Current Gold Price

[Lord Beria3]

I wouldn't bother - UE gave everybody a heads up recently, last chance saloon.

[Snail]

Buying at least some gold or silver is a no-brainer imo. As long as you don't go overboard (i'm imagining Lord Beria obsessively guarding and weighing his horde each night). Don't loose your soul Lb3.

Captain Robert Kidd

You captains bold and brave hear our cries, hear are cries
You captains brave and bold, though you seem uncontrolled
Don't for the sake of gold lose your souls, lose your souls.

My name was Robert Kidd, when I sailed, when I sailed.
My name was Robert Kidd, God's laws I did forbid,
And so wickedly I did, when I sailed.

My parents taught me well, when I sailed, when I sailed,
My parents taught me well to shun the gates of hell,
But against them I rebelled when I sailed.

I cursed my father dear when I sailed, when I sailed,
I cursed my father dear and her that did me bear,
And so wickedly did swear when I sailed.

I made a solemn vow when I sailed, when I sailed,
I made a solemn vow to God I would not bow,
Nor myself one prayer allow, as I sailed.

I'd a Bible in my hand when I sailed, when I sailed,
I'd a Bible in my hand by my father's great command,
And sunk it in the sand when I sailed.

I murdered William Moore, as I sailed, as I sailed,
I murdered William Moore, and left him in his gore,
Not many leagues from shore, as I sailed.

...

I'd ninety bars of gold as I sailed, as I sailed,
I'd ninety bars of gold and dollars manifold,
With riches uncontrolled, as I sailed.

Then fourteen ships I saw, as I sailed, as I sailed,
Then fourteen ships I saw, and brave men they were
Ah! They were too much for me, as I sailed.

Thus being o'ertaken at last, I must die, I must die
Thus being o'ertaken at last and into prison cast
And the sentence being past, I must die.

Farewell the raging sea, I must die, I must die
Farewell, the raging main, to Turkey, France, and Spain
I ne'er shall see you again, I must die.

To Newgate now I'm cast, and must die, and must die,
To Newgate now I'm cast, with a sad and heavy heart
To receive my just desert, I must die.

To Execution Dock I must go, must go,
To Execution Dock will many thousands flock,
But I must bear the shock, I must die.

Come all you young and old, see me die, see me die,
Come all you young and old, you're welcome to my gold
For by it I've lost my soul, and must die.
Lest you come to hell with me, for I must die.

[Lord Beria3]

I never had a soul!!

The only reason I care is that the future is going to be tough and owning some assets which will be going up sharply in value in the coming decades can only be a good thing in terms of peace of mind when millions will be losing jobs, homes and more.

Gold and silver are a lifeline to a comfortable and secure existence in a world of massive uncertainity and chaos.

[UndercoverElephant]

Buying at least some gold or silver is a no-brainer imo. As long as you don't go overboard (i'm imagining Lord Beria obsessively guarding and weighing his horde each night). Don't loose your soul Lb3.

Lord Smaug III



Yes, it's a no-brainer. Maybe we're wrong, but I don't think so. If I'm wrong, I may end up selling the silver bar I just bought for £900 for considerably less than that. But it seems to me to be far more likely I will end up selling it for a great deal more. Given that the money would otherwise be sitting in a cash account losing value, I think this risk is well worth taking.

[UndercoverElephant]

Gold and silver are a lifeline to a comfortable and secure existence in a world of massive uncertainity and chaos.

I don't think many people are going to be comfortable and secure. Almost nobody, probably.

[GlynG]

I once sold my soul for a satsuma, though luckily I got it back later.

In other news gold is now down to £923. From what I had read on ZH and SMT particularly I was expecting a drop today, so I'm glad I waited.

[Lord Beria3]

http://www.industrymailout.com/Industry ... &qz=711798

Let there be no mistake, we view the current setup as extremely bullish. In our view, whatever froth and excess was present in the paper markets has likely been shaken out in the recent selloff. The remaining longs do not seem willing to part with their silver at these prices. These are the strong hands with longer time horizons that are likely not overly leveraged or are willing and able to withstand substantial volatility. Moreover, perhaps the "game" on the paper silver markets which has been meticulously documented over decades by Ted Butler14 and others, will soon be coming to an end.

What is perhaps most important is that despite what has recently transpired in the paper silver markets, the robust demand fundamentals for silver have not changed in our view. For confirmation of this, look no further than the physical silver market (i.e. the real silver market) which is providing us with evidence almost daily of a sustained bull market for physical silver. The US Mint recently stated that, "demand for American Silver Eagle Coins remains at unprecedented high levels."15 Likewise for the Perth Mint16, the Austrian Mint17, and the Royal Canadian Mint18 as well. The Chinese, who were net exporters of silver only four years ago, imported 300% more silver in 2010 than 2009 and such large quantities of imports are expected to continue19. Last year, Indian silver imports increased nearly six-fold, and this year consumption is expected to rise nearly 43% according to the Bombay Bullion Association20. In Utah, silver (along with gold, of course) will now be accepted in weight value as legal tender21. According to Hugo Salinas-Price, a prominent Mexican billionaire, there is now "very strong support for the monetization of silver" in the Mexican congress22. We suspect the Europeans are likely to account for an increasing amount of silver purchases going forward as well. In fact, we just can’t imagine a better outlook for silver fundamentals. This really makes us question who could be short such massive quantities of silver and why? Particularly in those leveraged paper silver markets, where as we demonstrated, only a fraction of the outstanding notional ounces are actually available in physical quantity.

We have a very tough time understanding those bearish arguments against silver. We look at the real silver market, and based on the supply and demand data coming from the real, physical markets for silver, the fundamentals are only getting stronger. And yet there exists another silver market, which as we’ve shown, is not very connected to the physical realm at all. And though silver investors have for decades suffered the tyranny of a rigged paper monopoly over silver price discovery, it appears to us that the tides are turning. In the age of QE to infinity, investors are being more scrupulous with their capital and as such they are demanding physical silver in quantity. With more and more dollars flowing into the silver markets and a finite supply of physical to meet that demand, the theoretical losses for the paper silver short-sellers are near infinite. And with such a skewed and obvious risk/reward payoff vastly favoring the longs, we pose the following question. Who is most at risk in the silver markets: the buyers of a scarce and real asset that serves a growing multitude of purposes, or the sellers, who are short a quantity of silver which may very well not even be obtainable at anywhere near current prices? Let the Seller Beware!

Buying physical silver at these prices is a golden opportunity.

[UndercoverElephant]

I once sold my soul for a satsuma, though luckily I got it back later.

In other news gold is now down to £923. From what I had read on ZH and SMT particularly I was expecting a drop today, so I'm glad I waited.

Yes, this is the summer dip, combined with short-term relief that Greece hasn't defaulted. The next four weeks are a good time to buy.

[Lord Beria3]

http://www.financialsense.com/contribut ... -positions

Silver will likely remain week for the remainder of the summer while it consolidates down to a major support level at $30, and its 200 dma near $31. Clearly, the selloff in positions from smart money investors to institutions shows that silver is in the mid to later stage of the second phase in the silver bull market. The next push to and above $50 will not see the same resistance, and will likely be launched with the next round of quantitative easing as the US fends off its own bankruptcy.

My advice, buy silver at these consolidated prices as once it pushes above the key $50 area, it won't go down below it again.

http://www.bloomberg.com/news/2011-07-0 ... ubini.html

The Federal Reserve may be pushed by weaker-than-expected or stalled growth to do something that’s not yet priced into the market, Roubini said. “This is QE3 after QE2. It’s not going to make a huge difference, but you need more monetary stimulus,” he said.

[Lord Beria3]

Regarding the US debt ceiling talks for August, my thinking is that since Greece has been bailed out in the very short term, this will increase the probability of a technical default by the Americans if the Republicans refuse to compromise with Obama.

Obviously this will be good news for gold and silver.

[UndercoverElephant]

Regarding the US debt ceiling talks for August, my thinking is that since Greece has been bailed out in the very short term, this will increase the probability of a technical default by the Americans if the Republicans refuse to compromise with Obama.

I will be astonished if that happens.

[Lord Beria3]

http://blackswaninsights.blogspot.com/2 ... tlook.html

Stocks--The stock market is going to rally in the short-term (July-August), but equities will not surpass their previous highs reached back on May 2. After this bounce, Faber believes the market will decline sharply to around 1100 on the SP 500 (during the September-October period). This is when the Fed will likely consider implementing QE 3 to stimulate asset prices.

Gold---As Faber mentioned last month, gold is undergoing a short-term correction, which is natural during a bull market. The correction could take gold to as low as $1400. This would represent an excellent buying opportunity for investors. To counter the anti-gold crowd, Faber emphatically states that gold has not reached a major top and is likely to trend higher later this year.

Marc Faber makes a lot of sense...

[Lord Beria3]

http://www.chrismartenson.com/blog/eric ... nova/60155

"I think that the prices will continue higher. I mean the amount of money printing is unbelievable. I just think you have to take that initial stand in terms of buying it. I use the James Turk analogy: just keep dollar averaging. We have gone up eleven years in a row, this year it looks like it will be no exception; I would certainly think next year will be no exception. If we ever have QE3 announced, I think gold and silver will just go absolutely bonkers here. And so I just think you have got to step in there and own it; we’ve had these fears all the way along. You know, $400, and $500 and $700 and $800 dollar gold, everyone was afraid it was a one-time thing. I don’t think it is a one-time thing, I think it is a secular thing. It’s going to carry on for quite a while here until we find some resolution of these problems. And the resolution probably will be some form of default where people just have to expunge debts that cannot be repaid. So, you have got to be in some asset which will not be affected by that."

So predicts Eric Sprott, founder of Sprott Asset Management and famed investor. In this wide-ranging interview, he shares his insights on the precious metals markets - specifically what investors need to be aware of in terms of the way the markets are currently managed (maniuplated), the macro outlook for the economy (grim) and the true value of gold and silver (very underpriced; particularly silver).

when QE2 ends, are we all just like a herd of lemmings going over a cliff here? Because there better be a QE3 or you are going to have some economic crisis. And of course, economic crisis are not good for banks and my ultimate view of what happens to gold and silver is that people decide to take their money out of the banks and there is only one place to go. And we have seen this happen in various countries that run into trouble. We hear about money flowing out of Greek banks and why wouldn’t it? And the next one was the money will be flowing out of Portuguese banks. And sooner or later, instead of just moving from bank A to bank B, people might start moving it from bank A, B and C to precious metals. Which I think is what ultimately will happen here and provide this huge supernova for gold and silver.

Eric Sprott: Well, my view is this. That I think silver should trade something like 16 to 1 ratio to gold. If the gold price was $1,600.00, silver should be $100.00.

Silver currently BELOW $50 per ounce... I strongly recommend including silver in your PM portfolio.

[Lord Beria3]

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

Chris Martenson: So here we are and it is 2011, where do you see - if you are willing to do this - where do you see gold going to? Pick a number, by 2015 – 2020. I mean where do you see it ultimately getting to? What I am really trying to back around into in this question is understanding when do we know it is time to sell? Like there is always a time to be long and then there is a time to exit. What does that look like for you?

Eric Sprott: First of all you can’t tell where it is going to go because you have to assess events that will happen in the future that have not happened yet. So for example, if we both agreed there is going to be a QE3? Wow, no doubt it quickly goes to $2,000.00. If it is QE4, 5 and 6, it is almost unlimited. So it is hard to identify a price. I just think it is for sure going higher, depending on the actions of the government. But that rate of escalation may accelerate here. When people ask me when it is over, I sort of look at three things: one would be if you saw some kind of exponential move and you just thought that the gold and silver market will become maniacal and you might just say okay fine, it is over, that is number one. Number two would be if governments around the world and central banks of the world started acting responsibly, then they are taking away momentum out of the gold and silver markets. I do not see that happening however. And of course, the third thing, which is kind of obvious, is if they make gold and silver reserve currencies, well you do not need to own them anymore, depending on the circumstances at the time. So those are the three things I kind of look to. The most obvious would be governments and central banks getting responsible. And I just see no signs of that whatsoever. In fact, I almost think that their irresponsibility is increasing as time going on here.

Agree with his $2000 call for gold per ounce if we get QE3 this year (sterling £1,200 per ounce gold circa)...

I also think it will happen this year.

[UndercoverElephant]

I love this bit:

why there may eventually be two prices for bullion: one for paper and (a much higher one) for physical...

Paper bullion!