|
| |
| | Page 1, 2, 3 | GOLD 900+ BreakOUT THREAD
| Godot
User ID: 535097
10/26/2008 1:08 AM | | Re: GOLD 900+ BreakOUT THREAD | Quote |
Here's a thought provoking article about an M.I.T.trained economist, Krishnamurthy Narayanan, whose GI Global Opportunities Fund has returned 57% in the past year and 19 per cent (compounded) over the past five years.
For those of you who remain convinced of the long term invincibility of the U.S. dollar, he sounds a note of caution if not down right alarm.
He also has some positive things to say about the Canadian dollar, gold, oil and uranium - hardly mainstream views these days. But his views were hardly mainstream a year ago when he warned about the financial crisis that is currently spreading like wildfire around the globe.
Heed the advice of The Smartest Man
October 25, 2008 at 6:00 AM EDT
Crackpot. Crank. Scaremonger. Alarmist.
The Smartest Man We Know has heard the slurs. When you make your living on Wall Street, yet hold the opinion that Wall Street is populated by incompetent fools, you're not going to win a lot of friends at dinner parties, are you?
And when you bet millions that the American financial system is going to fall apart, that its economy will be seized with fear – and when you were doing this and saying this before there was any hint of real trouble – well, you couldn't really expect other people to welcome the message, could you?
The Smartest Man, when delivering his prophesies, did not sugar-coat them. “This could potentially make Long-Term Capital [the financial crisis of 1998] look like some kind of walk in the park,” he predicted. “The reckoning has started.” No soft landing this time: It could even be “like the Great Depression of this century.” He said these things not last week, not last month, but on July 26, 2007. That day, the Dow Jones industrial average closed at 13,473.
But The Smartest Man was just getting warmed up. Checking in with him again this January, he was every bit as gloomy. By that point, credit fires were burning all over the place; the Dow was at 12,500; the world's biggest banks had been forced to turn, cap in hand, to Singapore, China, the Middle East and elsewhere for billions of dollars. It won't be enough, he said. “There's a whole bunch of companies that just have to hit the wall. They can't survive.”
What kind of companies? U.S. financial institutions, mostly. Wachovia looks bad. The major investment banks are shaky. It's about to get a lot uglier, warned The Smartest Man. “The implications of what's going on for the U.S. economy, credit, for lending over all, are not that pleasant to think of.” Two months and two days later, Bear Stearns was gone.
So you can imagine our surprise when the Smartest Man – his real name is Krishnamurthy Narayanan, and he goes by Nandu – showed up in town this week and was bullish.
“I think we're ending the financial crisis now,” he said. “There will be countries, like the U.S., that will go into recession. But this need not be a global recession. And there are some encouraging signs on that front.”
In a different era, The Smartest Man might have been a rocket scientist, or an engineer, or a medical researcher, or maybe a university professor. The academic résumé says: MBA, PhD in finance and economics from the Massachusetts Institute of Technology, studied under Paul Krugman, who just won the Nobel prize for economics. But this is – or at least was – the age of finance, and The Smartest Man became a hedge-fund manager, placing money on his views rather than just writing them.
Lately, that has worked out rather well. His CI Global Opportunities Fund has returned 57 per cent in the past year, 19 per cent (compounded) over the past five. Nice numbers, but once you've made your money calling the credit crisis and short selling Washington Mutual, what do you do then?
You buy Canada, says Mr. Narayanan, who can't believe the way the loonie has been savaged. “The currency is ridiculously undervalued. I can't think of any country in the world that has no fiscal deficit, no trade deficit and no inflation – except Canada. I think the Canadian dollar should go through parity.
“I like the whole Canadian market. I don't particularly dig the banks because I just don't know what's in there [on the balance sheet]. But I'd say virtually everything else is fine.”
You buy some emerging markets, even though they, too, have collapsed in the meltdown. “You can't play the emerging markets by listening to the market action. If the Indian market's down 50 or 60 per cent from its peak, I can assure you nothing's really changed in India. Nothing's changed. The vast majority of people in India don't believe in the stock market,” said Mr. Narayanan, who was born in Chennai, India.
You look to the currencies of Asian countries that are growing and still financially healthy. Singapore, Malaysia and Thailand all have trade surpluses and single-digit inflation. “Most of the Asian emerging markets and emerging currencies are ridiculously priced right now.”
You buy uranium stocks: “Ridiculously cheap.” Gold miners: “Ridiculously cheap.” Pipelines, too: “How bad a business is that? It's a fantastic business. You're just shipping gas. Why are people selling those?” Energy: “Unless there's an absolute collapse in oil demand, you really can't see oil plunge all that much [more].”
There are, however, some things The Smartest Man wouldn't touch. They happen to be the assets the investing masses have flocked to in this crisis: U.S. Treasuries and the greenback. “I don't think it can hold for that much longer.” Once the world has to absorb trillions of dollars in new U.S. debt – watch out. In fact, he thinks the odds of the U.S. having its own currency crisis are “at least 30 per cent.”
Would you want to bet against him? |
| LS 
Self-Similarity
User ID: 437351
10/26/2008 1:09 AM
 | | Re: GOLD 900+ BreakOUT THREAD | Quote |
Why is it that gold is tanking
maybe morgan stanley is pressuring gold to stay down.. just a guess
we prayed last week so this will break open for the LONGS Quoting: Me114
you prayed for gold?????????????????????/
perhaps you forgot about moses descending from mount sinai
[link to www.aspca.org]
If you are worthy of its affection, a cat will be your friend, but never your slave.  |
| ambiguity unlimited
User ID: 533001
10/26/2008 1:12 AM
 | | Re: GOLD 900+ BreakOUT THREAD | Quote |
read this whole article so u know
hold on we goin back up baby
[ link to www.marketoracle.co.uk]
.......
Since panic drove this sharp dollar surge, what happens when this panic abates? I bet the dollar collapses almost as fast as it rose. Of course gold would probably soar in such a scenario. This case can be made in both sentiment and fundamental terms, and both are very compelling. Market anomalies driven by extreme emotions typically unwind once the driving emotions finally peter out.
All over the world, money managers are hunkered down in short-term Treasuries. Yet T-bill yields are now running around 1%. This is pathetic. How many money managers are going to be comfortable reporting to their clients that they are only earning 1% before fees? So the moment the markets turn in the inevitable V-bounce , money managers are going to want out of Treasuries and back into assets that are either rallying or actually yielding something.
These money managers will sell Treasuries, sell dollars (if they are foreign), buy their local currencies, and start aggressively redeploying capital. 2008 has been a bad year in the markets for everyone, yet professionals still fear nothing more than underperforming their peers. So if they perceive rallies anywhere in stocks or bonds, they are going to dump Treasuries fast and rush to participate to mitigate some of their 2008 losses before year-end results are reported to their clients.
There are also fundamental reasons to unwind this anomalous dollar-long surge. Over the long term, relative yields drive currencies. While target rates are running 1.5% in the States, over in Europe the ECB's benchmark rate is still 3.75%. Why would European bond investors want to hang out one day longer than necessary in terribly-yielding US Treasuries when they could buy high-quality bonds in their own countries yielding 2x to 3x as much? European yields are very favorable for euro currency buying.
In addition, real rates of return (inflation-adjusted bond returns) are now massively negative in the US. The low-balled CPI has surged by an absolute 4.9% in the past year yet 1-year Treasuries are now only yielding 1.7%. Thus investors in short-term Treasuries are effectively guaranteed a 3.2% loss in real purchasing power annually by owning them thanks to the Fed. So while short-term Treasuries are attractive in a panic, the moment fear fades they return to being terrible investments.
For these reasons among many, I maintain the contrarian stance that this sharp dollar surge will rapidly unwind as soon as the intense systemic fear passes and money managers get comfortable enough to return to their usual stock and bond markets. The USDX spike is not the beginning of a new bull, as new bulls are driven by positive fundamentals that definitely don't exist for the dollar. Instead this was just an emotional anomaly that drove a spectacular bear rally that simply isn't sustainable.
And when this dollar panic buying reverses itself, so will the gold panic selling. The metal is just way too cheap today relative to its bullish fundamentals and the incessant fiat-currency growth all over the world. This anomaly is a heck of an opportunity for new long-side capital to deploy into gold and gold stocks. Virtually everything gold-related is available at such a discount today that it may be the best buying-op of this bull.
.......
going down even further.... ready for a steady 700 before the 1st of the year? how about 450 before oct next? the curve doesnt lie, the curve matched the jan 81 crash..... buh-bye gold shills..... see ya in about 20 more years....rofl |
| Me114
aka ladynada
User ID: 323570
10/26/2008 9:16 AM
 | | Re: GOLD 900+ BreakOUT THREAD | Quote |
Why is it that gold is tanking
maybe morgan stanley is pressuring gold to stay down.. just a guess
we prayed last week so this will break open for the LONGS
you prayed for gold?????????????????????/
perhaps you forgot about moses descending from mount sinai Quoting: LS
we prayed for the crooked dealings in all the various areas related to gold be undone
we just want justice
=+=+=+=
The TWO Witnesses are Mom and Dad & they're coming to give YOU a SPANKING
[link to heartdaughter.com]
Official Elijah Blog
[link to heartdaughter.com] |
| Me114
aka ladynada
User ID: 323570
10/27/2008 7:14 AM
| | Re: GOLD 900+ BreakOUT THREAD | Quote |
re: USD YEN cross
i just heard that alot of the commodities buying in the past may have actually been DENOMINATED in YEN and so that this move in the YEN going up is because of those trades (selling the commodities) causing a DEMAND in YEN (the original currency in which the trade was done)
get it!?
sooooooo if the US dollar went up for those same reasons, as we have said
and NOW the YEN is going up for the same reason
then that means... everyone is dumping their holdings and considered their YEN denominated holdings more valuable along the way, so that they sold their US dollar ones FIRST
understand?
that means those traders like YEN better than US dollars
if gold goes down watch the yen vs dollar if it also goes up, check for any graphical corelation
=+=+=+=
The TWO Witnesses are Mom and Dad & they're coming to give YOU a SPANKING
[link to heartdaughter.com]
Official Elijah Blog
[link to heartdaughter.com] |
| Me114
aka ladynada
User ID: 323570
10/27/2008 7:17 PM
| | Re: GOLD 900+ BreakOUT THREAD | Quote |
[link to goldnews.bullionvault.com]
...
"The fact that gold did not head higher during the current leg of the [global financial] crisis seems to reflect a combination of the rise in the US Dollar, de-leveraging of commodity positions, sales to meet margins calls on other assets and the unwinding of the long gold-short dollar trade by some investors," says the new Gold Investment Digest from marketing group the World Gold Council (WGC).
...
=+=+=+=
The TWO Witnesses are Mom and Dad & they're coming to give YOU a SPANKING
[link to heartdaughter.com]
Official Elijah Blog
[link to heartdaughter.com] |
| Anonymous Coward
User ID: 521026
10/27/2008 7:40 PM | | Re: GOLD 900+ BreakOUT THREAD | Quote |
open one eye.... then the other. There, now realize, that the whole financial world uses USD as the reserve currency. When everything goes down, the USD goes up. Simple as that.
Gold is barely down in most currencies.
If you have USD's or Treasuries, now (in the next day to weeks) would be a great idea to move out of them and back into anything except US equities ( and maybe UK and European).
Emerging markets, gold, commodities, commodity based countries. |
| Me114
aka ladynada
User ID: 323570
10/30/2008 7:23 AM
| | Re: GOLD 900+ BreakOUT THREAD | Quote |
Im lookin at long term chart of comex gold prices and see that altho we are making lower highs on the way down, we are due, RIGHT NOW for a huge BOUNCE to 850!
850 is next, and maybe between today (thursday) and friday,
if NOT, then they OWE us a bounce to 900 NEXT WEEK over the turbulent election week...
so give us 850 NOW thurs and friday and we will be CALMED down and soothed to handle all the changes GOD has in store for us, next week, globally
thank you LORD
(that was a prayer too)
God DOES want to COMFORT us through this transition...
think of it like we are one huge woman having a baby and her family would be there comforting her, not trying to stop the baby from coming, making it easier for her to give it birth
thank you Jesus
=+=+=+=
The TWO Witnesses are Mom and Dad & they're coming to give YOU a SPANKING
[link to heartdaughter.com]
Official Elijah Blog
[link to heartdaughter.com] |
| Me114
aka ladynada
User ID: 323570
10/30/2008 7:24 AM
| | Re: GOLD 900+ BreakOUT THREAD | Quote |
open one eye.... then the other. There, now realize, that the whole financial world uses USD as the reserve currency. When everything goes down, the USD goes up. Simple as that.
Gold is barely down in most currencies.
If you have USD's or Treasuries, now (in the next day to weeks) would be a great idea to move out of them and back into anything except US equities ( and maybe UK and European).
Emerging markets, gold, commodities, commodity based countries. Quoting: Anonymous Coward 521026
goood points all, just be advised there is more to the USD currency moves lately, we gotta watch that and the YEN crosses with the USD and EURO
we are on currency watch this week
=+=+=+=
The TWO Witnesses are Mom and Dad & they're coming to give YOU a SPANKING
[link to heartdaughter.com]
Official Elijah Blog
[link to heartdaughter.com] |
| Me114
aka ladynada
User ID: 548409
11/24/2008 5:08 AM
| | Re: GOLD 900+ BreakOUT THREAD | Quote |
re question by: Encore 557624
What am I going to do, eat it? Don't say barter. Who's going to want it?
as long as you still have a currency to exchange for goods, then in the short term, you need MORE of that currency
therefore, while there is currency, you need MORE PURCHASING POWER
dont think of what you need, as being money or gold or something to barter, but that what you need, in its purest form, is PURCHASING POWER
change your mindset so that you immediately think, oh I need more PURCHASING POWER
okay, now, how do you do that, in the short term, if you are using currency?
well, u need a get rich quick speculative scheme
a short term investment (somewhere in a trading market) into a Gold related instrument, might go up alot, and quickly, if Gold makes a big move here through the 1000 level
a person could quickly then SELL that investment to get the profit in more of their currency, and then withdraw some, into physical currency to then go out and SPEND it on purchases NOW before the prices of those goods go up, or save some for goods whose price you expect to go down
there are several problems with this strategy
one is, it is only short term, if you expect the currency might go away or change in the long term, so you have to have GOOD TIMING
two, is you might be greedy and think u are getting rich when gold goes up and forget to SELL the assets and convert them to the currency (or you might sell too early, or maybe you should sell some and hold some longer) again its all timing
three, there is no guarantee that markets (trading) will stay stable enough for you to sell; if u can not sell, the plan doesnt work
four, gold might not go up through 1000 in the short term, or in time enough before the currency goes away or changes. or the trading breaks down
so.. to answer your comment, gold isnt to be used to eat as food
physical gold is hard to use to barter (silver is better)
but a short term gold investment, a swing trade, can increase PURCHASING POWER
in the end, the real purchasing power is in God and standing on his psalm 91, when u acknowledge him and his promises to care for you, THEN, he will guide you in your financial preparations
=+=+=+=
The TWO Witnesses are Mom and Dad & they're coming to give YOU a SPANKING
[link to heartdaughter.com]
Official Elijah Blog
[link to heartdaughter.com] |
| Me114
aka ladynada
User ID: 548409
11/24/2008 7:43 AM
| | Anonymous Coward
User ID: 532272
11/24/2008 7:48 AM | | Re: GOLD 900+ BreakOUT THREAD | Quote |
Dream on!
Kitco World Spot
GOLD 11/24/2008 07:44 Bid 817.50, Ask 819.50 |
| Anonymous Coward
User ID: 476538
11/24/2008 8:27 AM | | Re: GOLD 900+ BreakOUT THREAD | Quote |
gold is set up to 1500 soon. Quoting: Anonymous Coward 533847
Like oil from $150 to $50 gold from$1000 to $400 where it was for 30 years  |
| Anonymous Coward
User ID: 451676
11/24/2008 8:42 AM | | Re: GOLD 900+ BreakOUT THREAD | Quote |
Bring back the link between gold and the dollar
By Richard Duncan
Published: November 23 2008 19:07 Last updated: November 23 2008 19:07
The events of September 2008 – the nationalisation of Fannie Mae, Freddie Mac and AIG; the disappearance of the investment banking industry in the US; and the Bush administration's $700bn bailout to save what is left of Anglo-American capitalism – demonstrate that the 37-year experiment with fiat money and floating exchange rates has failed catastrophically.
When Richard Nixon destroyed the Bretton Woods International Monetary System in 1971 by closing the “gold window” at the Treasury, he severed the last link between dollars and gold. What followed was a spiralling proliferation of increasingly spurious credit instruments denominated in a debased currency. The most glaring and lethal example of this madness has been the growth of the unregulated derivatives market, which has ballooned in size to $600,000bn, the equivalent of almost $100,000 per person on Earth.
Under the post-Bretton Woods dollar standard, credit growth powered economic growth. In the US, the ratio of total credit to gross domestic product rose from 150 per cent in 1969 to 350 per cent in 2007. Credit financed consumption and sucked in imports with a devastating impact on America's trade balance. By 2006, the US current account deficit had reached almost $800bn.
As the dollar standard flooded the world with funny money, economic instability spread around the globe. The reinvestment of “petrodollars” created the Latin American economic boom in the 1970s and then the third world debt crisis of the 1980s. Japan's trade surplus with the US drove up Japanese property prices in the late 1980s until the imperial gardens in Tokyo were worth more than California; and then produced the lost decade in Japan when that bubble popped in 1990. Next came the rise and fall of the Asian miracle bubble. Each economic convulsion resulted from the excessive influx of dollars into those economies. No regulatory regime could cope when confronted with such an extraordinary incursion of exogenous money.
The Bretton Woods collapse severed the link between the world's currencies and gold. Central banks were then free to create as much money as they wished. Between 2001 and today, central banks outside the US created the equivalent of about $6,000bn. This can be seen in the seven-fold increase in foreign exchange reserves in that period. The money created (which accounted for most, if not all, of Federal Reserve chairman Ben Bernanke's so-called global savings glut) was used to buy dollars and suppress the value of the currencies of US trading partners to perpetuate their trade advantage.
When those dollars were reinvested in dollar-denominated assets, it was America's turn to bubble. As central banks bought up US treasury bonds, they drove up their price and drove down their yields. However, there were not enough new Treasury bonds being issued to absorb the rest of the world's trade surplus earnings, so central banks bought Fannie and Freddie debt as well. That allowed those government-sponsored enterprises to acquire or guarantee more than half of all the mortgages in the country before they failed. Between unnaturally depressed interest rates and the buying spree by Fannie and Freddie, US property prices surged. The US housing bubble followed the ill-fated Nasdaq bubble. However, the inflation of the US housing market was one bubble too far. When it imploded, the global financial system was hurled into crisis, leaving the 21st century version of Anglo-American financial capitalism discredited.
The lesson that must be learnt from this disaster is that “free market” capitalism under a fiat money regime does not produce the same blessings (sustainable prosperity) that are produced by true free market capitalism within a monetary system anchored by gold. When President Nixon severed the link between the dollar and gold, he changed the nature of the Anglo-American economic model and ultimately destroyed it.
The world cannot return to a gold standard overnight without provoking a brutal contraction of credit and a global depression. However, neither can we afford to pretend that nothing has changed and that the global economy can continue to function on the dollar standard. The time has come to convene a forum of the world's leaders to hammer out and begin the transition to a new rule-based international monetary system predicated on sound money and balanced trade. Current Group of 20 efforts fall well short of what is required.
The writer is author of The Dollar Crisis: Causes, Consequences, Cures |
| Anonymous Coward
User ID: 451676
11/24/2008 8:44 AM | | Re: GOLD 900+ BreakOUT THREAD | Quote |
max pain on Dec Options...close to $850?
this was as of 11/10 - so the contract prices would have changed pretty dramatically since then (lots lower now)
there were around 6K calls at $850 and 16K calls at $900 - options writers would clearly
want to see it remain below $900...
puts
$800 & above
800 73.9 11902 $87,955,780
805 78.1 69 $538,890
810 82.4 911 $7,506,640
815 86.8 530 $4,600,400
820 91.2 2134 $19,462,080
825 95.6 1614 $15,429,840
830 100.2 1495 $14,979,900
835 104.7 272 $2,847,840
840 109.3 1503 $16,427,790
850 118.7 7921 $94,022,270
860 128.1 2531 $32,422,110
870 137.6 899 $12,370,240
875 142.5 505 $7,196,250
880 147.3 627 $9,235,710
890 157 788 $12,371,600
895 161.9 552 $8,936,880
900 166.7 6135 $102,270,450
905 171.6 73 $1,252,680
910 176.5 179 $3,159,350
920 186.4 825 $15,378,000
925 191.3 22 $420,860
950 216.1 2663 $57,547,430
1000 265.9 215 $5,716,850
1050 315.8 37 $1,168,460
44,402 $533,218,300 |
| Anonymous Coward
User ID: 451676
11/24/2008 8:45 AM | | Re: GOLD 900+ BreakOUT THREAD | Quote |
Even though this whole crash thing was obviously --
engineered as a massive power grab...
I can't help but think that the only mistake they have made
was that it happened just a few months too soon...
The fact that these massive bailouts are occurring
during a republican regime is showing to even the most
fluoridated, hypnotized livestock that
both parties are the same
and making the job for "CONservative" talk radio
just a little harder... |
| gold bug
User ID: 548409
11/24/2008 8:50 AM | | Re: GOLD 900+ BreakOUT THREAD | Quote |
will you or someone explain a little about these options and stuff for us laypeople?
thank you!
max pain on Dec Options...close to $850?
this was as of 11/10 - so the contract prices would have changed pretty dramatically since then (lots lower now)
there were around 6K calls at $850 and 16K calls at $900 - options writers would clearly
want to see it remain below $900...
puts
$800 & above
800 73.9 11902 $87,955,780
805 78.1 69 $538,890
810 82.4 911 $7,506,640
815 86.8 530 $4,600,400
820 91.2 2134 $19,462,080
825 95.6 1614 $15,429,840
830 100.2 1495 $14,979,900
835 104.7 272 $2,847,840
840 109.3 1503 $16,427,790
850 118.7 7921 $94,022,270
860 128.1 2531 $32,422,110
870 137.6 899 $12,370,240
875 142.5 505 $7,196,250
880 147.3 627 $9,235,710
890 157 788 $12,371,600
895 161.9 552 $8,936,880
900 166.7 6135 $102,270,450
905 171.6 73 $1,252,680
910 176.5 179 $3,159,350
920 186.4 825 $15,378,000
925 191.3 22 $420,860
950 216.1 2663 $57,547,430
1000 265.9 215 $5,716,850
1050 315.8 37 $1,168,460
44,402 $533,218,300 Quoting: Anonymous Coward 451676 |
| rise above
User ID: 548409
11/24/2008 9:02 AM | | Re: GOLD 900+ BreakOUT THREAD | Quote |
Even though this whole crash thing was obviously --
engineered as a massive power grab...
I can't help but think that the only mistake they have made
was that it happened just a few months too soon...
The fact that these massive bailouts are occurring
during a republican regime is showing to even the most
fluoridated, hypnotized livestock that
both parties are the same
and making the job for "CONservative" talk radio
just a little harder... Quoting: Anonymous Coward 451676
rise above the fray even higher, please
and see that this earth is being delivered to its people, anew, and the God given help is coming from WITHIN, i repeat, WITHIN, the people themselves
just be a little more optimistic as time goes by
(dont assume that everyone is LYING anymore)
watch out for your cynicism, defeatist mindsets, demons under every bush mindsets, conspiracy behind every event mindset, and other negative mindsets - all need to be ameliorated a bit as time goes by here.
allow hope to grow - what you want is to achieve a BALANCED OUTLOOK that keeps fear OUT of your decision making, and practical HOPE in your actions
for those who have trouble with god concepts, here is a way to look at it. mankind built up all this world system over years, and it is collapsing on itself - any men who CLING to it will collapse with it
each person is drawing the experiences that they need to bring them to their right mind, and a common outlook for a good future for mankind on earth - totally different from the past... BECAUSE WE ALL LEARNING OUR LESSONS NOW OF WHAT WE DID THAT MESSED IT UP AND WE DONT LIKE OUR OLD SELVES ANYMORE
we get it now
we dont need god to beat us over the head with wrong and right, or good and evil anymore
we know, now, inside, automatically
you who are not into god things can see the same conclusions using simple logic
people dont mind all kinds of evil until you mess with their money - then they call you a crook and want to stop your crooked enterprises
end of story
we judged ourselves
now clean up the mess
GOD IS HELPING US FROM WITHIN
so even those who are not into God chasing, are all Godly-becoming people now, the same as those who have been more into spiritual stuff in their lives
in other words, look at everyone as being loved by God and being helped by God - all of us are saved now
okay lets get to work, and figure out how we wana live on this beautiful planet
dont worry about ecosystem, as we go along, we will be inspired, and just changing our ways, will go a long way in changing the earth's ecosystem
to be rock bottom line truthfull- we all should be celebrating our freedom right now from all the old oppressions that mankind created with his FAITH in a lot of dumb, stupid and evil ideas |
| Me114
aka ladynada
User ID: 548409
11/24/2008 11:35 AM
| | Me114
aka ladynada
User ID: 548409
11/25/2008 8:12 AM
| | Re: GOLD 900+ BreakOUT THREAD | Quote |
Mint suspends orders amid rush to buy bullion
Sarah-Jane Tasker | November 22, 2008
FEARS of the unknown long-term effects from the global financial crisis have sparked a new gold rush.
With retail and wholesale clients around the world stocking up on the precious metal, the Perth Mint has been forced to suspend orders.
As the World Gold Council reported that the dollar demand for gold reached a quarterly record of $US32 billion ($50.73 billion) in the third quarter, industry insiders said the race to secure physical gold had reached an intensity that had never been witnessed before.
Perth Mint sales and marketing director Ron Currie said the unprecedented demand had forced the Mint to cease orders until January, with staff working seven days a week, 24-hour days, over three shifts to meet orders.
He said Europe was leading the demand, with Russia, Ukraine, Middle East and US all buying -- making up 80 per cent of its sales. One European client purchased 30,000 ounces for $33 million.
"We have never seen this before and are working right at capacity. And we are seeing it from clients in the shop buying one ounce, right up to 30,000 ounces from overseas clients," Mr Currie said.
Robert Jaggard, manager of bullion and rare coins dealer Jaggards, said business had picked up strongly and he expected it to increase further.
"All around the world there has been a heavy run on physical gold and there is a shortage of supply," he said.
Mr Jaggard, who has been dealing in gold for 40 years and is an agent for the Perth Mint, said some clients were buying up to $1million worth of gold, paying a premium above the spot price.
Late yesterday afternoon, spot gold in Sydney was trading at $US747.30 an ounce, up $US8.15 on Thursday's local close.
"Professional business people who have previously bought small amounts now want more gold because they are suffering in other markets," Mr Jaggard said.
At a conference this week in Munich, delegates were lined up 30-deep to purchase physical gold. And reports out of the Middle East suggested that there had been unprecedented gold buying in Saudi Arabia during the first half of November, with an estimated $US3.5 billion purchased in recent weeks.
The World Gold Council, releasing its global demand trends yesterday, said identifiable investment demand, which incorporates demand for gold through exchange-traded funds and bars and coins, was the biggest contributor to overall demand during the quarter. It was up to $US10.7 billion, double last year's levels.
The figures showed retail investment demand rose 121 per cent to 232 tonnes in the third quarter, with strong bar and coin buying reported in Swiss, German and US markets.
The quarter also witnessed widespread reports of gold shortages among bullion dealers across the globe, as investors searched for a haven. Overall, quarter three saw Europe reach an all-time record 51 tonnes of bar and coin buying. France became a net investor in gold for the first time since the early 1980s.
World Gold Council chief executive James Burton said gold's universal role as a store of value had shone through during the quarter, helping attract investors and consumers to all forms of gold ownership.
"The rise in demand for gold bars and coins has been impressive," he said.
Demand in India, the largest market for gold, recovered during the third quarter, encouraged by lower gold prices, a good monsoon and the onset of the festive season. At 250 tonnes, total consumer demand was 31 per cent higher than the same period last year. In value terms, demand hit the record quarterly sum of $US5 billion.
=+=+=+=
The TWO Witnesses are Mom and Dad & they're coming to give YOU a SPANKING
[link to heartdaughter.com]
Official Elijah Blog
[link to heartdaughter.com] |
| | Page 1, 2, 3 | |
|
