You are Probably Watching the Last Days of Gold Below US$1,000 -- Forever

[Woodland Detectors]

Lets hope so I need to re supply the safe again!

I'm still Kicking myself for not Investing when Gold was
under $300. But telling everyone else they should.

Those who did & sold Yesterday made a Killing.

Those who Buy now
may need to wait Years to recoup
let alone profit.

Maybe Next year they will make 3%

Lol I was a financial adviser for GE a few years ago. I could tell everyone how to invest their money properly but, When it came to my own I pi$$ed it all away! I should have listened to what I was preaching. I'd be set today!

 

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[goldsworthy]

Brace yourself for the impending gold shortage. Gold shortage? Yup. With the launch of the eighth gold ETF this yesterday, the ETFS Gold Trust (SGOL), total ETF holdings of the barbaric relic reached 54 million ounces worth $55 billion, more than total world production in 2008. Last year, South Africa suffered its steepest decline in gold production since 1901, falling 14%, to a mere 232 tons. It now ranks only third in global production of the yellow metal, after China and the US. Severe electricity rationing, a shortage of skilled workers, and more stringent mine safety regulations have been blamed. Choked off credit has frozen the development of new capital intensive deep mines, as it has for everybody else. Rising production costs have driven the global breakeven cost of new gold production up to $500 an ounce. In the meantime, the financial crisis has driven flight to safety demand for gold bars and coins to all time highs. Last year, the US Treasury ran out of one ounce $50 American Gold Eagle coins, now worth about $980. Competitive devaluations by almost every central bank, except Japan, mean that currencies are not performing as the hedge that many had hoped. It all has the makings of a serious gold shortage for the future. Could last year’s downturn be a blip in the eight year bull market? Now that we are solidly over $1,000, kissing $1,025 last night, the match could hit the fuel dump at any time

 

[goldsworthy]

Metal Bid Ask
Gold $1,017.40 $1,018.40 13.50
Silver $17.24 $17.29 0.40
Platinum $1,328.40 $1,338.40 15.20
Palladium $300.90 $305.90 5.80

Updated:9/22/2009 7:37:18 AM CST

 

[jim4silver]

Brace yourself for the impending gold shortage. Gold shortage? Yup. With the launch of the eighth gold ETF this yesterday, the ETFS Gold Trust (SGOL), total ETF holdings of the barbaric relic reached 54 million ounces worth $55 billion, more than total world production in 2008.

Goldsworthy,

Maybe you know the answer to this, I am curious if all these ETFs actually hold real, physical gold bullion in the amounts that correspond to the value of the shares?

I have read in some articles they do, but have read some pundits who seem to claim that they might not and that they hold paper instead? I wish I knew the correct answer to this.

If I knew there was actual bullion in an ETF, I would consider buying some shares just to trade/flip, since the price is so volatile and I don't want to sell my physical unless I have to.

Anyone know the answer to this?

Jim

 

[goldsworthy]

Brace yourself for the impending gold shortage. Gold shortage? Yup. With the launch of the eighth gold ETF this yesterday, the ETFS Gold Trust (SGOL), total ETF holdings of the barbaric relic reached 54 million ounces worth $55 billion, more than total world production in 2008.

Goldsworthy,

Maybe you know the answer to this, I am curious if all these ETFs actually hold real, physical gold bullion in the amounts that correspond to the value of the shares?

I have read in some articles they do, but have read some pundits who seem to claim that they might not and that they hold paper instead? I wish I knew the correct answer to this.

If I knew there was actual bullion in an ETF, I would consider buying some shares just to trade/flip, since the price is so volatile and I don't want to sell my physical unless I have to.

Anyone know the answer to this? The simple answer to your question is "NO" buy physical only!

Jim