12DrinkMore Posted March 21, 2012 Share Posted March 21, 2012 (edited) 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 Link to comment Share on other sites More sharing options...
flying Posted March 21, 2012 Share Posted March 21, 2012 (edited) 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 Link to comment Share on other sites More sharing options...
Jayman Posted March 21, 2012 Share Posted March 21, 2012 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... Link to comment Share on other sites More sharing options...
flying Posted March 21, 2012 Share Posted March 21, 2012 (edited) 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 Link to comment Share on other sites More sharing options...
Naam Posted March 22, 2012 Share Posted March 22, 2012 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. Link to comment Share on other sites More sharing options...
Jayman Posted March 22, 2012 Share Posted March 22, 2012 Back testing the $1634 low again. Link to comment Share on other sites More sharing options...
churchill Posted March 22, 2012 Author Share Posted March 22, 2012 (edited) 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 Link to comment Share on other sites More sharing options...
Jayman Posted March 22, 2012 Share Posted March 22, 2012 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 Link to comment Share on other sites More sharing options...
churchill Posted March 22, 2012 Author Share Posted March 22, 2012 (edited) 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 Link to comment Share on other sites More sharing options...
churchill Posted March 22, 2012 Author Share Posted March 22, 2012 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 .. Link to comment Share on other sites More sharing options...
midas Posted March 22, 2012 Share Posted March 22, 2012 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 Link to comment Share on other sites More sharing options...
flying Posted March 22, 2012 Share Posted March 22, 2012 So we could either go up or down ... Yup & I am more concerned with the $1550 Link to comment Share on other sites More sharing options...
gogobar8 Posted March 22, 2012 Share Posted March 22, 2012 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. Link to comment Share on other sites More sharing options...
Naam Posted March 22, 2012 Share Posted March 22, 2012 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. Link to comment Share on other sites More sharing options...
gogobar8 Posted March 22, 2012 Share Posted March 22, 2012 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. Link to comment Share on other sites More sharing options...
Jayman Posted March 23, 2012 Share Posted March 23, 2012 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. Link to comment Share on other sites More sharing options...
Naam Posted March 23, 2012 Share Posted March 23, 2012 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? Link to comment Share on other sites More sharing options...
midas Posted March 23, 2012 Share Posted March 23, 2012 (edited) 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 Link to comment Share on other sites More sharing options...
midas Posted March 23, 2012 Share Posted March 23, 2012 (edited) 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 Link to comment Share on other sites More sharing options...
Jayman Posted March 23, 2012 Share Posted March 23, 2012 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. Link to comment Share on other sites More sharing options...
Jayman Posted March 23, 2012 Share Posted March 23, 2012 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. Link to comment Share on other sites More sharing options...
midas Posted March 23, 2012 Share Posted March 23, 2012 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 Link to comment Share on other sites More sharing options...
Naam Posted March 24, 2012 Share Posted March 24, 2012 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! Link to comment Share on other sites More sharing options...
udonguy Posted March 25, 2012 Share Posted March 25, 2012 What's changed since yesterday? And what's gonna be different tomorrow? same shit another day Link to comment Share on other sites More sharing options...
Jayman Posted March 25, 2012 Share Posted March 25, 2012 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 Link to comment Share on other sites More sharing options...
midas Posted March 26, 2012 Share Posted March 26, 2012 (edited) 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 Link to comment Share on other sites More sharing options...
midas Posted March 26, 2012 Share Posted March 26, 2012 (edited) 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 Link to comment Share on other sites More sharing options...
mccw Posted March 26, 2012 Share Posted March 26, 2012 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? Link to comment Share on other sites More sharing options...
mccw Posted March 26, 2012 Share Posted March 26, 2012 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 Link to comment Share on other sites More sharing options...
mccw Posted March 26, 2012 Share Posted March 26, 2012 Spot the predictive text mistake above^ Link to comment Share on other sites More sharing options...
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