Meanwhile the purchasing power of the dollar continues to fall
US Consumer Price Index: Purchasing Power Of the Consumer Dollar data by YCharts
If it were 600,000 pounds of real gold that would be "amazing" and "incredible."
But 600,000 pounds of virtual gold isn't any more noteworthy than the $85 Billion per month virtual money Bernanke creates out of thin air.
Here’s my gold. I’ll take infinitely expandable digital paper. Sounds like a deal.
Only ones “losing” are the Johnny come-latelys who bought at the top.
Everyone else has seen 1,2,3,500 % profits
nice work, Glen Beck
Will we see $15.00 dollar an ounce silver in the next six months?
A lot of people who sold GLD positions were doing it to buy real Gold.
The ABN AMRO default warned them to get the hell out of paper.
Meanwhile the purchasing power of the dollar continues to fall
US Consumer Price Index: Purchasing Power Of the Consumer Dollar data by YCharts
600 tons of gold is small stuff in that world.
I happen to have gotten confirmation on Tuesday via a source I know first-hand has a 100% track record in all aspects of economics going back well before the bursting of the housing bubble that gold and silver saw generational lows on Sunday night.
People chase bubbles. They always have; they are stupid that way. They buy on the uptick and sell on the downtick. The smart money buys on the low then sells on the high. Never buy what other people are buying, that’s just stupid.
Gold going down while the bubble of fiat currency inflates? Buy gold! Buy Cheap, stack it deep!
Fine. Sell it to me.
Just shakin’ out the suckers. So sell your PM’s to me.
People who “invest” in gold rather than holding it as an inflation hedge are just trying to follow bubbles. Gold isn’t an investment. It’s money.
ETF is paper gold not real physical gold. Go online and try to buy gold. The premium is insane. Same deal with silver. 30% premium on silver.
If everybody traded in their ETF for physical tomorrow just for ha has what would real price be? I’d guess 20K an ounce.