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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1808108 times)
waspoza
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May 29, 2012, 06:04:01 PM
 #1721

Looks like USD will get slap in the face soon. China and Japan to start direct yen-yuan trade in June: http://www.bbc.co.uk/news/business-18245909
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May 29, 2012, 06:14:35 PM
 #1722

Looks like USD will get slap in the face soon. China and Japan to start direct yen-yuan trade in June: http://www.bbc.co.uk/news/business-18245909

It's not clear to me that this would necessarily have the magnitude of desired (downward) pressure no the USDX that we (in the US) need.  Or that it would have the desired effect quickly enough.

My contention is still that we have current strong hand in fighting the currency wars and will win the race to the bottom on the schedule we chose.  Losing USD intermediaries in global trade is a hit, but that's a long process and we've got other arrows in our quiver which can be sharpened up.


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May 29, 2012, 08:07:56 PM
 #1723

But the dollar will gradually be rejected in international markets. Gold is a very good contender for international trade agreements. Of-course the issue is having gold that actually exists. So much gold that people assume exists, doesn't. No one knows the full scale of the unbacked gold securities. As more and more institutions and investors demand physical delivery of gold it will be interesting to observe. I wish this would take place faster as it's quite boring otherwise.

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May 29, 2012, 08:21:33 PM
 #1724

Looks like USD will get slap in the face soon. China and Japan to start direct yen-yuan trade in June: http://www.bbc.co.uk/news/business-18245909

Yes, but as a counter to that you have the Greek embargo of Iranian oil beginning soon unless a deal can be reached at the bargaining table.  Greece is shooting itself in the foot.  No other countries want to stop buying Iranian oil, including China, because they know that Iranian oil is among the most easily accessible.  The USD might get another lift from this in the short-term.

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May 29, 2012, 08:24:26 PM
 #1725

Past the short-run, the collapse of the USD is inevitable.

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May 29, 2012, 10:41:43 PM
 #1726

Europe’s debtors must pawn their gold for Eurobond Redemption

Each of the struggling nations must pledge 20% of their debt as collateral. With the fund "officially" at €2.326 trillion as of November 2011, 20% is €465.2 billion. Let's assume the best-case scenario wherein 100% of each nations' gold is used, diluting the price level of the metal.

Officially reported gold holdings show the EU totaling 11,494.1 tonnes. That's about 370 million troy ounces (3.7x10^8 * 32150).

Now let's see how Europe's gold would be valued if all of it were pledged to the 20% requirement:

€465.2 billion divided by 370 million troy ounces comes to ~€1,257/toz or ~$1,572/toz at $1.25 per Euro. Very close to today's prices - isn't that interesting...

Remember, the above was assuming all of Europe's official gold were stripped to back estimates from six months ago, and it's obvious that no Euro country is going to give up its gold easily.

How much greater is the amount being called for in the plan now, with debt levels expanding geometrically: 3 trillion, 5, more? How much gold will be pledged as collateral: 50% doesn't seem realistic, maybe 10-20%?

It doesn't take much to connect the dots and see that the EU plan alone could easily more than double the gold price, and we haven't even gotten to private debt and numerous distressed nations, especially Japan or the US. Anyone expecting physical gold to falter from here is operating on assumptions half a year out of date, on top of the consistently gross underestimations that official sources provide; gold at $1,570/toz was a reasonable price when $1,900 was breached.

It's also important to keep in mind that fiat inflation is happening right now.
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May 29, 2012, 11:15:09 PM
 #1727

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/05-2/Godot%202012%20lite.jpg

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May 30, 2012, 10:45:31 AM
 #1728


Hey, you're famous!

And fat!
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May 30, 2012, 11:21:39 AM
 #1729

Looks like USD will get slap in the face soon. China and Japan to start direct yen-yuan trade in June: http://www.bbc.co.uk/news/business-18245909

Yes, but as a counter to that you have the Greek embargo of Iranian oil beginning soon unless a deal can be reached at the bargaining table.  Greece is shooting itself in the foot.  No other countries want to stop buying Iranian oil, including China, because they know that Iranian oil is among the most easily accessible.  The USD might get another lift from this in the short-term.

It's not just greece. The whole of Europe afaik, probably under pressure of nato, imf or whoever pulls the strings, stops buying iranian oil on June 1st. This was decided back in March I think.

And yes: the whole of Europe is shooting itself in the foot by doing this. Germany should just pay Iranian oil with the gold the US still holds hostage supposedly. That way, the US owes Iran gold Wink

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May 30, 2012, 12:27:46 PM
 #1730


And yes: the whole of Europe is shooting itself in the foot by doing this. Germany should just pay Iranian oil with the gold the US still holds hostage supposedly. That way, the US owes Iran gold Wink

best idea ever.
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May 30, 2012, 04:45:07 PM
 #1731


And yes: the whole of Europe is shooting itself in the foot by doing this. Germany should just pay Iranian oil with the gold the US still holds hostage supposedly. That way, the US owes Iran gold Wink

best idea ever.


Better think that one through a bit more.  The US holds a vast quantity of so-called 'German' gold.  Gotta protect if from those bad bad Russians, ya know.


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May 30, 2012, 05:20:05 PM
 #1732

Gold up, AAPL up!  Woot!
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May 30, 2012, 05:36:51 PM
 #1733

Gold up, AAPL up!  Woot!

doesn't this qualify as taunting or a victory lapGrin
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May 30, 2012, 05:43:07 PM
 #1734

Gold up, AAPL up!  Woot!

doesn't this qualify as taunting or a victory lap?  Grin

lol, I'm only following your gracious example, oh mighty prognosticator!
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May 30, 2012, 07:58:33 PM
 #1735

Just in time for the end of the month, the Euro is below $1.25 for the close.

Gold futures delivery notifications are due tomorrow, and there are still over 90,000 contracts open at 100oz per contract, or about 3x the physical metal reported available; how many of them stand for delivery will determine whether the exchanges use paper settlement in lieu of physical delivery. If paper settlement forcibly replaces physical delivery, there is no reason to believe that the base money supply is not being inflated at a completely unrestricted rate. Such an event would require truly impressive circumstances to direct attention elsewhere; futures investors are mostly not muppets investing their retirement savings in the latest darling equities.

Once more - how interesting...

I'll be moving my token forex holdings entirely to long AUD & CHF positions late in the NY trading session tomorrow. Physical gold & silver are still physical gold & silver.
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May 30, 2012, 08:03:59 PM
 #1736

http://www.cnbc.com/id/47617298

Oh baby.. iTV to the rescue!!

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May 31, 2012, 01:03:45 AM
 #1737

A great video from the Got Gold Report:

Got Gold Report for May 28 2012
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May 31, 2012, 01:56:28 PM
 #1738

Gold down, Bitcoin up.
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May 31, 2012, 02:16:24 PM
 #1739

I really for the life of me can't understand how such price jumps or drops are possible. I mean WTF, who would be so stupid to just dump their assets and crash the price like that? I don't get it..


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May 31, 2012, 02:19:36 PM
 #1740

I really for the life of me can't understand how such price jumps or drops are possible. I mean WTF, who would be so stupid to just dump their assets and crash the price like that? I don't get it..
Only someone interested in crashing the gold price as much as possible.

And you certainly know which organizations can be: central banks and states.

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