24Knews Gold Thread

[Pixel8r]

Welcome to the 24Knews Gold thread for news, comment and analysis.

[fwiw]

Hello!

I am back again!

[Pixel8r]

Weekly gold

http://futures.tradingcharts.com/chart/GD/W

[Pixel8r]

The Dubai Debt Crisis Is Not Over

by a stretch of anyone's imagination. This hit Bloomberg today:

Bonds of Nakheel PJSC, the property unit of Dubai World that’s seeking to delay payments due this month, dropped to the lowest in four days before a call between creditors scheduled for today. Nakheel’s securities fell to 54.88 cents on the dollar from 58 yesterday, the lowest price since Dec. 1 (here's the link: Dubai Debt Crisis)

There are still a lot of unknowns surrounding this situation, not the least of which is to what extent foreign banks (U.S./UK) face billions in losses connected to plunging Dubai real estate values and failed investments. And the loans which are stated on these bank balance sheets can be quantified. What can't be quantified is the notional amount of credit default swaps that are connected to the Dubai bank loans (ask AIG and Goldman Sachs how this works). Furthermore, JPM and Citi, the two banks which appear to have the largest exposure, have been somewhat less than transparent with reporting the full extent of their liabilities - on and off balance sheet - and the Dubai crisis has all but disappeared from mainstream financial media.

The moral of the story is that the crisis in Dubai should be seen as a very bright warning flare to all that the global credit crisis is far from over. Quite frankly, our leaders on Capitol Hill and at the Fed have done absolutely nothing to fix any of the financial or economic problems plaguing our collapsed system. They have done a marvelous job printing paper to pay themselves and issue even more Treasury debt to pay for rediculously ineffective "stimulus" programs. One massive simultaneous transfer of banking system debt onto the public (Govt) balance sheet and of public tax revenues into the bank accounts of Wall Street.

I have said all along that a second, more severe crisis is ahead of us and - now that the U.S. media has everyone "dumbed down" again - will originate from a source that very few will anticipate. Given how the daisy chain of credit default swap counterparty defaults can be triggered, and given that monetizing such defaults globally are outside of Bernanke/Geither's ability to throw U.S. tax dollars at them, we won't know what kind of fuse has been lit by the Dubai default until it's too late to react to it.

Foretold is forewarned. Get what you can out of the system and convert it into gold and silver bullion, especially on price corrections.

[Pixel8r]

Robert Cohen Goodman & Company, InvestCounsel

Precious metals manager believes gold prices "long way from the top."

Gold bullion has reached record highs recently, and precious metal stocks have seen triple-digit gains over the past year. Nevertheless, Robert Cohen sees continued upside.

We're a long way from the top," says Cohen, 40, manager of the $568.5-million Dynamic Precious Metals and vice-president at Toronto-based Goodman & Co. Investment Counsel Ltd. "We only make [economic] forecasts for about five quarters. But we're still bullish on gold as an investment proposition for the next eight to 10 years."

This week, gold bullion was trading at around US$1,200 an ounce. Cohen notes that the gold rally began in 2001, when bullion bottomed at around US$265. "There will be times of trace-back. But we are in a major structural up-trend that will last

[Pixel8r]

Lift off happening soon if the historical prices of the last 37 years is anything to go by.

[Schaublin]

Hello!

I am back again!

Hello FWIW! I never did understand what spoon deflation is - sorry to be so dim - what is it?

[Pixel8r]

Hello!

I am back again!

Hi fwiw,

Here's a 120x120 avatar for you

Gold-Bull.jpg

[fitkid-2]

did the forum crash pixel8r.?

[Pixel8r]

did the forum crash pixel8r.?

Yes it did on Friday I needed to reinstall everything. But I have setup in a way which is not going to cause a problem now. Sorry you will have to reregister.

[grumpy-old-man]

well hello again.....

Looking forward to some healthy debates.

[fwiw]

Hello!

I am back again!

Hi fwiw,

Here's a 120x120 avatar for you

Gold-Bull.jpg

Ahh that's much better! Thanks pix!

[fwiw]

well hello again.....

Looking forward to some healthy debates.

[Bubb Mode ON]

P*ss O** GOM!!

[/Bubb Mode OFF]


LOL

[fwiw]

This is from Trader Dan http://jsmineset.com/2009/12/04/hourly-action-in-gold-from-trader-dan-186/

[Pixel8r]

Hope you all like the new look, I have managed to get the image resize thing working.

Now if you post a large image it is automatically scaled down to 680px for the forum display, which is cute because it keeps the fixed site design working. If you then click on the image the original large image will open with lightbox.

I have started a poll to see which look users preffered, which is here - viewtopic.php?f=7&t=16&start=0

Give it a try click this image below.

[Pixel8r]

This is from the great Privateer website and it is a Long-Term $US 5 x 3 Point & Figure Gold Chart - Since The 1985 Low.

I think we could now be on a run for the long term trend line, which is currently at around $1500.

Click the image to see it full size.

[Pixel8r]

Here is a bar chart which shows the monthly performance of Gold between 2001 and 2008.

[warpig]

I'm looking to buy my son a metal detector for Christmas and I came across this! I think I this might be a bit of a joint present...

Hand of Faith

The Hand of Faith is an 875 troy ounces (27.21 kilograms or 72 Troy pounds 11 Troy ounces) nugget of good-quality gold. Found on 26 Sep 1980 near Kingower, Victoria, Australia by Kevin Hillier using a metal detector. It was only 12 inches below the surface, resting in a vertical position. The announcement of the discovery, occurred at a press conference, in Melbourne, attended by the Premier of Victoria - Dick Hamer, on 8 Oct 1980. Kovac's Gems & Minerals were appointed agents for the sale of the huge nugget, by the then anonymous finder. It was sold to the Golden Nugget Las Vegas, a casino in Las Vegas, Nevada, where it is on public display.

It was initially incorrectly stated as weighing only 720 Troy Ozs, but after correction, the new calculation was 874.82 Troy Ozs. This explains why some publications continue to give an incorrect weight. It is still regarded as the largest modern nugget found by a metal detector, anywhere in the world. Dimensions are 47cm x 20cm x 9cm. The sale price was supposedly around $US1m.

The nugget was the 2nd largest nugget found in Australia, during the 20th century. There were numerous nuggets found during the Gold Rush era, commencing in the 1850's (19th century), that were far larger.

[fwiw]

Good short video

http://club.ino.com/trading/2009/12/2-minute-video-on-what-happened-to-gold-today/

[Pixel8r]

I'm looking to buy my son a metal detector for Christmas and I came across this! I think I this might be a bit of a joint present...

Wow, that has got to be almost a 1 million dollar find, that would make my christmas.