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Post by ask2lern on Apr 11, 2012 12:26:10 GMT -5
Gold's not even rare except for banks buying it. You are correct gold is not rare but rather limited in supply......all of the gold in the world would fit into an Olympic swimming pool..........the reason gold holds value is because it takes labor to produce unlike fiat currencies.............just about anything that requires labor to produce has some level of value.................GL
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Post by tendermyshares on Apr 11, 2012 12:35:38 GMT -5
Natural gas falls below $2 for the first time since 2002, according to Bloomberg.
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Post by jack on Apr 11, 2012 12:44:31 GMT -5
Gold's not even rare except for banks buying it. You are correct gold is not rare but rather limited in supply......all of the gold in the world would fit into an Olympic swimming pool..........the reason gold holds value is because it takes labor to produce unlike fiat currencies.............just about anything that requires labor to produce has some level of value.................GL How can you say its not rare when its average concentration in the Earth's crust is 0.005 parts per million? www.goldpreciousmetals.com/goldrare.aspIt is true I will admit that that rarity competes with the number of times our daughter cleaned her room when she lived here (but that's a different story).
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Post by tendermyshares on Apr 11, 2012 12:49:22 GMT -5
They are saying that the amount being mined is in excess of demand right now, and that amount is expected to increase. I mean, seasoning salt is rare as it's only a small concentration of potato chips, but I won't give you 1500 for a 1 ounce bottle. Did you know gold was illegal to own until Gerald Ford repealed it? Executive Order 6102 From Wikipedia, the free encyclopedia Executive Order 6102 is an Executive Order signed on April 5, 1933, by U.S. President Franklin D. Roosevelt "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States". The order criminalized the possession of monetary gold by any individual, partnership, association or corporation. The order was rationalized on the grounds that hard times had caused "hoarding" of gold, stalling economic growth and making the depression worse.[1] The New York Times, on April 6, 1933 p. 16, wrote under the headline "Hoarding of Gold", "The Executive Order issued by the President yesterday amplifies and particularizes his earlier warnings against hoarding. On March 6, taking advantage of a wartime statute that had not been repealed, he forbade the hoarding 'of gold or silver coin or bullion or currency,' under penalty of $10,000 fine or ten years imprisonment or both."[2] en.wikipedia.org/wiki/Executive_Order_6102
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Post by tendermyshares on Apr 11, 2012 12:51:18 GMT -5
13 tons of gold underground in the US alone. Purchased with our tax dollars, and just sitting there. en.wikipedia.org/wiki/United_States_Bullion_DepositoryThe United States Bullion Depository holds 4,577 metric tons (5046 tons) of gold bullion (147.2 million oz. troy). This is roughly 2.5% of all the gold ever refined throughout human history. Even so, the depository is second in the United States to the Federal Reserve Bank of New York's underground vault in Manhattan, which holds 7,000 metric tons (7716 tons) of gold bullion (225.1 million oz. troy), some of it in trust for foreign nations, central banks and official international organizations
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Post by tendermyshares on Apr 11, 2012 12:54:59 GMT -5
375 million ounces of gold, enough to give an ounce and a quarter to every man, woman and child in the USA. As of 2012, the United States has a total resident population of 313,338,000, making it the third most populous country in the world.[ 13 tons of gold underground in the US alone. Purchased with our tax dollars, and just sitting there. en.wikipedia.org/wiki/United_States_Bullion_DepositoryThe United States Bullion Depository holds 4,577 metric tons (5046 tons) of gold bullion (147.2 million oz. troy). This is roughly 2.5% of all the gold ever refined throughout human history. Even so, the depository is second in the United States to the Federal Reserve Bank of New York's underground vault in Manhattan, which holds 7,000 metric tons (7716 tons) of gold bullion (225.1 million oz. troy), some of it in trust for foreign nations, central banks and official international organizations
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Post by jack on Apr 11, 2012 13:02:55 GMT -5
Yeh...A2L gave us that tutorial earlier today see his 9:59am post here. They are saying that the amount being mined is in excess of demand right now, and that amount is expected to increase. I mean, seasoning salt is rare as it's only a small concentration of potato chips, but I won't give you 1500 for a 1 ounce bottle. Did you know gold was illegal to own until Gerald Ford repealed it? Executive Order 6102 From Wikipedia, the free encyclopedia Executive Order 6102 is an Executive Order signed on April 5, 1933, by U.S. President Franklin D. Roosevelt "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States". The order criminalized the possession of monetary gold by any individual, partnership, association or corporation. The order was rationalized on the grounds that hard times had caused "hoarding" of gold, stalling economic growth and making the depression worse.[1] The New York Times, on April 6, 1933 p. 16, wrote under the headline "Hoarding of Gold", "The Executive Order issued by the President yesterday amplifies and particularizes his earlier warnings against hoarding. On March 6, taking advantage of a wartime statute that had not been repealed, he forbade the hoarding 'of gold or silver coin or bullion or currency,' under penalty of $10,000 fine or ten years imprisonment or both."[2] en.wikipedia.org/wiki/Executive_Order_6102
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Post by jack on Apr 11, 2012 13:06:39 GMT -5
Gold's not even rare except for banks buying it. They haven't had such fantastic judgment last I checked. Thing is, no one, anywhere, right now has any "need" of gold. We're just told it's valuable by everyone else. If someone showed you a one ounce gold piece and told you it cost $1500, and you had never heard of or seen gold before, wouldn't you laugh in their face? wrong again my friend, gold is the most special of all metals for conducting electricity. No other metal has as many free floating electrons. BTW Silver has the second most free floating electrons. And there's only one thing better than a free floating electron: a free floating female
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Post by tendermyshares on Apr 11, 2012 13:15:37 GMT -5
But gold is not "essential" to conduct electricity. It may be the best, but it's utterly nonessential. To sell for 1500 an ounce, it had better be something we can't live without, wouldn't you say? Gold's not even rare except for banks buying it. They haven't had such fantastic judgment last I checked. Thing is, no one, anywhere, right now has any "need" of gold. We're just told it's valuable by everyone else. If someone showed you a one ounce gold piece and told you it cost $1500, and you had never heard of or seen gold before, wouldn't you laugh in their face? wrong again my friend, gold is the most special of all metals for conducting electricity. No other metal has as many free floating electrons. BTW Silver has the second most free floating electrons.
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Post by Clinton SPX on Apr 11, 2012 13:51:14 GMT -5
But gold is not "essential" to conduct electricity. It may be the best, but it's utterly nonessential. To sell for 1500 an ounce, it had better be something we can't live without, wouldn't you say? wrong again my friend, gold is the most special of all metals for conducting electricity. No other metal has as many free floating electrons. BTW Silver has the second most free floating electrons. found this on the googs First of all i will briefly explain the properties of GOLD. Gold is one of the most effective conductors of electricity, and its reliability compared with other metals such as copper is increased by the fact that gold is also an excellent conductor of heat. Gold is also inert and, therefore, does not react when it comes into contact with other substances. In addition, Gold does not corrode or tarnish, so it is much more reliable than other metals in electronic applications. Millions of computers are manufactured worldwide each year and gold plays an active role in their many components. The most important use of gold is as a fine wire that connects circuits to the semiconductors, or the "brains" of the computer. This "bonding wire" is specially refined (up to "five nines" or 99.999-percent pure gold) and has an average diameter of one hundredth of a millimeter - smaller than the diameter of a human hair. In other areas, each key on the computer keyboard strikes gold circuits that relay the data to the microprocessor. Computer games also use printed circuit boards that have gold circuitry to connect the logic units in the game package. Computer peripherals, where there is frequent plugging and unplugging, use gold-coated contacts to assure consistently clean, corrosion-free contacts and reliable signals. Gold is essential in computer circuitry because of its electrical conductivity and because it does not degrade over time.
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Post by jack on Apr 11, 2012 13:53:02 GMT -5
One of the ITMS guys likes to talk about how he owns physical gold, that he's a "gold bug". I'm thinking it's mostly in his teeth and in gold chains. Nevermind about that - there's no profit in thinking about another's wealth. What I'd like to know and understand is their position about gold and silver heading down for the rest of the year and what that is based on (aside, of course, from their reading of the chart.)
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Post by jack on Apr 11, 2012 13:56:48 GMT -5
But gold is not "essential" to conduct electricity. It may be the best, but it's utterly nonessential. To sell for 1500 an ounce, it had better be something we can't live without, wouldn't you say? found this on the googs First of all i will briefly explain the properties of GOLD. Gold is one of the most effective conductors of electricity, and its reliability compared with other metals such as copper is increased by the fact that gold is also an excellent conductor of heat. Gold is also inert and, therefore, does not react when it comes into contact with other substances. In addition, Gold does not corrode or tarnish, so it is much more reliable than other metals in electronic applications. Millions of computers are manufactured worldwide each year and gold plays an active role in their many components. The most important use of gold is as a fine wire that connects circuits to the semiconductors, or the "brains" of the computer. This "bonding wire" is specially refined (up to "five nines" or 99.999-percent pure gold) and has an average diameter of one hundredth of a millimeter - smaller than the diameter of a human hair. In other areas, each key on the computer keyboard strikes gold circuits that relay the data to the microprocessor. Computer games also use printed circuit boards that have gold circuitry to connect the logic units in the game package. Computer peripherals, where there is frequent plugging and unplugging, use gold-coated contacts to assure consistently clean, corrosion-free contacts and reliable signals. Gold is essential in computer circuitry because of its electrical conductivity and because it does not degrade over time.We need the stuff in the nuclear stockpile too...at least what's left of it which won't be much if Obama gets reelected. www.independent.co.uk/news/uk/home-news/nuclear-weapon-gold-used-in-rings-1433038.html
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Post by tendermyshares on Apr 11, 2012 14:37:56 GMT -5
Gold futures volume today -- probably 100k at close Yesterday, 166k
GLD hanging around 161 by 20 cents either way for the most part. They'll probably close it there just because nobody cares.
Zzzzzzzzzz.
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Post by jack on Apr 11, 2012 14:46:51 GMT -5
Natgas below $2 bucks at this rate might pay to get a gas-powered A/C unit!!!!
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Post by tendermyshares on Apr 11, 2012 15:10:35 GMT -5
Guess the next GLD low pivot. 30 day chart, lower highs and lower lows across the board. Doesn't look like it will make it all the way to the top this time around. I say 154.50. Only problem is, even 155.50 will break 1600 on gold futures, and if with any conviction, we slide. Might be a tight lid on it next 2 days due to weekly opex, it seems like it was very important to someone to bid it up to this price yesterday and just walk away. Uploaded with ImageShack.us
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Post by jack on Apr 11, 2012 15:18:10 GMT -5
That March 1 fall was certainly devastating Guess the next GLD low pivot. 30 day chart, lower highs and lower lows across the board. Doesn't look like it will make it all the way to the top this time around. I say 154.50. Only problem is, even 155.50 will break 1600 on gold futures, and if with any conviction, we slide. Might be a tight lid on it next 2 days due to weekly opex, it seems like it was very important to someone to bid it up to this price yesterday and just walk away. Uploaded with ImageShack.us
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Post by tendermyshares on Apr 11, 2012 23:48:59 GMT -5
A reasonably well written article, 3 pages long. www.futuresmag.com/2012/04/11/gold-bull-may-have-ended-in-august-2011?t=commoditiesGold bull may have ended in August 2011 In the Lead: “India Dodging Silver Bullet?” By Jon Nadler April 11, 2012 • Reprints The midweek trading session in precious metals opened to the downside in New York this morning despite a 0.31% drop in the US dollar on the trade-weighted index and a 0.30% gain in crude oil values. Then again, yesterday, we witnessed the price of gold rising nearly $20 along with gains in the US dollar. Spot gold was down $4 at $1,656.50 while spot silver fell 23 cents to $31.61 the ounce. In this morning’s annual gold survey presentation, Thomson Reuters GFMS analysts noted that net gold investment demand fell last year. The finding dovetails with the revelations we recently saw in the CPM Group’s similar annual round-up of market facts and figures. CPM had reported a near 6% drop in investment offtake last year. There was good demand for gold bars but on the other hand the 2011 metrics in gold coin sales — at least as reported by the US Mint — are worth translating into a visual, as they show how the retail market chased rising gold prices and then soured significantly in the wake of that which was perceived as a possible top in the yellow metal:
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Post by tendermyshares on Apr 11, 2012 23:57:56 GMT -5
Maybe the facts expressed in that article explain the gold death cross on the gold futures daily chart. 50 MA in yellow crossing down over the 200 MA in white as we speak. Uploaded with ImageShack.us
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Post by ask2lern on Apr 12, 2012 7:00:45 GMT -5
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Post by tendermyshares on Apr 12, 2012 12:44:16 GMT -5
Nice run.
Just went short.
1680 was the spot.
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Post by tendermyshares on Apr 12, 2012 21:49:57 GMT -5
1673.8 after hours so far on China GDP miss. That combined with the failed rocket launch should be sitting pretty.
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Post by Clinton SPX on Apr 12, 2012 22:39:45 GMT -5
CME Lowers Silver, Copper Margins Submitted by Tyler Durden on 04/12/2012 - 18:39 Copper Crude Nat Gas While it is unknown if this is merely a bull trap to get yet another bubble going, then to slaughter everyone with the same relentless barrage of margin hikes as we saw in the spring of 2011, or simply volumes in commodities have gotten so low that even the CME is willing to allow a little price appreciation in exchange for participation is unknown, but as of April 16 silver initial and maintenance margins will be 12.5% lower, while copper margins are declining by 20%.
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Post by 24o72o186o107 on Apr 12, 2012 23:19:31 GMT -5
also goodby 2 u clinton
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Post by Clinton SPX on Apr 12, 2012 23:23:44 GMT -5
Im still here 24o72o186o107
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Post by tendermyshares on Apr 13, 2012 7:15:16 GMT -5
Blue line near top of chart is H&S neckline from pattern beginning in late January. It was restested and broke only slightly yesterday, and is below it again now, looking like a refjected retest. Yellow vertical line is target, 1580-ish, but there's another much lower target based on a lower support line, I believe it was 1460. Uploaded with ImageShack.us
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Post by tendermyshares on Apr 13, 2012 9:11:52 GMT -5
Testing support, breaking through?
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Post by tendermyshares on Apr 13, 2012 14:09:56 GMT -5
I called the dead top in gold futures yesterday at 1680. Here's a two day chart. Funny stuff, right? Uploaded with ImageShack.us
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Post by natsalilfly on Apr 13, 2012 14:12:22 GMT -5
You were all over that one with a lot of vigilance - sad for the goldbugs (I do love the shiny stuff) but good call.
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