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Re: The Last Time People Bought Gold Coins At This Rate, The Economy Was On The Verge Of Falling Off The Cliff

By: Decomposed in ROUND | Recommend this post (0)
Fri, 23 Mar 12 5:42 PM | 134 view(s)
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Msg. 39820 of 45510
(This msg. is a reply to 39813 by capt_nemo)
Jump:

re: "More worryingly, traders say, the physical markets Asia and the Middle East, which have traditionally provided a backstop to gold when prices fall, are also quiet."

There are surges and lulls. Wait to see what happens to gold when the other shoe drops on our economy. It'll happen soon. Nothing has been fixed, and today's problems are far worse than they were in the Great Depression.

Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months

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The above is a reply to the following message:

The Last Time People Bought Gold Coins At This Rate, The Economy Was On The Verge Of Falling Off The Cliff
By: capt_nemo in ROUND
Fri, 23 Mar 12 10:37 AM

Msg. 39813 of 45510

The FT reports that gold -- in addition to selling off over the past several weeks -- is seeing all kinds of slowness in the real, physical word.

The US Mintâ€™s sales of American Eagle gold coins, seen as a good indicator of investor sentiment, fell in February and March to their lowest level since mid-2008, down about 70 per cent from last year. Open interest in gold futures on Comex in New York is close to a 2Â½-year low.

More worryingly, traders say, the physical markets Asia and the Middle East, which have traditionally provided a backstop to gold when prices fall, are also quiet. In India, historically the largest consumer of physical gold, the government last Friday announced it would double taxes on gold imports, triggering outrage among the countryâ€™s jewellers, who closed their shops this week in protest.

Read the whole FT article >

http://www.ft.com/intl/cms/s/0/9b019fe8-7438-11e1-9e4d-00144feab49a.html#axzz1psYcpd9Y

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