You might find it's a case of 'buy the rumour, sell the fact'. Gold could plunge when it's announced.
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You might find it's a case of 'buy the rumour, sell the fact'. Gold could plunge when it's announced.
Yeah Gold should plunge because in the short term the credit limit is increased ...problem fixed right ? well till next year unless Obama gets a massive increase
-And there's so much gold (2012 - 5.6 billion oz above ground) with only 7.185 billion humans .....man it going plunge
maybe $500 next year (worldwide average all-in costs to extract Gold $1100oz USD..includes many miners with metal credits)
You seem to forget that gold isn't required for the necessities of life like food or shelter. Food gets consumed and population increases require more shelter. Shares, property and consumables will always trounce gold in the long term.
I've just been to a mate's farm, he's got an income of over $400,000/month at the moment, milk solids are $8.50/kg. White gold.
That's right, per month!
One of the top US hedge fund managers made 2.2billion last year ...one person .... 1oz of gold costs 1500-1600NZD
-Money / Currency / Biggest scam in history
http://www.youtube.com/watch?v=iFDe5kUUyT0
27 hours to Debt deadline .....
According to Newsmax.com, Fitch Ratings has put the United States' AAA credit grade on "ratings watch negative," citing the government’s inability to raise the debt ceiling in a timely manner, according to a statement after New York markets closed.
Any revision to the USA's credit rating would of course boost the POG.
http://www.newsmax.com/Newsfront/hou...0/15/id/531245
Yes but at this time it's just talk ,,as I understand the Boss at S&P got the boot after downgrading the US was replaced by a Banker LOL
Great wrap on that link worth posting ---
What is the US debt ceiling?
The US government spends more money than it makes on things like social security payments, wages and interest it owes on loans.
It takes loans in the form of bonds from the US Treasury to make up its cash shortfall.
US Treasury bonds are one of the world's safest investments and are held by countries around the world.
The debt ceiling is a rule put in place by Congress that limits on how much money the government can borrow - the current debt ceiling stands at $US16.7 trillion.
If the government needs to borrow more than this, Congress has to vote on raising the debt ceiling
The US has already reached its debt ceiling and has been using its cash reserves to pay bills.
That money is set to run out on October 17.
After that, we enter uncharted territory as the US government continues to try and pay its bills.
At the end of October the US is due to pay interest on its Treasury bonds, but without a higher debt ceiling it's unlikely it will be able to do so.
If the US defaults on this repayment there will be implications for the global powers who invest in these bonds and the bonds will no longer be considered safe.
http://www.newsmax.com/Newsfront/hou...0/15/id/531245[/QUOTE]
Apparently the world is about to enter a financial Armageddon according to the goldbugs, but some trivial mention of it on the news came several stories after Len Brown's sordid grubby little affair.
I have not seen the POG this interesting for weeks. After a solid run from 1252 to 1286 in just 8 hrs last night, it fell away gently (not surprising) to 1275 and is now at 1283, ready to test last night's high. If it punches through 1290 it will have broken two lots of resistance levels set this week...i.e. bullish.
The ASX today was however dominated by a sentiment that expects a US Budget Deal to be agreed tonight and therefore anticipates downward pressure on the POG and continuation of the bearish trend running since late August. I'm contrarian in this regard. There's more money to be made when the unexpected happens.
BC