Haha
Actually I had a couple Asahi Drys, I'm doing my bit for the Japanese economy, mught even do it a bit more this afternoon.
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Gold $1391 / Silver $34 so much for the 'safehaven'.
Punters have been buying the doomed USD, fancy that.
XGD below the 200 day MA.
Money in boring bank deposits not so bad after all JB, right?
Er, Skol, have a look at the 6 month pattern for USD, that giant head and shoulders TA thing actually worked as a predictor and it's now at 76.4, close to the recent bottom. Some goldbugs have been predicting a gold correction if it didn't keep going through 1450. But I think it's too early to tell, the next few days will be interesting. I have to admit that in all the global turmoil, and Japan is uppermost in my mind, the US looks fairly benign.
Here's one for you JB, from the latest Barrons, under the heading 'A Contrarian Look at Investing'.
'In 2008, crude oil became one of the very last assets to experience a bear market, and ended up by plummeting by more than 75%.
In 2011, crude oil is enjoying a reprise of its favorite role , with silver gladly joining in as best supporting actor or actress.
One important lesson learned from 2008-which has been learned by amazingly few investors-is that once risk assets begin to transition from major bull markets to major bear markets, there are virtually no exceptions. Just as a rising tide lifts all boats, a falling tide lowers them without sparing any special cases.
Those that believe that silver, crude or any other major risk asset can remain immune to a major bear market will have to learn the same lessons they should have learned 3 years ago.'
I would have thought the irrational sell off in gold or silver would be a perfect buying opportunity. The fundamental for precious metals just got a whole lot better.
I tool the opportunity to top up my holdings in Chesser (CHZ), which is looking pretty cheap at the moment.
Gold $1391 / Silver $34 so much for the 'safehaven'.
Punters have been buying the doomed USD, fancy that.
right well my silver has return round 100% this year even at $34(thanks to the weak NZD) Tax free now what has your term deposit returned during that time nett
6% max less fees less tax ====5/8s of FA add in real Inflation you might be up couple percent yeah real good
shares wise even though my Goldies Silver Oil shares haven't really performed all that well I'm up over 40% for the year...
Money in boring bank deposits not so bad after all JB, right?---LOL
From Nell Sloane, SMR, 16 March 2011:
Quote:
GOLD MARKET FUNDAMENTALS
In the face of events in Japan and the Middle East, the gold market seems to be largely discounting the beginning of the Indian Wedding season and that highlights the markets focus on big picture geopolitical conditions. Gold continues to behave like a classic physical commodity market and not a classic safe haven instrument, as gold prices this week seem to be tied to the action in global equity markets. While the gold market at times overnight seemed to garner some minor support from reports of fresh violence in Bahrain and oil prices have managed to rebound, gold and other physical commodity markets are likely to be buffeted by quickly changing macro economic cross currents for the rest of the week. In the end, the bull camp needs to get beyond the Japanese crisis without sustained economic damage to the world economy, while some in the bear camp already think that the crisis has managed to take the growth and inflation threat off the table in the short term. The bear camp probably looks forward to the US Housing Starts and Permits data, as those figures are expected to soften. Comex Gold Stocks were 10.984 million ounces down 85,923 ounces. Gold stocks have declined in 11 of the last 20 days. The gold market looks to claw out some minor gains this morning, as the trade is hopeful that news flow from the Japanese nuclear front might slow today. As suggested already, gold is tracking its physical commodity market fundamentals closely and therefore the bull camp needs the crisis to turn in favor of containment of the radiation threat and that still appears to be up in the air. Critical support in the April gold contract might come in this morning at $1,393.10 and while the bulls might have an early edge, that tilt could be lost quickly. A number of technical traders suggest that April gold contract needs to close above even number $1,400 to begin to challenge the bear case.
100% for the year, damned good reason to sell. Gold can't get going in one of the worst times in modern history they're talking about on CNBC.
Things are probably worse in Japan than reported because of the asian tendency to lose face, they'll be looking at the situation through rose-tinted glasses, pretending it's not happening.
Bet there's lots of people around the world wish they had their money in boring bank deposits rather than some other investments right now.
Cows will be OK as well, because if things get out of hand, who will want to eat radioactive meat from the northern hemisphere?
There's lots of people that wish they had brough Silver bullion when it was 700-800kg not the 1800+ some are paying now
As for bank deposits if you like on are latest Silver bet you can send me $100 bonus bond when I win LOL
A good reason why GOLD isn't 1450+(got off HC)
1) the yen carry trade is unwinding. cash is being repatriated to Japan. gold is being sold to balance the cash outflows (short term resolution)
2) available cash is the #1 form of trade as opposed to credit generated cash. Physical gold is being sold to generate available cash.
The YEN has surged and that is why gold has fallen --yes the YEN is at all time highs
Yes, that makes lot of sense JB. In that case US$ gold prices should, in time, revert to their normal higher situation relative to the US$, and the US$ basket price is sitting down at 76c. Best I hold onto my OGC.