Where Is Gold Going In This Market

[flying]

FIAT MONEY IN DEATH THROES

http://www.gold-eagle.com/gold_digest_08/fekete070609.html

"Banking was conceived in iniquity and born in sin. The Bankers own the earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen they will create enough deposits to buy it back again. However, take away that power, and all the great fortunes like mine will disappear - as they ought to in order to make this a happier and better world to live in. But, if you wish to remain the slaves of Bankers and pay the cost of your own slavery, then let them continue to create deposits."

Sir Josiah Stamp (1880-1941), one time governor of the Bank of England, in his Commencement Address at the University of Texas in 1927. Reportedly he was the second wealthiest individual in Britain.

[Naam]

ah sez... no attack on Iran (which can stop the development of nuclear warheads). any attack (should there be one) will most probably result in a (temporary) closure of the Straits of Hormuz, markets will tumble, gold and crude will (temporarily) spike. clever investors will have again an excellent chance to rake in profits. those sitting on gold will (temporarily) smile but later realise that "The LORD giveth and the LORD taketh".

Iran will sooner or later have the bomb as does North Korea. nobody can stop that. that Israel can pull the same trick as in june 1981 is zionist propaganda cum zionist and general anti-iranian wishful thinking.

Aha ! I agree with part of your opinion.

I believe an attack will be a botched effort and will not achieve the desired result and I agree it will most likely result in the closure of the Straits of Hormuz.

Its what happens to world markets and indeed geopolitics generally that no one can be certain about. I think this could be the first domino that will like the fire around the world and I dont see a resilient recovery.

Then there is the question - how will would the worlds 1.5 billion Muslims react to this aggression e.. Pakistan ?

And the difference between North Korea and Iran is that I believe Iran fully intends to use it.

Maybe I can sneak in the same question here for which I was chastised by a moderator in another thread and with my posting deleted simply for asking this:-

has anyone asked themselves where the likely aggressors in this situation would be likely to get the money from to finance this possible attack bearing in mind the population is only 6 million and they are in recession?

i guess your question is rhetoric Midas as (in my not so humbly opinion) most of those with an IQ above 82.5 know the answer. for the few fellows who don't know here's the answer:

the catholic church under the auspices of His Holiness the Pope will collect donations from rich nations and its citizens in Africa and Asia, such as Rwanda, Zimbabwe, Chad, Burkina Faso, Burma, Papua New Guinea and the Philippines. especially high contributions are expected from the headhunters in PNG as it is common knowledge they hate the guts of the Mullahs and Ayatollahs in Iran.

[Naam]

an opinion:

How Much Is Enough?

John Reade

The correction in gold over the past four weeks has taken us about $75 down from recent highs of $990/oz before a recovery to current levels around $925/oz. The trigger for the decline - a steadier, if choppy US dollar and signs that commodity and equity markets are correcting from highs - triggered some long liquidation from an extended Comex speculative long position. But as the accompanying chart shows, spec longs remain elevated and even increased slightly last week, which came as a surprise when we updated the COTR data yesterday until we noted that gold prices were very slightly higher week on week. So far, the recent correction has lasted four weeks and has resulted in a decline in net longs by only 4moz; the correction that started in mid February lasted nine weeks and saw a 5.9moz decline in net longs, while the sell-off that started on 30 Sep 08 lasted six weeks and shed 8moz of net longs. The most violent correction noted in recent years started in early July last year, lasted 8 weeks and saw net longs fall by 18.6moz - and gold fell by $200/oz over that period.

So we conclude from this analysis of recent long liquidation phases that what we have seen over the past four weeks looks incomplete, both in terms of duration and extent and that it is too early to turn an aggressive tactical buyer of gold at current levels. Aside from Comex positioning, neither of the other factors that we are looking for in order to identify a turning point are sending any positive signals at the moment:. A strong increase in jewellery demand has signalled tactical lows in the gold market over the past few years, but all is quiet on that front at the moment. ETF and physical investment demand is also subdued and that is the other factor that could mark a base in gold.

All commodity investors should be watching this issue

The potential consequences of Chairman Gensler's statement yesterday means that every commodity investor - futures, OTC, swap and structured - should be very focussed on the potential regulatory changes that could come from the CFTC. Only investors in non-scarce commodities or genuine commercial traders look set to escape the possible, if not likely, restrictions on financial exposure to commodity markets. As one of sales colleagues summarised yesterday, regulatory and political comments 'rang the bell' in crude oil at $147/bbl in the middle of last year and initiated the sharp sell-off in commodity markets. Of course, collapsing global growth expectations and broad-based deleveraging then took over as the main driver of the sell off, but the process started with selling on regulatory concerns. Crude oil is already more than $10 off its 2009 highs and, following the surge of investment money into commodities that we discussed in the metals daily yesterday, there has to be the risk of further disinvestment and speculative profit taking across the entire commodity sector. Precious metals will not be insulated if a broad commodity sell-off occurs, but once the disinvestment is completed, we suspect that gold and silver could benefit a lot from any moves to restrict investors and speculators in commodities of finite supply.

Excerpt from Chairman Gensler's statement

The Commodity Futures Trading Commission is directed by statute and provided with broad authorities to ensure the fair, open and efficient functioning of futures markets. In my first week as the Chairman of the CFTC, I instructed Commission staff to present all available regulatory options to carry out our duties and fulfil our mission. My firm belief is that we must aggressively use all existing authorities to ensure market integrity.

Today, I am announcing that the Commission will be conducting a series of hearings during the months of July and August. This effort will seek input from the public - consumers, businesses and market participants - to determine how the agency should use all of its existing authorities to accomplish its mission.

Our first hearing will focus on whether federal speculative limits should be set by the CFTC to all commodities of finite supply, in particular energy commodities, such as crude oil, heating oil, natural gas, gasoline and other energy products. This will include a careful review of the appropriateness of exemptions from these limits for various types of market participants. (CFTC statement)

The full text of the statement is attached as a separate PDF to the Metals Daily today.

Potential implications of the CFTC statement

So which commodities might escape the definition of "finite supply"? Jokes about aluminium and the current US nat gas market aside, we believe that gold and silver, with vast above-ground, liquid and near-to-market stocks, are the only traded commodities that are not a play on scarcity. By some definitions palladium and platinum might fit this description in that the former has large stocks of good delivery material in Switzerland and that the latter has about seven year's worth of mine supply in jewellery in Japan alone. But we are struggling to think what other commodities can be considered infinite. Chairman Gensler's comments are targeted initially at US energy markets and investors US energy should be worried: but we suspect that other US futures markets will also attract attention, which means agricultural commodities; Comex copper; and Nymex platinum and palladium. The vast majority of trade in base metals takes place in futures markets outside of the US, principally the London Metals Exchange and increasingly the Shanghai Futures Exchange and are unlikely to be near the top of the CFTC's action list. We suspect gold and silver will be at the bottom of this list, if they are on it at all. We suspect that platinum and palladium trade on Nymex will merit investigation as our arguments (above) about their liquidity and stocks may not carry enough weight - and we do wonder whether the proposed US listing of platinum and palladium ETFs - under consideration by the SEC at present - can possibly be approved until the CFTC's investigations are concluded.

In the longer term, will efforts by the US State to eliminate the effects of excessive speculation and investment on US consumers and businesses work? We believe not. Rather it will force investors into other non-US commodity markets or to use the financial industry's renowned ingenuity in side-stepping regulatory restrictions: almost all commodities are globally traded and the US is no longer the largest consumer of most commodities: prices will be set by non-US consumers and investors in non-US commodity markets. This has the potential to cause a lot of disruption to US futures markets and could potentially lead to difficulties for investors and speculators in commodities, but with inflation and currency debasement becoming ever more important themes in our conversations with clients, we very much doubt that the US State will be able to prevent investors' access to these markets by edict.

[flying]

i guess your question is rhetoric Midas as (in my not so humbly opinion) most of those with an IQ above 82.5 know the answer. for the few fellows who don't know here's the answer:

the catholic church under the auspices of His Holiness the Pope will collect donations

Oh you think it is far fetched?

http://www.bloomberg.com/apps/news?pid=206...id=aUK_q1tvHrEc

He should keep his nose outa it or lose his tax emption

[Naam]

i guess your question is rhetoric Midas as (in my not so humbly opinion) most of those with an IQ above 82.5 know the answer. for the few fellows who don't know here's the answer:

the catholic church under the auspices of His Holiness the Pope will collect donations

Oh you think it is far fetched?

He should keep his nose outa it or lose his tax emption

vhat kann yew expeckt from a tchermann born Pope who does not haff vone drop of Klingon bludd in his veins?

[AlexLah]

Maybe you guys have seen maybe not?

Be careful with showing your golden teeth and/or fillings

[churchill]

http://ftalphaville.ft.com/blog/2009/07/09...uro/?source=rss

Reserving the euro

Posted by Tracy Alloway on Jul 09 10:38.

Talk of reserve currencies and the possible decline of the dollar’s supremacy has been heated over the past few months, with China and Russia leading the fighting talk. With market-watchers awaiting more mention of the debate at this week’s G8 meeting, it’s refreshing to hear some more sensible words on the issue, specifically on the idea of the euro replacing the dollar as the world’s leading reserve currency.

From RBC’s global currencies team:

Reserve diversification out of USD is decade-old phenomenon and it will take a decade or longer before another credible monetary order is established. The process is evolutionary, not revolutionary, and we can find no evidence that it is accelerating. For the foreseeable future, EUR is the only other currency that deserves serious consideration as reserve currency and it is likely to continue to be the main beneficiary. There are clear and obvious attractions to the world re-benchmarking itself to a broader range of currencies such as SDR basket and to that basket itself being broadened to include EM currencies. But there are huge hurdles to this happening in anything other than the extremely long term.

Indeed.

In fact, the financial crisis has actually done little to boost the international role of the euro according to the ECB’s latest review (H/T Alea):

This review shows that the global financial turmoil, despite having a very marked impact on overall financial market activity, has not triggered any notable shifts in the currency preferences of market participants. As a result, the international role of the euro, when measured relative to the international role of other currencies, remained fairly stable during the review period. This also applies to recent developments following the intensifi cation of the fi nancial market turmoil in September 2008. All in all, this fi nding corroborates the conclusion of earlier reviews that the international role of currencies tends to be relatively stable over time.

Except in that very space of central bank reserves, where the euro actually experienced a modest uptick:

In 2008 the share of the euro in global foreign exchange reserves increased somewhat to 26.5% as central banks of several emerging market economies defended their currency pegs mainly by selling reserve assets denominated in US dollars.

That figure is based on data released to the IMF and hence comes with a plethora of caveats, notably the fact that China is not included in the numbers. The breakdown is also susceptible to valuation swings as a result of exchange rate movements, meaning for example that if EUR/USD falls, the value of total reserves in USD terms will fall even if there’s no actual outflow from central banks. With that in mind, however, here’s the chart:

continued ....

[Naam]

an opinion:

Gold Trips, Others Fall

John Reade

If you think the recent performance of gold has been bad, just look at

the slump in silver and platinum over the past month. The yellow metal

fell 6% since the start of June, but these two white metals declined

further with platinum down 9% and silver a more impressive 17%. The

gold:silver ratio has moved from below 62 to above 70, while the

platinum gold ratio has slipped to 1.21 from a recent high of 1.33/34.

Based on our expected trading ranges for these ratios, silver and

platinum are beginning to look attractive relative to gold, but we are

not yet about to make any relative value recommendations: we suspect

this correction in precious metals has further to run and we are wary of

trying to catch a proverbial falling knife. So why has gold outperformed

during this sell-off? We normally attribute gold's slower decline to

greater price-elastic jewellery demand, but we have seen little of this

over the past month. What has likely happened, however, is a reduction

in price-elastic supply. Sales of old gold back to the market had

already slowed sharply at the start of the second quarter and we hear

this have slowed further recently.

The other factor is relative liquidity: the gold market is much deeper

than the silver or platinum markets and the weight of investor selling

in the white metals, where industrial demand remains subdued, has had a

larger effect than in gold. We have noted decent turnover of platinum on

the Shanghai Gold Exchange over the past week or so and have heard talk

of some industrial interest in platinum sponge over the past twenty-four

hours, but with Nymex open interest remaining elevated and our concerns

about the CFTC statement targeting investment and speculation, we will

wait until we see a more complete clear-out of speculative length in Pt

before we look to try and buy platinum / gold again. Similarly in

silver, the main driver of the gold/ silver ratio is the size of the

Comex net long in silver - and until this has fallen further, we will

wait and watch rather than try and pick a relative or absolute bottom in

silver.

SPDR holdings decline; monthly change turns more deeply negative

On July 8, the total holdings of the nine major gold ETFs that we track

dropped considerably to 53.51 moz from 53.86 moz earlier. Notably, the

SPDR gold holdings dropped to 35.68 moz, down by 333.7 koz from the

previous day's closing of 36.01 moz. Their holdings have declined from

36.46 moz on Jun 1. The rolling monthly increase also dipped to -0.44

moz from -0.07 moz (revised) from the previous day.

China Car Sales Jump 48% on Support, Most Since 2006

China's passenger-vehicle sales rose 48 percent in June, the biggest

jump since February 2006, as government stimulus spending spurred a

revival in the world's third-largest economy. Chinese motorists bought

872,900 cars, sport-utility vehicles and other passenger vehicles last

month, the China Association of Automobile Manufacturers said in a

statement today. Overall auto sales, including buses and trucks, rose 36

percent to 1.14 million. A 4 trillion yuan ($585 billion) economic

package has helped China surpass the U.S. as the world's largest auto

market this year and boosted sales for companies from General Motors

Corp. to Alcoa Inc. The country is "a positive force" that will help

drive growth as the world emerges from the global recession, billionaire

George Soros said yesterday. "China's downward slide is clearly over,"

said Wang Qingtao, an analyst at First Capital Securities Co. in

Shenzhen. "There is also huge natural demand for vehicles, which will

continue to drive the industry for years to come." The trade group

raised its full-year vehicle sales forecast to more than 11 million from

10.2 million previously. First-half sales jumped 18 percent to 6.1

million after the government cut some retail taxes and handed out

vehicle subsidies in rural areas to spur demand. The Chinese auto group

is "cautiously optimistic" about the industry in the second half, it

said. (Bloomberg)

Jon Anderson, our emerging markets economist, sent around a very

interesting chart of emerging market and developed market motor vehicle

sales yesterday, which shows total reported monthly motor vehicle sales

in the US, Japan and the EU-15, compared to the same indicator for 16 of

the largest emerging countries. EM sales have nearly recovered to 2007

levels - while developed country sales are still down by more than

one-third from the earlier peak. And, of course, total sales in the

emerging group are now much higher than they are in the G3 economies. We

have included Jon's short PDF on this subject as an additional

attachment to the Metals Daily. In our own work, we have suggested that

the current slump in global vehicle production has cut years off the

recent growth trend and that total vehicle production will recover to

2007 levels in 2012. This has important implications for overall PGM

demand and is especially worrying for palladium and rhodium demand. But

as Jon illustrates, the increasing important of EM car demand has

implications for PGM trends too, so we will have to pay more attention

to tightening exhaust emission standards in these large and rapidly

growing markets in the future.

Lihir Closes Hedge book

Lihir Gold Ltd (LGL) gold production is once again completely unhedged,

following the closure of the company's hedge book. At the end of March

2009, the company had forward sales contracts in place covering

96,000ounces of gold, to be delivered over the period to September 2010

at a price of A$600 per ounce. These hedging contracts had been put in

place by Equigold NL prior to its acquisition by LGL in June 2008. These

contracts were closed-out during the June quarter, eliminating gold

hedge commitments for LGL and leaving the company well positioned to

benefit from increases in global gold prices. In accordance with hedge

accounting requirements, the hedge result will be charged against

earnings at the original designation dates. Details of amounts and

timing will be provided when the half-year results for the six months to

30 June 2009 are released on 26 August 2009. "Our shareholders have

given us a clear message over recent years that they do not want LGL to

hedge its gold production" said CFO Phil Baker. "These transactions

leave us ideally placed to capture the full benefits of strong global

gold prices as we grow our gold production to more than one million

ounces this year," he said. (Company Press Releases

Yet another gold mining company completes its hedgebook unwind. The end

of an era of gold mining forward selling appears to be coming to an end

- and an end to the gold price supportive trend of de-hedging. In

previous years we have expressed concern that the end of this positive

factor would hurt the gold price - and at the margin it still may. But

with investment demand so strong and increasing evidence that central

banks are changing their attitude towards gold, the impact of an end to

the de-hedging trend will be more muted than we expected a few years

ago.

Workers strike as pay talks fail at Kinross gold mine in Chile

Unionized workers at the La Coipa mine in northern Chile have gone on

strike, the Canadian owner Kinross Gold said late Wednesday. The strike

began after talks on a new collective pay deal ended without agreement.

The Toronto-based company said the strike would affect around 300 oz/day

of gold equivalent production. "The company is seeking a resolution that

is fair and equitable to employees and [which] returns the mine to full

production as soon as possible," Kinross said in a statement. La Coipa,

located 1,000 km north of Santiago, produced 226,293 oz of gold

equivalent last year, according to the Kinross Gold web site. (Platts)

Dubai Gold Sales fall 30% in June

Gold jewellery sales in Dubai are down around 30 percent in June on a

year ago, as high prices of the metal and the economic downturn deter

tourists from visiting the emirate, five jewellery retailers told

Reuters. Almost 8 million tourists visited the emirate, branded as the

City of Gold, last year, many of them lured by the tax-free jewellery.

But retailers Reuters spoke to say the have seen far fewer tourists this

year due to the economic crisis. "In June sales were down about 30

percent from last year. Because of the hot weather and economic

conditions less tourists are here to shop," said Sanjay Jity, a shop

keeper from Al Khaledyah Jewellery in the old souk, or market. Hotel

revenues in Dubai fell 40 percent this May and June compared with the

same months last year, according to hospitality agency STR Global. The

Dubai Department of Tourism and Commerce Marketing said 7.7 million

tourists came to Dubai in the year to December, but had no updated

figures for this year. The higher price of gold has also deterred

buyers, another salesman at the souk said. The retail price of 22 karat

gold was around 101 dirhams per gramme, 20 percent higher than last

year, he said. "Many people now can't afford these prices," the salesman

said.

Demand for gold in the Middle East fell 26 percent year-on-year during

the first quarter, bucking a global trend that saw demand increase as

investors bought gold as a safe haven from the economic maelstrom, the

World Gold Council (WGC) said in its quarterly report in May. "The

volatile price of gold is another factor that is scaring buyers, but I

think the price will stabilize over the coming few months which should

push sales up again," said Pradeep Unni, a trader from Richcomm Global

Services. Retailers in Dubai's gold souk believe the slow sales will

continue until the end of September and might pick up by the end of the

year as the economy recovers. "We are hoping that the economic

conditions will improve by October to November, otherwise many

businesses will be in trouble," a retailer said. Many retailers have

started to introduce 22 karat gold into their product mix, rather than

18 karat, as it is more popular with buyers from the subcontinent due to

its higher value, traders said. "A lot of the buying power comes from

the Indians and Pakistanis who just go after 22 karat," said a salesman

at a store in Dubai's gold souk. (Reuters)

Gold's reach wider than jewellery: World Gold Council's Holliday

When most people think of gold, they think of jewellery, decorative

goods, and money. Still, gold's reach is far wider, ranging from circuit

boards to catalytic converters. Yet, in the search of cost

effectiveness, more and more industries are searching for ways of

reducing gold content in order to pull down overheads. One way is to

replace the metal with copper. Platts spoke with World Gold Council's

Industrial Applications Manager, Richard Holliday, on future usages of

the yellow metal. Holliday, previously principal engineer at Land Rover

design and engineering, told Platts that, "10-14% of annual gold demand

is industrial; a pretty stable portion of demand. In 2007 it hit its

height of 14%, equating to roughly 450 mt, with electronics taking up

300 mt of that. That's a pretty big part," said Holliday. "The main two

industrial/technological usages that people think of are plating and

mobile phones, including Sims etc. or bonding wire, inside chips," he

added. In one mobile phone you get up to a dollar's worth of gold, in a

computer about $6/7. In recent years there has been an explosion in

consumer devices, including mobile phones, laptops and this will

steadily increase in the long term, according to Holliday. "By 2015 we

could see a doubling. People are always looking at ways of using less

gold, or move away altogether. There's a switch from gold to copper. So

far about 5% has been lost to copper, but it's a growing trend. It's

picking up." However, it's not a straight switch. Copper is not a noble

metal like gold. Noble metals are metals that are resistant to corrosion

and oxidation in moist air, unlike most base metals.

As such, there are difficulties in the manufacturing process. We want to

give engineers/designers the collateral to keep using gold. It's a huge

component of the gold industry worth $5-6 billion/year. The numbers are

very important to protect for gold companies (WGC members)."

Another new usage is that of inkjet printing. The system has been

developed in conjunction with specialist chemicals firm, Johnson

Matthey. DVD's used to have a thin film of gold coating, at it's height

around 10 mt per year of gold went in to DVD production." This is now

redundant with gold replaced by silicon. "The big one for us is the use

of gold in auto catalysts. No doubt, based on tonnage of PGMs used, this

is a significant industry use. For PGMs, after electronics, auto

catalysts is the most significant market, with roughly 200 tpa of PGMs

consumed, of course when the market was most buoyant," Holliday said.

One company actively using gold in the production of catalysts is

Nanostellar. Nanostellar released its first two products, promoted

platinum and Pt:Pd in mid-2006, within two years from initial concept,

the company said on its website. These products increased performance by

25%-30% over commercial platinum only products and matched industry's

most advanced laboratory products. Nanostellar released its second

generation product, NS Gold by Q1, 2007, which surpasses first

generation's performance by 20+%, it added. "There are not many

applications where you can say gold is reducing costs. Therefore it's a

good reason for manufacturers to look at gold. Nanostellar is

significant milestone. Using palladium and gold as an alloy mixed with

platinum. This is a very specific industry. They have a letter of intent

with one European manufacturer and are engaged in with positive talks

with other producers," said Holliday. (Edited Platts story)

Demand for gold surges into ETF Securities products

Demand for gold surged last week, with inflows into ETFS Physical Gold

rising by $93 million, the largest weekly rise in 23 weeks, ETF

Securities said Wednesday. "It is unlikely to be a coincidence that the

jump in flows came during a week when risk appetite took a hit from

weaker than expected macro data, highlighting that gold remains one of

the key assets of choice when investors' turn defensive," ETFS said in a

statement. Investors in ETFS Physical Gold, Gold Bullion Securities

(GBS) and GOLD (listed in Australia) now hold a total of 7.64 million oz

of gold, up 26% so far this year. ETF Securities palladium holdings

edged up further as well, with total holdings in ETFS Physical Palladium

rising to 317,000 oz last week, a new all-time high. Physical palladium

holdings have risen 98% since bottoming at the end of January 2009. It

is interesting to note that the strong rise in palladium ETC demand has

come at time when demand for ETFS Physical Platinum has levelled off at

around 350,000 oz since May. "One possible explanation is that with

palladium prices having lagged the strong platinum rally that began in

late February, the platinum/palladium ratio hit an all time high in

early March and investors may be anticipating a further catch-up from

palladium," it added. (Platts)

SPDR Gold Trust Holdings Decrease 10.38 Metric Tons

Gold holdings in the SPDR Gold Trust, the biggest exchange-traded fund

backed by bullion, decreased 10.38 metric tons to 1,109.81 metric tons

as of July 8, according to figures on the company's Web site. Gold

futures for Aug. delivery fell $20.10, or 2.2 percent, to $909.00 an

ounce on the Comex division of the New York Mercantile Exchange.

(Bloomberg)

[churchill]

Central bankers return to gold and dollars

http://www.ft.com/cms/s/0/5315bab8-6caa-11...144feabdc0.html

"A fourth lesson is that gold is shifting back from a sovereign reserve asset central banks were inclined to underplay to one of growing, strategic interest. This shift is logical; gold remains the world’s primary financial asset that is no one’s liability. In the past few months, China has reported a rise in its official gold holdings of 15m troy ounces (about 450 tonnes), more than the amount sold by the UK, Spain and the European Central Bank combined in the previous six years. Despite this massive addition, China’s gold allocation has risen from less than 1 per cent to only 1.6 per cent, a fraction of the amount commonly found in Europe and the US. With China holding 20 per cent of total international currency reserves, where it goes, others take heed.

In the worst crisis in decades, central banks found their new wealth in conflict with their primary function of maintaining orderly markets and supporting the global banking system. The impulse to protect their owned capital collided with more pressing responsibilities of calming the credit markets and stabilising systemically important financial institutions. “Excess reserves”, US dollars and even gold are now seen as extremely useful, counter-cyclical tools for future crises. One should expect the world’s fastest growing institutional client segment – that is to say, central bank reserve managers, not hedge funds or even sovereign wealth funds – to have more of all three in future."

[churchill]

More Diversifying .

http://www.ft.com/cms/s/0/81f3125a-6cae-11...144feabdc0.html

"Separately, Joseph Yam, chief executive of the Hong Kong Monetary Authority, said Hong Kong might consider diversifying more of its US$200bn reserves away from the US dollar.

Mr Yam said he had an “open mind” as to whether the territory would invest its reserves in renminbi-denominated assets.

“There may come a time in the future when we think that a small, modest exposure to the renminbi - notwithstanding it being a non-convertible currency still - may be something that we may pursue. But we don’t have any plans at this moment, any concrete plans,” said Mr Yam.

“A bit of diversification won’t hurt us,” he added."

[flying]

Medvedev Shows Off Sample Coin of New ‘World Currency’ at G-8

http://www.bloomberg.com/apps/news?pid=206...id=aeFVNYQpByU4

http://ftalphaville.ft.com/blog/2009/07/10...world-currency/

Edited July 10, 2009 by flying

[badge]

Medvedev Shows Off Sample Coin of New 'World Currency' at G-8

http://www.bloomberg.com/apps/news?pid=206...id=aeFVNYQpByU4

http://ftalphaville.ft.com/blog/2009/07/10...world-currency/

A meaningless stunt. Amusing thought Im sure

[Lost in LOS]

just read where the US Vp just said the US will not restrain Israel if it wants to bomb Iran

Id say gold is going up.............

your commander in chief chided his deputy. anyway, from a stupid democrat male version of Sarah Palin one can only expect bullshit.

I think it is the "good cop" "bad cop" game. obama comes off as the good guy with good things to say and rather than say something negative he has his monkey do it

[lannarebirth]

Speculative Path?

[flying]

Speculative Path?

you know I have mucho respect for the tech chart crowd,

But when I see them with that many paths & lines I always think of this....

[AlexLah]

Good Sunday reading material: http://www.marketoracle.co.uk/Article11954.html

Sort of the Red pill for Goldbugs......

[flying]

Sort of the Red pill for Goldbugs......

Hey anything is possible ...but

I personally feel as though this is a time where history will

not be a good indicator of the future.

[Naam]

Good Sunday reading material: http://www.marketoracle.co.uk/Article11954.html

Sort of the Red pill for Goldbugs......

lots of facts, evidence and logical conclusions. but much too elaborate. he could have just said "when it comes to gold, i agree with ol' Naam".

[churchill]

I would have thought this is a postive for gold -

As well as on energy, CFTC likely to look at position limits for gold and silver.

http://www.mineweb.com/mineweb/view/minewe...9&sn=Detail

[Datsun240Z]

Remember the great Egypt, where Gold was admired more then ever:

[flying]

eagle proof coin shortage

Production of United States Mint American Eagle Gold Proof and Uncirculated Coins has been temporarily suspended because of unprecedented demand for American Eagle Gold Bullion Coins. Currently, all available 22-karat gold blanks are being allocated to the American Eagle Gold Bullion Coin Program, as the United States Mint is required by Public Law 99-185 to produce these coins “in quantities sufficient to meet public demand . . . .”

The United States Mint will resume the American Eagle Gold Proof and Uncirculated Coin Programs once sufficient inventories of gold bullion blanks can be acquired to meet market demand for all three American Eagle Gold Coin products. Additionally, as a result of the recent numismatic product portfolio analysis, fractional sizes of American Eagle Gold Uncirculated Coins will no longer be produced

Buffalo coin shortage

Production of United States Mint 2009 American Buffalo Gold Proof Coins has been delayed because of the limited availability of 24-karat gold blanks. The 2009 American Buffalo One-ounce Gold Proof Coin is scheduled to go on sale in the second half of the 2009 calendar year after an acceptable inventory of 24-karat gold blanks can be acquired. The release date, once established, will be posted to the 2009 Scheduled Products Listing.

As a result of the numismatic product portfolio analysis conducted last fall, beginning in 2009, American Buffalo Gold Proof fractional coins and the four-coin set are no longer available. Additionally, the United States Mint will no longer offer American Buffalo Gold Uncirculated Coins.

Edited July 14, 2009 by flying

[churchill]

From http://www.kitco.com/ind/nadler/jul142009A.html

"Finally, a rather surreal story from Spain, one that reads like it ought to have been published on the first day of the fourth month of the year. No, not the one about Generalissimo Francisco Franco being still dead. We do learn however, that: "cash-strapped Spain has ordered its navy to look for huge gold reserves that were lost at sea in the 16th century. Gold bullion and silver treasure worth an estimated £85 billion - the size of the nation's current budget shortfall - lies on the sea bed off the coast of southern Spain. The Inca and Aztec loot is believed to be in heavily laden vessels which hit the bottom of the sea in bad weather as they returned to Cadiz from South America. Naval mine sweepers are to begin radar and sonar surveys to try to locate the wrecks."

[churchill]

A special report on gold from the Erste Group

From July 2009, it is a 55-page pdf:

http://www.bgmi.us/data/2009SpecialReportGOLD.pdf

[flying]

A special report on gold from the Erste Group

From July 2009, it is a 55-page pdf:

http://www.bgmi.us/data/2009SpecialReportGOLD.pdf

Top of page 4 will piss Naam off for sure

Edited July 15, 2009 by flying

[Naam]

A special report on gold from the Erste Group

from July 2009, it is a 55-page pdf:

http://www.bgmi.us/data/2009SpecialReportGOLD.pdf

Top of page 4 will piss Naam off for sure

why would an arbitrary remark (meant to bullshit sheeple) made by some stupid banker "anals" who proved during the last 15 months that they possess a wealth of "no fàcking idea" upset me?

quote: "Gold therefore set itself clearly apart from the rest with an annual performance of 6% in USD

and almost 10% in EUR."

a 6% performance p.a. in USD and or 10% in €UR, starting in the year 2000, ending and calculated per dato could have easily been achieved by a moderately intelligent German Shepherd or my Dachshund (if he was old enough).

investors who did not make an average 12-15% p.a. during that period (including the 2008 crash) and less than an annualised 30% in 2009 have either been very conservative and prudent or they didn't do their homework and wasted their time by looking for bakeries and butcheries which are for sale for a fistful of gold dust.

[flying]

why would an arbitrary remark (meant to bullshit sheeple) made by some stupid banker "anals" who proved during the last 15 months that they possess a wealth of "no fàcking idea" upset me?

quote: "Gold therefore set itself clearly apart from the rest with an annual performance of 6% in USD

and almost 10% in EUR."

a 6% performance p.a. in USD and or 10% in €UR, starting in the year 2000, ending and calculated per dato could have easily been achieved by a moderately intelligent German Shepherd or my Dachshund (if he was old enough).

investors who did not make an average 12-15% p.a. during that period (including the 2008 crash) and less than an annualised 30% in 2009 have either been very conservative and prudent or they didn't do their homework and wasted their time by looking for bakeries and butcheries which are for sale for a fistful of gold dust.

LOL..............That first long sentence would be a great signature line

You know why I said it.....Nothing to do with the measly 10%

I said it because every time this year I mentioned gold was doing ok.

You would jump in & say something along the lines of.....Just because something does well in USD means nothing to folks in other currency like Euro

Just ribbin ya

Edited July 15, 2009 by flying

[flying]

OTTAWA — To halt a possible “run” on the gold it safeguards for private businesses, the Royal Canadian Mint is reassuring customers their deposits are fully accounted for and in secure vaults as the investigation continues into as much as $20 million in lost precious metals.

http://www.ottawacitizen.com/business/Mint...0805/story.html

Why would they worry about a run? They do have what they are supposed to right? They should expect most metal owners may some day want physical delivery

[badge]

Folks concerned their paper Gold doesnt exist, now even physical is'nt there.

I bet theres plenty of Bernie Maddoffs in the PM world

[chuenjit]

http://www.theonion.com/content/video/us_t...ld_reserves_for

[Naam]

OTTAWA — To halt a possible “run” on the gold it safeguards for private businesses, the Royal Canadian Mint is reassuring customers their deposits are fully accounted for and in secure vaults as the investigation continues into as much as $20 million in lost precious metals.

http://www.ottawacitizen.com/business/Mint...0805/story.html

Why would they worry about a run? They do have what they are supposed to right? They should expect most metal owners may some day want physical delivery

and after the goodlooking prince was kissed he turned into an ugly frog.