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Royal Gold having a great day too.... Thanks for the tip guys. :D

 

Quite, I had a little nibble myself yesterday, doing quite nicely with my other miners.

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:D

 

Just logged in to look at the charts. Absolutely fantastic.

 

It looks to me like we're going to go straight through rather than get a large retrace. I hope so. It would be really nice to see the shorters get well and truly murdered on this one.

 

Come on $1050. :D

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Royal Gold having a great day too.... Thanks for the tip guys. :D

 

 

Always nice to help someone out. :D

 

I think once gold crosses $1000 spot for any length of time, this one will start to get ahead of itself and do a large jump, maybe by over $2. There is a huge short position on RGLD, which had a major support leg knocked from under it when conversion of some preference shares took place on Mar 10. My theory is that they were hanging around to take advantage of the market having to digest $4 million of extra shares and would be starting to unwind their positions over the next few weeks. Gold's move should accelerate that process greatly.

 

For those who are just reading this and thinking about taking up a position, it's your call, but I never buy strength in anything related to gold. So I wouldn't be buying today. Wait for a significant pullback, if one happens, good, if not, there are plenty of other opportunities and you will have preserved your capital to take advantage of them. Patience pays.

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Always nice to help someone out. :D

 

I think once gold crosses $1000 spot for any length of time, this one will start to get ahead of itself and do a large jump, maybe by over $2. There is a huge short position on RGLD, which had a major support leg knocked from under it when conversion of some preference shares took place on Mar 10. My theory is that they were hanging around to take advantage of the market having to digest $4 million of extra shares and would be starting to unwind their positions over the next few weeks. Gold's move should accelerate that process greatly.

 

For those who are just reading this and thinking about taking up a position, it's your call, but I never buy strength in anything related to gold. So I wouldn't be buying today. Wait for a significant pullback, if one happens, good, if not, there are plenty of other opportunities and you will have preserved your capital to take advantage of them. Patience pays.

 

I am very glad we are making money on RGLD, but I will be honest:

 

RGLD has been a disappointment in gthe way that it has failed to keep pace with the Gold price.

When I bought it many months ago, I expected it would be trading at $45-$50 when Gold hit $1,000.

So it has been a big underperformer. I am hoping there is room for some catch-up soon.

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I am very glad we are making money on RGLD, but I will be honest:

 

RGLD has been a disappointment in the way that it has failed to keep pace with the Gold price.

When I bought it many months ago, I expected it would be trading at $45-$50 when Gold hit $1,000.

So it has been a big underperformer. I am hoping there is room for some catch-up soon.

 

 

Agree with you Bubb. I'll be watching its perfomance closely when we cross the $1000 mark (provided gold decides to play). I'm hoping it will spring to life as the bearish/correction mentality in gold temporarily disappears and euphoria takes hold. Those are the times when a repricing of future prospects take place, not based on fundamentals (which we already know are sound), but purely on sentiment.

 

I'll have no problem taking profits if it continues to lag, as that will set up another great buying opportunity when gold does its next set of consolidation/correction.

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Pretty similar to my own forecast.

Imagine how that fall will feel, if it comes?

 

DrBubb - why the pull back to $850 prediction?

What will potentially drive this, massive profit taking if it does hit the $1050 mark?

 

SafeBetter

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Also this video link from Kitco:

 

http://www.marketwatch.com/tvradio/player....5E-EB14FDFB8669

 

States that gold has risen $250 on the back of the current credit crunch losses of approx $500billion - and he states that much of the remainder of potentially losses are a known quanity and therefore priced into gold or implying it won't rise much further.

 

Any comments on this from those with more knowledge than I as I don't know enough to qualify his statements.

 

Thanks,

 

SafeBetter

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DrBubb - why the pull back to $850 prediction?

What will potentially drive this, massive profit taking if it does hit the $1050 mark?

 

SafeBetter

 

Also you got to take into account u.s. will chuck everything to save or prop up the economy before the elctions in nonvember.

 

financials may have a small rally over the summer q3/q4 as false confidence increases and money switches from commodities to traditional equities.

 

seasonly the summer months are not favourable for gold.

 

I'm really tempted to sell some over the next few weeks but haven't go the balls, might just hold and buy more on any sign of a pullback.

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Also you got to take into account u.s. will chuck everything to save or prop up the economy before the elctions in nonvember.

 

financials may have a small rally over the summer q3/q4 as false confidence increases and money switches from commodities to traditional equities.

 

seasonly the summer months are not favourable for gold.

 

I'm really tempted to sell some over the next few weeks but haven't go the balls, might just hold and buy more on any sign of a pullback.

Thats if things tick along as they are. What if there is some big geopolitical event or economic catastrophy?

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Afternoon folks. Exciting day. :D

 

I'm watching the BV livefeed. Anybody know where BV data comes from?

 

It's titubating around $997 at the moment.

 

Morning all :D

 

I think BV is a bit of an internal market, so the price tends to vary around the world spot price.

I like that chart because of the currencies, but I don't trust the exact price.

 

I got 999.47 :rolleyes:

 

on http://netdania.com/ChartApplet.asp

 

IMO a large correction is very unlikely. In "normal market conditions" I'd say OK. But these days I think we might be surprised by how solid the rise is.

If it did fall that much I'd be very happy as I'd go 100% into it.

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Assuming this data is right, there weren't many substantial pullbacks

 

GoldUS_1976to1982_steps.gif

 

 

Does this mean we won't go above $1000 this week, because they will want the weekly close to be as low as possible ?

 

And, is th Kitco chart right about the NY times. I had the NY opening on it last night, and then someone mentioned "when NY opens".

What is the EST opening time ?

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Does this mean we won't go above $1000 this week, because they will want the weekly close to be as low as possible ?

 

And, is th Kitco chart right about the NY times. I had the NY opening on it last night, and then someone mentioned "when NY opens".

What is the EST opening time ?

 

I believe Eastern time has just switched from EST to EDT (ie, gone back by 1 hour). NYSE general market hours are 0930 - 1630, although there are of course pre and after market sessions. In UK time NY open would be at 1330, but early morning Fed dumps can happen in the premarket up to an hour earlier.

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I have two favourites.

 

You'll want to pick the country domain that suites your needs.

http://www.hifx.co.nz/marketwatch/currency...rical_data.aspx

or

http://www.hifx.co.uk/marketwatch/currency...rical_data.aspx

 

But I now prefer this one, as it does a lot more, and has gold/silver on it.

 

http://netdania.com/ChartApplet.asp

 

Hi Steve,

 

Have you found any charts that do a live gold spot in NZD rather than USD?

 

Cheers

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KABOOOM!!!

 

PAUL B. FARRELL

Derivatives the new 'ticking bomb'

Buffett and Gross warn: $516 trillion bubble is a disaster waiting to happen

By Paul B. Farrell, MarketWatch

Last update: 7:31 p.m. EDT March 10, 2008

 

"...

Derivatives bubble explodes five times bigger in five years

 

Wall Street didn't listen to Buffett. Derivatives grew into a massive bubble, from about $100 trillion to $516 trillion by 2007. The new derivatives bubble was fueled by five key economic and political trends:

 

1. Sarbanes-Oxley increased corporate disclosures and government oversight

 

2. Federal Reserve's cheap money policies created the subprime-housing boom

 

3. War budgets burdened the U.S. Treasury and future entitlements programs

 

4. Trade deficits with China and others destroyed the value of the U.S. dollar

 

5. Oil and commodity rich nations demanding equity payments rather than debt

 

In short, despite Buffett's clear warnings, a massive new derivatives bubble is driving the domestic and global economies, a bubble that continues growing

today parallel with the subprime-credit meltdown triggering a bear-recession.

 

Data on the five-fold growth of derivatives to $516 trillion in five years comes from the most recent survey by the Bank of International Settlements, the world's clearinghouse for central banks in Basel, Switzerland. The BIS is like the cashier's window at a racetrack or casino, where you'd place a bet or cash in chips, except on a massive scale: BIS is where the U.S. settles trade imbalances with Saudi Arabia for all that oil we guzzle and gives China IOUs for the tainted drugs and lead-based toys we buy.

 

To grasp how significant this five-fold bubble increase is, let's put that $516 trillion in the context of some other domestic and international monetary data:

 

* U.S. annual gross domestic product is about $15 trillion

* U.S. money supply is also about $15 trillion

* Current proposed U.S. federal budget is $3 trillion

* U.S. government's maximum legal debt is $9 trillion

* U.S. mutual fund companies manage about $12 trillion

* World's GDPs for all nations is approximately $50 trillion

* Unfunded Social Security and Medicare benefits $50 trillion to $65 trillion

* Total value of the world's real estate is estimated at about $75 trillion

* Total value of world's stock and bond markets is more than $100 trillion

* BIS valuation of world's derivatives back in 2002 was about $100 trillion

* BIS 2007 valuation of the world's derivatives is now a whopping $516 trillion

..."

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Like a ten dollar mexican Lolita on the border town of El paso, we were teased by the market for the spot price of gold of 1,000. We did not make it, close, but no cigar.

 

Still this leaves a little gunpowder for next time, when we will blast through. This will be the real shock and awe.

 

Stay tuned peeps.

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Like a ten dollar mexican Lolita on the border town of El paso, we were teased by the market for the spot price of gold of 1,000. We did not make it, close, but no cigar.

 

Still this leaves a little gunpowder for next time, when we will blast through. This will be the real shock and awe.

 

Stay tuned peeps.

 

Plenty of 'shock awe' today in the UK. $1000 Gold all over BBC Radio4 and in Parliament (the 'Brown bottom' :-))!

So the word is out....the 'anti-dollar' is on the march.

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Like a ten dollar mexican Lolita on the border town of El paso, we were teased by the market for the spot price of gold of 1,000. We did not make it, close, but no cigar.

 

Still this leaves a little gunpowder for next time, when we will blast through. This will be the real shock and awe.

 

Stay tuned peeps.

 

 

Ideally we'll get a brief pullback to $985 (causing an overreaction sell-off in mining shares, sucking in more shorts and allowing me to top up), followed by a spike straight into the $1020 - $1040 range.

 

However, I can see the asian markets taking this one over $1000 tonight, so the above may be wishful thinking.

 

Still, looking very good for $1050 now and we haven't even had the inevitable Fed rate cut yet. :D

 

Edited as I was having trouble coping with gold at 4 digits. :rolleyes:

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Even the BBC have $1000 gold as a headline story.

 

It was the no 1 most emailed story for a while earlier today.

 

As of now.

 

1* Google your way to a wacky office

2* NZ dolphin rescues beached whales

3* Taylor 'made rebels eat enemies'

4* Schizophrenia memory differences

5* Gold hits $1,000 for first time

 

http://news.bbc.co.uk/

 

No4 must be a story about Bernanke.

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Fake fears over Ethiopia's gold

 

By Elizabeth Blunt

BBC News, Addis Ababa

Thursday, 13 March 2008, 15:20 GMT

 

http://news.bbc.co.uk/1/hi/world/africa/7294665.stm

 

Ethiopia's national bank has been told to inspect all the gold in its vaults to determine its authenticity.

 

It follows the discovery that some of the "gold" it had bought for millions of dollars was gold-plated steel.

 

The first hint that something was wrong reportedly came when the Ethiopian central bank exported a consignment of gold bars to South Africa.

 

The South Africans sent them back, complaining that they had been sold gilded steel.

 

An investigation revealed that the bank had bought a consignment of fake gold from a supplier, who is now under arrest.

 

Other arrests followed, including business associates of the main accused; national bank officials; and chemists from the Geological Survey of Ethiopia, whose job it is to assay the bank's purchases of gold and certify that they are real.

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Plenty of 'shock awe' today in the UK. $1000 Gold all over BBC Radio4 and in Parliament (the 'Brown bottom' :-))!

So the word is out....the 'anti-dollar' is on the march.

Two gold articles on the front page of the BBC website today (Ethiopia's gold is the other). If I were the cartel I'd try to hold it below 1000 for a while longer, then let it go up to 1040, say, and then keep smacking it down below 1000. Plenty of headlines "Gold Back under $1000" and frighten people into thinking it's a top.

 

In euros and yen it didn't make a new record today.

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I don't know, it seems as though oil is breaking out to the upside and the dollar index breaking down to new lows, not sure how much longer they can keep Gold sub 1000. Although I agree it is a massive psychological barrier.

 

Looks like I was wrong, it will be very interesting to see what effect breaking this psychological barrier and the media coverage of hitting $1k has made. I think the reason I doubted it is because I had to take out my gold investment to invest in my business so i was kind of hoping it wouldn't haha. Nevermind I should be back in gold within 2 months!

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