Wednesday, Nov 04, 2009

What's happening with gold?

New York Times: Gold Eases After Records Hit - $1080 an ounce

'Gold eased on Wednesday as investors took profits a day after it hit record highs despite the dollar's strength, but sentiment improved on bullion's growing status as a destination for a diversifying official reserves.'

Posted by hpwatcher @ 08:37 AM (1630 views)
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52 Comments

1. hpwatcher said...

I've always been a gold bug - as some of you may know - but what is happening here is very unusual.

Traditionally this time of year the gold price tends to dip, rather severely sometimes, last year at about this time it was about $770 an ounce this year.......now today, closer to $1090 an ounce

Moreover, Nadeem_Walayat of market oracle - who hasn't been particularly bullish in the past - is beginning to view it more positively and is talking about ''Gold of $2000 plus would now not surprise me''

Any ideas?

(From UT especially!)

Wednesday, November 4, 2009 08:42AM Report Comment
 

2. quiet guy said...

Oh dear, hpwatcher.

I hope you've slipped a thick book down the back of your trousers - you're going to get a little grief for this posting :)

"Any ideas?"

Anybody watching gold will know that India bought 200 tonnes from the IMF and the price spiked yesterday. Unless you are looking to trade on short term price movements, why concern yourself with these day-to-day mini dramas?

Wednesday, November 4, 2009 08:52AM Report Comment
 

3. hpwatcher said...

I hope you've slipped a thick book down the back of your trousers - you're going to get a little grief for this posting :)

Yes, I guess so. Particularly now that halifax reported 1.2 rise last month. But, I really think that the bears don't need to worry, as the UK finances are literally in a shocking state. BOE is almost completely exhausted, I'll be surprised if they have the guts to continue spending & printing much more, as we'll be heading toward hyperinflation....as the QE money begins to hit the streets.


Anybody watching gold will know that India bought 200 tonnes from the IMF and the price spiked yesterday

Yes, yes, but that much is common knowledge.....what I'm concerned about is the underlying trend. When the big players realise that sterling, dollar are basically worthless and the dash for assets begins.....On the positive side, Russia is due to announce a huge sale, so I'm hoping that will bring additional buying opportunities.

Wednesday, November 4, 2009 09:06AM Report Comment
 

4. crunchy said...

"What's happening with gold?"

Exactly what Alex Jones' experts were saying years before this charade started at that predictable landmark date in September.

Some things never change do they, Yawn!

Wednesday, November 4, 2009 09:15AM Report Comment
 

5. crunchy said...

3. hpwatcher said...Anybody watching gold will know that India bought 200 tonnes from the IMF and the price spiked yesterday

At least somebody here is keeping their eye out on what really matters.

I wonder why they did that. : )

Wednesday, November 4, 2009 09:21AM Report Comment
 

6. hpwatcher said...

Exactly what Alex Jones' experts were saying years before this charade started at that predictable landmark date in September.

As tedious as it may be for experts like you, would you care to remind us?

Wednesday, November 4, 2009 09:25AM Report Comment
 

7. hpwatcher said...

Though, I hope you aren't going to spout one of his daft conspiracy theories.......

Wednesday, November 4, 2009 09:40AM Report Comment
 

8. letthemfall said...

It is interesting that the gold price is going up when quite a few finance types were talking about it falling. I'm reminded of the low US bond yields 2 or 3 years ago, which, as was pointed out with bemusement at the time, portended recession. Which is what we got in the end. So perhaps the rising gold price really does mean inflation is ahead.

Wednesday, November 4, 2009 09:50AM Report Comment
 

9. crunchy said...

The links yesterday were classics, some of the best. D'oh!

A crime scene is normally left for examination, not quickly shipped off to China. D'oh

You were saying here that the NWO didn't exist but now choose to forget. D'oh!

Did you like what happened to the referendum yesterday. D'oh. Oh how I could carry on.

Methinks one does protest too much.

Wednesday, November 4, 2009 09:50AM Report Comment
 

10. techieman said...

hpwatcher @ 6 - and response at 9. Well you did ask!

Wednesday, November 4, 2009 10:51AM Report Comment
 

11. Ndg said...

11:00AM and gold has just hit $1095. Dollar crash?

Wednesday, November 4, 2009 10:53AM Report Comment
 

12. the number cruncher said...

I have something far better than gold, my vegetable patch. In fact I am off to make an investment in it right now. I have some late tomatoes and my first crop of spuds to dig up and they will be a lot tastier than gold if the balloon goes up.

Crunchy @4 - most of Alex Jones' experts seem to be spotty twenty-somethings with no social skills and 0% chance of finding a girlfriend from the couple of videos I have watched.

Don't want to put you down but has it ever crossed your mind that the 'NWO'/illuminati are just rich powerful people acting in loose groups and individually for self interest and not having secret meetings, organised governance structures or unusual ceremonies? Is it not just banal selfishness and coruption that is the problem and not grandiose conspiracies.

In my mind all this conspiracy mumbo jumbo is just getting in the way of us addressing the real problems of the word - massive division in asset ownership, monopolisation of wealth, poor education, uncontrolled population growth and ecological collapse.

The silver bullett that would address many of these problems would be a Land Value Tax and the proceeds of the rents from the gifts of mother nature funding societies needs.

|Would be interested in your thoughts crunchy

Wednesday, November 4, 2009 11:15AM Report Comment
 

13. letthemfall said...

number cruncher
That pretty much sums it up. Planted your garlic yet?

Wednesday, November 4, 2009 11:26AM Report Comment
 

14. p. doff said...

Tech @ 10:51
Do you ever try to imagine what the regular bloggers on here are really like? I was starting to think that Crunchy might actually BE Alex Jones - but every so often a sort of eccentric Lord Bath character surfaces.

Anyway Tech, as you know Crunch avoids specific answers to straightforward questions, usually responding with some odd clip from Youtube. Why he should feel that this should be accepted as conclusive proof of anything is beyond me. The alternative responses are to write something totally incomprehensible or tell you that you can only find the 'truth' out for yourself by doing your own research.

I haven't worked out whether Crunch avoids giving straight answers because he is afraid this might leave him/herself open to ridicule, or whether he simply wants to maintain an aura of mystery and superiority. - I know the 'secret' and I'm ever so clever - if you lot can't work it out from my fantastic cryptic clues you are obviously too dull for me to waste my valuable time on.

I'm getting a bit bored with it really.

Wednesday, November 4, 2009 11:45AM Report Comment
 

15. crunchy said...

11. the number cruncher said...The silver bullett that would address many of these problems would be a Land Value Tax and the proceeds of the rents from the gifts of mother nature funding societies needs.

LOL can you spot where the problem lies. It is not about the betterment of society, if it were LVT would have been implimented already.

The tax of the future will be carbon related for the benifit of the few. What's new.

Wednesday, November 4, 2009 11:51AM Report Comment
 

16. Winter said...

Crunchy, you can't be Malct, because he made sense. I am a so called conspiraloon (and certainly no spotty teenager), but I really can't decipher your posts. There is so much conspiracy propaganda put on the internet by illuminati, meant to confuse, so I would advise you to be more specific.

Wednesday, November 4, 2009 11:55AM Report Comment
 

17. mountain goat said...

I've been wrong about gold since it rallied from $980. I thought it would go down as the dollar recovered. I still see a dollar recovery, which is starting now, but gold is getting stronger as well. Mike “Mish” Shedlock recons it's possible for gold and dollar to rally together in this podcast 30/10/09.

Wednesday, November 4, 2009 12:46PM Report Comment
 

18. hpwatcher said...

The links yesterday were classics, some of the best. D'oh!

A crime scene is normally left for examination, not quickly shipped off to China. D'oh

You were saying here that the NWO didn't exist but now choose to forget. D'oh!

Did you like what happened to the referendum yesterday. D'oh. Oh how I could carry on.

Methinks one does protest too much.




ZZZZzzzzzzzzzzzzz

Wednesday, November 4, 2009 12:55PM Report Comment
 

19. mountain goat said...

My post @15 Mish ends up commenting about China bubble and US housing as well, worth a listen.

Wednesday, November 4, 2009 01:01PM Report Comment
 

20. techieman said...

@13 agreed. I try not to think what the real persona of Le Crunch might be. A bit scary!!

Anyway i think talking about someone (whether positive or negative) probably gives them (in their angst mind) a warped sense of credibility.

Quite a few bloggers ask people to clarify their meaning, which is fair enough we all have different levels and different areas of actual or perceived expertise. Personally i probably say too much when asked- but then again I think if i make a statement i should provide evidence to support it. [excepting the statements i made about Le crunch yesterday]

I think sadly (after giving him the benefit of the doubt) Si @ 44 on that thread yesterday was right

"Techieman et al, it's really rather simple. Crunchy is a troll. Let him prove he isn't by showing some self regulation of his posts.

On a completely unrelated note I found this quote: "Don't argue with an idiot. People watching may not be able to tell the difference."

As for "getting a bit bored with it". Actually i'm a bit p'd off with it :-). Its just a bit of a waste of time trying to have a sensible conversation with someone that frankly isnt! I just re-looked at that thread and once again Le Crunch insists on being the final comment (66) - even though its complete nonsense.

Wednesday, November 4, 2009 01:05PM Report Comment
 

21. crunchy said...

16. hpwatcher

No comment then.

Keep kidding yourselfs that you are in control like you have been. The penny will drop between now and 2012/13.

Wednesday, November 4, 2009 01:08PM Report Comment
 

22. techieman said...

MG @ 15 and 17 - thanks for that. Its half an hour so i will try to listen now but might have to leave it... ive heard 15 minutes. Jim Rogers long the dollar? eh??

As for gold i thought you said you would go long after the prior high - around the 1030s. As for a dollar recovery

http://www.housepricecrash.co.uk/newsblog/2009/10/blog-roubini-26043.php number 15.

The move in Euro down since then was, in my view the first move down. What we are having now is the move back up, which, sticking my neck out i would say that the 1.50 level probably wont be breached (of course that is not the % call, because that call is that the 1.50 toward 1.46 is just a retracement from an overall upward trend).

Going back to gold, its a very difficult call in my view. Which is why i have some "just in case" but am really not bullish on it.

Wednesday, November 4, 2009 01:24PM Report Comment
 

23. techieman said...

MG - listened to all of it, its a good listen - "Chinese banks insolvents, UK banks insolvent..". The loony affected soon? Re the stock market Is it gonna be

"Thats all folks!"

Wednesday, November 4, 2009 01:38PM Report Comment
 

24. mountain goat said...

TM - I still have some PM coins but sold most of my holding at 980 into dollars. No didn't go long at 1030. Doesn't feel right with the dollar so beaten down. Even if gold breaks 1100 in the next few days, probably will stick with the dollar, since the carry trade could unwind quickly. You got to know the bungee is stretched if even Jim Rogers is positive the dollar!

Wednesday, November 4, 2009 01:39PM Report Comment
 

25. hpwatcher said...

No comment then.

Keep kidding yourselfs that you are in control like you have been. The penny will drop between now and 2012/13.


Actually, I have never really believed that I control anything; I just try to do well, when others make mistakes, or take their eye off the ball.

Okay, so you are probably feeling quite bullish today - so what? Sure, some form of economic collapse is coming our way, but I think you are trying to create some form of 'total narrative' from a number of different and separate elements.

Wednesday, November 4, 2009 01:39PM Report Comment
 

26. rumble said...

"India bought 200 tonnes"
"I wonder why they did that. : )"
"Russia is due to announce a huge sale"
Crunchy, resolve.

MG, ta for the link, I was out a few weeks after you.

Wednesday, November 4, 2009 01:42PM Report Comment
 

27. techieman said...

MG - right. But it was you that said that wasnt it? I.e. You would oco a long and short when the range was broken? Just wanted to check i wasnt losing it!! :-).

Wednesday, November 4, 2009 01:50PM Report Comment
 

28. hpwatcher said...

"Russia is due to announce a huge sale"

The sale was postponed, after the anouncement was made too public.....perhaps they will now reconsider, now that the price is continuing to rise.

Unless of course < conspiracy theory > it was an intention to drive the price down </ conspiracy theory >

Wednesday, November 4, 2009 01:50PM Report Comment
 

29. mountain goat said...

TM - yes I did say that, well remembered! I think it was a discussion with S2R1 on one of his rare appearances.

Wednesday, November 4, 2009 01:53PM Report Comment
 

30. crunchy said...

"@crunchy:manalishi, priest. nice." Have you listened to Green Manalishi again, if not you should.

You have all the material, so you say. Have you listened to that again.

You will have to go through the so called nutty bit first before the raisins and chocolate chips are discovered.

It was proven to me yesterday that there are no short cuts.

Wednesday, November 4, 2009 01:56PM Report Comment
 

31. techieman said...

Thanks MG.. Phew - sanity (temporarily at least) restored.

Wednesday, November 4, 2009 01:56PM Report Comment
 

32. mountain goat said...

TM - wrong and change my mind, maybe should rather leave my money with the banksters ;-)

Wednesday, November 4, 2009 01:58PM Report Comment
 

33. techieman said...

Well dont beat yourself up MG - its a learning curve and we all have to be open to learning from our mistakes. From time to time we all take a beating - its the name of the game i'm afraid.

Wednesday, November 4, 2009 02:08PM Report Comment
 

34. sold 2 rent 1 said...

MG,

Forget Mish. He doesn't understand that the Elite will print money until it is worthless. If they don't the system will collapse.

Of course the PM mania in the spring of 2010 will be met with more deflationary talk and a huge gold correction that could last for 12 months into 2011. But eventually the printing presses will be ramped up again and the inflationists will win again.

Wednesday, November 4, 2009 02:19PM Report Comment
 

35. mountain goat said...

TM - just being a bit ironic with myself, and yes am learning a lot. Have done ok with gold as it turns out. Who sells at the top and buys at the bottom? We all know the answer to that one.

Crunchy - I am usually too chicken to get involved in blog brawls, so as usual will sit on the fence. I quite enjoy having your "the powers are controlling us" views around, tho I take them with a pinch of salt because they can't be proven right or wrong (for the record I do think we are under control but that the real powers controlling us are stupidity, fear, greed and anger. The more you free yourself from these the more free you are, even if you are in prison). I must admit to not watching any of your videos because you don't summarise what they are. Just don't have the time available I suppose.

Wednesday, November 4, 2009 02:19PM Report Comment
 

36. mountain goat said...

S2R1 - I am not a "Mish follower" as such but I do think the deflationists have a point. The real money expansion is not the printing press but the leveraged lending by banksters. So this is in the past and printing a few billion or even trillion is just trying to keep the status quo. Eventually they will over shoot I agree and I remain a PM fan for this reason. But I expect more rotten debt to collapse first.

Wednesday, November 4, 2009 02:27PM Report Comment
 

37. rumble said...

"You have all the material"
And yet am still shaking my head.

Problem is you give less critical analysis to the "conspiraloon" material than to the mainstream material. It takes no time at all to find factual errors (blatant lies) in the former, so until the standard is raised there is no hope.

Rothschilds running the world? One is sailing plastic bottles over the ocean, another runs a little music company in Brighton, another involved in West End theatre... loaded, yes, but they're not the Nathans of old anymore.

I think this lot are simply positioning themselves to benefit from events. I think chaos not control.

Re WTC, I think I'm the only one who is right! :) I think the initial attack was not an inside job, but that a demolition was then performed with the intent of minimising collateral damage.

Wednesday, November 4, 2009 02:40PM Report Comment
 

38. sold 2 rent 1 said...

mountain goat,

"for the record I do think we are under control but that the real powers controlling us are stupidity, fear, greed and anger."

Have you watched the film Kymatica on Google Video.
It basically explains all the problems of the world are because of our false ago's denial of our true self or soul.

Wednesday, November 4, 2009 02:41PM Report Comment
 

39. mountain goat said...

S2R1 - Kymatica sounds interesting will have a look for it. While we going deliciously off topic my views in this area are influenced by Buddhism. As I understand it, the Buddha taught that there is no true soul, so stop trying to protecting it. Suffering arises from trying to protect this wrong view of self. The natural way to live out your life as a human is being kind. Anyway it is a very high ideal, difficult to practice and most of the time lost amongst the clutter of our busy lives.

Wednesday, November 4, 2009 02:58PM Report Comment
 

40. crunchy said...

35. rumble said...Re WTC, I think I'm the only one who is right! :) I think the initial attack was not an inside job, but that a demolition was then performed with the intent of minimising collateral damage.

You will need to do weeks of research. It's a bumma I know, How much is the truth worth to you.

It takes days to set up the explosives for an implosion. Check it out. Impossible when a building is already on fire with floors missing.

Ask yourself why the floors were missing. research again. Silverstein mentions the term "pull it" on the video. A common term in

demolition circles. It is a long journey. The other video you just have to look at. What a cockup! no wonder they shut the broadcast down

at the end.

"Rothschilds running the world?" Not quiet, but did you know that the Rothchilds will run the banking system that the carbon taxes will be

running through. All in the video's. The Green Manalisha- you will get when things start becoming clearer.

Wednesday, November 4, 2009 03:01PM Report Comment
 

41. letthemfall said...

What would the conspiracists do without google and youtube?

Wednesday, November 4, 2009 03:23PM Report Comment
 

42. hpwatcher said...

35. rumble said...Re WTC, I think I'm the only one who is right! :) I think the initial attack was not an inside job, but that a demolition was then performed with the intent of minimising collateral damage.

You will need to do weeks of research. It's a bumma I know, How much is the truth worth to you.

It takes days to set up the explosives for an implosion. Check it out. Impossible when a building is already on fire with floors missing.


Blimey, and to think I used to take you quite seriously.

Wednesday, November 4, 2009 03:44PM Report Comment
 

43. rumble said...

It's not a long journey, the same stuff shown over and over again.

And like I say, it's not about truth seeking when your critical analysis is so unbalanced.

Wednesday, November 4, 2009 03:48PM Report Comment
 

44. rumble said...

lol@hpw I didn't realise it was this bad. Crunchy, no wonder you're so puckered.

Wednesday, November 4, 2009 04:01PM Report Comment
 

45. crunchy said...

It's strange how someone so far away from the truth rattles so many peoples cages.

Tell me how two jet engines made of titanium weighing 7 tonnes each evaporate into thin air upon impact.

You are the nutters not me. NUTTERS 911 deniers.

911 is where HPC starts. D'oh!

Wednesday, November 4, 2009 04:59PM Report Comment
 

46. rumble said...

"You are the nutters not me."
lol
I am not a nutter. I am not a nutter.
Click, click, click - "There's no place like home. There's no place like home..."

Wednesday, November 4, 2009 05:09PM Report Comment
 

47. techieman said...

rumble "unbalanced" crunchie? surely not.

Wednesday, November 4, 2009 05:25PM Report Comment
 

48. shipbuilder said...

12. the number cruncher said...
"I have something far better than gold, my vegetable patch. In fact I am off to make an investment in it right now. I have some late tomatoes and my first crop of spuds to dig up and they will be a lot tastier than gold if the balloon goes up.

Don't want to put you down but has it ever crossed your mind that the 'NWO'/illuminati are just rich powerful people acting in loose groups and individually for self interest and not having secret meetings, organised governance structures or unusual ceremonies? Is it not just banal selfishness and coruption that is the problem and not grandiose conspiracies.

In my mind all this conspiracy mumbo jumbo is just getting in the way of us addressing the real problems of the word - massive division in asset ownership, monopolisation of wealth, poor education, uncontrolled population growth and ecological collapse."

Absolutely spot on - what I was saying over a year ago now, then it was S2R1 and P4AC with the conspiracy angle.

Wednesday, November 4, 2009 05:28PM Report Comment
 

49. shipbuilder said...

40. crunchy said...

"You will need to do weeks of research. It's a bumma I know, How much is the truth worth to you."

Crunchy, no offence, but I think this reveals a lot - can you see the problem here? People spend years on the important things in their lives, not weeks. I would suggest that months or years of original research and theory, in libraries, with textbooks is what one devotes to something really important in one's life, not a few weeks on the internet looking at other people's theories.
How much is the truth worth to you? Not much, it seems?

Wednesday, November 4, 2009 05:39PM Report Comment
 

50. quiet guy said...

An alternative viewpoint:

Larry Silverstein - http://www.youtube.com/watch?v=43F54hR0NW8
BBC - http://www.youtube.com/watch?v=zZrlNw-31R8

Wednesday, November 4, 2009 05:58PM Report Comment
 

51. crunchy said...

50. quiet guy

SHAME I was looking forward to it. just another ignorant. NEXT.

quiet sad.

Wednesday, November 4, 2009 09:31PM Report Comment
 

52. crunchy said...

49. shipbuilder

Yes it does take longer. but to come to the basic conclusion that this has got more holes in it than swiss cheese, it does not take too

long. Far too elaborate. A little egotistical even, and definately arrogant to the extreme, but then they would be. I'm understanding why.

I did write a very emotive post. However I decided that it would be wasted here, but thanks for the inspiration.

I know that I have put enough time in. Enough to be sure beyond any doubt.

Moved on to the next chapter now, it is a natural progression.

Some can never reach a conclusion. Lazy Second Guessers, Shame!

Wednesday, November 4, 2009 10:03PM Report Comment
 

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