360 votes

>Gold $1,180 Silver $15.60 Platinum $1,180 Palladium $810 Dollar 89.60

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Rob McEwen: Your readers need to appreciate: Gold is money. It is currency. I think the number of people familiar with gold will grow as people see gold as a currency. China, India, Russia are buying gold to diversify their foreign reserves. To restore the confidence in currencies, I think some central banks, such as the Chinese and possibly the Russian, will increase their gold holdings to the level that the percentage of their total currency will be greater than that of any other currency in the world. At that point, they will assert that their currency should become the reserve currency of the world.
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Submitted by SteveMT on Thu, 09/16/2010 - 11:51.

Metal Bid Ask
Gold $1,273.60
Silver $20.73
Platinum $1,602.50
Palladium $546.00

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Most likely

just end of year budgeting and moving around of money. People tend not to trade on holiday weekends, especially end of year.

Should kick back in full force towards beginning of new year.

oil is up...I wonder why gold

oil is up...I wonder why gold doesn't follow the trend?

SteveMT's picture

Profit taking more than likely.

On the one hand, oil producers have been quite anxious to see the price rise and want it to go higher still. Oil isn't currency, but gold is, and if you think the metals market is manipulated, the oil cartel's middle name is "manipulation."

fireant's picture

January 3 likely for profit taking

I think tax considerations make waiting a plus. How much that impacts gold we'll see.

Undo what Wilson did

SteveMT's picture

Good point about that.

People may just not be buying much this time of year with their positioning themselves in other investments. Big metals dump on 1/3/11? Then, there will be a buying opportunity, if prices goes down enough.

fireant's picture

Cause gold won't keep you warm.

Demand due to severe winter and tight supply will help keep oil up I'd guess.

Undo what Wilson did

Everything down this morning

Gold and silver down .5%

Stocks down about .3%

"Little Smack"

Selling before Christmas...

Both metals and stocks

seem to be on the same meandering upward (overall) path, so I'm convinced any reasonable investment decisions made with regard to either would yield nearly identical returns. Investors are avoiding the dollar so this only makes sense. Despite the love for all things metal, it's not the only way to preserve wealth...

END OF DAY UPDATE: Stocks up "just barely" today.

SteveMT's picture

Platinum ($1,724) and Palladium ($750) are way up there...

also. These metals don't get much chatter, but they have also been doing very well, especially palladium.

most of this is from chinas

most of this is from chinas demand for cars. they have come up with how to use silver in those cateletic converters.. just watch demand for palladium drop.

fireant's picture


My understanding is silver will reduce use of platinum in catalytic converters, unless you have more recent info?

Undo what Wilson did

SteveMT's picture

fireant, Palladium is the poor man's platinum

Palladium in autocatalysts and catalytic converters

By far the largest use of palladium today is for automobile catalytic converters. Based upon some estimates the 450 million automobiles in the world today is projected to more than double in the next 30 years requiring a growing use of palladium. And, while some forecasters suggest palladium recycled from scraped automobiles will become a large factor in the supply/demand price equation for palladium in coming years, other factors will mitigate these projections.


fireant's picture

I understand that part of it. My question is how use of silver

in catalytic converters will impact platinum and palladium. The article I quoted is from 2008, and it specifically states platinum will be replaced, but it makes no mention of palladium. Also, is there any updated info on the development of silver in converters?

Undo what Wilson did

SteveMT's picture

And another reason to own silver. I hadn't heard that use ...

of silver before....catalytic converters is a new one.

fireant's picture

On weak volume

Once again...

Undo what Wilson did

Gold up tonight

Maybe see $1400 and $30 by end of week?

anyone catch

that article over at KWN the other day? it relates to an LME insider giving an account of China's latest PM strategy?

When That Happens, The Game is Over

"“On the surface this does not appear to have anything to do with the physical market. The spot buyers are indexing, and this is what no one is talking about. They are indexing the metal to the real physical even if they can’t get the physical metal at that moment.

What would stop you from putting up a few billion dollars? This is what China is doing. You’re China, you were refused IMF gold, so you are going to quietly sell your treasuries, or swap your treasuries more likely for a spot financial transaction. What they are doing is buying spot, which is a currency transaction because you can’t get the metal. The physical market has now completely diverged from the paper market."

pretty interesting stuff.

I suppose what Ron is able to do in his new position

will have an affect on not just the Fed, but the price of gold. It will get interesting... and I also predict numerous conflict of interest cries against him.

unless Ron can back the

unless Ron can back the dollar with gold it won't have any effect. What people do not understand is
it is inflat or die. That is the position the fed is in. Ultimetly they will die after they inflate.. they just delay the day of judgement.. that is all.

Yea that guy is @


And I still frequent his website for comedic purposes only...



yep thats him.. why do these

yep thats him.. why do these guys never look at the other side of story. Why don't these guys read the COT's? everything is charts and mystical majic.

anyone remeber the guy who

anyone remeber the guy who posted on the daily paul who was published on kitco? There was a picture of him standing on the shore with a lighthouse in thack ground.
I see he has not posted anything.. Everything he said was going to happen didn't and actually went the opposite direction. Another "deflationist" bites the dust. Amazing how these guys come on here telling everyone how smart they are and when their "prediction" goes bad you never see their faces anymore.

fireant's picture

Both sides will win.

Wages and property values are (will) deflating at the same time we are seeing price increases, which I expect to be more noticable Q1 2011. That'll likely get worse during the year because monetary inflation is showing up now in nations which hold our debt, and that will make their exports more costly to us. Wages will decline more due to the coming government layoffs (many states are in deep dd).

Undo what Wilson did

fireant's picture

Bond Bubble Busting?

Not quite yet according to The Daily Gold, but be prepared; we are seeing the early signs, it'll happen fast, and gold will be the beneficiary:

Undo what Wilson did



that is an excellent article.

that is an excellent article.

I am faced with a tough choice

beer or silver?


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Do both!