Current Gold Price

Lord Beria3 · Post by **Lord Beria3** » 07 Jul 2011, 09:17

http://www.alternet.org/story/151209/th ... er/?page=1

The political logic between the move by far-right Republican factions to bring down the US economy before the 2012 elections.

Obviously the implications for the price of gold will be huge.

Lord Beria3 · Post by **Lord Beria3** » 07 Jul 2011, 09:53

Off the Cuff with Mish & Chris resumes this week, with Mish recently returned from a trip to Europe.

In this week's podcast, Chris and Mish tackle:

•Europe: sovereign bond rates are jumping as rating agencies downgrade the PIIGS countries; bailout risk is growing, with Italy & Spain looking increasingly vulnerable. A successful 'containment' of the crisis appears less and less likely.
•The end of QE2: why those expecting a second-half economic pickup are likely to be sorely disappointed. Precious metals will react dramatically if QE3 is announced.
•Debt ceiling dramatics: a deal is likelly, but the odds of a government shutdown are higher than are being admitted.

http://www.chrismartenson.com/

UndercoverElephant · Post by **UndercoverElephant** » 11 Jul 2011, 08:32

Gold has hit new highs overnight. Currently hovering just below £970. Fears about what happens in Italy seem to be driving it this time.

ETA: £972

(13:45) ETA: £976

At this price, the cost of a single gold sovereign from the cheapest online source I know is £250.

(16:50) Price has now dipped sharply back down to £972, having peaked just short of £980.

UndercoverElephant · Post by **UndercoverElephant** » 11 Jul 2011, 23:32

http://www.businessinsider.com/former-g ... z1Rq3ofaIS

Andrew Maguire, a former trader with Goldman Sachs and a vocal spokesman about what he suspects is market manipulation in the gold and silver markets, has been saying for awhile that there's a huge unforeseen amount of demand coming in the physical gold and silver market.

Here's why: The Pan Asia Gold Exchange.

UndercoverElephant · Post by **UndercoverElephant** » 11 Jul 2011, 23:46

More:

http://www.beaconequity.com/how-china-i ... 011-07-07/

For decades, the Comex and its cohorts at the LBMA have controlled the precious metals market, and was a regret of former Fed chairman Paul Volker that he didn’t control the gold price more during his inflation battle during the 1979-82 period of runaway consumer prices.

But that control is about to collapse, said Maguire. He expects the 1.3 billion Chinese, who, until 2009 have been banned from owning gold and silver in the People’s Republic of China, will overwhelm the global bullion market now that the Chinese people can buy gold as easily through their local bank.

Because of the difficulty of unloading $2 trillion of debt assets in time before a dollar collapse, Beijing has decided to take a page out of Mao’s playbook instead.

“China is keen to diversify their cash holdings and is also encouraging citizens to make investments in gold and silver,” Maguire continued. “The Pan Asia Gold Exchange is another step in this direction by opening up ease of access to physical gold and silver to their bank customers. This physical backed exchange is going to be a big game-changer.

GlynG · Post by **GlynG** » 11 Jul 2011, 23:50

The gold price isn't looking so healthy right now

UndercoverElephant · Post by **UndercoverElephant** » 11 Jul 2011, 23:52

What is unhealthy about that?

GlynG · Post by **GlynG** » 11 Jul 2011, 23:59

Current price £0.00, down 100%? I didn't expect it to go down so quickly!

UndercoverElephant · Post by **UndercoverElephant** » 12 Jul 2011, 00:09

GlynG wrote:Current price £0.00, down 100%? I didn't expect it to go down so quickly!

Ah. I was looking at the line, not the figures.

UndercoverElephant · Post by **UndercoverElephant** » 12 Jul 2011, 09:33

£980....

ETA: back down to £975 immediately, another sharp drop. Either there is some automated selling going on when it closes in on £980, or somebody out there with a lot to sell is trying to force down the price. When it goes down, it goes down fast....then it wobbles its way back up again.

UndercoverElephant · Post by **UndercoverElephant** » 12 Jul 2011, 20:48

19:30: £987

Lord Beria3 · Post by **Lord Beria3** » 13 Jul 2011, 19:05

http://www.telegraph.co.uk/finance/pers ... US-QE.html

The price of gold for immediate delivery hit a record $1,567.70 on Wednesday afternoon. Gold is priced in dollars, but it also hit a record in sterling, the euro and the South African rand.

Moody’s downgrade of Ireland’s debt to junk status combined with minutes from the Federal Reserve's last meeting of its open markets committee to send investors fleeing to safety. Gold is a pseudo-currency as many investors regard it as a hedge against devaluing currencies.

EU leaders are expected to hold an emergency meeting on Friday as the prospect of some form of Greek default rises.

The Federal Reserve minutes showed the US central bank was contemplating further quantitative easing, known as QE3, a process which could cause the dollar to fall further. This was gold's eighth consecutive day of gains – something not seen since October 1996, when there were five consecutive days of rising prices.

http://www.telegraph.co.uk/finance/comm ... a-day.html

"Let us be clear: if there is no relief we are going straight into the abyss," said Romano Prodi, Italy's ex-premier and former head of the European Commission.

Relief came just in the nick of time at 9.15 on Tuesday morning when somebody – most likely the European Central Bank (ECB) – intervened in the Spanish and Italian debt markets. Systemic contagion has been halted. A global crash has been averted. At least for a day.

Willem Buiter, Citigroup's chief economist, said the survival of monetary union now depends on the Spartan fortitude of the ECB, preferably before Italy's crucial bond auction on Thursday. "Nothing stands in the way of multiple sovereign defaults except the ECB: they are the only game in town, there is nothing else," he said. "Contagion has spread from the periphery to the soft core. That is a game-changer. It is existential for Euroland and, indeed, for the EU. "

Traders cannot be sure that the ECB was the silent "panther" in the bond markets on Tuesday. It could also have been China's central bank, deploying a sliver of its $3.2 trillion cash to shore up global finances at a moment of extreme danger. All we know is that ultramontane yields plunged 40 points in thin trading.

UndercoverElephant · Post by **UndercoverElephant** » 13 Jul 2011, 20:09

Price in sterling just topped £990 at exactly 3pm. Back down to £982 now...

Lord Beria3 · Post by **Lord Beria3** » 13 Jul 2011, 20:30

http://www.ft.com/intl/cms/s/0/d11d6146 ... z1S10RFsZS

Gold surged to a new record on Wednesday, propelled by the possibility of a third round of quantitative easing in the US.

The yellow metal, already rallying hard on the back of fiscal concerns in the eurozone, jumped to within reach of $1,600 a troy ounce after Ben Bernanke, Federal Reserve chairman, said the central bank could take further steps to prop up the US economy if needed.

“When he said further stimulus may be required, the gold market bolted,” said James Steel, precious metals strategist at HSBC in New York. “There was a significant pick-up in activity on the buy side and it spread across the entire precious metals spectrum.”

Gold rose as much as 1.4 per cent on Wednesday to touch a new peak of $1,587.46 a troy ounce.

That surpassed the previous peak of $1,575, touched on May 2, the latest record to fall in gold’s decade-long bull run, in which the value of the precious metal has risen sixfold since 2001.

Gold also hit fresh records when denominated in euros, sterling and rand. Adjusted for inflation, however, it remained below its 1980 peak, which translates to about $2,400 in today’s money.

Remember, unlike the 70's there is no room for massive interest hikes and the years of growth are over. $2,400 will be the floor (once we reach that price level) for massive higher increases to at least $5,000 - probably much more.

Lord Beria3 · Post by **Lord Beria3** » 13 Jul 2011, 20:51

http://www.chrismartenson.com/page/tran ... -graveyard

Transcript for James Turk: Gold Is Our Defense Against the Fiat Currency Graveyard

Very long but very interesting article with a top gold expert. Recommend it for fellow goldbugs.