An All Gold, Silver and Metals Thread - Current Information with Live Spot Chart

reply to post by Goldbugg8


Wait a minute, why would the USA back another currency backed by gold?

We have the reserve status right now, and that would spell doom for our own currency, it would doom the world...if we fall, so does the rest of the world.

Think about it, why would we do that? We wouldn't! It wont happen, and things will get so bad, so quick, you will see that what I say, will happen.

I did not mean the States would back the China/Russia currency. I meant if the new currency was to be backed by gold, the States would have to back the Greenback by gold to keep it afloat.

Now of course there is not enough gold out there to back currencies how they stand. We need to see a MAJOR devaluation of all world currencies before this could even be looked at.

china admits to building up their stockpile of gold.


www.financialpost.com...

SHANGHAI/BEIJING - China revealed on Friday that it had secretly raised its gold reserves by three-quarters since 2003, increasing its holdings to 1,054 tonnes - or a pot worth about US$30.9-billion - and confirming years of speculation it had been buying.


Hu Xiaolian, head of the State Administration of Foreign Exchange, told Xinhua news agency in an interview that the country's reserves had risen by 454 tonnes from 600 tonnes since 2003, when China last adjusted its state gold reserves figure.


The confirmation of its surreptitious stockpiling is likely to fuel market talk about Beijing's ability to buy secretly and its ambitions for spending its nearly US$2-trillion pile of savings. And not just in gold: copper and other metals markets are booming thanks to China's barely-visible hand.

But Hu said the increase in China's stocks was achieved by buying on the domestic market and from domestic producers.


China is the world's largest gold producer and does not permit exports of gold ingots, only jewellery, leaving plentiful supplies for the domestic market.


China produced 282 tonnes of gold last year, meaning the state bought around one quarter of domestic production, assuming 454 tonnes increase in state purchases were spread out over the six years since China last reported a change in its holdings.


Despite the rumours, buying by the state was partially obscured by soaring demand for gold as an investment, especially after the bursting of the Shanghai stock market bubble last year.


Investment demand in China rose to 68.9 tonnes from 25.6 tonnes in 2007. But that was still less than one third of retail demand in India, where total bullion consumption topped 660 tonnes last year.


Hu said China recently reported the change in its gold holdings to the International Monetary Fund and would include the latest change in central bank reports and balance of payment statistics.


She did not say when China notified the IMF.


Although gold rose after Hu's comments were published, the price move was

Bank Stress tests in. Look for China to start buying up assets that the banks will be putting on sale.

It's only a matter of time before there is a new gold backed currency starting out East. I'll be grabbing up as much gold as possible

Central Banks are selling the least amount of Gold this year - than they have in 15 years.

link to article:

www.marketwatch.com...

NEW YORK (MarketWatch) -- Gold futures rose Tuesday for a fourth session, climbing to the highest level in two months, as the U.S. dollar remained at 10-month low and as a consultancy forecast that global central banks will sell the lowest amount of gold in 15 years this year.

GFMS of London said Monday that signatories of the Central Bank Gold Agreement are expected to sell about 140 metric tons this year, the lowest level since 1994. The firm also said last week that second-quarter supply of scrap gold plummeted by more than 40% from the previous quarter to 350 metric tons.

More in article above

The dollar index has been on a decline - except today it rose slightly - but the slight rise - caused gold to go down.

As others say - watch - when the dollar index reaches 76 - that is when gold goes to $1000.00

Hadn't put anything in the thread for awhile - because it has been the same ole - same ole - of gold holding steady going up and down and still having the manipulation thrown at it.

I don't particullary like Gold as an investment.

It's basically just hedge inflation.....the deflation of the U.S. dollar.

You could accomplish the same thing and more by investing in stocks in a market whose national currency is Gold based. I think the Swiss Franc is.

This way you get the inflation hedge w/ Gold and an added growth potential of a quality company's stock.

If I where to invest in a metal it would be Copper
Daily Futures

or Platinum or Uranium.

I stay away from investments which have gotten so inflated that they are advertised daily on TV and Radio. That's a setup for a bubble. I think there is more downside risk than upside potential.

I'm from Texas. Win Big, Lose Big here!

I bought stock in GNW because of it's involvment in Reverse Mortgages and because it was a spinoff of GE who is FOB (Friends Of Obama).

Over 400% return so far. I encourage everyone to look into the Reverse Mortgage players. With the market down, Baby boomers retiring and housing prices down, Reverse Mortgage companies stand to make a killing in the long term.

Back on Precious Metals though.

It is true that the increasing world population will put a strain on these unrepleshable resources so prices will go up.

Hypothetically, if you believe large scale war is coming, buy copper. It's miltary importance is unquestionable.