You have conveniently forgotten the two countries behind most of the more recent buying, India & China there retail demand has helped keep pushing the gold price up
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Skol has recently been overseas. Was he in Belgium?
http://www.google.co.nz/imgres?imgur...26tbs%3Disch:1
I think JB actually lives in New York.
Recession anxiety!
Jewelry store employee accused of stealing $12M in gold in purse told family of recession anxiety
BY Joe Kemp and Nicole Bode
DAILY NEWS WRITERS
Friday, May 1st 2009, 1:03 AM
Jewelry store employee, Teresa Tambunting, arrested for stealing gold in purse lining over six yearsA Scarsdale mom told relatives she was terrified of the recession - even though cops say she had $12 million in gold and gems stashed in her basement.
Teresa Tambunting - accused of stealing millions in bling from her job at a Queens jewelry store - revealed her fears at a Christmas dinner, relatives said.
Tambunting's husband, Edgardo, works at Cantor Fitzgerald, and they complained that 2008 hit them hard.
"I was there at Christmas. They were saying this was one of their worst years, but this year is [going to be] much better," said nephew Gregorio Perez, 28.
Despite this optimism, Perez said, they were afraid Wall Street turmoil would force Edgardo Tambunting to change jobs.
"This recession is hurting everybody. I know they hit a rough patch," Perez said. Tambunting is the youngest of eight brothers and sisters, he said.
All the while, Tambunting, her husband and their three teenage kids were sitting atop a quarter-ton treasure trove of raw gold and jewelry that Mom hoarded in buckets in the basement of her tony home, prosecutors said.
Perez has memories of playing in that basement a decade ago - when the only things stashed there were kids' toys and power tools, he said.
"We used to go over there a lot," Perez said, "They welcomed us in, any time we needed. She was always a generous aunt to us, me and my sister and brother."
Tambunting, 50, spent six years building the secret fortune by slipping small pieces of gold and jewelry in the lining of her purse, prosecutors said.
The long heist came to an end in February, when her bosses at Jacmel Jewelry discovered during an audit that $12 million in merchandise and gold chunks were missing from the vault, prosecutors said.
Tambunting, the vault manager since 1991, started working at the company shortly after its formation in 1977 and most recently earned $165,000 a year, law enforcement sources said.
Soon after the audit, Tambunting came to work dragging 80 pounds of fine gold and jewelry in a rolling suitcase - confessing to one of her bosses that she "had to steal it," law enforcement sources said.
The rest of the 500-pound stash was returned to the company from her home, Jacmel President Jack Rahmey said.
Tambunting was arraigned on grand larceny charges Wednesday and released on $100,000 bail.
She is said to be mulling a defense that includes a form of obsessive-compulsive disorder, law enforcement sources said. Her lawyer David Kirby did not return calls for comment.
Skol, are you saying JB has a obsessive-compulsive disorder? Not sure about that, he might be a bit slap-happy with spelling though :p
I can see that you're unhappy with both the idea of people hoarding gold, and the low levels of it stored worldwide. It is being used up in cellphones (50c per unit) and electronic goods too, don't forget, lost eventually to the waste stream.
Are we all suckers for chasing the easy money with gold/mining shares when we should be learning the craft of TA? Please put up a share to compare with OGC for next week. Monday-Friday, NZ or AU market only :cool:
I don't care what people do with their money, if they want to put into chunks of metal fine with me, it's the debate I enjoy, trying to poke holes in some of the absurd arguments gold bugs put forward. The latest one on HC is that the bugs think the Aussie Govt will confiscate their gold.
They love to hang on to ancient historical precedents that no longer apply. Goldbugs love 'gurus' to do their thinking for them.
I've seen a post from someone that reckons he's thrown everything at gold, including mortgaging the house.
The present gold craze has all the classic hallmarks of herd instinct at work, and as a student of such behaviour I find it quite fascinating. I'm not intending to change goldbugs crowd behaviour because when herd gets up a head of steam it takes an awful lot to stop it.
How about ENV vs OGC for the week?
ASX is closed today I believe.
LOL I don't hold any physical gold only a couple gold shares I do hold Silver bullion an continue to buy as financials allow spending 550k on building a new house so only a kilo a month at the moment
-Silver is by far the most undervalued of the PGM
-Gold will only go higher from here we will see 1300+ this year IMHO
-so me old PGM hater Skol please explain In your opining how-
#1- we are in a gold craze (what your seeing investors lining up at the NZmint,people are talking about gold all the time on the news,radio-Taxi drivers telling you to buy etc etc)
#2-Why investors that have brought an held PGM will want to turn round an start a selling mania driving the price to new 10yr lows(like you seem to believe,I sure back in the day gold was priced at $300oz an it went to $500oz there would have been many Skol crying it was over-brought a relic)
#3-How countries like the US that have massive unfunded liabilities 70trillion+ an only gross GDP of 14trillion turn their growing debt bubble round into sound economic economy without mass Inflation