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In gold we trust

1. [verwijderd] 1 september 2012 11:35

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   US 'will return to gold standard', says Euro Pacific Capital chief Peter Schiff
   A major US investor has predicted the world's leading economy will return to the gold standard, giving further weight to Republican moves to set up a commission to look at the issue.
   
   The gold standard has returned to mainstream US politics for the first time in 30 years with a 'gold commission' becoming part of official Republican party policy Photo: Reuters
   By Andrew Trotman2:22PM BST 31 Aug 2012565 Comments
   Peter Schiff, chief executive of Euro Pacific Capital, has argued that the US is heading for a currency crisis, and an immediate move to peg the dollar to gold is needed as the economy is caught in a "phony recovery".
   "Eventually we will be back on a gold standard, not because politicians want it, but because the public demands it and the situation requires it," he told King World News.
   "We are headed for a currency crisis, and the only way we’re going to stop it is by putting real value back into the paper dollar. So we have to tie it to gold.
   "The sooner we do it the better because the sooner we start to repair the problems the easier it is. The longer we wait, the bigger the problems get. But I think it’s happening soon [a return to the gold standard]."
   The economy is so bad, Mr Schiff argues, that despite Ben Bernanke's speech today in which he is expected to dampen hopes of further monetary policy stimulus, the Federal Reserve chairman will soon be forced into another round of quantitative easing.
   
   “QE3 is coming. You know we’ve got a phony recovery, so it’s going to fail. So we are going to get more QE. It’s not that we need it, but if we don’t have QE3, then we are back in recession," said Mr Schiff, who ran as a candidate in the Republican primary for the US Senate seat in Connecticut in 2010.
   "We have a lot of problems, and if we cure them it’s going to mean a short-term recession as we repair the damage. Until the Fed lets us have a real recession, as painful as that may be, we are never going to have a recovery."
   Added to North America's economic woes, a "fiscal cliff" is looming. A number of tax increases and spending cuts are due at the end of the year that are expected to weigh heavily on growth and possibly drive the economy back into a recession.
   Mr Schiff believes this will push the US into currency and debt crises, paving the way for a return to the gold standard.
   "They want to keep growing the government, growing the deficits. That eventually means we will have a currency crisis, and a sovereign debt crisis, which will lay the foundation for a return to the gold standard."
   The gold standard has returned to mainstream US politics for the first time in 30 years with a “gold commission” becoming part of official Republican party policy. This commission will look at whether a return to the gold standard is feasible.
   Marsha Blackburn, a Republican congresswoman from Tennessee and co-chair of the committee, recently told the Financial Times: “These were adopted because they are things that Republicans agree on. The House recently passed a bill on this, and this is something that we think needs to be done.”
   The proposal evokes memories of the Gold Commission created by Ronald Reagan in 1981, 10 years after Richard Nixon broke the link between gold and the dollar during the 1971 oil crisis. That commission supported the status quo.
   Some argue a return to the gold standard would foster economic stability and prosperity, primarily by creating price stability, fixed exchange rates and placing limits government deficit spending as well as trade imbalances.
   However, opponents believe it would limit the flexibility of governments and central banks in managing economies, restricting the ability to adjust money supply, government budgets and exchange rates.
   Gold rose 0.3pc to $1,660.95 an ounce on Friday.
   
   If you don't trust GOLD,the only asset with a 6000 year track record, do you trust the logic of taking a $1,000 pine tree, cutting it up, turning it to pulp, putting some ink on it, and then calling it one billion $ dollars?
   
2. [verwijderd] 17 september 2012 10:30

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   Reflections on the Denver Gold Forum
   This week's Denver Gold Forum was a great success with the keynote speakers predicting great things for gold in the years ahead, although they were largely preaching to the converted.
   
   Author: Lawrence Williams
   Posted: Friday , 14 Sep 2012
   DENVER (MINEWEB) -
   The annual Denver Gold Forum has been over the years perhaps the most significant, and best respected investment related gold mining conference held anywhere in the world - and the organisers, The Denver Gold Group's policy of placing restrictions on the size and quality of the companies presenting, and the quality of the audience, which again is strictly controlled, helps maintain this position.
   While the founders of the event, who set it up some 23 years ago, might not recognise the conference as it is today, commercial necessities have meant it has developed from one at which presenting was restricted entirely to senior gold mining companies, and the audience to the institutional investment sector. Gradually some of these restrictions have been relaxed and nowadays it encompasses the major gold miners, who are all present, along with mid tier and junior miners and explorers who have to meet certain market capitalisation criteria to get on the programme, or even to attend as delegates.
   There was talk around the conference this year that given the very poor performance of precious metals stocks on the markets there could be as many as 800 junior mining companies unable to survive unless there is a rapid turnaround, which seems unlikely, although the latest U.S. Fed stimulus announcement may provide a little respite given the big upwards kick it gave to the gold price. However the imposed criteria for attending the Denver Gold Forum means that it is unlikely any of those juniors partipating will fall into the extremely vulnerable category - but the poor stock performance of virtually all precious metals companies over the past two years, following the big recoveries from the 2008 crash, did indeed colour the atmosphere and things did seem remarkably subdued despite the sharp rises in the gold and silver prices in the couple of weeks ahead of it.
   But nonetheless the conference broke new attendance records according to the organisers, and perhaps more impressive still were the number of one-on-one meetings with more than 5,000 of such requests actioned.
   The attendee experience has also improved over the years and this year in particular the organisation was very impressive. This year too there were three special evening receptions where specific groups of junior mining companies got the opportunity to gain some person-to person exposure over and above the opportunities to present in the conference proper.
   Keynote conference speakers included Pierre Lassonde and Don Coxe during the main sessions and there were also luncheon presentations by Dr. Thomas Barnett and Matthew Bishop, although the attendance at these luncheons is at extra cost and with numbers thus limited - but at least this year there was a cold lunch available for delegates who did not have tickets to the special lunchtime sessions. However it is a shame that all the delegates do not get access to these interesting presentations.
   Another excellent feature was the availability of live webcasts of all the company presentations. Indeed if all one wanted to do at the event was listen to the individual company presentations one could save oneself the travel costs and watch them from home! However the keynote addresses were not available live and anyway the main reason most will have attended the event was for the extensive networking opportunities with key players in the industry from both the mining company corporate and the financial sectors.
   Of the main conference keynotes, that from Don Coxe in particular provided a whole batch of very quotable statements - notably: "Richard Nixon should be the patron saint of gold investors","The best climate I have ever seen for increase in the gold price", Bernanke's policies are financial heroin", Prepare for significantly higher increases in the gold price which are inevitable and better performance in gold stocks", "Alan Greenspan the most overrated Fed chairman". He described the Swiss tieing the Franc to the Euro as jumping on to a sinking ship;The setting up of the Euro as an assault on best financial principles and that it wouldn't work as the founders couldn't even agree on a head to have on the currency; and that the U.S. election outcome will see current economic strategies continue regardless of who is elected. He also predicted a new gold rush into gold mining stocks. I think there's little doubt where Coxe stands on gold and the U.S. economy.
   Pierre Lassonde, in his keynote on the first full day of the event also pointed to the poor performance of gold stocks vs gold bullion with the latter rising twice as much as the former over the past ten years, and pointed to some of the factors leading to investor disillusionment in gold equities. However he saw the demand side for gold as never being more robust - in particular as wealth grows in India and China where there is a tradition of gold holding, the rise of the gold ETF and of Central Banks coming back into the market to increase their holdings. He ended with the point that on past peaks gold has been at a level of one-to-one with the Dow, with an implication that gold should perhaps rise to $13,000 should the Dow index remain unchanged - or as could be interpreted from this perhaps the Dow could fall to $1750 if the gold price remains unchanged! Whichever, it would mean that he feels that gold should substantially outperform the Dow.
   Bur a gold forum of this type will naturally be populated by gold believers - the miners out of necessity and the investors out of commitment. A gold bear would be uncommon amongst this group of people, although there wilol probably have been some analysts present with a fairly balanced viewpoint.
   Overall the Denver Gold Forum 2012 was an excellent meeting - largely as noted at the start of this article because of the selective choice of all the participants by the organisers. If you want to attend future events you can apply to www.Denvergold.org and if you meet the criteria you will be offered the opportunity. You may also go to the website to view all the company presentations in webcasts. The next event in the Denver Gold Group's main meetings calendar will be next year's European Gold Forum which runs from April 16th to 18th in Zurich and the Denver Gold Forum from September 22nd to 25th in Denver.
   
   If you don't trust GOLD,the only asset with a 6000 year track record, do you trust the logic of taking a $1,000 pine tree, cutting it up, turning it to pulp, putting some ink on it, and then calling it one billion $ dollars?
   [
3. [verwijderd] 17 september 2012 14:51

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   Gold (GC : NASDAQ : US$1,774.50), Net Change: 2.40, % Change: 0.14%
   ??The cult of bonds is dead. The cult of equity is dying. Buy real assets...gold...a house? PIMCO boss Bill Gross said in his September Investment Outlook, "The age of credit expansion, which led to double-digit portfolio returns is over. The age of inflation is upon us, which typically provides a headwind, not a tailwind, to securities price – both stocks and bonds." On Friday, Gross tweeted, "#Fed to buy mortgages ‘til the cows come home. Think 7% unemployment, 2.5% inflation targets. Buy real assets...gold...a house!" In an interview with Bloomberg TV on September 5, Gross said, "Gold can't be reproduced. It can certainly be taken out of the ground at an increasing rate, but there's a limited amount of gold and there has been an unlimited amount of paper money over the past 20 years to 30 years and now...central banks are at their leisure in terms of basically printing money...You know, I am not a gold bug. I am just suggesting that gold is a real asset and will be advantaged if the Federal Reserve or the ECB central banks start to write checks in the trillions. So what my objective is, I am not sure. I just think it [gold] will be higher than it is today and certainly a better investment than a bond or stock, which will probably return only 3% to 4% over the next 5 to 10 years." Perhaps Gross is a closet gold bug after all.
   
   If you don't trust GOLD,the only asset with a 6000 year track record, do you trust the logic of taking a $1,000 pine tree, cutting it up, turning it to pulp, putting some ink on it, and then calling it one billion $ dollars?
   
4. Kaiser 18 september 2012 12:50

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   Bank of America (BAC) says gold could reach USD 2400 by 2014
5. [verwijderd] 24 september 2012 14:11

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   Gold (GC : NASDAQ : US$1776.20), Net Change: 6.00, % Change: 0.34%
   ??Gold is my cash. On Friday, Hedge fund titan Ray Dalio, founder of Bridgewater Associates (the largest hedge fund in the world), was on CNBC's Squawk Box. When asked about gold, Dalio said, "I think gold should be a part of - everybody's portfolio to some degree because - it diversifies the portfolio. It is the alternative money. We have a situation now where - when you have too much debt - too much debt leads to printing of money to make it easier to service. So all of those things mean that some portion - should be in - in gold." When asked to comment on Warren Buffett's take on gold, Dalio said, "I think he's making a big mistake, yeah. Gold is my cash. It's an alternative version of cash. So over the long term, it's not the best investment. Over long term, it's - you know, a little bit better than cash over long term." Who can forget Buffett's "You can fondle the cube, but it will not respond" comments in from last February. Buffett told investors to avoid gold: "Gold has two significant shortcomings, being neither of much use nor procreative." Separately, on Thursday, gold's 50-day moving average (DMA) traded above its 200 DMA, which technical analysts call a "golden cross" - a very bullish sign. However according to the Bespoke Investment Group, gold has had 12 such other golden crosses take place since 1976. After a golden cross occurs, Bespoke highlights that gold has averaged a 1% decline over the following week. One month later, gold has averaged a 2.5% drop. However, other technical analysts highlight that gold's last golden cross formed on February 6, 2009, and gold prices rallied ~11% in the following 11 trading sessions.
   
   If you don't trust GOLD,the only asset with a 6000 year track record, do you trust the logic of taking a $1,000 pine tree, cutting it up, turning it to pulp, putting some ink on it, and then calling it one billion $ dollars?
   
6. [verwijderd] 3 oktober 2012 22:15

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   Gold (GC : NASDAQ : US$1,777.80), Net Change: -5.50, % Change: -0.31%
   998, 999, 1000, 1001, DOH! When it comes to commenting on gold, it's nearly impossible to write more than a thousand words on the yellow metal and not come off totally sounding like a gold bug - trust us we've tried. This week, Pacific Investment Management Co., commonly called PIMCO and known to many of us as the world's largest bond fund manager (~$1.8 trillion in assets), published a comment simply entitled, "GOLD - The Simple Facts" (word count 1,275). The comment wasn't penned by PIMCO kingpins Bill Gross or Mohamed El-Erian, but by two other PIMCO portfolio managers, Nicholas Johnson (who previously worked at NASA's Jet Propulsion Lab - a former rocket scientist?) and Mihir Worah (head of PIMCO's real return portfolio management team). PIMCO believes investors should consider allocating gold and other precious metals to a diversified portfolio. The supply of gold is constrained, and they see demand increasing consistent with global economic growth on a per capita basis. Regarding inflation in particular, PIMCO feels that the Fed's decision to begin QE3 makes gold even more attractive. PIMCO believes gold should be thought of as a currency, one that pays no interest. Paper currencies can be deposited to receive interest, and this rate of interest is to compensate for the decline in the value of currencies via inflation. Gold, however, maintains its real value over time so no interest is necessary. While some investors believe gold is way overpriced, PIMCO notes that in inflation-adjusted terms, gold is still 12% below its 1980 peak. What's the bottom line? Given current valuations and central bank policies, PIMCO sees gold as a compelling inflation hedge and store of value that is potentially superior to fiat currencies. As of August, PIMCO's Commodity Real Return Strategy Fund, a $20-billion fund managed by Johnson, is said to have held 11.5% of its assets in gold.
   
   If you don't trust GOLD,the only asset with a 6000 year track record, do you trust the logic of taking a $1,000 pine tree, cutting it up, turning it to pulp, putting some ink on it, and then calling it one billion $ dollars?
   
   
7. DurianCS 3 oktober 2012 22:21

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   Het feit dat goud 12% onder een vorige piek zit sluit bepaald niet uit dat het nu overpriced is. Op de piek was het zeker overpriced. Geen idee hoe ver er onder dit niet meer het geval is.
8. [verwijderd] 28 oktober 2012 12:43

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   Why Did The Bundesbank Secretly Withdraw Two-Thirds Of Its London Gold?
   Submitted by Tyler Durden on 10/24/2012 20:51 -0400
   
   Bank of England BOE Bond Breaking The Buck Central Banks Evans-Pritchard Germany Gross Domestic Product Lehman M3 MF Global None Reserve Fund
   
   Two days ago we reported that the German Court of Auditors demanded that the German Central Bank, the Bundesbank, verify and audit its official gold holdings consisting of 3,396 tons, held mostly offshore, namely New York, London and Paris, at least according to official documents. It also called for repatriation of 150 tons in the next three years to perform a quality inspection of the tungsten gold. Today, in a surprising development, via the Telegraph we learn that none other than the same Bundesbank which is causing endless nightmares for all the other broke European nations due to its insistence for sound money, decided to voluntarily pull two thirds of its gold holdings held by the Bank of England. According to a confidential report referenced by the Telegraph, Buba reclaimed 940 tons, reducing its BOE holdings from 1,440 in 2000 to 500 in 2001 allegedly "because storage costs were too high." This is about as idiotic an excuse as the Fed cancelling its reporting of M3 in 2006 because "the costs of collecting the underlying data outweigh the benefits." So why did Buba repatriate its gold? Ambrose Evans-Pritchard has an idea.
   
   The shift came as the euro was at its weakest, slumping to $0.84 against the dollar. But it also came as the Bank of England was selling off most of Britain's gold reserves – at market lows – on orders from Gordon Brown.
   
   Peter Hambro, chair of the UK-listed gold miner Petropavlovsk, said the Bundesbank may have withdrawn its bullion in self-protection since it did not, apparently, have its own specifically allocated bars in London. "They may have decided that the Bank of England had lent out too much gold, and decided it was safer to bring theirs home. This is about the identification. Can you identify your own allocated gold, or are you just a general creditor with a metal account?"
   
   The watchdog report follows claims by the German civic campaign group "Bring Back our Gold" and its US allies in the Gold Anti-Trust Committee that official data cannot be trusted. They allege central banks have loaned out or "sold short" much of their gold.
   
   The refrain has been picked up by German legislators. "All the gold must come home: it is precisely in this crisis that we need certainty over our gold reserves," said Heinz-Peter Haustein from the Free Democrats (FDP).
   Speculation aside, the fact that central banks, and even banks of central banks (i.e., the BIS), have long lent out gold, is no secret to anyone, traditionally to satisfy short-term physical gold confirmation claims upon a spike in demand, usually associated with a liquidity shortage (when the value of gold as monetary collateral truly shines). The problem with this rehypothecation scheme is what happens when the counterparty suddenly finds themselves insolvent, the gold has since been re-re-rehypothecated, and nobody really knows whose gold it is any more. This becomes a drastic problem when a counterparty in a collateral chain suddenly goes broke... like MF Global did last year, and the lawsuits started flying trying to determine whose gold is where. Needless to say, it was the London office of MF Global that was at fault for breaching a rehypothecation chain (because only in London was there no collateral haircut limit on rehypotehcation), and once physical delivery demands arose, nobody could locate bar XYZ with a given serial number.
   
   That, or the Bundesbank merely foresaw the ultimate unwind of the failed European mercantilist experiment at the start, and refused to leave its most precious asset in the hands of the banker oligarchy which it knew would do everything in its power to procure said gold once the feces hit the fan. Sure enough, BUBA's 'non-denial' denial confirms this too:
   
   The Bundesbank said it had full trust in the "integrity and independence" of its custodians, and is given detailed accounts each year. Yet it hinted at further steps to secure its reserves. "This could also involve relocating part of the holdings," it said.
   Yet what is left unsaid in all of the above is that Germany has done nothing wrong! It simply demanded a reclamation of what is rightfully Germany's to demand.
   
   And here is the crux of the issue: in a globalized system, in which every sovereign is increasingly subjugated to the credit-creating power of the globalized "whole", one must leave all thoughts of sovereign independence at the door and embrace the "new world order." After all this is the only way that the globalized system can create the shadow cloud of infinite repoable liabilities, in which we currently all float light as a binary feather, which permits instantaeous capital flows and monetary fungibility, and which guarantees that there will be no sovereign bond issue failure as long as nobody dares to defect from the system in which all collateral is cross pledge and ultra-rehypothecated... for the greater good. Until the Buba secretly defected that is.
   
   And this is the whole story. Because by doing what it has every right to do, the German Central Bank implicitly broke the cardinal rule of true modern monetary system (never to be confused with that socialist acronym fad MMT, MMR or some such comparable mumbo-jumbo). And the rule is that a sovereign can never put its own people above the global corporatist-cum-banking oligarchy, which needs to have access to all hard (and otherwise) assets at any given moment, on a moment's notice, as the system's explicit leverage at last check inclusive of the nearly $1 quadrillion in derivatives, is about 20 times greater than global GDP. This also happens to be the reason why the entire world is always at most a few keystrokes away from a complete monetary (and trade) paralysis, as the Lehman aftermath and the Reserve Fund breaking the buck so aptly showed.
   
   We are confident that little if anything will be made of the Buba's action, because dwelling on it too much may expose just who the first country will be (or already has been) when the tide finally breaks, and when it will be every sovereign for themselves. Because at that point, which will come eventually, not only Buba, but every other bank, corporation, and individual will scramble to recover their own gold located in some vault in London, New York, or Paris, or at your friendly bank vault down the street, and instead will merely find a recently emptied storage room with humorously written I.O.U. letters in the place of 1 kilo gold bricks.
   
   If you don't trust GOLD,the only asset with a 6000 year track record, do you trust the logic of taking a $1,000 pine tree, cutting it up, turning it to pulp, putting some ink on it, and then calling it one billion $ dollars?
   
   
9. haas 28 oktober 2012 14:07

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   Toen het zaakie crashte in Sept 2008,crashte goud o.a.ook het ravijn in.
10. [verwijderd] 26 november 2012 10:32

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    Gold (GC : NASDAQ : US$1751.80), Net Change: 23.60, % Change: 1.37%
    Sh-h-h-h-h-h-h-h-h-h-h-h-h-h. You could have heard a pin drop in the market on Friday - it was your typical low volume market post the U.S. Thanksgiving holiday. Noteworthy was gold's stealthy US$24 move up - that's a break above gold's 50-day moving average of $1,743.24, a key technical resistance level, which triggered a wave of buying. On Friday, Turkey acknowledged that it was using its gold reserves to pay for imports of Iranian natural gas imports. Iran provides ~18% of Turkey's natural gas and ~51% of its oil. Since the U.S. and EU sanctions which ban Iran from receiving payments in dollars or euros, the country has had to get creative its ways to sidestep Western sanctions. Turkish liras are of limited or no value but who doesn't find gold valuable? Elsewhere, Brazil raised its gold holdings by 17.2 tonnes in October to 52.5 tonnes, the highest level since January 2001. Brazil has been looking diversify assets and reduce its exposure to currency risk. One final note, much has been made of China's hoarding of gold in the past couple of weeks. Mining.com recently highlighted that China, despite being the world's biggest gold producer, doesn't export any of the bullion it produces. It's tough finding much evidence of Chinese gold bars overseas - apparently no one has ever seen gold bars with Chinese stamps on them.
    
    If you don't trust GOLD,the only asset with a 6000 year track record, do you trust the logic of taking a $1,000 pine tree, cutting it up, turning it to pulp, putting some ink on it, and then calling it one billion $ dollars?
    
    
11. [verwijderd] 26 november 2012 17:20

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    Gold Bullion Provides Mineral Potential at Depth for Granada
    VANCOUVER, Nov. 26, 2012 /CNW/ - Gold Bullion Development Corp. (TSXV: GBB) (OTCPINK: GBBFF) (the "Company" or "Gold Bullion") is pleased to announce the potential quantity and grade ranges for the underground extensions at its Granada gold property, located on the prolific Cadillac trend in northwestern Quebec, 5 km south of the city of Rouyn-Noranda.
    Based on the resource estimate information and the deep hole program interpretation, SGS Canada Inc. has provided the following potential quantity and grade ranges:
    
    POTENTIAL QUANTITY AND GRADE RANGES (1)
    
    
    Zone Metric Tonnes (Million) Gold grade (g/t)
    UG extension West 7.4 to 11.1 3.40 to 4.70
    UG extension East 2.2 to 3.3 3.20 to 4.30
    Total 9.6 to 14.4 3.35 to 4.61
    
    (1) The potential quantity and grade is conceptual in nature as there has
    been insufficient exploration to define a mineral resource and it is
    uncertain if further exploration will result in the target being delineated
    as a mineral resource.
    
    The potential stated above is based on projections within the mineralized plan of two and three mineralized zones of 3 meters true width on the west and east side of the deep hole program under highly drilled surface mineralization.
    As disclosed in Gold Bullion's press release of November 15, 2012:
    The total gold resource at Granada now stands at 1,605,000 gold ounces in the Measured and Indicated categories with 1,033,000 gold ounces in the Inferred category using a cut-off grade of 0.40 g/t. The in situ measured resource is 946,000 ounces (28.735 million tonnes grading 1.02 g/t), indicated resource is 659,000 ounces (18.740 million tonnes grading 1.09 g/t), and inferred resource is 1,033,000 ounces (29.975 million tonnes grading 1.07 g/t Au), using a cut-off grade of 0.40 g/t. Additional information can be found in the Company's press release of November 15, 2012.
    On April 22, 2010 the Company set a target of 2.4 to 2.6 million ounces of gold as per the original preliminary block model estimate. That target has been hit as evidenced by the press release dated November 15, 2012. Based on this additional data from SGS, Frank J. Basa, Gold Bullion's CEO, is very pleased to state "The Company is now targeting 3.6 to 4.6 million ounces of gold from the next phase of the continued exploration program at Granada with some 80% of the extended Long Bars zone remaining to be explored."
    Claude Duplessis, Eng. is acting as the qualified person (QP) for Gold Bullion Development Corp. in compliance with National Instrument 43-101 and has reviewed the technical contents of this press release.
    
    Read more at www.stockhouse.com/bullboards/message...
12. [verwijderd] 3 december 2012 00:45

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    The Chart That Keeps Ben Bernanke Up At Night
    Submitted by Tyler Durden on 12/01/2012 16:50 -0500
    
    Ben Bernanke Ben Bernanke Kyle Bass Kyle Bass
    
    What changed in the last 30 days? Did the world just wake up to the idea that the only way out of this quagmire is a twisted currency war that appears to have re-ignited thanks to Abe's efforts? Something appears to have snapped in the American psyche as the last 30 days have seen the largest physical gold sales on record. Between the search volume for 'bulk ammo' and this, we fear something is afoot and while Congress fiddles as our economy burns, Bernanke going 'back to work' is perhaps what the physical 'horders' are thinking... or maybe they understand, as we noted here, that just as Kyle Bass has confirmed previously, Paper Gold is just like allocated, unambiguously owned physical bullion... until it’s not.
    
    www.zerohedge.com/news/2012-12-01/cha...
    
    If you don't trust GOLD,the only asset with a 6000 year track record, do you trust the logic of taking a $1,000 pine tree, cutting it up, turning it to pulp, putting some ink on it, and then calling it one billion $ dollars?
    
    
13. [verwijderd] 17 januari 2013 09:34

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    Bringing in the bullion: Germany to repatriate gold from US and France
    Get short URL email story to a friend print version
    Published: 16 January, 2013, 13:08
    Edited: 17 January, 2013, 12:10
    TAGS:
    Politics, Currencies, Budget, Germany
    
    Reuters / Heinz-Peter Bader
    
    Germany’s central bank is set to reclaim some of its vast gold reserves held in the US and France. The move follows an audit criticizing Bundesbank for mismanagement, stating the funds had never been “verified physically.”
    Bundesbank announced plans to withdraw its entire 374-ton store of gold bullion from the Bank of France in Paris, and 300 tons of the 1,500 tons currently held by the New York Federal Reserve.
    The German government refrained from commenting on the reports ahead of its presentation of a new plan for the management of its gold reserves on Wednesday. Germany boasts the world’s second-largest bullion reserves at 270,000 gold bars ($177.5 billion), second only to the US.
    Germany’s gold stockpile was relocated abroad during the Cold War amid fears of a possible Soviet invasion. There is no reason now to maintain overseas stockpiles, Bundesbank said – from now on, the bank will only keep small amounts of gold abroad for trading purposes.
    About 30 percent of Germany’s gold reserves are currently being held in the country at the facilities of Frankfurt-based Bundesbank.
    "Now, the political security situation has changed because the East-West conflict is over. Considerations to store the gold as far west and as far from the Iron Curtain as possible had to be reconsidered," Bundesbank board member Carl-Ludwig Thiele told reporters on Wednesday. He added that gold was an important resource “to create confidence in the currency and in the economic power of our country."
    The move follows a damning report by the German Court of Auditors criticizing the management of Bundesbank’s foreign bullion stockpiles. Auditors said that the stores “had never been verified physically,” and were not under proper control.
    Bundesbank was taken aback by the criticism, stressing there was no need for speculation on Germany’s overseas holdings and that "there is no doubt about the integrity of the foreign storage sites." The central bank is widely regarded as one of the most trustworthy institutions in German society.
    Veteran gold dealer Jim Sinclair said that Bundesbank’s strategy marked a change in trends in the global gold market, heralding a move away from paper administration of funds.
    "This sends a message about storing gold near you and taking delivery no matter who is holding it,” Sinclair told British newspaper the Telegraph. “When France did these years ago it sent panic amongst the US financial leadership. History will look back on this salvo as being the beginning of the end of the US dollar as the reserve currency of choice.”
    
    If you don't trust GOLD,the only asset with a 6000 year track record, do you trust the logic of taking a $1,000 pine tree, cutting it up, turning it to pulp, putting some ink on it, and then calling it one billion $ dollars?
    
    
14. [verwijderd] 17 januari 2013 23:41

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    A new Gold Standard is being born
    By Ambrose Evans-Pritchard Economics Last updated: January 17th, 2013
    574 Comments Comment on this article
    
    The world is moving step by step towards a de facto Gold Standard, without any meetings of G20 leaders to announce the idea or bless the project.
    Some readers will already have seen the GFMS Gold Survey for 2012 which reported that central banks around the world bought more bullion last year in terms of tonnage than at any time in almost half a century.
    They added a net 536 tonnes in 2012 as they diversified fresh reserves away from the four fiat suspects: dollar, euro, sterling, and yen.
    The Washington Accord, where Britain, Spain, Holland, South Africa, Switzerland, and others sold a chunk of their gold each year, already seems another era – the Gordon Brown era, you might call it.
    That was the illusionary period when investors thought the euro would take its place as the twin pillar of a new G2 condominium alongside the dollar. That hope has faded. Central bank holdings of euro bonds have fallen back to 26pc, where they were almost a decade ago.
    Neither the euro nor the dollar can inspire full confidence, although for different reasons. EMU is a dysfunctional construct, covering two incompatible economies, prone to lurching from crisis to crisis, without a unified treasury to back it up. The dollar stands on a pyramid of debt. We all know that this debt will be inflated away over time – for better or worse. The only real disagreement is over the speed.
    The central bank buyers are of course the rising powers of Asia and the commodity bloc, now holders of two thirds of the world’s $11 trillion foreign reserves, and all its incremental reserves.
    It is no secret that China is buying the dips, seeking to raise the gold share of its reserves well above 2pc. Russia has openly targeted a 10pc share. Variants of this are occurring from the Pacific region to the Gulf and Latin America. And now the Bundesbank has chosen to pull part of its gold from New York and Paris.
    Personally, I doubt that Buba had any secret agenda, or knows something hidden from the rest of us. It responded to massive popular pressure and prodding from lawmakers in the Bundestag to bring home Germany’s gold. Yet that is not the end of the story. The fact that this popular pressure exists – and is well-organised – reflects a breakdown in trust between the major democracies and economic powers. It is a new political fact in the global system.
    Pimco’s Mohammed El Erian said this may have a knock-on effect:
    “In the first instance, it could translate into pressures on other countries to also repatriate part of their gold holdings. After all, if you can safely store your gold at home — a big if for some countries — no government would wish to be seen as one of the last to outsource all of this activity to foreign central banks.
    If developments are limited to this problem, there would be no material impact on the functioning and well-being of the global economy. If, however, perceptions of growing mutual mistrusts translate into larger multilateral tensions, then the world would find itself facing even greater difficulties resolving payments imbalances and resisting beggar-thy-neighbour national policies.
    “The most likely outcome right now is for Germany’s decision to have minimum systemic impact. But should this be wrong and the decision fuel greater suspicion – a risk scenario rather than the baseline – the resulting hit to what remains in multilateral policy co-operation would be problematic for virtually everybody.
    As I reported on Tuesday, gold veteran Jim Sinclair thinks it is an earthquake, comparing it to Charles de Gaulle’s decision to pull French gold from New York in the late 1960s – the precursor to the breakdown of the Bretton Woods system three years later when Nixon suspended gold conversion.
    Mr Sinclair predicts that the Bundesbank’s action will prove the death knell of dollar power. I do not really see where this argument leads. Currencies were fixed in de Gaulle’s time. They float today. It is within the EMU fixed-exchange system – ie between Germany and Spain – that we see an (old) Gold Standard dynamic at work with all its destructive power, and the risk of sudden ruptures always present. The global system is supple. It bends to pressures.
    My guess is that any new Gold Standard will be sui generis, and better for it. Let gold will take its place as a third reserve currency, one that cannot be devalued, and one that holds the others to account, but not so dominant that it hitches our collective destinies to the inflationary ups (yes, gold was highly inflationary after the Conquista) and the deflationary downs of global mine supply. That would indeed be a return to a barbarous relic.
    Hopefully, it will be nothing like the interwar system. That was a dollar peg that transmitted US deflation to the whole world when the Fed tightened too hard in 1928 and went berserk in 1930.
    A third reserve currency is just what America needs. As Prof Micheal Pettis from Beijing University has argued, holding the world’s reserve currency is an “exorbitant burden” that the US could do without.
    The Triffin Dilemma – advanced by the Belgian economist Robert Triffin in the 1960s – suggests that the holder of the paramount currency faces an inherent contradiction. It must run a structural trade deficit over time to keep the system afloat, but this will undermine its own economy. The system self-destructs.
    A partial Gold Standard – created by the global market, and beholden to nobody – is the best of all worlds. It offers a store of value (though no yield). It acts a balancing force. It is not dominant enough to smother the system.
    Let us have three world currencies, a tripod with a golden leg. It might even be stable.
    
    If you don't trust GOLD,the only asset with a 6000 year track record, do you trust the logic of taking a $1,000 pine tree, cutting it up, turning it to pulp, putting some ink on it, and then calling it one billion $ dollars?
    
    
15. [verwijderd] 27 februari 2013 23:48

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    GOLD $1596.20 -19.30
    Much has been made about gold going through its “Death Cross” several days ago and billionaires such as George Soros selling their gold holdings.
    Not everyone is confused. Bill Gross who runs close to $2 trillion at the PIMCO Fund is as big a believer in gold as ever and Institutional Advisors and their technical analyst Ross Clark apparently are still believers.
    They write, “Gold—Don’t Euthanize Yourself with the Death Cross: Much is being made about last week’s ‘Death Cross’ in gold. This is the term that characterizes the crossing of the 50-day moving average below the 200- day average. While it is true that the 50/200-day oscillator will trigger signals in the formative stages bull and bear markets it also gives numerous false signals during choppy market action. Friday was the sixth ‘Death Cross’ since gold began its bull market at $255 in 2001. Three saw no further price decline following the signal (2004, 2005 and 2006). The 2008 signal was followed by a $68 decline within seven days and then a $140 rally. The bot- tom occurred within two days of the 200-day average roll- ing over. The next signal occurred last April with gold at $1644. By the time the 200-day moving average rolled over on May 9th the price was within five days of making the low for the year.
    Even if this is a transition to a bear market as seen in 1996, 1988, 1983 or 1981 the odds favour a low within days and a rally back to test the breakdown at $1630 and the 50-day average (currently $1665).
    
    If you don't trust GOLD,the only asset with a 6000 year track record, do you trust the logic of taking a $1,000 pine tree, cutting it up, turning it to pulp, putting some ink on it, and then calling it one billion $ dollars?
    
    
16. p/o 7 maart 2013 09:38

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    Is er iemand die mij de koersvorming van Gold fields kan verklaren.
    Gisteren was de slotkoers in Zuid-Afrika 72.75 of omgerekend: 6.17 euro, in Brussel sluit het aandeel op 5.82.
    Vandaag daalt het aandeel in Zuid-Afrika nog eens meer dan 4.5% tot 69.45 (5.88 euro) maar stijgt dan terug in Brussel tot 6.20.
    Gisteren dus een korting van 35 cent en vandaag betaal je een premie van 32 cent of een verschil van 67 cent of te wel ruim 10%
    
17. [verwijderd] 11 april 2013 15:38

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    Gold (GC-FT : US$1,558.70), Net Change: -28.00% Change: -1.76%
    “Get in the Hole!” – A gold bear at The Masters. Goldman Sachs has dropped its year-end price target on gold to US$1,450, closing its “long gold” recommendation from October 2010 and is now recommending that clients go "short gold" to profit from further declines. Goldman comments that, "Despite resurgence in Euro area risk aversion and disappointing U.S. economic data, gold prices are unchanged over the past month, highlighting how conviction in holding gold is quickly waning." The euro stress over Cyprus couldn't generate much of a rally in gold prices. However, some self-anointed contrarians saw the Goldman downgrade as a sign of a short-term bottom in gold. Separately, Cyprus announced plans to sell US$530-million (~10.36 tonnes) worth of its gold reserves to finance part of its bailout. This is the biggest eurozone gold sale in four years. According to data from the World Gold Council, Cyprus’ total bullion reserves stood at 13.9 tonnes at end-February. Could more countries belightening up their gold holdings? It should be noted that Portugal holds 382.5 tonnes of gold, Spain hold 281.6 tonnes and Italy, the world’s fourth largest gold holder, has 2,451.8 tonnes of gold.
    
    If you don't trust GOLD,the only asset with a 6000 year track record, do you trust the logic of taking a $1,000 pine tree, cutting it up, turning it to pulp, putting some ink on it, and then calling it one billion $ dollars?
    
    
18. ffff 11 april 2013 15:44

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    Gung Ho,
    
    Ik heb de opmerking als eens vaker tegen U gemaakt: Leuk al die postings. Zeker boeiende tussen....maar wat vind je d'r nu zelf van..?
    
    Peter
19. [verwijderd] 16 april 2013 13:21

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    Hi Peter,
    
    Zoals je ziet beschikt "GS" niet alleen over profetische gaves maar weet zijn clientele altijd vooraf te informeren.
    So much voor de illusie van een vrije markt. Het NeoCon marxisme rules, no doubt about it. Met logica of vrije markt heeft het een ander natuurlijk al heel lang niets meer te maken, dit maakt alles dan ook extreem gevaarlijk.
    Gezien de QE 123 etc zouden beurzen etc natuurlijk wel 3x hoger moeten staan dan de huidige koersen.
    Het neocon marxistische banksysteem is en blijft failliet zolang er nog zon 600 triljoen + aan derivaten openstaan. Het meeste QE geld is dan ook niet naar de reeele economie gepompt met alle gevolgen vandien.
    In nederland bedraagt de parasitaire economie( ambtenaren, defensie, onderwijs, zorg en dienstverlening) zon70 tot 25 % van de economie. De reeele economie van zon 25 a 30 % kan het gewoonweg niet meer verdienen voor deze enorme groep. Het laat zich eenvoudig raden hoe dit gaat aflopen indien men niet heel snel terugkeert naar de vrije markt. Het is IMHO niet anders.
    
    Veel succes
    
    GH
    
    Gold (GC : US$1360.70), Net Change: -140.70, % Change: -9.37%
    Detour Gold* (DGC : TSX : $11.08), Net Change: -3.61, % Change: -24.57%, Volume: 2,990,279
    Gabriel Resources* (GBU : TSX : $1.41), Net Change: -0.56, % Change: -28.43%, Volume: 1,368,226
    Golden Star Resources* (GSC : TSX : $0.97), Net Change: -0.27, % Change: -21.77%, Volume: 502,233
    Guyana Goldfields* (GUY : TSX : $1.62), Net Change: -0.36, % Change: -18.18%, Volume: 749,563
    New Gold* (NGD : TSX : $6.77), Net Change: -1.09, % Change: -13.87%, Volume: 4,179,134
    Osisko Mining* (OSK : TSX : $4.04), Net Change: -1.07, % Change: -20.94%, Volume: 10,294,390
    Perseus Mining* (PRU : TSX : $1.35), Net Change: -0.36, % Change: -21.05%, Volume: 2,233,139
    "I know all there is to know about the crying game. I've had my share of the crying game. First there are kisses, then thereare sighs. And then before you know where you are, you're sayin' goodbye." – Boy George, The Crying Game. Gold registered its largest two-day drop in the past 30 years - some call this a record-breaking drop for gold. According to the Bespoke Investment Group, gold is currently trading more than 4.5 standard deviations below its 50-day moving average, which registers as the most oversold reading since at least 1975. On Friday, gold was brought down by an estimated 400 tonnes of gold futures selling (equates to 15% of annual gold mine production). This was way too much for the market to readily absorb, especially with sentiment weak following gold's non-performance in the wake of a series of data surprises and unexpected announcements: i) The Bank of Japan’s announcement of an aggressive new QE programme; ii) the FOMC March meeting minutes detailing discussions about the when and how of QE withdrawal; and iii) the news that the government of Cyprus had floated the idea of the sale of gold reserves during recent bailout discussions. Beware of the high cost gold producer. Beginning in 2013, under pressure to reflect the full cost of gold production, producers began adopting an all-in sustaining cash cost measure that the companies believe more fully defines the total costs associated with producing gold. All-in sustaining cash costs include by-product cash costs, sustaining capital, corporate general & administrative expenses, exploration expense and reclamation cost accretion. Frank Holmes of U.S. Global Investors noted late last year that cash taxes per ounce of production have increased dramatically over the past several years. The replacement cost for an ounce of gold is now $1,500, with $1,700 as a sustainable number. Cash operating costs eat away the most, at $700 an ounce, while sustaining capital, construction capital, discovery costs, overhead and taxes eat up $800. When will higher cost gold producers start shutting down mines? Some of the biggest movers to the downside yesterday were (some high cost, some not): Perseus Mining, Gabriel Resources, Osisko Mining, Detour Gold, Golden Star Resources and New Gold.