A Whole New Group Of People Is Going To Start Worrying About The Gold Crash

Business Insider ^ | 6-26-2013 | Joe Weisenthal

[blam]

A Whole New Group Of People Is Going To Start Worrying About The Gold Crash

Jow Weisenthal
June 26, 2013, 5:26 AM

Back in the day, a few years ago, when gold was soaring, anti-Fed types saw this as indication that Bernanke was blowing bubbles and creating hyperinflation.

Of course, the price of gold is just the price of gold, but it didn't stop people from making bold statements about how gold was "voting" against Fed policy so to speak.

Well now gold is totally crashing.

At the start of April it was near $1600/oz.

This morning it's not much above $1200/oz.

Today alone it's down over 3%.

And this time it won't be the hard money inflation hawks who get nervous. It will be the deflation hawks.

The latest turn down in gold comes as people worry about "the taper" and the notion that now Bernanke is being too tight, ignoring signs of disinflation or deflation while talking about exit scenarios.

Larry Kudlow has already hinted that the gold crash is a warning to Bernanke over his latest moves.

Of course, the price of gold is still just the price of gold, so you can't make a grand pronouncement about Fed policy from it. But watch for the folks who think Bernanke is being dangerous with his taper talk to start citing gold.

[editor-surveyor]

Its getting hard to get a hold of any physical metal in gold or silver.

I tried all day yesterday to get US 90% halves and quarters, and ended up with nothing. They’ll sell you numismatics all you want, but they are really worth no more than the junk when the banks bite the dust.

Or they’ll sell you new bullion at a high mark-up over spot.

The prices in the news are strictly paper, not physical metal.

[editor-surveyor]

>> “How bleak the future of the Euro, if the Dollar under the likes of obama and Bernanke looks like a safe haven.” <<

.
You said a mouthful, but its only for a short while.

Currency traders are lunatics.

[Soul of the South]

“The prices in the news are strictly paper, not physical metal.”

This suggests the paper is a scam. Not backed by anything.

[editor-surveyor]

>> “Dag nabbit who’s even left to be the guy just starting to worry about the gold and silver crash?” <<

.
Anyone that is worried is a putty-head. (and I don’t mean window putty)

[editor-surveyor]

The backing of the paper has never been sure at all. Look at the GM and Chrysler bond holders.

[Yosemitest]

I recommend Kitco Metals Inc.
If you want to put it in an IRA , I recommend GoldStar Trust Company and if you don't want to store your precious metals at home, they can arrange storage also.
But if you can, I recommend you don't put it in an IRA and you keep it yourself.

[editor-surveyor]

Kitco’s mark-up is way too high, and IRAs are a joke.

To withdraw from your IRA, you will have to sign up for the “mark of the Beast.”

[Yosemitest]

Unless the company you work for, adds a significant amount of matching funds to your IRA, I don't recommend you start an IRA.
It's better to pay the taxes up front and keep control of your own money.
Kitco's markup is cheaper than most.

[editor-surveyor]

On bullion, I can get better prices from local shops, and don’t have to wait
“6-8 weeks” for the stuff.

Kitco could easily go broke in 8 weeks.

[Yosemitest]

Local Shops?
Most won't take a loss on what they've purchased.
You can also go pan for it, but I don't recommend that either.

[editor-surveyor]

Local shops are always priced better.

They never ‘hold’ anything on purpose, and constantly trade off of each other’s inventory during the day, to come out flat at closing time.