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Old 07-08-2009, 10:47 PM
 
Location: Irvine, CA to Keller, TX
4,831 posts, read 6,178,629 times
Reputation: 844

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Quote:
Originally Posted by ViewFromThePeak View Post
Some New Zealand stuff, mostly held up by the strengthening NZ dollar, yes lots of Chinese stocks. Over the past 2 days there was a tiny pullback, but nothing at all like Americans are experiencing. Also, gold is all over the place and it's not an investment -- it's money.
Gold will never be worthless like Chrysler, GM stock and so many others but give the current administration time and gold will tank too.
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Old 07-08-2009, 11:14 PM
 
Location: Southcentral Kansas
44,924 posts, read 28,123,641 times
Reputation: 4269
Quote:
Originally Posted by Soccersupporter View Post
Gold will never be worthless like Chrysler, GM stock and so many others but give the current administration time and gold will tank too.
I loved what heard a man say a few minutes ago about Obama. He said he is George Bush on steroids. That seems very true to me. I used to be amazed when anybody talked about spending a trillion dollars but not it seems just the thing to talk about since it has happened so many times with both of them.
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Old 07-09-2009, 06:00 AM
 
Location: Hoboken
19,891 posts, read 16,272,470 times
Reputation: 3123
Uh oh, even uber liberal George Soros sees inflation coming. Head for the hills.

http://townhall.com/columnists/LarryElder/2009/07/09/obamanomics_supporters_-_cracks_in_the_****

"MoveOn.org, George Soros, predicted that the administration's spending and borrowing will trigger inflation and higher interests rates. "As markets revive," he said, "fear of inflation will drive up interest rates, which will choke off recovery." (Emphasis added.) "
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Old 07-09-2009, 06:33 AM
 
Location: Raleigh, NC
9,043 posts, read 11,571,264 times
Reputation: 1392
Quote:
Originally Posted by Soccersupporter View Post
Gold will never be worthless like Chrysler, GM stock and so many others but give the current administration time and gold will tank too.
As soon as Obama starts literally handing money on the street corner, it's relative value to money would certainly increase. And, of course, any person with half a brain realizes that gold is not an investment. You can avoid taxation on the "gains" realized, unlike many other investments that are derived in paper form and must be declared to the IRS.

Gold never loses value because asset prices depreciate right along with it. If the government made it illegal to own, it would only increase it's value manyfold as only the stupid would surrender their stash, constricting supply even more.
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Old 07-09-2009, 07:01 AM
 
22,769 posts, read 26,129,173 times
Reputation: 14556
Quote:
Originally Posted by LordBalfor View Post
The markets have been getting the cr*p beat out of them the last couple of weeks. My question is:

Where have all the folks who crowed about dumping the dollar and buying gold all gone?
Probably still hanging onto their inflation hedges, waiting for 2010, 2011, 2012, 2013, 2014?.


Quote:
What about those who harped that no one was buying US treasury bonds and that the bond rate was skyrocketing in response?

What about those who screamed that inflation was going make the dollar worthless and that oil prices were shooting through the roof?

Can it be that the price of gold (and other precious metals) has plummitted?
Can it that the dollar has risen against the Euro?
Can it be that the government is having no problems selling bonds at well below 4%?
Can it be that inflation is still not an issue and that oil prices are falling?

Any of you folks who harped about all that stuff care to explain?
I didn't harp on any of that, but I will take a shot at it.

The answer to your questions is that we have global overcapacity for just about everything. Supply exceeds demand. Plus we're rapidly deleveraging private debt, which if I remember correctly is about 13 times the size of our public debt, and equally important in inflationary terms.
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Old 07-09-2009, 07:01 AM
 
5,165 posts, read 5,308,734 times
Reputation: 1067
Quote:
Originally Posted by LordBalfor View Post
The markets have been getting the cr*p beat out of them the last couple of weeks. My question is:

Where have all the folks who crowed about dumping the dollar and buying gold all gone?

What about those who harped that no one was buying US treasury bonds and that the bond rate was skyrocketing in response?

What about those who screamed that inflation was going make the dollar worthless and that oil prices were shooting through the roof?

Can it be that the price of gold (and other precious metals) has plummitted?
Can it that the dollar has risen against the Euro?
Can it be that the government is having no problems selling bonds at well below 4%?
Can it be that inflation is still not an issue and that oil prices are falling?

Any of you folks who harped about all that stuff care to explain?

Ken
Job creation is the most important facet of any economic recovery. And right now there is little to be happy about.

New Jobless Claims Plunge; Continuing Claims Hit Record - Economy * US * News * Story - CNBC.com (http://www.cnbc.com/id/31826061 - broken link)

The title is misleading if you read the article because #1) The New claims have a skewed seasonal adjustment amplifying the "plunge" and 2) Continuing claims rise meaning jobs are still being lost.

Which leads me to believe this column is accurate:

CNBC Stock Blog — Art Cashin, Investing, CNBC.com Market News - CNBC Stock Blog - CNBC.com
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Old 07-09-2009, 08:52 AM
 
Location: SE Arizona - FINALLY! :D
19,868 posts, read 22,722,776 times
Reputation: 7167
Quote:
Originally Posted by ViewFromThePeak View Post
Gold never loses value because asset prices depreciate right along with it.
Really?
In the early 1980's gold prices - after skyrocketing to nearly $900/ounce fell by roughly half - where it stayed until around 2004 (that's 20 years of practically no gains - after taking a 50% hit).

So, are you claiming that asset prices dropped by 50% in the early 80's and never increased during the next 20 years?


The fact is, gold was superhyped by folks wanting to take your money and when the price collapsed, a whole lot of foolish investors lost their shirts. Combine that massive loss with a 20 year period of virtually NO gains and you have an investment that pales in comparison to the stock market (which - even after the recent collapse - increased 8 fold in that time).
The fact is, dispite the claims of the gold mongers, gold has risks just like any other investment.

Daily Gold Prices - London Gold Fix Price History

Ken
Attached Thumbnails
OK, I admit it.-gold-price-history.gif   OK, I admit it.-dow20.jpg  
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Old 07-09-2009, 09:01 AM
 
Location: SE Arizona - FINALLY! :D
19,868 posts, read 22,722,776 times
Reputation: 7167
Quote:
Originally Posted by cleanhouse View Post
Job creation is the most important facet of any economic recovery. And right now there is little to be happy about.
This is true, but it's also true that job creation is the LAST thing to happen in a recovery - so if you are looking at job recovery to determine the direction of the economy you are looking in the rear-view mirror rather than looking forward.

Ken
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Old 07-09-2009, 03:49 PM
 
Location: Raleigh, NC
9,043 posts, read 11,571,264 times
Reputation: 1392
Quote:
Originally Posted by LordBalfor View Post
Really?
In the early 1980's gold prices - after skyrocketing to nearly $900/ounce fell by roughly half - where it stayed until around 2004 (that's 20 years of practically no gains - after taking a 50% hit).

So, are you claiming that asset prices dropped by 50% in the early 80's and never increased during the next 20 years?


The fact is, gold was superhyped by folks wanting to take your money and when the price collapsed, a whole lot of foolish investors lost their shirts. Combine that massive loss with a 20 year period of virtually NO gains and you have an investment that pales in comparison to the stock market (which - even after the recent collapse - increased 8 fold in that time).
The fact is, dispite the claims of the gold mongers, gold has risks just like any other investment.

Daily Gold Prices - London Gold Fix Price History

Ken
Considering the large infusion of money into the money supply, there is no way in h-e-double hockey sticks that gold is overhyped or overpriced. Quite the contrary. Silver even more so. Gold is a store of money and not an investment. The fact that you can circumvent capital gains illustrates this.

Even with all of the lost credit, there is wayyyyyyyy too much money out there.
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Old 07-09-2009, 04:00 PM
 
24,843 posts, read 32,298,423 times
Reputation: 11452
If it makes anyone feel better, I lost $17,000 on T-bills last quarter.
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