Update: Gold price at new record: $1,095.50.
Submitted by SteveMT on Mon, 11/02/2009 - 22:13
As of 11:25 am ET.
11/3/09: Something just happened...Gold went way up at 10:50 ET.
With the dollar continuing its downward spiral, gold will go up.
Metal Bid Ask
Gold $1,094.50 $1,095.50 up $9.60
Silver $17.49 $17.54 up $0.34
Platinum $1,369.00 $1,379.00 up $21.80
Palladium $328.80 $333.80 up $5.10
Updated:11/4/2009 9:27:25 AM CST
Gold Climbs to Record as India’s Central Bank Buys IMF Bullion
By Claudia Carpenter and Pham-Duy Nguyen
Nov. 3 (Bloomberg) -- Gold jumped to a record after India’s central bank bought 200 metric tons of the metal from the International Monetary Fund, heightening speculation that there may be more official purchases.
Gold futures for December delivery rose to a record $1,087 an ounce on the New York Mercantile Exchange’s Comex unit and traded at $1,084.20 at 1:28 p.m., up $30.20, or 2.9 percent. A close at that price would be the biggest gain for a most-active contract since March 19.
“This will encourage other countries and other investors, especially Indians, who are big buyers anyway, to jump into the market,” said Leonard Kaplan, the president of Prospector Asset Management in Evanston, Illinois.
The Reserve Bank of India paid $6.7 billion for the bullion, which it bought from Oct. 19 to Oct. 30. It was “the biggest single central-bank purchase that we know about for at least 30 years in such a short period,” said Timothy Green, the author of “The Ages of Gold.” “The only comparable event was the U.S.’s steady purchases in the 1930s and 1940s.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=aoGPCVrF...
Peter Schiff on the
Peter Schiff on the Gold:
http://www.youtube.com/watch?v=Aicc3siQiHQ
That would be awesome.
shorts could be trying to
shorts could be trying to cover?
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
Matthew 10:34 Think not that I am come to
send peace on earth: I came not to send peace,
but a sword.
They are crying or considering something more serious.
If every person bought an ounce of gold right now, what happens to the price?
You know all to well!
Why is silver not at least at $20?
Why hasn't it followed the up moved of gold?
Silver is a smaller market
and is easier to control. One could make the observation that the silver market makes the gold market look "genetically diverse."
--------------------------------
"the only thing that keeps the banking system from failing is general ignorance about how the banking system works."
----------------------------
dead banksters
http://www.dailypaul.com/node/107337#comment-1170881
--------------------------------
"the only thing that keeps the banking system from failing is general ignorance about how the banking system works."
----------------------------
very true.. the silver
very true.. the silver market has a larger short position on it then gold does.. if the silver shorts are overrun the gold follows.. I would not be a bit surprised to see the silver COT'S much higher.. I think they are letting gold go in order to stop silver.. they are running out of ammo.
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
Matthew 10:34 Think not that I am come to
send peace on earth: I came not to send peace,
but a sword.
1089.10...
1089.10...
That would be awesome.
http://www.dailypaul.com/...
http://www.dailypaul.com/node/110303
Im sure we will be seeing a "PETER SCHIFF" update tonight
For Freedom!
For Freedom!
Yeah, I'd really like to
Yeah, I'd really like to hear what he has to say about all this.
... and the dollar index is
... and the dollar index is up.
By Friday, a lot of people
are going to be asking,
"WTF happened?"
Going Higher
Again!
Fox Business
just said that India bought 200 metric tons of gold today!
1/2 price gas? http://www.GetYourGas.com
That sale just occurred.
http://www.dailypaul.com/node/113124
IMF Announces Sale of 200 metric tons of Gold to the Reserve Bank of India
Press Release No. 09/381
November 2, 2009
The International Monetary Fund announced today the sale of 200 metric tons of gold to the Reserve Bank of India. This amount represents almost half of the total sales volume of 403.3 metric tons that was approved by the Executive Board in September (see Press Release No. 09/310).
“I strongly welcome this transaction with the Reserve Bank of India,” Managing Director Dominique Strauss-Kahn stated. “This transaction is an important step toward achieving the objectives of the IMF’s limited gold sales program, which are to help put the Fund’s finances on a sound long-term footing and enable us to step up much-needed concessional lending to the poorest countries” (see Press Releases No. 08/74 and No. 09/268).
http://www.imf.org/external/np/sec/pr/2009/pr09381.htm
Gold is Money
Governments know this. As the dollar falls, wouldn't you want to diversify your reserves to include gold?
We are entering a period where it will become increasingly recognized by governments around the world that their currency needs more gold backing. Under that assumption, the price of gold has a long way to go up.
Hey does
anybody have the list Bookmarked of all of those cool sites. It was a list of over 100 sites...I lost the bookmark...
321Gold.com
24hrGold.com
etc..
IT was posted on the DP awhile ago.
I wish I could
buy at $1085.00 an ounce......(American Eagles) look at this.....
http://www.apmex.com/Product/48683/2009_1_oz_Gold_Eagles___B...
Ouch
Eagles are a different
Eagles are a different product than bulk gold, so it's not directly comparable. Even the buy price on that site, at $1105, is $20 over gold "spot".
The lowest rates I'm aware of for retail investors, are at goldmoney.com, but you don't get physical possession. Especially if you buy quite a lot, they have good prices. Still ought to be lower, and probably will be once others get into their business, which relies on keeping the gold inside the Good Delivery system. Some of you gold bugs here should look into setting up a competitor. I bet you those guys are raking it in, now that volume and interest in gold investing is increasing :)
Another neat feature is their gold gram payments, which, if the dollar truly does collapse, may become a more generally accepted way of paying for things.
I have absolutely no affiliation with those guys at all, but do like their service, as well as the idea of keeping some savings in the form of metals in a Swiss vault. Not that the Swiss are all that anymore when it comes to standing up to the Wall Street banksters and their enablers, but I still trust them to protect my savings a lot more than I trust our homegrown banks who will roll over for any sleazy lawyer fishing around for some green (or yellow.)
Gold money wanted to know
Gold money wanted to know (among other things) where I got the money I was going to invest. I told them it was none of their business and that there were other places that I could buy gold that would respect my privacy.
ofcourse this is normal for
ofcourse this is normal for me.. when I wanted silver to rocket it didn't. now that I want it to come down it goes up....
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
Matthew 10:34 Think not that I am come to
send peace on earth: I came not to send peace,
but a sword.
maybe people will start
maybe people will start listening to Jim Sinclair more..he is calling it.. he says gold will trade at 1200 on or before Jan 1 2011.
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
Matthew 10:34 Think not that I am come to
send peace on earth: I came not to send peace,
but a sword.
1085.00 A prudent man
1085.00
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
Matthew 10:34 Think not that I am come to
send peace on earth: I came not to send peace,
but a sword.
This is insane....
$1100.00 an ounce anyone???
1087.60...
1087.60...
That would be awesome.
1086.50...
1086.50...
That would be awesome.
the imf is selling 200 tonnes
to india and china is buying buying buying. gold to 2000
Yeah man! I just popped on and was surprised
The dollar is still rising a bit but Gold is cruising....What gives?
For Freedom!
For Freedom!
Also saw the spot price up so what did I do next....
Jumped on the Daily Paul of cousre!
For Freedom!
For Freedom!
1084.90US$ now...
1084.90US$ now...
That would be awesome.
Free Markets Are A Prediction Of The Future.
*
The majority of players are pitted against each other. { The Bulls vs The Bears }
If the majority of bidders are bullish, prices go up, if the majority of bidders are predicting the product being bid on is going to "Gain" in value, prices go up.
Goldman Sachs and cronies being investment bankers, make a profit on every trade, it's called a commission.They make more money in commissions when the markets are unstable. { Lots of trades }
What is the rising Gold price telling us?
That a large majority of investors, big and small, are concerned about protecting the "value" of their investments, by investing in Gold, the money of Kings !
beesting
bozo this is not the 80
what we are expriencing is nothing compareed to the 80's even the 70
'all the inflation of the 70" was managible since people earn more than they spent plus they recieved double digit returns on their cd's and money market deposits.
My calculation is a move to $1,950 by Oct.- Nov., 2010, but then
a long decline, reaching below $300 by the end of 2015.
Yea, I know you gold bugs think it can't happen like that. But markets repeatedly move far above trend and then collapse; gold did it in the 1980's, the stock market did it in 1929, real estate has done it with some frequency in history and is doing it now, and one huge bubble to within a few decades burst is the human population.
Technically, the driving force behind the current move in gold is the combined effect of multiple cycles, but if you don't understand the magic of mathematics to identify multiple oscillations in price movements, and want to place a fundamental explanation to it just read the article referenced in this dailypaul thread and the additional article referenced in my comment to that article.
http://www.dailypaul.com/node/112927
The dollar carry trade is supplying the fuel to drive up the gold price, all the while deflation is doing it's corrosive harm in the background.
Check out the M3 rate of change at this site:
http://www.nowandfutures.com/key_stats.html
If you are planning to protect yourself from the financial disaster we are living, then own gold and silver until next October, 2010, and then sell it and put federal reserve notes under your mattress. In 2015 buy a small farm in a backwater area at the then 80% discounted price, and produce most of your own food cause that is the only way you are going to eat while the masses starve, plus if you have excess funds in 2015 buy gold and silver coins if they are still legal to own.
The reason why this will not
The reason why this will not happen is because the Gold market is a totally arbitrary market, decided by central banks and money printing. The government can force gold to infinity. It does not move like normal commodities, unless the dollar is stabilized.
Ventura 2012
Does gold trade as a currency?
Many people think it does including Jim Sinclair. Buying or selling gold is done in currencies, or if you want to take the opposite view, buying or selling of currencies is done in gold.
Since the motivation of buying something is to gain value from it, if you expect the value of gold to increase relative to the US dollar, you are encouraged to trade your US dollars for gold. If you expect the value of the US dollar to increase relative to gold you exchange your gold for US dollars.
So where are we now. The Federal Reserve doubled the monetary base in the autumn of 2008 and there was a temporary increase in the rate of growth of M1 and M2 money supply, but the rate of growth in M3 money supply has continued to decline, now reaching near zero. The rate of growth in M2 money supply is now 1/2 of what it was immediately after the 2008 easing and it is in historically normal bounds. M1 money supply rate of growth also jumped in response to the easing, but has since fallen back.
If doubling the monetary base gave the banks more than enough reserves, do you think doubling it again would have any effect at all, or do you think the Federal Reserve already pushed the string as much as it can be pushed. So why is money supply growth so anemic, and what has happened to the predictions of hyperinflation of prices of goods and services? For one thing, banks sat on the massive injection of reserves. And the velocity of money sank like a rock as people slowed down spending and moved to pay off debt. And a significant portion of the new money flowed into the bond market, artificially inflating bond prices. And now via carry trade in US dollars, this new money is finding its way into gold and silver, plus some other financial assets around the world including the US stock market.
The bond market and gold are the safety release valves which will prevent hyperinflation in the US, so what is going on today is that more and more debt is being stacked on the books of banks and the federal government. But remember that debt repayment is highly deflationary and all this new debt places additional drag on the economy. And remember that it is the perception of the destruction of the US dollar that is driving people out of the US dollar into gold. When the carry trade reaches its limit and these positions are unwound, the dollar will rise in relationship to all those things that are now being bought with the carry trade dollars, or stated another way, the value of all those things now being bought with carry trade dollars will fall when the carry trade unwinds. So how much more asset value destruction can the financial system stand before it comes to a relative standstill and people so desperate to get the medium of exchange (the US dollar in the case of US citizens) panic sell at deflated values. Hell, the housing market is already off up to 40% to 50% is some areas; imagine another wave of collapse and the credit lockup that would participate. Why do you think they call it a deflationary spiral?
But there is much more to the deflation argument than the dollar carry trade issue. The carry trade is just the latest manifestation of the mechanics of money issue and flow when predators take over money issue.
List of all currencies
http://help.eticketsclub.com/api/developers_guide/appendix/i...
In order of availability in the earth crust palladium being the rarest.
http://www.dailypaul.com/node/110303
Palladium XPD 964
Platinum XPT 962
Gold XAU 959
Silver XAG 961
right
ill be out of here just like john law high tailed it out of france with his stash of gold. america is not the only place on the face of the earth. im sure ill have no problem finding taker for my gold somewhere else. keep your fed notes maybe you can wipe you ass with them.
Whats up with the dollar?
I don't see any data where the dollar is falling. Maybe I'm missing it or maybe it hasn't happened yet.
With gold up this much the dollar should be tanking hard.
????
One possibility.
The FRN is measured against real money, gold, silver, platinum and palladium by which it is losing value. However other countries use currencies that are fiat and have been printing just as much and borrowing if not more from their central banks. This because U.S. imports have dropped and exports with the weak dollar have grown. In comparison since the U.S. makes up around 25% of the world market the dollar is actually worth more that other countries paper. This is also because the dollar is being exchange at the IMF for SDRs removing them from the market. But remember the SDR is back by nothing as well. SDRs once accepted as the new world currency will simply circulate having nothing to back it accept an agreement to accept them and the IMF is likely to just burn the U.S. dollars they hold, or lend it back to the U.S. at interest, as far as they are concerned, making the U.S. dollar less valuable internationally, since it will no longer be the world currency and more valuable here in the States where it is needed to pay off debt.
grant
The dollar is actually strong.....
and gold still going up.
Stocks are also down and gold still up.
Something must have happened to the COMEX.
Someone must have run out of gold to sell.
http://www.bloomberg.com/markets/currencies/fxc.html
they ran out of that a long time ago
read fekete the man is a genius.
Take your own advice.
http://www.goldstandardinstitute.com/html/engine_of_deflatio...
The good professor suggests that hyperinflation of prices requires not only expansion of money supply but lack of an outlet like bonds to absorb the expansion. The bond market is the antidote that does not exist in Zimbabwe, but does exist in the US.
Yes but the Bond market has
Yes but the Bond market has been the major source of inflation for decades not FRN's. However it is still deflating somewhat but is still the major source of government spending even though foreign countries have all but stopped buying them. They are based on the full faith and credit of the US except the idiots at the top have tapped out that resource and foreigners now own us lock stock and barrel and they will soon want to take possession of what they think is thier collateral.
-----
End The Fat
70 pounds lost and counting! Get in shape for the revolution!
Get Prepared!
-----
End The Fat
70 pounds lost and counting! Get in shape for the revolution!
Get Prepared!
dollar
Dollar movement has been driving everything the past few months.
With the dollar higher the past few days, and gold/silver higher (gold at all time unadjusted high), are we seeing some cracks that will lead to dollar/gold decoupling?
Rephrased: can the dollar and gold both go up at the same time?
[ If I was in the Fed or Fed member banks trying to manage this, I would resign. ]
riverrun: Got that. 'Cracks' is a good way to describe this.
Peter Schiff is right again. He was predicting this and calling it: "uncoupling."
What does the Fed do now?
They're screwed, but we are too.
All those people should be in jail.
1800s
I read that in the 1800s, mobs would pull bank officers out of the bank building and hang them. Now we have FDIC "insurance" to placate the mobs.
I'm starting to think some of us need to act like police+DA and collect evidence from financial reports and present that to a grand jury. If the authorities won't go for the indictments, then it's up to the people.
Like most everything that started with my involvement with RP's Hope For America tour, I don't know the details of presenting to a grand jury. Brief research shows this is possible and can lead to indictments.
http://www.dailypaul.com/...
http://www.dailypaul.com/node/112740
the dollar was up almost .50
the dollar was up almost .50 basis points.. gold should have tanked 25.00.
something is up... gold is telling us something is wrong.. us simpletons do not know what is coming yet..
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
Matthew 10:34 Think not that I am come to
send peace on earth: I came not to send peace,
but a sword.
I'm no forecaster but
this action doesn't portend well for the US Stockmarket.
You can see the storm coming a mile away.
dollar has weekened a
dollar has weekened a little... now only up .27
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
Matthew 10:34 Think not that I am come to
send peace on earth: I came not to send peace,
but a sword.
just broke $1080! wow..will
just broke $1080! wow..will probably see a correction soon and some profits to be locked in.