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Old 05-08-2012, 09:02 AM   #1
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Gold Slam

How is gold down, $35.40 for the day thus far, when demand is rising around the world?

China:
http://finance.yahoo.com/news/chinas...023621953.html

India:
http://www.zerohedge.com/news/india-...cking-imminent

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Old 05-08-2012, 09:23 AM   #2
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Because paper can be printed and gold can not. Naked short selling my friend, naked short selling. JPM purports to have more gold and silver [on paper] than most governments, yet probably cannot produce much more than one percent of it in physical.
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Old 05-08-2012, 09:30 AM   #3
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With the elections results in Europe making the Euro even less desirable, the USD gets stronger almost by default.

http://finance.yahoo.com/news/gold-d...141610443.html

I hope it keeps the metals market low long enough for me to put together my next buy order!
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Old 05-08-2012, 12:57 PM   #4
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Originally Posted by ancona View Post:
JPM ... probably cannot produce mush more than one percent of it in physical.
That's about all JPM can produce - mush.
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Old 05-08-2012, 01:08 PM   #5
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Fixed it....
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Old 05-08-2012, 03:07 PM   #6
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Out of town Bearing found a way to BTFD today! Bought a decent amount too. But, RIGHT NOW (4:06 PM) I have heard THREE commentators poopoo gold. They all hate it! Buffett said "civilized people" don't own gold..., actually THAT might explain why my wife sometimes thinks I am not civilized...

***

Today, I went to the Federal Reserve Bank of N.Y. hoping to take the tour to their gold vault. The flatfoots outside told me that I needed to get (online) tour tickets MONTHS in advance... So, unless you can plan a trip to NYC months in advance (with confidence), it looks like it is HARD to see the gold the FRBNY holds.
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Old 05-08-2012, 04:57 PM   #7
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Originally Posted by ancona View Post:
Fixed it....
Frankly, I liked it better the other way.
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Old 05-08-2012, 05:52 PM   #8
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Snidely

Everytime Ron Paul's subcommitee holds a hearing (like today) gold gets hammered.

.
.
.
.
.

You got to take things with humor these days.
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Old 05-09-2012, 04:36 AM   #9
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...don't you guys get an impression, that this last drop in PMs is orchestrated, to break them ultimately, from being seen as "safe havens"???

I mean, after the elections results in Greece/France, macro conditions should actually SCREAM to anyone interested "more volatility in the market, more risks, more unknowns" - and PMs get hammered like that? IT doesn't make sense whatsoever, utterly, completely!

I was rather expecting rise in PMs - after all, the Greeks are clearly going nowhere (apart from grinding their economy to a full halt, and getting on more & more debt every day), French have elected the president, that might not like it so much to get along with ze Germans as Sarkozy did - means more unknowns around EU fiscal pact...

Isn't it all completely MAD???? Are people today making their investment decisions on INVERSE of reasons, or what?????

(not that I am selling in panic - ain't going to happen , but it really is worrying, to see how insane the market is? OR is it me, who doesn't see something important?)
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Old 05-09-2012, 05:41 AM   #10
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I believe that MF Global changed the game. Small guys aren't playing the CRIMEX game any more. They are buying physical now.
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Old 05-09-2012, 08:14 AM   #11
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Three actions going on right now:

1) need for liquidity
"Gold fell with the rest of the markets as investors sought to raise cash."

2) USD gains strength when the Euro loses strength
"A stronger U.S. dollar adds to the weight in gold and other metals."

3) as Pmbug said, due to MFGlobal, no one is speculating right now
"Speculative positions in U.S. gold futures and options as measured by the Commodity Futures Trading Commission are just off the lowest levels seen since at least 2009 according to one survey of managed-money positions by the agency."

http://www.kitco.com/reports/KitcoNe...CAS_focus.html


Happy stacking!
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Old 05-09-2012, 08:29 AM   #12
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thank you guys for reminding me again about the disconnect between "the gold price" - as measured on leveraged and diluted paper market, with no warranties whatsoever, and functioning stunts like "naked short selling", and the price of gold - if you get my drift...

That all begs the question - who in his right mind would like to trade gold on COMEX? Why they bother to call it "gold", and "trading", if it is nothing of sort - it is just some abstract monopoly game, isn't it.
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Old 05-09-2012, 08:50 AM   #13
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Liquidity in moneymarkets is drying up again. Google: 1 year eur Basis swap for more Info... (i am typing from a mobile)
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Old 05-09-2012, 08:51 AM   #14
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RBC is reporting that coming into today, the mining industry is trading 18% below NAV based on their estimates.

That is amazing.
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Old 05-09-2012, 08:54 AM   #15
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Originally Posted by dereksatkinson View Post:
RBC is reporting that coming into today, the mining industry is trading 18% below NAV based on their estimates.

That is amazing.
What's the long term average? Something like 200% of NAV?
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Old 05-09-2012, 08:55 AM   #16
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Originally Posted by dereksatkinson View Post:
RBC is reporting that coming into today, the mining industry is trading 18% below NAV based on their estimates.

That is amazing.
Off topic, but we may want to create an acronym definition thread. It can be daunting for those new to the topic, but I also have to look up things that I can remember off the top of my head (such as NAV = net asset value).

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Old 05-09-2012, 09:13 AM   #17
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Off topic - I can actually add acronyms to a list and have the site automatically add a "help text" pop-up/link for them. Just let me know (via PM preferred) which acronyms you'd like to see added to the list.

On topic - My Apmex watch thread is showing some heavy sales volume of both gold and silver right now.
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Old 05-09-2012, 10:04 AM   #18
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It does appear that the powers that be wish to have Obama in for a second term. That means heavy manipulation to keep the USD strong and gold and silver weak.

But wait until after November!
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Old 05-10-2012, 10:13 AM   #19
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Originally Posted by benjamen View Post:
With the elections results in Europe making the Euro even less desirable, the USD gets stronger almost by default.

http://finance.yahoo.com/news/gold-d...141610443.html

I hope it keeps the metals market low long enough for me to put together my next buy order!
Good Point, did anyone see the clip form the Daily Show pitting Communists against Neo Nazi's. Man Greece is messed up.
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Old 05-10-2012, 10:23 AM   #20
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Originally Posted by bushi View Post:
thank you guys for reminding me again about the disconnect between "the gold price" - as measured on leveraged and diluted paper market, with no warranties whatsoever, and functioning stunts like "naked short selling", and the price of gold - if you get my drift...

That all begs the question - who in his right mind would like to trade gold on COMEX? Why they bother to call it "gold", and "trading", if it is nothing of sort - it is just some abstract monopoly game, isn't it.
I noticed a lot of people are searching for "Buy gold on Etrade" and the likes. I Think they kind of miss the boat about the whole idea of gold, but give up their convenience!?!?! Never.

Regardless, I agree, buy during the dip. It will go back up. And yes, incumbent president, always seems to have an advantage in media control and market control, which tends to help in those election years.
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