Gold at $880 Per Ounce Now

DriftingByTheStorm

Don't think i even need to dig up my old threads on this.

:eek:

Futures markets finding NEW LOWS AGAIN TODAY.
:(

Woopity woo.
:rolleyes:

DriftingByTheStorm

Lol.

CNBC had a segment on around noon where the host was talking about recession and the markets with a guest.
They started talking about gold being the one sure bet this year. "Gold already up 40% from last year, and while many analysts are calling a shortterm pause here, by NO means does ANYone think we are done with this move" ...

"SO IS GOLD THE NEW GLOBAL RESERVE CURRENCY?"

ROFLMAO!

New global reserve currency?
BWAHAHHAHAHA.
Duh!
It was up until 1979 and it will continue to be the ONLY money that holds REAL value.

Like Ron Paul said at the ABC debate,
OIL HASN'T GONE UP A PENNY.
THE DOLLAR IS DOWN!

LOOK AT THE GRAPH

:(


You know. This country would be 100% better off if the Idiot Box 2\3rds turned off Fox News and left CNBC on all day.

The markets don't lie (except the banks, and maybe big money energy firms) and CNBC proves it.

They will talk about EVERYTHING on that channel ... although they do like to dress up anything involving The Federal Reserve in lots of colorful language.

By and large though, they are profoundly honest, and they have to be. The people on their shows are all bound by SEC laws and most guests are CEOS or highlevel industry vets that would be fired if they told outright lies.

They've talked about gold as being the "new reserve currency" today. They've repeatedly talked about Countrywide on the verge of financial doom. They've said over and over that Merrill Lynch has said "we're headed for RECESSION", and that they have pushed back their housing troubles recovery date out to 2009!

Thats NEXT YEAR folks!

They had their analysts talking about housing prices, and consensus was NO BOTTOM ANYWHERE IN SIGHT.

Housing increased 80% since mid-90's we've only seen 10% decline so far ... A LOT FURTHER TO GO.

One of their guests said S&P at 1600 by END OF YEAR ... folks that means we are back to MID 2007 levels by the END of 2008. Oh woopity wooh! Thats GREAT news. :rolleyes:

Their words,
not mine.

Oh.
And they talked about the dollar,
and how it is way way way out of favor.


[AND someone just quoted Hunter S. Thompson, saying "When the going gets weird. The weird turn pro! ROFL]

Kel Varnsen

DriftingByTheStorm wrote:

They've talked about gold as being the "new reserve currency" today. They've repeatedly talked about Countrywide on the verge of financial doom. They've said over and over that Merrill Lynch has said "we're headed for RECESSION", and that they have pushed back their housing troubles recovery date out to 2009!

Wouldn't making gold the reserve currency totally put a ton of economic power in the hands of mining companies? Mining is typically done by huge companies (it is not really a guy with a pan standing in a creek any more). If one of these huge companies wanted to drop the price of the US dollar, all they would have to do is increase the gold production of their mining operations.

DriftingByTheStorm

Kel Varnsen wrote:

Wouldn't making gold the reserve currency totally put a ton of economic power in the hands of mining companies? Mining is typically done by huge companies (it is not really a guy with a pan standing in a creek any more). If one of these huge companies wanted to drop the price of the US dollar, all they would have to do is increase the gold production of their mining operations.

then they shoot themselves in the foot.
I see where you're going, but suppliers don't work like that.
They make money based on the price of gold, why would they destroy their own profits AND the dollar?

Kel Varnsen

DriftingByTheStorm wrote:

then they shoot themselves in the foot.
I see where you're going, but suppliers don't work like that.
They make money based on the price of gold, why would they destroy their own profits AND the dollar?

But either way it gives people with gold a lot of control. And if other countries don't aren't using gold for their currency they might not care as much about the value of the US dollar. There is a ton of gold in Russia, and if gold was US currency they could have a lot of control over the US ecoonmy based on how they support their gold mines. Not to mention even if no one is actively trying to manipulate currency values, a large new gold find anywhere in the world would do the exact same thing.

DriftingByTheStorm

Kel Varnsen wrote:

But either way it gives people with gold a lot of control. And if other countries don't aren't using gold for their currency they might not care as much about the value of the US dollar. There is a ton of gold in Russia, and if gold was US currency they could have a lot of control over the US ecoonmy based on how they support their gold mines. Not to mention even if no one is actively trying to manipulate currency values, a large new gold find anywhere in the world would do the exact same thing.

How do you feel now, with NO backing, and countries like China holding our Treasury Bills (which is w hat we issues to create money from) ....

all china has to do is sell a bunch of worthless paper on the market, and we are fucked.

So whats the diff?
Only diff is they would be stupid to give up their gold.
Selling the T Bills actualy makes a lot of sense because the dollar is doing so poorly.

:(

DriftingByTheStorm

GOLD JUST HIT 900 an OUNCE.

I called this for the week.
Check it!