Where Is Gold Going In This Market

[Naam]

thunderstorm and torrential rain in Pattaya. late evening temperatures dropped within minutes from 30ºC to 26.5ºC.

good reason that gold price moves up?

[Naam]

heavy rain seems good for garden.

seems sprinkler system (2 HP pump) not needed tonight.

rain seems filling up pond.

it seems deep well pump (1½ HP) not needed to fill up pond.

will Naam buy Portwine with savings of electric energy or is it likely that he buys more physical gold?

source: http://ww.naams-nonsense.org

[Jayman]

heavy rain seems good for garden.

seems sprinkler system (2 HP pump) not needed tonight.

rain seems filling up pond.

it seems deep well pump (1½ HP) not needed to fill up pond.

will Naam buy Portwine with savings of electric energy or is it likely that he buys more physical gold?

source: http://ww.naams-nonsense.org

entertaining as always.. thanks for that Lt.

[flying]

Many of us where here in 2009 on the other gold thread wondering

how the IMF's sale of 400 tons of their gold would affect gold price.

As it turned out it was a non event & did not affect price at all....remember?

India bought 200 tons of it at $1063/oz

I guess the IMF now wishes they had kept that gold.

Anyone remember who bought the other 200 tons back then?

I do not remember if India also bought the 2nd lot

[farang000999]

not sure if Euro decline will spike gold but gold spiked during the debt ceiling crap last year which is on the way again btw. truth be told, very few people are buying gold, at all. what they are doing is taken their gold down to the pawn shop and selling it. if gold is a bubble then it is the bubble with the fewest amount of participants in history. increased mining costs is bearish for gold miner stocks but bullish for above ground gold. of course, nothing stopping them from creating more gold electronically except when physical and paper suffer a price divide and the paper fraud is exposed.

/ illuminate / cough / cough

[flying]

what they are doing is taken their gold down to the pawn shop and selling it.

I find it interesting that here in the USA the buyers of scrap gold & jewelry are paying

$25/gram for 14K gold.

There are tons of these shops now setup.

14K gold is 58.5% gold so I am a bit surprised as usually these shops offer way less

Yet by my rough calculations @ $1555/oz today in the USA 58.5% or 14k gold should be about $909/oz

They are offering $25/gr x 31.1 gr = 1 troy oz or about $777

909-777= $132 profit per ounce......Not bad but usually these guys really scalp the gold sellers.

So they are actually being somewhat fair/desperate now.

[Jayman]

Many of us where here in 2009 on the other gold thread wondering

how the IMF's sale of 400 tons of their gold would affect gold price.

As it turned out it was a non event & did not affect price at all....remember?

India bought 200 tons of it at $1063/oz

I guess the IMF now wishes they had kept that gold.

Anyone remember who bought the other 200 tons back then?

I do not remember if India also bought the 2nd lot

Might have been russia.. not 100% sure though

[Jayman]

thunderstorm and torrential rain in Pattaya. late evening temperatures dropped within minutes from 30ºC to 26.5ºC.

good reason that gold price moves up?

hmm the rain stop or something cause gold started falling again to new lows.

[flying]

hmm the rain stop or something cause gold started falling again to new lows.

Just the USD doing its thing.....

Good for those who want to convert to a few Baht tho

[Jayman]

more german hype

http://www.spiegel.de/international/germany/debate-breaks-out-in-germany-over-foreign-gold-reserves-a-833289.html

[flying]

more german hype

http://www.spiegel.d...s-a-833289.html

From that article & in response to yearly audits/checks....

the Bundesbank said in a statement quoted by the Frankfurter Allgemeine Zeitung newspaper. "There are no doubts about the integrity and the reputation of these foreign depositories."

I think we will see more & more of this uneasiness.

Gawd help them if any tungsten ever turns up in an audit.

Also this is true but....they would not be the first to have recalled their physical since the crisis started.

Who was it last year?

But the Bundesbank wants to leave the gold where it is. Observers point out that apart from the high cost of transporting the gold back to Frankfurt, the symbolic effect of Germany repatriating its gold reserves might unsettle the nervous financial markets, who could see it as a sign of an impending collapse of the euro.

Edited May 15, 2012 by flying

[Jayman]

more german hype

http://www.spiegel.d...s-a-833289.html

From that article & in response to yearly audits/checks....

the Bundesbank said in a statement quoted by the Frankfurter Allgemeine Zeitung newspaper. "There are no doubts about the integrity and the reputation of these foreign depositories."

I think we will see more & more of this uneasiness.

Gawd help them if any tungsten ever turns up in an audit.

Also this is true but....they would not be the first to have recalled their physical since the crisis started.

Who was it last year?

But the Bundesbank wants to leave the gold where it is. Observers point out that apart from the high cost of transporting the gold back to Frankfurt, the symbolic effect of Germany repatriating its gold reserves might unsettle the nervous financial markets, who could see it as a sign of an impending collapse of the euro.

Hugo Chavez recalled all their gold and I thought it would start a trend but honestly had very little effect. Or maybe not... maybe it just takes time for more to follow suit.

[flying]

Hugo Chavez recalled all their gold and I thought it would start a trend but honestly had very little effect. Or maybe not... maybe it just takes time for more to follow suit.

Yes I thought that was it. I also remember Hong Kong recalling theirs from London

[Naam]

more german hype

http://www.spiegel.d...s-a-833289.html

should read "media hype" or rather sensationalist "media assumptions". the "Spiegel", a magazine belonging to the "media", writes

According to German media reports, the Bundesrechnungshof has now recommended in its confidential annual audit of the Bundesbank for 2011 that Germany's central bank check its foreign gold reserves with yearly spot checks.

aw jeez... the Spiegel journàsslist thinks a Bundesbank audit team can go to Fort Knox and check "this is theirs and this is ours"? are 272,000 German owned 12.5kg goldbars discernible from the other couple of million bars or more from different countries which are allegedly stored in Fort Knox?

and should the bars have disappeared what implication would that have? gold up or down?

[cdmtdm]

has anybody considered, what they will do with the gold they have on hand, when the shit hits the fan ? firstly how many gold holders have physical gold on hand ? i mean in the house ? of those that do are they 1 kg bars or coins or jewels ? if you have gold stocks or part of a fund etc etc how will u get your money when the gold panic run begins ? if we see a currency meltdown and gold is the new currency , how safe will physical gold holders be in reality ? if cash is worthless , how will you pay for things ?, down to the 7 eleven with a kilo of gold or booking an airline ticket with gold ? of course keeping the physical gold at home would be suicide , so where will u store it at the bank lol ? if you own gold and you have made a profit , get out and buy some land you can grow or cultivate to survive .. the dip is coming and its going to be a doozy ... anyone see similarities to the 1930"s?, people are looking for radical change, it will only take one charismatic radical leader as per Adolf and we will another war ... take a look at the amount of civil wars blazing away as we speak , who next ? greece ? spain ?

i sold my gold by the way ... because i am not greedy ....

[Naam]

Many of us where here in 2009 on the other gold thread wondering

how the IMF's sale of 400 tons of their gold would affect gold price.

As it turned out it was a non event & did not affect price at all....remember?

India bought 200 tons of it at $1063/oz

I guess the IMF now wishes they had kept that gold.

Anyone remember who bought the other 200 tons back then?

I do not remember if India also bought the 2nd lot

the IMF needs cash to make loans because countries who need IMF loans need them in worthless fiat cash or completely worthless cyber digits created out of thin air. as simple as that.

let's recapitulate: all those recent purchases of gold by central banks, Injuns, Tchineese, Papua New Guinea headhunters, pirates of the Caribbean, resident and non-resident goldbugs aficionados, announcements of Dyler Turd (null-hedge), various cross-roads cafés and "world gold councils" did not raise the price of gold a single copper penny (last time i checked).

the afore-mentioned is the status quo and neither wishful thinking nor wet dreams can change that status quo. but that does not prevent a gold price explosion, not today but perhaps next monday, next month, next year or ultimately when the road ends and the proverbial can can't be kicked any further. that is my [not so] humble opinion.

it goes with out saying that the mileages and opinions of Mrs Naam and Mr Flying, who secretly conspire behind my back, vary a lot from mine.

[binjalin]

has anybody considered, what they will do with the gold they have on hand, when the shit hits the fan ? firstly how many gold holders have physical gold on hand ? i mean in the house ? of those that do are they 1 kg bars or coins or jewels ? if you have gold stocks or part of a fund etc etc how will u get your money when the gold panic run begins ? if we see a currency meltdown and gold is the new currency , how safe will physical gold holders be in reality ? if cash is worthless , how will you pay for things ?, down to the 7 eleven with a kilo of gold or booking an airline ticket with gold ? of course keeping the physical gold at home would be suicide , so where will u store it at the bank lol ? if you own gold and you have made a profit , get out and buy some land you can grow or cultivate to survive .. the dip is coming and its going to be a doozy ... anyone see similarities to the 1930"s?, people are looking for radical change, it will only take one charismatic radical leader as per Adolf and we will another war ... take a look at the amount of civil wars blazing away as we speak , who next ? greece ? spain ?

i sold my gold by the way ... because i am not greedy ....

Panic could set in soon and gold could spike again but after that... Is anyone's guess but likely gold could fall as same people panic again and sell but I don't see this present dip as a continuous drop as the real panic has not yet hit - when it does I see many pouring into gold with their bank savings then a second wave of REAL panic and selling again

[cdmtdm]

According to the major polls, at least 2/3 of Americans think, “things will get better”. Yes, they are that stupid. Let’s look at some plain facts:

48% of Americans are considered either “low income” or living in poverty by the government.

20% of households are on Food Stamps.

1 in every 7 adults is on Food Stamps.

1 in 4 children are on Food Stamps.

Almost 3 out of 5 children are considered to be living in “low income” or impoverished homes.

The inflation rate is 10% not 3%.

The real unemployment rate is 22%, not “9%”. During the Great Depression it was “only” 25%.

Only 100 million Americans actually work for a living! They support the other 213 million. Many of these jobs are minimum wage and very low paying.

Household income has been seriously falling for over 10 years now. Your Social Insecurity check will only buy half of what it used to. Less and less people are self employed. More and more people work for the government and are overpaid and underworked.

Only half of black youths under 25 have a job.

Only two thirds of Latino youth under 25 have a job.

The average household debt is 50% more than their annual income.

Only half of Americans over 18 are married; in 1960 72% were married.

In 2005 the average home price was $225,00. It is now $150,000, and will be $100,000 by 2016. 1 in 5 Florida homes sits vacant. New home construction approaches zero.

1 in 5 American men aged 25 to 34 lives with their parents. Health care costs are totally out of control, as is Medicaid and Medicare. ObamaCare will just make all this infinitely worse.

We have 25% of the world prison inmates, but 5% of the population. We now have a police state far worse than China, North Korea, or Cuba.

There are far more derivatives that the GNP of the entire planet. When these collapse the world economy goes down with them.

1 in 7 Americans has 10 or more credit cards. Credit card debt and default are at never-before-seen rates.

Every man, women, child and infant in America owes a half million dollars in unfunded National Debt.

The real National Debt is about $170 trillion, not $17 trillion (the entire GNP is only $14 trillion).

Half of all Americans have less than $10,000 saved for retirement. Social Insecurity was broke decades ago.

One in six of the elderly live below the poverty line.

Half of all homes get some kind of gummint check.

During Obama’s three years in office he accumulated more government debt that in the entire history of this country from George Washington. to when Bill Clinton took office. In a mere three years he accumulated more debt than in 216 years. This is incomprehensible.

Only 1% of us farm for a living. During the Great Depression 25% of Americans were farmers. How and where are we going to get our food?

Americans hog down more prescription drugs that anyone on earth.

America spends HALF the entire worldwide war budget (with 5% of the world population) to attack other countries for no good reason at all. The entire War on Terror is a hoax. Al Qaeda is a media invention. The Taliban poses no threat to us at all.

The Constitution and Bill of Rights have been flushed down the toilet. Every week more Marxist, totalitarian police state bills get quietly passed by Congress with no media coverage.

Now explain how anything will get better.

[cdmtdm]

According to the major polls, at least 2/3 of Americans think, “things will get better”. Yes, they are that stupid. Let’s look at some plain facts:

48% of Americans are considered either “low income” or living in poverty by the government.

20% of households are on Food Stamps.

1 in every 7 adults is on Food Stamps.

1 in 4 children are on Food Stamps.

Almost 3 out of 5 children are considered to be living in “low income” or impoverished homes.

The inflation rate is 10% not 3%.

The real unemployment rate is 22%, not “9%”. During the Great Depression it was “only” 25%.

Only 100 million Americans actually work for a living! They support the other 213 million. Many of these jobs are minimum wage and very low paying.

Household income has been seriously falling for over 10 years now. Your Social Insecurity check will only buy half of what it used to. Less and less people are self employed. More and more people work for the government and are overpaid and underworked.

Only half of black youths under 25 have a job.

Only two thirds of Latino youth under 25 have a job.

The average household debt is 50% more than their annual income.

Only half of Americans over 18 are married; in 1960 72% were married.

In 2005 the average home price was $225,00. It is now $150,000, and will be $100,000 by 2016. 1 in 5 Florida homes sits vacant. New home construction approaches zero.

1 in 5 American men aged 25 to 34 lives with their parents. Health care costs are totally out of control, as is Medicaid and Medicare. ObamaCare will just make all this infinitely worse.

We have 25% of the world prison inmates, but 5% of the population. We now have a police state far worse than China, North Korea, or Cuba.

There are far more derivatives that the GNP of the entire planet. When these collapse the world economy goes down with them.

1 in 7 Americans has 10 or more credit cards. Credit card debt and default are at never-before-seen rates.

Every man, women, child and infant in America owes a half million dollars in unfunded National Debt.

The real National Debt is about $170 trillion, not $17 trillion (the entire GNP is only $14 trillion).

Half of all Americans have less than $10,000 saved for retirement. Social Insecurity was broke decades ago.

One in six of the elderly live below the poverty line.

Half of all homes get some kind of gummint check.

During Obama’s three years in office he accumulated more government debt that in the entire history of this country from George Washington. to when Bill Clinton took office. In a mere three years he accumulated more debt than in 216 years. This is incomprehensible.

Only 1% of us farm for a living. During the Great Depression 25% of Americans were farmers. How and where are we going to get our food?

Americans hog down more prescription drugs that anyone on earth.

America spends HALF the entire worldwide war budget (with 5% of the world population) to attack other countries for no good reason at all. The entire War on Terror is a hoax. Al Qaeda is a media invention. The Taliban poses no threat to us at all.

The Constitution and Bill of Rights have been flushed down the toilet. Every week more Marxist, totalitarian police state bills get quietly passed by Congress with no media coverage.

Now explain how anything will get better.

[cdmtdm]

sorry for the double post net dropped out

[farang000999]

has anybody considered, what they will do with the gold they have on hand, when the shit hits the fan ? firstly how many gold holders have physical gold on hand ? i mean in the house ? of those that do are they 1 kg bars or coins or jewels ? if you have gold stocks or part of a fund etc etc how will u get your money when the gold panic run begins ? if we see a currency meltdown and gold is the new currency , how safe will physical gold holders be in reality ? if cash is worthless , how will you pay for things ?, down to the 7 eleven with a kilo of gold or booking an airline ticket with gold ? of course keeping the physical gold at home would be suicide , so where will u store it at the bank lol ? if you own gold and you have made a profit , get out and buy some land you can grow or cultivate to survive .. the dip is coming and its going to be a doozy ... anyone see similarities to the 1930"s?, people are looking for radical change, it will only take one charismatic radical leader as per Adolf and we will another war ... take a look at the amount of civil wars blazing away as we speak , who next ? greece ? spain ?

i sold my gold by the way ... because i am not greedy ....

there will still be 7/11 and money will still have a value, just less than before.

[edgarfriendly]

$1539.

what happened to the 'support' and what not??

Its All <deleted>, Is What Happened.

Why do people continue to post up shit that has no meaning???

'in august of 1994 gold was xxx so that means xyz + bla bla bla'....

no, it does not mean that at all.

At the very least it may have 'meant' that at that time, but much more likely is that it means nothing except its a way to convince people who beleive nonsense to go out and act as they are expected to.

shall i cut and paste all the shit i find with the word gold in it?? why not??

[farang000999]

currencies get devalued all the time. it is, on the surface not that big of a deal. people who own that currency lose purchasing power. the country's products become cheaper for export and your citizens consume more locally instead of importing. The US is still spending a fortune on defense, so it is not as though our budget problems are as terrible as Greece's. We still have massive means of production and much to offer the world, again unlike Greece.

look at Thailand how they managed to go from 20thb/usd to 55thb/usd then to 30thb/usd. there was not a whole lot of canabalism.

the reason why gold is so important in 2012 is that EVERY country is embracing devaluation... see, instead of being mature adults and purging debt through default, the bankers and crooks (guvmints) prefer to play beggar thy neighbor!

[lannarebirth]

$1539.

what happened to the 'support' and what not??

Its All <deleted>, Is What Happened.

Why do people continue to post up shit that has no meaning???

'in august of 1994 gold was xxx so that means xyz + bla bla bla'....

no, it does not mean that at all.

At the very least it may have 'meant' that at that time, but much more likely is that it means nothing except its a way to convince people who beleive nonsense to go out and act as they are expected to.

shall i cut and paste all the shit i find with the word gold in it?? why not??

If I may I'd like to contribute some of my bla bla bla that don't mean shit to the discussion.

I'm in the states for a couple of months so don't have access to charts, but the shit I see looks like an imperfect descending triangle, apex of 1900ish, base of 1550ish, projecting to1200. The rest of the shit I see is a bunch of untested breakouts to at least 1000. The wife's better at this shit as she effectively called this latest swing top when she got bullish on Gold. I don't think it traded higher even one day after that.

Hey BTW she's bullish on Facebook (whatever that is) so buyer beware!

[12DrinkMore]

Panic could set in soon and gold could spike again but after that... Is anyone's guess but likely gold could fall as same people panic again and sell but I don't see this present dip as a continuous drop as the real panic has not yet hit - when it does I see many pouring into gold with their bank savings then a second wave of REAL panic and selling again

There is a fundamental flaw in that argument.

The west has no bank savings anymore to pour into anything.

http://citywire.co.uk/money/a-million-more-households-sink-into-debt/a587440

http://blogs.wsj.com/economics/2012/03/02/more-than-1-in-7-use-food-stamps-in-u-s/

[12DrinkMore]

Now explain how anything will get better.

Maybe they think (hope) that it simply can't get any worse.

[flying]

I see the Baht is reacting a little slower to the dollar rise this time.

I would like to see it get going & timing would be nice for some gold

purchases in Thailand

[cdmtdm]

i would still like the gold buffs to explain how the system will work if gold becomes the new world currency .....gold is as manipulated as any of the major currencies dont be fooled into holding too long ....

[midas]

i would still like the gold buffs to explain how the system will work if gold becomes the new world currency .....gold is as manipulated as any of the major currencies dont be fooled into holding too long ....

i think that may apply to Japanese Yen as well

this chart showing global sovereign debt as a percentage of total government revenues

Edited May 16, 2012 by midas

[yoshiwara]

Gold is going down with the euro. What a hoot!