From Richard Russell, editor of Dow Theory Letters, in remarks posted on his
website on November 3rd:
''A major shocker! Without any haggling India took the gold [purchasing 200
tonnes of gold from the IMF for $6.7 billion at a near-record price.
This could
be the beginning of a panic for gold 'at any price.' China, Russia and Brazil
are rumored to be eager to buy the rest of the IMF that's gold for sale. How
long can it be before the world follows in India's and China's footsteps? Do
you want to know where the wealth and the power are heading for? Then follow
the real money, and the real money is, and always has been -- gold. Note that
Dec. gold closed just three dollars off it's high. There was very little profit
taking on today's dramatic surge -- bullish action.''
''Question -- Is it too late to buy gold?
Answer -- For those of us who, years ago, were buying one-ounce gold coins at
$350 a piece, the current record gold price probably seems dangerously high.
But to India and China the current price of gold doesn't appear high. I can't
tell whether gold has entered its speculative third phase yet, but often buyers
in the third phase make greater profits in a shorter time than the early buyers
made while accumulating gold during the first and second 'bargain' phases. With
US national debt climbing into the trillions of dollars, who knows where gold is
going?
In the US, 'nobody' (and this includes most funds) owns gold.
Somewhere ahead
it will be considered mandatory to own some gold. When that happens, 'Katie bar
the door.' I've often said that one of the most difficult things to do in
investing is to sit through the greatest part of a primary bull market. To
subscribers who bought gold early and still have their gold -- my
congratulations.''
. . . and from Trader Dan Norcini, in a posting on Jim Sinclair's website,
jsmineset.com, on November 3rd:
''What makes the surge higher in gold even more impressive is that it came in
the face of a weaker Euro, a stronger Dollar, and most particularly, a dropping
equity market. The net result of such occurrences is that gold moves higher in
terms of nearly all of the major foreign currencies. Gold priced in terms of
Euros is at its best level since March of this year with British Pound priced
gold back near the 650 level.
Based on today's price action, one would have to say that the price of gold has
consolidated long enough above $1,000 that the market has now come to terms with
a permanently higher gold price of 4 figures. Without wanting to be premature,
gold under $1,000 would undoubtedly be viewed now as a bargain. That is why
markets that move higher, consolidate, move higher, consolidate, etc, are
sustainable bull runs. The run and pause effect gives the industry TIME to
become acclimated to the new, higher price level whereas markets that launch
into parabolic type blow offs, while spectacular, are generally unsustainable
and short lived in the broader scheme of things. They come crashing back to
earth as quickly, if not faster, than they went up.''
. . . and from an article posted on CoinNews.net on November 2nd:
''October was explosive for US bullion coins. Unprecedented demand for gold and
silver coins elevated the month with US Mint recorded sales levels that are
either at or near the top of the all-time high charts.
Bullion American Gold Buffalo and American Silver Eagle coins enjoyed their best
October ever.
For the Silver Eagles, more than double the amount were sold last month at
2,939,000, than in any previous October. The month also stands out as the time
when 2009 became the best selling year ever for eagles -- dating all the way
back to their launch in 1986. The latest numbers pad the tally further with
23,406,500 delivered in the first 10 months of this year.''
...........
gold: short squeeze of the century!
be a player in the squeeze, take physical possession asap
-n40
:o) |
