Why gold lost $55 in one hour Thursday 12-8-11

[Grunwald]

Yes the dealer get your ss# file it to the IRS. Been there did that: -)

He would not get my SSN. Actually every single car I have bought has been used and always paid for with cash.
Last one cost well over $10K, from a dealer and I gave no SSN nor was I asked to.

 

[BroncoFan]

He would not get my SSN. Actually every single car I have bought has been used and always paid for with cash.
Last one cost well over $10K, from a dealer and I gave no SSN nor was I asked to.

Don't know about the SSN reporting (it's technically not allowed to be used as ID) but I'll bet the transaction and any identifying information you provided was tracked.

 

[Grunwald]

Don't know about the SSN reporting (it's technically not allowed to be used as ID) but I'll bet the transaction and any identifying information you provided was tracked.

I am sure of it. If they keep the rates as low as they have they will have a real hard time tracking where my cash for big purchases is coming from. I find it just as easy keeping cash locked in a safe, buried in the back yard or stuffed in a mattress than in a bank. Actually easier.

 

[BroncoFan]

I am sure of it. If they keep the rates as low as they have they will have a real hard time tracking where my cash for big purchases is coming from. I find it just as easy keeping cash locked in a safe, buried in the back yard or stuffed in a mattress than in a bank. Actually easier.

Well, a dollar buried a year ago is worth about 86 cents today. The fed's policies are going to lead to serious inflation which means less buying power for our dollar which means a defacto tax. Lose, lose. Be careful with that paper!:

 

[Partsproduction]

If you buy physical, you should be in it for the long haul. The daily swings in price shouldn't worry you.

The question is whether or not rapid changes can be predicted by circumstances for reasons of making a profit or avoiding a loss. When I buy gold or silver it takes me 1.5 hours to drive to Portland, and in that amount of time I could throw away what for me is serious money. I carry a smart phone so I can check prices instantaneously, but the processes that produced an approximately $50 loss in about 60 minutes could be used by someone with large holdings to make a huge profit, and they are much more likely to have the means to detect the circumstances (Or even cause them) and to profit from them than a little guy like me.

The common statement "Profit taking" or "covering margins" means about as much to me as computer talk, a foreign language. But someone should be able to predict that "today (That kind of time window) we are likely to see large shifts in PM prices positively", for instance. Perhaps it's not a predictable event?

 

[coopone]

The only bad thing about Gold is that it doesn't do you any good if it's not in your possesion. If the economy tanks you are screwed. I don't know if you know this but there is more paper gold than there is physical gold in the world. Meaning that they haven't found enough gold to cover all of the paper transactions of gold.
That's why the University of Texas cashed in their paper trail of gold for physical gold. They now have I think the 3rd largest private collection of gold in the world....Yah University of Texas...Don't tell me those guys don't see a bad future ahead...
And yes these guys are buying it because they can make quick millions with it. But the choice to trade for physical gold is the big thing. They are preparing for the collapse. If George Soros is involved then you know it can't be good.

<broken link removed>
University of Texas Endowment Holds $1 Billion Gold, 5% Of Its Portfolio - Forbes

 

[Grunwald]

The only bad thing about Gold is that it doesn't do you any good if it's not in your possesion. If the economy tanks you are screwed. I don't know if you know this but there is more paper gold than there is physical gold in the world. Meaning that they haven't found enough gold to cover all of the paper transactions of gold.
That's why the University of Texas cashed in their paper trail of gold for physical gold. They now have I think the 3rd largest private collection of gold in the world....Yah University of Texas...Don't tell me those guys don't see a bad future ahead...
And yes these guys are buying it because they can make quick millions with it. But the choice to trade for physical gold is the big thing. They are preparing for the collapse. If George Soros is involved then you know it can't be good.

<broken link removed>
University of Texas Endowment Holds $1 Billion Gold, 5% Of Its Portfolio - Forbes

Good luck to them if the worse case scenario (investment world wise) happens. They are storing that gold in NYC, which means it is very likely stored at one of the big banks. It means that they do not really have physical possession of their gold and they have no idea if the gold that they purchased is really there. The bank could have in their vaults 25 tons of gold and use it as proof for 50 different clients all of whom have a combined total of 250 tons. It has been done before.

If you research the topic of Chavez bringing physical gold back to Venezuela there is a interesting tidbit of information about one of the banks that was storing the gold (I think it was JP Morgan, but do not quote me on that). All of the bank's physical holdings were almost the same as what they had to ship back to Venezuela. None of the articles pointed that out, but the numbers were there and all anyone had to do is put them together.

 

[coopone]

@grunwald,
I could care less about gold. If the SHTF happens food, water, salt, medical supplies are going to be the financial security. I choose to stock up on weapons, ammo, first aid supplies, food, medication, salt, water purification and so forth.
That's just the way rich people think. Ooh I have gold. So I can buy anything. I would tell them to go fish...
It's about the supplies and the means and training on how to survive if things drastically change. Who knows what could happen in the future. For my childrens sake I hope nothing drastic changes.
But I know that I have the means, the training and the know how to help ensure my families survival. You can't be perfectly prepared. But at least you can have a head start of those who aren't...

 

[Burt Gummer]

Coopone - what you are saying is absolutely correct. All those things are more important than Gold/Silver. However, gold isn't just for 'rich people' to fulfill its purpose. Whether an individual can afford a gram or a 100oz bar, its purpose in our pre-collapse ponzi economy is a substitute for fiat dollars. So if you are talking about having $100 in a drawer, or $500k in a bank, Gold is a better option. Actually, silver is better than Gold, but that requires a long rant.

The poor in Zimbabwe are not out every day panning for gold while they are near starvation because they are crazy. They do it because a speck will feed their family for a week.

If you want to hate on something, hate on fiat, backed by nothing debt dollars. The tool of our owner banksters to keep us poor and dependent on them. Gold and silver represents the closest thing to freedom from their bankster manipulations. We are never free, but everything is relative.

With respect, your children will be inheriting a bankster-controlled, completely fear-based, impoverished slave state. The world's first developed third-world nation. As far as balance sheets go, the USA is at the very bottom of the list and getting worse everyday. All by design. We have months or very short years left to live high on the hog in the fake debt/consumer economy. The next generation will live in utter poverty under totalitarianism. There is no changing that now.

Politics is just a sham, a puppet show, and there will be no help coming in that regard.

http://theeconomiccollapseblog.com/...ve-that-america-is-no-longer-a-wealthy-nation

 

[Partsproduction]

Wow, lost $70 an ounce in the last few hours!

 

[kenno]

Watch this clip on Hypothication, note what is said about going back to the Gold Standard vs amount of debt:
GBTV: David Buckner, Columbia University Adjunct Economics Professor, Explains Hypothecation - YouTube

 

[Markjz]

Jim Cramer explained that is was because of people cashing out off their hedge funs. the the fund managers sell the gold to pay costumers rather then take a loss on the stocks

 

[Grunwald]

Jim Cramer explained that is was because of people cashing out off their hedge funs. the the fund managers sell the gold to pay costumers rather then take a loss on the stocks

Cramer is a joke. I have posted the same thing last Thursday and I don't even claim to be an insider, former hedge f
und manager.

 

[kenno]

Where is Gold NOW?

 

[Burt Gummer]

Gold Bid: 1,725.70 Ask: 1,727.70 Change: 11.00+

 

[A.I.P.]

When I was a kid I once found a silver dollar in Las Vegas. At that time I could buy a burger, shake and fries (cooked in boiling lard) with that dollar. I could almost do the same with a silver dollar today (no lard though) and have fiat dollars left over.
If I had found a dollar bill that day I could have bought exactly the same meal back then. Today that dollar will not even buy an order of fries or a coffee.
The same holds true with gasoline, a silver dolar buys the same amount, except the gasoline back then was real gasoline.
Of course this was all before the end of the gold standard and The Great Society con the Progressives foisted upon the world