Tuesday, January 1, 2002 - Launch of euro notes and coins
Friday, February 8, 2002 - GOLD ABOVE $300
Monday, December 1, 2003 - GOLD ABOVE $400
Thursday December 1, 2005 - GOLD ABOVE $500
Monday, April 17, 2006 - GOLD ABOVE $600
Tuesday, May 9, 2006 - GOLD ABOVE $700
Friday, November 2, 2007 - GOLD ABOVE $800
Monday, January 14, 2008 - GOLD ABOVE $900
Monday, March 17, 2008 - GOLD ABOVE $1000
Monday, November 9, 2009 - GOLD ABOVE $1100
Tuesday, December 1, 2009 - GOLD ABOVE $1200
Tuesday, September 28, 2010 - GOLD ABOVE $1300
Wednesday, November 9, 2010 - GOLD ABOVE $1400
Wednesday, April 20, 2011 - GOLD ABOVE $1500
Monday, July 18, 2011 - GOLD ABOVE $1600
Monday, August 8, 2011 - GOLD ABOVE $1700
Technically I need a London fix or Comex close over $1,700 to update the list. But what the heck. Feels like a Forum 1700 night tonight. Enjoy the show! $1,701 right now.
Sincerely,
FOFOA
Update: Well, I guess it's official now. $1,718 at the close.
Photos from The Onion
234 comments:
«Oldest ‹Older 201 – 234 of 234Hi Mortymer,
Your "gold rush" reference made me think about both the reprehensible vileness of Fred Dobbs and at the same time the wonder of
James Murphy's mastery.
Meh, art's fun because life is too!
Kitcos chart have (once again) just stopped at noon East Coast time. Any recommendations for better gold charting?
Michael
This shrimp is going to have to start buying fractional maples in spite of the higher premiums. It's not fun watching the price of gold outrun your savings aka "gold fund."
The higher premium is starting to look reasonable to at least keep the gold flowing my way. In fact, I think I'm going to accelerate the flow of gold even if it means smaller amounts and it takes more dollars!
Woah. Did I just achieve spontaneous Gold Trail enlightenment? :)
FOFOA: It's the Flow, Stupid
@Michael, their Kcast seems to be working ok?
michael -
I use netdania.com
"From his 1999 Nobel Prize lecture, Robert Mundell explains the circumstances that led to the demise of Bretton-Woods and the Great Inflation of the 1970s:
The adoption of my policy mix [by JFK after 1962] helped the United States to achieve rapid growth with stability. It was not intended to and could not solve the basic problem of the international monetary system, which stemmed from the undervaluation of gold. Nevertheless the problem of the U.S. balance- of- payments was intricately tied up with the problem of the system. With very little excess gold coming into the stocks of central banks from the private market, and the US dollar the only alternative component of reserves, the U.S. deficit was the principal means by which the rest of the world was supplied with additional reserves. If the United States failed to correct its balance of payments deficit, it would no longer be able to maintain gold convertibility; on the other hand, if it corrected its deficit, the rest of the world would run short of reserves and bring on slower growth or, worse, deflation..."
http://thesupplyside.blogspot.com/2011/08/businessweek-report-on-nixons-dollar.html
Anyone else watching the riots in England and wonder how much politer folks would be if they knew there might be a weapon in the hands of the next store owner?
Ryan thanks will try.
DP what is Kcast?
Michael
@ Mortymer
Wow that comment by Mundell says it all!!
"the basic problem of the international monetary system, which stemmed from the undervaluation of gold."
It is a great source and a pithy reply to those who question how gold could possibly go 'that' high.
It (lack of proper valuation of gold) is the fundamental reason why we are in the situation we are in. Had gold been properly valued, IT would have remained as the reserve. The dollar could not have rolled over all in its way.
Michael
@JR:
"Mrt: It is interesting to compare those and the world events on my timeline a post back.
From 1930 - 2000 there were just 4 "gold rushes" against 44 of the between 1800 - 1930."
http://anotherfreegoldblog.blogspot.com/2011/08/global-goldrush-emminent.html
@Michael, http://kcast.kitco.com
The Android/iPhone/etc widgets are worth a look too.
Burning down the house?
Send "Burning Down The House" Ringtones to Cell
Watch out you might get what you're after
Cool babies strange but not a stranger
I'm an ordinary guy
Burning down the house
Hold tight wait till the party's over
Hold tight We're in for nasty weather
There has got to be a way
Burning down the house
Here's your ticket pack your bag: time for jumpin' overboard
The transportation is here
Close enough but not too far, Maybe you know where you are
Fightin' fire with fire
All wet hey you might need a raincoat
Shakedown dreams walking in broad daylight
Three hun-dred six-ty five de-grees
Burning down the house
It was once upon a place sometimes I listen to myself
Gonna come in first place
People on their way to work baby what did you except
Gonna burst into flame
My house S'out of the ordinary
That's might Don't want to hurt nobody
Some things sure can sweep me off my feet
Burning down the house
No visible means of support and you have not seen nuthin' yet
Everything's stuck together
I don't know what you expect starring into the TV set
Fighting fire with fire
And I'd come back as Chris Frantz, he he
Hi mrt,
Indeed!!!
The "The Treasure of the Sierra Madre" was published in 1927.
LCDSoundsystem recorded "Get Innocuous" for the "London Sessions" in 2010.
From a literary tale exposing the evils of what "gold does to men's souls," we fastfoward some 80ish years to these lyrics:
if you will find a way into the gold rush
you will stay until the morning comes
you will normalize
don't it make you feel alive
Fun stuff that art!
Does anyone know what gold rumors Karl Denninger is talking about?
"This morning's dive is apparently due to rumors that SocGen was about to fail and that several large "off-market" gold transactions were engaged in...The bank has denied all of these rumors and I can't find any sort of confirmation of these alleged off-market-price gold trades"
Ok, I found this:
http://ftalphaville.ft.com/blog/2011/08/10/649746/theres-a-new-gofo-table-in-which/
So FT thought SocGen had their 12month GOFO rate in backwardation. That has been denied as a 'type'. Thoughts?
@ JR:
Mortymer painting monetary
http://monetaryart.blogspot.com/
I am not a photograph so pictures are no good, the light conditions no good :o)
@Michael, now it makes sense the valuation of 42 of UST gold, doen´t it? :o)
That Socgen GOFO rate still doesn't look right. It is much narrower than the spreads of the other banks. hmmm.
@JR
Interesting post on EDs
The recent ABX deal in Africa is a great example of the E/W tug of war. When China's Minmetals launched a bid for Equinox, ABX of all people stepped in to the fold to the surprise of many. This may be a stretch but the ABX bid seems an obvious blocking and tackling approach which is to say preserve whilst using the "good" assets to block the flow of the excess ED/petro/trade dollars into real assets. Same dynamics w/r/t China Rio Tinto and some of their Aussie coal bids. The RoW especially some of the SSA mineral rich countries are "last touch" and can be counted on to act out of historical experience, reliance (aid) or even ignorance (Ethiopia, Eritrea, Somalia and the recently effected split of Sudan for example). Admittedly, the former GS economist Moyo is making some waves in shedding light on the western aid vs. China benign neglect strategies.
The obviosu other $IMF blocking tactic is strife (to avoid the word war) (Sudan, Libya....). Iran still remains that nexus where this $IMF blocking meets the blunt force of China/Russia.
http://www.bbc.co.uk/news/business-13187997
http://www.newstatesman.com/africa/2010/03/interview-aid-zambia-jobs
Where is Forum 1800? It did touch it... might even close above it!
Netdania chartstation is great - you can watch gold and silver live on the same screen and compare the action! Also shows volume, which is intriguing to watch - some massive action going on yesterday and today, though I'm not sure how accurate it is.
@Mortymer
Your first reference led to another idea from Mundell:
http://thesupplyside.blogspot.com/2011/05/wsj-article.html
He argues deflation because of exchange rate issues. I am not really that familiar with the whole of his work but he certainly gets quoted on this site and is one Nobel who has not drawn the scorn of many conservative writers (as compared to Krugman)
It does seem his argument fails to see the "front lawn dump" however (and all that that implies, which is a LOT on this site.)
Michael
Michael, in June I dedicated my time studying his work, see my June posts on AFB - those were picks so it saves some time... If you are interested for more go to his personal web page, he has good thoughts, clear and well founded and some for free :o)
http://robertmundell.net/ebooks/free-downloads/
Michael, don't know if you live in the US or not, but if so, there are many companies here like Sterling Trust, et.al that allow you to buy your own precious metals at Apmex or Tulving with cash from both IRA and regular accounts. They will then arrange shipment to the depository, where they store it for you for a nominal fixed fee. They then provide a monthly marked to market investment summary for you that you can provide to your banker, just like a brokerage account. The downside is that most of the depositories are in Delaware, so you do may not want to park your gold there if you need quick access. It takes two weeks to take physical delivery yourself at the site, but the depository will ship it to you, insured, fairly quickly with a simple letter of direction (on an IRA, it is counted as a taxable distribution event if you choose to take delivery.) There is also the issue of confiscation risk, given some radical changes in ownership laws, but you kinda have that risk wherever you chose to keep your gold. I just don't know if a depository would turn it over to the govt. or not without your approval. Fofoa doesn't believe the confiscation risk is very great due to international ramifications and other reasons, and I tend to agree with him.
Forum 1800 on 8/11?
$1797 @ 5:25 EST with $97 movement in 3 days?! Now THAT'S volatility. I hope you've got your 1800 post ready FOFOA.
Joel
I am in the US and I do have some physical in a Roth via a holding company.
I also have a deposit box. I just had not pictured my self going to the vault with some loan officer and saying..."check this out dude".
Overall I am well situated and fairly committed and content. My initial entry was to see if there were other downsides or warnings or problems I had not considered to going ALL INN. As I reflect back on what I have done I would say I have made some errors. Nothing major but if I were writing a handbook I'd advise others to do things a little different. Obviously the advise would be different for the thousandaire vs the millionaire vs mini giants etc...Also stage of life would change advise as well.
Even after one accepts the most important premises of this site there are still many individual considerations. I was just asking if I was missing any significant practical issues.
Mortymer...thanks I'll check Mundell out further.
Michael
Suggested songs for $1800
"No Leaf Clover" by Metallica
"Panic Switch" by Silversun Pickups.
"Dirt" Phish
"Gimme Shelter" by, you know who (sadly apropos).
Good luck y'all, back tonight for Asia open.
$1800.40
DP, I cannot view your video in Qatar
Hmmm, no Vevo for you huh samix? Sorry about that... here's an alternative version for you and hopefully this one works OK for most everyone then...
$1806.40
I'm off to pop champagne myself now... nighty-night...
FOFOA - you may need to write a script to automate the Open Forum 1900, 2000, 2100 breaches. :)
Maybe only a forum for each $10,000...
$1700....it was nice knowing you....but i'm seeing someone else now......her name is $1800....
Mortymer,
I love your freegold peice!
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