Gold

[JBmurc]

Merkel Rejected IMF SDRs to Fund EFSF

"This initiative was rejected by the German side," the Frankfurter Allgemeine Sonntagszeitung quotes Merkel's spokesman Steffen Seibert as saying in a report that was issued ahead of publication on Sunday.

Mr. Seibert also dismissed speculation that G-20 leaders had discussed using gold and currency reserves held by the Bundesbank as a way to bolster the EFSF.

http://online.wsj.com/article/SB1000..._whats_news_us

[Skol]

Hey JB,
Maybe you oughta ditch that stuff about Blackberrys. They've crashed, there's lots of bad news about RIM. Blackberrys are kaput.

They're recycling the blackberrys back into silver ingots.

[elZorro]

Here's a prediction, gold will get past $1800 overnight (might not stay there).

[drillfix]

I hope not eZ,

Not that it wont or couldn't, but more so that technically it gradually holds and slowly rises upwards with conviction rather than sporadic bursts that shake out wanna be long holders on declines as what goes up fast can also plunge fast, but hopefully the support (previous resistance) at 1748 will be continually respected with a couple of bounces here and there.

Although one failed fall has already been counted so far.


What drives this prediction though? just a feeling or the global fundamentals getting the be-jeebers put into the mix again?

[elZorro]

Hi Drillfix, yes, just looking at the situation in Greece.

[drillfix]

Hi Drillfix, yes, just looking at the situation in Greece.

A complete can of worms that situation.

Once completely open, and then out of the jack of the box comes italy, spain, ireland also so who knows where gold will be by then should that start playing out.

[drillfix]

Well, close there eZ, gold is $1,780 as I type.

who knows if a rally will take place in the next 6 hours, but time for me to sleep now.

Good luck with all of your goldies tomorrow~!

[Skol]

Why would you buy gold based a bit of turmoil in Greece and Italy?

Italy's had more than 50 gubbermints since WW2 and Greece is famously known for financial shenanigans. More people own Porsche Cayennes in Greece that earn less than $40,000 p.a. than anywhere else in the world and oddly enough there's loads of Greek investors buying London property ATM but they appear on paper to be almost poverty-stricken.

I used to have dosh in Eurozone but not anymore thank goodness, I have some sterling stashed away but that's it.

[elZorro]

Why would you buy gold based a bit of turmoil in Greece and Italy?

Italy's had more than 50 gubbermints since WW2 and Greece is famously known for financial shenanigans. More people own Porsche Cayennes in Greece that earn less than $40,000 p.a. than anywhere else in the world and oddly enough there's loads of Greek investors buying London property ATM but they appear on paper to be almost poverty-stricken.

I used to have dosh in Eurozone but not anymore thank goodness, I have some sterling stashed away but that's it.

While we argue over why, gold continues to reach for $1800 Skol.. Maybe those Greek drivers were just leasing their cars. I've heard it's common practice.

[corran]

Why would you buy gold based a bit of turmoil in Greece and Italy?

Italy's had more than 50 gubbermints since WW2 and Greece is famously known for financial shenanigans. More people own Porsche Cayennes in Greece that earn less than $40,000 p.a. than anywhere else in the world and oddly enough there's loads of Greek investors buying London property ATM but they appear on paper to be almost poverty-stricken.

I used to have dosh in Eurozone but not anymore thank goodness, I have some sterling stashed away but that's it.

Obviously, given the Porsche Cayenne story, the greek citizens like their country are up to their eyeballs in debt!

In any country there's always going to be a few at the very top who're minted and these are the guys buying up the top end property in London. The fact they're scrambling to get their wealth out of Greece and out of euros is some indication to how serious they see this 'bit of turmoil'.

Over here in europe people don't see it as a bit of turmoil anymore.