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The low of US$1419 overnight slightly higher than the low Friday night. Is this the turn. Perhaps the following could be the big clue to the drop in price over the last month or two. Getting off the hook Hey!U.S. Banks
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"Net Shorts Fall to Lowest Since Summer, 2008"
http://www.gotgoldreport.com/2013/05/us-banks-buy-gold-futures-in-dramatic-position-change.html
May 14, 2013: Market Minute: Gold starts to fall (again)
Following the May 1, 2013 Market Minute titled "Has gold reached a peak?", the precious metal has reached a wall and is starting to roll downward once more.
Gold stopped its short rebound at $1475, stalled, and is now heading lower. A first downside target of $1375 should be expected.
It is important to note that gold is not trading any differently than the more common industrial metal of copper. The "safe haven" status of gold appears to have been removed and gold is trading the same as any base metal.
Bottom line: Gold's short bounce has ended. The price of the yellow metal is now expected to move lower. $1375 is the first downside target. longer term, gold is anticipated to trade below $1300 in Q3.
Donald W. Dony, FCSI, MFTA
For those that trade gold occasionally, keep an eye on HG, it tends to break before the other "industrial metals" like Gold and silver....
Why don't I see any comments on Ann's charting showing $1100 gold ?
How can gold be an industrial metal by any definition when the majority of gold demand is entirely for jewellery and investment? Industrial application is like ~10% of gold demand.
I think silver wasn't historically, but has become an industrial metal.
Central Banks and other net savers don't hoard industrial metals.
See stock:flow ratios of gold versus copper.
Nixon removed gold as the backing to paper money in 1974 and now we are seeing the froth and bubbles of that move. Real money is in gold, paper money is trash.
Just to clarify for all of us here explod, can you confirm that you are looking for a return to a hard money standard using gold as the backing?
I cast the first vote on behalf of A/FOA. How did I know their vote? They made it crystal clear in one of their earliest comments:
"Gold is not money, not currency, not an investment, it is wealth."
I think this is the essence of all of this, of Freegold, of (THOUGHTS!), of The Gold Trail, of my blog, the key, if you will, to unlocking the view. But from the last thread of arguments against Freegold, it is obvious that some of you still think gold is just another investment. That's fine, because that's all gold is to almost everyone in the West, so you're certainly not alone in your opinion.
If we could get everyone in the West to vote in this poll, I think "gold is an investment" would win in a landslide. If we could get everyone in the precious metals blogosphere to vote, then "gold is money" would probably win. So, to most Westerners, gold is an investment. To the gold bugs and HMS crowd, gold is money. And to the bullion banks, gold is a currency (ISO code XAU) upon which credit is issued and traded. So what did A/FOA mean by the statement that gold is wealth, not any of these other things? I mean, surely gold is whatever its users think it is, subjective use value and all, right?
Actually, that's exactly right! Gold is whatever its users think it is. And the point A/FOA was driving at was that the vast majority of the above-ground gold, today somewhere around 165,000 tonnes, is held by people who understand it as wealth.
Yeah its about that size.Is that on your property in Japan?
Just to clarify for all of us here explod, can you confirm that you are looking for a return to a hard money standard using gold as the backing?
No.
As was historically, to be exchanged only for like tangible goods; ie. land, shelter or food
Money came into being because not all would (lazy) or could take part in the bartering system.
.i thought the idea was to swap crumbs off the gold bars for bread, clean water, ammo etc...
Gold is done for.
The first Mrs Gumnut is fascinated by it.
That is enough evidence for it's utility.
When I go to Dan Murphys, I use my visa card, not Gold.
Gold is done.
We will see it at $500 soon imo.
Nobody uses it anymore, except for people who visit those toxic nail salons in our major shopping centres.
gg
....
You mean i was right Explod?
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