Media Watch - Keeping Track of Gold and Silver Mainstream News

MSM barely reported anything on Gold/silver today due to the wedding and hurricane in the US; finally the UK wedding is doing something good ;)
 
Hot off the presses...
Gold shines as world woes mount
Peter Ker
April 30, 2011

Erosion of faith in currencies, particularly the US dollar, is paying off nicely for Australia's goldminers, whose production has increased with the ever-rising gold price.

For a man carrying the title of ''Treasurer'', Peter Costello sure seemed comfortable getting rid of the treasure.

It was the winter of 1997, and the Reserve Bank of Australia had decided that a gold price around $450 an ounce was the ideal time to part with two-thirds of its bullion.

Conducted in secret over several months, the move spectacularly punctured both the gold price and confidence in the local mining industry.

As the goldmining sector cried treason, the fresh-faced treasurer stood firm behind the RBA's $2.4 billion decision.

''Gold no longer plays a significant role in the international financial system,'' Mr Costello was widely quoted as saying. ''One holds it for purposes of diversification.''

Fourteen years and a healthy dose of hindsight later, gold has more than tripled its value against the Australian dollar, and almost quintupled against the ailing US dollar.

The same stockpile would fetch about $7.6 billion if sold today, meaning we are more than $4 billion behind on the deal after accounting for inflation.

Read more: http://www.theage.com.au/business/gold-shines-as-world-woes-mount-20110429-1e0lw.html#ixzz1KvDmjWXm
Click to expand...

Loved this quote:

Fourteen years after he wrote off gold's place in the global economy, Peter Costello did not respond this week when invited to reminisce about the 1997 selloff.
Click to expand...
 
goldpelican said:
Hot off the presses...
Gold shines as world woes mount
Peter Ker
April 30, 2011

Erosion of faith in currencies, particularly the US dollar, is paying off nicely for Australia's goldminers, whose production has increased with the ever-rising gold price.

For a man carrying the title of ''Treasurer'', Peter Costello sure seemed comfortable getting rid of the treasure.

It was the winter of 1997, and the Reserve Bank of Australia had decided that a gold price around $450 an ounce was the ideal time to part with two-thirds of its bullion.

Conducted in secret over several months, the move spectacularly punctured both the gold price and confidence in the local mining industry.

As the goldmining sector cried treason, the fresh-faced treasurer stood firm behind the RBA's $2.4 billion decision.

''Gold no longer plays a significant role in the international financial system,'' Mr Costello was widely quoted as saying. ''One holds it for purposes of diversification.''

Fourteen years and a healthy dose of hindsight later, gold has more than tripled its value against the Australian dollar, and almost quintupled against the ailing US dollar.

The same stockpile would fetch about $7.6 billion if sold today, meaning we are more than $4 billion behind on the deal after accounting for inflation.

Read more: http://www.theage.com.au/business/gold-shines-as-world-woes-mount-20110429-1e0lw.html#ixzz1KvDmjWXm
Click to expand...

Loved this quote:

Fourteen years after he wrote off gold's place in the global economy, Peter Costello did not respond this week when invited to reminisce about the 1997 selloff.
Click to expand...
Click to expand...


LMAO ! amazing GP..... just the same as the other idiot called Gordon Brown..... remember that ?

Between 1999 and 2002, Mr Brown ordered the sale of almost 400 tons of the gold reserves when the price was at a 20-year low. Since then, the price has more than quadrupled, meaning the decision cost taxpayers an estimated 7 billion

http://www.telegraph.co.uk/finance/...you-sold-Britains-gold-Gordon-Brown-told.html

A decade ago Gordon Brown started to sell-off Britain's gold reserves - at the time the price of gold was $282 an ounce, today it is $1,540-plus.

http://www.telegraph.co.uk/finance/...f-of-Britains-gold-reserves-10-years-ago.html



Sometimes I think they have done it for some other reason..... one cannot have so much power to do such stupid moves from taxpayers expenses..... go figure it out....
 
Easy to figure. Buttons are pushed by the masters of the world's finance and so the price is controlled.
Either outright collusion (Brown) or similar manipulation of ego and self-interest (both).



Conducted in secret over several months, the move spectacularly punctured both the gold price and confidence in the local mining industry.

As the goldmining sector cried treason, the fresh-faced treasurer stood firm behind the RBA's $2.4 billion decision.


Sometimes I think they have done it for some other reason..... one cannot have so much power to do such stupid moves from taxpayers expenses..... go figure it out....
Click to expand...
 
More about Real Estate than PM but ABC news quoted Steve Keen earlier as saying that Australian Real Estate is in a bubble that is about to burst..

http://www.abc.net.au/news/stories/2011/04/29/3204010.htm?section=justin

"This is pretty much what happened in America as well, because the way that a housing bubble burst begins is by an increasing overhang of unsold properties and sellers being reluctant to drop their prices," he explained.

"If you look at the American data in about 2006 to about 2007, their prices went sideways too as that resistance was held, but the overwhelming growth in the stock of unsold properties and the drop-off of demand ultimately meant that people simply had to drop their prices if they had to sell, and then you saw the cascade in prices taking place over there."
 
1st May - Sunday Age investor Magazine pg 4 & 5 "In-gemand silver all set to soar"

and

"No longer in second place" - mentions BHP, AYN, CCU, CXC, IAU, PEM and the etfs... good article public is definatly gettign the info... 3rd wave of the bull market, put your seat belts on for the next 7 months wont be boring :)
 
No worries Mi$$ Honey...any time. Good to see you back in circulation again. Its been awhile since you've graced us with one of your analytical comments and stirred up the boys, err... um.. men, on this sight.
 
CNBC was interesting this morning in the states.

A lot of attention to OBL's death and the significance, mission profiles, intelligence etc etc.
Then, in 'other news' Precious metals.

3 'experts' - none familiar to me (not maloney/schiff etc) spent a few minutes on Copper, Silver and Gold.
Cant find it on youtube but a brief synopsis.
Copper - remained flat recently due to reduction of China buying. China are reducing their stockpiles and will re-enter the market soon. Prediction 40%+ over next 12 months. Looking to replace silver in some industry(like solar panels-?) due to increase in silver price.

Silver - Very volatile at the moment, very bullish sentiment. prediction that after this wave of pre-$50 silver is broken and silver goes through that barrier and stays there for a couple of days, $60 will follow within a couple of weeks with a longer term prediction of $80/oz by 'around the end of the year'. References were made to the Hunt brothers and increased demand in industrial usage. Stand out performer and likely to continue but most volatile.

Gold - Most consistent performer -stellar performance, been going up for years etc etc. Reference to the fact that it is now almost being used as an 'alternative currency' and safehaven for wealth. Prediction was that its likely to continue its run and be more stable against silver for less returns.

--
No real news flash there for most of us. Was interesting as CNBC - a fairly prominent news channel here broke their news about the recent military success and spent a complete segment on PMs.
 
Kochie just mentioned:

Silver fell another 4% overnight
Silver has fallen 20% since it's recent peak
 
Kochie again this morning:

* Silver down another 8% overnight
* It has now fallen from $50 to $35
 
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