Posted on 11/12/2010 10:54:56 AM PST by Yo-Yo
SPDR Gold
(Excerpt) Read more at finance.yahoo.com ...
Looks like Sore-a$$ sold off some holdings so he can plow it into the destabilization of another economy.
Beck did this to me!!! I bought gold at $770.00 and silver at about $17 because of him. He really fooled the people like Keith Olby said, right?
trying to out perform the dow for loss on the day bragging rights
Looks like a selloff of everything - stocks, bonds, soft commodities, oil, etc.
What does oil look like?
If it’s also dropping, I would say the dollar is surging.
(but I’m just a mom, what do I know?)
One thing that is very interesting to me:
The 10-y treasury is rate us up 25 bp since the announcement of QE2, a stated purpose of which was to keep the treasury rates down.
One thing that is very interesting to me:
The 10-y treasury rate is up 25 bp since the announcement of QE2, a stated purpose of which was to keep the treasury rates down.
[accidental post while editing!]
Then gold has a ways to go. The Shenzhen index sold off 7% overnight. I think they win for today.
Or some central bank is selling. Or just random noise.
4.3% off the all time high (a few days ago, and equal to all time highs established last week.
No cause for alarm, and not yet a very attractive buying opportunity. (I need 5%, and hope for 10%).
$1300 is an attractive buy point.
Silver, on the other hand, is better than 10% off the peak, and looks like a good buying dip for anyone needing to fatten their portfolio.
Boy do I feel foolish now. I got mine around 300 bucks and 6 bucks, respectively.
I would, however, point out that when we hear that gold (or silver) is so much an ounce, we are being given a ratio — almost always the case with the media friends of paper money — precisely opposite of how it SHOULD be expressed.
At the moment, gold is NOT, for example, $1,400. an ounce, rather, the “dollar” has been reduced to a value of 1/1,400th of an ounce of gold. If the “dollar” is inflated to 1/6,300th of an ounce of gold, folks would get a more meaningful picture of what the politicians and the Fed have done to the currency.
Another interesting stat is that before the vote-buying politicians and masters of the universe at the Fed pulled us off a precious metals standard back in the day, the dollar was equal to 1/35th of an ounce of gold. And it has been calculated that the “dollar” of today is equivalent to less than 1 cent when measured against the dollar of 1913 or so BEFORE the Fed and the beloved INCOME TAX.
Sadly, it will ever be thus and it seems we must relearn those painful lessons every few generations.
In case some of you hadn’t noticed, class is now in session.
Nevermind that, I want to know how Pork Bellies are doing?
Sorry, I'm trading in FCOJ today.
“They’re panicking out there right now, I can feel it.”
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