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bababooey
17:04:12 Sat
Dec 21 2013

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Re: Thoughts on gold prices.

as you can see, they tried to break high @ $1800, (the tripple high) as they faild, the tripple bottom did not hold $1550, this was a major break in the long turn up trend.
[1 edits; Last edit by bababooey at 17:06:53 Sat Dec 21 2013]

  
Rod_Seiad
16:21:10 Tue
Dec 24 2013

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Re: Thoughts on gold prices.

:smile:! ! ! Merry Christmas to all you gold Miners ! ! !:smile:


Société Générale Strategist Albert Edwards says gold will top $10,000 per ounce (with the S&P 500 Index tumbling to 450 and Treasuries yielding less than 1%).


Edwards doesn't actually give a date to quantify his statement but, it's on it's way.




  
Jim_Alaska
02:24:20 Fri
Dec 27 2013

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Re: Thoughts on gold prices.

http://usawatchdog.com/colossal-fraud-there-are-no-free-markets-rob-kirby/

Financial analyst Rob Kirby says, “There is colossal fraud and price control going on. There are no free markets.” Kirby goes on to say, “What we’ve seen over the last six months is a ramp-up in interest rate swaps to the tune of $12 trillion . . . . What the build in these interest rate swaps is achieving, it’s stemming the rise in interest rates.”

Kirby, who has 15 years experience in trading derivatives, says these complicated derivatives overseen by the U.S. Treasury control the price of virtually everything. Kirby contends, “I refer to this as a price control grid. They are able to dictate and arbitrarily set the price of all strategic goods in the market, whether it’s capitol, whether it’s energy or whether it’s precious metals.”

As an example of control, Kirby explains, “We have 10-year U.S. bond rates under 3%, and I would say the United States is actually insolvent, and we have countries like Greece where 10-year bonds are yielding over 9%.” When does this end? Kirby points to the finite physical gold market and massive Chinese global buying for a clue.

Kirby says, “When China doesn’t get their gold, that’s when this ends, and that might be when we have a war.”



---
James Foley
Property and Mining Rights Advocate
Horse Creek, California
jfoley@sisqtel.net
 
 
Rod_Seiad
17:47:02 Fri
Dec 27 2013

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Re: Thoughts on gold prices.

Derivatives are tough to understand.


Derivatives can be used either for risk management (i.e. to "hedge" by providing offsetting compensation in case of an undesired event, a kind of "insurance") or for speculation (i.e. making a financial "bet"). This distinction is important.--wiki


Just keep grasp of the insurance and speculation which derivatives enhance. The financial size of today's derivative market is roughly $700 trillion, which is ten times the size of the world's GDP.

I like to equate it to jokers playing jokers.


  
hoppingforpay
17:45:12 Sun
Jan 5 2014

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Re: Thoughts on gold prices.

Seems Peter may have been robbed.......


Le Metropole Members,

Did the Bundesbank get even a little of its original gold back?

Submitted by cpowell on 12:00PM ET Saturday, January 4, 2014. Section: Daily Dispatches
3:49p ET Saturday, January 4, 2014

Dear Friend of GATA and Gold:

Correspondence between the German financial journalist Lars Schall and Germany's Bundesbank suggests that the small amount of gold the Bundesbank claims recently to have repatriated from the Federal Reserve Bank of New York was not returned in the form in which it was deposited many years ago -- that, indeed, the original German gold was not and is not available to be returned because something undisclosed was done with it.

Schall's correspondence with the Bundesbank is appended along with a statement by Peter Boehringer of the German Precious Metal Society and a leader of the movement in Germany seeking repatriation of the country's gold supposedly vaulted abroad, who raises questions the Bundesbank has yet to answer.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

December 26, 2013

Dear Ladies and Gentlemen:

I am an independent financial journalist.

In connection with the transfer of 37 tons of Bundesbank gold from New York to Germany, I came across the news that the bars were a melted before the transfer. May I kindly ask you for the following information:

Why were the bars melted at all? And why couldn't that wait until the bars arrived in Frankfurt?

Kind regards,

Lars Schall

* * *

January 3, 2014

Dear Mr Schall:

Thank you for your enquiry.

At a press conference on the topic of Germany's gold reserves on 16 January 2013, Executive Board member Carl-Ludwig Thiele presented the Deutsche Bundesbank's new storage concept. In addition to the relocation of gold bars, this concept includes, amongst other things, measures to ensure that the specifications of the London Good Delivery (LGD) standard are met. You can find these specifications on Page 17 of the following presentation:

http://www.bundesbank.de/Redaktion/DE/Downloads/Presse/Publikationen/201...

Storage plan (new)
..................... 2012 ........... 2020
Frankfurt ....... 31% ............ 50%
New York ....... 45% ............ 37%
London .......... 13% ............ 13%
Paris .............. 11% .............. 0%

Planned relocations:

-- Phased relocation of 300 tonnes of gold from New York to Frankfurt.

-- Phased relocation of 374 tonnes of gold from Paris to Frankfurt.

-- Achieve LGD standard, where this is not already the case.

You can find the specifications for the London Good Delivery (LGD) standard at the following address:

http://www.lbma.org.uk/pages/index.cfm?page_id=27.

In cases where these specifications were not already met, the Bundesbank had these original gold bars melted down and recast in order to meet this standard. This was achieved without any difficulties.

Please understand that in order to ensure the security of the gold transports and our employees, the Bundesbank is unable to provide you with any further information.

Yours sincerely,

DEUTSCHE BUNDESBANK
Communication
Wilhelm-Epstein-Strasse 14
60431 Frankfurt am Main

Tel.: +49 69 9566x3511 or 3512

* * *

Statement by Peter Boehringer, president of German Precious Metal Society and co-initiator of the Repatriate our Gold campaign --

http://www.gold-action.de/campaign.html

-- on the Bundesbank's response.

Why does the Bundesbank continue to avoid transparency regarding Germany's gold holdings?

Why not just come up with easy-to-deliver facts instead of repeated rhetoric about an alleged remelting of gold bars in the United States that even people with some knowledge of the gold industry and some common sense fail to understand?

There is no reason why the original gold bars acquired in the 1950s and 1960s (if they ever existed at all, which has never been proven, as by publication of bar lists or photos) had to be melted down and recast into LGD-compliant bars in New York as opposed to Frankfurt. Nor is there reason why all this had to be done in obscurity without any published report of the recasting.

The public is still waiting for answers to crucial questions like these:

-- What kind of gold bars were melted? Original material from the 1950s and '60s?

-- How can the Bundesbank hint in its press release that some of the old bars already met the LGD specifications when those specifications were not defined and made a standard for central bank bars until 1979?

-- Why has the Bundesbank not published a bar number list of the old bars? How can there be security concerns about bars that no longer exist? Why has the Bundesbank not published a bar number list of the newly cast bars?

-- Who exactly melted the bars? Where exactly was this melting performed? Is there a smelter at the Federal Reserve Bank of New York?

-- Who witnessed the melting and recasting of the bars?

-- Are there any reports on this in writing with a valid signature? By whom?

-- And especially: Why was it deemed necessary to perform this action in the United States as opposed to Frankfurt or nearby Hanau, where there are some of the best facilities in the world for metal probing, melting, and recasting? Had these actions been performed in Germany in a fully transparent manner, it would have been so easy for the Bundesbank to dismiss all questions from "paranoid gold conspiracy theorists."

The Bundesbank is just the custodian of Germany's national gold, which is worth more than $125 billion. The Bundesbank owes the public full transparency in all these gold matters. That is, physical audits, independently verified storage reports, and a publication of the full bar lists of all its gold in all national or international vaults.

Despite having now had the excellent opportunity of this partial repatriation, the Bundesbank has again failed to produce any proof or indication that at least 37 tonnes (out of 1,500 tonnes of German gold at the New York Fed) still existed through 2013 in their original 1950s-'60s bar form. Instead, Germany is now owner of almost 3,000 LGD-compliant standard bars, which proves nothing and dismisses no allegations of decade-long manipulation of the gold price.

It is still possible and even probable that the old German bars were lent into the market long ago or that they have multiple owners or are backing multiple gold exchange-traded fund derivatives. Of course the same holds for our remaining 120,000 bars at the New York Fed.

The "repatriation" of a mere 1.5 percent of Germany's foreign gold holdings and the supposed melting and recasting of the original gold bars do not prove the continued existence of Germany's remaining gold holdings supposedly vaulted at the New York Fed.

The Bundesbank has missed a great opportunity to bring transparency to Germany's gold reserves. What a pity. And at its current speed the Bundesbank will require 60 years to accomplish the repatriation mission forced upon it by an impatient public. What a shame.

The initiators of the Repatriate Our Gold campaign --

http://www.gold-action.de/campaign.html

-- are considering legal action based on freedom-of-information law against the Bundesbank and possibly also against its auditors, who have certified the Bundesbank's balance sheet without having adequately considered the risks associated with a non-transparent gold hoard, which is the only asset of substance on the Bundesbank's books. (Ninety percent of those assets are mere paper claims, many of dubious quality, like "Target 2" claims.)

Our objective remains to achieve the publication of all gold bar lists and full transparency involving Germany's gold. The German people are entitled to have all information about their golden property.

And the American people have a right to know as well. After all, it is the U.S. Federal Reserve System and the U.S. Treasury Department that have been obscuring their gold holdings and foreign gold holdings since the last proper audit in 1953.



  
peluk
22:29:14 Sun
Jan 5 2014

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Re: Thoughts on gold prices.

The last I had heard,Bundesbank intended to repatriate their gold in stages.I had seen a report since then.

About two years ago,partially tungsten filled ingots were showing up in the gold trading area of New York City.There was nothing to indicate these reports were bogus and the article went on to display samples which turned up.It was suggested that the larger gold bars stored at the Federal Reserve might be suspect as well.
At that time,it was fashionable to install a safe in your home and place more of your savings,about 25%,in physical gold.
I believe this bogus gold put the whammy to what seemed like a smart move for many.

It wasn't long after that, storing a country's wealth in our secure vaults became less popular.I know that calls to audit the Fed seem to go nowhere and now comments about empty vaults seem to be circulating more often.

I have been reading every post to this thread and I am following all comments regarding the future of gold prices.
This one is especially interesting.Trusting that what you have in your vault is genuine gold is absolutely essential.When buyers feel they have no guarantee of that,it certainly becomes less attractive.

  
peluk
23:10:28 Sun
Jan 5 2014

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Re: Thoughts on gold prices.

Here's an experience I had last summer here in Nome.Since it is difficult to find a driver for tourbusses,the tour companies like to make sure drivers can be found in advance.I am able to walk away from what I am doing and drive when called.I also help out with the tour especially in the area of gold mining demonstrations.

Last summer I had a group of Chinese that I was driving around.Our next stop after picking them up at the hotel was
the beach where tubs and "salted" sand were located.The tourists know ahead of time that gold will be found in the host sand because they are told that.It is gold of the type found from dredging because that is where it came from.The purpose is to give them a shot at panning and providing them with a souvenir.My job is to see they have a memorable experience, which I enjoy doing.

Anyway,we were all in the hotel lobby waiting for the remaining visitors to come downstairs.I had dealt with them in the morning and I found they were a receptive and lively group with no pretenses.
I was going to prep them for the gold portion of the tour.To do so,I brought along a set of dowsing rods and 3-4ozs.of gold in a bottle.
I figured I'd give them a magic show while they waited to board.

After checking to see that there would be no interference from underlying pipes or cables beneath the floor,I set the bottle on the carpet.They stood back in awe knowing how much was in the bottle....and that I,a busdriver,was placing it on the floor in front of them as if it were the norm.

As I passed over the bottle the rods responded and the chattering group applauded.I let them use the rods to do the same thing...until I was asked if I could open the bus door for a parcel left inside.
I handed the rods to another person,told them I'd be right back,and left hem there with the gold on the floor.
There was the hush I expected and I turned away leaving them there.The bus was only 25' or so away and I was back in the lobby in about 30 seconds.They were having an animated gab and seemed quite happy and then they were all ready to roll.
I picked up the gold,retrieved the rods and I was about to lead the crowd out.From the middle of the crowd came an old man with checkbook in hand and he advanced quickly.He wanted to buy the gold without hesitation.Their interpreter explained to me if I was interested,it could be done.
I told them that I was not selling and just returned it to my pocket.I just wanted to leave them with something to think about regarding the land of the free,mutual respect and our true values.

It was nice to see there is a market for the dust however.There was no guess work about what they were looking at either.










  
baub
03:58:35 Mon
Jan 6 2014

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Re: Thoughts on gold prices.

Cool story.

  
Rod_Seiad
16:09:28 Mon
Jan 6 2014

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Re: Thoughts on gold prices.

It is a simple but clear lesson to take to heart, that is, fool's NEW gold versus old native unrefined gold.

A quarter pound poke of placer gold can be held and easily recognized as genuine gold. Can't say the same once the same gold has been passed through the system of money-changers. We used to respect US and Canadian gold coins as solid gold, now we begin to realize the deck is stacked and you-know-who is on the short-end of the arrangement.

I've been over and over this topic about real gold. I've boiled it down to this......
Native gold, freshly mined from Earth, is the only real gold. Placer gold is my top of the food-chain.

After middlemen get involved, nobody really knows for sure what is the fine. I think it's safe to say that man manipulates his stockpiles of refined gold in his own best interest.

  
Fleng
18:29:40 Mon
Jan 6 2014

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Re: Thoughts on gold prices.

My cousin is a commodities trader in Chicago. His firm recently had a elderly gentleman request raw gold when closing out his $1 mil account. The firm obliged but told him that to return the gold he had to pay for a $180 test AND an ounce of the gold.

The man understood but still elected to walk out of the downtown office with 76 pounds of gold bars in his backpack.

I guess I'd at least get a brinks truck and a few bonded guards before I risk an armed robbery costing me a million bucks in gold.

  
dickb
19:56:02 Mon
Jan 6 2014

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Re: Thoughts on gold prices.

Think about it for a second. $1m = 76 lbs of physical gold at $1240.00 per troy oz. When the price of gold goes back to $2000.00 per troy oz what will 76 lbs be worth.

Anybody doubt that it will go back up? One smart cookie as I see it. Any body want to buy some Treasury's?

Dickb

  
hoppingforpay
19:05:06 Sat
Jan 18 2014

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Re: Thoughts on gold prices.

This is the best article I have read on the pricing of gold. It is a must read for those interested in a deeper understanding of the gold game. This guy simplifies what is most likely going on. He was a government treasurer under Ronald Reagan.

The Hows and Whys of Gold Price Manipulation
By: Paul Craig Roberts| January 17, 2014 | Categories: Articles & Columns | Tags: gold manipularion, | Print This Article Print This Article

Paul Craig Roberts and Dave Kranzler.

The deregulation of the financial system during the Clinton and George W. Bush regimes had the predictable result: financial concentration and reckless behavior. A handful of banks grew so large that financial authorities declared them “too big to fail.” Removed from market discipline, the banks became wards of the government requiring massive creation of new money by the Federal Reserve in order to support through the policy of Quantitative Easing the prices of financial instruments on the banks’ balance sheets and in order to finance at low interest rates trillion dollar federal budget deficits associated with the long recession caused by the financial crisis.

The Fed’s policy of monetizing one trillion dollars of bonds annually put pressure on the US dollar, the value of which declined in terms of gold. When gold hit $1,900 per ounce in 2011, the Federal Reserve realized that $2,000 per ounce could have a psychological impact that would spread into the dollar’s exchange rate with other currencies, resulting in a run on the dollar as both foreign and domestic holders sold dollars to avoid the fall in value. Once this realization hit, the manipulation of the gold price moved beyond central bank leasing of gold to bullion dealers in order to create an artificial market supply to absorb demand that otherwise would have pushed gold prices higher. The manipulation consists of the Fed using bullion banks as its agents to sell naked gold shorts in the New York Comex futures market. Short selling drives down the gold price, triggers stop-loss orders and margin calls, and scares participants out of the gold trusts. The bullion banks purchase the deserted shares and present them to the trusts for redemption in bullion. The bullion can then be sold in the London physical gold market, where the sales both ratify the lower price that short-selling achieved on the Comex floor and provide a supply of bullion to meet Asian demands for physical gold as opposed to paper claims on gold.

Read more:

http://www.paulcraigroberts.org/
[1 edits; Last edit by hoppingforpay at 19:10:23 Sat Jan 18 2014]

  
peluk
03:58:49 Mon
Jan 20 2014

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Re: Thoughts on gold prices.

That was an informative piece and with that,I nailed it at $1254.I can hardly wait to see the spot price Monday.It can even go way down and I can absorb it, but I really don't see that happening any more.China wants gold,it doesn't appear to be there fast enough to satisfy their new purchases or even that which was promised from the past.Ouch! Maybe it was on the Forum here where I read that the Chinese had now taken ownership of one of JP Morgan's headquarters buildings for $750,000,000.It should have been worth much more but it may have gone to settle a default.And the Germans,they must be mad as hornets about now.

Now back to Youtube and more feel good talk from Jim Sinclair.

  
hoppingforpay
01:04:00 Mon
Feb 10 2014

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Re: Thoughts on gold prices.

Looks to me they're (TPTB) holding the price where it is at. They want the money to be in stocks...even though some pundits think stocks are overvalued. Crazy world...

More from the same guy:

Readers have asked if gold can continue to be shorted on the Comex once no gold is left for delivery. From what we have seen–the fixing of the LIBOR rate, the London gold price, foreign exchange rates, the price of bonds and the manipulation of gold and stock market futures prices–we don’t know what the limit is to the ability of the Fed, the Treasury, the Plunge Protection Team, the Exchange Stabilization Fund, and the banks to manipulate the markets.

http://www.paulcraigroberts.org/2014/02/07/market-manipulations-become-extreme-desperate/

  
hoppingforpay
01:16:33 Mon
Feb 10 2014

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Re: Thoughts on gold prices.

This is the game or tool that is used.


"The principle we must keep in mind is that two people cannot both be the exclusive owner of the same thing at the same time. Yet fractional reserve banking operates on the theory that bank account holder A and borrower B can both own the same money at the same time. This practice is just as fraudulent as selling two buyers the same vacation home and giving them both exclusive title to the home and hoping that they don't both show up to use it the same weekend. With fractional reserve banking, titles to money (gold) are spuriously created, meaning there are more titles to property than there is actual property. In fact, no new money is created, but the number of titles to existing money is expanded. And it is in this manner that the value of the dollar is diminished. In the absence of a gold standard, the crime is exceeded today to the point of absurdity, as only titles themselves are traded with no tie to any real property whatsoever. We have been swindled." -

http://seekingalpha.com/article/1637552-comex-registered-gold-cover-ratios-hit-unprecedented-levels-over-50-claims-per-oz

  
hoppingforpay
19:20:33 Sat
Feb 15 2014

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Re: Thoughts on gold prices.

Peluk,

Some comments on Sinclair in ZH.

I myself chose to give Sinclair a pass. Obviously the take down in gold was a planned and coordinated event by the government, or someone who has been deemed above the law by the government. And obviously there were some privy to the planned action. Those folks are now hailed as the great prognosticators of the metals, the slimeball Armstrong comes to mind, because their "calls" were somehow remarkably prescient. Obviously Sinclair is outside the system and works against the PTB, which makes him a target. I don't doubt in the least some of the take downs I've seen in the past were timed to make Sinclair look like a fool. Right or wrong, I'll stand with Sinclair any day. He, IMO, is a man of character and that comes before all else to me.

http://www.zerohedge.com/news/2014-02-15/james-turk-erosion-trust-will-drive-gold-higher

  
jacksongold
05:32:56 Sun
Feb 16 2014

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Re: Thoughts on gold prices.


http://harveyorgan.blogspot.ca/

I don't know what it all means but the parts I can understand certainly look good. This guy tells it like it is.

  
peluk
08:44:52 Mon
Feb 17 2014

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Re: Thoughts on gold prices.

Thanks,Jacksongold, for this meaty look into the gold dealings on a day to day basis.From this I gather the trend,or at least extreme interest is developing in storage of gold in Singapore.The trend also includes physical gold as the preference.

This is in part a reaction to the questionable banking practices exhibited Stateside.

I too am sorting out terms used but this point comes to mind when I couple this material you've cited with other commentaries elsewhere.
1)China is buying and the public is once again looking at the purchase of physical gold.Demand is high and producers are struggling to keep up.
1)Previously, manipulated gold prices assured those who sold promised gold that they could make good
on delivery at some point without busting the bank.Now demands are being made for physical gold by depositors and China is buying fast and furiously at the same time.Low prices on gold will soon be history and the Chinese exchanges will gain the respect they need by providing a stable environment for the investor.
Maybe some of their own industrialists will repatriate some of that money they have stored offshore,turn it into gold,and bring it home to China....:smile:

  
peluk
21:26:09 Mon
Feb 17 2014

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Re: Thoughts on gold prices.

Let me fine tune that observation where I stated "Low
gold prices will soon be history." When cost of production is too high for the miner,gold stops flowing in.Ok,so the market throws us a few more crumbs.Mining starts again and the miner once again gets a raise.But,the dollar now buys less fuel, so more dollars are needed anyway in order to operate.Wages go up,and all operating expenses go up.

The miner is right back where he was so what difference does it make to him if "low gold prices will soon be history."

Gold prices have to come waaaaay up yet.This Chinese feeding frenzy may have started something since it is coupled with a worldwide devaluation of currency.My guess is $2-2500 by late Fall 2014 ....what that kind of money will buy by then is a different story.

  
hoppingforpay
01:08:09 Thu
Feb 20 2014

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Re: Thoughts on gold prices.

Many of the really big miners sell their pre-mined gold before they mine it at set price. A lot of the gold in the ground is already sold....

  
peluk
10:08:57 Thu
Feb 20 2014

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Re: Thoughts on gold prices.

Oh,it's getting clearer now, HFG. In all that info which Jacksongold cited,there was mention of an individual buying options(futures?) on gold in 2017 at $2500 per oz. i think that was what I saw without going back through all of it.That must be what you are referring to,Hoppingforpay.
That would mean he has tied them down to a contract far in advance.I'm beginning to see the ins and outs.It would also indicate that my guess(based on what I've read...someplace... including that actual range of $2-2500 by autumn of 2014) might be a bit premature. We'll see!
As far as I'm concerned, $1500 doesn't begin to cut it anymore.










  
hoppingforpay
19:44:02 Thu
Feb 20 2014

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Re: Thoughts on gold prices.

I actually got it from Another and elsewhere. Pretty mind boggling the amount methods one can find to make/lose money/gold. I inherited a bit of paper stocks and bonds that my father inherited from his father so now I am looking for where a safe place is to store it.Maybe placer gold.They say to invest in what you know...

A must see cool graphic I just found:

http://demonocracy.info/infographics/world/gold/gold.html

I would like to see the size of the hole it all came out of though.

  
Rod_Seiad
16:47:36 Fri
Feb 21 2014

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Re: Thoughts on gold prices.

This item hit home with me.

"When Gold reaches $3110/oz, 1 oz of Gold & a $100 bill will have equal value in weight and it won't matter if you have 1oz of $100 bills or 1oz of Gold."---link


Now let me see........

My Levi pants pocket feels nice with gold inside it. I really don't want to lead around a pack-mule in order to carry enough cash. I'll ignore cash and pack the mining tools to keep my pocket lined with the real deal.

I believe that those of us who love the chase of placer gold, ought to spend down cash while the cash can still buy something of value.

  
hoppingforpay
00:30:26 Sat
Feb 22 2014

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Re: Thoughts on gold prices.

You check the weight of your 10 dwt nug lately?

Your Levi's be charging you rent for pocket space!

  
Jim_Alaska
04:38:31 Sat
Feb 22 2014

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Re: Thoughts on gold prices.

For what it is worth, I got this in a newsy email today.
________________________________________
February 21, 2014

Shocking Trip Down The Rabbit Hole Of U.S. Secrets & Gold


With so much chaos taking place around the world, today King World News spoke to the man who has been focused on uncovering sensitive government and market information for over 15 years. What he had to say will shock KWN readers around the world. Chris Powell covered everything from secret US government deals to China’s insatiable desire to accumulate gold, and the trip down the rabbit hole involves former US Secretary of State Henry Kissinger, former US Treasury Secretary Henry ‘Hank’ Paulson, and the incoming Chinese President Xi Jinping. Below is what Powell had to say in this remarkable interview.


Eric King: “I want to go back to the gold smash which took place in April last year, because former US Secretary of State Henry Kissinger and former US Treasury Secretary Henry Paulson are reported to have traveled to China to meet with the new president of China, Xi Jinping, that month. Your thoughts on this meeting taking place the same month the gold price was crushed.”

Powell: “There are a number of State Department documents showing that Kissinger, as secretary of state, was very much involved in the US policy of gold price suppression in the early 1970s.


There are some very interesting minutes showing that gold price suppression was explained in great detail in a meeting in his office with his assistants....


“So Kissinger knows what is going on here. The gold smash last April was so intensely executed that it had to have been planned long before Kissinger and Paulson arrived in China.



In the late 1990s there was speculation that an agreement was made between the United States and the Middle-Eastern oil producers to exchange cheap oil for cheap gold. This was near the bottom of the gold and oil bear markets. The oil producers knew they had a wasting asset in the ground and they wanted to get something permanent for it -- something that would hold its value.



These are savvy and well-connected people who knew that paper money was not going to hold its value and they had a predisposition toward gold anyway and they were happy to accept it as payment.

The US wanted a low gold price to support the dollar and so there was a notion that this was cheap oil in exchange for cheap gold. Regardless, there is enormous documentation of gold price suppression involving the Western central banks and particularly the U.S. government.



Such an arrangement would match what William Kaye postulated yesterday in his KWN interview about an arrangement between the United States and China. So there may well be an arrangement between China and the United States allowing China to accumulate gold at cheap prices.

This allows China to hedge its large holdings of dollar-based foreign-exchange reserves, and such an arrangement would make sense not only in a general policy framework but also as a practical matter from what we see in the foreign exchange markets.




China has the largest foreign exchange surplus in the world, roughly $3 trillion. If you accept that, then you have to accept that nothing happens in any major market without China’s consent. With a foreign exchange surplus like that, China can run any market it wants to. China can run the Treasury bond market, the oil market, the gold market, the copper market, and so forth. With that kind of surplus, nothing happens in any major market that China doesn’t want to happen.



A couple of years ago China's interest in acquiring gold was noted and It was said that there was a ‘Chinese put’ under the gold market. Well, we saw last April that the ‘Chinese put’ disappeared on April 12 and 15, during a time when the gold price was driven down hundreds of dollars. I don’t think that could have happened without China’s complicity.



I suspect strongly, as Kaye does, that the plunge in gold last April was an intervention involving the United States, its allies, and China. As part of that intervention, China would have agreed not to exercise the ‘Chinese put’ in the gold market but rather to allow the West to drive the price down by hundreds of dollars so that China might acquire a lot more gold cheaply.



This had the effect of liquidating much of the remaining private gold holdings in the West, particularly the gold in the GLD exchange-traded fund. All the data shows that large amounts of gold were sent from London to Switzerland, where it was re-refined into Chinese-standard gold bars, and then shipped to China.


So we know there has been this huge flow of gold from London into China since the attack on gold last April. This points to a deal being made between China and the West, and the timing of that trip by Henry Kissinger and Henry Paulson just adds fuel to that speculation.”



Eric King: “Chris, what is the end game with regards to the West hemorrhaging away its gold to China?”

Powell: “The end game is probably a great revaluation of gold to a fairly spectacular level and re-liquefaction of the central banks that have gold. This will greatly devalue the world’s major currencies and relieve the Western world of much of its debt burden.



A year or so ago two fund manager in New York, Paul Brodsky and Lee Quaintance, wrote a paper speculating that for the last few years central banks have been involved in a scheme of redistributing gold reserves to compensate the nations that have held their reserves disproportionately in dollars. China would be key to that scheme.



Interestingly, right now I am involved in a struggle with the Federal Reserve Bank of New York. I obtained a copy of speech given by a former vice president of the Federal Reserve Bank of New York, H. David Willey, in which he said the Federal Reserve Bank of New York provides gold accounts to banks that are members of the Federal Reserve System.



This indicates much greater involvement by the Federal Reserve in the gold trade. The New York Fed has refused to answer my question about Willey's assertion: Does the New York Fed provide gold accounts to bullion banks or not, or did the New York Fed used to provide such accounts? I've asked my congressmen to try to get the answer for me out of the New York Fed.



Regardless, Western central banks are deeply involved in the gold market. The Bank of France told a meeting of the London Bullion Market Association in Rome a year ago that the bank trades gold nearly every day. Why is that? The answer involves manipulation of the gold and currency markets.

So when you take a trip down the rabbit hole to examine a possible deal between the West and China, you have to suspect that gold again will be at the center of the world financial system before too long, and China knows it must have thousands of tons of gold to shift the power from West to East. One way or another it looks like China is going to get that gold, and the power.”



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hoppingforpay
19:04:20 Sun
Feb 23 2014

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Re: Thoughts on gold prices.

They talk of a red pill and a blue pill but "for what it's worth" it's all purple pills. Nobody can really figure out what's going on. Especially, markets short term.

  
hoppingforpay
18:20:21 Wed
Feb 26 2014

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Re: Thoughts on gold prices.


"The developments are bullish for gold prices as various bitcoin exchanges had captured capital flows from investors and speculators who are skeptical of the current financial and monetary system and many of whom would have previously have bought gold and silver. Some of this capital is more likely to flow into gold in the coming months"

http://www.goldcore.com/goldcore_blog/Bitcoin_Exchange_Goes_Dark_350_Million_Dollar_Theft_Claim




  
hoppingforpay
22:20:09 Sun
Mar 2 2014

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Re: Thoughts on gold prices.


  
hoppingforpay
00:00:43 Mon
Mar 24 2014

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Re: Thoughts on gold prices.


  
peluk
07:24:33 Mon
Mar 31 2014

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Re: Thoughts on gold prices.

Reading about Bill Murphy's efforts on behalf of GATA left me with a feeling that he can't do much really. I think he knows it too.
It is just a matter of time until China's gold backed currency comes to the top. That time may have been hastened by Angela Merckel's announcement that Chinese yuan will now be accepted as payment for goods.

Debased,watered down currencies around the world will take a back seat to that of China and gold prices will rise as people get rid of their paper. What the US government does in response remains to be seen.

The comments that followed Murphy's article are very worthwhile reading.



  

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