XGD down 3.7% today, when will it stop?
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XGD down 3.7% today, when will it stop?
From a reply to a comment on ino.com:
Quote:
L Grapentine says: October 12, 2013 at 10:57 pm
There is no intention to ever fix the system; to do so would require, at minimum, return to a stable currency. The founders knew this, and provided for ONLY coinage of gold and silver in the Constitution. Non governmental parties were allowed to produce their own currency but the federal government and the states were restricted to coinage created from a fixed measure of those metals. Now we have a the federal reserve, a private bank, printing paper money, or just creating it out of thin air, and buying things with it. This is enormously profitable for the bank, and they use it to buy presidential candidates and congress people. They rule through their bought and paid for agents in DC, and now neither they nor their representatives at the other major banks are even answerable under federal law for their crimes. They are looting the nation, and they have no intention of ever stopping. The only chance to save the nation is a radical shift in the political philosophy at the grass roots. There is a chance of this, which is the reason for the split in the GOP, and the reason the GOP leadership altered the convention rules after the nomination was secured for Romney in 2012; only by a violent attack against his conservative opponents was he saved from loss. The GOP base failed to turn out for him as a consequence, and though he did well enough among Democrats and the independents, his GOP voters were significantly fewer than McCain got. It is quite unlikely that the banksters will allow a conservative to win the WH because of a risk to their central bank franchise, hence terminal inflation is our fate. As for reasons the price has not risen, it is being fixed at a below market price, as it has been for nearly forty years, by a team operation run by the Treasury and the federal reserve. The foreign interests in opposition to this country have decided to allow the scheme to continue so long as they can buy gold at a below market price, however, there is not enough gold left now to continue to supply foreigners and still maintain the fix at the present levels. This is why the Indians are being coerced into restraining their imports, and why the inventories of deliverable metal at the Comex have reached all time lows. Time is running out, and the price of gold will sooner or later explode higher, because everyone in the world knows the Fed is in control here, and will not stop until the nation has been looted completely, or the Fed has been deprived of its franchise by angry voters.
former Morgan Stanley Chairman, Stephen Roach
“…The Federal Reserve continues to cling to a destabilizing and ineffective strategy. By maintaining its policy of quantitative easing (QE) – which entails monthly purchases of long-term assets worth $85 billion – the Fed is courting an increasingly treacherous endgame at home and abroad….
the European Central Bank’s agreement with the People’s Bank of China to establish bilateral Euro-Yuan Currency Swap arrangements, thus freezing the U.S. Dollar out of yet another Bilateral Sovereign Currency Swap Deal.....step by step the USD is getting pushed out of world trade ...The yanks biggest Export is the Fiat USD
That's not always the case, Moosie. Yes, it takes discipline but also guts to come in when the timing looks right. I've made >10% profit ('real' not paper profits) over the past two weeks on each of my AZS, MBN, HGO and GOR trades which has helped counter the paper losses I'm sitting on from other stocks falling away (FML, SBM, EVN, SLR, OGC, GRY, etc). There is money to be made on rebounds in a bear market which has either oversold stocks or simply underestimated their fundamental strength.
I do agree with you however that it's safer to buy on the way up once a bullish trend has been confirmed...but not nearly as adventurous and satisfying.
I adopt a mixture of speculative and conservative plays...and that works well enough for me.
BTW, what was a resistance at 1275 looks to have become a new support level. If that holds through NYMEX tonight, the landscape could quickly change. It's not always the case that a bullish trend is preceded by a massive selloff.
BC
Obama says a deal is close, goldbugs should get ready for another haircut.
Yes that's what the media tells us GOLD has been smashed ..but we are told no it will be smashed down even more on the lifting of the Debt limit etc what a joke ...US going forward is planning to run deficits at the very least for the next decade ...this Debt ceiling is going be hit least another five times before 2023 (debt = 25-30 trillion) ...the whole case for Gold from the same media was as a hedge against the inflation of the USD through reckless money printing ... you really have to believe in fairy tales if you believe in the media spin on Gold's demise so much hot air and lies
Of course thats why I no longer trade Futures,warrants,CFDs far to much leverage risk no margin calls here ....Shares and share opts sitting on some paper losses of late but confident the numbers will stack up for PGI / OGC both making a profit while least 30% of gold producers will be underwater on the ASX another 20-30% breaking even my two are getting the same treatment yet are still making $$$$$$$
Gold is a vehicle for speculation, speculators take big bets, sometimes you win, sometimes you lose. Gold is not a safe-haven, it's a speculative precious metal.
Tiring rapidly of whining goldbugs inferring it's not their fault they're going broke.
SPDR Gold Trust down another 2 tonnes yesterday.
my pleasure:
http://www.spdrgoldshares.com/
Lots of goldbugs think they don't have any gold but they do, they even list the serial numbers here. So far SPDR Gold has sold 611 tonnes of gold.
US$25536745000 worth.
Whats' that? 25 billion or 255 billion? Maybe 2 trillion, anyone know?