Current Gold Price

Lord Beria3 · Post by **Lord Beria3** » 03 Aug 2011, 19:15

http://marcfaberchannel.blogspot.com/

I have looked at the government debt in the mid 1980s and I looked at the monetary base in the mid 1980s then I compared to an average Gold price of the 80s and 90s , I can tell you as of today the Gold price is probably cheaper than it was ten years ago although in nominal terms it is up 4 , 5 times . But compared to the monetary base and compared to the government debt and compared to the increase in wealth in the world and especially compared to the increase in international reserves , the FOREX reserves have gone from the mid 1990s from a trillion dollars to ten trillion dollars but the gold price has not gone up ten times , so I think the gold price is low , having said that we had recently a little bit oif euphoria in the gold market and a correction is overdue may be ten percent , I think if the gold price drops a 100 , 150 dollars there will be a lot of dires coming in including myself - in CNBC Aug 2nd 2011

Agree. I'm aiming to by some more gold within the next 4 weeks, but will wait for a correction back below £1000 as Faber recommends. This will probably be the last time to buy before it shoots up to $2000 by the end of the year.

Post by **clv101** » 03 Aug 2011, 21:55

Is this an official Lord Beria3 prediction? $2000 gold by the year end? We shall see.

UndercoverElephant · Post by **UndercoverElephant** » 03 Aug 2011, 22:09

clv101 wrote:Is this an official Lord Beria3 prediction? $2000 gold by the year end? We shall see.

I'd agree with the prediction.

UndercoverElephant · Post by **UndercoverElephant** » 03 Aug 2011, 22:15

Lord Beria3 wrote:http://marcfaberchannel.blogspot.com/

I have looked at the government debt in the mid 1980s and I looked at the monetary base in the mid 1980s then I compared to an average Gold price of the 80s and 90s , I can tell you as of today the Gold price is probably cheaper than it was ten years ago although in nominal terms it is up 4 , 5 times . But compared to the monetary base and compared to the government debt and compared to the increase in wealth in the world and especially compared to the increase in international reserves , the FOREX reserves have gone from the mid 1990s from a trillion dollars to ten trillion dollars but the gold price has not gone up ten times , so I think the gold price is low , having said that we had recently a little bit oif euphoria in the gold market and a correction is overdue may be ten percent , I think if the gold price drops a 100 , 150 dollars there will be a lot of dires coming in including myself - in CNBC Aug 2nd 2011
Agree. I'm aiming to by some more gold within the next 4 weeks, but will wait for a correction back below £1000 as Faber recommends. This will probably be the last time to buy before it shoots up to $2000 by the end of the year.

I'm seriously considering taking the plunge and turning £40,000 into gold bullion.

Post by **clv101** » 03 Aug 2011, 22:15

What would that be, an extra 20% in five months? That's a significantly faster rise than we've seen over the last 12 months. I don't think we'll see $2000 gold in 2011.

biffvernon · Post by **biffvernon** » 03 Aug 2011, 22:24

UndercoverElephant wrote: I'm seriously considering taking the plunge and turning £40,000 into gold bullion.

Would you take possession of the actual metal of just hold a piece of paper with a message that someone was looking after it for you?

UndercoverElephant · Post by **UndercoverElephant** » 03 Aug 2011, 22:29

biffvernon wrote:
UndercoverElephant wrote: I'm seriously considering taking the plunge and turning £40,000 into gold bullion.
Would you take possession of the actual metal of just hold a piece of paper with a message that someone was looking after it for you?

I'd take the metal. The whole problem with our monetary/financial/economic system is that it has become detached from physical reality.

UndercoverElephant · Post by **UndercoverElephant** » 03 Aug 2011, 22:31

clv101 wrote:What would that be, an extra 20% in five months? That's a significantly faster rise than we've seen over the last 12 months. I don't think we'll see $2000 gold in 2011.

Once it starts to take off, the rate of increase will itself increase...

It is possible that a lot of people are going to start waking up to what is going on at the same time.

Post by **kenneal - lagger** » 04 Aug 2011, 02:28

£40,000 for a pound and a bit of metal that would fit in your coat pocket?

biffvernon · Post by **biffvernon** » 04 Aug 2011, 06:31

I'd rather buy a field.

Less easy to steal and if you get up early and look to the east you see more gold.

(Think of the mushrooms. Your own mushrooms. All yours. Precious.)

nexus · Post by **nexus** » 04 Aug 2011, 08:46

That's a lovely image Gollum holding up a mushroom, turning it this way and that.........

Ludwig · Post by **Ludwig** » 04 Aug 2011, 09:14

kenneal wrote:£40,000 for a pound and a bit of metal that would fit in your coat pocket?

As opposed to £40,000 for an entry in a bank's database that says you've got £40,000?

At least the gold really exists.

UndercoverElephant · Post by **UndercoverElephant** » 04 Aug 2011, 09:35

biffvernon wrote:I'd rather buy a field.

So would I if I already owned a house and the field was somewhere near my house. But I can't afford to buy a house and even the horses are posh in the countryside around here.

Less easy to steal and if you get up early and look to the east you see more gold.

Yes, and joy was just the thing that he was raised on
Love was just the way to live and die
Gold was just a windy Kansas wheatfield
Blue, just a Kansas summer sky

(John Denver)

http://www.youtube.com/watch?v=82GJgjuoc24

(Think of the mushrooms. Your own mushrooms. All yours. Precious.)

Actually, nobody owns mushrooms growing on private land. Were somebody to come and take them then they would be guilty of trespassing, but not theft. You can steal planted crops, but not weeds or fungi that have grown there on their own.

My only real choice at this point is between cash and gold. I think the cash is going to down in value at the same rate the gold goes up, so the only thing which is keeping my cash in the bank is the fear that somebody might steal the metal.

I think of it in terms of the Kantian categorical imperative - what would happen if everybody did what I am doing? Answer: it would bring down almost every bank in the world and destroy our unfit, immoral financial system overnight. It calls the banks' bluff. The banks want and need people to think that they are the only sensible place for people to store their money, even though those people are being well and truly shafted (again, still) by the banks.

UndercoverElephant · Post by **UndercoverElephant** » 04 Aug 2011, 09:41

Lord Beria3 wrote:
Agree. I'm aiming to by some more gold within the next 4 weeks, but will wait for a correction back below £1000 as Faber recommends.

I'm not sure it is going to happen. I hope Faber is right, but I fear that the horse could bolt at any moment. Look at what is happening in Italy, Beria.

ujoni08 · Post by **ujoni08** » 04 Aug 2011, 09:44

It all seems to be teetering now. SWMBO has bought some gold, too

Jon

PowerSwitch

Current Gold Price

Crumbling