Gold

[JBmurc]

In a fit of generosity a few years ago I bought her a new gold Cindy Crawford Omega constellation watch with diamonds and mother-of-pearl face. Apart from a couple of rings, that's it.

There's no shortage, 3,000 tonnes are mined every year.

I reckon we'll see some new records in DJIA and S&P500 this week, not bad for a country that the goldbugs said was on its knees.

Half oz isn't much either ..like a old 20c piece

[elZorro]

BB had some basic figures in a table, from which a cash cost for gold was taken. While that may be true, any miner will also be adding in the capital costs to get to the point of mining. Then the picture is quite different, and worsening.

http://www.mineweb.com/mineweb/conte...8442&sn=Detail

This more recent data implies that miners should not sell gold below an average of about US$1400 an ounce if they are looking to replace that income, and that within 10 years the price will be more like $2,000 an ounce. The average grades they're taking out at the moment? Just 1 gram/tonne. In NZ in the late 19th century gold boom, the underground grades being taken were over 30 grams/tonne.

[Skol]

I see Glenn Beck is at the NRA convention appealing to the paranoia there the same as he appealed to the paranoid gold bugs, imploring them to buy gold to circumvent the ultimate financial meltdown, which hasn't, and won't, happen.

I heard Beck sold his gold, made a fortune and left the PM suckers holding the baby.

[stevo1]

I see Glenn Beck is at the NRA convention appealing to the paranoia there the same as he appealed to the paranoid gold bugs, imploring them to buy gold to circumvent the ultimate financial meltdown, which hasn't, and won't, happen.

I heard Beck sold his gold, made a fortune and left the PM suckers holding the baby.

Skolly he must be very stupid or boldfaced if he has done that a lot of them thar suckers are armed.,paranoid

[Skol]

Skolly he must be very stupid or boldfaced if he has done that a lot of them thar suckers are armed.,paranoid

Yeah, there's a gold conference on in New Orleans in November where goldbugs will be able to listen to such scamsters as Ron Paul, Peter Schiff and Marc Faber. All talking a load of Schiff and maybe wearing bulletproof vests, because the price of gold in November will probably be a lot lower than it is now.

[Skol]

Another bad day coming up for gold shares.

HUI -2.62%
GDX -2.9%
GDXJ -4.33%

Reuters) - Hedge fund billionaire John Paulson is emerging as one of the biggest losers in this year's gold rout, further tarnishing his once legendary status in the $2 trillion hedge fund industry.

Paulson's $700 million gold fund lost a whopping 27 percent in April, when the price of the metal plunged 17 percent over a two-week stretch, according to performance figures provided by a person familiar with the fund.

The jarring one-month decline in the Paulson gold fund brings the year-to-date loss for the fund to about 47 percent, the source said. The fund's losses were magnified by the fact that its bullish bet on gold was enhanced with leverage, or borrowed money, and derivatives tied to the price of gold.

[BIRMANBOY]

So are we mortgaging the house Moosie?

Be fearful when others are greedy, and greedy when others are fearful...

[Skol]

Moosie doesn't own a house to begin with and would never consider buying one in the current NZ real estate climate...

House in Auckland or gold? I know for sure which is the better bet and it's not gold.

[Skol]

Be fearful when others are greedy, and greedy when others are fearful...

This a quote from Warren Buffett, who advises against owning gold for very good reasons, the main one being that it's a matter of hope, you hope someone will pay you more for it than you paid.

[skid]

Kind of like we hope someone will pay more for our shares and real estate than we paid.
We hope the economy won't fall apart-but if it does, a bit of Gold will come in handy,even at the expense of losing some short term gains.
Its a matter of setting aside a small percentage of your assets from the state of mind of grabbing all the profits you can in the short term,in exchange for some security just in case.
Those folks down in Christchurch will know what I mean.