Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Marc Faber "You Don't Own Gold And You Are In Great Danger"
TMO ^ | 2-1-2013 | Goldcore

Posted on 02/01/2013 5:02:25 AM PST by blam

Marc Faber "You Don't Own Gold And You Are In Great Danger"

Commodities / Gold and Silver 2013Jan 31, 2013 - 08:06 PM GMT
By: GoldCore

Today’s AM fix was USD 1,674.50, EUR 1,234.88, and GBP 1,058.47 per ounce. Yesterday’s AM fix was USD 1,666.25, EUR 1,230.70, and GBP 1,057.20 per ounce.

Silver is trading at $32.08/oz, €23.76/oz and £20.40/oz. Platinum is trading at $1,677.50/oz, palladium at $736.00/oz and rhodium at $1,200/oz.

Cross Currency Table

Gold rose $13.80 or 0.83% in New York yesterday and closed at $1,676.50/oz. Silver slipped to a low of $31.24 in the morning, but it then ran up to a high of $32.24 and finished with a gain of 2.01%.

Gold hovered nearly unchanged after surprise GDP figures showed that the U.S. economy contracted and the U.S. Federal Reserve maintained asset purchases. Platinum is on track for its most stellar month’s performance in a year.

The U.S. GDP was -0.1% for Q4 and it was expected at 1%. This was its largest drop since 2Q 2009 as U.S. military defence spending plummeted. The Fed left their $85 billion bond-buying stimulus plan intact, citing the monetary stimulus was critical to decrease unemployment, however mentioned this lull in the U.S. economic recovery was temporary.

Investors will be watching the nonfarm payrolls data out tomorrow.

Gold reached multi year highs in Japanese yen again overnight.

TOCOM's December contract, reached a record 4,944 yen a gram or 153,000 yen per ounce. Gold as climbed more than 6% this year on a weakening yen after Prime Minister Shinzo Abe called on Japan's central bank to ease policy even more aggressively.

XAU/JPY 5 Year

Reuters reported a dealer in Tokyo saying "Of course a weaker yen attracts buyers, but I think we shall wait for the price to hit 5,000 yen before we see some selling."

Gold Silver Ratio, Quarterly

India's government announced it does not have plans to for additional taxes or curbs on imports of gold as it waits to see the impact of recent tax increases, said a finance ministry official yesterday.

Respected CNBC financial journalist Maria Baritromo interviewed Marc Faber, a contrarian Swiss investor and publisher of the Gloom Boom and Doom Report.

“You said a minute ago that markets go up and down, doesn’t gold go up and down too?” said Baritromo.

“Yes it does go up and down but I am fearful of a systemic crisis, wars and so on and it is because I am fearful that I own gold,” said Faber.

Maria Baritromo and Marc Faber

Faber then asked Baritromo if she owned any gold. Her response was that I own earrings and jewellery.

Faber relied, “Sorry to say you are in great danger because you don't own any gold...but you have a golden personality!”

This tiny snippet of an interview highlights what research at GoldCore has been saying for years. Although many people think gold is a huge bubble like the housing market that burst, it is simply not the case.

How many people do you know that diversify their portfolios with precious metals like silver and gold bullion? Systemic risk is defined as "financial system instability, potentially catastrophic, caused or exacerbated by idiosyncratic events or conditions in financial intermediaries". This is akin to the effect of the proverbial pebble when dropped in the pond, it ripples outward.

The global marketplace is interconnected and potential danger across the pond such as the Lehman Brothers catastrophe affects investors across the world. Bullion investment is a proven hedge to diversify against systemic risk.


TOPICS: News/Current Events
KEYWORDS: commodities; gold; recession; silver

1 posted on 02/01/2013 5:02:29 AM PST by blam
[ Post Reply | Private Reply | View Replies]

To: blam

Weird shit happened in the last 2 days with gold prices; they spiked up rode high for a while, and then dropped back down like nothing happened. Manipulation is not a conspiracy theory, it’s the Fed standard procedures in action...


2 posted on 02/01/2013 5:34:00 AM PST by broken_arrow1 (I regret that I have but one life to give for my country - Nathan Hale "Patriot")
[ Post Reply | Private Reply | To 1 | View Replies]

To: broken_arrow1
I am hoping that the Fed manipulates the price down a little more so I can buy some.
3 posted on 02/01/2013 5:40:09 AM PST by 2001convSVT (Going Galt as fast as I can.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: blam

If you don’t own LEAD you are in greater danger!


4 posted on 02/01/2013 5:44:48 AM PST by Renegade
[ Post Reply | Private Reply | To 1 | View Replies]

To: jiggyboy; PA Engineer; blam; TigerLikesRooster; Cheap_Hessian; CJinVA; Jet Jaguar; ...

Goldbug Ping.


5 posted on 02/01/2013 5:34:55 PM PST by Jet Jaguar
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jet Jaguar; PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; Roy Tucker; ...

P!


6 posted on 02/02/2013 4:26:37 AM PST by TigerLikesRooster (The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Renegade

We are presently near the top of the Ammo bubble


7 posted on 02/02/2013 4:48:27 AM PST by bert ((K.E. N.P. N.C. +12 .....The fairest Deduction to be reduced is the Standard Deduction)
[ Post Reply | Private Reply | To 4 | View Replies]

To: blam

The gold bubble might be about ready to pop. Probably smarter to be getting out of gold and into real estate in places like Georgia, Florida, Arizona, and Vegas.


8 posted on 02/02/2013 6:39:07 AM PST by PAR35
[ Post Reply | Private Reply | To 1 | View Replies]

To: bert

I can’t wait until the ammo bubble bursts. You used to be able to buy 5.56 for .33 cents a round and now it is nearly $1.50 per round. at Cheaper Than Dirt. I’m thinking of selling high and then buying back in. I never thought I would be discussing ammunition like a commodity.


9 posted on 02/02/2013 6:53:30 AM PST by Sawdring
[ Post Reply | Private Reply | To 7 | View Replies]

To: bert
"We are presently near the top of the Ammo bubble"

I think so too.

10 posted on 02/02/2013 7:28:56 AM PST by blam
[ Post Reply | Private Reply | To 7 | View Replies]

To: PAR35

I seriously doubt that...


11 posted on 02/02/2013 7:39:52 AM PST by Axenolith (Government blows, and that which governs least, blows least...)
[ Post Reply | Private Reply | To 8 | View Replies]

To: PAR35
The gold bubble might be about ready to pop.

Maybe, but $1400 is the new $200 as far as the basement floor is concerned.

If you don't have physical, you're too late.

12 posted on 02/02/2013 7:44:55 AM PST by Sirius Lee (All that is required for evil to advance is for government to do "something")
[ Post Reply | Private Reply | To 8 | View Replies]

To: Sirius Lee

“If you don’t have physical, you’re too late. “

I agree with that.


13 posted on 02/02/2013 12:05:10 PM PST by PAR35
[ Post Reply | Private Reply | To 12 | View Replies]

To: Sirius Lee

Not too late at all. I’ve got a great dealer that has all I can buy.


14 posted on 02/02/2013 1:09:04 PM PST by CodeToad (Liberals are bloodsucking ticks. We need to light the matchstick to burn them off.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: blam
What about silver? I'm about to buy the 90% silver quarter stash from MONEX. Still a good idea?
15 posted on 02/02/2013 2:50:35 PM PST by ExSoldier (Stand up and be counted... OR LINE UP AND BE NUMBERED...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ExSoldier
"What about silver? I'm about to buy the 90% silver quarter stash from MONEX. Still a good idea? "

I just bought more US silver dimes for $2.30 each. That is my answer.

I bought from a guy who advertised on Craigs List...he was selling them at a local flea market. (Turns out, he was a 'snowbird' down from Wisconsin)

16 posted on 02/02/2013 2:59:48 PM PST by blam
[ Post Reply | Private Reply | To 15 | View Replies]

To: blam
I'm going to spend 1K with MONEX for approx 800 troy oz of pre 1964 90% silver quarters. The beauty is that they'll never be worth less than their face value as coin of the realm, but the silver content at todays price for the bag would be about $22K.
17 posted on 02/03/2013 12:01:03 AM PST by ExSoldier (Stand up and be counted... OR LINE UP AND BE NUMBERED...)
[ Post Reply | Private Reply | To 16 | View Replies]

To: Sawdring
AMMO ENGINE seems to have some decent prices.
18 posted on 02/03/2013 12:13:31 AM PST by ExSoldier (Stand up and be counted... OR LINE UP AND BE NUMBERED...)
[ Post Reply | Private Reply | To 9 | View Replies]

To: ExSoldier

I would buy from APMEX rather than MONEX. I have my reasons.

APMEX is very trusted and also sells via Ebay and their own site. But seems if you want 90% US silver you buy at their site>>> http://www.apmex.com/Category/528/Silver_Coins_90_40__35.aspx


19 posted on 02/03/2013 12:19:55 AM PST by dennisw (too much of a good thing is a bad thing --- Joe Pine)
[ Post Reply | Private Reply | To 17 | View Replies]

To: dennisw
I would buy from APMEX rather than MONEX. I have my reasons.

Thank you so much for this link! I have reasons to buy from APMEX too. Flexibility, for one. Monex requires a thousand dollar investment on their terms, whereas looking at the APMEX site shows I can buy in increments of $100, $500 or $1000 and in a much greater variety of coinage. APMEX offers coins that are pre-rolled and they offer pure dimes, quarters and half dollar bags as well. This is much more affordable for me and I can narrowly target my needs. Thank you so much, once again.

20 posted on 02/04/2013 8:33:59 AM PST by ExSoldier (Stand up and be counted... OR LINE UP AND BE NUMBERED...)
[ Post Reply | Private Reply | To 19 | View Replies]

To: ExSoldier

I don’t call 99 cents per round for .223 a decent price.


21 posted on 02/04/2013 8:43:28 AM PST by 6ppc (It's torch and pitchfork time)
[ Post Reply | Private Reply | To 18 | View Replies]

To: 6ppc
Hey, I got all my 5.56mm ammo about 15 years ago and what were prices then, especially for bulk buys? So I agree with you, but if you're in crunch mode right now and need the ammo, then those are better prices than many places.
22 posted on 02/04/2013 9:45:45 AM PST by ExSoldier (Stand up and be counted... OR LINE UP AND BE NUMBERED...)
[ Post Reply | Private Reply | To 21 | View Replies]

To: ExSoldier

I bought some for about 45 cents per round the day after Sandy Hook and had bought some a couple of months before that for just a bit less, so I’d say 50 cents per round would be a decent price. I reload so I should be good for the moment.


23 posted on 02/04/2013 11:18:37 AM PST by 6ppc (It's torch and pitchfork time)
[ Post Reply | Private Reply | To 22 | View Replies]

To: 6ppc
When I bought most of my ammo IIRC, I was paying something like 23 cents a round for 5.56mm and about 50 cents a round for 7.62x51 168gr BTHP Federal Gold Match. I think I was spending about 30 cents a round for cheaper grade .308 then in varying bullet weights. Around the same time I was also buying .30-06 and .30-.30 heavily too. Everything was cheaper then. Thank God I saw all of this coming in time.
24 posted on 02/04/2013 1:18:56 PM PST by ExSoldier (Stand up and be counted... OR LINE UP AND BE NUMBERED...)
[ Post Reply | Private Reply | To 23 | View Replies]

To: ExSoldier

You are welcome. I had a bad experience with MONEX more than two decades ago. With APMEX I believe you can reserve your order with a credit card. This way you avoid paying the higher credit card price.

For example a 1000oz generic bag of 90% silver US coins is>>>>
$23,952.50 (cash via bank wire)
or
$24,671.08 (via credit card)
So cheapest way is to wire them the money or to lock in and commit to buy via credit card then you send them a check. You should ask them on this


25 posted on 02/04/2013 1:53:21 PM PST by dennisw (too much of a good thing is a bad thing --- Joe Pine)
[ Post Reply | Private Reply | To 20 | View Replies]

bookmark


26 posted on 02/06/2013 11:11:43 AM PST by RebelTex (Soli Deo Gloria, "To God alone the glory")
[ Post Reply | Private Reply | To 1 | View Replies]

To: RebelTex

bookmark2


27 posted on 02/06/2013 11:25:40 AM PST by RebelTex (Soli Deo Gloria, "To God alone the glory")
[ Post Reply | Private Reply | To 26 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson