Where Is Gold Going In This Market

[churchill]

Vive La France

'BIS - The Banque de France’s view on gold and comments on the euro'

http://anotherfreegoldblog.blogspot.fi/2011/11/bis-he-banque-de-frances-view-on-gold.html

[churchill]

Selling diamonds and buying more gold

http://blogs.marketwatch.com/cody/2013/06/26/selling-diamonds-and-buying-more-gold/

[Naam]

Vive La France

'BIS - The Banque de France’s view on gold and comments on the euro'

http://anotherfreegoldblog.blogspot.fi/2011/11/bis-he-banque-de-frances-view-on-gold.html

sigh... when will you do a little research Churchill instead of ridiculing yourself over and over again?

Speech by Mr Hervé Hannoun, First Deputy Governor of the Banque de France, at a dinner organised by Goldman Sachs on the occasion of the Financial Times Gold Conference held on 26 June 2000.

The Banque de France is a major gold holder (with more than 3,000 tons). The creation of the single currency has in no way modified our policy and motivations for holding gold, which remains in our view an important reserve asset.

let's recapitulate...

-13 years ago Banque de France held >3,000 tons of Gold.

-as of december 2012 Banque de France holds 2,451.8 tons of Gold (source: International Monetary Fund).

-meanwhile... Banque de France has sold ~600 tons.

Vive la France... bien sûr!

[midas]

Lower Gold Prices Force Mining Projects to Close

On some estimates April's sharp fall in gold prices, the metal's worst slump in three decades, meant 15% of miners globally were unprofitable.

http://goldnews.bullionvault.com/gold-prices-mining-061920136

Edited June 27, 2013 by midas

[farang000999]

Gold bugs most be super pumped for this buying opportunity.

[NeverSure]

If I get really pumped and take advantage of this opportunity, it will drop to $600.

Diamonds and gold. Two of the most manipulated commodities out there and we aren't insiders.

With gold and silver I have to think dollar cost average, and they are going to bury it with me. If I start trying to play those markets for profit all I get is a headache.

[churchill]

Vive La France

'BIS - The Banque de France’s view on gold and comments on the euro'

http://anotherfreegoldblog.blogspot.fi/2011/11/bis-he-banque-de-frances-view-on-gold.html

sigh... when will you do a little research Churchill instead of ridiculing yourself over and over again?

Speech by Mr Hervé Hannoun, First Deputy Governor of the Banque de France, at a dinner organised by Goldman Sachs on the occasion of the Financial Times Gold Conference held on 26 June 2000.

The Banque de France is a major gold holder (with more than 3,000 tons). The creation of the single currency has in no way modified our policy and motivations for holding gold, which remains in our view an important reserve asset.

let's recapitulate...

-13 years ago Banque de France held >3,000 tons of Gold.

-as of december 2012 Banque de France holds 2,451.8 tons of Gold (source: International Monetary Fund).

-meanwhile... Banque de France has sold ~600 tons.

Vive la France... bien sûr!

Les Salopes ......I knew we should never trust Central Bankers. , especially the French .. all lies ...smoke and mirrors

BTW Have they returned the Gold requested by Germany yet

http://www.youtube.com/watch?v=4aHaSbrf2n4

'The new policy will include the complete withdrawal of 374 tons of German gold stored at the Banque de France in Paris, about 11 percent of the total. Bundesbank officials were quick to note that the decision was not a reflection of French trustworthiness. Rather, because France and Germany now share the euro, there is no need for reserves as insurance against currency crises.'

http://www.nytimes.com/2013/01/17/business/global/german-central-bank-to-repatriate-gold-reserves.html?_r=0

Edited June 28, 2013 by churchill

[Naam]

Have they returned the Gold requested by Germany yet

all German gold has disappeared. read the gloom&doomers for more info!

[Naam]

bull market!

Today Egon von Greyerz warned King World News that the global derivatives market has already suffered a staggering $300 trillion of losses. These massive derivatives losses, which are being hidden from the public, will help lead the rebound in gold as it begins the next of its bull market.

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/6/28_$300_Trillion_In_Derivatives_Losses_To_Lead_Golds_Rebound.html

[midas]

Vive La France

'BIS - The Banque de France’s view on gold and comments on the euro'

http://anotherfreegoldblog.blogspot.fi/2011/11/bis-he-banque-de-frances-view-on-gold.html

sigh... when will you do a little research Churchill instead of ridiculing yourself over and over again?

Speech by Mr Hervé Hannoun, First Deputy Governor of the Banque de France, at a dinner organised by Goldman Sachs on the occasion of the Financial Times Gold Conference held on 26 June 2000.

The Banque de France is a major gold holder (with more than 3,000 tons). The creation of the single currency has in no way modified our policy and motivations for holding gold, which remains in our view an important reserve asset.

let's recapitulate...

-13 years ago Banque de France held >3,000 tons of Gold.

-as of december 2012 Banque de France holds 2,451.8 tons of Gold (source: International Monetary Fund).

-meanwhile... Banque de France has sold ~600 tons.

Vive la France... bien sûr!

Les Salopes ......I knew we should never trust Central Bankers. , especially the French .. all lies ...smoke and mirrors

BTW Have they returned the Gold requested by Germany yet

http://www.youtube.com/watch?v=4aHaSbrf2n4

'The new policy will include the complete withdrawal of 374 tons of German gold stored at the Banque de France in Paris, about 11 percent of the total. Bundesbank officials were quick to note that the decision was not a reflection of French trustworthiness. Rather, because France and Germany now share the euro, there is no need for reserves as insurance against currency crises.'

http://www.nytimes.com/2013/01/17/business/global/german-central-bank-to-repatriate-gold-reserves.html?_r=0

" BTW Have they returned the Gold requested by Germany yet "

Stand and Deliver: How Germany Disrupted the World's Gold Market

http://jessescrossroadscafe.blogspot.ca/2013/06/stand-and-deliver-how-germany-disrupted.html

Edited June 28, 2013 by midas

[Naam]

vhy are ze Tchermans alvays doing bad zings?

[Tolley]

Watch out

'Russian Market ‏@russian_market50m

Old Swiss Banker tells me that Gold will fall to $750; Silver to $12 in 7 weeks -> quotes forced liquidation at central banks incl. #SNB'

I am a chart trader but usually don't trade gold. It's choppy acting market so I focus on the EUR/USD

$750 is entirely possible but it's going to be spectacle of war around $1000.

After low to mid 900's resistance levels then its a free fall to 700's.

It could definitely rally off of $1000 and make a good if ultimately futile show of strength.

1000 level will be epic religious war zone

1000 is the cost of production for many producers. I don't reckon it will go much lower than that if it gets to that level.

Gold is a risky investment but if you aren't risk adverse it would be a good buy down at 1000-1100 medium term.

[midas]

Throughout all of history, there has never been a single instance where a fiat currency did not end in hyperinflation and complete collapse. There is not one example of a successful fiat currency. Because the simple thing is that if you give a printing press, in simplified terms, to a politician, a king, an emperor, a president, a prime minister, you name it, they will overuse it every single time. That is just human nature. And that is what happens.

It is particularly a deficiency in democracy, because democracy will also always have people vote themselves a bunch of benefits that the politicians promise to get elected. And that is how you get this spiral effect that keeps going. So the end result is the same.

This time around, though, we are in unchartered territory, because you have got global fiat currencies and you have got a global reserve currency. So unlike hyperinflations in the past – like, everybody knows about Germany, it was restricted to a country – this time it is going to be global.

In terms of the short term, there is probably no other choice but to print more, because if the Fed pulled back in its quantitative easing, we would have a massive depression. So for the moment, you print more. But the problem is, what happens down the road?

http://www.peakprosperity.com/podcast/82228/nick-barisheff-case-much-higher-gold-prices

[yoshiwara]

Throughout all of history, there has never been a single instance where a fiat currency did not end in hyperinflation and complete collapse. There is not one example of a successful fiat currency. Because the simple thing is that if you give a printing press, in simplified terms, to a politician, a king, an emperor, a president, a prime minister, you name it, they will overuse it every single time. That is just human nature. And that is what happens.

It is particularly a deficiency in democracy, because democracy will also always have people vote themselves a bunch of benefits that the politicians promise to get elected. And that is how you get this spiral effect that keeps going. So the end result is the same.

This time around, though, we are in unchartered territory, because you have got global fiat currencies and you have got a global reserve currency. So unlike hyperinflations in the past – like, everybody knows about Germany, it was restricted to a country – this time it is going to be global.

In terms of the short term, there is probably no other choice but to print more, because if the Fed pulled back in its quantitative easing, we would have a massive depression. So for the moment, you print more. But the problem is, what happens down the road?

http://www.peakprosperity.com/podcast/82228/nick-barisheff-case-much-higher-gold-prices

'Down the road' on Planet Eventually. (From a website touting $10,000 an ounce gold) Edited July 1, 2013 by yoshiwara

[NeverSure]

Throughout all of history, there has never been a single instance where a fiat currency did not end in hyperinflation and complete collapse. There is not one example of a successful fiat currency. Because the simple thing is that if you give a printing press, in simplified terms, to a politician, a king, an emperor, a president, a prime minister, you name it, they will overuse it every single time. That is just human nature. And that is what happens.

It is particularly a deficiency in democracy, because democracy will also always have people vote themselves a bunch of benefits that the politicians promise to get elected. And that is how you get this spiral effect that keeps going. So the end result is the same.

This time around, though, we are in unchartered territory, because you have got global fiat currencies and you have got a global reserve currency. So unlike hyperinflations in the past – like, everybody knows about Germany, it was restricted to a country – this time it is going to be global.

In terms of the short term, there is probably no other choice but to print more, because if the Fed pulled back in its quantitative easing, we would have a massive depression. So for the moment, you print more. But the problem is, what happens down the road?

http://www.peakprosperity.com/podcast/82228/nick-barisheff-case-much-higher-gold-prices

Yes, I always just love predictions of massive gold price increases made by people who want to sell me gold.

[LibertyNinja1776]

Throughout all of history, there has never been a single instance where a fiat currency did not end in hyperinflation and complete collapse. There is not one example of a successful fiat currency. Because the simple thing is that if you give a printing press, in simplified terms, to a politician, a king, an emperor, a president, a prime minister, you name it, they will overuse it every single time. That is just human nature. And that is what happens.

It is particularly a deficiency in democracy, because democracy will also always have people vote themselves a bunch of benefits that the politicians promise to get elected. And that is how you get this spiral effect that keeps going. So the end result is the same.

This time around, though, we are in unchartered territory, because you have got global fiat currencies and you have got a global reserve currency. So unlike hyperinflations in the past – like, everybody knows about Germany, it was restricted to a country – this time it is going to be global.

In terms of the short term, there is probably no other choice but to print more, because if the Fed pulled back in its quantitative easing, we would have a massive depression. So for the moment, you print more. But the problem is, what happens down the road?

http://www.peakprosperity.com/podcast/82228/nick-barisheff-case-much-higher-gold-prices

'Down the road' on Planet Eventually. (From a website touting $10,000 an ounce gold)

Can't say I agree that peak prosperity touts $10,000 gold price. One of their guests the other day does though.

What they do tout is some great free (some paid) info that predicts a major inflection point in geopolitics, resources and global finance. (2008 wasn't it unfortunately.)

http://www.peakprosperity.com/crashcourse It's free! - the crash course. No sections titled "aaah panic! buy gold!"

[midas]

Throughout all of history, there has never been a single instance where a fiat currency did not end in hyperinflation and complete collapse. There is not one example of a successful fiat currency. Because the simple thing is that if you give a printing press, in simplified terms, to a politician, a king, an emperor, a president, a prime minister, you name it, they will overuse it every single time. That is just human nature. And that is what happens.

It is particularly a deficiency in democracy, because democracy will also always have people vote themselves a bunch of benefits that the politicians promise to get elected. And that is how you get this spiral effect that keeps going. So the end result is the same.

This time around, though, we are in unchartered territory, because you have got global fiat currencies and you have got a global reserve currency. So unlike hyperinflations in the past – like, everybody knows about Germany, it was restricted to a country – this time it is going to be global.

In terms of the short term, there is probably no other choice but to print more, because if the Fed pulled back in its quantitative easing, we would have a massive depression. So for the moment, you print more. But the problem is, what happens down the road?

http://www.peakprosperity.com/podcast/82228/nick-barisheff-case-much-higher-gold-prices

'Down the road' on Planet Eventually. (From a website touting $10,000 an ounce gold)

Can't say I agree that peak prosperity touts $10,000 gold price. One of their guests the other day does though.

What they do tout is some great free (some paid) info that predicts a major inflection point in geopolitics, resources and global finance. (2008 wasn't it unfortunately.)

http://www.peakprosperity.com/crashcourse It's free! - the crash course. No sections titled "aaah panic! buy gold!"

I also believe that 10,000 is fantasy. But what isn't fantasy is the inability of central bankers to have discipline. Just like junkies or alcoholics they will just keep printing a bit more and a bit more ...............

Edited July 2, 2013 by midas

[mccw]

If the dollar really did collapse 10,000 or 100,000 or priceless gold could be in dollar terms, but how its purchasing power in any particular market or country is an unknowable. If Dollar collapsed and a "new dollar" back by gold were introduced as a replacement then it can be worked out somewhat hazily wich is where some of these 10 or 20k figures come from.

These are extreme scenarios obviously but not impossible.

[churchill]

Armstrong Economics Metals Bull or Bear?

http://armstrongeconomics.com/2013/07/02/metals-bull-or-bear/

[yoshiwara]

If the dollar really did collapse 10,000 or 100,000 or priceless gold could be in dollar terms, but how its purchasing power in any particular market or country is an unknowable. If Dollar collapsed and a "new dollar" back by gold were introduced as a replacement then it can be worked out somewhat hazily wich is where some of these 10 or 20k figures come from.

These are extreme scenarios obviously but not impossible.

Whereas in real life, this year, right now it is the dollar which has strengthened and gold that has gone down the plughole.

[churchill]

If the dollar really did collapse 10,000 or 100,000 or priceless gold could be in dollar terms, but how its purchasing power in any particular market or country is an unknowable. If Dollar collapsed and a "new dollar" back by gold were introduced as a replacement then it can be worked out somewhat hazily wich is where some of these 10 or 20k figures come from.

These are extreme scenarios obviously but not impossible.

Whereas in real life, this year, right now it is the dollar which has strengthened and gold that has gone down the plughole.

So contrary to your " Hero " poor Dennis

Sell gold and buy USD

[mccw]

If the dollar really did collapse 10,000 or 100,000 or priceless gold could be in dollar terms, but how its purchasing power in any particular market or country is an unknowable. If Dollar collapsed and a "new dollar" back by gold were introduced as a replacement then it can be worked out somewhat hazily wich is where some of these 10 or 20k figures come from.

These are extreme scenarios obviously but not impossible.

Whereas in real life, this year, right now it is the dollar which has strengthened and gold that has gone down the plughole.

Yes; I said "extreme scenario"; there are many possible scenarios.

[midas]

If the dollar really did collapse 10,000 or 100,000 or priceless gold could be in dollar terms, but how its purchasing power in any particular market or country is an unknowable. If Dollar collapsed and a "new dollar" back by gold were introduced as a replacement then it can be worked out somewhat hazily wich is where some of these 10 or 20k figures come from.

These are extreme scenarios obviously but not impossible.

Whereas in real life, this year, right now it is the dollar which has strengthened and gold that has gone down the plughole.

So contrary to your " Hero " poor Dennis

Sell gold and buy USD

Because we have to remember that blonde economic genius lady on Bloomberg, who pointed out gold isn't backed by anything, whereas the US dollar is backed by the integrity and economic genius of Ben Shalom Bernanke

[yoshiwara]

If the dollar really did collapse 10,000 or 100,000 or priceless gold could be in dollar terms, but how its purchasing power in any particular market or country is an unknowable. If Dollar collapsed and a "new dollar" back by gold were introduced as a replacement then it can be worked out somewhat hazily wich is where some of these 10 or 20k figures come from.

These are extreme scenarios obviously but not impossible.

Whereas in real life, this year, right now it is the dollar which has strengthened and gold that has gone down the plughole.

So contrary to your " Hero " poor Dennis

Sell gold and buy USD

Because we have to remember that blonde economic genius lady on Bloomberg, who pointed out gold isn't backed by anything, whereas the US dollar is backed by the integrity and economic genius of Ben Shalom Bernanke

Holders of USD trouncing gold this year whichever way you look at it. Edited July 2, 2013 by yoshiwara

[mccw]

One scenario; probably the most unlikely of all but I do think possible is if west and emerging markets fall in to recession together then the physical support from east turns the otherway on top of PIGS central bank and paper market selling then we get a Major price collapse to say $200-400 and oz followed maybe by central banks across the world printing and or system/ currency collapses and then possibly a rocket to the moon in PM prices as who ever has money left has no where else half safe to put it. Or maybe its collapse and its not worth much along with everything else, values across the board are zero or not very much, most trade and exchange grinds to a halt for a while.

More likely; I think a new range will be set around where we are today; demand for physical from east continues while supply contracts due to production unprofitability; prices rise slowly across the decades ahead but with volatility both ways on news of eurozone central bank selling or miners closing shop and such.

[yoshiwara]

One scenario; probably the most unlikely of all but I do think possible is if west and emerging markets fall in to recession together then the physical support from east turns the otherway on top of PIGS central bank and paper market selling then we get a Major price collapse to say $200-400 and oz followed maybe by central banks across the world printing and or system/ currency collapses and then possibly a rocket to the moon in PM prices as who ever has money left has no where else half safe to put it. Or maybe its collapse and its not worth much along with everything else, values across the board are zero or not very much, most trade and exchange grinds to a halt for a while.

More likely; I think a new range will be set around where we are today; demand for physical from east continues while supply contracts due to production unprofitability; prices rise slowly across the decades ahead but with volatility both ways on news of eurozone central bank selling or miners closing shop and such.

Its PIIGS, not PIGS.

[mccw]

^ leaving out Ireland then its PIGS

Up to u....

And my phones predictive text

[LibertyNinja1776]

I wonder if (further on into a crisis) some central banks start buying gold, even with printed money at some point. But for printer-less Europeans - selling gold = selling sovereignty?

Slippery slope to fiscal union. As Henry Kissinger said "the unconstitutional takes a little longer". A simple analysis would suggest, the German plaintiffs in the upcoming court case are somewhat aware what the endgame could be?

[LibertyNinja1776]

One scenario; probably the most unlikely of all but I do think possible is if west and emerging markets fall in to recession together then the physical support from east turns the otherway on top of PIGS central bank and paper market selling then we get a Major price collapse to say $200-400 and oz followed maybe by central banks across the world printing and or system/ currency collapses and then possibly a rocket to the moon in PM prices as who ever has money left has no where else half safe to put it. Or maybe its collapse and its not worth much along with everything else, values across the board are zero or not very much, most trade and exchange grinds to a halt for a while.

More likely; I think a new range will be set around where we are today; demand for physical from east continues while supply contracts due to production unprofitability; prices rise slowly across the decades ahead but with volatility both ways on news of eurozone central bank selling or miners closing shop and such.

Its PIIGS, not PIGS.

It's interesting to think about how the debt situation in Europe (or Japan) will play out.

Probably a banking crisis and a proper sovereign bond market crisis - rates rise, bond values plummet, defaults, bank failures, more bail-ins and capital flight. Even after 2008 we haven't really seen REAL 1997 baht-style capital flight anywhere major yet. Japan a bit, but we probably ain't seen nothin' yet.

The US is the best of the bad bunch and has more time in my opinion. The US dollar would then likely rally, but gold won't necessarily drop. That correlation is actually quite bad if you look at it.

I think gold will return as a safe haven in that event. The manipulation in gold has positioned USD into a safehaven from a chart & technical perspective, but manipulated to get there - a temporary safehaven. Til a similar thing happens in the US later on.

Dollar up and gold up in a euro bond crisis is my call. Larry Edelson says the same thing. http://finance.money...RWRA&ec=5616272 See sessions 1 and 2. (not 3)

Kyle Bass has a similar view. His predictions have been super early. youtube - paste this after: /watch?v=X4g9LEhCMF8

I doubt gold will go anywhere near $200-400.

[yoshiwara]

One scenario; probably the most unlikely of all but I do think possible is if west and emerging markets fall in to recession together then the physical support from east turns the otherway on top of PIGS central bank and paper market selling then we get a Major price collapse to say $200-400 and oz followed maybe by central banks across the world printing and or system/ currency collapses and then possibly a rocket to the moon in PM prices as who ever has money left has no where else half safe to put it. Or maybe its collapse and its not worth much along with everything else, values across the board are zero or not very much, most trade and exchange grinds to a halt for a while.

More likely; I think a new range will be set around where we are today; demand for physical from east continues while supply contracts due to production unprofitability; prices rise slowly across the decades ahead but with volatility both ways on news of eurozone central bank selling or miners closing shop and such.

Its PIIGS, not PIGS.

It's interesting to think about how the debt situation in Europe (or Japan) will play out.

Probably a banking crisis and a proper sovereign bond market crisis - rates rise, bond values plummet, defaults, bank failures, more bail-ins and capital flight. Even after 2008 we haven't really seen REAL 1997 baht-style capital flight anywhere major yet. Japan a bit, but we probably ain't seen nothin' yet.

The US is the best of the bad bunch and has more time in my opinion. The US dollar would then likely rally, but gold won't necessarily drop. That correlation is actually quite bad if you look at it.

I think gold will return as a safe haven in that event. The manipulation in gold has positioned USD into a safehaven from a chart & technical perspective, but manipulated to get there - a temporary safehaven. Til a similar thing happens in the US later on.

Dollar up and gold up in a euro bond crisis is my call. Larry Edelson says the same thing. http://finance.money...RWRA&ec=5616272 See sessions 1 and 2. (not 3)

Kyle Bass has a similar view. His predictions have been super early. youtube - paste this after: /watch?v=X4g9LEhCMF8

I doubt gold will go anywhere near $200-400.

Good old Larry. Not a patch on Larry Sanders though. He was great.