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A Mad Rush as Gold Bugs Get the Boot

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posted on Dec, 2 2009 @ 03:41 PM
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A Mad Rush as Gold Bugs Get the Boot


online.wsj.com

BY CAROLYN CUI
Fleets of armored trucks piled with gold bars and coins have been streaming out of midtown Manhattan in one unexpected consequence of the gold craze.

Amid gold's rise -- it has gained 32% this year and reached a record on Monday -- investors have been loading up on bullion and coins. One big problem now is where to store it. The solution from HSBC, owner of one of the biggest vaults in the U.S.: somewhere else.

HSBC has told retail clients to remove their small holdings from its fortress beneath its tower on New York City's Fifth Avenue. The bank ...
(visit the link for the full news article)




posted on Dec, 2 2009 @ 03:41 PM
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Can you say PM confiscation???

We are screwed either way. Germany announcing another dive in the market. Goldman Sacks telling their employees to buy weapons. Morgan Stanley saying that a market crash is 80% certain by next year... on and on... right now I'm storing up supplies and trying to help others break free...





Lots more news at www.gunsgrubandgold.com/forum

with coming survival store, for those that are interested.

online.wsj.com
(visit the link for the full news article)



posted on Dec, 2 2009 @ 10:56 PM
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I know people make wild predictions a lot around here. but this is based on a bit of 'insider' dope.

We approach the 30th anniversary of a Silver boom bust cycle where the exact same thinking and same demographic of buyers is involved.

The Gold standard backing up currency was changed in 1971. There was a message there.

Gold has been favoured as a metal for making jewellery for thousands of years. It is said to have medicinal even mystical properties.

But other than for tradition, aesthetic, or sentimental reasons, it is no longer a high demand precious metal. It has some use in precision instrumentation, electronics, etc.

But there is no real shortage in the world. And the price is totally out of whack with supply and demand.

When and if things get seriously tough for a middle class Westerners and associates, their gold will be as exchangeable as bags full of diamonds, rubies, emeralds, etc.

Typically the lemming horde with little imagination and no common sesne will get burned badly.

Check out the billions lost by ordinary folk who loaded up on Silver in 1980.

Not known to the general public, there are vast amounts of gold stashed away in places like India and elsewhere in Asia. Don't be surprised if it gets seeped into the market any day now.

Bottom line - don't buy gold now.



posted on Dec, 2 2009 @ 11:01 PM
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Agreed... don't buy gold.

Buy FOOD. It isn't going down that is for sure.

Neither is ammo...

buy low, stack high!

Buy the things you NEED! Food, water filter, shelter, etc.



posted on Dec, 2 2009 @ 11:10 PM
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Jim Sinclair has a great write up on this today as well.

Why is HSBC Backing out...

It all seems very - very suspect to me, especially since the storage is a source of Rev for the banks.

As for buying food, just remember that all the food in the world won't help you if you have to move from your position. Anything can happen.

Personally, I would look at 3 to 6 month supply. Anything after that is a crap shoot....



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