iShares COMEX Gold Trust (IAU)

All Comments on IAU

  • commenter
    bot_feeder
    Sep 22 11:11 AM
    Why I Got Gold Wrong [view article]
    Note this gem of idiocy in this article:

    "Here's how wrong is the idea that gold is money: Islamic law more-or-less mandates that gold be used as money and yet Islamic states issue fiat currency."


    So Islamic states do not adhere to Islamic law. What's your point, Bailey?


    These bozos like Bailey make the CNBC nitwits look like Nobel Laureates.

    Reply
  • commenter
    bot_feeder
    Sep 22 11:08 AM
    Why I Got Gold Wrong [view article]
    And I concur with others who have commented: Exactly what is so "tragic" about gold going up.

    Perhaps it will lead to our adopting a sound monetary system somewhere down the road, rather than our "funny money system" of US dollars and other toilet paper whose value is based on the authoritarian power of government rather than markets?

    Reply
  • commenter
    Dock2
    Sep 22 11:04 AM
    Why I Got Gold Wrong [view article]
    You're insane if you think the US is in a deflationary crisis. Can you even comprehend the trillion dollars needed to fund the government's bailout plan? Bernanke is fueling up his helicopters. Read the writing on the wall.

    Regarding gold as money, you need to check up on your history. Before the dollar left the gold standard, paper money was equated to poker chips. The REAL money was the metal backing worthless paper. And I saw worthless because, post gold standard, the dollar is backed only by the US government's word, which is, now more than ever, worthless.

    Right on oldgoldbug. The value of gold doesn't change, only the dollars it takes to buy it.

    I think I'll add Mr. Bailey to my watch list so I can make sure to sell whatever he's buying.     Reply
  • commenter
    bot_feeder
    Sep 22 11:02 AM
    Why I Got Gold Wrong [view article]
    First of all, Gold is deeply depressed in price and is now showing a very slight rise off its depressed lows.

    What planet does Mr. Bailey hail from that he thinks Gold is booming right now?


    Secondly, it may indeed be true that we are undergoing a deflation right now due to the vaporization of credit, but it is also true that the only way out of that without an immediate collapse of the financial system is INFLATION INFLATION INFLATION.

    Thus, if the price of gold were to start showing some strength it might be in anticipation of the huge inflation that is looming. Mr. Bailey, ever heard the concept that the market does not reflect the present economy, it anticipates 6-12 months going forward?

    So I hope indeed gold does stage a rally.     Reply
  • commenter
    Kelly
    Lieberman
    Sep 22 10:39 AM
    My Website
    Why I Got Gold Wrong [view article]
    Does anybody else have a Finance acct. on Yahoo? Gold ETF is stuck - not moving... has shown no trades... everything else is moving...while this link to live gold shows iGold moving upwards.
    goldprice.org/live-gol....     Reply
  • commenter
    Freetruth
    Sep 22 10:29 AM
    Why I Got Gold Wrong [view article]
    Ozzy43 nailed it. Mr. Baily is destined to miss a lot more in the future I would wager. Recognizing you're clueless is the first step to enlightenment, but grasping at branding? Gold is not real money, but fiat money is? Please tell me this article was a joke. Reply
  • commenter
    GMiki
    Sep 22 10:26 AM
    Why I Got Gold Wrong [view article]
    What they said: inflationary depression, yes--gold IS money. Hello, David. Study before speaking. Reply
  • commenter
    Alxsteele
    Sep 22 10:20 AM
    Why I Got Gold Wrong [view article]
    Humm...well, I guess trying to be the contrarian of history COULD work. I mean, eventually, somebody DOESN'T get shot when playing Roulette.

    Question - do you actually have to know anything about gold to be able to post on Seeking Alpha?     Reply
  • commenter
    Kelly
    Lieberman
    Sep 22 10:20 AM
    My Website
    Why I Got Gold Wrong [view article]
    "Therefore, tragically, gold will go up and fast as people lose faith in other assets."

    Very interesting choice of words...and very telling from the rest of your comments.

    People who were astute enough to invest in Gold, did not invest in Gold and Silver because they are cheering on the sidelines for the collapse of the economy...they were just seeing the writing on the wall. Don't blame them for their lack of faith in the markets, obviously they knew something you admit that you didn't.
    Actually, historically and as recently as seconds ago gold has been used as money. Maybe not by those that don't own any , but certainly by those that do.     Reply
  • commenter
    BrunoT
    Sep 22 10:16 AM
    Why I Got Gold Wrong [view article]
    What bubble gum machine does one get his "expert" badge out of to post here? Come on. If you don't really have a handle on it post your thoughts on a regular chat board. You got this one about half right.

    Yes, there's deflation in credit and some asset classes like RE, stocks, bonds, etc. But you completely fail to account for the fact that our govn't (and world govn'ts) are creating money out of thin air for TRILLIONS in bailouts and stimulous packages and nearly as much in routine deficit spending. This money printing will outweigh the loss of money from bank losses, as while the bank crisis will end the deficit spending will not and will even increase. If you think a $550B deficit is bad, wait till we're in full bore recession and tax revenues are way off. $1trillion deficits will become routine. They'll be paid for with printed money, hence.....massive inflation!

    Now, if credit default swaps and other credit disasters occur they may dampen inflation for a while, but in the long run we're more like Zimbabwe than Switzerland in terms of our currency.

    And quoting Cramer is like quoting a poop flinging monkey at the zoo. Type "don harrold cramer" into youtube search and watch Cramers lies and horrible calls for yourself.     Reply
  • commenter
    oldgoldbug
    Sep 22 10:13 AM
    Why I Got Gold Wrong [view article]
    One additional point regarding gold as money. Back in 1993 I purchased my house for the equivalent of 300 ounces of gold. Today my house is worth: yep, 300 ounces of gold. That is money, not the fantasy that somehow the value of my home has tripled as I have used up over 15 more years of its useful life. My house has tripled in dollar terms because the dollar is worth substantially less than it was 15 years ago. Reply
  • commenter
    oldgoldbug
    Sep 22 10:04 AM
    Why I Got Gold Wrong [view article]
    Massive inflation is the only weapon the FED/Treasury has to try to keep the system from crashing. But the FED/Treasury can't force the banks to loan money. Money velocity slows as fear takes hold at all levels and a crash becomes possible in spite of inflationary actions. The markets evidently aren't sure how this will play out so we see the gold and bond markets both moving up as bets are placed. This does happen from time to time - witness early 80's when the stock and gold market moved up together before gold dropped and stocks moved into a long term bull market. Reply
  • commenter
    ozzy43
    Sep 22 10:01 AM
    Why I Got Gold Wrong [view article]
    "...the false, chimerical belief that somehow gold is money"

    Musta been one of those people who whined 'I hate history - it's so boring!' Just because we are facing near term deflationary pressures does not mean that we are facing longer term net deflation. In fact, the lessons of history are utterly clear: empires at this stage, having exhausted their currency via monetary manipulation and fiscal abuse, who owe and cannot possibly pay, have only two choices: default or debase. Either scenario is a positive for gold.

    Fiscally speaking, this nation owes, not $10T, or even $11T - $12T now, but anywhere from $60t - $90T, depending on assumptions. Boomers are starting to retire. This is imminent. Where will that money come from? The only *possible* answer: the printing presses.

    Monetarily speaking, the size of the tsunami heading our way has barely registered yet - $700B for a "bailout" plan? Think that's 'real money'? Are you kidding? There are $60T in CDS's out there, and over $600T in derivatives of dubious value. This bailout is aptly named, however - it is intended to serve as an opportunity to the money elites to cash in for a few weeks, a few months, and then leave regular investors holding the bag when it all comes crashing down when the tsunami hits.

    Trillions and trillions and trillions of dollars are coming due, both in private and public, and China, Russia, Japan, and the petroStates are almost done lending.

    As Arthur Silber has put it: "How in the world does any adult -- any adult who is not suffering fatal impairment of his cognitive faculties -- convince himself that this kind of make-believe can continue indefinitely? The United States government is completely broke and drowning in debt that extends through the next three, five, ten, who knows how many generations. Finished. Washed up."

    And Mike Whitney notes: "The system is at the breaking point, and despite Wall Street's elation from the proposed $1 trillion dollar bailout to remove toxic mortgage-backed debt from banks balance sheets, the market is still correcting in what has become a vicious downward cycle. This cycle will persist until the bad debts are accounted for and written off for or until the exhausted dollar-system collapses altogether. Either way, the volatility and violent dislocations will continue for the foreseeable future."

    You got gold wrong not because gold bugs got lucky, which is essentially your assertion here (and a rather snide one at that). You got gold wrong because you are ignorant of both history and of the reality surrounding you at this moment in time. Your analysis is laughably limited, that's why you got gold wrong, and why you still have gold wrong for the longer term . For you to be right, the US govt and the financial sector would both have to be essentially solvent, such that there would be 'good places' to put 'money' once the current 'unpleasantness' is over and things return to 'normal'. Normal is over. Things may well 'look' more or less normal again, and this may persist for some time, but real 'normal' is ancient history.     Reply
  • commenter
    WadeTrade
    Sep 22 09:52 AM
    Why I Got Gold Wrong [view article]
    User 267076 is right. Please check the definition of deflation, author. Also, Bernanke wrote his doctoral thesis the Great Depression, and deflation is the last thing he would let occur. Printing money causes inflation, and soon he'll be printing $trillions. Reply
  • commenter
    Chuck
    Sep 22 09:41 AM
    My Website
    Why I Got Gold Wrong [view article]
    Great quote in the office today,
    "I have a bridge in Alaska that I'll sell you, cheap."
    Reply
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