Welcome Guest [Log In] [Register]


Reply
The Gold Bull is DEAD. Long Live The Gold Bull.; It ain't over yet flyboy.
Topic Started: 18 Jul 2013, 12:53 AM (16,411 Views)
Admin
Member Avatar
Administrator

Quote:
 
Gold rallies to 11-week high

August 26, 2013 - 7:32AM

Gold rose almost 2 per cent on Friday, hitting its highest price in more than two months near $US1400 an ounce, as a big drop in US new home sales renewed hopes that the Federal Reserve will maintain its bond-buying economic stimulus.

Spot gold rose 1.6 per cent to $1,396.56 an ounce in New York on Friday, having hit $US1398.20, the highest price since June 7.

US Comex gold futures for December delivery settled up $US25 at $US1395.80 an ounce, with Comex trading volume about 20 per cent below its 30-day average, preliminary Reuters data showed.

For the week, gold gained 1.6 per cent for its third consecutive weekly rise. It has climbed in six out of the past seven weeks since gold fell to a three-year low at $US1180 an ounce on June 28.

Silver outperformed gold to rally nearly 4 per cent to a 3-1/2-month high as the US dollar fell and US Treasury bond yields dropped. It also rose above the $US24 mark for the first time since May 9.

Read more: http://www.smh.com.au/business/markets/gold-rallies-to-11week-high-20130826-2skgt.html
Follow OzPropertyForum on Twitter | Like APF on Facebook | Circle APF on Google+
Profile "REPLY WITH QUOTE" Go to top
 
goldguy
Unregistered

The Incredible Shrinking COMEX Gold Warehouse Inventories

During this banker raid on paper gold and paper silver, while banking shill Nouriel Roubini was spouting more propaganda in the distribution channels of the mass media of a gold collapse to sub-par $1000 an ounce prices, we were busy informing our readers about the “Lies of Nouriel Roubini” as well as “Why the Western Banking Cartel’s Gold and Silver Price Slam Will Backfire.” Now, all the reasons we provided in that April piece are coming home to roost among the Western banking cartel today.

Just 3-1/2 years ago in early 2011, COMEX warehouses held more than 11 million ounces of eligible gold, with JPM holding more than 3 million of these 11 million ounces. As of August 9, 2013, JPM’s eligible gold has fallen from 3+ million ounces to 361,606 ounces. Thus, it is safe to conclude that physical gold is being withdrawn from COMEX warehouse due to a lack of trust in the global banking sector’s honesty and credibility. Though most statistics today discuss the collapse in eligible gold, I actually believe that the collapse in registered gold is more compelling. Recall that registered gold is the gold held at the COMEX that is available for delivery while eligible gold is not “eligible” for delivery.

It is interesting to note that just since the end of last April, registered gold held at the COMEX depositories has collapsed from a total of 2,147,398 ounces to just 852,930 ounces. That is a collapse of 60% of the registered gold inventory in less than 4 months! To put this number in perspective, data from Hong Kong gold exports reveal that China has imported an average of 200 metric tonnes of gold every month this past April, May, and June. 200 metric tonnes is equivalent to more than 6.4 million ounces of gold. COMEX holds a total of just 852,930 ounces of registered gold at the current time.

http://tinyurl.com/ksj4wje
"REPLY WITH QUOTE" Go to top
 
Goodsie
Unregistered

goldbug
17 Aug 2013, 08:38 AM
On Aug. 5, an official from the People's Bank of China (PBoC), published an article in a leading Chinese market journal suggesting that now would be a good time to convene a new 'Bretton Woods' conference with the intention of creating and implementing a new gold backed reserve currency to replace the dying dollar.

http://finance.forumsee.com/a/m/s/p12-26044-079726---did-china-just-fire-the-first-salvo-towards-new-gold-standard.html
There was little in the article indicating a return to a Gold backed reserve currency, in fact the brief reference to Gold was little more than a reference to it's past failure:

http://investinginchinesestocks.blogspot.com.au/2013/08/pboc-official-time-for-new-bretton.html

Those who think return to a fixed price Gold standard is likely (especially in the US) should read this:

http://victorthecleaner.wordpress.com/2012/02/22/currency-wars-why-the-united-states-cannot-return-to-a-gold-standard/

Likewise those who think Gold will not play a role in the future monetary system should be wary as Gold is one of few (if not the only) asset which could be significantly revalued in order to recapitalise the global monetary system without any adverse effects to the broader economy:

http://fofoa.blogspot.com.au/2010/05/reflection.html
"REPLY WITH QUOTE" Go to top
 
goldbug
Default APF Avatar


Goodsie
26 Aug 2013, 09:34 PM


Those who think return to a fixed price Gold standard is likely (especially in the US) should read this:
I doubt anyone expects that, nor here in Australia. Currency does not need to be put onto a gold standard for Gold to become more valuable into the future, the opposite in fact. Whenever gold goes into currency it is fixed. Just look at the long period last century where it was $35. Then in the 8 short years after the globe went off gold backing, gold shot up to over $800 before settling back at around $200 per ounce. That's a 600% increase in an investment in 8 years. Not bad. We saw the same process begin in 2001 and with the rampant inflation coming gold will just keep rising.
Shadow was hopelessly wrong about the Gold Bull Market.
What else is he wrong about?
Profile "REPLY WITH QUOTE" Go to top
 
Admin
Member Avatar
Administrator

Quote:
 
Exclusive: India might buy gold from citizens to ease rupee crisis

By Suvashree Dey Choudhury
MUMBAI | Thu Aug 29, 2013 8:05am EDT

(Reuters) - India is considering a radical plan to direct commercial banks to buy gold from ordinary citizens and divert it to precious metal refiners in an attempt to curb imports and take some heat off the plunging currency.

A pilot project will be launched soon, a source familiar with the Reserve Bank of India (RBI) plans told Reuters. India has the world's third-largest current account deficit, which is approaching nearly $90 billion, driven in a large part by appetite for gold imports in the world's biggest consumer of the metal.

With 31,000 tonnes of commercially available gold in the country - worth $1.4 trillion at current prices - diverting even a fraction of that to refiners would sate domestic demand for the metal. India imported 860 tonnes of gold in 2012.

"We will start a pilot project among some banks where we will allow them to buy back gold from individual households," the source, an official familiar with the central bank's gold policymaking, said. "This will start soon, we have discussed (it) with banks."

The RBI will ask the banks to buy back jewelry, bars and coins for rupees. Lenders will have to offer better rates than pawn shops and jewelers to lure sellers.

Any talk of using the country's gold to help meet India's international obligations revives memories of a 1991 balance of payments crisis - when India flew 67 tonnes of gold to Europe as collateral for a loan to avoid a sovereign debt default.

Earlier on Thursday, India's Trade Minister Anand Sharma said the central bank should look into the possibility of monetizing gold holdings.

It was not immediately clear whether Sharma was referring to the 557.7 tonnes of gold the RBI holds in its own reserves, or gold in private hands. He did not give more details of how the proposal would work.

"I have not said there should be any mortgaging of the gold, or auction of the gold, that is incorrect. I have just said the RBI should look into ... how they can benefit the people, particularly with regard to the bonds or the monetization," Sharma said in response to a question in parliament.

Earlier this week in comments reported in the national media, Sharma said "even if 500 tonnes is monetized at today's value it takes care of your CAD", or current account deficit.

Selling gold reserves may sit badly with Indians, many of whom saw the 1991 sale as a public humiliation. The secret operation was only exposed after a vehicle carrying the first consignment of bullion broke down on its way to the airport from the central bank.

"It (pledging gold) will be a desperate measure, and it will send a very wrong signal to the entire country because all the time we've maintained that things are under control even though things are adverse," said Madan Sabnavis, chief economist at CARE Ratings in Mumbai.

Such a sale would also dent international gold prices which took a hit earlier this year after Cyprus said it was considering selling its gold reserves to shore up its finances.

India has taken multiple steps this year to curb imports of gold, its second-biggest import after oil, including raising duty three times to 10 percent.

The rupee, the worst-performing emerging market currency in Asia this year, rebounded from a record low on Thursday after the RBI said it will provide dollars directly to state oil companies to shore up the currency.

In comments published by The Hindu newspaper last week, David Gornall, chairman of the London Bullion Market Association, said India could raise $23 billion by swapping gold for a payable currency for a period of its choice, while remaining the long-term holder of the gold.

Gold forms an essential part of a bride's dowry in India and is considered auspicious as a gift or offering at religious festivals.

(Additional reporting by Siddesh Mayenkar in Mumbai, Rajesh Kumar Singh, Frank Jack Daniel in New Delhi; Writing by A. Ananthalakshmi; Editing by Amran Abocar and Neil Fullick)

Read more: http://www.reuters.com/article/2013/08/29/us-india-economy-gold-idUSBRE97S0IW20130829
Follow OzPropertyForum on Twitter | Like APF on Facebook | Circle APF on Google+
Profile "REPLY WITH QUOTE" Go to top
 
goldbug
Default APF Avatar


Quote:
 

Earlier this week in comments reported in the national media, Sharma said "even if 500 tonnes is monetized at today's value it takes care of your CAD", or current account deficit.


Gold coming to the fore as money again. Exciting times we goldbugs live in.
Shadow was hopelessly wrong about the Gold Bull Market.
What else is he wrong about?
Profile "REPLY WITH QUOTE" Go to top
 
Pig Iron
Member Avatar
Bogan scum

goldbug
30 Aug 2013, 08:16 PM


Gold coming to the fore as money again. Exciting times we goldbugs live in.
you lost $21.70/oz yesterday. looks like this beginner called it pretty well.
I am the love child of Tony Abbott and Pauline Hanson
Profile "REPLY WITH QUOTE" Go to top
 
goldbug
Default APF Avatar


It's becoming Mainstreem advice now. The big banks were anti gold when they were short on the way down but are now happy to see gold rise as they are long.

Don't forget to buy some silver too, a nice side play.

Quote:
 

Citigroup Sees Gold at $3,500/oz; Silver Jumping to $100/oz

Published in Market Updates Precious Metals Update on 29 August 2013

Gold fell from a three month high, its first fall in six days on profit taking after the likelihood of U.S. military strikes on Syria, at least in the short term, diminished. Prices rallied to $1,433.83 yesterday, the highest since May 14, partly due to concern about military action and the risk that it may lead to a deeper, more protracted Middle Eastern war.

Citigroup Sees Gold at $3,500/oz; Silver Jumping to $100/oz
Respected Citigroup strategist Tom Fitzpatrick said in a telephone interview from New York with Bloomberg that gold and silver should surge in the coming years as the precious metals continue to benefit from the easy monetary policies adopted by central banks.

Fitzpatrick, who has a good track record, said that gold has put in a low for the year and will rise to about $1,500-$1,525/oz this year. A gain of over 6.3% from today’s prices.

He said that silver is in a strong uptrend and will likely outperform gold as the gold silver ratio will drop from its current level at 58.1.

Separately, in an interview with King World News’ Eric King, Fitzpatrick elaborated on why he believes gold could reach $US3,500:

“So we believe we are back into that track where gold is the hard currency of choice, and we expect for this trend to accelerate going forward. We still believe that in the next couple of years we will be looking at a gold price of around $US3,500.“

“As the gold/silver ratio plummets near 30, this would also suggest a silver price above $US100.”
http://www.goldcore.com/goldcore_blog/citigroup-sees-gold-3500oz-silver-jumping-100oz
Edited by goldbug, 31 Aug 2013, 07:59 PM.
Shadow was hopelessly wrong about the Gold Bull Market.
What else is he wrong about?
Profile "REPLY WITH QUOTE" Go to top
 
goldbug
Default APF Avatar


Guess Which "Bearish" Bank Bought A Record Amount Of GLD In Q2

In early April, the status quo was exuberant when none other than Goldman Sachs issued a "sell" on the barbarous relic that has become so indicative of the exuberance of central planning. At the time, we were skeptical (to say the least) and, just for extra Muppetting, the bank also suggested its clients buy Treasuries. Well, now that the full details of holdings changes have been released for Q2, it is perhaps clearer than ever before that as the bank was telling its clients to "sell, sell, sell" it was itself "buy, buy, buy"-ing the Gold ETF (GLD) with both arms and feet. In Q2, Goldman Sachs added a stunning (and record) 3.7 million 'shares' of GLD. As Paulson dumped his GLD, Goldman lapped it up to become the ETF's 7th largest holder.



Goldman was the largest adding holder for GLD...

Posted Image

Posted Image
http://www.zerohedge.com/news/2013-08-30/guess-which-bearish-bank-bought-record-amount-gld-q2
Shadow was hopelessly wrong about the Gold Bull Market.
What else is he wrong about?
Profile "REPLY WITH QUOTE" Go to top
 
Frank Castle
Member Avatar
Business As Usual

Well, when the shoe shine boy and the idiot on the street start spruiking gold its time to get out.

Gold bug is that shoeshine boy - He is that idiot on the street.
Ignore posts by The Whole Truth · View Post · End Ignoring
The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
Profile "REPLY WITH QUOTE" Go to top
 
1 user reading this topic (1 Guest and 0 Anonymous)
Go to Next Page
« Previous Topic · Australian Property Forum · Next Topic »
Reply



Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.

Forum Rules: The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.

Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.

Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.

This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.

For more information go to Limitations on Exclusive Rights: Fair Use

Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ

Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy