FoxV

Did the ECB Save COMEX from Gold Default?

tjhorton: "If governments are knowingly involved, what can you really do?"

buy physical Gold and don't play their games. The sooner people realize the importance of the age old wisdom "5-10% of savings should be in precious metals" the sooner the CB's and governments will be forced to admit that paper is only paper.

And here are other age old wisdoms that people seem to have forgotten "A bird in the hand is worth 2 in the bush" and "Don't count your chickens before they hatch". These old truths came about for a reason. It would be in everyone's best interest to consider those reasons and evaluate the situation they, and we, are in.

Gold Price Conspiracy?

JBP Kitco is not the best place for bullion. They're shipping and insurance is high.

however as part of the over all theme of "YOU MUST NOT OWN GOLD" we pay provincial sales tax if we buy physical bullion in Ontario and you don't if you buy it in Quebec. That and Kitco is not far from me so if I ever find the shipping too much (are want to scream at them about delaying my order) I can always drive down and visit them. Montreal is a great city and they're right downtown.

btw, if you buy a Gold certificate from the bank, you do not have to pay the tax. Go figure

Gold Price Conspiracy?

as a construct of JPMorgan I would not trust GLD. I'm also Canadian, so dabbling in US equities gives me a currency risk (and if you think that's small potatoes, Keep in mind the CND did 20% against the USD in 6 months last year)

The problem with physical etfs and certificates is that at the end of the day all you have is a piece of paper who's only worth is your belief that it can be exchanged for something of value. If that's fine for you, then might as well hold currency. Its the same thing.

If you believe in gold then you probably have an inherent disbelief in the Paper debt train (wreck?) we live with. In which case, the only way to know that what you have is really worth what it is, is to have it in your hands. And this current shortage of physical metal during a price crash demonstrates that something is definitely up with the system

As for storage, I have it at home. Perhaps not the wisest thing to do, but I don't have much and its certainly not worth the risk to life and limb it would cost should somebody "activate" my 300psi, 42 tooth security system ;)

at the end of the day, just don't tell anybody you have it. When people break into a home they're looking for electronics and jewelry, not bullion

P.S.: so nobody tell anyone I keep my bars at home

Gold Price Conspiracy?

I don't know what the above is about but I did read the article, and just have to say Kitco is treading into a very dangerous place. They will take orders at a guaranteed price but they do not have to gold currently and will deliver at a future price.

So if we buy gold now at $800 (and silver, which I am doing) what happens if Kitco has to fill my order when the price is $900, $1000, or $2000. Kitco has a choice, take a hosing, or start raiding their pools.

Now there is a chance that gold will go down, but that is very unlikely. When India, China, and the middle east get a whiff of this supply crunch, they'll shoot gold to the moon, and the resulting short covering rally will send it to Pluto.

I was always suspecting big things from China to happen after the olympics. Now I understand what it will be. Buy physical metal while you can because pretty soon everyone is going to see just how much paper is worth really worth compared to gold

Remember Bird in the Hand is worth much more than 2 in the bush.

You Can Get on the Gold Train and Ride the Dollar

And add to that, the US mint just suspend Gold Eagle sales. (won't provide a link because every time I do, by post gets yanked)

So first Silver, now Gold Eagles. hmm, raises many questions doesn't it. But I'll side step those and just mention, we now have crashing prices coinciding with shortages.

This is what is known as a "Back up the truck" signal. Don't wait too long to bottom feed. The snap back from this dollar foolishness is going to be astounding.

You Can Get on the Gold Train and Ride the Dollar

Shorting gold two weeks before the time it traditionally rises (some times a lot) Nice timing. Find a dollar positive play if you wish, but betting on gold going down in September is pure folly.

All this talk of technicals, but no mention of why the USD has spiked (in a completely unnatural manner) recently. The ECB just went out and bought a wackload of USD. Why, Currency manipulation to give a cover for more interest rate cuts.

There are is so much bad paper out there, bank write downs are heading into the multi trillions (and this is without considering the derivatives fiasco). The Fed funds rate is going to 0%. Bernanke is going to throw the USD under the bus.

So ride the US Dollar at your own peril.

Gold (and Gartman) Haunting Some Investors

People are whistling dixie if they think the gold boom is over. There is multiples more bad credit out there we've seen so far still to fail. Sub-prime was just a taste of the pain to come. Europe and UK is only now getting into the picture

Right now we're in the Olympic glow, but that means just two more weeks left of the Chinese getting pushed around by Hank and Ben. When the torch goes out, the cloves come off.

The International Gold Rush: Bulls May Soon Be Rewarded

"Gold made a double top after an eight year run. Its down down."

hindsight is always wonderfull but completely useless, and in the case of gold, completely wrong.

Can't vouch for the last 8 years, but in the last 6 years gold has made 6 double tops. Each of them similar in magnitude and structure to this one.

The US dollar index however made a double top in 2001 and has been a train wreck ever since. I don't see it turning around anytime soon while Ben is at the helm.

Best predictor of Future behavior is past behavior

'Gold as Money' Means a Potentially Massive Rise in Valuation

Your link refers to MZM (money at zero maturity) which refers to actual cash. Mr. Stanczyk is referring to M3 which is now hidden from the public but was last officially at $10T
en.wikipedia.org/wiki/...

That was in 2005, and has since been growing at an average of 12%
www.shadowstats.com/al...
That would would put it at $14T today.

Sorry I can't provide an official link because there is no official publication of the once incredibly useful M3 report. I loved watching those anonymous "Caribbean banking centers" suck up all the cash that the OPEC countries where dumping. Sure would be nice to seen the M3 make-up today.

Got wheelbarrow?

'Gold as Money' Means a Potentially Massive Rise in Valuation

I agree in principle with this article but I don't think an "orderly/organized" return to the gold standard is possible. The world's fiat currencies have gone to far over the cliff to turn back now. The country or organization that implements a gold standard now will bring about unbelievable pain to the USD and other currencies and crush the global economy. Just imagine the chaos that would insue if every country's money supply growth appeared in their exchange rates with a Gold back currency.

Ultimately the world will return to a gold standard, but not until the "Hell or High Water" efforts to suppress the Gold have failed.
Those that have foreseen the death of the USD have been wrong before and they will be wrong again. Never underestimate the resilience of the powers that be to bail out a sinking ship. After all, they have 6.7Billion captives at their command to do the bailing.

But no matter how much bailing they do, one day, Hell or High Water will come. Just not today ;)

Gold and Oil Price Limits

ah yes 'Lentz, touting the sage wisdom of Keynes. Keynes quote wil one day be changed to "why should I care in the long run I will be dead"

Because what Keynes logic doesn't take into account is that someone will be left to deal with the mess that was wrought by no regard for the future. As it stand today, you already have to clean up the mess of three generations (you, father, grandfather). If you don't, you're children will have to clean up the mess of four generations

And when your middle age children are picking potatoes out of your backyard to feed you're feeble body and you are burning the last of your retirement stock and bond certificates and paper dollars to keep warm in the winter you'll say to yourself

"Man I really wish I bought some gold, but am I ever glad Keynes is dead"