Oldtent Archives 2007 - 2008

no problem

P.S. Dan Norconi’s latest summary at jsmineset.com on the US dollar COT picture is also very telling,.. The speculators and funds are now net long the US dollar to the widest extreme almost ever,.. Only once before were they collectively as net long and this was in about November 2005,.. No surprise that that also coincided with the multi-year highs in the dollar too!..
Richard Guthrie

Good pizza, good beer, and most of all, good company !!!! We are celebrating the fact that we are still alive and kicking, biting and scratching !! Thanks for the offer to have a round on you, We will toast it to you and the rest of the gold hearted Tenters !! Cheers

Yes, still holding.  Why?   Because you guys keep saying this is a bull market..so I keep holding on to part of it.

….join the club….but…WHY ?

Not long after I pulled the trigger on buying a pile of Silver coin at $13.85/oz the price bombed down into the twelves.  It’s OK, a ounce is a ounce.  But I had nothing to do with the change in the price of Gold.

Yes, Grin I remember you being distraught near the top.  I was there with you holding a bunch of juniors too, still have many of most of them.  I also remember the over the top mr. GB who will always go down as the loudest at any top; then he just disappears into the shadows during the correction.  I also remember many posters talking outrageous prices at the top.  Gold at a grand suddenly made targets at two and three grand seem right around the corner.  Don’t sell any now… a few yelled…wait until at least 1250 even 1600 before you think about doing that -  I remember one particular poster say.   Mention taking out insurance or taking a little off the table and it was met with ridicule.  I put that in bold, because that is what I remember the most clearly at the top.

From Midas

Reuters published a valuable story today quoting the President of the Bombay Bullion Dealers Association to the effect that Indian gold imports in August were “about 100 tonnes” compared with 22 tonnes in July and 67 tonnes in August last year. This is an astonishing acceleration, especially as the rupee last year was stronger and world gold in the $620s. See

www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSDEL17
537120080902?pageNumber=1&virtualBrandChannel=0

The Istanbul Gold Exchange published Turkey’s August gold imports yesterday too, which were equally astonishing. Imports were 47.185 tonnes, the highest in the 13 years of data the IGE supplies, 344.2% above July and 70.8% above August last year. The weighted average $US price, according to the Exchange, was $853.53, down 8.6% from July but 28.3% above August last year.

These increases far exceed what can easily be explained by price elasticity of demand. In the case of Turkey, only one other 40+ tonne month has been recorded – July last year – and only three 30+ tonnes.

July last year in Turkey seemed to be influenced by geopolitical tensions. Perhaps the same is true now. See

www.jpost.com/servlet/Satellite?cid=12201864947
76&pagename=JPost%2FJPArticle%2FShowFull

Another question which occurs is where is all this physical coming from? Selling right through the PM fix has been a regular feature – this cannot be done without deliverable metal. The ECB group continues not to show involvement. This week’s statement of condition indicates that consolidated “gold and gold receivables” fell E31 Mm, 1.63 tonnes at the current book value. This is attributed to a sale by one captive CB. Last week’s was 1.16 tonnes.

If your busted just bring a cockroach with you. Put it on the last piece of pizza and take it from there. Soee could pull it off he has a real poker face..It would be funny as hell.

i purchased 25 silver maple leafs today from apmex. we may be a ways from the bottom, but i bought a dip when physical became available. it was less from apmex than what was offered on ebay.

tomorrow should confirm my theory that markets often turn just before or after a holiday. lots of rpw’s out there now. my micro futures account just can’t handle many positions.

rno

….have fun….but er what are you celebrating…capitulation ?

70 cent rise in the gold price, you bears, and suffer, suffer, suffer!! It’s a breakout, I tell ya - THIS IS IT!!!!