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Holy Crap! Gold Tops $1770 Overseas.
Kitco ^ | 8-8-11 | Kitco

Posted on 08/08/2011 9:54:03 PM PDT by Atlas Sneezed



TOPICS: Business/Economy
KEYWORDS: au; crap; gold

1 posted on 08/08/2011 9:54:08 PM PDT by Atlas Sneezed
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To: Beelzebubba
People aren't stupid.

They seek a safe haven.

From many perspectives, GOLD is it.

Problem is, gold is so danged high if one is not significantly in (it) by this time, it may well be a bit too late. (not necessarily the wisest idea to rush where everyone is rushing at the same time).....

2 posted on 08/08/2011 9:55:59 PM PDT by AmericanInTokyo (Thinking that which cannot be written)
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To: Beelzebubba

Quite a run up in 2 weeks.


3 posted on 08/08/2011 9:59:48 PM PDT by mlocher (Is it time to cash in before I am taxed out?)
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To: Beelzebubba

It seems like only yesterday it passed $1700.


4 posted on 08/08/2011 9:59:53 PM PDT by Vince Ferrer
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To: Beelzebubba
Pre-packaged brass/lead/copper "precious metals" are close to pre-Obamacolypse prices and supply levels.

Trumps gold all day long in a SHTF world.

5 posted on 08/08/2011 10:03:51 PM PDT by DTogo (High time to bring back the Sons of Liberty !!)
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To: Beelzebubba

A lot of people are going to be very disappointed when they discover more gold is being sold than exists.


6 posted on 08/08/2011 10:06:02 PM PDT by South40 (Liberalism is a disease)
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To: DTogo
"Pre-packaged brass/lead/copper "precious metals" are close to pre-Obamacolypse prices and supply levels."

My Wal-Mart's shelves are finally getting stocked somewhat, altho at much higher prices than before Buckwheat. My Big Max A4 has a lot more usefullness left in it.

7 posted on 08/08/2011 10:16:42 PM PDT by matthew fuller (If America is to survive, the national socialist democrat (NAZI) party must be destroyed.)
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To: South40

A lot of people are going to be very disappointed when they discover more gold is being sold than exists.


Surprise, surprise.


8 posted on 08/08/2011 10:21:14 PM PDT by unkus (Silence Is Consent)
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To: Beelzebubba

...don’t think Soros didn’t load up on it a year ago


9 posted on 08/08/2011 10:26:11 PM PDT by Doogle ((USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: South40
A lot of people are going to be very disappointed when they discover more gold is being sold than exists.

I have this lingering feeling that the next great scam to be unveiled to the world is that all the precious-metal mutual funds and ETFs are managed by these two guys:


10 posted on 08/08/2011 10:27:47 PM PDT by kevao
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To: Beelzebubba

Holy Crap indeed- There are 357.142 grains in a Troy Ounce. That means a grain of gold is selling for $4.956 per GRAIN. A standard aspirin weighs 5 grains.


11 posted on 08/08/2011 10:39:18 PM PDT by matthew fuller (If America is to survive, the national socialist democrat (NAZI) party must be destroyed.)
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To: matthew fuller

Sorry, those numbers are wrong. I think that it’s a lot worse than that.


12 posted on 08/08/2011 10:45:16 PM PDT by matthew fuller (If America is to survive, the national socialist democrat (NAZI) party must be destroyed.)
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To: AmericanInTokyo

“...gold is so danged high..”

With silver “flat” and back under $40.00 I will be buying Ag with both hands this week. IMO, silver is heading to $70+ within 3 months and will produce a much better profit than gold at this point.

Just my take on things.


13 posted on 08/08/2011 11:01:29 PM PDT by panaxanax (0bama >>WORST PRESIDENT EVER.)
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To: South40

yes, but not those that hold the gold in their hands


14 posted on 08/08/2011 11:24:59 PM PDT by Rusty0604
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To: panaxanax

Jesse Livermore “Square of the Numbers”. Gold 1764 and exponential above.

http://www.youtube.com/watch?v=IF24atvNkSo


15 posted on 08/08/2011 11:27:36 PM PDT by Orange1998 (Give Obama a break... He inherited the AAA credit rating.)
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To: South40

Does that mean gold bars are not made of gold?


16 posted on 08/09/2011 12:39:45 AM PDT by steveab (When was the last time someone tried to sell you a CO2 induced climate control system for your home?)
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To: AmericanInTokyo
(not necessarily the wisest idea to rush where everyone is rushing at the same time).....

Whatever. That's what all perennial gloomsters were saying about the dot.com stocks in the 1990s. And how did that advice turn out?

Let me guess. You're bearish on Dutch tulips too?

17 posted on 08/09/2011 12:49:37 AM PDT by kevao
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To: panaxanax

“With silver “flat” and back under $40.00 I will be buying Ag with both hands this week. ...”

Me too.


18 posted on 08/09/2011 3:11:35 AM PDT by CapnJack
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To: panaxanax

Are you talking physical Ag, or are you confident that the “paper” MFs and ETFs are not, shall we say, oversubscribed?


19 posted on 08/09/2011 3:17:30 AM PDT by kevao
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To: kevao

NOW HOW DID YOU GET INTO MY PORTFOLIO!!!!????


20 posted on 08/09/2011 3:50:27 AM PDT by AmericanInTokyo (Thinking that which cannot be written)
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To: steveab
Does that mean gold bars are not made of gold?

It means that there is more than one ownership claim on each gold bar and thus, logically, gold has been sold that doesn't exist if the owners of the gold ask for it.

21 posted on 08/09/2011 4:17:16 AM PDT by South40 (Liberalism is a disease)
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To: Rusty0604
yes, but not those that hold the gold in their hands

Of course not. But how many do not hold gold in their hands? How many who have jumped into the recent 'buy gold' frenzy do not possess gold physically but hold nothing more than a piece of paper citing ownership?

The gold market is a ponzi scheme.

22 posted on 08/09/2011 4:28:05 AM PDT by South40 (Liberalism is a disease)
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To: AmericanInTokyo

LOL. I just knew....


23 posted on 08/09/2011 4:28:19 AM PDT by kevao
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To: kevao

Physical.

Paper is what got us into this mess.


24 posted on 08/09/2011 5:37:55 AM PDT by panaxanax (0bama >>WORST PRESIDENT EVER.)
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To: South40

“...gold has been sold that doesn’t exist if the owners of the gold ask for it.”

So, if there are more call contracts, and everyone of them wanted delivery, than the physical supply somebody is SOL, right? Which would make someone that has already taken delivery of gold very wealthy, more than $1770.00 per ounce. Hate to be the gold mine that has sold its future deposit 10 times over.


25 posted on 08/09/2011 6:08:05 AM PDT by steveab (When was the last time someone tried to sell you a CO2 induced climate control system for your home?)
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To: matthew fuller

480 grains per troy ounce.
24 grains per pennyweight.
20 pennyweight per troy ounce.
12 troy ounces per troy pound (which is a “pound” of sterling in the British sense).


26 posted on 08/09/2011 6:26:28 AM PDT by Atlas Sneezed (Government borrowing is Taxation without Representation)
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To: kevao

That’s what all perennial gloomsters were saying about the dot.com stocks in the 1990s. And how did that advice turn out?


The problem with your logic is that just because all bubbles are preceded by rises does not mean all rises are bubbles. Some things rise and stay risen.


27 posted on 08/09/2011 6:28:39 AM PDT by Atlas Sneezed (Government borrowing is Taxation without Representation)
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To: steveab
Firstly, I consider gold to be a terrible investment, today, anyway, as it does not offer dividends. With that said, there is no doubt that some, many and perhaps even most current gold investors will be disappointed if and when they should demand their gold only to discover it has been oversold. And of course those who have taken physical possession (as I have) will fare better and for obvious reasons. That's the way ponzi schemes work; some make out and some get hosed.

I bought gold in the 1980s; I invested $10k and I paid about $325/oz. While I could cash in now and enjoy a rough profit of $44,000, I’m waiting until it peaks. When will that be and could it go even higher if those holding certificates demand their gold? Decisions, decisions…

28 posted on 08/09/2011 6:57:13 AM PDT by South40 (Liberalism is a disease)
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To: panaxanax

The last time I bought silver it was $3.76 an oz. as I remember. So, where would some of you who purchased recently send me to buy some more. Seriously, I want to buy from the most reliable , least expensive source. I’m not being coy, just looking for someone that has delt in it recently with a source they would recommend.


29 posted on 08/09/2011 8:44:05 AM PDT by depenzz (My tastes are simple, I'm always satisfied with the best..)
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To: South40
A lot of people are going to be very disappointed when they discover more gold is being sold than exists.

That should make it MORE valuable.

30 posted on 08/09/2011 8:47:38 AM PDT by demsux (Obama: THE job destroyer)
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To: Beelzebubba

Yes, I know- I made a calculator error. The only reason that I tend to use grains is that they are the same whether you’re using troy or avdp., and my scales are in grains.


31 posted on 08/09/2011 11:39:12 AM PDT by matthew fuller (If America is to survive, the national socialist democrat (NAZI) party must be destroyed.)
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To: demsux

More valuable for those who actually have possession of gold and worthless for all those who hold certificates should they try to cash out at the same time.


32 posted on 08/09/2011 12:37:17 PM PDT by South40 (Liberalism is a disease)
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To: South40

I’m with you.


33 posted on 08/09/2011 5:10:03 PM PDT by steveab (When was the last time someone tried to sell you a CO2 induced climate control system for your home?)
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