Gold Not Getting Killed!!!

[shiny!]

Re: Gold Not Getting Killed!!!

Thought this thread deserved a bump. Gold and Silver both shot up like rockets today.

[Minion]

Re: Gold Not Getting Killed!!!

Bullion is up 28.7% over the past 12 months:

gold.JPG

Those of you who bought gold 12 months ago can rest comfortably in the knowledge that you have only lost 3% of your money compared to people who kept their money in the bank.

as for me, I subscribe to the "buy when the blue line hits the red line" theory

[jpatter666]

Re: Gold Not Getting Killed!!!

Bullion is up 28.7% over the past 12 months:

[ATTACH=CONFIG]3598[/ATTACH]

Indeed -- market up, ags up, gold up. Only thing falling is perversely -- oil.

[thriftyandboringinohio]

Re: Gold Not Getting Killed!!!

Gold broke through $1,300 / oz with some authority today.
Jumped $10/oz in an hour around 10 am Eastern time.

[wayiwalk]

Re: Gold Not Getting Killed!!!

Anybody else get a queesy feeling in their stomach when gold moves like this? Having gold is supposed to make me feel good about these moves, but knowing that it symbolically also represents a further fall of our economy just hurts!

[shiny!]

Re: Gold Not Getting Killed!!!

Yeah, I know exactly what you mean.

[thriftyandboringinohio]

Re: Gold Not Getting Killed!!!

Gold moving up powerfully again today.
Crazy jump up at 10:30 am Eastern.

[shiny!]

Re: Gold Not Getting Killed!!!

Gold moving up powerfully again today.
Crazy jump up at 10:30 am Eastern.

It's going up in dollars, because the dollar's plummeting:

http://quotes.ino.com/chart/index.ht...X&t=&a=&w=&v=s

[thriftyandboringinohio]

Re: Gold Not Getting Killed!!!

Thanks, Shiny!

[Fiat Currency]

Re: Gold Not Getting Killed!!!

... aw, shit... cause i'm a ******* dimwit who bought into the program.

You mean like this ...

Private bankers advise: "just say no to gold"

(Reuters) - Gold is all the rage as investors flee uncertain markets and worry about inflation, but some bankers to the very rich do not take a shine to the precious metal.

Gold prices have spiked 22 percent this year, with investors sending gold futures to record highs of more than $1,337 on Tuesday. The weak dollar, volatility in currency markets and deficit worries boosted demand for the metal as a safe store of value.

Private banking executives, say gold's glittering price tag is or should give their wealthy clients pause.

"We're not really recommending gold right now, just because it's at a level where there are things driving it beyond the types of things (where) that we can add a lot of value," U.S. Trust President Keith Banks said at the Reuters Global Private Banking Summit in New York.

Instead, Banks said gold prices may reflect the surge in demand for gold exchange-traded funds, listed shares that purchase physical gold, and broader worries about government spending leading to rapid price inflation.

"So what exactly is leading to gold at the levels it's at? Your guess is as good as mine," said Banks, who runs the Bank of America (BAC.N) private bank unit.

The SPDR Gold Trust ETF (GLD.P), which lets retail investors more easily bet on gold, has surged 21 percent this year to a record high of 130.71. The fund shares are up more than 50 percent since the end of 2008.

Wealthy families are more interested than ever in owning commodities such as metals and energy, assets that do not move up and down in step with stock and bond prices. They also offer a hedge against inflation, since their values rise with prevailing prices.

There are many critics who warn gold is the latest frenzy and is doomed to collapse.

"With gold being over $1,300 an ounce now, you have people who are asking whether, first, 'Is it another bubble?' and then, 'How far can I ride that bubble?,'" Credit Suisse Americas private banking chief Anthony DeChellis said.

Bessemer Trust Chief Executive John Hilton said his New York wealth management firm allocated a single-digit percentage of its real return fund into gold.

For some clients, he acknowledged, that was not enough.

"We have clients who have made very large individual purchases of gold. Sometimes they'll just say they're doing it, and they'll ask us if we can hold it for them, but we haven't made any large purchases of gold directly for our clients," said Hilton, whose firm manages about $56 billion.

U.S. private bankers, to be sure, also told the Summit they do recommend investments in a range of commodities.

"We have been a proponent of having an exposure to commodities. The bank is optimistic about the economic recovery, and commodities is a way to play global growth," said U.S. Trust's Banks.


U.S. Trust formed its Specialty Asset Management group, which buys hard assets on behalf of its wealthy clients -- anything from real estate, timberland and farmland to oil and gas properties. U.S. Trust will buy and sometimes hire people to operate these assets.

The business, which manages about $16 billion of assets, is seeing strong interest from clients, he said.

"These are assets that I think people can feel good about, that are probably not going to track the more typical areas, and it's just a unique opportunity," Banks said.

(Reporting by Joseph A. Giannone. Editing by Robert MacMillan)

[shiny!]

Re: Gold Not Getting Killed!!!

the bank is optimistic about the economic recovery...

lol!

[shiny!]

Re: Gold Not Getting Killed!!!

FWIW, I stopped in at a coin shop today that buys and sells a lot of bullion. Asked the owner, a family friend, if people were selling or buying. He said almost everyone is coming in with something to sell, and almost nobody is buying. I asked him how he could afford to keep buying if no money was coming in, and he said it's terrible because the bank keeps dragging it's feet about releasing his funds. He might have to close up shop for a week.

This says to me that gold is nowhere near being in a bubble. The wealthy might be buying it, and investment funds and central banks, but not people on the street. People on the street aren't even buying silver, "the poor man's gold".

I sure as heck can't afford it. I bought a pretty bar of copper just to help him out, and because it was so shiny.

Copper- the poor man's silver.

[thriftyandboringinohio]

Re: Gold Not Getting Killed!!!

$1408 /oz
I believe that is a new all-time nominal high in dollars.

[jpatter666]

Re: Gold Not Getting Killed!!!

$1408 /oz
I believe that is a new all-time nominal high in dollars.

Yep. I'm not sure which way to jump -- whether this run has been too much too fast and we're due for a pullback (I've felt this way for a while actually, but the market keeps levitating) or we are entering the early stages of the fiat crackup.

Hope EJ solidifies the next steps soon, but I decided I won't wait any longer and have implemented alternate strategies.

[jk]

Re: Gold Not Getting Killed!!!

1403, up over 14 on the jobs news. the markets have learned that bad economic news means higher gold prices, with monetization as the intervening variable.