Ludicrous ABC PM radio report on gold!

Macros_The_Black

Macros_The_Black

Active Member
Silver Stacker
Just went out to the library and what do I hear on the radio in the car on ABC Coast FM broadcasting the 'PM' show? (ironic name huh?)

A report about the huge line up at Australian Bullion Company today (and since Monday). A queue 70 deep. Gold fever bites.

They managed to make interview subjects pulled from the line sound unintelligent and you got the feeling they were mocking anyone who would be buying gold right now.

Then the crunch - they interview a "stockbroker" who directly compares buying gold to playing the casino.

Who then goes on to say the queue of people clearly are making the erroneous error of rushing to buy something just because it has gone down ... [15% in several days] ... fair enough, but I suppose if it was a company stock he wouldn't give a toss, since he's ticket-clipping on the way up or down. How about being scathing about the billions 'wiped out' on mining stocks today? Nope, let's mock the numpties who buy the shiny stuff, what the fuck would they know.

The interview finishes with a grab from a punter in the queue who says (I paraphrase); "Gold will never go down, never."

... and then cuts back to the announcer who says "Never?" (I'm sure you can imagine the cynical inflection used.)

Ferchristssake. So much brainwashing.

Sounds like a ton of people DO see future value in gold and are prepared to put their money where their mouth is.

Anyway, had to rant on here about it as no-one else I know would understand why I was shaking my head listening to it.

OK I'm done now ... pas me that yellow shiny blob would you? Time for a fondle ...
 
Public awareness of gold.
Is that mania I see forming in the distance?
 
Mate the BS in the media is top class BS at the moment, and the average Joe just dont have a clue, HAS to be true, I saw/heard it on the news.
 
There was a report in similar vein last night on PM as well. Only upside is that gold (but not other pms) is getting more than the usual 5 seconds of airtime as part of the market wrap up each night.
 
Even silver got a mention, very quick to point out when it drops, but never when it gains.
 
JulieW said:
Public awareness of gold.
Is that mania I see forming in the distance?
Click to expand...

Definitely reminiscent of it!

@iceblue - totally agree, the MSM will never be anything other than BS and why should I expect that - it's the level of derogatory reporting that is frustrating.

The failure of modern media to do anything but construct grabs is very sad. What happened to the John Pilgers etc?

No exposes, no in-depth reporting of the large-scale rorting occurring on our doorsteps seemingly by just about anyone in a senior position; no hard-hitting interrogation of failure to deliver.

Why does the average Joe/June have to work to 'deliverables' and 'results' -- and if they don't they are subject to 'performance reviews'.

Politicians; anyone in the financial elite? Don't worry sonny. Promise and lie all you want, it'll get you a nice fat bonus and lifelong super.

This rant has taken hold of me tonight, apologies to all.

@XB - yes that extra air-time might be a good indicator that the so-called 'bull-run' is well and truly alive -- maybe because Joe Public has seen the carnage in Cyrpus and ain't leaving any money on the table.
 
Check out http://www.jsmineset.com/ for articles and commentary on bustling gold shops throughout Asia.

Interesting little snippet as well:
It is important that we focus on the fact that on the day before the 2013 Great Gold Train Robbery by Goldman and Merrill there was a meeting of all key Banksters called by, and held at the White House.
Click to expand...

The List

Here is the list of bank executives who will be attending, according to a White House official:

Lloyd Blankfein, Chairman and CEO Goldman Sachs
Jacques Brand, CEO Deutsche Bank
Michael Corbat, Chief Executive Officer Citigroup
Jamie Dimon, Chairman, CEO and President J.P. Morgan Chase
Sergio Ermotti, CEO UBS
James Gorman, Chairman and CEO Morgan Stanley
Gerald Hassell, Chairman and CEO Bank of New York Mellon Corpo
Jay Hooley, Chairman, President and CEO State Street
Abby Johnson, President, Fidelity Financial Services, Fidelity Investments
Steve Kandarian, Chairman of the Board, President and CEO Metlife
Brian Moynihan, President and CEO Bank of America Merrill Lynch
John Strangfeld, CEO, Prudential
John Stumpf, Chairman, President and CEO Wells Fargo
Jim Weddle, Managing Partner, Edward Jones
Bob Benmosche, President and CEO American International Group
Click to expand...

[youtube]http://www.youtube.com/watch?v=HXuBnz6vtuI[/youtube]
 
This was the bit that had me the same way yesterday - after a few comments and observations you then got this....

MARCUS PADLEY: Essentially gold is a 20.4 metre by 20.4 metre by 20.4 metre cube that's all the gold dug up ever in the world. Grows about 2 per cent per annum, there's hardly any consumption at all and all that happens is people dance around that cube and decide what it's worth.

DAVID TAYLOR: And this was what the Reserve Bank had to say earlier in the on the topic of gold.

GUY DEBELLE: Gold often has at the high price because people believe that it's worth, that other people think it's worth a lot now when you describe other markets like that the word bubble often gets rolled out but I'm not going to say that here but just, you can draw your own conclusion.

DAVID TAYLOR: Well Matt Sherwood has certainly come up with his own conclusion. He's head of research at Perpetual Investments.

MATT SHERWOOD: There's probably - other than government bonds - there's no such thing as a safe-haven investment but gold is generally regarded as one but I tend to think that that reputation is diminishing in these more you know difficult times in Europe and in Asia. So in a troubled economy of Europe there's probably no safe haven if the truth be told.
Click to expand...

Now the last one, I can understand - not agree with it but I understand why he might say that. The first 2 however had me really shaking my head in traffic...
 
Hehe, nice JulieW.

There's gold fever beginning in the streets across the world I reckon. Dunno how long it will last if the price takes another tumble. Investors might be nervous, but they don't have staying power either.

I liked the article from Jeff Clark in an email just received - sums up the 'insurance' gold may offer against black swan events, which is one of my reasons for continuing to accumulate. (as opposed to speculate)

http://www.hardassetsalliance.com/S.../precious-metals-prices-down...-demand-way-up
 
XB said:
This was the bit that had me the same way yesterday - after a few comments and observations you then got this....

MARCUS PADLEY: Essentially gold is a 20.4 metre by 20.4 metre by 20.4 metre cube that's all the gold dug up ever in the world. Grows about 2 per cent per annum, there's hardly any consumption at all and all that happens is people dance around that cube and decide what it's worth.

DAVID TAYLOR: And this was what the Reserve Bank had to say earlier in the on the topic of gold.

GUY DEBELLE: Gold often has at the high price because people believe that it's worth, that other people think it's worth a lot now when you describe other markets like that the word bubble often gets rolled out but I'm not going to say that here but just, you can draw your own conclusion.

DAVID TAYLOR: Well Matt Sherwood has certainly come up with his own conclusion. He's head of research at Perpetual Investments.

MATT SHERWOOD: There's probably - other than government bonds - there's no such thing as a safe-haven investment but gold is generally regarded as one but I tend to think that that reputation is diminishing in these more you know difficult times in Europe and in Asia. So in a troubled economy of Europe there's probably no safe haven if the truth be told.
Click to expand...

Now the last one, I can understand - not agree with it but I understand why he might say that. The first 2 however had me really shaking my head in traffic...
Click to expand...

Don't you just hope that we have more idea than they do?

If not, we are truly lost.

These people are supposed to be financial experts - have they EVER run a bloody business or invested -- and made mistakes AND recovered?

The (first) world is one giant nanny-state and one can only hope for evolution and Darwin to take effect at some point, but it could get messy ...
 
In ten years all the NON BELIEVERS will be asking themselves why they didnt buy at the bargain price of $1300>, we can sit back and laugh.
 
MARCUS PADLEY: Essentially gold is a 20.4 metre by 20.4 metre by 20.4 metre cube that's all the gold dug up ever in the world. Grows about 2 per cent per annum, there's hardly any consumption at all and all that happens is people dance around that cube and decide what it's worth.
Click to expand...

Hypocrites R US.

Marcus Padley proudly writes in his article people should not buy and hold shares but time the market, buying in and out of the trends.

What is the difference ?
 
I bought my silver from them today - they are my SMSF bullion dealler

The lady on the ohone sounded flustered and said "It's going crazy here'
 
Y'know what? The MSM is controlled by a few string-pullers, of course they're going to feed people whatever tripe their bosses want sprouted as the message of the day.

I gave up on them a while back. I feel sorry for the "Average Joe" who is having the wool pulled so far over his eyes he could use the bits hanging off to knit a pair of socks with.

That said, ultimately, people are responsible for their own destiny. Instead of going to work, then coming home, and sitting in front of "the tube" all night watching mindless drivel (and that really is paying most of it a compliment), I set out to learn a bit more of the world around me, and researched much on the Internet, learning many truths along the way - as have all who come here, I'm sure. I'm glad I did, it's been a heck of an important lesson to learn IMO!
 
I notice that stockbroker hasnt been asked about the death of the share market? Even from the top of the gold market, $1,900 to $1,400 thats a 26% decline.

The All Ords peaked at 6,700 in 2008 and is now 4,900 some 5 odd years later. That's a 26% decline, exactly the same decline of gold off its peak.

So, if you say gold is finished, arent stocks finished too?
 
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