Gold

[tricha]

If gold crashed as much as oil it would plunge to US$255.

Looks about right, that's where it started.

Actually I do have a lot of fun trying to poke hole in the arguments of not only peak oilers but that other snake oil science, global warming.
I can't help myself especially when I see supposedly sensible people investing in oil stocks because it's running out, and when I get told by bermuda that peak oil occurred
on Friday 8th Nov 1973 at 1100hrs or whenever it was (I was given an exact date and time) I,m afraid the temptation's too much.

Does this remind u of a stirrer on another thread Skol, hmm, u should be banned for all the scrap u print.

[JBmurc]

--manipulation


http://www.huffingtonpost.com/nathan..._b_519893.html

[Skol]

Actually I do have a lot of fun trying to poke hole in the arguments of not only peak oilers but that other snake oil science, global warming.
I can't help myself especially when I see supposedly sensible people investing in oil stocks because it's running out, and when I get told by bermuda that peak oil occurred
on Friday 8th Nov 1973 at 1100hrs or whenever it was (I was given an exact date and time) I,m afraid the temptation's too much.

Does this remind u of a stirrer on another thread Skol, hmm, u should be banned for all the scrap u print.

Well being one of the sheep that got involved in the oil boom tricha, you've got to ask yourself the question:
Who was right and who was wrong? Let me refresh your memory, oil crashed 78%, remember?

Get on board the gold boom tricha, the more the merrier. You see the graph I posted in #92, those two lines are going to cross, it's just a matter of when.

Being an amateur scholar of herd behaviour there have been some extremely interesting booms and crashes in my lifetime, some hardly even noticed. For example did you know there was a boom and crash in fibreglass boat moulds? True. About 30 years ago high earners sought shelter from Piggy Muldoon's extortionate 66% marginal tax rate. Needless to say they ended up worthless, like the angora goats.
About 1990 some guys I know bought an angora buck for $44,000 (1990 dollars). A few weeks later it was worth goat curry.

Adolf Hitler wasn't perfect but he had one extraordinary talent - crowd behaviour. Just imagine if someone with his talents had been selling real estate, mortgage-backed securities and more recently, gold, he'd have a fortune to rival Bill Gates.

With gold there's always something, the PIIGs, the Euro, US debt, Chinese property, ad infinitum, heaps of conspiracy theory.

[JBmurc]

Yes I don't disagree with you SKOL on the boom bust system gold will fall many $100's dollars at some stage in the future ,but without question it's not for a few years yet an esp. not going to happen this year..

A great clips from the very smart an muti-millionaire investor Jim rogers-

http://www.youtube.com/results?uploa..._categories=25


Jim Rogers was born in Baltimore, Maryland and raised in Demopolis, Alabama.[1][3] He started in business at the age of five by selling peanuts and by picking up empty bottles that fans left behind at baseball games. He got his first job on Wall Street, at Dominick & Dominick, after graduating with a bachelor's degree from Yale University in 1964. Rogers then acquired a second BA degree from Balliol College, Oxford University in 1966. After Oxford, Rogers returned to the U.S. and enlisted in the army for a few years.

In 1970, Rogers joined Arnhold & S. Bleichroeder. That same year, Rogers co-founded the Quantum Fund. During the following 10 years the portfolio gained 4200% while the S&P advanced about 47%.[4] It was one of the first truly international funds.

[JBmurc]

Trader blows whistle on gold & silver price manipulation
By Michael Gray

There is no silver lining to the activities of JPMorgan Chase and HSBC in the precious-metals market here and in London, says a 40-year veteran of the metal pits.

The banks, which do the Federal Reserve's bidding in the metals markets, have long been the government's lead actors in keeping down the prices of gold and silver, according to a former Goldman Sachs trader working at the London Bullion Market Association.

Maguire was scheduled to testify last week before the Commodities Futures Trade Commission, which is looking into the activities of large banks in the metals market, but was knocked off the list at the last moment. So, he went public.


Maguire -- in an exclusive interview with The Post -- explained JPMorgan's role in the metals pits in both London and here, and how they can generate a profit either way the market moves.

"JPMorgan acts as an agent for the Federal Reserve; they act to halt the rise of gold and silver against the US dollar. JPMorgan is insulated from potential losses [on their short positions] by the Fed and/or the US taxpayer," Maguire said.

In the gold pits, Maguire sees HSBC betting against the precious metal's price without having any skin in the game in the form of a naked short.

"HSBC conducts an ongoing manipulative concentrated naked short position in gold. Silver is much easier to manipulate due to its much smaller [market] size," Maguire added.

"No one at JPMorgan is familiar with Andrew Maguire," said Brian Marchiony, a company spokesman. HSBC declined to comment.

[Skol]

Gold scams - I'm shocked.


MUMBAI (Commodity Online): Confusion confounded. That is the apt description for the global bullion markets now. Talk of gold, you will get a bunch of positive advices from market analysts saying that Indian festival and wedding seasons are round the corner and the demand for the metal is set to go up in the coming days.

And gold production is not as much good as expected, so there will be a demand rise which will cause price gain. Then, the Chinese buyers who have been showing insatiable appetite for the metal during the past few months.

Then comes the negative stories. Some market analysts have already started hammering the gold market with their predictions that most of the Gold ETFs are just Ponzi schemes and big banks and cartels are doing a fraud on bullion market. They have obvious example to show with the recent Commodity Futures Trading Commission (CFTC) hearing opening a can of worms as far as gold market is concerned.

The hearing has brought to light the fact that there is no gold left in this world if all the Gold ETFs ask for physical delivery. And, if that happens only god knows what will be the gold prices in the coming months.

It seems the bullion analysts are as confused as the gold prices now. So, with the ETF scam hitting the market hard, most probably people are bound to stay away from that sector for now.

To add to that, Indian buyers are not very keen to purchase gold at present prices. This means even this year’s festival season and weddings may not see as much gold buying as in the previous years in India.
But, China is still going strong with its intentions to buy more gold.

Moreover, gold always under performed while the economic outlook brightens and industrial commodities tend to do well in this period. This is why silver has done well compared to gold, as it is used more for industrial purposes.

All over the world good news is pouring in that recession is a thing of the past now and most of the countries are on way to great recovery. India and China are doing extremely well and this will also hit gold prices.

Market researchers have also come up with the fact that the present gold fraud can bankrupt not just a few banks but entire countries along with their central banks. Prime in this network are the Bank of England and the FED reserve which have been caught on the wrong side.

So, at a time when the bullion market is throwing up only confusion, it is better for any prudent investor to stay away if you don’t want to burn your fingers in this trillion dollar scam

[JBmurc]

So, at a time when the bullion market is throwing up only confusion, it is better for any prudent investor to stay away if you don’t want to burn your fingers in this trillion dollar scam

Confusion confounded your not wrong stay away from honest money? because of the trillion dollar scam --an do what buy bonds, keep cash in the bank
when the ETF scam does blow up I'd think the worse thing to do is not hold real gold & silver because it's been held down for so long once the free market opens REAL Gold & Silver will trade at real prices which will be much higher than current prices.

[Skol]

Let me see if I've got this right JB.
There is an assertion that more gold ETF's have been sold than all the gold on earth.
If that is the case or even rumoured to be the case this would create a stampede as the punters rushed to sell their ETF's and get out.
In the mean time the ETF's would need to sell their store of gold, hundreds, maybe thousands of tonnes, that probably no one would want. Correct?

That's all it would need to send gold back to where it was a few years back.

[macduffy]

Let me see if I've got this right JB.
There is an assertion that more gold ETF's have been sold than all the gold on earth.
If that is the case or even rumoured to be the case this would create a stampede as the punters rushed to sell their ETF's and get out.
In the mean time the ETF's would need to sell their store of gold, hundreds, maybe thousands of tonnes, that probably no one would want. Correct?

That's all it would need to send gold back to where it was a few years back.

Does an ETF confer a right to receive the physical gold in certain circumstances?

If it does, that would have the effect of increasing the PoG if holders demand their gold and issuers scramble to meet the demand.

If it doesn't, I can't see holders being concerned whether or where the gold comes from to back their bits of paper. Just as no-one "backs" our $100 bills!

[Skol]

Some do, some don't. A quick search on the internet says there are doubts about how much gold some funds have in their vaults.

A bit like Ray Smith's Goldcorp.

Wouldn't it be hilarious if there was a colossal scam at work. The very thing that is supposed to guarantee punters against US debt, Greek meltdowns, $US crashes et.al. is actually a scam itself.