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Thread: Gold

  1. #4101
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    Strat,

    Here's a quote from Paul Krugman:

    'Unsustainable situations usually go on longer than most economists think possible. But they always end, and when they do, it's often painful'.

  2. #4102
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    Gold -$1739 ......
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  3. #4103
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    Bubble, schmubble, 60% chance that QE3 will be announced this week..

    http://www.indianexpress.com/news/go...-hope/1000423/

  4. #4104
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    Quote Originally Posted by elZorro View Post
    Bubble, schmubble, 60% chance that QE3 will be announced this week..

    http://www.indianexpress.com/news/go...-hope/1000423/
    I was watching a TV programme in the US last week and one commentator warned of a serious correction for gold depending on what Bernanke says.
    Last edited by Skol; 11-09-2012 at 06:06 AM.

  5. #4105
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    Quote Originally Posted by Skol View Post
    I was watching a TV programme in the US last week and one commentator warned of a serious correction for gold depending on what Bernanke says.
    But energy and labour costs in the western world are making even well established, but maturing, gold mines unprofitable, despite record prices for gold. This would be because gold is a rare element. Look at Auckland's closest big mine.

    But Newmont Waihi Gold spokesman Sefton Darby said the Correnso mine, likely to be operational by late 2015, would ensure the 120-odd underground jobs plus dozens of spin-off jobs in the small mining community would continue. Mr Darby said in the past four or five years, extraction costs had far exceeded gold costs, and this year Newmont would post "a very large loss", but they were pushing on with planned Correnso developments.
    "Otherwise there will be no mine here."
    Average extraction costs for bigger miners are generally in the range of US$600 to over US$1,000 per ounce.

    More important, will China look to continue buying up gold for a long time yet, in a sensible insurance policy considering their massive holdings of US currency, which is tending to devalue?

    Yesterday we saw increasing proof that China is in the box seat. It wasn't an American or European firm that made noises to buy FPA.

  6. #4106
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    The cost of extraction is around $600, mines should be making record profits, the big difference between the cost of extraction and the current price points to overspeculation.

    Things are looking very grim for China, the Shanghai Index is at its lowest for years.

    On the TV the other day:

    Interviewer: "How will investors view gold if there's no QE?"

    Commentator: "Not very favourably I would imagine."

  7. #4107
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    BTW EZ, here's an interesting piece of info.

    Since 1969, September has been the strongest month for gold in terms of average price and October is the weakest.

    Looking pretty weak at the moment, dropping by about $3/hour, what's happening?

    Does someone know something we don't?

    HUI -1.73%
    XAU -1.57%
    GDX -1.94%
    GDXJ -2.1%

    "A crash does not come knocking at the front door by appointment"

    British business executive.
    Last edited by Skol; 11-09-2012 at 08:09 AM.

  8. #4108
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    Hey EZ, I bought a new book the other day - 'Gold Bubble - Profiting from gold's impending collapse.'

    He's already got one thing right, the author wrote a chapter on betting against Facebook - before it was floated, now down 52%.

    The books says diamond prices have flatlined for years while gold has appreciated an absurd 600%. Says sell gold miners and buy diamond miners.

    Also says lots of other stuff, if you're nice to me I'll drop the occasional hint. It's 256 pages.
    Last edited by Skol; 11-09-2012 at 08:54 AM.

  9. #4109
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    I think he was talking about the $US LOL
    --in all seriousness ,there is nothing the US would like more than to get the $US to a lower level to help boost their economy[those unemployment figures were a shocker] that, in my opinion is more important to them than a bit of inflation and the resulting increase in Gold.
    They are on wobbly legs ATM-Gold will just reflect what they try to do to remedy the fix they are in.

  10. #4110
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    Quote Originally Posted by Skol View Post
    Hey EZ, I bought a new book the other day - 'Gold Bubble - Profiting from gold's impending collapse.'

    He's already got one thing right, the author wrote a chapter on betting against Facebook - before it was floated, now down 52%.

    The books says diamond prices have flatlined for years while gold has appreciated an absurd 600%. Says sell gold miners and buy diamond miners.

    Also says lots of other stuff, if you're nice to me I'll drop the occasional hint. It's 256 pages.
    Skol, I am being nice to you, I'm posting on this thread to help keep it going aren't I?

    I bought a new book too:

    "How to Profit from the Impending Collapse of Western Economies -Why Gold was the Best Investment in 2012" by JB Murc esq.

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