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Wake up Goldbugs, Gold Skyrocketed overnight; Who would have thought...
Topic Started: 20 Jun 2014, 06:49 AM (22,001 Views)
Count du Monet
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This argument is completely specious.


Please.....the big words scare me!

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First of all, if you take it to its conclusion, it says that Central bank activity has little to no effect on the price of gold, which is patently not the case.


I didn't say that, we've had a long history of central banks manipulating gold.

However the game has rules, some of them Newtonian physics.

The central bank can only lower the gold price via one of two ways.

1. They can raise short term interest rates, this makes paper money more desirable. The fact that Western fiat money is devalued at 5% pa and pays zero is the main factor in gold being so popular.

Let me know when they raise rates from ZIRP?

2. They can have a hoard of physical gold in their vaults which they dump on the markets. The problem here is, it was all chewed up 1995 to 2005.

This pistol has no real ammo, it is all out of bullets.

They can trying shooting blanks.....this only scares the market very short term.

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the transaction is all on paper. When I buy shares, I don't get a physical piece of the company either, but the transaction will impact the price. If I buy a house, I do not expect the house to move. All that happens is a change in the owner on the Torrens title. The house could even be leased out! But the paper transaction still has its impact on the price.


The market for gold is real stuff, jewelry, dental implants, CPU's. It can't be satisfied with a "promise to pay" for very long. However the government can create infinite "promises to pay" via paper. But the thing with gold is, it is real! That's what it is all about!

As for investors and paper gold, I wouldn't touch anything bar Perth Mint. How much paper gold do common investors hold? How long do you think Comex delivery contracts go for?

Presently gold is roughly at a correct market value. Comex can manipulate the price for a few months.....but that's all. And there is a reckoning when those contracts become due!

The big holders of paper gold are governments themselves! IOU's from the bullion banks of Wall Street and similar entities.
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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Bardon
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goldbug
13 Jul 2014, 12:44 AM
Today it would be lucky to fill a two story house.
It's no wonder they had to remove it from circulation as currency. There simply wasn't enough on the planet to satisfy the needs of the oil age. But that age is ending now, and the age of perpetual poverty is drawing down.
No doubt we are in the biggest inflationary phase in history and have been for a while but no one really knows when it will end and whether the transition will be in decades or centuries. Only a fool can predict the future with certainty, so I will be foolish and say that we at least have the next half of the Konadrev wave to keep us surfing this big wave.
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Count du Monet
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There simply wasn't enough on the planet to satisfy the needs of the oil age


Actually not true, there is plenty of gold today to form the basis of the currency. Although it means big units, the sovereign was a popular and useful size of coin that's currently half a weeks basic wage. A half sovereign was slightly less practical at 4 grams. 2 grams or 1.5 grams would be the smallest.

The value of the combined world currencies could be no more than 6 - 9 trillion.

The combined Euro and USD are worth 2.6 trillion. At current prices of 43 million a tonne of gold, 60,000 tonnes of gold would fully back the two main world currencies. This is only a third of the above ground stock and perhaps hints gold is undervalued if used as currency. Traditionally a third of the gold stock was used as currency. Other than that an alloy of gold with a cheaper precious metal could form the basis of more general use coins. Or species banknotes payable in gold.

There's nothing stopping the banks from creating a gold currency from their equity other than the law!

Please this is 5th year mathematics at best! :bl:

The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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Admin
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A golden fleecing: the mystery of the missing millions

July 12, 2014
Chris Vedelago and Cameron Houston

The gold flowed from cities across the nation, often collected in furtive deals around Brisbane’s city centre and transported in suitcases and car boots. Hundreds of kilograms were changing hands every week, so much so that questions had to be asked.

It would take more than a dozen raids in two states before investigators with the Australian Federal Police, the Australian Crime Commission, and the Australian Tax Office stopped this river of allegedly illicit gold, uncovering what is believed to be one of Australia’s largest organised tax frauds.

The ATO has estimated the elaborate scam cost taxpayers more than $65 million, but industry sources have put the final cost at potentially more than $200 million in faked and misappropriated GST payments.

The unfolding scandal has also provided rare insight into the murky world of private gold trading, an industry where deals worth millions of dollars are done on trust, and where even a hint of public controversy could threaten to disrupt the supply of gold to the Royal Australian Mint.

Read more: http://www.smh.com.au/national/a-golden-fleecing-the-mystery-of-the-missing-millions-20140712-zt5mf.html
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Count du Monet
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One industry source said there simply isn’t enough privately held gold in Australia to account for the volumes being traded



That's an interesting statistic...............I wonder how he worked it out? :D
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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Frank Castle
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Business As Usual

Count du Monet
12 Jul 2014, 12:45 PM
Demands on paper money can be accommodated via the printing press.....you can't do that with gold!

And yet that is exactly what has been done with gold.
Edited by Frank Castle, 14 Jul 2014, 08:10 AM.
Ignore posts by The Whole Truth · View Post · End Ignoring
The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
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szokolay
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Frank Castle
14 Jul 2014, 08:09 AM
Count du Monet
12 Jul 2014, 12:45 PM
Demands on paper money can be accommodated via the printing press.....you can't do that with gold!

And yet that is exactly what has been done with gold.
That is wholly correct, sorry count.
Edited by szokolay, 14 Jul 2014, 11:10 AM.
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peter fraser
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Gold is in reverse.

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Edited by peter fraser, 15 Jul 2014, 08:02 AM.
Any expressed market opinion is my own and is not to be taken as financial advice
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peter fraser
15 Jul 2014, 08:00 AM
Gold is in reverse.

Posted Image
Reverse. Was $1200 a few months ago, now over $1300. Looks like full forward thrust with some profit taking from a huge rise in such a short time. All part of the cycle :D

Would not be overly concerned about about some overnight correction.

Do you think it will be good for house prices ? :)

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MMM
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15 Jul 2014, 08:15 AM
Reverse. Was $1200 a few months ago, now over $1300. Looks like full forward thrust with some profit taking from a huge rise in such a short time. All part of the cycle :D

Would not be overly concerned about about some overnight correction.

Do you think it will be good for house prices ? :)
Peter always gets a bit excited when he sees the gold price drop more than 1 or 2%.

Last time he was starting a thread at 4.30 I'm the morning about it.

Funny thing is, we then don't see home for months as the prices surges up.

It rose about 15% , since January, but not a word about that, only ever when its dropped by 2% or so.

When gold rises 15% in six months, and his house price has not risen 3% in 5 years, you can perhaps understand his excitement. 2% is a big deal for him.

Desperation much Peter :bye:
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