The price of Gold

Puck may be Famous · **Joined:** May 3, 2008 **Posts:** 2040

Gold went from $1550 to $1620 in just two hours.

http://www.kitco.com/charts/livegold.html

The Dow is down 2% but gold mining shares (HUI Index) are up 5%. The shorts must be getting a good spanking!

the edge · **Joined:** Sep 25, 2007 **Posts:** 3755

Burst through the 144 day moving average at 1570 and on through 1600 - nice.

the edge · **Joined:** Sep 25, 2007 **Posts:** 3755

TheEmigrant wrote:

the edge wrote:

TheEmigrant wrote:

the edge wrote:

136% 5 year return looks ok to me.

But doesn't that support the view that gold is expensive?

From where I'm sitting it's actually quite cheap.

The fact that there is money printing helps the bullish case. The fact that it is up a large amount in 5 years doesn't.

http://www.zerohedge.com/news/big-reset ... ation-ever

http://www.youtube.com/watch?v=KxidefcsjDc

Terra Incognita · **Posted:** Sat Jun 02, 2012 11:59 am

So what prompted this price hike?

Coles2 · **Posted:** Sat Jun 02, 2012 12:16 pm

Terra Incognita wrote:

So what prompted this price hike?

I think it's a renewed interest in Gold as a safe haven particularly with all the major indices looking wobbly. Technically there is a sense that the correction has run it's course and that the support at $1520 proved strong. War drums, bad economic figures and probable QE3 a contributing factor?

slasher · **Posted:** Sat Jun 02, 2012 1:08 pm

Terra Incognita wrote:

So what prompted this price hike?

Poor US non farm payrolls (QE more likely) and poor European data too

BoyRacer · **Joined:** Jul 26, 2009 **Posts:** 10094

Europe’s debtors must pawn their gold for Eurobond Redemption - Ambrose Evans-Pritchard -> http://www.telegraph.co.uk/finance/fina ... ption.html

Quote:

The German scheme -- known as the European Redemption Pact -- offers a form of "Eurobonds Lite" that can be squared with the German constitution and breaks the political logjam. It is a highly creative way out of the debt crisis, but is not a soft option for Italy, Spain, Portugal, and other states in trouble.

The plan is drafted by the German Council of Economic Experts and inspired by Alexander Hamilton’s Sinking Fund in the United States -- created in 1790 to clean up the morass of debts left by the Revolutionary War. Flourishing Virginia was comparable to Germany today.

there is more

the edge · **Joined:** Sep 25, 2007 **Posts:** 3755

Gold steady above 1635...nice...expect it to reach 1680 in short order.

Puck may be Famous · **Joined:** May 3, 2008 **Posts:** 2040

the edge wrote:

Gold steady above 1635...nice...expect it to reach 1680 in short order.

Unless Ben disappoints everyone on June 20th.

lord vader · **Joined:** Jul 6, 2006 **Posts:** 1964

interesting i just saw herr keiser on RT saying hes flying with Hugo Salinas to Athens tomorrow to speak with Irelands only hope about introducing a silver backed drachma

Puck may be Famous · **Joined:** May 3, 2008 **Posts:** 2040

lord vader wrote:

interesting i just saw herr keiser on RT saying hes flying with Hugo Salinas to Athens tomorrow to speak with Irelands only hope about introducing a silver backed drachma

Back to basics. The Athenian owl was accepted all around the Med for 500 years or so.

http://en.wikipedia.org/wiki/Tetradrachm

Ironicly the greek design on the one euro "coin" is an image of this famous coin. Fiat tokens trying to be what they are not.

Braighni · **Joined:** Feb 27, 2007 **Posts:** 1452

Puck may be Famous wrote:

Gold went from $1550 to $1620 in just two hours.

And back again just as quick.

Puck may be Famous wrote:

the edge wrote:

Gold steady above 1635...nice...expect it to reach 1680 in short order.

Unless Ben disappoints everyone on June 20th.

He didn't have the manners to wait.

the edge · **Joined:** Sep 25, 2007 **Posts:** 3755

Oops..I spoke too soon..oh well not too worry...Helicopter Ben will be back to what he does best soon enough.

Coles2 · **Posted:** Fri Jun 08, 2012 8:45 am

the edge wrote:

Oops..I spoke too soon..oh well not too worry...

You jinxed it.

That was looking like a genuine breakout and now it looks like a world of pain.

A Silver Drachma is an interesting idea. I doubt if it would be permitted by the US/EU because it would set a precedent where the early adopters would benefit by defaulting on their debts and undermining Fiat currencies. There was talk a few years back of France pushing for the Euro to be backed by a basket of metals, but nothing seems to have come of that one either.

YorkieBar · **Joined:** Oct 25, 2011 **Posts:** 1229

interesting......not a peep out of this thread for two months while Gold is falling from $1750 to $1550......

a small bounce back and its all systems go again.

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