Hey, let’s ignore the facts. Just feel the frenzy…!
DID YOU HEAR about the giant gold coin auctioned in Austria late last month?
Of course you did – courtesy of Bloomberg if not CBS, the Daily Mail, BBC, BusinessWeek, USAToday, France24, Vancouver Sun, Wall Street Journal, Financial Times, Daily Telegraph, San Fran’ Chronicle, Khaleej Times or The Australian…
You could hardly kick the cat for tripping over this story. Which is more than can be said for bidders missing the auction. Not even the final buyer turned up. Madrid’s Oro Direct sent a written bid instead.
“There were no counter offers,” as Reuters confessed, “in an auction room packed with more journalists than potential buyers.”
Still, it made good copy. Or it would have, had the story gone to plan. Because the 100-kilo gold coin – one of only five $1m Canadian Maple Leafs ever produced by the Royal Canadian Mint – sold for just melt value (€3.27m), rather than the 28% premium touted to the financial pages by the auctioneer’s advisors.
But hey, let’s ignore the facts. Just feel the frenzy! There’s a crazy gold rush going on. Everyone agrees! Or at least, everyone in the financial media. Finance.Yahoo now quotes gold futures prices in its Market Summary box on the homepage, right alongside New York’s big stock indices, crude oil contracts, and 10-year Treasury-bond yields. Reuters’ homepage also features gold investment news whenever it can, putting news of a $2 rally in wholesale prices second only on Tuesday morning to the Nikkei hitting 7-month lows, and ahead of crude oil’s drop to 4-week lows “on economic pessimism.”
So never mind that Reuters’ gold piece didn’t feature in the top 10 either shared or viewed stories. No matter that – up there at the top – “Jessica Simpson” continued trending on Yahoo searches, as did Lindsay Lohan, with Bruce Willis and his new cologne now hot on her heels, and Orlando Bloom’s Hugo Boss contract not far behind.
See, humanity isn’t fixated on celebrity, oh no. It’s been filling its boots with gold bars and coins instead…a sure sign of global financial panic and a clanging bell that the top must be in.
Gold is over-owned, not over-reported. Saturation is here! Those guys shouting “Bubble!” at the Wall Street Journal and the Sydney Morning Herald…they’re smart contrarians, not jobbing hacks simply pitching for this year’s “Phil Space” award. Oh sure, they didn’t call gold when it hit 20-year lows a decade ago. But they can spot a bubble when they see one. Right?
“Gold investment is very visible, but expression is low,” said John Levin, HSBC’s head precious metals trader in London, at the FT‘s Silver Conference in the City last month.
On a show of hands from the audience – some 100-odd delegates – less than half owned or were invested in precious metals. And that was amongst the most qualified sample of the world’s population you could wish for…an institutional precious metals conference in the City of London, heart of the world’s professional bullion market.
“We’re only now seeing big money accounts,” he said, “true investment…portfolio allocations seeking gold and silver in a secure location, where they can just put it to bed.”
“We’re almost at the beginning of the real run,” Levin added, inviting delegates to ask their friends, family and acquaintances just how much gold and silver they’d rushed into lately when next they met.
Put down your iPad, newspaper or TV remote, and go do the same perhaps.
Adrian Ash
For Money Morning Australia
Adrian Ash is head of research at www.BullionVault.com
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The shocking loss of freedoms in the land of the free, where you now risk a big fine for taking pictures and documenting the environmental disaster that is the oil spill:
Keiser Report Teaser: Ecological Holocaust Cover-up
http://www.youtube.com/watch?v=sGS4IXxlZZE&feature=player_embedded
The trouble with gold is that it might be like collecting guns in 1995…. A fine investment for the last 100years and no-one would believe that the Govt would steal them all from you… until 1996 after Port Arthur!
Govts have already confiscated people’s gold and made it illegal to own, exchanged for worthless pieces of paper which they promptly devalued, and there is nothing to stop them doing it again.
Actually, if you want to find the REAL thieves in society, don’t look in the poor part of town!
Bilderberg Breaker Estulin: US getting ready for war with Russia
http://geraldcelentechannel.blogspot.com/2010/07/daniel-estulin-bilderberg-whistleblower.html
KP – Bingo! Bingo!! Bingo!!!
In the final analysis, the little people are individually vulnerable to the power of governments and bureaucrats who have law enforcement and the army behind them. It takes another kind of disaster to get rid of these, and even then the cycle of parasites colonising the productive merely repeats itself after a while. All the same, just because they can hold you up at gunpoint later on if they have to, it is no argument against making yourself a harder target to their current, sneaky thievery. Besides, if they come for your gold, you can at least stand up against them with some pride and dignity and tell them, too:
“From my cold, dead hands!
http://www.youtube.com/watch?v=TQtrdFYDzCU&feature=related
the roman empire was doing quite well UNTIL it curenncy at the time of metals other than GOLD.
when it all the currency of the metals were stopped /confiscated & it went to GOLD all the problems started .
the people were schammed big-time
if history to be used as a lesson then thats what we’re heading for peoples
Remember during the Great Depression of the 1930′s the ‘Warren Buffets ‘of that era bought big Yachts and sailed the 7 seas.
The reason is they cashed in their chips, bought a big yacht, hid the gold in their yacht and sailed into the horizon and rode out the depression. This was to avoid having their wealth confiscated by the Government. And what better way than to sail into a tropical paradise where their gold was welcome.
MF…what a great idea mate… you bring the boat, I’ll get the island!!
hahahaaaa, MF, that presents the clever dick fools like Robertson and Joye with the question: Why didn’t these insiders load their boats with paper money, instead? If they can answer that one correctly, then I will be willing to contemplate that they might in fact know how to spell ‘gold.’ Ya, and that other nitwit, Pascoe, hahahahaaaa, I should give a little treatment to their latest utterances, so hopeless and criminally stupid they are.
Another whopper of a crisis building up in the US? It sounds as if it might not be far off, and we might have some torrid times once the election is over, and probably before the year is out.
[KR58] Keiser Report – Markets! Finance! Monarchy!
http://maxkeiser.com/
Watching this video, does anybody else get this sickening feeling that it is the story of our super savings. Sure, the cover story is that we are simply being forced to put aside for our retirement, but who actually benefits while we comfort ourselves with promises and hopes of a prosperous retirement? Hello?!!!
http://www.youtube.com/watch?v=efyrHrvMpk0&feature=player_embedded
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