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Gold, Discussion
bg99
post Posted: Nov 21 2020, 04:53 PM
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In Reply To: mullokintyre's post @ Nov 18 2020, 10:24 PM

Charts are looking very scary for gold stocks PRU, SLR, RMS, EVN are all facing a 50-200 dma death cross ... SBM has already had its cross.Not looking good for the short term, am still a gold bull for the long term but not holding any for the time being


 
mullokintyre
post Posted: Nov 18 2020, 10:24 PM
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In Reply To: nipper's post @ Nov 18 2020, 09:38 PM

You may be right.
I wrote this in Feb 09 2009 in this forum

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The perth Mint has gold certificates called PMG's , issued by its subsidiary, Gold Corporation. Hidden in one of its reports is the following Gem:

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Gold Corporation continues to be the owner of the gold bullion backing the PMG [ie, certificate]. However,
even though Gold Corporation holds gold bullion in order to back the PMGs, it is not required
to do so and does not hold gold bullion for the benefit of the Holder."

QUOTE



The PMG's are a call Warrant, and "backed by the WA Government". However, if there is no gold to buy, tough titties.


I was thinking of the gold certs rather than the newer GOLD ETF.
My appologies.
Mick



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sent from my Olivetti Typewriter.
 
nipper
post Posted: Nov 18 2020, 09:38 PM
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In Reply To: mullokintyre's post @ Nov 18 2020, 06:59 PM

and yet the Perth Mint states this. https://www.perthmint.com/storage/perth-mint-gold-asx.html

  • Physically redeemable. Unlike many gold exchange traded products, PMGOLD can be physically redeemed for any of The Perth Mint’s bullion bars.
  • Fully backed. Holdings secured on behalf of investors in PMGOLD are fully underpinned by government-backed gold, which is safeguarded by The Perth Mint




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
mullokintyre
post Posted: Nov 18 2020, 06:59 PM
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I think I may have mentioned this in the long distant past (around 2012 I think), but it remains as warning.
From Chuck Butlers newsletter

QUOTE
Speaking of Gold… The good folks at GATA sent me this quote from Egon Von Greyerz, so here goes: “The ETF market is primarily a paper market or at best a market which consists of gold leased from central banks. When there is major buying of the biggest gold ETF, GLD, the Swiss refiners seldom see an increase in sales. Instead the bullion banks are lending central bank gold to the ETF. For that reason, anyone who buys gold for wealth preservation should never buy a gold ETF but real physical gold."

The gold certificates from perth Mint fit this characteristic. There may or may not be sufficient physical gold to back them up in case of a liquidity crisis.

And then there was this gem from Blacklist News
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The global elites' techno-fantasy of a completely centralized future, The Great Reset, is addressed as a future project. Too bad it already happened in 2008-09. The lackeys and toadies tasked with spewing the PR are 12 years too late, and so are the critics listening to the PR with foreboding.

Simply put, events outran our understanding of them. The future already manifested while we were trying to cram the present arrangement into an obsolete conceptual framework.

In broad-brush, the post-World War II era ended around 1970. The legitimate prosperity of 1946-1970 was based on cheap oil controlled by the U.S. and the hegemony of the U.S. dollar. Everything else was merely decoration.

The Original Sin to hard-money advocates was America's abandonment of the gold standard in 1971, but this was the only way to maintain hegemony. Maintaining the reserve currency is tricky, as the nation issuing the reserve currency has to supply the global economy with enough of the currency to grease commerce and stock central bank reserves around the world.

As the global economy expanded, the only way the U.S. could send enough dollars overseas was to run trade deficits, which in a gold standard meant the gold reserves would go to zero as trading partners holding dollars would exchange the currency for gold.

So the choice was: give up the reserve currency and the hegemony of the U.S. dollar by jacking up the dollar's value so high that imports would collapse, or accept that hegemony was no longer compatible with the gold standard. It wasn't a difficult decision: who would give up global hegemony, and for what?


I would recommend the reading of the full article. It has some devastating charts on how the richest elites have taken even greater shares of the wealth of the world.

Whether Trump or Biden/Harris end up in the white house is completely irrelevant.
The mega rich continue to get mega richer.
Tough shit for everyone else.

Mick




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nipper
post Posted: Oct 12 2020, 08:00 PM
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WA exploration flat tilt

Just over $209 million was spent on gold exploration in WA in the June 2020 quarter ... an alltime record according to the Australian Bureau of Statistics.
https://www.abc.net.au/news/2020-10-11/mode...ection=business

The surge in exploration activity is also affecting the laboratories which test the drilling samples. SGS Australia [has a] Kalgoorlie lab typically processing about 50,000 samples a month. Since June, the company has seen a dramatic increase of 30 per cent in samples.

It means companies are paying up to four times the going rate for same day turnarounds, while others can be waiting up to six weeks for their results. SGS Australia general manager of geochem, metallurgy and minerals trade Juan Smith said this year's turnaround had come
QUOTE
... faster than we expected. We have four commercial facilities around Australia, he said. Our Perth facility is doing double what our Kalgoorlie facility is.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
rlane
post Posted: Oct 2 2020, 02:51 PM
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QUOTE
In this much watch interview, Robert provides us an excellent overview of the commodities market and goes in-depth into the lack of transparency. He exposes the numerous problems with these exchanges and the lack of accountability.

https://www.youtube.com/watch?v=KyAopYlD32k

 


triage
post Posted: Sep 27 2020, 08:28 PM
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Here's a couple of articles from the big end of town. Not only do I think there are some interesting angles discussed in both articles, that they are from mainstream operators rather than the fringe, such of daily reckoning, suggests that the notion that gold is in a long term bull trend is gaining mainstream acceptance.

There's one rule of thumb that says that by the time it makes the mainstream newspapers it has already been factored into the price. But another common saying is that you need to ride a trend for as long as possible (as the crazy profits are made towards the end). Not sure which one will prove to be right in this case.

https://www.mckinsey.com/industries/metals-...mal-and-beyond#

https://www.aspistrategist.org.au/the-new-gold-rush/





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"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog

Said 'Thanks' for this post: henrietta  rlane  
 
nipper
post Posted: Aug 27 2020, 10:32 AM
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my two gold index holdings up again, today .... PMGOLD and GDX
the sector has been in a bit of tizz for the last few weeks after hitting highs and getting lots of press at start of August. About a 10% retrace.
I hold the above for insurance




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
bg99
post Posted: Aug 21 2020, 12:57 PM
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In Reply To: mullokintyre's post @ Aug 21 2020, 11:11 AM

Was thinking that too Mick, well spotted

 
mullokintyre
post Posted: Aug 21 2020, 11:11 AM
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In Reply To: bg99's post @ Aug 21 2020, 08:08 AM

That chart suggests that if the pattern were to follow for silver, then silver has an even larger way to go.
Mick



--------------------
sent from my Olivetti Typewriter.
 
 


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