goldbugs, smart money people, tell me what stopping gold sales means

[rockriver]

as the title says, what does it mean for a bunch of folks not to sell gold.

any other comments --- sovereign funds in trouble??

http://www.cnbc.com/id/39376353

[Bearman202]

It means that the people running things are no longer confident that there are enough ******s to buy into their fiat money scheme. If the general public stops taking their toilet paper, they want to be the ones holding the gold. There was an economist on Coast to Coast tonight, and he said that right now, you need to be out of debt. It was interesting in that he said the first thing you should do is pay off your car. They can repossess your house or any other tangible asset that's not paid off. They can NOT repossess the food in your refrigerator or pantry or under your bed. He said if you can't afford to buy gold, buy food. The dollar you spend right now will be worth a lot more in a year if the economy goes away. I tried to stay away from gold, mainly because I think it's going to be a problem to trade later. You want to trade an ounce of gold for a chicken? Silver makes more sense to me, preferably in one ounce chunks. That ten ounce bar may be easier to keep track of, but again, I don't want to try to trade with it.

[bountyhunter69]

IMO,it should be land,food,guns,and ammo..then if time/funds still available,get ur self some silver for barter..remember in 1933,FDR nationalized gold..a progressive..and now we have another progressive in the white house...so to me,the risk of buying into the gold market now with gold, in 1300.00 range,its just not worth the risk of having it taken from you later down the road. It is going to be hard enuff trying to hide your food,guns,and ammo if martial law is ever declared. Ive never tried it but i dont think a 1300.00 ounce of gold would be very tasty to eat no matter what kind of seasonings you would use,even if it is covered with gravy,and man o man,i do love that gravy LOL

[610Alpha]

I agree bh69. Ballistic wampum, .22 shells, food, seeds, water, first aid supplies, freeze dried coffee (especially with S. America not wanting to sell right now prices are going up already).

As an example of a micro failure in an economy, Katrina, you didn't see people running around with little bags of gold.

[monkeybird]

The main reason I purchased gold and silver was to use as bribes in case I needed to bribe my way out of dodge! I also have some nice pieces of jewelry along with some silver utensils that will also be helpful.

Food, particularly the kind that lasts 30 years, will be the most important commodity around if the SHTF. Water is another item of value. I recently saw an old Gunsmoke episode where Chester found an underground water source and was selling it to farmers all around the area. Imagine having control of an underground spring or other source of water.

[bountyhunter69]

good way of thinking monkeybird,but in my case,(it may work and might be good to try) i think as soon as the bad guy(s) find out u have something of value to use as bridery material,they would just try kill u and all ur group,then take any and all valuables,food guns,ammo...thats just my opinion,still best to be armed good and know how to defend yourself,we have a forgiving God in case of self defense of ourselves and our loved ones..u all agree?

[610Alpha]

Yes He is a forgiving God and I concur with you about protecting yourself and family that he will have mercy on you.

[rockriver]

i need to rephrase the question...

i don't have any gold... i'd like to... but that's not what i was trying to learn..
let me try being more specific.
--
for the european central banks to stop selling gold... should this be getting my attention?
our attention. does it indicate the banks think gold is better than the cash that they were getting for their gold. is this a forecast of economic doom?
is there any world wide or american wide significance to this postion that they are taking?
i suspect there is.. but i'm not savvy enough to boil it all down.
rr

[Matt In Oklahoma]

It is an attention getter because that means someone is puckered real bad. Everyone is hoarding but until now on the lowdown. Our local coin shop stopped selling 2yrs ago and has been only buying and in the last 6mths in a frenzy.The europeaans just blinked first now we will see where the chips fall. There will either be a shtf senario or alot of folks trying to sooth things back out globally. Either case pray and prepare, then pray some more.

[Buster]

Institutional investers are somewhat different than individual investers in that institutions don't worry about food, water, security etc.
Perhaps the global economy is to the point that some who run the large banks and other financial holdings may see gold and other PM's as the safest way to store weath at this point in time.
I am only guessing but maybe "they" anticipate a large price increase in the near future or it could be that "they" are more concerned with the safety of their investments than the return on their investments.
I would like to know if they are physically holding it or is it just on paper

[610Alpha]

good point Buster. If they are stacking it up like in Fort Knox and the Federal Reserve bank in New York (Die Hard movie) then that is a lot different then just trading the paper based version of gold notes. It might be a good question for an economist. Ask your local community college prof.

[bountyhunter69]

if i was a gambler,i would bet and give odds that the US gold reserves that are SUPPOSED to be in Ft Knox are not there..i saw in fox news the other day there is a senator (dont remember which one) that is demanding an audit of Ft Knox gold. It hasnt been audited since back in 50s in Ike's days. But there is a dim light at the end of the tunnel,as i understand it,in NY city fed reserve bank,the US stores and maintains and protects a great amount of the rest of the worlds gold..(being the biggest and baddest kid on the block) i guess most of the world figures it is safer here than in their country,the dim light is..if push comes to shove even tho it would PO the rest of the world,we could always say SORRY BUT POSSESSION IS 99.9% OF THE LAW..u never kno it mite come down to that

[monkeybird]

I would never own "paper" gold or silver. There have been a number of scandals in which paper was sold with no gold in stock. (Sounds like the Feds) I want to be able to hold it in my hand.

It does worry me the the EU banks are holding gold. As of yesterday, the Federal Mint has run out of it 1 ounce 24 karet gold Buffalo Coins and do not plan on producing anymore. I checked this morning and the current price of the coin is over $1,400.89 Ea if you buy 1-19 or them. The price drops slightly for larger purchases.

This worries me. As I watch Fox Business gold continues to rise. I hope it's a bubble because I'd like to buy more, but not at that price.

Silver is also increasing significantly. 1 ounce purchases of silver is affordable for most of us.

I am very concerned about the enormous increase in the price of precious medals. As Ben Bernanke hints at another quantitive easing in November, we all need to watch this carefully.

[monkeybird]

Just heard on Fox Business that today Gold, Silver and Copper all hit all time highs. The analysis was that because the U.S. and the E.U. are printing so much paper money, people are worried about the value of their currency. The fact that Banks are now selling their gold - is that they know that the value of paper is falling.

Marc Faber or the Boom, Gloom and Doom report believes that precious metals are going to become a 'bubble' commodity. Others like Celente and some of the Fox Business experts believe that it will continue to increase in value as the economy deteriorates.

[Matt In Oklahoma]

Buster most are physical holds but some are "investments backed by gold" like money used to be