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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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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...

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


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You got to take things with humor these days. :wave:
 
...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?)
 
I believe that MF Global changed the game. Small guys aren't playing the CRIMEX game any more. They are buying physical now.
 
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/KitcoNews20120508DeCAS_focus.html


Happy stacking!
 
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.
 
Liquidity in moneymarkets is drying up again. Google: 1 year eur Basis swap for more Info... (i am typing from a mobile)
 
RBC is reporting that coming into today, the mining industry is trading 18% below NAV based on their estimates.

That is amazing.
 
dereksatkinson said:
RBC is reporting that coming into today, the mining industry is trading 18% below NAV based on their estimates.

That is amazing.
Click to expand...

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).

$.02
 
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!
 

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.
 
It seems strange when the vampire squib is recommending gold...that almost seems like a guarantee that gold is further going to be hit this year,before the election..shortly afterwards I see a collapse of the system and a rocket like rise...coinciding with the USA loosing the ability to set the price of gold...like the oil price shifted from wti to Brent so with the metals prices as the us markets are perceived to be too corrupted...that's my ten pence
 
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