sokal Posted September 3, 2009 Share Posted September 3, 2009 (edited) Gold major trend reversal imminent!First drop can be $40-60 in a heartbeat. New downtrend will last for 2 years or more. Wave bug Edited September 3, 2009 by sokal Link to comment Share on other sites More sharing options...
sokal Posted September 3, 2009 Share Posted September 3, 2009 Why? he doesn't know why, he is a wave bug. Link to comment Share on other sites More sharing options...
LaoPo Posted September 3, 2009 Share Posted September 3, 2009 HONG KONG (MarketWatch) -- Hong Kong is pulling all its physical gold holdings from depositories in London, transferring them to a high-security depository newly built at the city's airport, in a move that won praise from local traders Thursday. The facility, industry professionals said, would support Hong Kong's emergence as a Swiss-style trading hub for bullion and would lessen London's status as a key settlement-and-storage center. Martin Hennecke, a financial advisor with the Hong Kong-based Tyche Group Ltd., said that could be appealing to regional central banks unnerved after watching the global financial system teeter on verge of implosion last year. "Central banks are increasingly aware of the importance of having gold reserves at time of financial crisis and having it easily available at their own disposal," he said. Marketing efforts will be launched to convince Asian central banks to transfer their gold reserves to the Hong Kong facility, according to reports citing Raymond Lai, finance director with the Hong Kong Airport Authority. I'm not sure why you don't post the link as well as the whole article ? Sep 3, 2009, 6:22 a.m. EST Hong Kong recalls gold reserves, touts high-security vault In a challenge to London, Asian states invited to store bullion closer to home By Chris Oliver, MarketWatch HONG KONG (MarketWatch) -- Hong Kong is pulling all its physical gold holdings from depositories in London, transferring them to a high-security depository newly built at the city's airport, in a move that won praise from local traders Thursday. The facility, industry professionals said, would support Hong Kong's emergence as a Swiss-style trading hub for bullion and would lessen London's status as a key settlement-and-storage center. "Having a central government-sponsored vault would create a situation where you could conceivably look at Hong Kong as being a hub, where metal could be traded for the region," said Sunil Kashyap, managing director at Scotia Capital in Hong Kong, adding that the facility was the first with official government backing in the region. The Hong Kong Monetary Authority, which functions as the territory's unofficial central bank, will transfer its gold reserves stored in other vaults to the depository later this year, the Hong Kong government said in an earlier statement. The monetary authority reported $63 million in physical gold reserves as of July 31, according to its International Reserves and Foreign Currency Liquidity statement. The authority wouldn't disclose where the reserves are held, but local media reports cited gold traders as saying that London's the most likely location. Traders said the new depository facility could also foster new financial products, such as exchange-traded funds based on precious metals. The 3,660-square-foot depository, located at the city's main Chek Lap Kok Airport, will serve as a "storage facility for local and overseas government institutions," according to the government statement. Martin Hennecke, a financial advisor with the Hong Kong-based Tyche Group Ltd., said that could be appealing to regional central banks unnerved after watching the global financial system teeter on verge of implosion last year. "Central banks are increasingly aware of the importance of having gold reserves at time of financial crisis and having it easily available at their own disposal," he said. Meanwhile, local newspaper reports said the Hong Kong Mercantile Exchange had signed an agreement to use the depository for its physical settlement and storage needs. Marketing efforts will be launched to convince Asian central banks to transfer their gold reserves to the Hong Kong facility, according to reports citing Raymond Lai, finance director with the Hong Kong Airport Authority. Efforts will also be made to reach out to commodity exchanges, banks, precious-metals refiners and ETF providers, the reports said. Management firm Value Partners planned to launch an ETF gold fund that will use Hong Kong instead of London as a repository for the gold backing the fund, local reports said Thursday. http://www.marketwatch.com/story/hong-kong...ndon-2009-09-03 LaoPo Link to comment Share on other sites More sharing options...
flying Posted September 3, 2009 Share Posted September 3, 2009 Why would China buy gold when it produces more than anyone else? Why did China buy 400 toms of gold this year? Why ? Beats me Perhaps perceived value is higher than the paper they used to purchase it? Link to comment Share on other sites More sharing options...
flying Posted September 3, 2009 Share Posted September 3, 2009 i don't have access to exact data but since several years everybody knows that paper gold exceeds the existence of physical gold multiple times. the same goes for any commodity whether pork bellies, wheat, rice, oil, orange juice, copper, you name it and last not least... currencies. each and every day more Dollars and Euros change hands than what really exist. legal? my àss! Well that is a pretty sick game of musical chairs isn't it? Just another rigged casino. Link to comment Share on other sites More sharing options...
flying Posted September 3, 2009 Share Posted September 3, 2009 Gold major trend reversal imminent!First drop can be $40-60 in a heartbeat. New downtrend will last for 2 years or more. Moves of $50 a day I agree is more than likely as it gets crazy. But both ways Your not one of those Web Bot Report folks are you? That Red Imminent is very fetching though Link to comment Share on other sites More sharing options...
flying Posted September 3, 2009 Share Posted September 3, 2009 (edited) As a side note......... Silver is on a absolute tear today Edited September 3, 2009 by flying Link to comment Share on other sites More sharing options...
sokal Posted September 3, 2009 Share Posted September 3, 2009 As a side note.........Silver is on a absolute tear today Holy sh.t , I wonder when the plunge protection team is going to slow this thing down. Link to comment Share on other sites More sharing options...
flying Posted September 3, 2009 Share Posted September 3, 2009 Well I must say I think They are lining up their ducks very nicely Hong Kong recalls gold reserves, touts high-security vault In a challenge to London, Asian states invited to store bullion closer to home By Chris Oliver, MarketWatchHONG KONG (MarketWatch) -- Hong Kong is pulling all its physical gold holdings from depositories in London, transferring them to a high-security depository newly built at the city's airport, in a move that won praise from local traders Thursday. The facility, industry professionals said, would support Hong Kong's emergence as a Swiss-style trading hub for bullion and would lessen London's status as a key settlement-and-storage center. "Having a central government-sponsored vault would create a situation where you could conceivably look at Hong Kong as being a hub, where metal could be traded for the region," said Sunil Kashyap, managing director at Scotia Capital in Hong Kong, adding that the facility was the first with official government backing in the region. The Hong Kong Monetary Authority, which functions as the territory's unofficial central bank, will transfer its gold reserves stored in other vaults to the depository later this year, the Hong Kong government said in an earlier statement. The monetary authority reported $63 million in physical gold reserves as of July 31, according to its International Reserves and Foreign Currency Liquidity statement. The authority wouldn't disclose where the reserves are held, but local media reports cited gold traders as saying that London's the most likely location. Traders said the new depository facility could also foster new financial products, such as exchange-traded funds based on precious metals. The 3,660-square-foot depository, located at the city's main Chek Lap Kok Airport, will serve as a "storage facility for local and overseas government institutions," according to the government statement. Martin Hennecke, a financial advisor with the Hong Kong-based Tyche Group Ltd., said that could be appealing to regional central banks unnerved after watching the global financial system teeter on verge of implosion last year. "Central banks are increasingly aware of the importance of having gold reserves at time of financial crisis and having it easily available at their own disposal," he said. Meanwhile, local newspaper reports said the Hong Kong Mercantile Exchange had signed an agreement to use the depository for its physical settlement and storage needs. Marketing efforts will be launched to convince Asian central banks to transfer their gold reserves to the Hong Kong facility, according to reports citing Raymond Lai, finance director with the Hong Kong Airport Authority. Efforts will also be made to reach out to commodity exchanges, banks, precious-metals refiners and ETF providers, the reports said. Management firm Value Partners planned to launch an ETF gold fund that will use Hong Kong instead of London as a repository for the gold backing the fund, local reports said Thursday. Chris Oliver is MarketWatch's Asia bureau chief, based in Hong Kong. http://www.marketwatch.com/story/hong-kong...d=rss&rss=1 Link to comment Share on other sites More sharing options...
LaoPo Posted September 3, 2009 Share Posted September 3, 2009 Well I must say I think They are lining up their ducks very nicely I'm afraid you need to see an eye-doctor Flying: http://www.thaivisa.com/forum/Gold-Market-...64#entry2987264 LaoPo Link to comment Share on other sites More sharing options...
flying Posted September 3, 2009 Share Posted September 3, 2009 I'm afraid you need to see an eye-doctor Flying:http://www.thaivisa.com/forum/Gold-Market-...64#entry2987264 LaoPo Ah my bad Not so much glasses but the 17 hour time difference. When I wake up & read sometimes I reply to a post. That in turn jumps me ahead in the line & I have not yet read back. But sometimes post additional links. Sorry bout that Thanks Link to comment Share on other sites More sharing options...
LaoPo Posted September 3, 2009 Share Posted September 3, 2009 I'm afraid you need to see an eye-doctor Flying:http://www.thaivisa.com/forum/Gold-Market-...64#entry2987264 LaoPo Ah my bad Not so much glasses but the 17 hour time difference. When I wake up & read sometimes I reply to a post. That in turn jumps me ahead in the line & I have not yet read back. But sometimes post additional links. Sorry bout that Thanks Mai Pen Rai. Gold hits 6-month high... http://www.reuters.com/article/businessNew...dai&sp=true LaoPo Link to comment Share on other sites More sharing options...
flying Posted September 3, 2009 Share Posted September 3, 2009 (edited) Mai Pen Rai.Gold hits 6-month high... http://www.reuters.com/article/businessNew...dai&sp=true LaoPo Thanks yes a good day for metals. You know that other article that I duplicated is making big news. It could be the beginning of something larger...remains to be seen This is a good listen too... http://www.howestreet.com/audiovideo/index...ediaplayer/1366 It will be very interesting in days to come to see what happens. If it ever comes about that the paper versus physical causes a panic & if yes just if London has a problem delivering what they supposedly hold.....hmmm I dont know we will see. But China is telling its citizens to buy metals. Change in the air? PS: Silver traded at a 52 week high today too Edited September 3, 2009 by flying Link to comment Share on other sites More sharing options...
Naam Posted September 3, 2009 Share Posted September 3, 2009 But China is telling its citizens to buy metals. any official statement besides those in goldbug blogs? Link to comment Share on other sites More sharing options...
flying Posted September 3, 2009 Share Posted September 3, 2009 But China is telling its citizens to buy metals. any official statement besides those in goldbug blogs? I dont think I have ever seen any "official" anythings from China. If by that you mean the govt. posting a directive on the internet But same as all the talk about they were going to buy gold 400 tons. Most said no proof then they bought. As for this urging I saw it mid last month http://www.nowpublic.com/tech-biz/chinese-gold-boom Since then more & more so I am not certain but would not be surprised. No more surprised than Mexico thinking of doing silver on their own terms again. The main issue which seems verified is the recall of physical gold from London to their own newly built high security holding area. I think this could get very very interesting in the coming days. If London like most have leased gold then what result will this event have? I am just curious if it could cause a bit of turmoil or a domino type effect for other holding facilities? Interesting Times Still Link to comment Share on other sites More sharing options...
flying Posted September 3, 2009 Share Posted September 3, 2009 Link to comment Share on other sites More sharing options...
LaoPo Posted September 3, 2009 Share Posted September 3, 2009 But China is telling its citizens to buy metals. any official statement besides those in goldbug blogs? Do I have to tell you "Beijing" isn't nuts ? LaoPo Link to comment Share on other sites More sharing options...
Naam Posted September 3, 2009 Share Posted September 3, 2009 But China is telling its citizens to buy metals. any official statement besides those in goldbug blogs? Do I have to tell you "Beijing" isn't nuts ? LaoPo not me but some nutters claim that Beijing is nuts and other nutters believe it. anyway... i try to play it safe. i hate to cross my property line but when i do i always make sure that a Krüger Rand is in my wallet. and when we pass a bakery i tell the driver "cha-cha!" as i might miss a "FOR SALE" sign. you never know! p.s. actually i'm more interested to buy a butchery and wonder whether i should carry a couple more Krügers with me. Link to comment Share on other sites More sharing options...
flying Posted September 3, 2009 Share Posted September 3, 2009 p.s. actually i'm more interested to buy a butchery and wonder whether i should carry a couple more Krügers with me. Yeah then you could make wieners for the two wiener schnitzels actually give your proximity to China a fireworks/ammo shop may do better. Hmm if china citizens were to buy metals I am guessing more could afford a few silver rather than gold coins. Imagine if the majority bought just one silver coin each. Holy Hunt Brothers Link to comment Share on other sites More sharing options...
LaoPo Posted September 3, 2009 Share Posted September 3, 2009 But China is telling its citizens to buy metals. any official statement besides those in goldbug blogs? Do I have to tell you "Beijing" isn't nuts ? LaoPo not me but some nutters claim that Beijing is nuts and other nutters believe it. anyway... i try to play it safe. i hate to cross my property line but when i do i always make sure that a Krüger Rand is in my wallet. and when we pass a bakery i tell the driver "cha-cha!" as i might miss a "FOR SALE" sign. you never know! p.s. actually i'm more interested to buy a butchery and wonder whether i should carry a couple more Krügers with me. Better buy an original Metzgerei and about "Beijing": indeed, only the ignorant will say they're nuts but....whether officially communistic or not, the best brains in the country are in Beijing; they are far from nuts..very far. Aside: "The non-ferrous metal sector led the gain, boosted by higher prices on the global market. Shares of Zhongjin Gold Corp Ltd and Shandong Gold Group Co Ltd both climbed by the daily 10 percent limit to 52.31 yuan and 51.69 yuan respectively. Jiangxi Copper Corp soared its daily limit of 10 percent to 35.17 yuan. Gold futures on the COMEX Division of the New York Mercantile Exchange jumped to a three-month high on Wednesday as the dollar weakened upon disappointing jobless data. Silver and platinum both ended higher. The gold price for December delivery gained 2.2 percent to finish at $978.50 an ounce, touching as high as 981.40, the highest level since June 4. December silver ended at $15.365 per ounce, up 30.5 cents. October platinum gained $3.30 to $1,230.10 an ounce." Rest: http://www.chinadaily.com.cn/bizchina/2009...ent_8652392.htm LaoPo Link to comment Share on other sites More sharing options...
teletiger Posted September 5, 2009 Share Posted September 5, 2009 This could also go on the $ thread. "Gold and Systemic Crisis" http://www.zerohedge.com/article/gold-and-systemic-crisis Regards. Link to comment Share on other sites More sharing options...
flying Posted September 5, 2009 Share Posted September 5, 2009 This could also go on the $ thread."Gold and Systemic Crisis" http://www.zerohedge.com/article/gold-and-systemic-crisis Regards. Yes very good article & could fit in the $ collapse thread too. also.... The U.S. has a unique and deep relationship with Saudi Arabia It was on the news yesterday that relationship is strained.... Also from the article... Russia, Saudi Arabia 'set to finalize arms deal' http://www.google.com/hostednews/afp/artic...0OvXU3it2jCpPLg This whole thing is teetering that seems obvious to me. But the timing I just cannot be sure of how long it will teeter. I doubt anyone can know that. Which is the only reason I have not gone completely in one direction. To be wrong there would be just as bad. How long the TPTB can keep it up whether through their printing effort & media hyping of BS markets or through some other *event* yet to be shown is anyone's guess. These are interesting times to be sure. Link to comment Share on other sites More sharing options...
flying Posted September 5, 2009 Share Posted September 5, 2009 http://www.lookatvietnam.com/2009/09/gold-...ecord-high.html Gold on Saturday hit an all-time high in Vietnam of VND21.76 million a tael, which translates to US$1,022 an ounce. Link to comment Share on other sites More sharing options...
khunjake Posted September 6, 2009 Share Posted September 6, 2009 Could be panic buying once the old high $1030/oz. is taken out. Link to comment Share on other sites More sharing options...
sibeymai Posted September 6, 2009 Share Posted September 6, 2009 The Chinese have so many US$ (and other countries too: Middle East, Japan) that they need to convert into something tangible which will hold value better. Gold, platinum, silver are the obvious choices, but so are investments in non-US resource companies, investments in which are essentially investments in future supplies of resources for continued Chinese economic growth after the dust settles from the financial crisis. Once the US$ implodes there may support for a move away from fiat-money back to a gold standard which will further increase demand for gold so it seems like a good each-way bet to increase gold holdings as a long term strategy. Over the long term the potential up-side looks more favourable than the potential down-side. Link to comment Share on other sites More sharing options...
zorro1 Posted September 6, 2009 Share Posted September 6, 2009 Could be panic buying once the old high $1030/oz. is taken out. should get taken out next week I hope. Lots of Goldie explorers rallying Thursday in anticipation Link to comment Share on other sites More sharing options...
teletiger Posted September 6, 2009 Share Posted September 6, 2009 The Chinese have so many US$ (and other countries too: Middle East, Japan) that they need to convert into something tangible which will hold value better. Gold, platinum, silver are the obvious choices, but so are investments in non-US resource companies, investments in which are essentially investments in future supplies of resources for continued Chinese economic growth after the dust settles from the financial crisis.Once the US$ implodes there may support for a move away from fiat-money back to a gold standard which will further increase demand for gold so it seems like a good each-way bet to increase gold holdings as a long term strategy. Over the long term the potential up-side looks more favourable than the potential down-side. A word of caution here. If the Dow corrects sharply, (as anticipated?) then gold "should" drop as well. (flight to $ safety) I would agree though, in the long term gold "bullion" seems to have good potential. Regards. Link to comment Share on other sites More sharing options...
sibeymai Posted September 6, 2009 Share Posted September 6, 2009 (edited) Yes, there could be a "flight to safety" to the US$, but only by the uninformed. Depending on what the US does the US$ could easily go the same way as the Zim dollar. As is stands the US has only two options.....renege on their national debt or hyperinflation. Neither is a good option for the dollar. Both are good for gold. Edited September 6, 2009 by sibeymai Link to comment Share on other sites More sharing options...
gregb Posted September 6, 2009 Share Posted September 6, 2009 But China is telling its citizens to buy metals. any official statement besides those in goldbug blogs? I think this is what the hype is referring to. It's the only primary source I've seen. Has anyone seen something else? Link to comment Share on other sites More sharing options...
teletiger Posted September 6, 2009 Share Posted September 6, 2009 Yes, there could be a "flight to safety" to the US$, but only by the uninformed. Depending on what the US does the US$ could easily go the same way as the Zim dollar.As is stands the US has only two options.....renege on their national debt or hyperinflation. Neither is a good option for the dollar. Both are good for gold. The "uninformed" in March, accounted for $100s of billions. The Fed toolbox is not empty. It can also count on EU. CB's to back it. No doubt the Yankee roosters head is on the chopping block, from an Eastern prospective. Is it in their interests? No. (although the newly formed Japanese Government threatened it (pre election)). How far would the US go to protect it's 300 million citizens from Banana Republic status? This could be scary shit right here. Who is in charge in Washington? They gave Obama a PS2 hand held.....and told him it was the "remote trigger". His kids are about to bomb China back into the stone-age. It's a Global Monty Python sketch. I'm waiting for Gordon Brown's funny walk. For now, buy some small denomination gold and silver, rest in cash. AIMHO. DYOR. Regards. Link to comment Share on other sites More sharing options...
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