Interest in stashing away some 'shiny stuff' has been rapidly picking up since the 'bailout', and has gone crazy since the election. I'm actually kind of surprised that the price hasn't gone even higher.
Perhaps of interest to the Atlas Shrugs Ping List?
Thanks
Id there is a global run on Gold coins, the tells me that there is a huge demand for gold. If so, can someone please explain to me why the price of GOLD itself is stuck in the low $700 to $720 range ( 30% off its 2008 high ) for the past 3 months ?
"More importantly, the real issue is not about when the one or two U.S. banks increased their short position, but how large that short position grew in the August Bank Participation Report. The CFTC is deceiving a U.S. Congressman by attempting to reduce the argument to when the short position was increased, not the obscene and manipulative size of the position. This is deception through omission and misrepresentation. What difference does it make when the manipulative position was established? The issue is how can a short position of 25% of the world production of any commodity, held by one or two U.S. banks, not be manipulative?
Bear Stearns held the largest concentrated short position in COMEX silver (and gold) futures at the time of its forced merger with JP Morgan in March. That position was not discovered until the publishing of the August Bank Participation Report followed by the October 8 letter from the CFTC to Congressman Miller. Furthermore, Bear Stearns had no legitimate backing to the short silver position, either in actual metal or cash. Otherwise it could have been delivered against or bought back, just as would have happened were it a long position.
The price of silver at the time of Bear Stearns implosion was $20 to $21 an ounce. A free market covering of a concentrated short position of this size would have driven silver prices to the $50 or $100 level and would have exposed the long-term manipulation. Rather than let the free market deal with the required short covering of such an uneconomic and unbacked short position, government authorities arranged to have the short position transferred to JP Morgan. This was undertaken by the U.S. Treasury Department, along with taxpayer guarantees against loss to Morgan worth billions of dollars. This was done, no doubt, to save the financial system from imploding. This was also patently illegal, as it aided and abetted the silver manipulation."
As I understand it, this is fairly silly.
The coins are worth less as metal than they are as coins. If you want to invest in gold you should just buy gold. The whole reason the government sells these coins is because people tend to collect them rather than spend them which means that the difference between cost of production and face value is all strictly profit for the government.
Not that I object to the government collecting some hefty non-tax revenue in the midsts of its growing deficits.
Hope this isn’t breaking any FR rules, but - anyone interested in 1oz Krugerrands, drop me a note, I’ve got a bag full I want to sell.
Gold is good. That being said, we prefer to find our own. It’s a win-win situation when done correctly. Eliminate the middle man. Pick, shovel, gold pans, sluice box, dredge, equipment (that just gets me giddy..LOL), and a lot of back-breaking work. ;)
Seems odd to me also. With demand greatly exceeding supply, why aren’t we seeing upward pressure? Man, silver at $9.56 an ounce (at close today) sure seems like a deal in these times.
On the contrary - FDR showed them exactly how.