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XAU/USD & XAG/USD - Gold & Silver Traders Thread

  • #14,521
  • Dec 15, 2011 8:26pm Dec 15, 2011 8:26pm
Quoting LasVahGoose
Now you are confusing state vs. federal. Good grief man, give it up. You're wrong. A US Mint Gold Eagle is money and will purchase it's face value by legal tender laws.
IT IS NOT LEGALIZING GOLD OR SILVER... IT IS LEGALIZING A CERTAIN TYPE OF COIN. Duh. The federal government could also legalize coins made of lumber or nickel. This would not make lumber or nickel that was unminted legal tender.
Kill the ego, or it will kill the mission.
  • #14,522
  • Dec 15, 2011 8:32pm Dec 15, 2011 8:32pm
Quoting Wheels

Scientific American actually puts below ground silver as having until 2029 at current production levels (not quite 2020). Recycling will extend the amount of silver available for decades beyond, but hard to imagine price will be containable when this becomes a reality and the "easy" silver is gone. Just like oil, mining will have to resort to more expensive methods to obtain what silver remains.
Hold on to the physical for the long term and ignore the noise.
http://www.scientificamerican.com/ar...w-much-is-left
I thought this was posted a week or so ago, its along the same lines I think it does a better job of explaining .
http://www.goldmoney.com/video/marte...sentation.html
  • #14,523
  • Dec 15, 2011 8:33pm Dec 15, 2011 8:33pm
Quoting LasVahGoose
Gold is money.
Nah, the correct way to say it is that some money is made of gold. It is very rare and not in common use but it does in fact exist. A lot more money is made of cotton paper and even more money exists in zero's and one's electronically.

What is and is not money is determined by a government sanction, not by the material that it is made out of.
Kill the ego, or it will kill the mission.
  • #14,524
  • Dec 15, 2011 8:36pm Dec 15, 2011 8:36pm
Quoting LasVahGoose
We can even go a step back and ask what is money? A medium of exchange and gold qualifies.
Not at my 7-11, and not at any 7-11 unless it has been sanctioned by the government of that country by being minted. But I am pretty sure that if I worked at it I could barter it at my 7-11 although I doubt I would get a good rate for it.
Kill the ego, or it will kill the mission.
  • #14,525
  • Dec 15, 2011 8:41pm Dec 15, 2011 8:41pm
Quoting LasVahGoose
You mean a currency exchange? No big deal exchanging one currency for another only gold is better because you can also dig it out of the ground and get any fiat currency you want with it just about anywhere in the world.

It's the ultimate money.
Nah, I like lumber and soy beans better. They grow back after you harvest them. But typcially goods and services work the world over as a means of obtaining money.
Kill the ego, or it will kill the mission.
  • #14,526
  • Dec 15, 2011 9:19pm Dec 15, 2011 9:19pm
Still one trading day left to the week.

Maybe we can get back to talking about my favorite subject to do with Gold - the current price. And leave the theoreticals and the manipulators to the weekend.

Probably not but worth a shot.
  • #14,527
  • Dec 15, 2011 9:21pm Dec 15, 2011 9:21pm
Quoting AaronWard
PBH

Welcome to gold.

Some very important points:

1. Gold is not real money. Anybody that thinks it is should try to use it online or to buy something at Walmart.
2. Gold is a commodity. The 12 year gold bull is very strongly correlated to the global commodity bull.
3. All commodities are primarily traded against the USD. The inflationary effect is real but its importance is exaggerated. An 80% increase in the price of gold from its 12 year low is about right. The other 420% or so is due to other factors.
4. The likelihood that we will...
When talking about money... My interpretation between money - currency takes in place.

You might have heard of Mike Maloney and of course you know US debt issues.

Inserted Video
  • #14,528
  • Dec 15, 2011 9:22pm Dec 15, 2011 9:22pm
What are you babbling about????

I see nothing much of substance here.

Please try to stay on topic

SPOT
GOLD AND SILVER TRADING.

Technicals,
Fundamentals,
Charts,
Calls, with a REASON.
Helping others learn.

Start by reading here.

The FIRST POST in the thread

In all these posts not one mention that gold seems to have finally found support in the 1560 range.
Quoting AaronWard
Yup. F the people. Keep the gold.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #14,529
  • Dec 15, 2011 9:31pm Dec 15, 2011 9:31pm
Quoting XTrade
What are you babbling about????

I see nothing much of substance here.

Please try to stay on topic

SPOT
GOLD AND SILVER TRADING.

Technicals,
Fundamentals,
Charts,
Calls, with a REASON.
Helping others learn.

Start by reading here.

The FIRST POST in the thread

In all these posts not one mention that gold seems to have finally found support in the 1560 range.
Fair enough. That particular post was unnecessary and I will refrain from this sort of post in the future. However in my defense, this was about 8 posts after the start of an extended rebuttal that started with
"Yeah, keep laughing dumbshit. " from LVG. In his defense, he had the good grace to delete a number of his responses.

This started as a discussion of gold fundamentals and was focused on the issue of whether gold is a currency or a commodity.

BTW I have a lot of respect for thread starters that work to keep their thread clean. I apologize for making a mess and will not do this again on your thread.
Kill the ego, or it will kill the mission.
  • #14,530
  • Dec 15, 2011 9:34pm Dec 15, 2011 9:34pm
We need a look at the weekly channel.

As I had mentioned when we hit the midline I was wondering if she would go all the way to the bottom and she has..

Healthy if we correct up, I'd say some strong profit taking along with some stops being triggered along with the regained negative correlation with the USD, which for some lame reason, other than perhaps ok jobs and risk off has had a mini rally.

Looking for it to end.

Let me pull up the chart and see where we're at.
Will post.
X
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #14,531
  • Dec 15, 2011 9:41pm Dec 15, 2011 9:41pm
Quoting AaronWard
This started as a discussion of gold fundamentals and was focused on the issue of whether gold is a currency or a commodity.
Oh shoot, I would have loved to participate there, but I guess we'll have to save it for the weekend

Anywas, I got my 50 trillion Zimbabwe dollars in my bedroom I do believe in fake value - price correlation
  • #14,532
  • Edited Dec 16, 2011 12:30am Dec 15, 2011 9:45pm | Edited Dec 16, 2011 12:30am
Feel free to post. You are welcome and will be given the same chances everyone is. Some say that I have too much patience with people.

Yet I just try to be fair. Unfortunately, instead of a welcome from me I had to comment on your nearly full page of posts that seemed to be quoting others on the verge of instigating.

If it is not written which I believe it is there is no fighting allowed in this thread. If you would like to fight, argue, bicker, etc. please take it to the
Private Messages.

LVG has been here for a while and is a respected member of this thread.

Your apology is accepted. Please do read the first post and see where it takes you. It needs some updating. Yet now that we are closing in on 15,000 posts it is helpful to jump around a bit.


-------------------------

On another note Gold most certainly is a commodity. Yet was used as money for many years in many countries up until only 20 or 30 years ago when Roosevelt I believe, did away with it in the US at least. Being a commodity the price is too high now to use as currency,
just how US copper pennies are worth more now than their face value. Now they have a cheap thin dip layer of copper around a zinc sandwich. Zinc is cheap.

Now it enjoys many of the characteristics of a currency due to it;s long history as a store of value and prior use as money, worldwide recognition and acceptance, extreme liquidity, something beautiful and sought after for 1000s of years, and finite at any given time.

We can't just crank up the press and print a stack of gold!
Quoting AaronWard
Fair enough. That particular post was unnecessary and I will refrain from this sort of post in the future. However in my defense, this was about 8 posts after the start of an extended rebuttal that started with
"Yeah, keep laughing dumbshit. " from LVG. In his defense, he had the good grace to delete a number of his responses.

This started as a discussion of gold fundamentals and was focused on the issue of whether gold is a currency or a commodity.

BTW I have a lot of respect for thread starters that work to keep their thread clean....
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #14,533
  • Dec 15, 2011 9:47pm Dec 15, 2011 9:47pm
I really have to have this...

They would make good gifts.

http://upload.wikimedia.org/wikipedi...09_Obverse.jpg
Quoting Pbh
Oh shoot, I would have loved to participate there, but I guess we'll have to save it for the weekend

Anywas, I got my 50 trillion Zimbabwe dollars in my bedroom I do believe in fake value - price correlation
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #14,534
  • Dec 15, 2011 9:51pm Dec 15, 2011 9:51pm
Still long GBP.

My faves I bought last night Aussie and Kiwi after the 300 pip fall they are looking good so far.

Gold Long now.

Wouldn't be surprised to see a 40 USD day north tomorrow....

Still need to post channel - reminder to self.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #14,535
  • Dec 15, 2011 9:53pm Dec 15, 2011 9:53pm
Quoting Pbh
When talking about money... My interpretation between money - currency takes in place.

You might have heard of Mike Maloney and of course you know US debt issues.

http://www.youtube.com/watch?v=tj2s6vzErqY&feature=pyv
Yeah, this is excellent. I have his book as well. Relative strength of different asset classes is a very important technical concept.

Gold is a commodity, a very special one given its place as the former world currency that trades quite nicely from a technical perspective. Right now it is showing all the classic trend reversal signs... trend channel overshoot, double top (a bit sloppy I admit), a very high level of volatility, and now it is sitting on the weekly trendline that has been supporting prices for the last 3 years.
Kill the ego, or it will kill the mission.
  • #14,536
  • Dec 15, 2011 9:53pm Dec 15, 2011 9:53pm
Quoting XTrade
I really have to have this...

They would make good gifts.
Attached Image
  • #14,537
  • Dec 15, 2011 9:57pm Dec 15, 2011 9:57pm
Quoting lilpip
I thought this was posted a week or so ago, its along the same lines I think it does a better job of explaining .
http://www.goldmoney.com/video/marte...sentation.html
Yeah - saw this one a little while back.

Thanks all the same because it is a stellar presentation well worth watching.

Scientific American being a respected source of information, with a long history of contributors such as Albert Einstein, it carries a lot more weight than Martensen (even if he's bang on).

I have been looking for a stat about the extinction of silver since reading a few columns about the USGS data, but could never verify the data.

Finding a Scientific American article that puts underground silver and gold lasting until only 2029/2030 is a BF deal and boosts the credibility of others arguing a similar thesis. As in, people can't claim our sources of information are a bunch of biased investors and conspiracy theorists.
  • #14,538
  • Dec 15, 2011 9:57pm Dec 15, 2011 9:57pm
Quoting AaronWard
Right now it is showing all the classic trend reversal signs... trend channel overshoot, double top (a bit sloppy I admit), a very high level of volatility, and now it is sitting on the weekly trendline that has been supporting prices for the last 3 years.
Even if we go towards 1000 USD an ounce, I would expect bernanke to step in and see it above 3000USD an ounce by the end of that year.
  • #14,539
  • Dec 15, 2011 10:03pm Dec 15, 2011 10:03pm
Quoting XTrade
....Wouldn't be surprised to see a 40 USD day north tomorrow.....
Me neither, but then further down - waves 4 and 5 to complete C. Once done all clear to resume uptrend.

add: might actually see as much as $60 pop to $1620 range.
  • #14,540
  • Dec 15, 2011 10:09pm Dec 15, 2011 10:09pm
SILVER
support at 28.25 seems to be holding "as of now"
YET,
the question is now, will the 30 USD handle it held above for so long serve up some stiff resistance?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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