Where Is Gold Going In This Market

[flying]

Gold still chugging ahead in Euro/Asia markets headed for another $50/oz usd rise already

I thought it might like to catch its breath after today in the US markets.

No chance of that flying - we hit Jimmy Sinclair's magic # of 1764 at which point the exponent is said to abruptly steepen. According to the CIGA cult anyway...

Ah that's right I had forgotten about that.

I also considered the possibility that hedge funds & pension funds may be starting to move some of their considerable funds into gold this time.

Edited August 9, 2011 by flying

[Naam]

Gold still chugging ahead in Euro/Asia markets headed for another $50/oz usd rise already

I thought it might like to catch its breath after today in the US markets.

No chance of that flying - we hit Jimmy Sinclair's magic # of 1764 at which point the exponent is said to abruptly steepen. According to the CIGA cult anyway...

Ah that's right I had forgotten about that.

I also considered the possibility that hedge funds & pension funds may be starting to move some of their considerable funds into gold this time.

don't underestimate the central banks of Bhutan, Nauru, Fiji and Vanuatu. then there is the pension fund "Retired Headhunters of Papua New Guinea" who's supervisory board recently made a positive statement on gold...

[flying]

don't underestimate the central banks of Bhutan, Nauru, Fiji and Vanuatu. then there is the pension fund "Retired Headhunters of Papua New Guinea" who's supervisory board recently made a positive statement on gold...

Well I already knew about the CB's but I had no idea the retired headhunters had a pension plan!

Dang....If I had known I would have reconsidered contracting all these years.

I mean how hard can it be? hunting heads....Plus they get a pension

Thanks a lot for not cluing me in on that one

[churchill]

Trichet sees markets in worst crisis since WWII

http://www.google.com/hostednews/ap/article/ALeqM5jzq-9JPOVF7nLv6XaAj6Ae2ySEUA?docId=2cb7da67a47c4f488ba8ea6715a5c192

are we being tee-d up for QE3 announcement - On Bloomberg they said to have any effect would have to be at least 1 Trillion ..

[Raptor7]

the local Gold ETF traded on the Thai Stock Exchange (symbol GLD) up 7.4% today....

http://www.set.or.th/dat/news/201108/11030583.pdf

[12DrinkMore]

I still do not know what is the result of the SNB making a huge loss on its failed attempt at keeping the CHF in line with its neighbour's toilet paper. Maybe its just some bookkeeping entry at the SNB? Are central banks even required to run a balanced book?

a true high cube hypothesis! additions missing are "most probably central banks are into fractional reserve banking" and "reserves don't exist in reality, they are generated electronically by keystrokes"

Didn't really answer the question. What is to stop the Swiss and Japanese central banks from buying EUR or USD in even vaster numbers to prevent further appreciation? The other way is limited by the central bank running out of foreign currency to use in buying up the sovereign currency. It seems a bit like QE but this time maybe Currency Easing is the word?

p.s. the "neighbours toilet paper" gained 8% in 6 trading days vs. your beloved AUD :jap:

I believe you also had a few AUD's, at least up until recently.

I am currently not too worried about the AUD drop, its been a good run and I sold some a couple of weeks ago. Maybe I should now go back in with the remaining EUR's bum-wipes I have? The ECB is intent on buying up more Eurobond-trash with previously non-existent EUR.

[flying]

Trichet sees markets in worst crisis since WWII

http://www.google.com/hostednews/ap/article/ALeqM5jzq-9JPOVF7nLv6XaAj6Ae2ySEUA?docId=2cb7da67a47c4f488ba8ea6715a5c192

are we being tee-d up for QE3 announcement - On Bloomberg they said to have any effect would have to be at least 1 Trillion ..

You know it

When you think about it...How is this different than raising the debt ceiling to what they really wanted in

the first place? Appropriate that they call it Bernanke's tool box here on the news.

[Naam]

I still do not know what is the result of the SNB making a huge loss on its failed attempt at keeping the CHF in line with its neighbour's toilet paper. Maybe its just some bookkeeping entry at the SNB? Are central banks even required to run a balanced book?

a true high cube hypothesis! additions missing are "most probably central banks are into fractional reserve banking" and "reserves don't exist in reality, they are generated electronically by keystrokes"

1. Didn't really answer the question.

2. What is to stop the Swiss and Japanese central banks from buying EUR or USD in even vaster numbers to prevent further appreciation? The other way is limited by the central bank running out of foreign currency to use in buying up the sovereign currency. It seems a bit like QE but this time maybe Currency Easing is the word?

p.s. the "neighbours toilet paper" gained 8% in 6 trading days vs. your beloved AUD :jap:

3. I believe you also had a few AUD's, at least up until recently. I am currently not too worried about the AUD drop,

4. its been a good run and I sold some a couple of weeks ago.

5. Maybe I should now go back in with the remaining EUR's bum-wipes I have? The ECB is intent on buying up more Eurobond-trash with previously non-existent EUR.

1. does not deserve an answer.

2. in theory nothing stops them. the practice and history shows it does not work and causes huge losses. only concerted actions of several big central banks cause a breather and after that it's showtime again.

3. i am holding AUD on/off since a quarter century. but nearly always on overnight or max 2w deposits which enables me to get in/out (in ancient times by a phone call) nowadays with a few mouse clicks and negligible cost. the latter i mentioned several times by warning in various threads not to hold high yield currencies on long term fixed deposits, especially AUD and NZD, because of their well known huge fluctuations.

4. i consider these kind of consolations, even though they are valid, (no offence meant) as "amateurish".

5. same thoughts here! but it's only wednesday and i want to take my time before i jump in. however, i haven't made up my mind yet which of the cash bumwipes i hold to convert into AUD.

[churchill]

Trichet sees markets in worst crisis since WWII

http://www.google.com/hostednews/ap/article/ALeqM5jzq-9JPOVF7nLv6XaAj6Ae2ySEUA?docId=2cb7da67a47c4f488ba8ea6715a5c192

are we being tee-d up for QE3 announcement - On Bloomberg they said to have any effect would have to be at least 1 Trillion ..

You know it

When you think about it...How is this different than raising the debt ceiling to what they really wanted in

the first place? Appropriate that they call it Bernanke's tool box here on the news.

A clever move by Ben - I think . Saying interest rates will stay low longer will encourage people to think inflation is probable and so encourage more to invest now rather than later - also boosting stocks and so giving more confidence ... of course also good for gold ..and double boost for PM Stocks

I think that gold needs to settle down a bit though !

France/Italy and so Trichet will be more of a focus now ....I don't think they can expect the markets to take a holiday this August

Edited August 10, 2011 by churchill

[cloudhopper]

But does Ben really have the ability to keep US interest rates at zero for as long as he wants without a currency crisis? Does Japan? 2013 is a long ways from here...

BTW I read on ZH today that it costs over $17 for a Big Mac in Zurich now...

[Naam]

But does Ben really have the ability to keep US interest rates at zero for as long as he wants without a currency crisis? Does Japan? 2013 is a long ways from here...

BTW I read on ZH today that it costs over $17 for a Big Mac in Zurich now...

one of the usual nonsensical exaggerations by Dyler Turd to wind up TV-members

p.s. info copied from "Business Insider" (another rubbish spreading website). according to a friend of mine who lives in Geneva (more expensive than Zürich) a Big Mac is sold for CHF 6.80 = USD 9.40

Edited August 10, 2011 by Naam

[flying]

I admit I watched today & had the same questions.

This new form of QE3.....Letting folks know its all good low interest wise till mid 2013????

Very odd eh? I mean who will benefit ( aside from Obama's run at re-election) & who will lose?

IMHO........

The effect will be billions again if not more of cheap money created out of thin air.

This money will be loaned to banks & the larger investors at silly low interest. This money will not stay in the US but instead be invested in emerging markets & developing countries. Why? Because they want a return better than what is available at home. ... Carry Trade?

These are not citizens getting the big $$$ from the FED it is Banks & big Investors. The same that were blamed (rightfully IMHO)for the start of this whole problem. It is they that again get the benefits now. Low interest loans taken elsewhere & parked at higher interest rates in one form or another.

The effect on the world is the other countries suddenly have to defend their currencies. The sudden inflow of cheap money will cause bubbles to rise & burst in their economy. Remember this is only speculative money. It will at the end of the day be removed. Sometimes too quickly & the waterfall begins again.

This creating money out of thin air through printing or digitizing is not the rescue many think it is.

It is in many ways IMO a currency war & it goes round & round in a circle.

Why does the markets today react so positively to it?

Do they feel anything has improved?

Do they feel because mortgage rates already quite low dropping probably what?another 1/4 point tomorrow will

suddenly stimulate housing? I believe they do really think that because many housing stocks went up today.

Yet again what did they fix that makes them think Joe Blow is any better off now & able to afford a mortgage tomorrow that he could not afford today?

I am starting to think all we see in the markets is what they want to show us.The hose of liquidity that was sprayed on the markets today does not jive with the continued rise in gold.

Beats me & this of course is all just me wondering out loud

[cloudhopper]

one of the usual nonsensical exaggerations by Dyler Turd to wind up TV-members

p.s. info copied from "Business Insider" (another rubbish spreading website). according to a friend of mine who lives in Geneva (more expensive than Zürich) a Big Mac is sold for CHF 6.80 = USD 9.40

Actually it was from Simon Black, their peripatetic senior expat expert so I'm not surprised. He probably ordered it in German and got the McEscargot Sandwich by mistake.

[Naam]

McEscargot

[churchill]

From Pimco ..

Unprecedented Fed to the Rescue

http://www.pimco.com/EN/Insights/Pages/El-Erian-CNBC-8-9-2011.aspx

[flying]

From Pimco ..

Unprecedented Fed to the Rescue

http://www.pimco.com/EN/Insights/Pages/El-Erian-CNBC-8-9-2011.aspx

From that article....

Like its counterparty in Europe (the ECB) last Sunday, the Fed’s intention is to provide a bridge for other, glacially-moving economic agencies. Let us hope that these agencies will finally get their act together. Otherwise, the Fed will simply be providing an expensive bridge to nowhere.

Have they not already proved that bridge is not only to nowhere but underwater 3 times already?

[badge]

Some tumultuous trade for bulls en route, but in light of Gold flirting with $1600 Ive dusted the ruler off, and again I have large discrepancies in my data (e.g the '80 high being $850, $875 or $887.5?)

In anycase, from $1635 - $1660 seems to contains a number of Sell signals depending on each data set, so lets see

As the last Sell signal on Gold @ $1660 failed, Ive ran the ruler over Spot Gold again and have $2240, and then around $2280 by the looks of things.

[churchill]

Swiss QE

Nobody messes with the SNB

http://ftalphaville.ft.com/blog/2011/08/10/649271/nobody-messes-with-the-snb/

[Naam]

sold today:

CH0103326721

CH0047533572

bought today:

CH0047533549

[12DrinkMore]

Swiss MacBurger

Here's the price from the horse's mouth CHF 6.50.

http://www.mcdonalds...-wraps/big-macr

Why do my burgers never look like the photo?

And the price in Thailand is

105 Baht's of fine nourishment. Just supersize that will'yer..

http://www.mcthai.co..._en.php?catid=2

Once again Naam is on the ball, or burger in this case. From bonds to gold to CHF, AUD, burgers and forty foot high cubes, you can't just dispute the facts.

Edited August 10, 2011 by 12DrinkMore

[ExpatJ]

Once again Naam is on the ball, or burger in this case. From bonds to gold to CHF, AUD, burgers and forty foot high cubes, you can't just dispute the facts.

Naam, do you have 2 profiles here ?

[churchill]

From Pimco ..

Unprecedented Fed to the Rescue

http://www.pimco.com/EN/Insights/Pages/El-Erian-CNBC-8-9-2011.aspx

From that article....

Like its counterparty in Europe (the ECB) last Sunday, the Fed’s intention is to provide a bridge for other, glacially-moving economic agencies. Let us hope that these agencies will finally get their act together. Otherwise, the Fed will simply be providing an expensive bridge to nowhere.

Have they not already proved that bridge is not only to nowhere but underwater 3 times already?

Perhaps Sarkosy spoke to a few real people on holiday .....

Sarkozy cuts short holiday for urgent economic talks

http://www.france24.com/en/20110810-sarkozy-cut-short-holiday-hold-euro-crisis-meeting-french-riviera-cape-negre?ns_linkname=20110810_sarkozy_cut_short_holiday_hold_euro&ns_campaign=editorial&ns_mchannel=reseaux_sociaux&ns_source=twitter&ns_fee=0

[flying]

Why does the markets today react so positively to it?

Do they feel anything has improved?

I am starting to think all we see in the markets is what they want to show us.The hose of liquidity that was sprayed on the markets today does not jive with the continued rise in gold.

Looks like the investors/traders went home & actually thought about it.

[flying]

As the last Sell signal on Gold @ $1660 failed, Ive ran the ruler over Spot Gold again and have $2240, and then around $2280 by the looks of things.

If the reasons gold is doing what is is doing these last 10 years does not change....

Me thinks you will need a longer ruler

[PCA]

As the last Sell signal on Gold @ $1660 failed, Ive ran the ruler over Spot Gold again and have $2240, and then around $2280 by the looks of things.

If the reasons gold is doing what is is doing these last 10 years does not change....

Me thinks you will need a longer ruler

yeah, amazing this Go(l)d :jap:

[flying]

Example: 1 oz Gold Eagle

http://www.apmex.com/Product/1/1_oz_Gold_American_Eagle___Random_Year.aspx

Volume Pricing:

Qty-------------Check or Wire

1 - 19-------------$1,888.69

20 - 99 ----------$1,883.69

100 or more-----$1,878.69

Premiums IMO will continue to rise thru august..now at $100 USD/oz + on small quantities & $97.99/oz on large

There is the disconnect from paper musical chairs traded gold I have mentioned many times.

I think it will continue

Shown strongest in coins but applicable to all forms in various degrees.

Edited August 10, 2011 by flying

[cloudhopper]

1700s we hardly knew ye.

[saraburioz]

Hurrah! I'm rich.

Against my financial advisor's advice i put everything I had into gold over the last 3 years, buying in bulk last october.

I fired the advisor too.

[Naam]

Once again Naam is on the ball, or burger in this case. From bonds to gold to CHF, AUD, burgers and forty foot high cubes, you can't just dispute the facts.

Naam, do you have 2 profiles here ?

one profile, still nearly 80% in bonds and cash. burger consumption ~1/12 dozen p.a.; not Big Mac but Burger King. 40' high cube only once in 2005 (USA to Thailand), 20' non high cubes several during the last decades.

yesterday sold all silver ETFs, sold all CHF hedged gold ETFs, bought for the proceeds unhedged gold ETFs.

as simple as that.

[Naam]

Hurrah! I'm rich.

Against my financial advisor's advice i put everything I had into gold over the last 3 years, buying in bulk last october.

I fired the advisor too.

impressive!