restored faith in central bankers
nah wait… i’m going with “conclusive & definitive end to the financial crisis”
I suspect people ran to gold as a safe haven. As soon as there is any hope for the market bottoming out, people are likely to pull out of gold, sending the price down. Things looked cautiously optimistic recently, and so some people have probably been doing this. I’ve been hurt badly on my gold positions lately. Long term, I’m still bullish on gold for structural reasons, but it may well be overbought at the moment.
USD rising doesn’t help gold bulls.
Gravity and common sense. What good is gold anyway?
me too my long gold positions have been hurting me lately
JoeyDVivre Wrote: ------------------------------------------------------- > Gravity and common sense. What good is gold > anyway? ======================================= what good is USD …? print USD and bail out fallen financial institutions ( Bear Sterns)
Gold is good for jewelry, electronics and as a hedge against irresponsible central bankers. Look how well it’s done since the government started printing money after 9/11.
Yup… the “global” and REAL purchasing power of gold has dramatically increased while the purchasing power of dollars has slowly decreased.
Its importance as a good hedge has reduced as the oil prices are falling and the equity markets are improving (improving faith in central banks and regulations) with index values improving.
Nothing has really changed… it’s just a temporary change in sentiment.
i think its just long position unwinding of some funds to book profit… anyone agrees with me?
its just how active feds are to control gold? negative lease rates of gold sure tells the story and feds are loath to admit their conspiracy but its true … since after the world’s greatest gold robbery… feds are trying to keep the price of gold low compared to dollar… and also educating their public what good it (gold) is ??? and if that is so true why the feds have 8800 tons of gold in their lockers … why dont they sell it … and strengthen USD… I am a long time gold bull, but I prefer to buy it in jewellery… rising gold price makes USA bankrupt … Americans have ~$117,000 debt per capita with less than 400 savings … this happens when some mad is running the press … and they complaint we have subprime … retire the Feds and return to GOLD !!! bcoz " IN GOD WE TRUST" … the ILLUMINATIS
madanalyst Wrote: ------------------------------------------------------- >… Americans have ~$117,000 debt per > capita with less than 400 savings … Were did you get your figures? I know American debt:saving is horrendous but this figure seems extreme. Is that total debt (inc’g mortgage) to savings acct (not inc’g retirement/equity, etc.)
the actual federal debt is close to 100 trillion dollars if you include unfunded liabilities like social security and medicare. this is from the horse’s mouth. read the Dallas Fed chief’s speech http://www.dallasfed.org/news/speeches/fisher/2008/fs080528.cfm thats 330,000 $ per person assuming 304 million citizens. i cant believe we have grown so smart that now gold is a barbarous relic.gold was the free markets choice for centuries.now we have traded that for belief in the govt?amazing.
Few days ago NY Times reported these figures, http://www.nytimes.com/interactive/2008/07/20/business/20debt-trap.html Yup its including everything … its not the $9.5 trillion figure that office of debt and treasury happily reports …
Some strategist on SeekingAlpha was arguing that no major world reserve-type currency has survived all that long after delinking from the gold standard or (literally) debasing the currency. I think the average lifetime as a float/debased currency in the post 1500 period was something like 30 years, and the US dollar seems to be on the long side of that average for now. Of course, now we have electronic banking transfers and all… maybe “this time, it’s different.” Or maybe not. Gold does seem to be something that people fairly universally accept as a medium of exchange - for whatever strange reasons, they like yellow metal. (it IS pretty)
I’m still laughing over that thread where that guy wanted to short the USD via getting long gold, cattle futures, earthworm forwards, and 18 other derivatives contracts. That post marked very definitively the top of the gold market.
ask some asian women … (indian, pakistani esp. ) … they are crazy for gold …