Send Message
     
    Junk silver has lower premiums. Try getting American Eagles at $1 over spot. Simply put, you won't. They were selling for $7 over spot at my local coin shop on Friday.
    Buying opportunity or not, the demand is off the charts.
    22 Apr 2013, 01:30 PM Reply Like
  • Interesting Times
    , contributor
    Comments (11488) | Send Message
     
    @TRADER

     

    Be careful of junk silver. For those who do not know the difference you should read this !!

     

    http://bit.ly/R9bKtt

     

    It opened my eyes a while back !! Hope this helps..
    22 Apr 2013, 02:26 PM Reply Like
  • Trader 611
    , contributor
    Comments (61) | Send Message
     
    Yeah, I would stick to Eagles/Maples/Pandas. But, the premiums are higher. You get what you pay for though.
    Thanks IT.
    22 Apr 2013, 02:37 PM Reply Like
  • Jason Burack
    , contributor
    Comments (1760) | Send Message
     
    If the paper price drops much lower a lot of producing miners are going to cut off production and/or go bankrupt, which will take supply off the market too. No junior can get equity financing now basically (more than 90% can't). After this drop, we are set up for a physical supply shock 3-5 years from now.
    22 Apr 2013, 02:49 PM Reply Like
  • wysocki
    , contributor
    Comments (3) | Send Message
     
    Asian people are smart and buying while cheap.
    22 Apr 2013, 11:13 AM Reply Like
  • CCC999
    , contributor
    Comments (49) | Send Message
     
    "Massive wave of Asian gold buying" should help Chow Tai Fook
    (cjewf) , which is the largest gold retailer in Hong Kong and China.
    Over a thousand stores.
    22 Apr 2013, 11:19 AM Reply Like
  • rexjohnsonjr
    , contributor
    Comments (4) | Send Message
     
    You can't even buy the physical in NY anymore. It's virtually all paper.
    22 Apr 2013, 12:39 PM Reply Like
  • Interesting Times
    , contributor
    Comments (11488) | Send Message
     
    @REX

     

    My friend in Staten Island said his dealer still sells ASE'S for $3 bucks over spot. But of course he is sold out supposedly until this Friday. We shall see !!
    22 Apr 2013, 02:23 PM Reply Like
  • Interesting Times
    , contributor
    Comments (11488) | Send Message
     
    Did this really shock anyone? Geez...
    22 Apr 2013, 02:23 PM Reply Like
  • catlady5
    , contributor
    Comment (1) | Send Message
     
    What about ishares SLV shares?
    Ishares gold IAU?
    22 Apr 2013, 02:26 PM Reply Like
  • trader_350
    , contributor
    Comments (100) | Send Message
     
    Buy the IAU! The system is not going to implode. That kind of thinking IS crazy gold-buggery. I don't need a shotgun and a safe, just my smart phone and my yacht.
    22 Apr 2013, 03:35 PM Reply Like
  • Interesting Times
    , contributor
    Comments (11488) | Send Message
     
    @TRADER

     

    You don't have a safe and a shotgun on your yacht? I can hook you up if you like!!
    24 Apr 2013, 01:38 AM Reply Like
  • Interesting Times
    , contributor
    Comments (11488) | Send Message
     
    @CADDY

     

    Please look back at my past comments concerning SLV.. Consider following me as I comment on this enough!!

     

    IMO stay away from it !!
    22 Apr 2013, 04:38 PM Reply Like
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