GOLD

[electroweak]

Here comes the smackdown....

[romans holiday]

silver 500$/oz

 

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

 

If the dollar is toast... or charcoal.. as many here think, isn't it pointless to price gold in dollars?

 

I really wish we would forget about dollars... they are so... yesterday and can not give a real measure of value.

 

I find it a little irritating reading the articles... gold will be $5000!... no $10,000!!... when dollars are crap.

[Dispassion]

If the dollar is toast... or charcoal.. as many here think, isn't it pointless to price gold in dollars?

 

I really wish we would forget about dollars... they are so... yesterday and can not give a real measure of value.

 

I find it a little irritating reading the articles... gold will be $5000!... no $10,000!!... when dollars are crap.

 

The dollar done pretty well today.

 

Up 2 percent on sterling, the biggest gain in FIFTEEN years.

Up 1.2 percent on the Euro.

 

http://www.ft.com/cms/s/0/faa98394-8e03-11...00779fd18c.html

[romans holiday]

The dollar done pretty well today.

 

Up 2 percent on sterling, the biggest gain in FIFTEEN years.

Up 1.2 percent on the Euro.

 

http://www.ft.com/cms/s/0/faa98394-8e03-11...00779fd18c.html

 

In the short term it will no doubt do marvelously.

 

Many are going into the dollar and treasuries now due to the deflation scare. But the US economy and with it the dollar are starting to wobble.... watch everyone bail out of the dollar in the future.

 

Like the Titanic, the dollar will go straight up in the air before finally sinking.

 

Edit: What did it do compared to a decent currency?

[alexreeve]

http://www.forbes.com/afxnewslimited/feeds...afx5481830.html

 

SNB completes planned gold sales, no more due.

 

ZURICH, Sept 29 (Reuters) - The Swiss National Bank said on Monday it had concluded the sale of 250 tonnes of gold, announced in June 2007, and said it had no plans for any further gold sales.

 

The SNB said in a statement it sold 137 tonnes of gold between Sept. 27, 2007 and Sept 26., 2008 after selling 113 tonnes prior to that. It said its total gold holdings were now 1,040 tonnes, adding it planned no further reduction.

 

In June 2007, the SNB said it would sell 250 tonnes of gold by September 2009, in line with an agreement among European central banks to limit gold sales to 500 tonnes a year.

 

[romans holiday]

Oil, platinum and silver down..... gold up.

 

Commodities down ... money up.

 

Looks like a deflationary scare in the market here.

 

 

[Edit: I also think silver will do well later as money].

[G0ldfinger]

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

I've bought a little today. And some for a friend too (his first, so that IS very bullish).

[G0ldfinger]

Oil, platinum and silver down..... gold up.

 

Commodities down ... money up.

 

Looks like a deflationary scare in the market here.

 

 

[Edit: I also think silver will do well later as money].

I think so too. I will be buying more soon. Silver will catch up with gold in the end, even if it is very close towards the end of the bull run in a few years time or so.

[Dispassion]

Looks like we could be on the move again.

[warpig]

Where are those rocket pics?

 

Edit: Found it.

[romans holiday]

I think so too. I will be buying more soon. Silver will catch up with gold in the end, even if it is very close towards the end of the bull run in a few years time or so.

 

Yup, I am hoping to buy in a few months times on a dip. The good thing about this deflationary period is it provides a window with less urgency to buy.

 

Though I do wonder how long this window will hold as the Fed seems hell bent on liquifying the system with whatever it takes.

 

[Edit: As the saying goes, be careful what you wish for... in trying to thaw out the credit markets ... the markets might end up in drowning in "money".]

[MattFC]

Dubai gold refiner seeking role as a 'mini-bullion bank'

Source: BI-ME and Reuters , Author: BI-ME staff

Posted: 29-09-2008 Back Email Print RSS Feeds

 

 

UAE. Al Ghurair Giga Gold, one of two major refiners in the fast-growing Dubai gold market, has begun building a trading team to help it become a “mini-bullion bank” as soon as next year, a top executive said yesterday.

 

The refinery, launched in 2004 as a venture between the prominent Al Ghurair family and Pakistan conglomerate Giga Group, is also embarking on a search for mined gold supply in West Africa, balancing out its heavy reliance on recycled gold in Dubai, General Manager Corey Keller said in an interview for Reuters.

 

Al Ghurair Giga has already started putting together its trading team internally and hopes to be offering brokerage services by the end of next year, he said. “We’re building a mini-bullion bank within our facility,” Keller, who joined the company in January, said on the sidelines of the London Bullion Market Association’s annual conference. “We want to generate more income beyond pure refining.”

 

He declined to say how big he expected the trading team to be or when it might be fully in place, but said he expected the group to be a viable competitor to the major global players who currently dominate large-scale spot trade in Dubai.

 

Global gold trading giants including ScotiaMocatta, the precious metals trading arm of Canada’s Bank of Nova Scotia, Britain’s HSBC Holdings and South Africa’s Standard Bank are already active in the Gulf.

Keller said Al Ghurair Giga Gold, which operates as part of the Dubai Metals and Commodities Centre (DMCC), had no intention of seeking seats on any of the major global gold exchanges or trading in London for now, but saw plenty of scope to grow in a region that has a rich history in the bullion trade.

 

Dubai has in recent years joined the club of a major gold trading centres such as London, New York and Hong Kong thanks to proximity to the world’s biggest gold consumer, India, and an aggressive drive to become a regional commodities hub.

 

[sossij]

£500 +

[romans holiday]

Where are those rocket pics?

 

Edit: Found it.

...at least it's left the station.

[G0ldfinger]

Yup, I am hoping to buy in a few months times on a dip. The good thing about this deflationary period is it provides a window with less urgency to buy.

...

It's a gift from above and I make full use of it (i.e. I am buying with both hands whenever I can).

[dietcolaaddict]

It always cheers me up that little bit when gold is over $900/oz (not that the $ means anything anymore!).

 

Although I am technically in profit with my gold again, recent events (and you guys) have taught me how increasingly fruitless this coversion of gold to fiat money is becoming.

 

I am trying instead to think of my bullion as a value relating to a percentage of a house or a number of months of living costs.

 

Considerating the last point further, I've come to the view that gold sovereigns are probably the optimal bullion coin for the bad times ahead - they can be easily traded for workable amounts of food, labour, goods etc. 1 oz coins are too big a denomination unless trading for things in bulk, or paying big expenses like rent.

[warpig]

I think it might have forgotten a passenger, it seems to be reversing...

 

...at least it's left the station.

 

[wren]

A new all time high in Aus$: 1096.34

 

€618.27

US$ 894.75

 

http://www.24hgold.com/english/gold_silver...aspx?money=AUSD

[romans holiday]

It always cheers me up that little bit when gold is over $900/oz (not that the $ means anything anymore!).

 

Although I am technically in profit with my gold again, recent events (and you guys) have taught me how increasingly fruitless this coversion of gold to fiat money is becoming.

 

I am trying instead to think of my bullion as a value relating to a percentage of a house or a number of months of living costs.

 

Considerating the last point further, I've come to the view that gold sovereigns are probably the optimal bullion coin for the bad times ahead - they can be easily traded for workable amounts of food, labour, goods etc. 1 oz coins are too big a denomination unless trading for things in bulk, or paying big expenses like rent.

 

I have been thinking about a looming depression lately. After viewing some of those gloomy pictures, I find myself doubly savouring the Indian curry as I mull over future possibilities.

 

Puts my holding of bullion in a whole new light... one coin could possibly provide those curry meals... more than that, feed me and dependents... for a whole year.

[HPCSucks]

I can remember the days when you could get a kilo for less than £15K. Knocking on £17K soon.

[G0ldfinger]

http://www.bloomberg.com/apps/news?pid=206...&refer=home

``The markets are confused, and gold is confused,'' said Leonard Kaplan, the president of Prospector Asset Management in Evanston, Illinois. ``Nobody knows what is going to happen in these unprecedented times.''

Gold is not confused. Kaplan is.

[electroweak]

Very much time for an update..

 

BV stats:

Jan 1st:

London New York Zurich

1,119.309 100.759 3,686.673

 

Update, Jan 17th:

London New York Zurich Dollars Euros Pounds

1,193.979 100.759 3,841.605 9,259,658.19 3,326,113.76 8,296,953.72

 

Jan 19th:

1,193.979 100.759 3,953.144 6,114,258.22 3,483,138.65 8,242,350.35

 

Jan 23rd:

1,231.226 100.759 4,025.662 13,800,959.78 3,853,177.40 7,832,031.98

 

Jan 25th:

1,231.226 100.759 4,329.463 7,327,180.47 3,924,654.15 7,009,863.09

 

Feb 8th:

1,305.945 100.759 4,501.463 6,951,230.00 3,892,929.64 6,811,793.14

 

March 31st:

1,492.919 125.763 5,208.692 8,172,452.99 4,130,662.05 7,980,284.95

 

April 11th:

London New York Zurich Dollars Euros Pounds

1,517.845 125.763 5,109.531 9,425,495.90 4,748,511.67 8,012,199.89

 

April 28th:

London New York Zurich Dollars Euros Pounds

1,604.920 125.763 5,309.789 7,701,088.23 2,913,938.08 7,941,712.42

 

May 9th:

London New York Zurich Dollars Euros Pounds

1,604.920 138.264 5,372.568 7,220,343.22 3,329,552.85 7,776,096.24

 

June 18th:

London New York Zurich Dollars Euros Pounds

1,754.442 138.263 5,647.962 7,951,632.60 3,126,505.00 5,920,794.81

 

August 15th:

London New York Zurich Dollars Euros Pounds

1,916.722 163.207 6,321.627 7,415,656.64 3,837,764.87 6,780,169.82

 

And Now:

September 26th

London New York Zurich Dollars Euros Pounds

2,017.567 175.708 6,897.085 11,387,594.52 4,640,328.03 10,081,609.91

 

So everything increased!

 

[Dispassion]

Damn, this volatility's fun!

[HPCSucks]

Damn, this volatility's fun!

$700bn bailout rejected.

[Justin Thyme]

OMG

 

I never saw that coming