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Thread: Banks Default on Gold Delivery

  1. #31

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    Quote Originally Posted by Pelerus View Post
    I think there is more reason to believe that it is the stock market, and not gold, that is presently overvalued.
    Quote Originally Posted by aslan View Post
    I doubt that.
    OY VEY!! zg
    Last edited by zengrifter; November 20th, 2009 at 05:12 PM.
    "The dogs bark but the caravan moves on."
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    "Is everything a conspiracy? No, just the important stuff." ZG

  2. #32

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    Quote Originally Posted by aslan View Post
    Gold is being hawked so aggressively at the present time, it should be a warning to all.
    Its not being aggressively hawked by official or conventional financial sources, and
    some of the hawking (most perhaps?) is to sell PAPER gold (the new wooden nickel). zg
    "The dogs bark but the caravan moves on."
    .....................The Zengrifter Interview (PDF) |
    The Zengrifter / James Grosjean Reputation Debate
    -----------------------------------------
    “Truth, like gold, is obtained not by growth, but by washing away all that is not gold.” — Leo Tolstoy........
    "Is everything a conspiracy? No, just the important stuff." ZG

  3. #33
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    Default

    Quote Originally Posted by zengrifter View Post
    Its not being aggressively hawked by official or conventional financial sources, and
    some of the hawking (most perhaps?) is to sell PAPER gold (the new wooden nickel). zg
    I am so tired of watching G. Gordon Liddy jingling gold coins as he hawks buying gold from Rosland Capital. He is only one of many such ads. He got in ten years ago. That makes sense. But to advise people to get in now is disingenuous, unless it's accompanied by advice as to the risk, and strategies to mitigate the effect of any sudden drop in the value of gold. Refer 1979-1980 where gold speculators lost their shirts.
    Aslan 11/1/90 - 6/15/10 Stormy 1/22/95 -8/23/10
    “There are not one hundred people in the United States who hate The Catholic Church,
    but there are millions who hate what they wrongly perceive the Catholic Church to be.”
    Bishop Fulton J. Sheen

    “It takes a very long time to become young.” Pablo Picasso

  4. #34

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    Quote Originally Posted by aslan View Post
    I am so tired of watching G. Gordon Liddy jingling gold coins as he hawks buying gold from Rosland Capital. He is only one of many such ads. He got in ten years ago. ... Refer 1979-1980 where gold speculators lost their shirts.
    As I pointed out - to compare to 1979 - $800 gold then = $3500 gold NOW. zg
    "The dogs bark but the caravan moves on."
    .....................The Zengrifter Interview (PDF) |
    The Zengrifter / James Grosjean Reputation Debate
    -----------------------------------------
    “Truth, like gold, is obtained not by growth, but by washing away all that is not gold.” — Leo Tolstoy........
    "Is everything a conspiracy? No, just the important stuff." ZG

  5. #35
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    Quote Originally Posted by zengrifter View Post
    As I pointed out - to compare to 1979 - $800 gold then = $3500 gold NOW. zg
    I know. All the more reason to fear a sudden drop in value. It is way over inflated.
    Aslan 11/1/90 - 6/15/10 Stormy 1/22/95 -8/23/10
    “There are not one hundred people in the United States who hate The Catholic Church,
    but there are millions who hate what they wrongly perceive the Catholic Church to be.”
    Bishop Fulton J. Sheen

    “It takes a very long time to become young.” Pablo Picasso

  6. #36

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    Quote Originally Posted by aslan View Post
    I know. All the more reason to fear a sudden drop in value. It is way over inflated.
    OY VEY SQUARED! zg
    "The dogs bark but the caravan moves on."
    .....................The Zengrifter Interview (PDF) |
    The Zengrifter / James Grosjean Reputation Debate
    -----------------------------------------
    “Truth, like gold, is obtained not by growth, but by washing away all that is not gold.” — Leo Tolstoy........
    "Is everything a conspiracy? No, just the important stuff." ZG

  7. #37

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    Quote Originally Posted by aslan View Post
    I don't think the crisis will be with us forever. Speculative value is not real value. Holders of gold should take their profits. I think that articles and statements about greater stock market trouble to come is all part of an attempt to pressure small investors to give up their stock ownership giving the wealthy solid investments at bargain basement prices. Personally, I think they want a cheap dollar now and for at least the near future. What you will see is that the rich will get richer and the poor will get poorer. They are always two steps ahead. that's my gut anyway.
    So you don't think this rebound from DJIA 6,500 is the prototypical "dead cat bounce"?

    Visit Yahoo Finance, or any similar site with decent technical graphics, and view the DJIA chart set to max timeframe, non-logarithmic. What you will see as a possibility is the formation of the largest "head and shoulders" pattern in history, with the left shoulder occurring at 11,723 in January 2000, the head at 14,093 in October 2007, and the right shoulder looking to materialize sometime in the next 2-5 years at a symmetrical value of 11,500 to 12,500. The two troughs are found at 7,528 in September 2002 and 6,627 in March 2009.

    The likelihood of the pattern reaching a completion will increase significantly if the Dow experiences a major "correction" after hitting 11,500 to 12,500. Completion of the pattern would then be signaled by a breaking of low set by the right trough at 6,500.

    The S&P, meanwhile, provides an even more compelling example of a classic reversal pattern: a "double top" over the same period of time, with the two peaks occurring at 1,527 in March 2000 and an impressively close 1,562 in October 2007.

  8. #38

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    Quote Originally Posted by Pelerus View Post
    So you don't think this rebound from DJIA 6,500 is the prototypical "dead cat bounce"?

    Visit Yahoo Finance, or any similar site with decent technical graphics, and view the DJIA chart set to max timeframe, non-logarithmic. What you will see as a possibility is the formation of the largest "head and shoulders" pattern in history, with the left shoulder occurring at 11,723 in January 2000, the head at 14,093 in October 2007, and the right shoulder looking to materialize sometime in the next 2-5 years at a symmetrical value of 11,500 to 12,500. The two troughs are found at 7,528 in September 2002 and 6,627 in March 2009.

    The likelihood of the pattern reaching a completion will increase significantly if the Dow experiences a major "correction" after hitting 11,500 to 12,500. Completion of the pattern would then be signaled by a breaking of low set by the right trough at 6,500.

    The S&P, meanwhile, provides an even more compelling example of a classic reversal pattern: a "double top" over the same period of time, with the two peaks occurring at 1,527 in March 2000 and an impressively close 1,562 in October 2007.
    But did it land on its feet? -- The great paper tiger dead cat bounce of 2010 --- The end of a once in generations grand super cycle that will drive gold to $50,000/oz and beyond.

    But as card counters, don't we know that this 'chart-sh*t' is bullsh*t? zg
    Last edited by zengrifter; November 21st, 2009 at 02:26 AM.
    "The dogs bark but the caravan moves on."
    .....................The Zengrifter Interview (PDF) |
    The Zengrifter / James Grosjean Reputation Debate
    -----------------------------------------
    “Truth, like gold, is obtained not by growth, but by washing away all that is not gold.” — Leo Tolstoy........
    "Is everything a conspiracy? No, just the important stuff." ZG

  9. #39

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    Quote Originally Posted by zengrifter View Post
    But did it land on its feet? -- The great paper tiger dead cat bounce of 2010 --- The end of a once in generations grand super cycle that will drive gold to $50,000/oz and beyond.
    The only problem with that scenario is that when gold gets to $50,000 it might only buy an Armani suit. zg
    "The dogs bark but the caravan moves on."
    .....................The Zengrifter Interview (PDF) |
    The Zengrifter / James Grosjean Reputation Debate
    -----------------------------------------
    “Truth, like gold, is obtained not by growth, but by washing away all that is not gold.” — Leo Tolstoy........
    "Is everything a conspiracy? No, just the important stuff." ZG

  10. #40

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    Quote Originally Posted by zengrifter View Post
    But as card counters, don't we know that this 'chart-sh*t' is bullsh*t? zg
    You mean insofar as a chart of roulette results, for example, will give the voodoo chart "analyst" absolutely no predictive power over the results of future spins?

    Proponents of the Efficient Market Hypothesis - which asserts that stock prices fluctuate randomly about their inherent value, and that the market immediately reflects all available information - would tend to agree with you.

    However, proponents of Technical Analysis counter that the market is also a study in human psychology. As such, its behavior does not reflect the reserved and disinterested calculations of omniscient machines, but rather the human characteristics of greed, fear, recklessness, anxiety, etc. It is therefore subject to repeating patterns based upon the unchanging nature of human psychology.

    All of TA's patterns are, at base, observations about human decision-making behavior on a mass scale.

  11. #41

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    Quote Originally Posted by Pelerus View Post
    ...[Market] behavior does not reflect the reserved and disinterested calculations of omniscient machines, but rather the human characteristics of greed, fear, recklessness, anxiety, etc. It is therefore subject to repeating patterns based upon the unchanging nature of human psychology.

    All of TA's patterns are, at base, observations about human decision-making behavior on a mass scale.
    It sounds like a fractal thang. zg
    "The dogs bark but the caravan moves on."
    .....................The Zengrifter Interview (PDF) |
    The Zengrifter / James Grosjean Reputation Debate
    -----------------------------------------
    “Truth, like gold, is obtained not by growth, but by washing away all that is not gold.” — Leo Tolstoy........
    "Is everything a conspiracy? No, just the important stuff." ZG

  12. #42
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    Quote Originally Posted by zengrifter View Post
    It sounds like a fractal thang. zg
    Wild thang!
    Aslan 11/1/90 - 6/15/10 Stormy 1/22/95 -8/23/10
    “There are not one hundred people in the United States who hate The Catholic Church,
    but there are millions who hate what they wrongly perceive the Catholic Church to be.”
    Bishop Fulton J. Sheen

    “It takes a very long time to become young.” Pablo Picasso

  13. #43
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    Quote Originally Posted by Pelerus View Post
    I agree wholeheartedly, ZG. On that note - do you want to go halfsies on a 100 oz gold bar from the American Precious Metals Exchange? It comes direct from the Royal Canadian Mint with a guaranteed purity of 99.9999%. And with a dealer's fee of only $7.95 per ounce over spot, it can be ours for the reasonable price of 106,800 US. (Although you have moved to dealing exclusively in Euros now, haven't you?)

    How much would have been gained in this purchase as of now?

  14. #44
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    Default I wish I would have known, Shad

    Quote Originally Posted by shadroch View Post
    On a related note, I sold the last of my $20 gold pieces today. Bought in the late 90s at about $320 a pop, they sold for $1250. I still have a few thousand dollars of rare coins, but no gold, and not much junk silver. There is a half ounce coin missing in my house, but I'm thinking it found legs and ran away.
    You've talked about hocking all this various stuff off some time back and I wish I would have known because at the time, I was buying up any and all of this stuff and would have taken it all in one shot for fair market value. Oh well, too late now and I've leveled off from any buying at this point.

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