GOLD

[Dubai]

This is a good site.... and now they mention shiny stuff!

 

The Voice of the White House

 

 

 

Washington, D.C., September 26, 2008: “After 9/11, George Bush decided to put some hair on his sunken chest and fight a nice big war. The oil people and the Neocons whispered into his hairy ears that he could invade Iraq, save Precious Israel from an enemy and get all kinds of oil for the both of them. George is a nasty piece of work and as crooked as they come so he jammed an Imperial War Decree through a terrified Congress with ease. Now, with other friends of his, the crooked slimeball bankers, in danger of imminent meltdown due to their thievery, George has tried to jam another Imperial Decree through Congress. This one would give him huge amounts of money, unsupervised as to use, and make the docile American people eat the bill. This time a thoroughly discredited Bush has failed in his efforts on behalf of his friends and the American public has become aroused and infuriated to the point where another terrified Congress is refusing to heed the thoroughly discredited Bush. What will eventually happen, no one knows, but we now see that the Bush/Rove Might Republican Machine has run out of gas by the side of the highway and its crew of rodents are fleeing into the nearby woods for protection.

 

 

 

And may I give you several pieces of what I consider sound advice? First, if you have any extra money in one of the bigger banks, take it out and put it in a shoe box in your closet. If these banks start to collapse suddenly, which they are very likely to do, even the Government can’t supply them and their branches with enough paper to cover deposits. The second thought is to take some extra money, assuming you have any, and buy gold with it. Get this from a reputable coin dealer and buy older European gold coins like British Sovereigns and Half Sovereigns, French or Swiss francs. Keep away from weird gold from small countries…very hard to sell if you need to….and never, never buy gold and let some big company help you out by insisting they will store it in their “safe vaults.” Hah! And off to Aruba with them for sun and fun and their loot into Lichtenstein banks. Keep the money where you can get at it. Banks can no longer be trusted as we have found out the hard way.”

 

 

http://www.tbrnews.org/Archives/a2878.htm

 

[azazel]

 

 

Interesting article copied from thread over at GIM.

 

Bill Holter's missive, from just now, via Bill Murphy, of GATA, via his excellent www.lemetropolecafe.com. (Worth subscribing to, by the way!)

 

"How Bill H sees it…

 

To all; we are standing at the proverbial cross roads. The proposed Treasury bailout will be signed this week. If one does not get done, I would imagine that within 48 hours the banking system would seize up and markets could not be opened. I believe we will get some type of plan, it will be ballyhooed as the cure all end all. This will probably be worth 500-700 Dow points to the upside. However, as with all the past "plans" this too will fail. It will not get to the core problem, and it will also create another problem that already exists but has not yet become public fodder. The public seems to be avidly against a bailout by 90-95%. Once the markets turn back down I believe civil unrest will only be a matter of time. The returning 3rd Battalion is not coming home to put their feet up and relax. The Bush administration is forward looking in this respect.

 

The core problem obviously is a massively overleveraged system that uses pieces of paper with numbers on them as money. The problem that already exists but has not yet made the rounds yet is the fact that our Treasury is bankrupt. Yes, yes, I know, the Fed can just monetize [print all we need] but that is the legal way to default. This in fact is what I see as the last and only alternative. This alternative will strip all value from those who have amassed wealth and stored it in banks, bonds, and paper in general.

 

OK, so we get the "plan", then what. I think we may have firm stock and credit markets for as much as 2 weeks. We may have only a day! The timing is difficult, the ending is not. The markets will begin to turn down and test this 10,600-800 recent low. At some point it will fail and it will be off to the races downward. This will be the absolute "ultimate game of chicken". Who will chicken out first and flee both the US bond and Dollar markets? I don't know, and it doesn't matter. The bottom line is that all it will take is one, or maybe no one. Maybe all it will take is just the rumor that someone is about to or already is jumping ship. This is how panics happen. This is what is in store for us.

 

This is a credit seizure, it is about solvency not liquidity. The Treasury is trying to make the banking system solvent while endangering their own solvency. The realization that the system is insolvent will cause a liquidity "black hole'. When it becomes every man for himself, margin rates will sky rocket and in many cases the margin itself will be called. This will start a forced liquidation that can only be stopped by the closure of markets and banks. We had the beginnings of a systemic run this past week as $169 Billion was pulled from money markets. The Fed responded by pumping $260 Billion into the system via the discount window. There were no bank lines per say as this was done electronically, but it certainly was the beginnings of a run. I believe that this run will soon spill over into the Treasury markets giving us both failed auctions and panic selling of U.S. debt.

 

Many of you have read Jim Sinclair's writings and warnings. He has had great advice in that withdrawing stock certificates, having little or no margin, and physical possession of your precious metals. As to physical possession, this means IN YOUR HANDS, NOT IN A BANK SAFE DEPOSIT BOX IN THE US! I believe physical ownership will become illegal in the U.S. and the current law reads that if a bank is closed, the safe deposit boxes must be opened in the presence of an IRS agent and an authority from Homeland Security. YOU WILL NOT GET YOUR GOLD BACK, PERIOD, END OF STORY!

 

As good as Jim has been, his projections on Gold going to $1,200, then $1,650 are now completely laughable. The Dollar and the rest of the unbacked paper currencies are facing an outright collapse. This collapse will most certainly be more than a 50% loss of purchasing power, then add in fear of war, systemic collapse, falsified vault holdings etc. and I can't see where Gold can be purchased for less than $5,000 an ounce a couple years out. If all I thought Gold was going to do was double, I would have no interest in it. I could buy and store coffee beans or bags of cement, as currencies collapse they should certainly double in terms of paper. Even this number of $5,000 is probably so stupidly underpriced that I, and many others will be laughing at my naivety.

 

In the words of Mr. Sinclair, "this is it". Please use this week to make all final preparations for a different world. The music will stop suddenly, when it does "you will have what have, and that's all you will have". There will be no opportunities to change seats until after this show is over. Please feel free to bring all the food and drink you please as none will be served until after the show. Once the show begins, you will no longer have access to your credit, debit or check cards. Very early in the show, your Dollars will no longer spend. This will be a truly unbelievable show as some will enter poor and leave with fortunes while other fat cats will exit virtually penniless. No matter how well prepared you are, this show will be ugly. Enter unprepared and "disastrous" will be an understatement. Regards, Bill Holter."

Reply With Quote

[notanewmember]

I ve finally become one of the youtube community and posted a video showing off my gold collection

 

 

I must stop chucking the bars about, it damages them

[Bobsta]

Gold down $6 on open... someone's not happy with the bailout.

 

EDIT 23.08 (BST) to add:

 

It's climbing back up within minutes.

 

Silver opened sharply down at $13.07 and is already at $13.21

 

EDIT 23.24 (BST) to add:

 

Oh, sod it, down again. No point watching this "noise" ... off to bed. Ignore my post.

[warpig]

Looks like the tide has turned.

 

European central banks have cut their sales of gold to the lowest level in almost a decade, reversing the practice of recent years when hefty sales helped depress prices.

 

Along with investors, some central banks that have sold gold are reviewing their position.

 

http://www.ft.com/cms/s/0/38c8d46c-8d7e-11...?nclick_check=1

[Dubai]

Looks like the tide has turned.

 

 

 

 

 

http://www.ft.com/cms/s/0/38c8d46c-8d7e-11...?nclick_check=1

 

 

Bugger. Will an ounce get me very far??

[ologhai]

Kitco have "shops" too. Well secured shops (hence "fortress".) You go in, press a button to "Buy" or "Sell", a number is dispensed. When your number comes up, you go to one of several small private rooms and buy your gold. They had Maples, Krugs, Eagles and the baby bars that I bought. I bought a bar at CAD 932 rather than a maple at 965. You can spend up to 10,000 dollars in cash, or 1000 on debit card. Anything bigger needs a bank draft. If you spend over 10k, they take a lot of details from you. Anything less, they don't even ask your name.

 

Thanks for the explanation!

[electroweak]

well, Au sure getting dumped on now;

USD867

 

Unbelievable, if you ask me!

[Mr Pipples]

well, Au sure getting dumped on now;

USD867

 

Unbelievable, if you ask me!

 

Just what I was thinking... Why are PMs getting hit as the Asian and Euro markets drop bigtime? More panic deleveraging?

[CIGA]

well, Au sure getting dumped on now;

USD867

 

Unbelievable, if you ask me!

 

Hmmm if the bailout is inflationary why the fall in price.

 

Surely people cannot believe the crisis premium of gold is no longer relevant because the Fed and the Treasury have saved the world markets with just 700 billion...

[electroweak]

Just what I was thinking... Why are PMs getting hit as the Asian and Euro markets drop bigtime? More panic deleveraging?

I think its about the usd rally we are seeing... europe and the uk are not immune... usd ok then...gold down..

[Mr Pipples]

Maybe because traders are expecting this?

 

Wrong.

 

More bullshit, obfuscation and desperate market manipulation.

 

http://www.bloomberg.com/apps/news?pid=new...id=aU.Qbdb4oPhg

Dollar Intervention Risk `Meaningful' on Volatility (Update3)

 

Sept. 29 (Bloomberg) -- A growing number of currency traders and strategists are starting to speculate that finance ministers from the world's biggest economies will join to support the dollar.

 

Volatility in currencies is the highest since 2000, when the so-called Group of Seven nations last intervened in the foreign-exchange market. The dollar weakened 2.5 percent on a trade-weighted basis in the past two weeks as the turmoil on Wall Street intensified. It had the biggest one-day drop against the euro since 2001 a week ago.

 

While the dollar strengthened 9 percent from its record low against the euro on July 15, wider price swings threaten to undermine confidence in the U.S. currency just as government borrowing rises and U.S. lawmakers prepare to vote on Treasury Secretary Henry Paulson's plan to bail out the nation's banks. The greenback is still down 23 percent since 2005.

 

``We're getting closer to the right conditions for authorities to step in and prop up the dollar,'' said Maxime Tessier, who manages $151 billion as head of foreign exchange in Montreal at Caisse de Depot et Placement. ``The nightmare scenario will be a wholesale loss of confidence in the dollar.''

 

[CIGA]

I think its about the usd rally we are seeing... europe and the uk are not immune... usd ok then...gold down..

 

ahh yes.. didn't look at that.

[HPCsoYESTERDAY]

I think its about the usd rally we are seeing... europe and the uk are not immune... usd ok then...gold down..

 

 

yep - au price in £ doing well

 

http://www.goldpreciousmetals.com/charts_historic_gbp.asp

[electroweak]

Has anyone noticed that nobody is selling gold in zurich on BV ? there's been one massive sell order in GBP for 6Kg there for about an hour. I haven't seen anything else.

 

I suppose it's logical. I wouldn't sell my gold right now!

[jinbal]

POG holding up well versus USD

 

lets see if that holds after NY opens

 

Got some dry powder if it gets ugly

[radge]

We have lift off! Gold going ballistic in GBP and USD now.

[electroweak]

err.... we have ignition....

USD888.15

EDIT: Nice one radge, u beat me to it!

[Steve Netwriter]

£492 - not bad

 

[radge]

You're right chris, probably more ignition than lift-off at the mo. Let's hope it doesn't fizzle out!

[G0ldfinger]

Interesting article copied from thread over at GIM.

 

Bill Holter's missive, from just now, via Bill Murphy, of GATA, via his excellent www.lemetropolecafe.com. (Worth subscribing to, by the way!)

 

"How Bill H sees it…

 

To all; we are standing at the proverbial cross roads. The proposed Treasury bailout will be signed this week. If one does not get done, I would imagine that within 48 hours the banking system would seize up and markets could not be opened. I believe we will get some type of plan, it will be ballyhooed as the cure all end all. This will probably be worth 500-700 Dow points to the upside. However, as with all the past "plans" this too will fail. It will not get to the core problem, and it will also create another problem that already exists but has not yet become public fodder. The public seems to be avidly against a bailout by 90-95%. Once the markets turn back down I believe civil unrest will only be a matter of time. The returning 3rd Battalion is not coming home to put their feet up and relax. The Bush administration is forward looking in this respect.

 

The core problem obviously is a massively overleveraged system that uses pieces of paper with numbers on them as money. The problem that already exists but has not yet made the rounds yet is the fact that our Treasury is bankrupt. Yes, yes, I know, the Fed can just monetize [print all we need] but that is the legal way to default. This in fact is what I see as the last and only alternative. This alternative will strip all value from those who have amassed wealth and stored it in banks, bonds, and paper in general.

 

OK, so we get the "plan", then what. I think we may have firm stock and credit markets for as much as 2 weeks. We may have only a day! The timing is difficult, the ending is not. The markets will begin to turn down and test this 10,600-800 recent low. At some point it will fail and it will be off to the races downward. This will be the absolute "ultimate game of chicken". Who will chicken out first and flee both the US bond and Dollar markets? I don't know, and it doesn't matter. The bottom line is that all it will take is one, or maybe no one. Maybe all it will take is just the rumor that someone is about to or already is jumping ship. This is how panics happen. This is what is in store for us.

 

This is a credit seizure, it is about solvency not liquidity. The Treasury is trying to make the banking system solvent while endangering their own solvency. The realization that the system is insolvent will cause a liquidity "black hole'. When it becomes every man for himself, margin rates will sky rocket and in many cases the margin itself will be called. This will start a forced liquidation that can only be stopped by the closure of markets and banks. We had the beginnings of a systemic run this past week as $169 Billion was pulled from money markets. The Fed responded by pumping $260 Billion into the system via the discount window. There were no bank lines per say as this was done electronically, but it certainly was the beginnings of a run. I believe that this run will soon spill over into the Treasury markets giving us both failed auctions and panic selling of U.S. debt.

 

Many of you have read Jim Sinclair's writings and warnings. He has had great advice in that withdrawing stock certificates, having little or no margin, and physical possession of your precious metals. As to physical possession, this means IN YOUR HANDS, NOT IN A BANK SAFE DEPOSIT BOX IN THE US! I believe physical ownership will become illegal in the U.S. and the current law reads that if a bank is closed, the safe deposit boxes must be opened in the presence of an IRS agent and an authority from Homeland Security. YOU WILL NOT GET YOUR GOLD BACK, PERIOD, END OF STORY!

 

As good as Jim has been, his projections on Gold going to $1,200, then $1,650 are now completely laughable. The Dollar and the rest of the unbacked paper currencies are facing an outright collapse. This collapse will most certainly be more than a 50% loss of purchasing power, then add in fear of war, systemic collapse, falsified vault holdings etc. and I can't see where Gold can be purchased for less than $5,000 an ounce a couple years out. If all I thought Gold was going to do was double, I would have no interest in it. I could buy and store coffee beans or bags of cement, as currencies collapse they should certainly double in terms of paper. Even this number of $5,000 is probably so stupidly underpriced that I, and many others will be laughing at my naivety.

 

In the words of Mr. Sinclair, "this is it". Please use this week to make all final preparations for a different world. The music will stop suddenly, when it does "you will have what have, and that's all you will have". There will be no opportunities to change seats until after this show is over. Please feel free to bring all the food and drink you please as none will be served until after the show. Once the show begins, you will no longer have access to your credit, debit or check cards. Very early in the show, your Dollars will no longer spend. This will be a truly unbelievable show as some will enter poor and leave with fortunes while other fat cats will exit virtually penniless. No matter how well prepared you are, this show will be ugly. Enter unprepared and "disastrous" will be an understatement. Regards, Bill Holter."

Reply With Quote

This is the worst possible outcome and unfortunately a real possibility.

[G0ldfinger]

Has anyone noticed that nobody is selling gold in zurich on BV ? there's been one massive sell order in GBP for 6Kg there for about an hour. I haven't seen anything else.

 

I suppose it's logical. I wouldn't sell my gold right now!

I think only people forced to liquidate sell gold at the moment.

 

I mean, anyone in their right mind will hold on to it in this environment.

[Steve Netwriter]

Gold $5000.00 By 2012? Dollar Never Recovers?

 

Peter Schiff talks about Gold ..... "to a couple of numskulls" (my addition in quotes)

 

[azazel]

Just rang ATS. They said they have very limited stock of anything gold as there are only buyers, no sellers. Its ridiculous that the price charged is based on the spot price when they don't have any to sell due to massive demand. They have no platinum coins either. They have increased the spread (greedy buggers). That is hardly going to encourage me to sell . They buy 1 kg bars for £15450 and sell at £16600. coininvest are buy at £15580 sell at £16050

[HPCsoYESTERDAY]

Gold $5000.00 By 2012? Dollar Never Recovers?

 

Peter Schiff talks about Gold ..... "to a couple of numskulls" (my addition in quotes)

 

 

silver 500$/oz

 

I have to say though, I like Schiff and I like Faber, but they both disagree about the $