Errol Posted February 4, 2008 Share Posted February 4, 2008 SA: 60,000+ gold-miners lose their jobs in worsening electricity crisis Quote Link to comment Share on other sites More sharing options...
Its time to buy Posted February 4, 2008 Share Posted February 4, 2008 SA: 60,000+ gold-miners lose their jobs in worsening electricity crisis This is real news - why is there a shortage in electricity???? Quote Link to comment Share on other sites More sharing options...
Its time to buy Posted February 4, 2008 Share Posted February 4, 2008 OK just got upto speed on Eskom. Quote Link to comment Share on other sites More sharing options...
ChumpusRex Posted February 4, 2008 Share Posted February 4, 2008 This is real news - why is there a shortage in electricity???? SA's electricity infrastructure is failing - old power plants are unreliable, etc. - and demand has grown rapidly. This is worsened by the SA government's persistent refusal to permit the building of new power plants. Quote Link to comment Share on other sites More sharing options...
Compounded Posted February 5, 2008 Share Posted February 5, 2008 Its lagging behind the house price curve, but has risen nearly four fold over ten years so will have to correct sometime Gold is the ultimate safe haven, IMHO it should correct when it seems all will be well with the financial system, all the news suggests the opposite - Monolines, many big banks in the western world are in trouble, it appears that the US may be going bankrupt, new frauds seem to be appearing daily etc. etc. The price seems to slowly march upwards in spiky steps but slides down on sharp drops. That�s my analysis for what its worth. I don�t rate the naughty pixies analysis much. I think TA may be a useful tool if you intend to trade in and out, I dont. i just dollar cost average as I am saving in gold. SA: 60,000+ gold-miners lose their jobs in worsening electricity crisis Is South Africa going the same way as Zimbabwe? The mines may not open again for years if it is. Quote Link to comment Share on other sites More sharing options...
Goldfinger Posted February 5, 2008 Share Posted February 5, 2008 (edited) Someone dumping a little. South Africa: Amazing, how stupid governments are. Well known, but still amazing. Edited February 5, 2008 by Goldfinger Quote Link to comment Share on other sites More sharing options...
Guest_chris c-t_* Posted February 5, 2008 Share Posted February 5, 2008 Someone dumping a little. South Africa: Amazing, how stupid governments are. Well known, but still amazing. Got an email from my dad yesterday... no end in sight to power failures for now! No mining at the moment. Quote Link to comment Share on other sites More sharing options...
tenant447 Posted February 5, 2008 Share Posted February 5, 2008 Here's Ty Andros anticipating a von Mises crack-up boom and recommending gold and other commodities: http://www.financialsense.com/fsu/editoria.../2008/0204.html Quote Link to comment Share on other sites More sharing options...
Goldfinger Posted February 5, 2008 Share Posted February 5, 2008 Looks like a better and better buying opportunity is developing here. Love it. Thanks to the Cartel, that they make our gold so cheap. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted February 5, 2008 Share Posted February 5, 2008 Looks like a better and better buying opportunity is developing here. Love it. Thanks to the Cartel, that they make our gold so cheap. You may be right. Or, on the other hand, the opportunity now is to sell and get out of the market for a few years. Remember that after the big crash in gold in the early 1980's may saw buying opportunities all the way down from $850 to $122. There is a point when the market turns and the knife begins its descent. Its like houses, a cycle. There is a point at which the cycle moves down and only selling opportunities come into play. As of now the money is being repatriated to the US with much of it seen as risk aversion. The economy is still active but the worst of the HPC has yet to be felt. IR are coming down to try to soften the drop as inflation and recessions do not go together. GOLD 02/05/2008 08:03 888.80 889.60 -16.10 Quote Link to comment Share on other sites More sharing options...
tinecu Posted February 5, 2008 Share Posted February 5, 2008 IR are coming down to try to soften the drop as inflation and recessions do not go together. Inflation and recessions can coexist ...its called stagflation. Don't you see this as likely outcome as the Asian economies demand more more resources and sterling is devalued? Quote Link to comment Share on other sites More sharing options...
Goldfinger Posted February 5, 2008 Share Posted February 5, 2008 You may be right. Or, on the other hand, the opportunity now is to sell and get out of the market for a few years. Remember that after the big crash in gold in the early 1980's may saw buying opportunities all the way down from $850 to $122. ... Where is this number from? Quote Link to comment Share on other sites More sharing options...
R K Posted February 5, 2008 Share Posted February 5, 2008 Looks like a better and better buying opportunity is developing here. Love it. Thanks to the Cartel, that they make our gold so cheap. Thought you were fully invested? Personally I like the cartel - They're giving money away, seems silly not to take it off their hands. Quote Link to comment Share on other sites More sharing options...
Goldfinger Posted February 5, 2008 Share Posted February 5, 2008 Thought you were fully invested?Personally I like the cartel - They're giving money away, seems silly not to take it off their hands. I am fully invested, but I also have some income. So I save every month a little. And this goes into gold and silver. The cheaper the Cartel makes it for me, the better. Because in the long run, they're screwed. Quote Link to comment Share on other sites More sharing options...
Ologhai Jones Posted February 5, 2008 Share Posted February 5, 2008 Yes. But before that we will see the average house price below 100oz of gold, and possibly even below 80oz. An average house price of 100oz either means a gold price of around £2000/oz[1], an average house price of £50000[2], or a bit of both... Are you really expecting to see gold rise and houses fall sufficiently for 100oz to have the same value as an average house? [1] Which, as I understand, would be setting quite a precedent. [2] Which in its own way would be pretty incredible too! Quote Link to comment Share on other sites More sharing options...
R K Posted February 5, 2008 Share Posted February 5, 2008 Anyone short in this market is either a fool or has money to burn. So this $1000 by Xmas thing....any particular year? Quote Link to comment Share on other sites More sharing options...
theoutsider Posted February 5, 2008 Share Posted February 5, 2008 So this $1000 by Xmas thing....any particular year? This year. Would have last year if it wasn't for severe market manipulation. Quote Link to comment Share on other sites More sharing options...
azazel Posted February 5, 2008 Share Posted February 5, 2008 I am fully invested, but I also have some income. So I save every month a little. And this goes into gold and silver. The cheaper the Cartel makes it for me, the better. Because in the long run, they're screwed. You are that confident about gold and silver? How long have you been of this opinion? What price do you see avarage houses at when they are the same as 100 ounces? I think they are about £220,000 at the moment I would guess about £150,000 if the 35% drop is correct which would make gold £1500 per ounce or more than three times what it is now. I hope you are right. Quote Link to comment Share on other sites More sharing options...
azazel Posted February 5, 2008 Share Posted February 5, 2008 I have been looking into how long it would take a tradesman to earn a gold sovereign, a pound as it was before 1914 when it was "withdrawn". I found a website that seemed to sugest that a bricklayer or carpenter would earn just over 7 shillings a week (10 hour day, 6 day week). There is 20 shillings to a sovereign so it would take a tradesman three weeks to earn a sovereign. In todays money a carpenter can earn 24 sovereigns in three weeks, possibly alot more in London. A policeman in this period would earn 16 shillings a week. Seems to me that a sovereign would be worth about £500-£800 of todays money. Does anyone have any knowledge about wages in this period? I would think that the true value of gold can be calculated on this basis. Just as they have stopped making 2p out of copper as the copper is worth more than than 2p so now they are steel with copper plating I think. http://www.victorianweb.org/economics/currency.html Quote Link to comment Share on other sites More sharing options...
Errol Posted February 5, 2008 Share Posted February 5, 2008 (edited) So this $1000 by Xmas thing....any particular year? I've made it absolutely clear that my long term target is in excess of $1650 by 2011. I don't trade the market. I've also said on countless occasions that the price day to day, or even week to week is relatively irrelvant. I mean, who actually cares (apart from the spread-betters) if gold goes up or down by $100 (or more)? I'm interested in the price in 2-3 years time. I've been 'in' gold since 2000 and continue to buy regardless of the 'white noise' of daily/weekly price movements. Edited February 5, 2008 by Errol Quote Link to comment Share on other sites More sharing options...
Guest_chris c-t_* Posted February 5, 2008 Share Posted February 5, 2008 Direct from South Africa: heard in a bar today that government has agreed that mines stay closed therefore savingenough power to enable the rest of country to be relativly power cut free and will pay mine owners compo...seems a reasonable solution to an insoluable problem and all it will do is incrrease the price of gold leading to mine owners having a bigger wedge as i say this was a discussion in abar with two guys Also, chinese coal production faltering due to weather...on top of South African coal down too.... Quote Link to comment Share on other sites More sharing options...
Errol Posted February 5, 2008 Share Posted February 5, 2008 'The market does not beat them. They beat themselves, because though they have brains they cannot sit tight'. --Jesse Livermore Quote Link to comment Share on other sites More sharing options...
Impartial Posted February 5, 2008 Share Posted February 5, 2008 If you'd never bought gold before, would you start buying it now? Without doubt fook yes buy gold buy silver. you have many ways, goldmoney, bv, ebay, gold/silver bars and the most underperformer ready to explode quality junior miners. I'm still loading up every single month on something regardless of current price, i got physical, goldmoney and equities and accumulating more with every paycheque. the stock market explosion in 90's, the tech boom in 90's, the housing boom in 00's have all been described as booms - this bull market in gold, the parobilic mania stage has been described as an explosive bull market that will overshadow and desecrate all booms in all markets over the past 50 years. It will make the tech boom look like a bump in the road, hpi look like a bee sting, this motherfooker is gonna be mount everest in comparison. buy gold/buy silver, this current correction may be the last great buying opportunity before it leaves 1000 behind. Beware this is not a quick process, it is also an unpredictable process - the mania CANNOT be predicted, what can be predicted is according to current policy and economics and unless there is major policy change this mammoth gold bull blow off WILL happen. If the fundamentals change i'm out - at the moment and for the forseeable future i'm in and i urge all that do not know or understand precious metals or their behavior, start learning now and use your knowledge wisely. Quote Link to comment Share on other sites More sharing options...
bob monkhouse Posted February 5, 2008 Share Posted February 5, 2008 Without doubt fook yes buy gold buy silver. you have many ways, goldmoney, bv, ebay, gold/silver bars and the most underperformer ready to explode quality junior miners. I'm still loading up every single month on something regardless of current price, i got physical, goldmoney and equities and accumulating more with every paycheque. the stock market explosion in 90's, the tech boom in 90's, the housing boom in 00's have all been described as booms - this bull market in gold, the parobilic mania stage has been described as an explosive bull market that will overshadow and desecrate all booms in all markets over the past 50 years. It will make the tech boom look like a bump in the road, hpi look like a bee sting, this motherfooker is gonna be mount everest in comparison. buy gold/buy silver, this current correction may be the last great buying opportunity before it leaves 1000 behind. Beware this is not a quick process, it is also an unpredictable process - the mania CANNOT be predicted, what can be predicted is according to current policy and economics and unless there is major policy change this mammoth gold bull blow off WILL happen. If the fundamentals change i'm out - at the moment and for the forseeable future i'm in and i urge all that do not know or understand precious metals or their behavior, start learning now and use your knowledge wisely. Could you describe such fundamentals that would encourage you to reduce your gold holdings?? Deflation...dollar bounce...??? What do you think the signals would be? Quote Link to comment Share on other sites More sharing options...
ChumpusRex Posted February 5, 2008 Share Posted February 5, 2008 I've noticed that a major provide of ETFs is launching some geared products, including both long and short geared gold funds. How much of an issue are the ETFs in providing volatility in the daily market? Are these geared products likely to make things even more 'exciting'? Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.