Soros says sell gold

Sunfish said:
Richer than you Mark. Got a 50 trillion Zim note for Xmas so must have lost 98% of it's value by now.

I'm getting poorer!!!!

Zimdollars.jpg
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I was told the zim dollars I have are actually not in use anymore in zimbabwe due to inflation!.:eek:
It may be extreme this zimbabwe example but the way the US is printing money I think it is worth being aware what can happen to the value of cash.
I guess over there now they are using zillion dollar bills?.
Which makes you wonder what would stop them from reverting to normal $1.00/2.00 etc currency again, $1.00 now being worth the current 1 billion note for example.
 
ianvestor said:
Okay, maybe it wasn't 'long-term' but gold was a great investment 2 days ago, especially with high leverage :D (Now $1107 USD).
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I THINK gold is still good and I still own some mining shares but ...........

If you believe the First Rule: "Don't lose money", danger lurks. If you are young, disciplined, and in for the long haul there are still some fairly safe bets out there though.
 
markpatric said:
Which makes you wonder what would stop them from reverting to normal $1.00/2.00 etc currency again, $1.00 now being worth the current 1 billion note for example.
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That's what they've done, which is why your notes aren't in use anymore.

Last year they lopped a few zero's off the end of the currency to bring it down. Can't remember exact figures off hand.
 
Interesting concept!.
So if the US changed over to the amero, where 1 amero = $10 US would this somehow lessen their overseas debt, or just make it appear more managable?.
 
Has anyone noticed the story of the gold plated tungsten bars has bubbled to the surface again? There could be some truth in it yet. :)
 
Sunfish said:
Has anyone noticed the story of the gold plated tungsten bars has bubbled to the surface again? There could be some truth in it yet. :)
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I'm not a big fan of the tungsten stories to be honest. I have no doubt there are some bars out there, but some of the stories that are taken as gospel by the conspiracy nuts is unbelievable. The most recent stories surrounding tungsten appear to be setoff from a youtube clip which shows a tungsten bar, but while the subtitles play it up to be a big deal, apparently the actual translation is out of context and the video is 10+ years old from what I hear.

I've found the recent CFTC hearing on position limits has produced some interesting stories, a whole swag of articles coming from it, the most incredible was the story of the JPMorgan whistleblower being involved in a hit and run 1 day after his story was released at the hearing by GATAs Bill Murphy. One has to wonder whether this was just a strange coincidence or an attempt on his life...http://www.gata.org/ (personally I find the possibility of a "hit" more plausible than there being thousands of tons of gold coated tungsten bars in the system)
 
You don't know who/what to believe Hobo. Jeff Christian said some funny things about hedging at those hearings and I once believed him. Jim Puplava I though was a guru, now he is just another voice, to me. Everyone has been giving the US$ the last rites, but it's stronger than the euro. Whoda thunk it?

To be honest everything is marking time at the moment and I've heard it all before. But things could easily go pear-shaped in the next year or so, so I'll be a little patient and see what way things go.

Whether it's a pop or a bang, I believe Au/Ag will have their day again.
 
Sunfish said:
You don't know who/what to believe Hobo.
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It is difficult.

For example in the recent CFTC hearing:

- The video feed failed over Bill Murphy's (GATA) testimony (only time over 6 hours)
- MSM who had interviews lined up with Bill ALL canceled following the hearing
- Only MSM media coverage I've seen is NY Post & Business Spectator
- Whistleblower involved in hit and run accident within 2 days of hearing

Putting all the pieces together makes for a story much like a Tom Clancy novel :D, of course it could just be a string of coincidences...

I found the King World News interview with Andrew McGuire and Adrian Douglas quite interesting, with the revelation that the LBMA (London Gold market) trades on a fractional reserve basis (100:1) you have to wonder whether their speculation/knowledge of Asian money pooling to take down these schemes is tin foil or if there is real potential for this to happen.

Whatever happens I am happy continuing to invest in the sector with what I see as solid fundamentals while having a bit of fun listening to the stories.
 
I've just listened to that interview. Thanks Hobo.

There is an eerie similarity with the "Nixon Shock" when he closed the gold window. The web didn't exist in those days and I had little interest in "world affairs" but I do remember the standoff when the US was trying to bully the world markets..... and failed. Same thing now with, I suspect, the same result.
 
Sunfish said:
Jim Puplava I though was a guru, now he is just another voice, to me. Everyone has been giving the US$ the last rites, but it's stronger than the euro. Whoda thunk it?
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I went through similar views on Puplava too SF. But have come back to respect him, if for anything, his consistency and the quality of the guests and the questions he asks them.

He is just an ultra fundamentals guy, influenced heavily by the Austrian School. and that's not a bad thing to balance the cr@p that permeates mainstream media. It may just take decades to play out, rather than years.

If you think about what has happened in the last few years, private debt has just been shifted to public. And the fundamental flaw of developed economies running CADs financed by emerging economy CASs, still exits.


edit: Gold seems to be correlated strongly with US inflation now.
And US ISM PMIs, US CPI, Oil, and Au are all heading the same way.
 
WinstonWolfe said:
If you think about what has happened in the last few years, private debt has just been shifted to public.
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this is an overseas phenonaman tho isnt it? most aussie debt is still held provately (if you can call the big 4 that). I guess a wholesale gtee pretty much makes them govt agencies anyway
 
Ausprop said:
this is an overseas phenonaman tho isnt it? most aussie debt is still held provately (if you can call the big 4 that). I guess a wholesale gtee pretty much makes them govt agencies anyway
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Don't believe it. Check Aussie Fed and State debt pre and post GFC.

I upped my gold holdings this week. I figure Kiyosaki will have some influence in pushing the price. as will a slight rise in US consumption.
 
Today, my holdings in junior and mid-tier gold miners had a good day. One hit an all time high. More 'n more people are liking gold.

Why not join the party?
 
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