Posted on 11/30/2014 5:02:41 PM PST by blam
Myles Udland
November 30, 2014
On Sunday night, gold was down more than 4% to as low as $1,143 an ounce after voters in Switzerland on Sunday rejected a measure that would have required the Swiss National Bank to increase its gold reserves from 8% to 20% of its holdings.
The vote failed by a margin of 78%-22%.
In addition the drop in gold, crude oil prices are resuming their tumble, and the price of other precious metals silver and platinum were also down sharply.
Silver futures were down 12% early Sunday night and platinum futures were down more than 3%.
Copper prices were also lower by 4% in what is a rough night for the metals markets.
(snip)
(Excerpt) Read more at businessinsider.com ...
Buy oil below $40. That is the opportunity coming.
Ahem
I suspect it is dollar strength, since we’re seeing similar declines in the prices of almost every commodity.
It’ll fall until mid-December.
If we had a free market we would have a gold/PM standard.
But we have monopolies and crony capitalism so we have fiat currency based on the use of government force.
Maybe, if the trend continues. China is certainly stocking up.
Very few gold contracts are being forfilled on COMEX when the actual commodity is demanded. When a contract is not forfilled, the recipient gets dollars.
Some of the trading is shifting to Shanghai where the rules are stricter. The seller must actually have the stuff physically. If not, the seller goes to jail.
There is way too much paper in the market; leasing of gold, naked short selling and lack of central bank audits.
If there’s a war, the central banks will want their money (gold) back.
They’re already cranked.
I don’t really know, but suspect it’s a combination of newfound US oil might plus the European Union and China slipping into recession. India won’t be far behind.
It’s not all dollar strength behind the drop in gold pricing in US dollars, though. Went looking around and it’s falling in every currency I checked. Not as pronounced as when denominated in dollars but still falling, even in Indian Rupees, which is a strong market for gold.
http://goldprice.org/gold-price-india.html
Thank You!
Freegards
LEX
Great, great book
Great book!!!
Interesting, that you brought that up. Enormous quantities of oil are used in a single military pursuit (pursuit as a tactical term, for example, the pursuit between the coast of France and Germany in WWII). Aircraft use even more fuel than ground vehicles. Many have said that there won’t be any more high intensity conflicts, but that’s wishful thinking. Such a conflict in this day and age might deplete all reserves very quickly, unless nukes are exchanged.
Scratch that “unless” in my last comment. Even if nukes were exchanged, large movements by huge numbers of vehicles would continue quickly afterward.
Buy bullets and beans. Just sayin’.
I store my wealth via buckets of liquid mercury. I make change with an eyedropper.
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