Maggie said:i bee locked awey inn mee statequarterz i twil bee an i knot cummin ouwt no madder wot happins
$28.80 USD
Robert Fitzwilson wrote:
There is little time to protect one's existing wealth. Last week, KWN reported that 551 tons of gold were sold in 4 hours driving the "price" of gold down substantially. However, it was also reported that there was no physical gold available for sale. You cannot say we have functioning markets and price discovery when there are wild swings in price and no underlying instrument or commodity changed hands.
I have spoken at length previously in these pages about the dangers of listening to the wrong voices when seeking commentary on gold but for the benefit of anyone who missed that, here are the dos and don'ts of the gold space:
DO listen to:
Eric Sprott, Richard Russell, Jim Sinclair, Bill Murphy, James Turk, Harvey Organ, John Embry, Pierre Lassonde, Ben Davies, Egon von Greyerz, Rick Rule, Marc Faber, John Hatthaway and Bill Fleckenstein (amongst others)
Do NOT listen to:
Warren Buffett, Charlie Munger, Bill Gates, JimCramer, Jon Nadler, anyone speaking on CNBC about gold whose name does not appear on the list above, your broker (unless he has heard of AT LEAST 50% of the names on the list of 'Dos'), the FT, the Wall Street Journal and (sorry Dennis) Dennis Gartman. There are many commentators who have been right about gold for 12 straight years and there are many who have arrived at the party late and proceeded to apply the wrong metrics to gold when attemptng to predict its future movements. My advice? Listen to the former and ignore the latter.
Bill Holter:
But lets rewind exactly 3 months and one day ago...to "Leap day". Gold got slammed. It got slammed every time the word "Greece" was mentioned; it got slammed whenever we had a "risk off" day. For that matter, it got slammed whenever "they" felt like it. This can be done within the paper markets on a short-term basis, it cannot be done long term. The purpose in case you were wondering for the last 3 months of COMEX paper hanging of Gold? To retard it's price so that when it takes off (because of the required massive liquidity injections), it does so from a "hole". Very nice for short term "perceptions", in fact it worked pretty well judging by the amount of fear and loathing of Gold over the last couple of months. Long term however, the artificial setbacks mean nothing, nothing at all.
It is a mindless philosophy that assumes that one's private beliefs have nothing to do with public office. Does it make sense to entrust those who are immoral in private with the power to determine the nation's moral issues and, indeed, its destiny? .... The duplicitous soul of a leader can only make a nation more sophisticated in evil.- Dr. Ravi Zacharias
...How do we explain this? Very simple. It is faith. It is muscle memory. It's normalcy bias, a psychological phenomenon that prevents people from seeing unconventional threats. People overestimate their previous experience and they underestimate future experience. But there may come a moment when it doesn't work, and then what's a safe haven? lt is gold. It's silver, diamonds, Rembrandts, Picassos, real estate. It's agricultural land. It's the means of production.
But you have to consider the Philadelphia problem. In the movie Trading Places, the hero is trying to sell his very expensive Swiss watch at a pawn shop in Philadelphia, and he is told that in Philadelphia it's worth 50 bucks. The benefit of land and of paintings and other stores of value is that they are not financial assets and they do preserve value over an extended period. But they are not liquid during times of disruption. You can't get a fair price; they're unique, whereas gold is ubiquitous. It's divisible. It's measurable. It's testable. There is a global market for it. So you will never have the Philadelphia problem. You may not like the price, but it is never going to be a rip-off.
Should the Fed not end its quantitative easing on schedule in June, but rather roll straight into a new round of easing (QE3), it will send an unequivocal signal to the market that the dollar is to be sacrificed for political expediency. At which point the waterfall collapse in the world's reserve currency could very well occur and any potential Treasury bond buyers - outside of the Fed, that is - will begin demanding higher interest rates. Those demands will have to be met, because the day that the Fed is effectively the sole buyer of Treasury debt will be the day the dollar dies.