No he does not believe this. He knows where the value of gold is going in 2014-2015. The fundermental reasons to own and hold gold has only increased. When investing being a bull or bear doesn't cut it imo. Only the facts will help you not opinions. The fact is gold is not going to the moon its not even stopping there for a crap as it shoots past (Jim) lol.
In that case, since you are so sure of yourself on that, you'd be making an awful financial decision to turn down my gold for $8,000 / oz. .
I'd wait for now. Can get it from others for a fraction of that which seems to make more financial sense :/
The whole game depends on The Feds decisions being made about QE...... I have said it many times before, the more stimulus The Fed provide the less need to find safe havens like pms......QE to infinity could theoretically last for twenty years....Therefore pms could go sideways for that long also!
It also depends on what they do in Europe. The September German elections are key. After that they might do something to the eurozone or the euro... if something bad happens there, the dollar will get propelled higher. More bank runs? More deb in more European countries? Restricting the eurozone? First steps towards euro crash?
^ The feds influence on Gold is just temporary. I'm not concerned as we have a 10-20 year view, a lot will happen in the next 12 months let alone 20 years. Time will tell.
...to add: gold price went down, now they can pay back the German bullion that's missing from the Fed's vaults. Did they crash gold to buy back Germany the gold? If that's true: imagine how high that could propel gold! A rough calculation gave me 1,15 billion $-worth of bullion for those 300 tons that Germany wants back. Does anyone know how many dollars-worth of ETF's were liquidated in mid-April, when this crash started?
I have NO DOUBT they crashed the prices to get Germanies Gold back.....And seven years is a bloody long time! Just seen in the 'stocks and derivatives' thread there is a stock bull predicting Gold will go to 2150 buy 2014!
Funny how everyone watches the clip but draws a different conclusion from it. My conclusion is - He wouldnt be surprised if it was taken down further (manipulated?). Continue to buy dips. Producers are resilient to below cost production for a time. The fundamentals have not changed about why to buy, hold and own physical gold/silver. Be prepared for any direction move due to manipulation and the fact the FED will do anything to ensure market participents continue to have faith in the markets in the short term. Overall, gold is still a great long term investment, dont worry about the short term noise that throws short term traders. Take advantage of manipulation and play the game instead of being played. Nothing new. He is still increadably bullish on gold no matter the short term pit falls that spook weak investors. He sees the game that is being played and views the mark down as a bonus that allows him to buy more at a cheaper price. He was VERY clear about not selling his gold just to buy back in at a lower price. The inference drawn from this statement is that fundamentals are still tha same for buying BUT due to FED manipulation they may mark down gold even further. Keep your current holdings incase they dont so that you benifit from the upside price movement BUT if marked down further, buy more. The FED has no position but to be the buyer of last resort at this stage to ensure markets dont free fall. More money printing dictates eventully gold will go up considerably. He makes no assumption to say when investor psychology will change and the markets will realise how much damage has been done by money printing. Overall- buy physical and accumulate position. Expect anything going foward.
Can you provide an example of when he was wrong? Someone who became a billionaire through investing has my respect.
http://www.commodityonline.com/news/jim-rogers-buy-more-gold-at-$1500oz-47238-3-47239.html In this article he sees $1600 and $1500 as buy opportunities and forecasts US economical hay in 2013 and more hay in 2014. On october 15, 2009 (gold price $1047) Jim Rogers: Gold Will Hit $2000, Dollar Will Lose Reserve Status Still, "I wouldn't buy gold today," Rogers says. "I think I'll make more money in other commodities, which are cheaper," as discussed in more detail here. If I go through all the articles citing him, each one of them is simultaneous buy for some reason / don't buy for some reason. About 'permabulls', there is also another kind of bull, the one that at peak prices predicts heaven and at bottom prices predicts hell. I've seen quite some usage of the words 'bull' and 'bear', but alot seem to have missed that the bull throws Joe up in the air, while the bear pushes Joe down on the ground. So actually, in this gold/silver/etc matter, someone that is considered a 'bull', is trying to make Joe buying at higher prices (so an error), while someone that is considered a 'bear' is trying to make Joe selling at lower prices (so an error). It's the bull/bear that is the active agent in the story, not some passive observator. So if we read that someone is bullish, actually on that moment he doesn't buy himself, he expects (more accurately: wishes) others to buy.
Hard to measure in dollars since sales themselves drive down the price (with in case futures contracts a resolution according to just 100 ounces), but in terms of ounces, the IShares Gold Trust shareholders dumped enough gold shares to make 2,62 Moz of that ETF's stock being sold. About 80 ton gold, in a few days. It would be very interesting to know who those shareholders were. Alot small fish? A couple big fish? Institutionals? Certain banks/companies? The Comex publishes some basis info about the futures market position holders, not with their names, just how many big ones / their percents of the total / to which trader class they belong. If IShares would do the same, it could give some insight. Not that I care much myself, I don't own gold nor have plans to do so. Too much systemic entities / money for nothing clubbers holding too much of the gold out there. I don't know if its different for silver, but so far, it looks like, because IShares Silver Trust shareholders were mostly just passive since at least 2 years, and also in 2013, despite all the price movements. In silvers case, it appears like that the price was moved down by entities that bought silver as 1000 ounce bars outside Comex / ETFs. Alike sometime ago, some bought some palettes and sold them mid april. Possibly the purchase (or production, also possible) happened in 2012, because SilverInstitutes data shows that Implied Net Investment (non coins&medals) was 160 Moz while I monitored silver ETF stocks during 2012 and I didnt see such increases anywhere and also not divided. We didn't see any Implied Net Disinvestment since 2008 and even not in a decade (just a few Moz) and government sales were just 7 Moz in 2012.
