Posted on 05/14/2010 5:51:06 AM PDT by blam
Gold Having Another Monster Day, Threatening To Take Out $1250
Joe Weisenthal
May. 14, 2010, 7:17 AM
Do I hear $1300? $1500, do I hear $1500? Going once, going twice...
[snip]
(Excerpt) Read more at businessinsider.com ...
I firmly believe Gold will reach 3,000 by years end. 1300 is a piece of cake.
Whoa Nellie!
Dang why wasn’t gold doing this when I was in the market. Oh well time to let it peak and then take the ride back down, but the ride up then down would have been a lot better ;)
Looks like the NY gang is on the job again, it started jumping just after NY opened at 8:15. I’m looking for silver to hit $20 maybe on Monday, then I’ll cash out short term.
Recent articles about JPM’s recommendation, “panic buying” at the Austrian mint, and the gold ATM in Dubai say to me it’s time for a little consolidation.
...all the gold that ever was...still is...it’s either still in the ground or in people’s jewelry, or in coinage...it will start to appear soon...high prices will smoke it out...a low grade gold mine in my area has re-opened after 25 years of being shut down...last time this happened under Carter the Russians and Chinese started digging it out...being Commie; they were the low cost producer...when the price gets right, gold suddenly appears.
Here’s just one of many reasons for a gold rally...
Four more banks were closed last Friday, bringing this year’s failures to 68 so far. The closures will cost the FDIC’s insurance fund an estimated $213.7M. If this pace continues, 2010 will comfortably surpass the 140 closures of 2009.
"The Invisible Hand".
My thought of waiting for a “sale” = EPIC FAIL
ditto for my beloved silver, which is acting like it’s got a firecracker up its metallic ass.
Now I understand why they say only idiots try to “time” markets.
meh
“all the gold that ever was...still is...it’s either still in the ground or in people’s jewelry, or in coinage...”
Where else would it be?
“when the price gets right, gold suddenly appears.”
The price of gold is skyrocketing because of loose fiscal policy. Governments are crapping currency out their back ends and unless people can do the same with gold then gold will continue to skyrocket. As government debts increase so does the currency coming off the printers.
Thanks, sweetpea.
I feel better already. LOL
Do you have statistics for the last 30 years? I thought the S&L crisis outdid current times for bank failures by a long shot.
Why?
“Why” 3,000
...The bailout of America is getting borderline hilarious, even as stock capitalization surges by about $1 trillion based on the printing of money by the ECB with the Fed’s assistance. In the second coming of moral hazard, one piece of news that some may have missed is Fannie Mae’s earlier announcement that the mortgage lender is now more bankrupt than ever before - the firm lost $13.1 billion in net income on $3 billion in revenue.
The Acting Director of the Federal Housing Finance Agency has asked Treasury to provide Fannie with $8.4 billion on or prior to June 30, 2010. Additionally, the Fed backstopped entity also announced that “there is uncertainty regarding future of business after conservatorship terminated and expect this uncertainty to continue.”
In the last year U.S. Government debt is up, but M2 hasn't changed.
“Do you have statistics for the last 30 years”?
...I don’t. The current pressure on banks coupled with the bailouts, Greece and on and on will/has created a fear for the dollar and it’s value.
FRANCE SARKOZY—— Threatening to pull out of the Euro today if Germany doesn’t bail out Greece. That’s why au is up today
Euro down vs the Dollar today-—>>> 1.2451
One Euro buys you 1.2451 US Dollars down from a recent high of 1.51
I have a friend who left for a vacation in Greece today (who ever thought that would sound like insanity?). She’s worried about the unrest, but at least her vacation is getting cheaper by the hour!
“In the last year U.S. Government debt is up, but M2 hasn’t changed”
That’s interesting however:
The Fed and Treasury money supply went from 7.5 trillion to 10 trillion in 2009!!
Since 2005 M3(Total money in US banks and economy) went from under 10 trillion to almost 14 trillion, a 40% increase. At the same time gold went from under $500/oz to $1200/oz.
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