lamboguy
10-08-2008, 03:46 AM
due to heavy demand, the united states mint has suspended the minting of all quarter and half ounce gold eagles. they have cut back alotments of 1 ounce coins until further notice.
on the other side of things, smelters are not allowed to sell gold bars privately, they must be sold back to the treasury.
does this mean that the government has a secret plan on how to bail out the large debt that it has taken on thru the years.
my guess is that they have instructions to short paper gold, and buy physical gold out the back door.
with some type of a bank holliday in the horizon, it doesn't make sense that the price of gold really hasn't moved that much in the last month. as i speak gold has only increased from a bottom of $740 to $900.
if you use the number of $415 as a breakout area on gold, and $1030 as a top, and $740 as a 50% retracement, you now have a price projection of $1350 an ounce. if i am right you have about a $450 run up in the price of gold. i suspect you won't see it until after the election.
throw in the fact that oil has and continues to drop, and other commodities have dropped and the us dollar has increased in value, gold looks like it has taken on another face other than jewelry or currency. it is taking on the face of fear.
these times we are facing look pretty bitter to me. the united states government along with bailing out mortgage holders and payers, today went into a new business, the over the counter derrivative market dealers.
personally i can't make any sense of anything going on now. when i saw bush in a speach 2 months ago, he looked pretty grim. he looked like he wished his term was over then.
i can only hope that the people making the decisions now have a good master plan. we have no choice but to trust them. at worst case they can probably delay the inevitable for a decade or so.
on the other side of things, smelters are not allowed to sell gold bars privately, they must be sold back to the treasury.
does this mean that the government has a secret plan on how to bail out the large debt that it has taken on thru the years.
my guess is that they have instructions to short paper gold, and buy physical gold out the back door.
with some type of a bank holliday in the horizon, it doesn't make sense that the price of gold really hasn't moved that much in the last month. as i speak gold has only increased from a bottom of $740 to $900.
if you use the number of $415 as a breakout area on gold, and $1030 as a top, and $740 as a 50% retracement, you now have a price projection of $1350 an ounce. if i am right you have about a $450 run up in the price of gold. i suspect you won't see it until after the election.
throw in the fact that oil has and continues to drop, and other commodities have dropped and the us dollar has increased in value, gold looks like it has taken on another face other than jewelry or currency. it is taking on the face of fear.
these times we are facing look pretty bitter to me. the united states government along with bailing out mortgage holders and payers, today went into a new business, the over the counter derrivative market dealers.
personally i can't make any sense of anything going on now. when i saw bush in a speach 2 months ago, he looked pretty grim. he looked like he wished his term was over then.
i can only hope that the people making the decisions now have a good master plan. we have no choice but to trust them. at worst case they can probably delay the inevitable for a decade or so.