Where Is Gold Going In This Market

[Naam]

Love hearing Fabers views

yawwwnnnn...

this is what Faber forecasted TWO YEARS ago: "May 27 (Bloomberg) -- The U.S. economy will enter “hyperinflation” approaching the levels in Zimbabwe because the Federal Reserve will be reluctant to raise interest rates, investor Marc Faber said."

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=avgZDYM6mTFA

gurus like Faber et al can publish any bullshit. they are never challenged except by little nobodys like me.

if somebody points out "but he said xyz and abc happened " he is shouted at "BUT GURU WHATSHISNAME FORECASTED PRECISELY the outcome of the battle of [correct] ISSOS [incorrect ISSUS] in 333 B.C. when Alexander the Great (height ~1.55cm / 5'1") beat [correct] Dareios III [incorrect] Darius of Persia and he was also correct stating "the nights are colder than outside when a Farang pays sin sod between S&P 500 and Christmas".

[Naam]

one thing about Marc Faber is he hasn't changed his position one bit on this prediction over a long period of time

Faber changes his position each and every month Midas. give me your e-mail address and i will send to you (free of charge) every month "Faber's collected Prophecies, Fairy Tales and Jokes for the Road".

[midas]

one thing about Marc Faber is he hasn't changed his position one bit on this prediction over a long period of time

Faber changes his position each and every month Midas. give me your e-mail address and i will send to you (free of charge) every month "Faber's collected Prophecies, Fairy Tales and Jokes for the Road".

I disagree with you Naam. I have listened to him very carefully in all his interviews

over many months and he has been saying the same thing for a long time about this issue

i.e that Bernanke will not be able to control himself and will not stop printing paper.

I don't believe you will be up to find any source where he has deviated from this

not recently anyway. And his other prediction which he has also hammered away at consistently

for many months is war

[midas]

Love hearing Fabers views

yawwwnnnn...

this is what Faber forecasted TWO YEARS ago: "May 27 (Bloomberg) -- The U.S. economy will enter “hyperinflation” approaching the levels in Zimbabwe because the Federal Reserve will be reluctant to raise interest rates, investor Marc Faber said."

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=avgZDYM6mTFA

gurus like Faber et al can publish any bullshit. they are never challenged except by little nobodys like me.

if somebody points out "but he said xyz and abc happened " he is shouted at "BUT GURU WHATSHISNAME FORECASTED PRECISELY the outcome of the battle of [correct] ISSOS [incorrect ISSUS] in 333 B.C. when Alexander the Great (height ~1.55cm / 5'1") beat [correct] Dareios III [incorrect] Darius of Persia and he was also correct stating "the nights are colder than outside when a Farang pays sin sod between S&P 500 and Christmas".

if you think Faber is talking " bullshit " I would be interested to learn

from an opposing viewpoint

[RedFxTrade]

Love hearing Fabers views

yawwwnnnn...

this is what Faber forecasted TWO YEARS ago: "May 27 (Bloomberg) -- The U.S. economy will enter "hyperinflation" approaching the levels in Zimbabwe because the Federal Reserve will be reluctant to raise interest rates, investor Marc Faber said."

http://www.bloomberg...id=avgZDYM6mTFA

gurus like Faber et al can publish any bullshit. they are never challenged except by little nobodys like me.

if somebody points out "but he said xyz and abc happened " he is shouted at "BUT GURU WHATSHISNAME FORECASTED PRECISELY the outcome of the battle of [correct] ISSOS [incorrect ISSUS] in 333 B.C. when Alexander the Great (height ~1.55cm / 5'1") beat [correct] Dareios III [incorrect] Darius of Persia and he was also correct stating "the nights are colder than outside when a Farang pays sin sod between S&P 500 and Christmas".

But he has not been proved wrong yet on that Naam. If you read the work of Rogoff and Reinhardt and the 7 century studies they have done on debt, external to GDP, and banking crisis, you will see that there is nothing controversial or any hyperbole in saying that high inflation is a strong possible outcome. Perhaps the media portray it as hyperbole, but when have the financial media been anything but myopic in their outlook, analysing every tick up and down in stocks, and every little piece of data.There are literally dozens and dozens of instances of hyperinflation and high inflation episodes throughout history. It can take a long time to play out, but I would never rule anything out.

History is full of periods where relations between countries were good, countries were stable and wealthy, but these relationships can deteriorate, and sometimes in a short period of time. Faced with geo-poltical tensions epic policy mistakes can be made out of sheer desperation. How can you be so sure that things are different now?

I think todays societies make the mistake of seeing our lives as more sophisticated than times gone by with all our technological advances and scientific advances. Perhaps we see ourselves as more intelligent than times gone past, and repeated historical episodes of wars, depressions, civil wars, inflationary nightmares are exactly that...historical. However, there is no doubt we are qualitatively better off today than the past, as an example cars are much better today than cars 60 years ago, we have heating, aircon, sound systems, airbags etc etc But it is worth noting that in times gone past societies thought exactly the same thing. I mean in the 19th century people were qualitatively better off than the 18 the century. The advent of running water and trains in the 19th century must have led people living then to think how intelligent we are compared to the heathens and the mercantilists of the 17th century.

I think that is a dangerous mindset for any society to hold the notion that somehow today "it is different". I m sure all the great nations of the past who were the wealthiest nations at times never thought they could experience hyperinflation. But as I said, change and constant flux are an insignia of life, and things can and do deteriorate. China has had many centuries as the worlds powr house, yet has already had periods of hyper inflation. Did Japan just last century really think it would have hyper-inflation before it happened? Did France really think it would go into a hyperinflation with the Assignats?

If you read the Gideon Gono policy and what he has said he honestly (unless he was being intellectually dishonest) could not see a link between his policies and inflation. He blamed it on droughts and things like that, and he needed to stimulate the economy to help farmers. Wasn't it Einstein who quipped about he was more sure about the infinity of human stupidity than the universe...I think we cannot under estimate or take lightly some of the people who are in charge of making decisions.

Now I m not saying we will have hyper-inflation, but I also not saying we will not and it is a completely outrageous prospect. It can take decades to play out...To completely refute the idea is being too dogmatic. We are all only here for a 70-80 year period, hopefully anyway, so we tend to see things within that scope...but there is nothing new under the sun or in history, there are countless episodes of things going spectacularly wrong, and leaders and politicians in history have shown an infinite ability to make terrible policy decisions regarding foreign policy, economic policy and an infinite ability to act with utmost expediency out of desperation when faced with economic upheaval , civil and geo-political unrest.

[midas]

History is full of periods where relations between countries were good, countries were stable and wealthy, but these relationships can deteriorate, and sometimes in a short period of time. Faced with geo-poltical tensions epic policy mistakes can be made out of sheer desperation. How can you be so sure that things are different now?

until I can switch on BBC or Al Jazeera and see that everything has calmed down definitively

throughout the Middle East ( when in actual fact things are getting much worse not better ),in my humble opinion there is a

huge risk over just one single commodity the disruption or reduction in supply of which could result in hyperinflation,

and cause the the U.S. trade deficit to skyrocket. It would cripple the US domestic economy and negate any benefit of its massive agricultural subsidies.

[RedFxTrade]

History is full of periods where relations between countries were good, countries were stable and wealthy, but these relationships can deteriorate, and sometimes in a short period of time. Faced with geo-poltical tensions epic policy mistakes can be made out of sheer desperation. How can you be so sure that things are different now?

until I can switch on BBC or Al Jazeera and see that everything has calmed down definitively

throughout the Middle East ( when in actual fact things are getting much worse not better ),in my humble opinion there is a

huge risk over just one single commodity the disruption or reduction in supply of which could result in hyperinflation,

and cause the the U.S. trade deficit to skyrocket. It would cripple the US domestic economy and negate any benefit of its massive agricultural subsidies.

On a lighter note...I didn't know they worshiped Gordon Brown in Japan

[jcon]

On a lighter note...I didn't know they worshiped Gordon Brown in Japan

And then there was the snack cart:

[RedFxTrade]

On a lighter note...I didn't know they worshiped Gordon Brown in Japan

And then there was the snack cart:

Haha, Brilliant...the connotations of eating one of those are many Certainly make some good holiday snaps

[Naam]

one thing about Marc Faber is he hasn't changed his position one bit on this prediction over a long period of time

Faber changes his position each and every month Midas. give me your e-mail address and i will send to you (free of charge) every month "Faber's collected Prophecies, Fairy Tales and Jokes for the Road".

I disagree with you Naam. I have listened to him very carefully in all his interviews

over many months and he has been saying the same thing for a long time about this issue

i.e that Bernanke will not be able to control himself and will not stop printing paper.

I don't believe you will be up to find any source where he has deviated from this

not recently anyway. And his other prediction which he has also hammered away at consistently

for many months is war

you are talking about one specific issue Midas. perhaps it wasn't crystal clear that i meant many more issues on which Faber commented and forecasted over the years that i read his publications. i never listen to him -not because his sviss-tchermann enklisch giffs me ze kreeps- but because when on Bloomberg or any other channel his showman behaviour and arrogant diction insults my intelligence.

reading Faber is a different animal though!

[Naam]

But he has not been proved wrong yet on that Naam. If you read the work of Rogoff and Reinhardt and the 7 century studies they have done on debt, external to GDP, and banking crisis, you will see that there is nothing controversial or any hyperbole in saying that high inflation is a strong possible outcome. Perhaps the media portray it as hyperbole, but when have the financial media been anything but myopic in their outlook, analysing every tick up and down in stocks, and every little piece of data.There are literally dozens and dozens of instances of hyperinflation and high inflation episodes throughout history. It can take a long time to play out, but I would never rule anything out.

i didn't rule anything out Red but in my [not so] humble opinion the statement "U.S. inflation approaching Zimbabwe levels" was bullshit² in 2009 and is bullshit² today.

[RedFxTrade]

But he has not been proved wrong yet on that Naam. If you read the work of Rogoff and Reinhardt and the 7 century studies they have done on debt, external to GDP, and banking crisis, you will see that there is nothing controversial or any hyperbole in saying that high inflation is a strong possible outcome. Perhaps the media portray it as hyperbole, but when have the financial media been anything but myopic in their outlook, analysing every tick up and down in stocks, and every little piece of data.There are literally dozens and dozens of instances of hyperinflation and high inflation episodes throughout history. It can take a long time to play out, but I would never rule anything out.

i didn't rule anything out Red but in my [not so] humble opinion the statement "U.S. inflation approaching Zimbabwe levels" was bullshit² in 2009 and is bullshit² today.

For what its worth I cannot visualise that myself...but if there is even a 1% chance of it, then I think its prudent to be aware of that, and take some insurance.

good weekend to everyone.

[cloudhopper]

i never listen to him -not because his sviss-tchermann enklisch giffs me ze kreeps- but because when on Bloomberg or any other channel his showman behaviour and arrogant diction insults my intelligence.

It's that mullet that gives me the creeps.

[RedFxTrade]

The data was dismal yesterday and today from the US. Pending homes sales twice as bad as expected , down 26% yoY...Manufacturing data coming in below expectations, yet stocks rallying on bad news...Japan outlook cut to negative by Fitch, not a whimper from the market...I have noticed the last few days that stocks have been rallying when the data is bad, surely the markets are not already pricing in more QE, or trying to force the FEDs hand.

This was very similar to the price action between August and November last year as the markets priced in QE. I know 2 days does not make a trend but its worth noting. Whether there was good news the market went up, when there was bad news the market went up. What a complete distortion of the markets the central banks have brought about as far as it being a discounting mechanism. The stock market as a predictor of recessions is very poor...the bond market seems to be king in that respect, and yields are pushing lower...which could serve as a warning.

[flying]

Gold & Silver finished up the week nicely here in the US of A

[cloudhopper]

IMO chart interpretation is totally bogus because price levels exhibit non-linear behavior and therefore are unpredictable - even in theory. But here's what Jesse thinks -

"Both gold and silver are holding some important support levels and rallying off them.

Let's see if this can continue next week. If so it is exceptionally bullish."

[midas]

meow meow i jcon's cat. he leave house to watch 'moving pictures' but leave laptop on and make me listen terrible youtube video from midas 1hour5minutes worse than dog attack me.

meow meow now he home, i poop on keyboard and go hide and find string to play with. video terrible. poop on master's keyboard better quality than video. i hide now.

meow meow hello jcon's cat yes but if you learn these things you can become a clever pussy

and even become a financial policy-making pussy ( you can't be any worse than the humans

because they haven't got a bloody clue ). you can end up like Sybil

at the Prime Minister's 10 Downing Street.

[RedFxTrade]

Excellent interview by Russel Napier on Financial sense over the weekend Russell Napier.

Much more indepth than the previous one posted on here from the FT website...Its quite a unique view, well reasoned and worth a listen..

I got an email from Mish over the weekend...Mish will doing a post on this interview at some point in the coming week, also should be worth looking out for.

[churchill]

Panic Capital Flight in Greece, Depositors Yank 1.5 Billion Euros in 2 Days;

and I expect some of that will be going into PM's /

http://globaleconomicanalysis.blogspot.com/2011/05/panic-capital-flight-in-greece.html

[Naam]

Panic Capital Flight in Greece, Depositors Yank 1.5 Billion Euros in 2 Days

translated from an unknown greek online news site. no greek newspaper, no international newspaper, no reports from any greek or european tv-station, no Reuters, no Bloomberg published related news.

surely another combined Bilderberg-Illuminati and most probably al-Qaeda conspiracy suppressing all information!

[churchill]

Quite ! Wait for front page news to confirm what seems pretty obvious and gold will probably be a lot higher - Up to you /

[RedFxTrade]

Panic Capital Flight in Greece, Depositors Yank 1.5 Billion Euros in 2 Days

translated from an unknown greek online news site. no greek newspaper, no international newspaper, no reports from any greek or european tv-station, no Reuters, no Bloomberg published related news.

surely another combined Bilderberg-Illuminati and most probably al-Qaeda conspiracy suppressing all information!

Lets go for Occam's Razor...Greeks I m sure are not stupid. They probably have their ear closer to the ground than us...and we know the Greek banking system is insolvent, and the Greek government also, so I m sure as hell sure the Greeks know it also...with the difference that they have money in banks teetering on the edge.

The Greeks I m sure have been reading the international press also.

Thirdly, Greek banks stocks are plunging and all are making new lows, some now are priced in cents.

The same happened with the Irish banks as their shares fell...yet we have the data showing large deposit with drawals from the Irish banks.

Why is it irrational to think that people might want to withdraw money and their life savings from an insolvent bank?

Its nothing to do with conspiracy. I know when HBOS, Barclays, RBS shares started to plunge, the phones were jammed with people with drawing money. I knew 2 people that worked at HBOS, and the phones lines that September were jammed for transfers and withdrawals. The story is that HBOS almost had a complete run on it until Brown/Darling to the "rescue"...bank runs can be silent until the acute stage....Now Greek banking shares are breaking new lows...do you expect the Greeks to sit back and watch them go to zero?

[Naam]

ECB Board Member Says Greece Can Raise $429 Billion Selling Assets / ECB member Juergen Stark says Greece may raise up to 300 billion euros from selloffs.

good bye Mish! we don't need you, in addition to politicans and bankers, to throw bullshit at us. Jürgen Stark (ECB) neither mentioned any total value of greek assets nor did he imply Greece can raise 429bb.

with respect to planned sale of assets valued at $50bb by 2015. in an interview with the german newspaper "Welt am Sonntag" Stark encouraged Greece to be more "ambitious".

summary: you are a dirty little liar Mish! your Mama should be informed to spank your butt.

[churchill]

ECB Board Member Says Greece Can Raise $429 Billion Selling Assets / ECB member Juergen Stark says Greece may raise up to 300 billion euros from selloffs.

good bye Mish! we don't need you, in addition to politicans and bankers, to throw bullshit at us. Jürgen Stark (ECB) neither mentioned any total value of greek assets nor did he imply Greece can raise 429bb.

with respect to planned sale of assets valued at $50bb by 2015. in an interview with the german newspaper "Welt am Sonntag" Stark encouraged Greece to be more "ambitious".

summary: you are a dirty little liar Mish! your Mama should be informed to spank your butt.

I agree about the asset sell off - If it was so easy why hasn't it happened - Nobody wants to invest in a country that may have a devalued currency in a few months /

[Naam]

we know the Greek banking system is insolvent

we only know that the greek banking system will be insolvent if and when Greece defaults on its sovereign debt.

p.s. i wish they'd default tomorrow or if possible even today! it is quite irritating to listen to the various and contradicting BS from Merkel, Sarkozy, Schäuble, Trichet et al that squaring a circle is possible if...

[cloudhopper]

ECB Board Member Says Greece Can Raise $429 Billion Selling Assets / ECB member Juergen Stark says Greece may raise up to 300 billion euros from selloffs.

Where does this quote come from?

[RedFxTrade]

ECB Board Member Says Greece Can Raise $429 Billion Selling Assets / ECB member Juergen Stark says Greece may raise up to 300 billion euros from selloffs.

good bye Mish! we don't need you, in addition to politicans and bankers, to throw bullshit at us. Jürgen Stark (ECB) neither mentioned any total value of greek assets nor did he imply Greece can raise 429bb.

with respect to planned sale of assets valued at $50bb by 2015. in an interview with the german newspaper "Welt am Sonntag" Stark encouraged Greece to be more "ambitious".

summary: you are a dirty little liar Mish! your Mama should be informed to spank your butt.

Totally irrational Naam. Mish is reporting a newspaper article which he linked to. Also Jurgen Stark, who can believe or know what he has said, as he has already admitted to lying, and that it is fine to lie. Look at what he has said over the last year. Stark is duplicitous and a phony liar who cannot be trusted...

Head Of Eurogroup Admits To Lying About "Secret Greek Meeting" Out Of Fears For Market Collapse - "When It Becomes Serious, You Have To Lie"

Its ok to lie

Stark probably did say that based on his past record of lying about things when it "gets serious" that Greek assets could raise 429 BB. But how do we know as Stark has lied about many things and has admitted it. And whatever he does say how we know if he means it or it is true? Saying that Greece can raise that money from asset sales makes it sound as if Greece does not have a problem. If you actually read the blog post Mish says he is skeptical, and likens its to a a Paulson Bazooko moment. Mish is only reporting what the news article says.

[Naam]

ECB Board Member Says Greece Can Raise $429 Billion Selling Assets / ECB member Juergen Stark says Greece may raise up to 300 billion euros from selloffs.

Where does this quote come from?

from a bullshitter. please read the previous postings.

[cloudhopper]

from a bullshitter. please read the previous postings.

Well I must've burned one too many today; can't seem to find it in the previous posts. Throw me a bone?

[Naam]

Mish is reporting a newspaper article which he linked to. Also Jurgen Stark, who can believe or know what he has said, as he has already admitted to lying, and that it is fine to lie.

you are trying to divert the discussion besides the point. Reuters and the Telegraph clearly misinterpreted what Stark said in the interview with the Welt am Sonntag. one journàsslist including Mish is copying bullshit from the other one and adds his very own bullshit. quoting and linking without any effort to verify hurts credibility and i refuse to participate in any further discussion of bullshit.

here's the original beef:

"Jürgen Stark, Chefvolkswirt der Europäischen Zentralbank EZB, hat von der griechischen Regierung mehr Ehrgeiz bei ihrem Privatisierungsprogramm gefordert. Experten schätzen das Verkaufspotenzial auf bis zu 300 Milliarden."

Jürgen Stark bla-bla-bla asked the greek government for more ambition. Experts estimate the potential sales volume could be up to 300 billion.