Where Is Gold Going In This Market

[12DrinkMore]

http://www.nysun.com...anke-101/87752/

Bernanke 101

Editorial of The New York Sun | March 21, 2012 Print Send Comment

Chairman Bernanke’s decision to use the first of his four lectures at George Washington University to attack the gold standard certainly puts the hay down where us mules can get to it. “Ben Bernanke’s first lesson on economics: Forget about the gold standard,” is how Politico led its story. The Fed chairman used a series of slides to guide his remarks to a bright looking group of students. The “strength of a gold standard is its greatest weakness too,” one slide said. “Because the money supply is determined by the supply of gold, it cannot be adjusted in response to changing economic conditions.” Mr. Bernanke insisted he understands “the impulse” behind the gold standard, “but I think if you look at actual history the gold standard didn’t work well.”

Here is the talk

http://www.ustream.t...corded/21242022

The Bernank himself.

I haven't got to the end, just taking a small break. But I would have a lot of questions for him, indeed, I am very frustrated not to be able to ask them,.

But clearly the man is on the side of the Fed and central banking not on any gold standard, and its "flexible" monetary policy.

But in terms of the reintroducing a gold standard, well, that simply will not happen.

It would force governments and nations to adhere to strict monetary and fiscal discipline, with net exporters and importers having to balance the net trading balance over gold.

They would not like that.

But really, in the last hundred years at least, there never was a true gold standard. The amount of currency/debt issued was always far far higher than the amount of physical gold stuffed into the vaults. Those tiresome French made that quite clear. Demanding gold for USD's, well, really....

Edited March 21, 2012 by 12DrinkMore

[flying]

What folks have said about premiums is true & Yes Thailand is very fair about

premiums on their 96% gold.

The USA like apmex dot com is about $75 over spot for 1 oz coins like US Eagles

But someone also said there is always a premium & that is not 100% correct

If you buy direct from COMEX via a contract for gold or silver there is no premium

& you can choose to take physical delivery.

But these are not small quantities. I think they did away with the mini gold contract

which use to be their smallest at 35 ounces.

I *think* 100 ounces is the smallest now.

For Silver the min is 5000 oz

even then they..COMEX have the option of not giving you the actual gold or silver but instead paying you

off in dollars

Edited March 21, 2012 by flying

[Jayman]

What folks have said about premiums is true & Yes Thailand is very fair about

premiums on their 96% gold.

The USA like apmex dot com is about $75 over spot for 1 oz coins like US Eagles

But someone also said there is always a premium & that is not 100% correct

If you buy direct from COMEX via a contract for gold or silver there is no premium

& you can choose to take physical delivery.

But these are not small quantities. I think they did away with the mini gold contract

which use to be their smallest at 35 ounces.

I *think* 100 ounces is the smallest now.

For Silver the min is 5000 oz

even then they..COMEX have the option of not giving you the actual gold or silver but instead paying you

off in dollars

in walks MF Global...

[flying]

in walks MF Global...

Well among other possibilities........

COMEX like banks does not seem to hold what is needed to actually cover what

is traded in paper......A long standing complaint by many metal holders because of its implications

on price suppression.

But at least COMEX makes clear in their terms that the reserve they right to settle claims

in cash.

I did know some folks who were buying mini gold contracts back in 07-08

They did eventually get their physical gold from COMEX but it was like pulling teeth

Could also be why I think the mini contracts are not available any longer?

Not 100% & have not verified it. Perhaps it was they can only be settled in cash now?

Again not sure

A good site to read if your ever interested in the comings & goings

of COMEX inventory is Harvey's site

Can be interesting at times just to read about what actually moves & what does not.

Especially on large volume days. Makes you wonder

Edited March 21, 2012 by flying

[Naam]

on Gold spot / not spot connected / thai gold / thai gold prices... and similar confusing rubbish bla-bla here the facts that

Gold prices in Thailand are 100% connected and in line with the international spot price without huge premiums being added:

march 21st - 16.00 hrs Thai time

venue: "my" goldshop in Pattaya

international spot price Gold 999 = USD 1,659.10/ounce (shown on monitor)

equivalent price of Thai Gold 965 = USD 1,601.03 @ prevailing TT rate USD/THB 30.64 = THB 49,056/ounce

calculated Thailand Gold 965 price per Baht weight THB 24,042

selling price THB 24,100 for a 10 Baht weight

selling price THB 24,200 for 1 and 2 Baht weights.

[Jayman]

Back testing the $1634 low again.

[churchill]

Back testing the $1634 low again.

Is that setting up

A Beautiful (Inverse) Head and Shoulders

http://screwtapefile...-shoulders.html

or

Gold's Risk Scenario

http://theshortsideo...k-scenario.html

So we could either go up or down ...

Edited March 22, 2012 by churchill

[Jayman]

Back testing the $1634 low again.

Is that setting up

A Beautiful (Inverse) Head and Shoulders

http://screwtapefile...-shoulders.html

or

Gold's Risk Scenario

http://theshortsideo...k-scenario.html

So we could either go up or down ...

Yeah that's just what I am preparing for. I have buy stop at 1637 and sell stop at 1630

[churchill]

at the same time interesting that UK Chancellor highlighted gold positively whilst Bernanke is also highlighting gold but negatively

Fed's Bernanke: Gold standard systems didn't work before, won't work now

http://www.mineweb.c...tail&pid=102055

seems they are in a muddle ...

Edited March 22, 2012 by churchill

[churchill]

Back testing the $1634 low again.

Is that setting up

A Beautiful (Inverse) Head and Shoulders

http://screwtapefile...-shoulders.html

or

Gold's Risk Scenario

http://theshortsideo...k-scenario.html

So we could either go up or down ...

Yeah that's just what I am preparing for. I have buy stop at 1637 and sell stop at 1630

I don't trade short term ... but it's trying to tempt you ..

[midas]

Turkey Targets Gold Stashes

ISTANBUL—The Turkish government, facing a bloated current-account deficit that threatens to derail the country's rapid expansion, is trying to persuade Turks to transfer their vast personal holdings of gold into the country's banking system.

http://online.wsj.com/article/SB10001424052702304636404577295582725596106.html?mod=googlenews_wsj

[flying]

So we could either go up or down ...

Yup & I am more concerned with the $1550

[gogobar8]

So we could either go up or down ...

Yup & I am more concerned with the $1550

And the tgf is probably thinking she should have married a russian.

[Naam]

Turkey Targets Gold Stashes

ISTANBUL—The Turkish government, facing a bloated current-account deficit that threatens to derail the country's rapid expansion, is trying to persuade Turks to transfer their vast personal holdings of gold into the country's banking system.

http://online.wsj.co...=googlenews_wsj

Last year, as the Turkish lira tumbled almost 20% against the dollar—the fastest fall of any currency in the world—...

sometimes half the truth is misleading.

fact: looking at three years (mar 2009 - mar 2012) USDTRY the "gentle onlooker" realises that TRY lost vs. USD the value equivalent to a mosquito fart.

[gogobar8]

Turkey Targets Gold Stashes

ISTANBUL—The Turkish government, facing a bloated current-account deficit that threatens to derail the country's rapid expansion, is trying to persuade Turks to transfer their vast personal holdings of gold into the country's banking system.

http://online.wsj.co...=googlenews_wsj

Last year, as the Turkish lira tumbled almost 20% against the dollar—the fastest fall of any currency in the world—...

sometimes half the truth is misleading.

fact: looking at three years (mar 2009 - mar 2012) USDTRY the "gentle onlooker" realises that TRY lost vs. USD the value equivalent to a mosquito fart.

Half the truth is always misleading.

Garbage in, garbage out.

[Jayman]

Turkey Targets Gold Stashes

ISTANBUL—The Turkish government, facing a bloated current-account deficit that threatens to derail the country's rapid expansion, is trying to persuade Turks to transfer their vast personal holdings of gold into the country's banking system.

http://online.wsj.co...=googlenews_wsj

Last year, as the Turkish lira tumbled almost 20% against the dollar—the fastest fall of any currency in the world—...

sometimes half the truth is misleading.

fact: looking at three years (mar 2009 - mar 2012) USDTRY the "gentle onlooker" realises that TRY lost vs. USD the value equivalent to a mosquito fart.

I think that article is about the demand for gold in Turkey. But I know from reading this thread that not a single article gets by with at Naam calling BS.

[Naam]

Turkey Targets Gold Stashes

ISTANBUL—The Turkish government, facing a bloated current-account deficit that threatens to derail the country's rapid expansion, is trying to persuade Turks to transfer their vast personal holdings of gold into the country's banking system.

http://online.wsj.co...=googlenews_wsj

Last year, as the Turkish lira tumbled almost 20% against the dollar—the fastest fall of any currency in the world—...

sometimes half the truth is misleading.

fact: looking at three years (mar 2009 - mar 2012) USDTRY the "gentle onlooker" realises that TRY lost vs. USD the value equivalent to a mosquito fart.

I think that article is about the demand for gold in Turkey. But I know from reading this thread that not a single article gets by with at Naam calling BS.

whatever the article is about is besides the point. i copied and pasted from this article a statement word by word and commented it. my comments are correct and factual and i have not mentioned anything about "BS" as you wrongly insinuate. why don't you go back to your dark corner and voice your frustration to the walls left and right?

[midas]

Turkey Targets Gold Stashes

ISTANBUL—The Turkish government, facing a bloated current-account deficit that threatens to derail the country's rapid expansion, is trying to persuade Turks to transfer their vast personal holdings of gold into the country's banking system.

http://online.wsj.co...=googlenews_wsj

Last year, as the Turkish lira tumbled almost 20% against the dollar—the fastest fall of any currency in the world—...

sometimes half the truth is misleading.

fact: looking at three years (mar 2009 - mar 2012) USDTRY the "gentle onlooker" realises that TRY lost vs. USD the value equivalent to a mosquito fart.

I have already sent an e-mail to Rupert Murdoch and told him that Naam thinks

his poxy Wall Street Journal only tells half-truths!

Anyway it's all academic because this guy is telling the Turkish people not

fall for the banksters cheap tricks

Edited March 23, 2012 by midas

[midas]

Gunning for Gold

Question : What links Turkey, India and Vietnam? Answer : Weak currencies, trade deficits - and a suspicion that gold is to blame...

Here's the scenario: a falling currency, a widening trade deficit, and a population buying more and more gold. What's the result? Well, it tends to be an unhappy government - followed by a policy response.

We've seen it Vietnam, where central bankers continue to make noises about "mobilizing" the country's privately held gold, having last year handed an effective monopoly to a single refiner (later "administratively acquired" by the central bank).

http://www.safehaven...ontent=My+Yahoo

Edited March 23, 2012 by midas

[Jayman]

Turkey Targets Gold Stashes

ISTANBUL—The Turkish government, facing a bloated current-account deficit that threatens to derail the country's rapid expansion, is trying to persuade Turks to transfer their vast personal holdings of gold into the country's banking system.

http://online.wsj.co...=googlenews_wsj

Last year, as the Turkish lira tumbled almost 20% against the dollar—the fastest fall of any currency in the world—...

sometimes half the truth is misleading.

fact: looking at three years (mar 2009 - mar 2012) USDTRY the "gentle onlooker" realises that TRY lost vs. USD the value equivalent to a mosquito fart.

I have already sent an e-mail to Rupert Murdoch and told him that Naam thinks

his poxy Wall Street Journal only tells half-truths!

Anyway it's all academic because this guy is telling the Turkish people not

fall for the banksters cheap tricks

!

All this talk of real money vs fake money... But I thought that if Naam can spend it then it must be real.

[Jayman]

Gunning for Gold

Question : What links Turkey, India and Vietnam? Answer : Weak currencies, trade deficits - and a suspicion that gold is to blame...

Here's the scenario: a falling currency, a widening trade deficit, and a population buying more and more gold. What's the result? Well, it tends to be an unhappy government - followed by a policy response.

We've seen it Vietnam, where central bankers continue to make noises about "mobilizing" the country's privately held gold, having last year handed an effective monopoly to a single refiner (later "administratively acquired" by the central bank).

http://www.safehaven...ontent=My+Yahoo

Wall Street Journal misses the point about gold twice in one day

Submitted by cpowell on Fri, 2012-03-23 02:02. Section: Daily Dispatches

10p ET Thursday, March 22, 2012

Dear Friend of GATA and Gold:

Today The Wall Street Journal published two stories about efforts by governments to hinder the acquisition of gold by their people. The first, about Turkey, was dispatched to you earlier: http://www.gata.org/node/11161. The second, about India, is appended.

Despite GATA's many hectorings of its reporters, some done in person, the Journal refuses to acknowledge the big underlying story here, the danger to government power that is posed by an independent, competitive, supra-national currency, a currency whose suppression by Western central banks is a matter of long public if largely unreported record.

But as always Kitco's Jon Nadler is on speed dial when it's important for journalists to miss the point.

"The permanently bullish gold crowd has banked on salvation to come from India," Nadler says, "and what do we do when it's not very active?"

No, the permanently bullish crowd is banking on exposure of the massive naked short position in gold that is maintained by the big bullion banks at the behest of Western central banks. But the mainstream financial journalists at the Journal and elsewhere adhere religiously to the Nadler rule of gold market analysis: Never, never, never put a critical or even relevant question to the biggest participants in the market, central bankers.

CHRIS POWELL, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.

[midas]

Turkey Targets Gold Stashes

ISTANBUL—The Turkish government, facing a bloated current-account deficit that threatens to derail the country's rapid expansion, is trying to persuade Turks to transfer their vast personal holdings of gold into the country's banking system.

http://online.wsj.co...=googlenews_wsj

Last year, as the Turkish lira tumbled almost 20% against the dollar—the fastest fall of any currency in the world—...

sometimes half the truth is misleading.

fact: looking at three years (mar 2009 - mar 2012) USDTRY the "gentle onlooker" realises that TRY lost vs. USD the value equivalent to a mosquito fart.

I think that article is about the demand for gold in Turkey. But I know from reading this thread that not a single article gets by with at Naam calling BS.

Maybe Naam is connected to Kitco's Jon Nadler

[Naam]

I have already sent an e-mail to Rupert Murdoch and told him that Naam thinks his poxy Wall Street Journal only tells half-truths!

"half-truths" would be a blatant understatement Midas. WSJ has become the mother of all media liars and protector of those who cannot be named since Rupert Murdoch took over.

you out of all participants here should know that!

[udonguy]

What's changed since yesterday?

And what's gonna be different tomorrow?

same shit another day

[Jayman]

Zero Hedge tonight reports on another documented case of a tungsten-loaded gold bar and, unlike mainstream gold market analysts, grasps the crucial underlying point:

"Now, with the bulk of popular physical gold held in top-secret, private warehouses around the world, where it allegedly backs the balance sheets of the world's central banks, yet nobody can confirm its existence, nor audit the actual gold content, it is understandable why increasingly more are wondering: Just how much gold is there? And alongside that -- while gold (or is it GLD?) can be rehypothecated, can one do the same with tungsten?"

The Zero Hedge commentary is headlined "Tungsten-Filled 1-Kilo Gold Bar Found in the UK" and it's posted here:

http://www.zerohedge.com/news/tungsten-filled-1-kilo-gold-bar-found-uk

[midas]

Fiat money does have a use after all !

DUBLIN — As an emblem of the modern Irish condition, Frank Buckley is almost too apt. Dead broke, he lives in a house made of money.

“Everything is centered on the euro, but euros are only pieces of paper,” he said. “It’s what people do with the euros, the value we put on them, that changes their meaning.”

“When you walk in and see bricks of money in the toilet, it really gets you thinking about the whole concept of money,” Mr. Ruane said in an interview. (Mr. Buckley’s toilet is not yet operating; he uses a bathroom in a nearby gym.)

http://www.nytimes.c...ls.html?_r=3

Edited March 26, 2012 by midas

[midas]

Hey Naam ...i will swap you one brick of your beloved paper money

for a brick of shiny metal ?

but this guy is right. He said it was crazy when his friend committed suicide

because of financial problems. in fact he committed suicide because of the same pieces of paper

that is now used to build his house

Edited March 26, 2012 by midas

[mccw]

Your opinion of the guernsey bullion coins? They are around £1100 an oz compared to roughly £1170 for other nations.

They are certificated by metalor but I'm wondering how it is when time to sell in another country?

Notice how large these premiums are! And this is best prices from large dealers in uk. Roughly 8-10% on the guernsey coin and almost 18% on more mainstream countries.

Know any trustworthy sources for bullion at better rates?

[mccw]

Regarding the British pm comment about value of gold reserves; I checked the old news articles and it seems brown did 'only' sell half the reserves- so the figure of 11billion is basically just from appropriation rather than building new stock. So was just a dig at labour muppets rather than a boast of successful undercover policy; but maybe a slip of truth that infact gold reserves do matter and back a nation in many ways........,., open to discussion

[mccw]

Spot the predictive text mistake above^