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Don't buy gold right now. Why would you buy when prices are inflated? Stop it. Learn from this time around and invest when prices pull back.
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Originally Posted by hombrelobo
Don't buy gold right now. Why would you buy when prices are inflated? Stop it. Learn from this time around and invest when prices pull back.
Originally Posted by hombrelobo
Don't buy gold right now. Why would you buy when prices are inflated? Stop it. Learn from this time around and invest when prices pull back.
Originally Posted by bigtomgetsgwap
I remember a thread a long time ago some "kid genius" made and he was swearing up and down to buy gold and Ben Baller laughed at him....does anyone know if he was right or wrong???
Plus I was considering getting involved after I saw a documentary on inflation...I want to start saving for a condo so I'm not tryna put all my savings into stocks or gold
**EDIT** is this a good route to go http://inflation.us/stocks.html
thats what everyone has been saying since 03Originally Posted by kix4kix
Gold is being seen as a commodity, it is being used to gain profits, you guys can do what you wish with your money. But gold will top out sometime, and soon.
As said before, it should be viewed as insuring your investments, and that alone.
[h1]Venezuela's Chavez Plans To Nationalize Gold Industry[/h1]
Chavez says he will introduce "decree to take the gold sector"
--Government looks to take over production, ramp up international reserves
--Chavez hinted in May he may centralize control over gold
--Rusoro CEO says he's not worried about expropriation
(Updates with comments from Rusoro CEO in the fifth paragraph and central bank statistics in the 11th paragraph.)
CARACAS (Dow Jones)--Venezuelan President Hugo Chavez said Wednesday he plans to nationalize the country's gold industry in a bid to take over production and cut down on smuggling, while ramping up international reserves.
Speaking on state television via telephone, the leftist leader said he will introduce a new decree in the coming days to put exploration and extraction of gold into the government's hands.
It will be "a decree to take the gold sector," which still remains in the hands of a "mafia and smugglers," Chavez said. "We don't only have oil wealth, we have here one of the largest reserves of gold in the world ... Let's convert it into our international reserves because gold is increasing in its value."
Venezuela has for years talked about cracking down on illegal gold mining and smuggling along the country's sparsely populated southeast region. At the same time, however, many critics say years of insufficient investment and government red tape have limited extraction of the precious metal.
In a telephone interview, Andre Agapov, the chief executive of the only non-state-owned gold miner in Venezuela, Rusoro Mining Ltd. (RML.V) said he isn't worried about Chavez's announcement because he believed that it was targeted toward the many illegal mining operations in the country that work without government permits and use environmentally damaging practices such as clear cutting and mercury dumping.
"All the gold is being sold illegally, and of course the central bank, the minister of mines and the president said enough is enough, especially considering the current gold price," Agapov said.
Rusoro produces about 100,000 ounces of gold a year, he said. The illegal gold mining industry in Venezuela is so large it likely produces twice as much as Rusoro and the Venezuelan government combined, he said.
Vancouver-based Rusoro bought its operations from South Africa's Gold Fields Ltd. (GFI) in 2007. It's in a 50/50 joint venture in its Isadora mine with the Venezuelan government and owns a 95% stake in its Choco 10 mine, with the government taking a 5% stake.
Agapov said his father, Rusoro Chairman Vladimir Agapov, is personal friends with Chavez and his company has always had a good relationship with the Chavez government, so he's not worried about expropriation.
The latest announcement comes one day after documents reviewed by The Wall Street Journal showed that the Venezuelan government plans to transfer billions of dollars in reserves held abroad to banks in Russia, China and Brazil and tons of gold from European banks to its own central bank vaults. According to the documents, the South American country aims to move 211 tons of gold it keeps abroad and values at $11 billion to the central bank in Caracas, where the government keeps its remaining 154 tons of bullion.
The Central Bank held nearly $18 billion in gold as of the end of the first half of the year, making up nearly 63% of its total reserves. As of the end of June, Venezuela had the largest gold holdings in all of Latin America, according to the World Gold Council.
Chavez, who has looked to centralize control of the Venezuelan economy's key sectors as part of his self-styled "21st century Socialist revolution," hinted most recently in May that a nationalization of gold was underway. At the time, he said he wanted to create a "national" entity for gold, much like state oil monopoly Petroleos de Venezuela, or PdVSA. He also said the country was producing around 11 metric tons of gold each year, while the same amount was leaving as contraband.
In February, Canada's Crystallex International Corp. (KRY.T) had its contract to develop the Las Cristinas gold fields terminated by the government. The company is now seeking arbitration and is looking to get nearly $3.8 billion in compensation from Venezuela.
A year ago, the state allowed gold-mining companies to export up to half of their product, softening an earlier law that required companies to sell 70% of their product domestically and export only 30%.
-By Kejal Vyas and Edward Welsch, Dow Jones Newswires; 58-414-249-6821; [email protected]
--Tatyana Shumsky contributed to this article.
http://online.wsj.com/art...-CO-20110817-711924.html
LOL, I interned over at the exchange back in 05 and people thought Gold (i think was at 300) was way too high.Originally Posted by devildog1776
1824 an oz...
people said 1800 wasnt even a possibility on the MSM...
THIS ECONONMY NEEDS A RESTART... we just going through the motions...
we'll probAbly hit 2000 by OCT.... INDIAN WEDDING SEASON IS AROUND THE CORNER SO DEMAND WILL NATURALLY BE HIGHER AND THE CURRENT DODOSTORM IS JUST GETTING UNDER WAY....
WE WILL SETTLE AT 2000 BY DEC ....
cant wait til people start calling for deeilvery on their GOLD AND SILVER and the comex doesnt have enough .. then prices will go through the roof
its not even close to being a bubble. even when the price hits 10k its not in a bubble.Originally Posted by jhova718
lol bubbles are a funny thing...
Margin calls, profit taking, dollar being stronger, the recent gold drop isn't too big of an issue, 1580 looks to be around the bottom. If you wanna get in gold, get in the stocks and etfs and throw a stop in once it hits 1820-50 because it will come down again.Originally Posted by Biggie62
You do understand that hedge funds, which are the big money, were selling their positions the last 2 days right?
margin increases from the cme and shanghai gold exchange. doesnt make sense..... THEY INCREASE IT WHEN GOLD GOES UP AND DOWN? WTH! they did it effectively too cause options expiry was around the corner. (9/27) it settled down and people that bought silver at the bottom made an easy 20-25%Originally Posted by Biggie62
You do understand that hedge funds, which are the big money, were selling their positions the last 2 days right?