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Gold Fever at 1174.90 We’re Out with a Buy Stop in Case
There was no oil production peak, despite Paul Ehrlich’s Population Bomb, The Club of Rome’s Limits to Growth, global warming Kyoto Cap Trade, war and other schemes to justify more population control and taxes.
There is gold in abandoned mines, Antarctica, Greenland, Iceland, the seabed and even seawater. At some price gold production technology from the seas or platinum production from the moon may become economic, if not political.
China, like Russia now and the USA in the post-Civil War with Comstock and the Thirties with Homestake, is buying much of its gold from domestic production.
We agree a significant quantity of global gold may be gold plated lead or tungsten. The price of gold may have already risen to discount this. Market shocks may create falling prices.
http://www.marketoracle.co.uk/Article15143.html
That is one reason Gold Eagles protected from counterfeiting by the Secret Service sold at a premium when they were available.
http://en.wikipedia.org/wiki/American_Gold_Eagle
Various exchanges reportedly recently accepted 22 karat or less pure coin melt gold at a discount from for delivery to mercantile Arabs or Asians after they refused 25% cash settlement premiums.
http://news.goldseek.com/GoldenJackass/1259100000.php
The NY Fed where Treasury Secretary Geithner was President, holds one quarter of the world’s gold reserves. The third Bruce Willis Die Hard movie was about robbing that gold:
http://abcnews.go.com/print?id=5835433
Gresham’s Law observed bad money drove out good since ancient coins were clipped. Alexander, Egyptian, Solomon, Inca gold was stolen, the US Constitution definition of gold and silver as legal tender was repudiated and perhaps Fort Knox, New York Fed, Denver, Philadelphia, San Francisco and West Point Mint gold was moved.
http://en.wikipedia.org/wiki/Gresham%27s_law
November 30th, 2009 at 8:03 pm
Possibly… I agree that near term, gold is more likely to decline than rise. Long term, I expect it to either hold steady or soar, depending on how chaotic things get.
Also, your blog doesn’t have an RSS feed! You really should consult Wordpress and make sure it has one, it’s the whole point of having a blog!
December 2nd, 2009 at 10:31 pm
We’ve added some easy-RSS buttons. Typically your web browser should also detect the presence of the RSS feed and give you an RSS icon in the right-hand side of your browser location bar.
In any case, you should be good to go now!
-mark
December 12th, 2009 at 12:01 am
Go to 1337.20 or 417.10? Wow. That is some analysis. Subscribe to his chatroom for a week and watch all the different numbers pop up for gold, anywhere from 0-3000. I followed his calls and went 0/10 before I said enough. Better off to randomly enter a trade with a stop.
December 12th, 2009 at 2:37 pm
First let me say, thank you very much for this outstanding synthesis of information. One other recommendation would be to add a previous or next page button or arrow to move from page 1,2,3,4,5,6 to add some convenience and flow.