Gold controlled!

[whisky6210]

It is stated that if all the gold found from the ancients to the present it would make a cube of 15 metres, with a total weight of 70,000 tonnes, of which 30,000 tonnes is held in vaults and the rest owned by individuals (jewellery etc.)
How is it possible for 7 international bankers to set the daily price when the 30,000 tonnes in vaults owned by various governments has never been audited (we just have to take their word for it ?)
Also, how come the price drops when a government talks of selling it's gold, and yet it is not allowed onto the open market ( all they do is a paper shuffle between countries without the gold being moved from in-situ )
It has been said that the true value of gold is to tally all the money in the world (converted to u.s. dollars) and divide it by the number of presumed ounces of gold to give it a true value (which would amount to Thousands of dollars per ounce).......
any comments?????????

 

[explod]

It is stated that if all the gold found from the ancients to the present it would make a cube of 15 metres, with a total weight of 70,000 tonnes, of which 30,000 tonnes is held in vaults and the rest owned by individuals (jewellery etc.)
How is it possible for 7 international bankers to set the daily price when the 30,000 tonnes in vaults owned by various governments has never been audited (we just have to take their word for it ?)
Also, how come the price drops when a government talks of selling it's gold, and yet it is not allowed onto the open market ( all they do is a paper shuffle between countries without the gold being moved from in-situ )
It has been said that the true value of gold is to tally all the money in the world (converted to u.s. dollars) and divide it by the number of presumed ounces of gold to give it a true value (which would amount to Thousands of dollars per ounce).......
any comments?????????

At a rough calculation you are probably close to the mark but everyone believes in the status quo. No one is prepared to do the sums and those of us that do contemplate golds potential are regarded as a bit nutty.

Any way thought tonights action by the Plunge Protection Team was a good opportunity to give your thread a re-run.

After the strong action of gold last night the PPT have decided to attack the price in quiet trading to knock it on the head for awhile. If it holds at US$730support then that will be very bullish indeed, if not we will probably see some consolidation around the $720 area for awhile. Will be an interesting night

 

[So_Cynical]

Have confidence explod...gold will bounce and break 750 by the end of the week these are unprecedented times.

 

[steven1234]

Gold hasn't broken $750 yet, but could soon if it continues the trend from Thursday and Friday.

 

[So_Cynical]

ok so it didnt miss by much 743...and will break 800 by new years.

 

[Flying Fish]

great. So gold is headed for 1000$, but what is the best exposure? Physical is a bit cumbersome

 

[So_Cynical]

great. So gold is headed for 1000$, but what is the best exposure? Physical is a bit cumbersome

I still think that good producers with low production costs
are the go, low production costs means some developing
world operations....oh and totally unhedged.

Every $50 increase in the POG should translate
into a 20% profit increase....or so.

 

[explod]

great. So gold is headed for 1000$, but what is the best exposure? Physical is a bit cumbersome

Avoca is just getting going as a producer. It has no soveriegn risk, and I think gold is near surface, so low cost production. Good companies like this just keep on keeping on.

 

[Uncle Festivus]

great. So gold is headed for 1000$, but what is the best exposure? Physical is a bit cumbersome

This is the hard part for Aussie gold investors I think, as the Aussie dollar negates any rise in the $US pog. If the $A goes to parity then we need a US pog of over $830 or so just to stay even. The trick here I think is to look for the explorers that are about to produce real gold, or producers with the best chance of converting resources to reserves.
Then there's the prospect of further consolidation in the industry, I can smell a few takeovers in the air? Every listed gold producer is potentially a target.

 

[nioka]

It is stated that if all the gold found from the ancients to the present it would make a cube of 15 metres, with a total weight of 70,000 tonnes, of which 30,000 tonnes is held in vaults and the rest owned by individuals (jewellery etc.)
How is it possible for 7 international bankers to set the daily price when the 30,000 tonnes in vaults owned by various governments has never been audited (we just have to take their word for it ?)
Also, how come the price drops when a government talks of selling it's gold, and yet it is not allowed onto the open market ( all they do is a paper shuffle between countries without the gold being moved from in-situ )
It has been said that the true value of gold is to tally all the money in the world (converted to u.s. dollars) and divide it by the number of presumed ounces of gold to give it a true value (which would amount to Thousands of dollars per ounce).......
any comments?????????

Money and gold are now two seperate items only closely related. Most currencies are not backed by a gold stock any more. Money is now like flyby points. It is really only a piece of paper that gives you trading credits. Gold, like real estate happens to be one of those items you can use to store some of those trading credits. When trading credit is hard to get then gold is wouth more points and vice verca. Is there still a store of gold in Fort Knox? Is it as much as there is supposed to be? If there is does it mean much and if so how much? Did the emperor have any clothes????