Errol Posted August 16, 2012 Share Posted August 16, 2012 China moving in on a massive gold company purchase - World's largest gold producer Barrick in talks with China over 74pc stake in African unit http://www.telegraph.co.uk/finance/newsbysector/industry/mining/9479350/Worlds-largest-gold-producer-Barrick-in-talks-with-China-over-74pc-stake-in-African-unit.html Quote Link to comment Share on other sites More sharing options...
Seydel Posted August 16, 2012 Share Posted August 16, 2012 Finally something we can agree on. Gold is presently up a magnificent 70 cents an ounce today. Clearly, news that Soros, Paulson and the Chinese state have added to their stacks recently has forced some shorts to cover. Is this the turning point? Are we finally on the cusp of the explosive summer rally that the KWN crowd, Jim Sinclair and Turd Ferguson have been foretelling on a daily basis for the past two months? I'm asking you because you are such an astute person. Please regale us with your insight. Quote Link to comment Share on other sites More sharing options...
R K Posted August 16, 2012 Share Posted August 16, 2012 That wasn't what Sinclair did. In the 1970-80 period he identified gold as a trade, went in huge, dominated the market and effectively ended the bull when he sold at the top (a legendary sequence of events for which he is rightly famous). In around 2000, he stated that gold would be $1650 by a month in 2011. He missed the exact date by months but the trade was absolutely spot on (a long term, decade long trade). Lots of people closed out the trade at that point - which is fine. However, Sinclair believes the entire financial system is ending (so to speak), and therefore the correct 'trade' (if it can be called that) is to hold gold and wait. No, he didn't. He exited his punters way before the nominal top in the last bubble. This bubble he seems hell bent on leaving them until after the bubble has burst, or until he's cashed out his African mining interests, whichever comes first. As for his big calls - You really need to revisit his countdown to dollar collapse in '09, his 'buy the breakout' gold miners in summer '11 (juniors down more than twice UK houyse prices since then) and his March '12 call for an (informed) 'imminent event' and $2100 guaranteed by June. He's the biggest contra indicator out there - even if your gurus are Putin and Jaibo and your exit plan is a gulag in Siberia. Quote Link to comment Share on other sites More sharing options...
R K Posted August 16, 2012 Share Posted August 16, 2012 If $1,530 doesn't hold as support then my opinion was wrong, but so far I'm right. You've been consistently wrong (and abusive) for the last 12 months. You're bound to get lucky one day. Quote Link to comment Share on other sites More sharing options...
Seydel Posted August 16, 2012 Share Posted August 16, 2012 No, he didn't. He exited his punters way before the nominal top in the last bubble. This bubble he seems hell bent on leaving them until after the bubble has burst, or until he's cashed out his African mining interests, whichever comes first. As for his big calls - You really need to revisit his countdown to dollar collapse in '09, his 'buy the breakout' gold miners in summer '11 (juniors down more than twice UK houyse prices since then) and his March '12 call for an (informed) 'imminent event' and $2100 guaranteed by June. He's the biggest contra indicator out there - even if your gurus are Putin and Jaibo and your exit plan is a gulag in Siberia. I'll agree with you about Sinclair. He's been the worst of the worst during the past 12 months. If you want to know the bubble to watch out for then keep your eyes peeled for the sovereign debt one 'cause when that bursts you'll run the risk of living under a bridge. Quote Link to comment Share on other sites More sharing options...
warpig Posted August 16, 2012 Share Posted August 16, 2012 That's rich coming from a self proclaimed expert, that didn't realise central banks were now net buyers of gold. You've been consistently wrong (and abusive) for the last 12 months. You're bound to get lucky one day. Quote Link to comment Share on other sites More sharing options...
Errol Posted August 16, 2012 Share Posted August 16, 2012 He's the biggest contra indicator out there Surely this is Realistbear? Quote Link to comment Share on other sites More sharing options...
Seydel Posted August 16, 2012 Share Posted August 16, 2012 Exhibit A evidence supporting why Sinclair has indeed become the best contra-indicator alive today. He posted the article below hours before the Leap Day Leathering began. From memory, gold was at $1,785, silver $37 and the HUI 555. In the 5.5 months since, none have come close to recovering those levels. If he wasn't paid by the cartel to publish that steaming pile of dog sh*t when he did then he certainly deserves to be rewarded by them. http://www.jsmineset.com/2012/02/28/gold-market-of-the-70s-was-a-dress-rehearsal/ Gold Market Of The 70s Was A Dress Rehearsal February 28, 2012, at 7:23 pm My Dear Extended Family, Please keep focused on the fact that the gold market of the 70s was simply a dress rehearsal. What is taking place right now is the real thing. The supposed "Curse of 13" is behind you in the break from $1900 to close to $1500. The reaction was stopped because the need and use for QE to infinity is real and present in time. There is no other tool in the lender of last resort to the entire Western World’s toolbox other than QE which can be applied to create the degree of liquidity required to prevent a global implosion. No other tool can create infinite liquidity in a flash. There is no speculating on what might happen in the future. It has happened now. Few are looking at dollar utilization falling in international contracting and settlement. That is a key element of 2012. The US dollar has enjoyed demand from settlement and contracting which it is now losing daily. Gold is gaining utilization as a competitive currency. Enormous utilization was the blessing the dollar had when it was the reserve currency of choice. Utilization and settlement is falling fast as the dollar now is the reserve currency by default. Very few have ever tried to quantify this serendipitous demand for the dollar. Allow me to assure you dollar utilization for these purposes is huge and extremely important to dollar valuation. 2012 is the year the dollar falls as a result of a significant drop in dollar contract and settlement utilization. Imagine the demand for gold as the dollar closes below the antiquated measure of .7200 on the redundant USDX. When this occurs you will be looking back at $2111 from higher levels. Please keep in mind that this is not a dress rehearsal but rather the real thing. There is no practical means to handle the problems at hand. We are at the dead end of the road the can has been kicked down. Volatility in gold is going to go wild so just keep your head down and hold your insurance close to your chest. The cheapest thing gold is the gold share with the most ounces versus its price. Silver is a game, but one hell of a game. Another try by silver at $50 looks imminent. Regards, Jim. Quote Link to comment Share on other sites More sharing options...
Errol Posted August 16, 2012 Share Posted August 16, 2012 Interesting piece from JP Morgan (!) - 41 Years After The Death Of The Gold Standard, A Look At "How We Ended Up In This Economic Purgatory" http://www.zerohedge.com/news/41-years-after-death-gold-standard-look-how-we-ended-economic-purgatory Quote Link to comment Share on other sites More sharing options...
Errol Posted August 16, 2012 Share Posted August 16, 2012 George Soros more than doubled his shares in the SPDR gold trust ETF He increased his position in SPDR Gold to $137.3 million in the second quarter from $52 million previously. SEC filing for the second quarter showed Soros Fund Management more than doubled its investment in the SPDR Gold Trust from 319,550 shares to 884,400 shares at the end of June. http://www.businessinsider.com/soros-gold-action-speaks-louder-than-trumpeted-bubble-words-2012-8 Quote Link to comment Share on other sites More sharing options...
Injin Posted August 16, 2012 Share Posted August 16, 2012 George Soros more than doubled his shares in the SPDR gold trust ETF He increased his position in SPDR Gold to $137.3 million in the second quarter from $52 million previously. SEC filing for the second quarter showed Soros Fund Management more than doubled its investment in the SPDR Gold Trust from 319,550 shares to 884,400 shares at the end of June. http://www.businessinsider.com/soros-gold-action-speaks-louder-than-trumpeted-bubble-words-2012-8 If he bought, someone else sold. Tells you nothing. Quote Link to comment Share on other sites More sharing options...
Errol Posted August 16, 2012 Share Posted August 16, 2012 (edited) The Portuguese Run Out Of Gold To Sell "Business has gone from great to terrible in a matter of months. The sad truth is that most of my clients have already sold all of their gold rings," is anecdotal evidence of a growing trend that Bloomberg reports in Portugal http://www.zerohedge.com/news/portuguese-run-out-gold-sell Edited August 16, 2012 by Errol Quote Link to comment Share on other sites More sharing options...
Injin Posted August 16, 2012 Share Posted August 16, 2012 The Portuguese Run Out Of Gold To Sell "Business has gone from great to terrible in a matter of months. The sad truth is that most of my clients have already sold all of their gold rings," is anecdotal evidence of a growing trend that Bloomberg reports in Portugal http://www.zerohedge.com/news/portuguese-run-out-gold-sell Lots of people selling gold there. Quote Link to comment Share on other sites More sharing options...
Fortune Posted August 16, 2012 Share Posted August 16, 2012 What's up with all these gold bears? Why are they getting so excited? This to-ing and fro-ing in the metals markets will continue on for a few more months. When the bears get the most enthusiastic (I'd say in Oct) then we will breakout. Not sure if we will surpass all-time highs this year though - might have to wait until Jan 2013. Perhaps. Quote Link to comment Share on other sites More sharing options...
Fortune Posted August 16, 2012 Share Posted August 16, 2012 Quote Link to comment Share on other sites More sharing options...
Guest_FaFa!_* Posted August 17, 2012 Share Posted August 17, 2012 (edited) In the long term we have a descending triangle. In the short term we have a symmetrical triangle. As I understand both are generally bearish, but can be bullish. What appears certain is we should have a breakout either way fairly shortly. Should be interesting. By the way, I am a bear and I am not especially excited Edit: Edited August 17, 2012 by FaFa! Quote Link to comment Share on other sites More sharing options...
Errol Posted August 17, 2012 Share Posted August 17, 2012 What appears certain is we should have a breakout either way fairly shortly. Should be interesting. Exactly. And which ever way it goes I don't think it will matter as to the long term price targets. Quote Link to comment Share on other sites More sharing options...
Errol Posted August 17, 2012 Share Posted August 17, 2012 (edited) CME Europe Now Accepts Gold As Clearing Collateral Over two years ago, the US Clearing house of the CME, the world's largest derivatives marketplace, had no choice but to allow gold as collateral. As of minutes ago, the European arm of CME Clearing has folded too, and has released a press release stating that it too "has extended the range of eligible collateral types to include gold bullion." http://www.zerohedge.com/news/gold-continues-be-money-cme-europe-now-accepts-gold-clearing-collateral Edited August 17, 2012 by Errol Quote Link to comment Share on other sites More sharing options...
200p Posted August 18, 2012 Share Posted August 18, 2012 (edited) Not sure what to make of this, but worth a read, Startling Evidence That Central Banks And Wall Street Insiders Are Rapidly Preparing For Something BIG If you want to figure out what is going to happen next in the financial markets, carefully watch what the insiders are doing. Those that are "connected" have access to far better sources of information than the rest of us have, and if they hear that something big is coming up they will often make very significant moves with their money in anticipation of what is about to happen. Right now, Wall Street insiders and central banks all around the globe are making some very unusual moves. In fact, they appear to be rapidly preparing for something really big. So exactly what are they up to? In a previous article entitled "Are The Government And The Big Banks Quietly Preparing For An Imminent Financial Collapse?", I speculated that they may be preparing for a financial meltdown of some sort. As I noted in that article, more than 600 banking executives have resigned from their positions over the past 12 months, and I have been personally told that a substantial number of Wall Street bankers have been shopping for "prepper properties" this summer. But now even more evidence has emerged that quiet preparations are being made for an imminent financial collapse. That doesn't guarantee that something will happen or won't happen. Like any good detective, we are gathering clues and trying to figure out what the evidence is telling us. Why Is George Soros Selling So Much Stock And Buying So Much Gold? I am certainly not a fan of George Soros. He has funneled millions upon millions of dollars into organizations that are trying to take America in the exact wrong direction. However, I do recognize that he is extremely well connected in the financial world. Soros is almost always ahead of the curve on financial matters, and if something big is going to go down George Soros is probably going to know about it ahead of time. That is why it is very alarming that he has dumped all of his banking stocks and that he is massively hoarding gold. continues http://theeconomiccollapseblog.com/archives/startling-evidence-that-central-banks-and-wall-street-insiders-are-rapidly-preparing-for-something-big Edited August 18, 2012 by MrTReturns Quote Link to comment Share on other sites More sharing options...
200p Posted August 19, 2012 Share Posted August 19, 2012 Quote Link to comment Share on other sites More sharing options...
PiXeL8r Posted August 20, 2012 Share Posted August 20, 2012 If he bought, someone else sold. Tells you nothing. The things with ETFs is that when they are sold the seller does not have to deliver gold to the exchange, they just take a paper negative position. What do you think will happen when the end game finally arrives? I predict that these ETFs will not perform as described, due to bankrupt bullion banks defaulting on their shorts. Quote Link to comment Share on other sites More sharing options...
Injin Posted August 20, 2012 Share Posted August 20, 2012 The things with ETFs is that when they are sold the seller does not have to deliver gold to the exchange, they just take a paper negative position. What do you think will happen when the end game finally arrives? I predict that these ETFs will not perform as described, due to bankrupt bullion banks defaulting on their shorts. You think? I think some other payment wll be accepted instead. By law if neccessary. Quote Link to comment Share on other sites More sharing options...
quibble Posted August 20, 2012 Share Posted August 20, 2012 If he bought, someone else sold. Tells you nothing. 17 minutes later: Lots of people selling gold there. You crack me up, Injin. Quote Link to comment Share on other sites More sharing options...
Injin Posted August 20, 2012 Share Posted August 20, 2012 17 minutes later: You crack me up, Injin. In order for their to be a gold price, there have to be buyer and sellers. You can't point to an escalating price as proof of anything, you have to show reasons. Quote Link to comment Share on other sites More sharing options...
Take Me Back To London! Posted August 20, 2012 Share Posted August 20, 2012 (edited) You think? I think some other payment wll be accepted instead. By law if neccessary. The ETFs will default and the holders will be paid out by fiat cash settlement at the corrosponding price when their contracts were closed and all hell will rip. Edited August 20, 2012 by Take Me Back To London! Quote Link to comment Share on other sites More sharing options...
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