JB,
Where do you fit in?
http://www.readersdigest.co.nz/most-...ofessions-2013
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JB,
Where do you fit in?
http://www.readersdigest.co.nz/most-...ofessions-2013
Looks like there's some accountability at the central bank in Switzerland. The central bank owns 1040 tonnes of gold, an amount no doubt applauded by the gold bugs, except the tanking gold price has translated into an 18.5 billion franc loss in the second quarter.
I wonder how other central banksters feel after dipping their toes in the water at extortionate gold prices?
Tonight's gold price won't have helped much.
http://www.bloomberg.com/news/2013-0...gold-fell.html
Daytr,
News that the Chinese are about to embark on the world's tallest skyscraper will probably invoke the dreaded Skyscraper Index.
The last one was completed just after the onset of the GFC.
http://en.wikipedia.org/wiki/Skyscraper_Index
SPDR Gold Trust down 48 tons for the month of July.
Yep, gold down to $1287, probably the beginning of the next leg down.
The SPDR Gold Trust down about 7 tons in the last few days, a message for the guys who say we're running out of gold.
Only 921 tons to go.
Last 12 months:
DJIA +21%
S&P +24%
FTSE +16%
XJO +20%
CAC +23%
HSI +12%
DAX +26%
---------------------
Gold -19%
Silver -28%
SIL -28%
Shanghai Composite -1%. (China will rule the world lol)
HUI -40%
GDX -38%
GDXJ -48%
XGD -51%
Who's stacking then?
Moosie, the rest of us have figured out that when the banks can buy back enough gold cheaply, to return to legitimate holders who want it back, then the gold price will stop having these sudden dips. Dips that start with a warning from commentators or bank advisors, and are savage enough to trigger stop losses from ordinary investors. You can't deny that it's very expensive to dig the gold out in the required volume. It's the miners and small holders who are paying the price for the banks' continuing profits - made leasing non-physical gold to other parties.
SPDR Gold Trust down 3 tons last night. Someone must be buying it, but
I'll bet they're shorting at the same time to cover their ass.
No, what I mean is that when countries ask for hundreds of tons of physical gold back onto their own soil, it will have to be bought from somewhere, mostly in smaller parcels from retail investors. It's unlikely to be sitting unencumbered in bank vaults en masse, because the banks have recycled it already. The Fed could show this idea up as a lie, by inviting independent teams in to inspect holdings in Fort Knox and NYC for example. But they have always refused to do this properly, instead showing a glimpse of the holdings from afar.
Stuck between a rock and a hard place, the banks will orchestrate the gold market down, buy the gold back as cheaply as they can, and send the equivalent back to its owners.
OGC lost a lot of money in its last hedging effort, towards the end of the term. It doesn't change the fact that a lot of high-priced energy is used to extract lower-grade gold ore from the ground.
You've been reading too much gold bug propaganda EZ. There's loads of gold available, contact the World Gold Council and they'll let you have some of the several tons being sold per day out of the SPDR Gold Trust. There's 921 tons available.
You can go and see the gold in New York, it's a tourist attraction.
http://www.newyorkfed.org/aboutthefed/visiting.html
Only several tonnes a day? That's not very much when it's spread around. And I bet any large purchaser would want to buy at a lower price than the market.
That link didn't mention anything about looking at gold reserves. There's a photo of robots in a large warehouse handling paper bills though. That would be on show, no problem.
Those timelines and the selldown graphs the goldbugs posted a few days ago look fairly compelling to me. There's something going on.