Gold's day in the sun delayed Believers see vast gains ahead for battered bullion

CBS MarketWatch ^ | 7/25/02 | Thom Calandra

[arete]

"Something had to be done and, over the next two days, the dollar soared and gold dropped like a dead duck. The intervention was obvious."

The trend of a higher dollar and lower gold is continuing today. Central Banks are defending the dollar. Pure manipulation to prop up a couple of corrupt banks and keep people in the funny paper issued by the NYSE.

Richard W.

[arete]

I have to wonder how long they will continue to support the stock market by selling gold and buying dollars. This is a pretty big intervention and not just the FED. Maybe worries about a global crash.

Richard W.

[Grig]

Sound like a good time to buy gold to me.

[arete]

Sound like a good time to buy gold to me.

I have an order in -- but for silver.

Richard W.

[Soren]

It's been a hellish week to be a goldbug. First time I've felt a little queasy in the last 2 years

[junta]

"Buy the dips" (Gold that is).

[razorback-bert]

Sitting on the bench watching the game, only buying good cigars, older whiskey and renting younger women.

[razorback-bert]

On the data front, the University of Michigan's consumer sentiment index fell to 88.1 in July from June's 92.4 but was up from its preliminary reading of 86.5 released in mid-July. The current conditions and expectations indexes also declined.

[TightSqueeze]

Sitting on the bench...

I like your investment strategy, short term, in and out, with a quick pop in the index. A true definition of insider trading if I ever saw one.

[arete]

But did it beat "expectations"? I love expectations can they can be whatever you want to be. Like tofu.

Richard W.

[LS]

Or, more likely, maybe NOBODY CARES about gold because there is nothing fundamentally wrong with the economy. Gee, that would make sense, wouldn't it? Richard, you surely can't suggest that some conspiracy has for thirty years kept the price of gold down. Except for the little blip from about 1973-1976 or so, gold has done nothing. If all you did was hold gold, you would have gone broke, many times over, paying brokers/storage fees on a metal that neither appreciated NOR paid dividends.

[arete]

What you say is nonsense. Of course the price of gold is manipulated. Why else would Central Banks be so sensitive to it; and, if it had no value, why do they continue to hold it? They are always either selling or threatening to sell. Then there are all those little Fed proxies out there like JPM and Citi who lease gold and sell it. They have a big interest in keeping the price low and actively manage the markets and the gold price.

If you would have bought and held gold over the last five years, you'd have done one heck of a lot better than you would have in the stock market. Unlike the Global Crossings, Enrons, WorldComs, Adelphias and countless others, gold hasn't filed for backruptcy. Gold is a great hedge against the lying thieves on Wall Street and in Washington who only want us to buy and hold their overvalued paper. It is pyramid scheme and you end on playing on their turf where they set the rules. It is so much easier to track, manipulate, clip, and tax that government and Wall Street paper.

I do not sleep well at night knowing that ruling class elitists like Greenspan and Rubin have so much influence over the markets. I would definitely not sleep well if my retirement money was up for grabs in a system that fosters and even encourages corruption and criminality as was evidenced by the exposure of the JPM's and C's involvement in corporate fraud. No thanks, not right now.

Richard W.

[arete]

Did I leave Merrill Lynch out? Sorry, here is a little more confidence building information for investors on how there hard earned money supports corruption:

Merrill Banker Won't Testify on Enron

Richard W.

[bvw]

Just what is the ratio of actual metallic physical gold to claims of ownership?

[LS]

Interesting. Charles E. Merrill was one of the FOUNDERS of the "honest brokerage" movement in the 1920s. He almost singlehandedly got the middle class involved in securities purchases, and insisted his clients sell in 1928.

He also ran Safeway markets, making it a national chain.

[LS]

Richard, I'm sending in your subscription for the Bildy Burger magazine and the Rothschilds secret decoder ring.

[arete]

I just knew that you were an okay guy. Thanks for the subscription.

Someday, you too will be a believer!

Richard W.

[razorback-bert]

There is something about the POG that has bothered me , the Indian people are well known for their trust in gold; yet even with all the saber rattling in the area, gold hardly moved during the height of war rumors. In that area of the world gold is the preferred symbol of wealth among the middle classes, dowrys are paid in gold.

[Dukie]

Thanks for posting this, Richard. Sure looks like the fix was in today. There's a real whiff of deflation in the air and the CBs have the pumps on HIGH to keep the balloon up.

Yesterday I sent the link to the Poohbah to prove that this is also written about by those not selling gold.

[razorback-bert]

Were is today Market Wrap-up?