tag:blogger.com,1999:blog-7982981413278241287.post8721803870835495238..comments2023-10-28T17:54:39.467-06:00Comments on The Golden Truth: The Idea That Gold Is In A Bubble Is IdioticDave in Denverhttp://www.blogger.com/profile/03016238915167131989noreply@blogger.comBlogger17125tag:blogger.com,1999:blog-7982981413278241287.post-16805754743372215642011-08-30T07:19:26.921-06:002011-08-30T07:19:26.921-06:00(Dave)
Great commentary Mad. Thanks! Hope you d...(Dave)<br /><br />Great commentary Mad. Thanks! Hope you don't mind but I'm going to turn your comment into a post today.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-29719322010466147242011-08-30T07:13:33.255-06:002011-08-30T07:13:33.255-06:00As a professional numismatist of 24 years, we have...As a professional numismatist of 24 years, we have been buying huge amounts of scrap alongside some serious coin collections. Last Wednesday, our New York office spent $250,000 buying. More than half of it from one client selling gold coins.<br /><br />As for a bubble, definitely not. In London I have 10 sellers for one buyer.<br /><br />That will not reverse until the economy picks up and people start making money again.<br /><br />Then they will return and buy the coins they sold to buy food or pay the mortgage or meet their payrolls.<br /><br />But what I really want to say is the amount of people we have saved from ruin. It is all well and good being high and mighty about us misleading people to sell, but you do not sit in front of the people whose houses, and business we saved, using my savings, my children’s inheritance.<br /><br />Are we not allowed to make a profit?<br /><br />I personally had a lady last week with eyes brimming with tears selling literally everything she had to pay bills. We worked on the thinnest of margins to help her out, about $2 a gram profit. I AM LOSING MONEY ALREADY.<br /><br />Money that is my families, my children’s future and everything I worked to save. Ten years ago we couldn’t give gold away at $250 an ounce, now everybody is an expert and we are parasites. <br /><br />According to 24Hourgold the premium on silver is 30% above spot, yet it will never ever be bought for such a premium, so fools are listening to idiots like Glenn Beck and just giving money away. When they sell, and I give 10- 20% below spot I am again called a parasite and Beck is the hero.<br /><br />Gold and rare coins are financial insurance. Quality, physical assets that provide emergency funding when you need it most. The market is functioning exactly as it should, and we are providing liquidity- for a profit- to people who need it most.Mad Numismatisthttps://www.blogger.com/profile/17742823969636432213noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-21933269980275517872011-08-29T21:27:40.727-06:002011-08-29T21:27:40.727-06:00Governments are buying and hoarding gold, most peo...Governments are buying and hoarding gold, most people don't own gold, and the gold that is mined is limited...What bubble? Only an idiot or liar would say gold is in a bubble!! When everyone owns gold (or buys gold for investment like the dot com or housing) and the price is around $10k per ounce then you can say bubble but if fiat currency keeps being printed to pay increasing debt around the world then there is no bubble but a change of world currency!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-81780037927752419682011-08-29T21:14:05.157-06:002011-08-29T21:14:05.157-06:00The "Tokyo Rose" of PMs has done his job...The "Tokyo Rose" of PMs has done his job well hasn't he?<br /><br />You can thank kitco's Jon Nadler for EVERY SECOND of this pain!!!<br /><br />When you're don't "thanking" him- cut him down from the tree before he stinks up the place- more.Bubble my assnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-43251902692117010172011-08-29T19:54:03.979-06:002011-08-29T19:54:03.979-06:00Every time I hear that there is or will be deflati...Every time I hear that there is or will be deflation, I feel I must ask the questions-<br /><br />"Where is the deflation? Is it in the cost of food? Is it in the Cost of medicine? Is it in the cost of health insurance? Is it in the cost of car insurance? Is it in the cost of taxes?"<br /><br />For those who are quick to point towards housing as the source of deflation I am quick to point out that housing was a bubble, a real bubble, it went up too fast too soon and is coming down to real world affordability.<br /><br />Add in all of the money printing that is going on in the US and the arguements supporting deflation fall apart. One definition of inflation is too much money chasing after too few goods. This is what has been going on for decades.<br /><br />Something to think about when it comes to the real price of gold-<br /><br />http://www.kitco.com/ind/Turk/turk_jan252008.html<br /><br />The information is a bit old but it is food for thougt.<br /><br />How high can gold get? a better question is "How bad will infation get?" or "When will the Fed do a Volker?" (spike interest rates to really fight inflation)<br /><br />Find the answers to those two questions and then we can figure out when gold will have reached its real future all time high.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-11225306682390669452011-08-29T15:23:49.514-06:002011-08-29T15:23:49.514-06:00I couldnt have said this better myself.I couldnt have said this better myself.Discover Stock Tradinghttp://discoverstocktrading.comnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-8998683479627483642011-08-29T13:14:38.650-06:002011-08-29T13:14:38.650-06:00The deflationists have it right and wrong at the s...The deflationists have it right and wrong at the same time-- we are already in deflation, but not vs. the dollar. We are in deflation vs. the precious metals.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-33190187135964909362011-08-29T06:44:00.690-06:002011-08-29T06:44:00.690-06:00Shhhh, I need it to fall just a little lower to ma...Shhhh, I need it to fall just a little lower to make my next buy ;0)Wilhttp://letthemfail.usnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-65669793444865446312011-08-29T00:03:14.835-06:002011-08-29T00:03:14.835-06:00Thanks for the detailed response, Dave. Guess I...Thanks for the detailed response, Dave. Guess I'll keep my mitts firmly wrapped around my small stash of pm's. :)Sam....https://www.blogger.com/profile/06484121635105358100noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-36064719870181013612011-08-28T18:58:51.402-06:002011-08-28T18:58:51.402-06:00(Dave cont'd)
I love that guys like Automatic...(Dave cont'd)<br /><br />I love that guys like Automatic Earth are calling for big move lower for gold. It reinforces the idea that bull markets climb a wall of worry.<br /><br />To be sure, I have been expecting the current correction to be a lot bigger than it appears might be the case. We removed our aggressive trades a couple weeks ago but are now debating reloading (over and above our core holdings).<br /><br />I have no idea what path it will take, but I will be AE guy my last silver eagle that the metals will be a lot higher two years from now.<br /><br />There are some other things I find problematic with his view, but those are the main things.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-24066885283616367412011-08-28T18:55:36.672-06:002011-08-28T18:55:36.672-06:00(Dave)
Sam the Automatic Earth misses a several k...(Dave)<br /><br />Sam the Automatic Earth misses a several key points and I vehemently disagree that we are about to enter a period of deflation. Au contraire, I believe that Central Bank monetary printing is about to accelerate. Sure if politicians were willing to do the right thing and let free markets shape the future, we would likely go into a deflationary tailspin. I do not see politicians ever doing the right thing.<br /><br />#2, the if the Fed and the ECB were the CB's doing the buying, it might fit his premise that CB buying is a contrary indicator. But it's the eastern hemisphere CB's that are buying and now the South America CB's. I don't believe any of those CB's were selling and thus don't fit his neat little CB's sell at the bottom and buy at the top model. It was the BOE that unloaded at the bottom and the Fed has been selling/leasing the Treaury gold for a long time. These two facts undermine his model here.<br /><br />Finally, who is the "everyone" that has been using gold as a safe-haven? I know very few individuals and big institutional investors in this country who are doing that. <br /><br />I think Mr. Stoneleigh needs to do a lot more research on the facts and history of the gold market and dynamics driving the price of gold. For instance, gold has been in a supply deficit since like 1996 that was being "bridged" by the ECB, BOE and Fed. Now that the ECB is no longer selling and many Asian CBs' plus Russia and India are buying, that deficit is much bigger.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-9140978468580694092011-08-28T18:03:52.841-06:002011-08-28T18:03:52.841-06:00Dave,
Stoneleigh at The Automatic Earth persuasive...Dave,<br />Stoneleigh at The Automatic Earth persuasively argues that gold/silver are headed for a fall:<br />http://theautomaticearth.blogspot.com/2011/08/august-27-2011-et-tu-commodities.html<br /><br />Both of you have very persuasive, intelligent arguments leaving the average schmuck like me completely baffled as to which way to jump.<br /><br />Your thoughts?Sam....https://www.blogger.com/profile/06484121635105358100noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-68139169107361544442011-08-28T16:16:35.889-06:002011-08-28T16:16:35.889-06:00These guys did OK...
Link: Northwestern Mutual Ma...These guys did OK...<br /><br />Link: <a href="http://www.bloomberg.com/apps/news?pid=email_en&sid=ajf0L9wTPq6Y" rel="nofollow">Northwestern Mutual Makes First Gold Buy in 152 Years</a><i><br />June 1, 2009 (Bloomberg) -- Northwestern Mutual Life Insurance Co., the third-largest U.S. life insurer by 2008 sales, has bought gold for the first time the company’s 152-year history to hedge against further asset declines. <br /><br />“Gold just seems to make sense; it’s a store of value,” Chief Executive Officer Edward Zore said in an interview following his comments at a conference hosted by Standard & Poor’s in Brooklyn. “In the Depression, gold did very, very well.” <br /><br />Northwestern Mutual has accumulated about $400 million in gold, and Zore said the price could double or even rise fivefold if the economy continues to weaken. Gold gained 10 percent last month, the most since November. The commodity has more than tripled since 2000, rising for eight straight years. Gold futures for August delivery slipped $4.80 to $975.50 at 4:03 p.m. in New York. <br /><br />“The downside risk is limited, but the upside is large,” Zore said. “We have stocks in our portfolio that lost 95 percent.” Gold “is not going down to $90.” </i>Tyronehttps://www.blogger.com/profile/04226876002855072090noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-80366537852242938682011-08-28T15:13:49.163-06:002011-08-28T15:13:49.163-06:00If things are really as bad as you indicate, might...If things are really as bad as you indicate, might it not also be wise to stockpile food and trading goods like cigarettes and whiskey and have an arsenal of guns and bullets?<br />And a supply of gasoline etc.<br />I remember the survivalists in the 1970s<br />I remember1971<br />I remember the Watts riots and the Rodney King riots<br />I know things can get really bad<br />And I know they could get much worse than they have been before<br />the cities may have the worst of itbix1951https://www.blogger.com/profile/12256493734572696478noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-74512043186340688712011-08-28T14:06:36.577-06:002011-08-28T14:06:36.577-06:00http://www.meetup.com/Denver-Ron-Paul-2012/events/...http://www.meetup.com/Denver-Ron-Paul-2012/events/29254611/williamhttps://www.blogger.com/profile/13899579048039158155noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-2946346203598155972011-08-28T13:31:09.989-06:002011-08-28T13:31:09.989-06:00When everyone has Gold and there is no one to sell...When everyone has Gold and there is no one to sell to, THEN gold is in a bubble. BUT, as most peeps dont have any gold we are a long way off that day, so keep buying the physicalAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-35434287439212220882011-08-28T13:18:59.264-06:002011-08-28T13:18:59.264-06:00Dave you are so correct, we have the same here in ...Dave you are so correct, we have the same here in the UK,"....get rid of your worthless Gold for CASH"<br />they say, ( although mostly they are having to pay spot or just under for it)- Dave, UKAnonymousnoreply@blogger.com