You are a little young for Rog moosie. Not my favourite of his, but a goodie after a few listens. Skol, that we rant about Saddam Hussein et all is the best bait from you yet (for better or worse)
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You are a little young for Rog moosie. Not my favourite of his, but a goodie after a few listens. Skol, that we rant about Saddam Hussein et all is the best bait from you yet (for better or worse)
What you see happening is Russia is a portent of what's going to happen in China. The USa will remain the dominant world power and the USD the reserve currency.
USD up, gold down. The Ukraine is about as far away from civilisation as you can get. Adolf Hitler found that out, the hard way.
Let's not forget that the determination of Florence Nightingale and the charge of the Light Brigade ("ours is not to reason why, ours is but to do or die") were both located on the Crimean peninsular. Up until 1954, Crimea was part of the USSR before it was gifted to Ukraine, and the now Russian Federation has a huge strategic interest in that area (with naval base, etc).
The USA is sabre rattling with cold war fervour at any hint of the Russians bringing its military into that area (regardless of the fact that almost 60% identify themselves as Russian and their political leader has invited them in).
Tensions brewing, therefore stronger US dollar and weaker equities this week, IMO.
As for Gold this week, I'm not sure and so am holding just a few favourite PM stocks. Many pundits/analysts are guessing a falling away but mainly because they see that a correction is overdue. If there is one, it will be short-lived in my view. Since December, the tide on precious metals has turned. Onward and upward through 2014.
BC
Sorry a little late today, got held up by having to fillet a good haul of snapper caught this morning!
Gold closed well in the last few hours of trading on Friday with the tensions over the Ukraine building. My read of Obama is he will do everything to avoid going to war in a far flung Eastern European country. Economic sanctions & pressurizing the UN/NATO & Europe to act rather than using US troops. Russia must be able to sense the US reluctance & will take full advantage. Obama wants to downsize the military by 100k troops & bring the budget under control accordingly. The Ukraine is split in its support toward Russia & Europe, by ethnic groups & geography. It is likely this could get bloody, however more likely in the form of a civil war with Russia & the West supporting each side. The risk to Russia is the UN backs the West & makes it difficult for Russia to carry out their plan. Gold will be supported this week just when it probably needs it most, as it has been stagnating for the last week, albeit just off the recent highs. The risk was, Asian demand softening reflected in the discount in the Asian market that usually trades at a slight premium. We are now in March & India has said they will review their import duties on gold & this could prove to be another positive in the coming weeks. Equity markets in the US pushed a little higher & I still hold my view that they are about to correct sharply. Gold should test $1350/60 this week.
I think any economic sanctions against Russia are likely to leak like a sieve & Russia being a massive gas supplier to Europe would also have a telling effect on the frail European economy. I would have thought China is a likely buyer of any surplus oil Russia has to sell if need be.
Skol, I just read on e of your posts re Soros. As far as I am aware he only entered his short on the S&P in the last few months & then doubled up again recently. He also took a massive long position in resource stocks mostly gold about six months ago. So I would say his position is looking rather pretty right now!
I thought you had me on ignore?
It was reported on Aug 15th last year about Soros' massive S&P short and since the 13F filing is at the end of the quarter he would have had it before August, so at least 8 months. Soros must be squirming, since July last year the S&P is up about 14%.
Soros dumped gold in the second quarter of 2013.
http://blogs.marketwatch.com/thetell...on-the-sp-500/
Russia's economy is in a very parlous state, all the west has to do is ban the purchase of Russian oil, or alternatively, crash it, to bring Putin to his knees.
Soros sold physical gold & bought a massive option position in gold producers. Both being option positions he can only loose his premium which agree he will have lost some on the S&P trade, however its likely he has made multiples on his gold producer position.
You are on ignore, however I can still selectively look at your posts just to see what tosh you are spinning that needs correction!
Ban that sweet Russian oil?,I dont think so buddy---I would never put you on ignore Skol-your just to much fun:)