The Gold Rush is over.....

[Mr Noble]

It's been quite spectacular viewing today as the price of gold plummets. And we've still got the NYSE to open in a few hours which should see a further drop.

Is this the start of a 5 year steady decline in the price of PMs? (precious metals)

Active graph (and very good website) here.

http://www.bullionbypost.co.uk/gold-price/gold-pri...

[spikeyhead]

The one month picture shows it being something other than a mornings volatility

[Fishtigua]

Oil prices too are having a little bounce around.

http://www.bloomberg.com/energy/

[Kawasicki]

I looked at the 5 year graph and it just looks like a plateau, so I suppose I agree than the rush is over, as the price looks fairly stable.

[Mr fox]

The gold rush has been over since the start of October, and has given plenty of entry points due to the various pull-backs. There was a very strong level at 1667.17 for a short. All IMHO ofcourse.

Regards
Mr Fox.

[Amirhussain]

I wonder if this guy cares;
http://www.bbc.co.uk/news/magazine-21994873

[Mr Noble]

^^ Brilliant!


I want one for Christmas please. (should be cheaper by then!)

[Mr fox]

Mr Noble said:

^^ Brilliant!


I want one for Christmas please. (should be cheaper by then!)

Lol.

Then you could sell it him between July-August for a tidy profit, as gold prices usually rise then due to it being wedding season in Asia.


Regards
Mr Fox.

[_Nathan_]

I follow the Deutsche Bank AG DB Gold Double Long ETN and read this a month ago, which I found interesting..

The fact that there is an end date in sight — mid-April — hopefully also helps

[Bradgate]

All asset price bubbles burst in the end. It's the nature of bubbles to do so. Many speculators will become victims of their own greed and will be wiped out.


Oh, well. Never mind

[_Nathan_]

Classic cars next ?!

[Drivel]

Goldman Sachs and other investment banks have put out notes in the past week to investors advising them to sell gold. Most investors sell, since they follow the advice they pay for. GS and co wait for the mass selling - prices plummet as we can see - GS and co swoop in and pick up on the cheap.

The muppets never learn- that's the funny thing

[DonkeyApple]

_Nathan_ said:

Classic cars next ?!

An interesting remark.

Cars like art, jets and super yachts have benefitted hugely from new lending products which are secured against such assets. They are part of a mechanism which allows avoidance of tax while also protecting the asset.

The media has missed this completely. For example, why does Abramovich own 5 super yachts? Why have all oligarchs been buying them? The media talks about a race to be the biggest but seems to have missed the clearly little known fact that a boat is an asset that can be stored outside of key jurisdictions while also being borrowed against, this allowing money to arrive into a country without and taxation obligations.

Like any new financial product, what started out only being offered to those who could afford it the mechanism has been picked up and sold by mid tiers to over leveraged clients.

So, in short, yes. When it goes it will go with a very big bang. The trigger is usually a failed auction for a halo item and then a subtle increase in the number of halo assets appearing on the grey market. Then pop. No one is buying and as perceived values fall the margin calls on the assets appear and we see forced selling. And the fakes appear that also smash confidence.

I wrote a post last year about how to make two original GTOs from one. There has been much monkey business going on in the classic car arena and huge numbers of fakes put together over the decade.

[audidoody]

I wonder what the loan-to-value ratio is on a super yacht.

[Elderly]

_Nathan_ said:

Classic cars next ?!

More unsold than sold cars last weekend:
http://www.barons-auctions.com/soldentries.php?pag...

[_Nathan_]

I meant actual classics

[zax]

I found myself wondering this morning... assuming bank cash deposits in the Eurozone are no longer safe from pillage what would the status be of a secure box at said bank containing a Krugerrand or two?

[audidoody]

I bought a Krugerrand this morning for £995 to be kept in my Cyprus Bank deposit box hidden safe.

[audidoody]

I bought a Krugerrand this morning for £995 to be kept in my Cyprus Bank deposit box hidden safe.

[audidoody]

I bought a Krugerrand this morning for £995 to be kept in my Cyprus Bank deposit box hidden safe.