Gold
- Thread starter ABC123_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
LOVE IT! When awgee 1st mentioned it, i started researching it.... and of course put my money where my mouth is. So fat I've done quite well on gold shares, better on silver and just ok and gold. The BIG happiness came from GG today. Woot! Unfortunatley I didn't make huge bank, just enough to give me a good laugh.
-bix
Gotta Love Gold. Made back all my losses in 2008 and then some. Awgee, you have secretly given me hope not to sell one ounce of Gold in 2008. When Gold hit near $700/ounce last October, even I was starting to doubt myself and the fundamentals, but i kept on buying. Short term, markets will act irrational, but long term, fundamentals always seem to win.
Disclaimer: I was wrong about the dollar dropping in 2008, but I still think it will happen short to mid-term.
Don't get so giddy Panda
I am seeing a head and shoulders pattern forming with a potential to drop to 800.
It means Joe/Josephina is not looking at an inflation-adjusted chart of gold prices.
So much for my career as a technical analyst.
This is what I'm hopeing for. But i'm balancing it so it doesn't take my lunch money.
Anyways off to sell some gold today!
Contemplating covering.
upperlowerclass_IHB
New member
Don't be embarassed, fricken rediculous how you called gold at 1000 to come back to low 900's and back up. Did exactly that, y didn't i listen?!
biscuitninja_IHB
New member
upperlowerclass said:
LOVE IT! When awgee 1st mentioned it, i started researching it.... and of course put my money where my mouth is. So fat I've done quite well on gold shares, better on silver and just ok and gold. The BIG happiness came from GG today. Woot! Unfortunatley I didn't make huge bank, just enough to give me a good laugh.
-bix
ukyo116_IHB
New member
Doh! I was looking forward to another Fekete article! Oh well.
This to me is the last barriers to gold holding $1000
1) US Safety (Treasuries, bonds, US Dollar)
2) Deflation
Until then... guess we're sideways.
This to me is the last barriers to gold holding $1000
1) US Safety (Treasuries, bonds, US Dollar)
2) Deflation
Until then... guess we're sideways.
PANDA_IHB
New member
PANDA said:
Gotta Love Gold. Made back all my losses in 2008 and then some. Awgee, you have secretly given me hope not to sell one ounce of Gold in 2008. When Gold hit near $700/ounce last October, even I was starting to doubt myself and the fundamentals, but i kept on buying. Short term, markets will act irrational, but long term, fundamentals always seem to win.
Disclaimer: I was wrong about the dollar dropping in 2008, but I still think it will happen short to mid-term.
ukyo116_IHB
New member
Awgee,
What do you make of the sharp spike down in gold lease rates on March 6th? From what I understand, this makes leasing gold unprofitable for any bullion bank (actually have to pay to lease out your gold?) thus, would cause any holders to hang onto their physical.
What do you make of the sharp spike down in gold lease rates on March 6th? From what I understand, this makes leasing gold unprofitable for any bullion bank (actually have to pay to lease out your gold?) thus, would cause any holders to hang onto their physical.
morekaos_IHB
New member
PANDA said:
Don't get so giddy Panda
Adam_IHB
New member
Another bearish indicator is momentum: If this bear market rally has any real legs (like another piece of good news), gold will likely break through the trend to the downside as suckers stampede back into equities and calling the bottom.
edit: Maybe momentum isn't the word I'm looking for, but I mean a different momentum than the stochs. Subject as to whether or not this equities rally has legs, gold will likely look oversold for a while even as the price trends down--similar to the way equities looked oversold for so long because due to the lack of a catalyst and bull (buyer) exhaustion.
edit: Maybe momentum isn't the word I'm looking for, but I mean a different momentum than the stochs. Subject as to whether or not this equities rally has legs, gold will likely look oversold for a while even as the price trends down--similar to the way equities looked oversold for so long because due to the lack of a catalyst and bull (buyer) exhaustion.
ukyo116_IHB
New member
awgee said:
I am seeing a head and shoulders pattern forming with a potential to drop to 800.
graphrix_IHB
New member
Paulson Buys $1.28 Billion Stake in AngloGold Ashanti
March 17 (Bloomberg) -- Paulson & Co., the New York-based investment firm run by John Paulson, bought a stake in AngloGold Ashanti Ltd. from Anglo American Plc for $1.28 billion as hedge funds increase their gold holdings.
Paulson paid $32 a share for the 11.3 percent stake in the Johannesburg-based gold miner, Anglo American said today in a statement. The purchase makes Paulson the company’s second- largest shareholder, according to data compiled by Bloomberg.
“We believe AngloGold Ashanti is one of the best managed and undervalued of the major global gold-mining companies,” Paulson said in an e-mailed statement. “We look forward to the implementation of their global expansion strategy.”
Hedge funds are turning to gold to mitigate potential inflation as governments around the world increase spending to stimulate their recession-bound economies. David Einhorn, founder of New York-based Greenlight Capital Inc., told investors in January that he is buying gold for the first time. Hayman Advisors LP’s Kyle Bass said investors are seeking precious metals as central banks print more money.
Paulson also owns a 4.1 percent stake in Kinross Gold Corp., making the hedge fund the fourth-largest holder of the gold producer. Paulson is also the second-largest shareholder in chemical-producer Rohm & Haas Co. and has holdings in Cheniere Energy Inc.
Sixfold Gain
Paulson, 53, manages about $30 billion. His Credit Opportunities Fund soared almost sixfold in 2007 on bets that subprime mortgages would plummet. Last year, his flagship fund returned 37 percent, compared with a loss of 19 percent for hedge funds on average.
The firm may have made 311 million pounds ($428 million) since September by betting against the shares of Lloyds Banking Group Plc and HBOS Plc, according to regulatory filings last week.
“He made a name by being able to see the potential for extreme economic events and making bets on those that can pay off,” said Michael Dubin, president of New York-based the LongChamp Group Inc., which allocates client money to hedge funds.
Hedge funds are private, largely unregulated pools of capital whose managers can bet on falling as well as rising asset prices, and participate substantially in profits from money invested.
Prices Rise
Gold prices have risen 3.7 percent this year compared with a 15 percent decline in the Standard & Poor’s 500 Index of the largest U.S. companies. Gold futures for April delivery fell $5.30, or 0.6 percent, to $916.70 an ounce at 3:20 p.m. on the New York Mercantile Exchange’s Comex division.
“Hard currency is coming to the fore, as evidenced by the investment choices of some of the world’s most seasoned investors,” AngloGold Ashanti Chief Executive Officer Mark Cutifani said today in an e-mailed statement.
AngloGold’s American depositary receipts, each representing one ordinary share, rose 57 cents, or 1.7 percent, to $34.27 at 3:20 p.m. in New York Stock Exchange trading. The shares have gained 24 percent this year.
AngloGold, the fourth-biggest diversified mining company, dropped 37 pence, or 3.2 percent, to 1,116 pence in London trading.
Anglo, founded in 1917 to mine the world’s biggest gold field, said in 2005 it would give up control of the gold business that helped build the Oppenheimer family’s fortune and concentrate on copper and iron ore.
Reduced Stake
It has reduced its stake from 51 percent since then, and has also spun off paper and steel units. Anglo said last month it sold 10.4 million AngloGold shares for about $280 million.
AngloGold is reducing contractual commitments to sell gold at fixed prices so as to secure more room to benefit from earning spot-market prices.
The gold producer, whose biggest mines are in South Africa, also is benefiting from declines by the rand because it pays most of its costs in the currency and sells gold for dollars.
Deutsche Bank AG advised AngloGold and Anglo American, while UBS AG and Goldman Sachs Group Inc. advised Anglo American.
All I know is Paulson has kicked a$$ and made a sh*t load of money, when everyone else was getting their a$$ kicked and losing a sh*t load of money.
March 17 (Bloomberg) -- Paulson & Co., the New York-based investment firm run by John Paulson, bought a stake in AngloGold Ashanti Ltd. from Anglo American Plc for $1.28 billion as hedge funds increase their gold holdings.
Paulson paid $32 a share for the 11.3 percent stake in the Johannesburg-based gold miner, Anglo American said today in a statement. The purchase makes Paulson the company’s second- largest shareholder, according to data compiled by Bloomberg.
“We believe AngloGold Ashanti is one of the best managed and undervalued of the major global gold-mining companies,” Paulson said in an e-mailed statement. “We look forward to the implementation of their global expansion strategy.”
Hedge funds are turning to gold to mitigate potential inflation as governments around the world increase spending to stimulate their recession-bound economies. David Einhorn, founder of New York-based Greenlight Capital Inc., told investors in January that he is buying gold for the first time. Hayman Advisors LP’s Kyle Bass said investors are seeking precious metals as central banks print more money.
Paulson also owns a 4.1 percent stake in Kinross Gold Corp., making the hedge fund the fourth-largest holder of the gold producer. Paulson is also the second-largest shareholder in chemical-producer Rohm & Haas Co. and has holdings in Cheniere Energy Inc.
Sixfold Gain
Paulson, 53, manages about $30 billion. His Credit Opportunities Fund soared almost sixfold in 2007 on bets that subprime mortgages would plummet. Last year, his flagship fund returned 37 percent, compared with a loss of 19 percent for hedge funds on average.
The firm may have made 311 million pounds ($428 million) since September by betting against the shares of Lloyds Banking Group Plc and HBOS Plc, according to regulatory filings last week.
“He made a name by being able to see the potential for extreme economic events and making bets on those that can pay off,” said Michael Dubin, president of New York-based the LongChamp Group Inc., which allocates client money to hedge funds.
Hedge funds are private, largely unregulated pools of capital whose managers can bet on falling as well as rising asset prices, and participate substantially in profits from money invested.
Prices Rise
Gold prices have risen 3.7 percent this year compared with a 15 percent decline in the Standard & Poor’s 500 Index of the largest U.S. companies. Gold futures for April delivery fell $5.30, or 0.6 percent, to $916.70 an ounce at 3:20 p.m. on the New York Mercantile Exchange’s Comex division.
“Hard currency is coming to the fore, as evidenced by the investment choices of some of the world’s most seasoned investors,” AngloGold Ashanti Chief Executive Officer Mark Cutifani said today in an e-mailed statement.
AngloGold’s American depositary receipts, each representing one ordinary share, rose 57 cents, or 1.7 percent, to $34.27 at 3:20 p.m. in New York Stock Exchange trading. The shares have gained 24 percent this year.
AngloGold, the fourth-biggest diversified mining company, dropped 37 pence, or 3.2 percent, to 1,116 pence in London trading.
Anglo, founded in 1917 to mine the world’s biggest gold field, said in 2005 it would give up control of the gold business that helped build the Oppenheimer family’s fortune and concentrate on copper and iron ore.
Reduced Stake
It has reduced its stake from 51 percent since then, and has also spun off paper and steel units. Anglo said last month it sold 10.4 million AngloGold shares for about $280 million.
AngloGold is reducing contractual commitments to sell gold at fixed prices so as to secure more room to benefit from earning spot-market prices.
The gold producer, whose biggest mines are in South Africa, also is benefiting from declines by the rand because it pays most of its costs in the currency and sells gold for dollars.
Deutsche Bank AG advised AngloGold and Anglo American, while UBS AG and Goldman Sachs Group Inc. advised Anglo American.
All I know is Paulson has kicked a$$ and made a sh*t load of money, when everyone else was getting their a$$ kicked and losing a sh*t load of money.
ukyo116_IHB
New member
awgee said:
It means Joe/Josephina is not looking at an inflation-adjusted chart of gold prices.
biscuitninja_IHB
New member
Some people just believe in the dollar.... I guess alot of them just don't understand the whole issue of just "printing money"....
-bix
-bix
ukyo116_IHB
New member
ukyo116 said:
So much for my career as a technical analyst.
ukyo116_IHB
New member
Prior to the March 17th FOMC meeting, I thought gold would flirt with $800. I am not sure this is the case anymore.
As I look at the miners, it appears someone is stealth accumulating shares. The HUI chart is slowly turning bullish despite the volatile action in the gold and silver price.
As I look at the miners, it appears someone is stealth accumulating shares. The HUI chart is slowly turning bullish despite the volatile action in the gold and silver price.
biscuitninja_IHB
New member
Yep as the money FINALLY gets filtered to prop up the companies of course the metals are going to get hammered. Thankfully i managed to sell off the last of them... i'm still waiting to see If I should step into a few shares as well as bricks.
But i don't know, i've seen alot of people lose on silver.
we shall see.
-bix
But i don't know, i've seen alot of people lose on silver.
we shall see.
-bix
upperlowerclass_IHB
New member
Silver has that industrial side to it that I'm keeping some serious distance from for the time being. Look at the Gold/silver ratio, insanely far from historical averages, because gold only answers to monetary forces. With inflation seeds planted, picking up silver mining stocks as the recession pans out will be a great play tho i imagine.
biscuitninja_IHB
New member
upperlowerclass said:
This is what I'm hopeing for. But i'm balancing it so it doesn't take my lunch money.
Anyways off to sell some gold today!
upperlowerclass_IHB
New member
Sold the last of my miners at the end of last week (all cash for the very short term), agree with you on this one. Getting antsy, but still need more drop in the Miner/Gold ratio to be comfortable with re-entry.
Keep posting the links BTW, I've read all of them plus tons of links I find within your links that are really good as well.
Keep posting the links BTW, I've read all of them plus tons of links I find within your links that are really good as well.
upperlowerclass_IHB
New member
Hah, this morning I went back in 2/3. I woulda put the other 1/3 back in but god damn scottrade takes 3 days to "settle" my funds from trades and 1/3 is still considered "unsettled." I gotta switch brokers soon...
morekaos_IHB
New member
freedomCM said:
Contemplating covering.