Southside
Has No Life - Lives on TB
A lot of that going around.I'm so disappointed!
ECON Gold and Silver news
- Thread starter Doc1
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von Koehler
Has No Life - Lives on TB
$2250 is the near term target for gold in Elliott Wave analysis. Higher price is possible.
A classic wave 3 of 3 move.
A classic wave 3 of 3 move.
bracketquant
Veteran Member
"The new system is going to be gold based"
You should inform China, as their new system, already up and running, is based on a person's social credit score.
BadMedicine
Would *I* Lie???
As much as I hate the all knowing God also being the government.. they are on to something.
Imagine the economical boom that would occur if you had to be GOOD TO YOUR WORD in all dealings or people EVERYWHERE would just stop doing business with you? If people with a history of making good on their promises and contracts had good credit and could secure more GOOD cheap loans.... That is not a bad system. It would very shortly filter crooks and criminals to almost non-state entities where they would have to learn to feed themselves, farm, COOPERATE trade in VERY SMALL AMOUNTS and make good on promises, agreements and commitments. Some would make their way back into the "credit" world.
We're imagining this would be run by non benevolent, biased motivationed players who would choose to hurt us for being conservative.... I think this system NATURALLY would gravitate to being by and for honest players who want to make money with others folks who have a good history... I mean, if they are trying to dock your credit score for raising your own food, praying, and homeschooling YET PAYING YOUR BILLS AND KEEPING YOUR PROMISES.. The banks would lose out on honest good business/money. Only when a corrupt government OWNS the banks, only money supply and get to grant and deny work and contract.. But there are always local people to lend and go in on prosperous business. the big banks who go PUBLICALLY WOKE, lose business and eventually have the eat the crow and go back to business for business sake, or go under when there aren't enough "woke" clientele to keep them fat & happy.
You got it wrong that it is backed on social score, that is the CREDIT side, the unit of exchange, even if digital, will have to be backed by gold to put "money"(money, unit of exchange, fungible, tangible, non perishable, storable, mobility...) in the system, but it's going to be a very little amount of gold/ to unit. Everything of value will still be valuable, and available for exchange, the largest of which is HUMAN LABOR... physical and mental.... Plenty of it to harness for anyone, including the individual.
so while I loath a more "universal credit score" we are currently tracked to the movement with our phone, social, subscription accounts and credit scores, we participate in a global system for QUALITY OF LIFE and EASE OF LIFE both of which, as Americans we are living in the 99.99 percentile of COMFORT as any humans that have ever lives, and within 99.9% of COMFORT and HEALTH as present day royalty and billionaire Tycoons.. we literally live like kings and queens'\ and eat like pharaohs and emperors. Spices from the far east, meats, cheeses, figs, grapes, beer, fancy wine, aged spirits, motor carts, horses, a small farm with game if we like... We are living in a time of VAST OPPULANCE and amazing wealth THAT CAN ONLY BE DESTROYED THROUGH WAR.. AND THEY"RE GOING TO DO IT. THEY"RE GOING TO PULL THE PLUG AND RUN THIS SHIT... Aaaaaaarrrrrrrrrrrrghhhhhhhhhhhh...
BadMedicine
Would *I* Lie???
And I think China IS going to go COMPLETELY digital...gold backed
I just coined this. This just came to me, original thought:
China reorders its Yen into a digital currency on a verifiable blockchain ledge technology. All Paper or bank account Yen get exchanged for new Chinese Digital Currency (CDC) by a certain date or VOID.. They can do this because they run the country.
They start with however much gold they have, we'll say 100 "units" and divide it by all of the CDC issued at that time. BAM each CDC has X backing BY GOLD. (They would have to vastly denominational for usage) which the govt an say it's "backed by" whether or not there could ever be "DEMAND" for the gold... the only way to exchanged a CDC is to BUY SOMETHING IN CHINA or FROM CHINA or hold on to it. It's value exchange goes up WHEN GOLD DOES, and the CDC is actually a "Share" of the Governments gold.. though it can never be redeemed.
This wouldn't effect their BRICS trading and I suspect it would cause other countries to begin "backing" their currency with gold, but basically only making it usable in house, promoting industry and growth...
c'mon economists, what are the problems with that system? Other than the fact the plebes get only 'ones and zeros" in exchange for their scraps of paper.. in a country the size of china, with it's own full manufacturing base, lacking only really oil... it could issue a gold back, non exchangeable CDC and "Force" everyone over?
Possble? Yay? nay?
West
Senior
IDK....
But do you have any Pandas?
Wondering how many 1oz. pandas buys in China's digital bit coin?
I don't have any that weigh more than a half ounce. But lost those in a divorce. She made earrings out of them! Grr...
Johnny Twoguns
Senior Member
China has more gold than any country on earth. Estimates by gold experts range from 20K-40K tons between the gov and the people who have been encouraged to buy gold the last several years.
You are confusing the tyranny with the financial structure they saw coming a long time ago (and have been working for aka BRIICS).
Johnny Twoguns
Senior Member
Yay, nay, heck if I know. The guess from people I listen to occasionally is that oil will start being priced in gold by the BRIICS, gram per barrel something like that, then you change the value of gold by charging 2 grams per barrel. That is how some of them think a 'new' gold standard will start to be implemented.
I've heard postulations that XI got sidelined at the BRIICS meeting in S Africa last year as the other countries didn't like the China slave system; and BRIICS is expanding with interest and applications because the rest of the world is rejecting the Western CABAL Central Bank slavery that THEY have all suffered under.
I don't think the world WANTS China to be the next evil super power.
Unless the world goes poof! blockchain will almost certainly be involved with a new system. The big question is will the current tyrants get to tear down the world and then control the next one? Hope not.
Yep 2200 was the the futures price reported by coin dealer APMEX, they always use the higher futures price not the Kitco price. I think Kitco high was 2195
OK, I lost the bet, and owe you a fiat dollar, but I used the last one I had for TP. Sorry.Bet you a fiat dollar it doesn't!
West
Senior
That's okay fiat dollars are stinky and way over valued!
I'll settle for a worn out silver dime and we can call it even.
bracketquant
Veteran Member
Unfortunately, you have some of it wrong, if the powers that be can implement what they want.
They want the "money" to be perishable, a CBDC that disappears from bank accounts if not used within about 30 days. There would be an almost impossible way to accumulate savings and wealth, therefore making the people completely dependent upon the state. A great reset does not necessarily require war, although that usually is the easiest way toward population reduction, another goal of theirs. They'd likely be fine with famine and pestilences, for awhile.
bracketquant
Veteran Member
You are likely confusing the leaders telling their people to buy gold as some sign of benevolent wisdom. When the SHTF, their gov just confiscates the people's gold. Bitcoin is banned there, because it would be a way for the people to transfer their wealth out of the country.
It's much like in this country, where banks run reverse mortgage TV and radio commercials, telling people that they now have the money to remodel their home.
Johnny Twoguns
Senior Member
Not confusing anything, just stated the fact that they have been encouraging the buying of silver and gold.
Johnny Twoguns
Senior Member
Define 'they' for me, as the world has 7 billion they's and I'm not sure whom you mean. Got any specifics? I had my chem teacher ask me that when I was talking about 'them' and 'they' back during the Vietnam War years since my 'they' kinda encompassed everyone and everything in the wide world of sports, and the Universe.
Johnny Twoguns
Senior Member
And silver is above the $25 marker. Will the buyers from the east keep it up as they continue to accumulate ever dwindling supplies?
Hfcomms
EN66iq
Was Powell supposed to speak today or was that tomorrow?
Southside
Has No Life - Lives on TB
I guess today, and this is the outcome. Inflation. We are already seeing it. In spades!
phloydius
Veteran Member
He is done speaking now.
Southside
Has No Life - Lives on TB
Gold price rallies after FOMC statement deemed not too hawkish
By Jim Wyckoff
Published:
13:19
Updated:
13:24
Kitco News
The Leading News Source in Precious Metals
Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage (often exclusive) of important industry events and analyses of market-affecting developments.
(Kitco News) - Gold and silver prices are higher and neare daily highs in U.S. trading Wednesday, following a Federal Reserve monetary policy statement that the precious metals bulls saw as price-friendly. April gold was last up $13.30 at $2,173.10. May silver was last up $0.29 at $25.425.
The just-concluded Federal Open Market Committee (FOMC) monetary policy meeting saw the Federal Reserve keep its monetary policy unchanged, as expected. The key Fed Funds interest rate range was kept steady at 5.25% to 5.50%. The FOMC statement seemingly walked a neutral line on policy: not too hawkish and not too dovish. The statement said the U.S. economy is growing and inflation has eased but is still elevated. The statement said no rate cuts will occur until the Fed has more confidence inflation has been tamed. Still, the statement said the Fed sees three interest rat cuts this year. Judging by the reaction of the gold market, traders deemed the FOMC statement as not being too hawkish, and that the Fed appears willing to tolerate slightly higher inflation for longer. Now the marketplace awaits the afternoon press conference from Fed Chairman Jerome Powell. Traders will closely scrutinize Powell’s remarks for clues on the future path and timing of Fed monetary policy.
The key outside markets today see the U.S. dollar index weaker after being higher before the FOMC statement. The USDX had seen a solid rebound from the March low and the bulls have the technical advantage. Nymex crude oil prices are solidly lower and trading around $81.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching around 4.3%.
The Bank of England holds its regular monetary policy meeting Thursday.
Technically, April gold futures bulls have the solid overall near-term technical advantage. A four-week-old uptrend is in place on the daily bar chart. A bullish pennant pattern has formed on the daily bar chart, but needs to see an upside breakout very soon to complete the formation. Bulls’ next upside price objective is to produce a close above solid resistance at the contract high of $2,203.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,100.00. First resistance is seen at $2,180.00 and then at $2,190.00. First support is seen at this week’s low of $2,149.20 and then at $2.140.00. Wyckoff's Market Rating: 8.0.
May silver futures bulls have the firm overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the December high of $26.575. The next downside price objective for the bears is closing prices below solid support at $24.00. First resistance is seen at last week’s high of $25.66 and then at $26.00. Next support is seen at $25.00 and then at $24.50. Wyckoff's Market Rating: 7.0.
May N.Y. copper closed down 20 points at 407.25 cents today. Prices closed nearer the session high. The copper bulls have the solid overall near-term technical advantage. Prices are in a steep five-week-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 425.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 400.00 cents. First resistance is seen at today’s high of 408.95 cents and then at Tuesday’s high of 413.65 cents. First support is seen at today’s low of 402.70 cents and then at 400.00 cents. Wyckoff's Market Rating: 7.5.
Hey!! Try out my “Markets Front Burner” weekly email report. Front Burner is my best writing and analysis, I think, because I get to look ahead at the marketplace and do some market price forecasting. Plus, I’ll throw in an educational feature to move you up the ladder of trading/investing success. And it’s free! Email me at jim@jimwyckoff.com and I’ll add your email address to the Front Burner list.
Gold price rallies after FOMC statement deemed not too hawkish
The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
www.kitco.com
Johnny Twoguns
Senior Member
Rick Rule recently said something about silver. RR is a very cautious person when he speaks, and he has been pooh poohing claims of high silver for decades. He has said oh yeah, silver can get to it's old high ($50) but usually snickered at claims of some like Keith Neumeyer saying over $100 or '3 figures'.
RR gave an interview I saw in the last week. He had a secret RR smile on his face as he commented something like "IF gold continues it's run, then silver will reach numbers that nobody could conceive of, .... except the GREEDIEST OF PEOPLE".
Well, Rick Rule has NEVER said anything like that to the best of my knowledge. I have talked to him once or twice back in the mid-late 90's at the West Coast Gold Shows, and I bought all my mining shares from Global Resources when he ran it.
He always was very skeptical, with a smile, when I would talk to him (twice to the best of my recollections) about silver/gold shooting to the moon.
For him to say such a thing now, with that kind of 'secret smile' tells me he knows something. Perhaps the coming 'plan' of either the BRIICS, or the Central Bankers of the West.
Take it as you will.
RR gave an interview I saw in the last week. He had a secret RR smile on his face as he commented something like "IF gold continues it's run, then silver will reach numbers that nobody could conceive of, .... except the GREEDIEST OF PEOPLE".
Well, Rick Rule has NEVER said anything like that to the best of my knowledge. I have talked to him once or twice back in the mid-late 90's at the West Coast Gold Shows, and I bought all my mining shares from Global Resources when he ran it.
He always was very skeptical, with a smile, when I would talk to him (twice to the best of my recollections) about silver/gold shooting to the moon.
For him to say such a thing now, with that kind of 'secret smile' tells me he knows something. Perhaps the coming 'plan' of either the BRIICS, or the Central Bankers of the West.
Take it as you will.
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Hfcomms
EN66iq
In the US both gold and silver are quoted in the federal currency units which are in a freefall. What is the appropriate price of the metal with a currency soon going to be worthless? Well, we do have some empirical evidence of what has happened in similar instances in the not too distant past and further back in history.
Venezuela during a hyper inflationary period before the currency reset. The steep drop off was because this particular currency ceased to exist and they instituted a 'new' one. In March 2019 the quote was 4,299,601 per ounce and in Sept 2021 peaked at 7,448,834,693 per ounce.
The more familiar one for most was in Weimer Germany during their hyperinflation;
And this is what is going to happen to gold (and silver) priced in Federal Reserve notes. It is the same ounce of gold and silver as that hasn't changed. What did change is the currency it was valued in. People that held gold in Germany back then and in Venezuela today live very well compared to their countrymen and had portable wealth that they could snatch up assets at firesale prices.
Venezuela during a hyper inflationary period before the currency reset. The steep drop off was because this particular currency ceased to exist and they instituted a 'new' one. In March 2019 the quote was 4,299,601 per ounce and in Sept 2021 peaked at 7,448,834,693 per ounce.
The more familiar one for most was in Weimer Germany during their hyperinflation;
And this is what is going to happen to gold (and silver) priced in Federal Reserve notes. It is the same ounce of gold and silver as that hasn't changed. What did change is the currency it was valued in. People that held gold in Germany back then and in Venezuela today live very well compared to their countrymen and had portable wealth that they could snatch up assets at firesale prices.
West
Senior
Good stuff.
Muse...
And I lost all my silver to the exes, not some vary possible bAss boating accident, or maybe some kind of bAss accident?
Maybe my 3 ounces in the old sock drawer will get me a newish motorbike someday, I'll ride that.
Johnny Twoguns
Senior Member
Kenny RogersIn the US both gold and silver are quoted in the federal currency units which are in a freefall. What is the appropriate price of the metal with a currency soon going to be worthless? Well, we do have some empirical evidence of what has happened in similar instances in the not too distant past and further back in history.
View attachment 466132
Venezuela during a hyper inflationary period before the currency reset. The steep drop off was because this particular currency ceased to exist and they instituted a 'new' one. In March 2019 the quote was 4,299,601 per ounce and in Sept 2021 peaked at 7,448,834,693 per ounce.
The more familiar one for most was in Weimer Germany during their hyperinflation;
And this is what is going to happen to gold (and silver) priced in Federal Reserve notes. It is the same ounce of gold and silver as that hasn't changed. What did change is the currency it was valued in. People that held gold in Germany back then and in Venezuela today live very well compared to their countrymen and had portable wealth that they could snatch up assets at firesale prices.
The Gambler
It applies to the coming Apoc Calypso. Don't throw all your cards and chips on the table all at once. It could be a long game. But it will help to take some of the winnings off the table for now, and keep the bulk of the chips to put in your hat for a later use.
YT, a song, couple of minutes:
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Old Gray Mare
TB Fanatic
Wondering if the new base norm for silver has jumped from 20ish USD to 25ish USD?
Great Northwet
Veteran Member
Tough question. I would hope so, but the G/S ratio is still over 85. If the ratio begins to get below 80 on a day-to-day basis then there is a chance that it will occur. OTOH, Central banks around the world are buying Gold, not Silver. Silver has more industrial uses so it should probably catch up at a later time.
IIRC, when the ratio drops to around 70 it's time to back up the truck and load with Silver. I could be wrong and would appreciate the opinions of other members.
DFENZ
Contributing Member
I don't know about a 'secret smile', but Rick Rule is one of the smartest and well-spoken people I have ever encountered. Fortunately, there are lots of free videos and articles out there with his expert commentary. If you are needing guidance on anything metals/mining related, he's your guy.
DFENZ
Contributing Member
Notwithstanding the last several years, a GSR of 70 is still, historically, quite high. The last time I swapped into gold was in 2011 when the GSR was in the mid 30s- I did get lucky and caught it there even after slippage and commissions. I was all back into silver by the time the GSR was back at the upper 70s again. Yup, missed the crazy high of the 120s though... Sure, things can change but the 85 and change we're at now is above my comfort zone. Seriously, there is no better way to double your stack than to swap the GSR when it's favorable. Here are a couple graphics to consider:
Gold:Silver Ratio | Monetary Metals
Chart of the ratio of the US dollar gold price to the silver price, both bid (to sell the ratio) and offer/ask (to buy the ratio). Chart of the bid ratio of the US dollar gold price to the silver price and Monetary Metal
And a handy reference...
Johnny Twoguns
Senior Member
I
This is the global PM trader who pooh poohed silver getting in the 3 figures.
Something is up with that.
Instead of saying a 'secret smile' a more appropriate comment might have been a 'knowing' smile. There was something behind those eyes and that smile, and he did say 'silver will rise higher than anyone can conceive of, except the greediest'. Or words to that effect.
This is the global PM trader who pooh poohed silver getting in the 3 figures.
Something is up with that.
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Great Northwet
Veteran Member
I think we did similar trades around the same time. Thanks for the graphics.Notwithstanding the last several years, a GSR of 70 is still, historically, quite high. The last time I swapped into gold was in 2011 when the GSR was in the mid 30s- I did get lucky and caught it there even after slippage and commissions. I was all back into silver by the time the GSR was back at the upper 70s again. Yup, missed the crazy high of the 120s though... Sure, things can change but the 85 and change we're at now is above my comfort zone. Seriously, there is no better way to double your stack than to swap the GSR when it's favorable. Here are a couple graphics to consider:
View attachment 466170
Gold:Silver Ratio | Monetary Metals
Chart of the ratio of the US dollar gold price to the silver price, both bid (to sell the ratio) and offer/ask (to buy the ratio). Chart of the bid ratio of the US dollar gold price to the silver price and Monetary Metalmonetary-metals.com
And a handy reference...
View attachment 466173
Johnny Twoguns
Senior Member
Great chart for the last 15 years; just my opinion, but it might be a fool's chart this time around if there actually is a great global crash coming. The "dollar" is trash, even now, and it will become more trashy in the months ahead.Notwithstanding the last several years, a GSR of 70 is still, historically, quite high. The last time I swapped into gold was in 2011 when the GSR was in the mid 30s- I did get lucky and caught it there even after slippage and commissions. I was all back into silver by the time the GSR was back at the upper 70s again. Yup, missed the crazy high of the 120s though... Sure, things can change but the 85 and change we're at now is above my comfort zone. Seriously, there is no better way to double your stack than to swap the GSR when it's favorable. Here are a couple graphics to consider:
View attachment 466170
Gold:Silver Ratio | Monetary Metals
Chart of the ratio of the US dollar gold price to the silver price, both bid (to sell the ratio) and offer/ask (to buy the ratio). Chart of the bid ratio of the US dollar gold price to the silver price and Monetary Metal
And a handy reference...
View attachment 466173
China has come out and said that silver ownership should be highly restricted. It is too precious and the world is running out of it.
After months of no real movement in silver at all, and what appeared to be little in gold; demand for physical has now exploded and big money is paying the most in history (not only in the US) to get it now.
Combine that with sources from all over saying that the US is about to default on Treasury Bonds in a way that can no longer be covered up,
Combined with the news that a Russian gov minister has just said that the BRIICS are creating (already created?) a system to buy and sell commodities and financial instruments that bypass the corrupt West manipulations of all markets so that for the first time in decades things will find their real (Austrian form) value to the populations of the world, no longer controlled by the very very very corrupt oligarchs that have stolen power in the West.
Just my thoughts. If things are really to fall apart this year, possibly as early as next month, swapping out silver at ratios that have nothing to do with with physical realities (coming out of the ground now at SEVEN to ONE) it could end up being penny foolish and pound wise to trade silver back to gold when both may soon become something like un-obtainium (similar to Bitcoin right now; un-obtainium to 99% of mankind) and shortly before silver starts appreciating to more of a physical reality and no longer based on the manipulations of the delusional psycho's running the West.
That won't be for a while for sure; but it could be coming, perhaps soon, and the evidence might be showing within the next 70 days or sooner.
223shootersc
Veteran Member
thanks for the info!
20Gauge
TB Fanatic
LOL
I am actually an economist.... yep 4 year degree.......
Now that we have had our laugh, the first thing that comes to mind is you used the word China. China = lies.....
Always!!
So if China said they 100 tons of gold, they are lying. They might have 1 ton of gold. So that would screw things up royally.
Overall the reason gold has worked when it was used directly or indirectly ( gold backed ) was that there was enough gold to allow society to do so.
We no longer have enough gold to run the nation, much less the world. This applies to the world as a whole. Add in plat and silver and you still don't have enough. At least not at current prices.
You would have to add several zeros to the value 1st and then deflate the currency by several zeros.
IF you were able to pull that off, then it might stand a chance but you would need to have the currency exchangable for gold and silver as it was once possible in the USA. IF not, then speculation would destroy the currency at some point as NO ONE TRUSTS the politicians do to the right thing.
The bottom line of any economic system is the trust people have in the currency. You build that and pine cones can be the currency. It would not matter one whit. TRUST is the basis of all economic exchanges. No trust no economy.
Sorry for repeating myself, but it is late. ....
Southside
Has No Life - Lives on TB
Uuuuuuhhhh, we're there
