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 Replies: 32 / Views: 3,120 |
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Pillar of the Community
United States
830 Posts |
South Korea central bank is making its first gold purchases in 13 years, the word being thrown around on CNBC this morning is gold is starting to become the world's new reserve currency. Edited by GoThunder
08/02/2011 09:31 am
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Pillar of the Community
United States
931 Posts |
Nice jump. It would take some pretty dirty tactics by a world bank or nation to turn it around substantially. I had to return an ouncer last week but it was a $700 premium over melt. I picked up a proof Buffalo from the Mint this AM before they bump up again. Currently Mint price and APMEX are the same price after shipping costs are figured. |
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Pillar of the Community
 United States
830 Posts |
Just to add some more details on the Korean purchase I'll quote John Brimelow who was quoted by Dennis Gartman: Quote:
The (South) Korean
Central Bank announced that it had bought 25 tonnes of
gold in June and July. This is not a large transaction for
a central bank, but we believe this is the the first such
purchase by an Asian central bank since in the Asian
debt crisis of 1997, save for a few small purchases by
the People's Bank of China along the way. |
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Valued Member
United States
458 Posts |
Gold is soaring today...
Silver must follow the lead!
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Pillar of the Community
United States
931 Posts |
Silver and gold, silver and gold, all that I want is, silver and gold!
Edited by junior e
08/02/2011 2:34 pm
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Pillar of the Community
United States
1450 Posts |
Things will really accelerate when the powers that be realize the only way to stop the stock market slide is to weaken the dollar. I figure that will come about Dow 10,000,then gold could hit $1800/oz. by years end. And beware,it will NOT be called QE3 by the media. This time it will be a stealth campaign so keep your ear to the ground!
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Pillar of the Community
United States
3670 Posts |
Perhaps on "big deal" signing day, this is the entire world's way of saying this is what we think of your "new deal".... Wow, 1652 gold and silver is around $40.63 an oz.... I guess when gold pulls back now, it will be setting on 1600 instead of 1650 now....  Heck, the opposite of what I say is usually is what happens  , so I am gonna go out on a limb an say gold pulls back to 1200 by the end of the month, and 500 by Christmas  .... Edited by Silverhawk74
08/02/2011 3:59 pm
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Pillar of the Community
United States
830 Posts |
$1660.80  |
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New Member
United States
48 Posts |
Yeah, and it looks like we are holding steady above 1660. Hope this is the new low-end support number.
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Pillar of the Community
United States
830 Posts |
I expect some pull back from here.
Edited by GoThunder
08/02/2011 5:50 pm
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Pillar of the Community
United States
4008 Posts |
Quote:
Things will really accelerate when the powers that be realize the only way to stop the stock market slide is to weaken the dollar. I figure that will come about Dow 10,000,then gold could hit $1800/oz. by years end. And beware,it will NOT be called QE3 by the media. This time it will be a stealth campaign so keep your ear to the ground! This could well be one of the most astute comments I have seen here. Good thinking, Hock. I'm right there with ya, buddy.  They say that one of the definitions of insanity is when someone does the same thing over and over in the same way while expecting different results. QE1 did not work. QE2 did not work. QE3? WHY? Because they can is the only thing I can imagine.  |
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Pillar of the Community
United States
4008 Posts |
Other central banks have also purchased significant amounts of gold recently. Mexico bought 93 tons and Thailand bought a little over 9 tons of gold. Central banks know that the days of unbacked currency are winding down. They also know that gold is REAL money, not fake fiat money that can be inflated to zero ala Wiemar and Zimbabwe.
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Pillar of the Community
United States
830 Posts |
Quote:
And beware,it will NOT be called QE3 by the media. Dennis Gartman said yesterday it should be called what they used to call it in the old days, "monetizing debt". |
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Pillar of the Community
United States
931 Posts |
I like Dennis Gartman and he has been bullish on gold for quite a while. I lost a little faith in him about two weeks back when he called the top and suggested it was time to take profits. At $1540 I was just getting warmed up and I remember saying to myself that I actually know more about something than Dennis Gartman did. I still like him but I won't be following his PM advice any more than I would Dave "the super genius" Ramsey.
Edited by junior e
08/02/2011 7:54 pm
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Pillar of the Community
United States
830 Posts |
Yeah he is pretty conservative. I thought I was a scaredy cat until I started following him.  Also keep in mind he sometimes gets out of something for a day and then gets right back in. IIRC during that week he went from 11 units of gold to 6 units, now he's at 8 units, (in non-US dollar terms). Edited by GoThunder
08/03/2011 07:38 am
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Pillar of the Community
United States
830 Posts |
I'm going to recycle this thread again today Gold is at another new high, $1671.80 is the highest I've seen so far. Edited by GoThunder
08/03/2011 07:42 am
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Replies: 32 / Views: 3,120 |
Posted 08/02/2011 11:52 am
