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Asheron

Savers Rush For Gold As Eurozone Debt Fears Drive Up Price‎

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Renewed panic about debts in the eurozone has caused the price of gold to rise, triggering predictions that it will soon hit a record high.
Gold trades today at just under $1,700 (£1,070) an ounce, down from a record $1,900 last September.

Commentators predict it will rise on the back of resurgent fears over Europe’s indebted governments and banks. The authoritative Gold Survey from information group Thomson Reuters predicted last Wednesday that gold could reach $2,000 an ounce by the end of 2012 or in early 2013.


Read more: http://www.thisismoney.co.uk/money/investing/article-2129714/Savers-rush-gold-eurozone-debt-fears-drive-price.html#ixzz1sEwJESPN

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[quote name='Asheron' timestamp='1334610593' post='909015200']
Renewed panic about debts in the eurozone has caused the price of gold to rise, triggering predictions that it will soon hit a record high.
Gold trades today at just under $1,700 (£1,070) an ounce, down from a record $1,900 last September.

Commentators predict it will rise on the back of resurgent fears over Europe’s indebted governments and banks. The authoritative Gold Survey from information group Thomson Reuters predicted last Wednesday that gold could reach $2,000 an ounce by the end of 2012 or in early 2013.


Read more: http://www.thisismoney.co.uk/money/investing/article-2129714/Savers-rush-gold-eurozone-debt-fears-drive-price.html#ixzz1sEwJESPN
[/quote]

Just FYI

gold down today to 1652USD http://www.kitco.com/charts/livegold.html

report http://www.theaustralian.com.au/business/markets/stronger-us-dollar-weighs-on-gold/story-e6frg91x-1226329590434

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[quote name='jonesinamillion' timestamp='1334694775' post='909016146']
Furthermore, gold AND silver have been on the slide since 29th Feb.
[/quote]

Many who saw the writing on the wall, bought when gold and especially silver got hammered in 2008 and where are we now.

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[quote name='Take Me Back To London!' timestamp='1334767563' post='909016889']
Many who saw the writing on the wall, bought when gold and especially silver got hammered in 2008 and where are we now.
[/quote]

It's underperformed

Should have bought AAPL. AAPL pays divs too.

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[quote name='Banana Monarchy' timestamp='1335975116' post='909028481']
It's underperformed

Should have bought AAPL. AAPL pays divs too.
[/quote]
Technically they only just announced dividends , have they even given any out yet?

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[quote name='Banana Monarchy' timestamp='1335975116' post='909028481']
It's underperformed

Should have bought AAPL. AAPL pays divs too.
[/quote]

Hi Banana Monarchy,

I have to disagree with that statement.

The last time Apple paid a dividend was back in 1995.

I do not wish to be rude, I am not here to do that, but did you buy Apple shares with every last penny you had and every bit of credit you had available when the shares were around $2 to $3 or is this hindsight advice? £100K invested back then would be £20+ million now. I am not interested one bit in shares and so that does not keep me up at night. I am interested, as well as the people in Europe as this thread relates to, in having wealth in the safest and best place and that's the World's premier reserve currency. Gold and Apple shares are two completely different things, the former is money, the latter is not.

Gold has done very well, up 15% a year on average over over the last decade and 47 fold since 1971 . I wished I had kept my money in the building society and taken the advice of financial advisers to have a FTSE 100 tracker. :lol: Edited by Take Me Back To London!

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[quote name='Take Me Back To London!' timestamp='1336309471' post='909031608']
Hi Banana Monarchy,

I have to disagree with that statement.

The last time Apple paid a dividend was back in 1995.

I do not wish to be rude, I am not here to do that, but did you buy Apple shares with every last penny you had and every bit of credit you had available when the shares were around $2 to $3 or is this hindsight advice? £100K invested back then would be £20+ million now. I am not interested one bit in shares and so that does not keep me up at night. I am interested, as well as the people in Europe as this thread relates to, in having wealth in the safest and best place and that's the World's premier reserve currency. Gold and Apple shares are two completely different things, the former is money, the latter is not.

Gold has done very well, up 15% a year on average over over the last decade and 47 fold since 1971 . I wished I had kept my money in the building society and taken the advice of financial advisers to have a FTSE 100 tracker. :lol:
[/quote]

Anyone who puts every last penny of their assets into anything near the top of a ponzi bubble* (such as gold) deserves everything that's coming to them.

* which I would broadly define as any asset whose price is entirely dependent upon new money flows rather than discounted future cash flows. Gold has negative future cash flows and is thus a highly volatile ponzi which tends to oscillate around a long term mean. It's obvious to everyone except vested interests that it's nearer the top of its long term oscillation than the bottom.

When China crashes and burns so too will commodities and metals.

Gold isn't money. But I'm not re-opening that pointless debate. Gold is very poor value on its ponzi bubble path at these prices (in historical terms - all the goldbug charts tell you that). If it goes higher before the bubble bursts then it only becomes less attractive and higher risk.

I apologise for not engaging in 'debates' about this. It's clear on all historic measures. Can it go higher here? Yes of course. Will the bubble burst? Yes, of course. Will it appear a 'one way' bet before it does? Absolutely. So what?

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[quote name='Banana Monarchy' timestamp='1336398465' post='909032478']
Anyone who puts every last penny of their assets into anything near the top of a ponzi bubble* (such as gold) deserves everything that's coming to them.
[/quote]

Were you one of those calling a top when it was $500? $700? $1000?

The bubble is in paper. We are heading for a total paper money collapse.

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[quote name='Banana Monarchy' timestamp='1335975116' post='909028481']
It's underperformed

Should have bought AAPL. AAPL pays divs too.
[/quote]

You did this did you - or are you just talking pointlessly?

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[quote name='Banana Monarchy' timestamp='1336398465' post='909032478']
Anyone who puts every last penny of their assets into anything near the top of a ponzi bubble* (such as gold) deserves everything that's coming to them.

* which I would broadly define as any asset whose price is entirely dependent upon new money flows rather than discounted future cash flows. Gold has negative future cash flows and is thus a highly volatile ponzi which tends to oscillate around a long term mean. It's obvious to everyone except vested interests that it's nearer the top of its long term oscillation than the bottom.

When China crashes and burns so too will commodities and metals.

Gold isn't money. But I'm not re-opening that pointless debate. Gold is very poor value on its ponzi bubble path at these prices (in historical terms - all the goldbug charts tell you that). If it goes higher before the bubble bursts then it only becomes less attractive and higher risk.

I apologise for not engaging in 'debates' about this. It's clear on all historic measures. Can it go higher here? Yes of course. Will the bubble burst? Yes, of course. Will it appear a 'one way' bet before it does? Absolutely. So what?
[/quote]

Paper money is being wiped out, you can not get a positive return on it and that is why gold is the place to be. Keeping your money in the bank and you have had and will continue to have your purchasing power taken away from you. If things were or near "normal" and not like now with things in a complete financial turmoil and on the edge of outright castastrophe I would be the proud holder of paper fiat. I do not have gold for the fun of it.

I put the bulk of my money in gold between 2006 and 2009, I was told back then that it was a ponzi about to crash and burn, yet the fundamentals have just got stronger and the price of gold has steadily gone up, the mainstream are still not into it, they are still as they have said over the most part of the last 11 years talking it down. Gold continues to be sold by the weak hands and being bought by the stronger hands, the poor are being stripped of their wealth, which I do not like one bit, but I am not going down without a fight.


China crash and burn :lol: It's the West that is doing the crashing and burning.


Gold is not money, you say. Why do Central Banks hold hundreds and thousands of tons of it? Why is China paying for oil from Iran with gold from the 28th June to get around the USA shutting down the SWIFT payment system to Iran?

Please post the chart(s) that show gold is overvalued. Against the amount of paper money now in existence by past history gold is undervalued. Edited by Take Me Back To London!

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[img]http://www.housepricecrash.co.uk/images/bubble-lifecycle.gif[/img]

I'm confused by this Ponzi Gold Bubble and have some questions...

Can someone please explain what happened to the Media Attention, Enthusiasm, Greed, Delusion and New Paradigm phases? Did we short-circuit those and head straight into Capitulation or did we miss the Media Attention bit and only a handful of Gold Bugs take us through the other phases?

Also, how come the heard never got sheared in this Ponzi Bubble? I thought the grand plan with these things always involves the media and so called experts herding the people into the bubble just before the @rse falls out, the smart money buys in early and sells to the average Joe who is always late to the party and desperate to buy into the dream after being egged on by the media and other participants.

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[quote name='Russe11' timestamp='1336483259' post='909033567']
Such demand that gold dips below £1000 oz today
[/quote]
Opportunity to buy! :D

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[quote name='MrFlibble' timestamp='1336479495' post='909033486']
[img]http://www.housepricecrash.co.uk/images/bubble-lifecycle.gif[/img]

I'm confused by this Ponzi Gold Bubble and have some questions...

Can someone please explain what happened to the Media Attention, Enthusiasm, Greed, Delusion and New Paradigm phases? Did we short-circuit those and head straight into Capitulation or did we miss the Media Attention bit and only a handful of Gold Bugs take us through the other phases?

Also, how come the heard never got sheared in this Ponzi Bubble? I thought the grand plan with these things always involves the media and so called experts herding the people into the bubble just before the @rse falls out, the smart money buys in early and sells to the average Joe who is always late to the party and desperate to buy into the dream after being egged on by the media and other participants.
[/quote]
this is the bear trap

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[quote name='Ruffneck' timestamp='1336489008' post='909033692']
this is the bear trap
[/quote]

Looks that way if we are to believe the sections; Smart Money, Institutional Investors, Public. The latter simply hasn't happened yet.

We'll know in the fullness of time...

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[quote name='Ruffneck' timestamp='1336489008' post='909033692']
this is the bear trap
[/quote]
The first bear trap prior to media attention?
Or the second one before it all goes pear shaped? And if so, what happened to the mania phase? I missed that. :)

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Nervous!

Wasnt intending on buying any more PMs so this "dip" ain't impressing me!

I appreciate that PMs aren't a one way bet but the belief that I'd bought at the right time (though a lot later than mst on here admittedly) is currently being tested..

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[quote name='jonesinamillion' timestamp='1336586999' post='909034915']
Nervous!

Wasnt intending on buying any more PMs so this "dip" ain't impressing me!

I appreciate that PMs aren't a one way bet but the belief that I'd bought at the right time (though a lot later than mst on here admittedly) is currently being tested..
[/quote]


Hold on to your two krugerrands

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[quote name='jonesinamillion' timestamp='1336586999' post='909034915']
Nervous!

Wasnt intending on buying any more PMs so this "dip" ain't impressing me!

I appreciate that PMs aren't a one way bet but the belief that I'd bought at the right time (though a lot later than mst on here admittedly) is currently being tested..
[/quote]

Nervous! This is luxuary compared to 2008, before we really saw for sure what the CBs were prepared to do.

I get nervous when we get too much positive sentiment about gold, so I feel quite comfortable right now.


If you regard gold as a bet, it's a better bet than having cash in a bank, building society or under the mattress. Edited by Take Me Back To London!

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[quote name='Take Me Back To London!' timestamp='1336593974' post='909035045']
I get nervous when we get too much positive sentiment about gold, so I feel quite comfortable right now.
[/quote]

There's certainly negative sentiment right now, desperately negative, the fact they wheeled out Bill Gates was the cherry on the cake for me :)

Buffet and Munger's comments feel more like backlash to me, most probably caused by them bad mouthing Gold previously and someone, think it was Schiff, pointing out that Gold had pissed all over Berkshire Hathaway over the last decade.

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