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looks like that new gold price is not shaking..... I thought it would have come down by now..... maybe they are planning to drop the price this fall with a bunch of commercial real estate announcements
One of the objectives behind any central bank is to destroy any credible alternatives to their 'system' of fiat money?
I still think about Gordon Brown selling a big chunk of Britains gold at the bottom of the market and then get rewarded by becoming their PM. With people like him in charge, that's as good as any reason why Britain is in deep poo and best case look like treading water for a long time?
The Tin Hat Brigade at it again
AT the core of a congressional push to audit the Federal Reserve are activists with a larger purpose: to abolish the central bank.
New book: Republican politician Ron Paul has written a book critical of the US central bank.
Thousands of Americans are joining protests and lobbying their politicians in pursuit of the ultimate goal of replacing the Fed with a money system backed by gold or other commodities.
http://www.theaustralian.news.com.au/business/story/0,28124,26085667-36375,00.html
SNIP:
A STRETCH
Most of the run higher has been led by major flows into the U.S. COMEX gold futures market, with trading investors and speculators vastly increasing long positions, leaving the price vulnerable to rapid and sharp falls.
The latest weekly Commitments of Traders report published by the Commodity Futures Trading Commission showed net long positions had widened to a massive 224,676 as of September 8 compared with 184,501 a week earlier.
Positioning looks set to extend more, but the longer it gets, the bigger the risk.
"Everybody is saying the market is too long, but no-one wants to sell," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.
"There's too much money in the world as central banks take easy policy and as funds push up the market with the money. They see (the) gold market as easy to manipulate...like a casino."
But flows into exchange traded funds, the beneficiary of gold buying earlier in the year, have not kept pace with the latest price surge, and physical demand from the jewellery sector has gone cold.
Inflows into gold-backed ETFs have picked up a little after plateauing over the summer months, but remain well down on the first quarter's record levels.
Gold has advanced due to USD collapse right?
What happens when it get's quoted in something else?
Is this possible?
How many is thousands?
2K? 5K? 10K?
What is Americas population, roughly 300 Mill?
I bet the Fed are shaking in their boots.
Shoddy reporting and i'm sure there are thousands of Americans lobbying their politicians for an extra McDonalds on their block as well.
So much for the ongoing secrecy of the nation’s independent central banking system. A new Rasmussen Reports national telephone survey finds that 75% of Americans favor auditing the Federal Reserve and making the results available to the public.
Just nine percent (9%) of adults think that’s a bad idea and oppose it. Fifteen percent (15%) aren’t sure.
Over half the members of the House now support a bill giving the Government Accounting Office, Congress’ investigative agency, the authorization to audit the books of the Federal Reserve Board.
A bit of a sharp drop under 1,000 again... CBGA members squaring up their accounts before September 26???
September 24, 2009 at 2:17 pm
Filed under: Trader Dan Norcini
Dear CIGAs,
There appears to be a deadly contest occurring in the Dollar market over the 76 level on the USDX. As I have mentioned in my prior commentary, a closing downside breach of 76 and the USDX will promptly drop to 74. That will be enough to allow gold to shoot to $1,030 and take out that level. Once that level gives way on a close, momentum funds will flood into the gold market overwhelming the ability of Goldman and Morgan to suck down all the gold bids into their magic price capping box and we should see an acceleration higher. I am not sure who is supplying the bid to the Dollar to attempt to prevent this but their footprint is evident on the hourly charts. There was nothing in yesterday’s FOMC statement that was the least bit Dollar friendly.
I thought gold had developed a 'life of it's own' a couple of weeks ago?And I thought the timing was brilliant, $15 drop in the first hour of US trade. This is the one I cautioned about a few weeks back. Of course in tune with the GW summint
coupla weeks agoJust been doing a bit of a size up. On current market behaviour, oil,.dollar and chart, we could most likely see a correction down to the 965/70 area before we get going again. The top and bottom line of the old pennant looks like support in that area and it lines up with general trend from about April
Just my thoughts
kennas Re: Gold Price - Where is it heading?
I thought gold had developed a 'life of it's own' a couple of weeks ago?
While I've read here and there that people are changing USD for Gold, I just can't see how the world is going to allow the USD to completely tank and stand by as their national reserves (in USD) disintegrate. Maybe it will be an orderly disintegration?
One of the factors working against the Dollar is persistent strength in the Yen which continues moving higher with nary a peep out of the Bank of Japan or the Ministry of Finance. That it has been doing so is all the more remarkable considering the attention that the yen garners from those two quarters. As a currency trader I can remember more than a few occasions scanning the wire services in the wee hours of early morning for comments from those folks in an attempt to glean the level of the yen above which they would foray forth to beat us speculators into submission. Based on their silence one can only come to the conclusion that the Dollar/Yen level is losing its fascination with the monetary authorities in Japan who now appear to be looking across the water at China and further over to India as their future financial interest centers. Could it be that the 51rst state of the Union is “seceding” from Uncle Sam’s fiefdom as it witnesses the implosion of US economic might? I think so. After all, outside of the US everyone and their mother can see the handwriting on the wall detailing the demise of US economic might. Self interest still rules supreme not only in the individual but among nations. Japan is wisely doing what is in its long term financial interest.
Are you really comparing the collapse of these currencies (no idea what the Weimer was) to the USD? Are we missing something in regard to the importance of the value of the dollar to some parts? Surely if USD turns to toilet paper so does much of the globe? Maybe that's what you're predicting, but will it be allowed?So my take is that like the Weimer Republic and Zimbabwe the collapse of the $US and its financial system will not be pretty for them.
If the US does a Weimar, so does most of the rest of the west... and much of the east too.
While I've read here and there that people are changing USD for Gold, I just can't see how the world is going to allow the USD to completely tank and stand by as their national reserves (in USD) disintegrate. Maybe it will be an orderly disintegration?
Yeah right, try to get the best possible price by telling everyone you are about to dump some gold on the market?But we want to continue that strategy which we’ve followed from the beginning, of being very up-front with markets on what’s going on. So, before we initiate the sale, the Board felt it would be useful to just inform markets we’re about to do it.
Small fees & charges......mmm, do such managers even exist?Investments can be placed in the hands of professional managers, whose fees and charges would be small relative to the additional income.
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