All metals continue northward: Gold now at $1,122.20
All metals but silver seem financially out of reach for most people as the value of the dollar continues to decline.
Metal Bid Ask
Gold $1,121.20 $1,122.20 up $6.60
Silver $17.71 $17.76 up $0.21
Platinum $1,375.20 $1,385.20 up $14.60
Palladium $345.50 $350.50 up $4.10
Updated:11/11/2009 7:25:36 PM CST
Gold Price Won’t Drop Below $1,000 an Ounce Again, Faber Says
By Zijing Wu
Nov. 11 (Bloomberg) -- Gold won’t fall below $1,000 an ounce again after rising 27 percent this year to a record as central banks print money to help fund budget deficits, said Marc Faber, publisher of the Gloom, Boom & Doom report.
The precious metal rose to all-time highs in New York and London today as the dollar weakened. The Dollar Index, a gauge of value against six other currencies, has declined 7.9 percent this year and today fell to a 15-month low. News last week of bullion purchases by the Indian and Sri Lankan governments raised speculation that other countries would follow suit.
“We will not see less than the $1,000 level again,” Faber said at a conference today in London. “Central banks are all the same. They are printers. Gold is maybe cheaper today than in 2001, given the interest rates. You have to own physical gold.”
China will keep buying resources including gold, he said.
“Its demand for commodities will go up and up and up,” he added. “Emerging economies will grow at the fastest pace.”
In contrast, Western countries will be lucky to avoid economic contraction, while the Federal Reserve will maintain interest rates near zero percent, he said.
http://www.bloomberg.com/apps/news?pid=20603037&sid=az6qQ8Zu...
Last night I had a dream
Last night I had a dream that I was in my old shed, moving some things around and under some wood I found an old silver coin with Benjamin Franklin's face on it. When I moved the wood I found silver coins all over... everywhere I looked there were silver coins... every one of them a Ben Franklin. Both my hands were full so I had to start using the front of my shirt like a pouch so I could continue collecting all these various sized silver coins.
Oh, what a wonderful dream!!!
...
John: Nice dream.
Silver is about the only thing that we can dream about these days.
I can't get near anything else.
Back in early 2008 silver
Back in early 2008 silver was around $21 when gold went above $1000. I'm surprised silver has lagged so much this time around.
...
I don't understand why silver isn't moving. Usually when gold
takes off so does silver because the yield is way better in silver.
Silver will explode
It's just a matter of time.
It is up 62.88% YTD and 82.80% for 52 weeks.
I don't see anything to complain about.
There is no worse tyranny than to force a man to pay for what he does not want merely because you think it would be good for him.
-Professor Bernardo de la Paz, The Moon is a Harsh Mistress
Robert A. Heinlein
History does not long entrust the care of freedom to the weak or the timid.
Dwight D. Eisenhower
When the gold runs out, silver will skyrocket .
At least silver remains affordable for most people right now. The other metals are very expensive, although also not at their true price and some still consider them buys.
once all the major gold
once all the major gold stockpiles are fully scooped up silver will be the next major target of smart money...give it some time, silver will end up exploding but it is lagging at the moment, consider this a gift to purchase more.
The rains have started in the northwest.
This should uncover some placer Gold.
With un-employment at or near all time highs, if I was unemployed and in good shape and with good eyes, I would start looking in areas where Gold has been found before for some free for the taking wealth....Gold !
Ron Paul is my President !
beesting
Its daunting in a way...
While I am happy to sit back and watch my nominal wealth tick up, the way gold is rising, the strength and consistency, really is amazing. However, the flip side of this is that we know there is only precious time remaining before things really begin to shift. For those in the know, it is a true exercise of the mind.
Jig
www.thefinancialpanner.com
____________________________________________
Prospecting for opportunity in a river of information....
*** The Financial Panner ***
www.thefinancialpanner.com
Is this what a currency crisis looks like?
Freedom, Prosperity and Peace
Freedom, Prosperity and Peace
Geithner wants a strong dollar? This is a not a joke....
just another lie.
Geithner Says Strong Dollar ‘Very Important’ to U.S. (Update2)
By Rebecca Christie
Nov. 11 (Bloomberg) -- U.S. Treasury Secretary Timothy Geithner said a strong dollar is in the nation’s interest and the government recognizes the importance it plays in the global financial system.
“I believe deeply that it’s very important to the United States, to the economic health of the United States, that we maintain a strong dollar,” Geithner told reporters in Tokyo today.
The greenback’s slide against global currencies from the yen to the euro has bolstered speculation among investors that it is losing its status as the world’s dominant currency. Geithner reiterated that the U.S. will tackle its swelling fiscal deficit once a recovery in the world’s largest economy takes hold.
“Because of the important role the dollar plays in the international financial system, we bear a special responsibility for trying to make sure that we are implementing policies in the United States that will sustain confidence” for investors around the world, he said.
The dollar fell to a 15-month low versus major counterparts today as growing industrial production and retail sales in China boosted demand for higher-yielding assets. Record low U.S. interest rates are funding global “carry trades” and the dollar is still overvalued, the International Monetary Fund said last week.
Geithner said U.S. efforts to boost exports aren’t in conflict with the “strong-dollar” policy. “I don’t think there’s any contradiction between the policies,” he said.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSyeS...
Well, that article doesn't
Well, that article doesn't quote him as wanting a stronger dollar. All he really says is that a strong dollar is in the nation's interest and that it's important. He doesn't say anything about wanting a strong-dollar policy.
The part about "sustainable balance" may just mean a stable value of the dollar only after the inflation hits and the USD is worth a lot less.
...
Boy am I glad I'm in the game! Thanks Steve
I am going to buy silver while I still can this weekend.
For Freedom!
For Freedom!
STUGOTS! To the high and felutent establishment!
Paultian Powerhouse!
It is still way below where it should be.The other metals are...
also, but they are already too much.
This is ticking time bomb that the sheeple have no clue about.
The bid price is the one to
The bid price is the one to go by. Not that it makes any difference. But sometimes a guy just feels the need to type.
Thanks Jive: I didn't know that.
Why is the ask price not the price of buying and the bid price not the price for selling?
I thought that is how this works.
An offer to buy is the real deal
Bid and ask are pending offers by traders participating in the market. The market is like an auction. If and when the bid is equal to or greater than the ask, a deal is made. You never see a higher bid than ask, because when that happens the two offers annihilate each other like matter and anti-matter, and emit a trade.
The bid offer is always what's quoted. For example, the LBMA publishes GOFO, the "gold future offered price." Variable rate mortgages are often tied to LIBOR, the "London Interbank Offered Rate," which is used as an indicator for the price of (interest on) dollars. The bid is also what's of interest to DPers, because that is the amount of FRN's that we can trade our shiny money for when we need to buy groceries or whatnot.
In practice, the bid/ask spread on gold is always so small that it does not really make much difference.
Rather than the bid price, you could alternately go by the latest actual transaction.
Thanks Jive: I like how you explained that.
Is it correct to say that the actual price paid is always in between the bid and the ask price? That is why the range is so narrow between the two.
You used familiar terms that helped a "trekie" understand.
No, the trade goes down when
The trade goes down when the bid and ask are equal. That price will typically be between the previously seen bid and ask offers. Not always though, because offers can be withdrawn. You'll never see the offer that triggered the trade listed as a bid or ask, because when it happens, a trade goes down and eliminates the condition. You can infer what the offer was that triggered the trade by looking at the last "print" of a transaction.
It's possible to give your broker a "limit" order that tells him a price not to exceed (for buying) or go under (for selling). It's the broker's job to get you the best deal ("execution") that he can, given those instructions. So if for example, if I tell him I want to buy with a limit of 1125, and at some point the current ask is 1120, he will (or is supposed to) to try to "hit the ask" and get it for me at 1120.
Actually, I do not have an account for buying physical gold in the spot market. Too rich for my blood. I get the real stuff from retailers like APMEX, and sometimes play around with the gold etf GLD.
Your expertise in explaining this is appreciated.
I think you must do this for a living.
This is a complicated business of give-and-take, like life.
I also get my PM from APMEX as well. Simple, honest, and no hassles.