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Thread: Spot Gold Price now meaningless, Dan Norcini Nails it

  1. #1

    Spot Gold Price now meaningless, Dan Norcini Nails it

    I just read a letter from Dan Norcini that really nails whats going on with the Comex spot price.

    I have always found it interesting to watch the price get hammered down, each morning, at exactly the same time, every single day.

    It is the most bizarre thing to watch.

    Article and letter here:

    http://www.rapidtrends.com/blog/2008/10/16/spot-gold-price-is-now-meaningless-dan-norcini-nails-it/
    "When governments fear people, there is liberty. When the people fear the government, there is tyranny." - Thomas Jefferson

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  3. #2
    So when does it end? Because unfortunately selling your stash sitting at Anglo Far East or goldmoney is based on spot price.

    If Comex takes it down to some ridiculous price of $500 while the local shops are selling $500-$700 over spot I will be pissed.

  4. #3
    This is the first explanation I have seen that actually makes sense.
    Quote Originally Posted by Swordsmyth View Post
    We believe our lying eyes...

  5. #4
    Since Ron Paul people are good at getting together in taking servers down, I suggest everyone send a comment to Kitco.

    https://online.kitco.com/sellprice/Email.htm

    Tell them to stop basing the price on Comex paper. It is a bunch of bull$#@!.

  6. #5
    That article is very good, but it still does not address this little fact about COMEX silver.
    This paper short position has been unique, in that no other commodity has ever before had a short position larger than its world production and world known inventories.
    Source of quote.
    How can the COMEX have more contracts in silver than there is actual silver available unless they are committing fraud?

  7. #6
    Since Ron Paul people are good at getting together in taking servers down, I suggest everyone send a comment to Kitco.
    https://online.kitco.com/sellprice/Email.htm

    Done

  8. #7
    Quote Originally Posted by Paladin69 View Post
    Since Ron Paul people are good at getting together in taking servers down, I suggest everyone send a comment to Kitco.

    https://online.kitco.com/sellprice/Email.htm

    Tell them to stop basing the price on Comex paper. It is a bunch of bull$#@!.
    Please don't. Silver here isn't in such demand. I don't want to pay the same prices you are. Leave the "official line" low and let the local markets work. Thank you--God knows living in Oklahoma has few enough other compensations...
    Quote Originally Posted by Swordsmyth View Post
    We believe our lying eyes...

  9. #8
    Quote Originally Posted by acptulsa View Post
    Please don't. Silver here isn't in such demand. I don't want to pay the same prices you are. Leave the "official line" low and let the local markets work. Thank you--God knows living in Oklahoma has few enough other compensations...
    I'm sick of waiting around for "everyone to get in". With that mentality then the price should remain artificially low for eternity just so those who are slow will never miss the boat.

    It's time to take off. And it's time to do it now. Take down them servers with comments!



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  11. #9
    Quote Originally Posted by Paladin69 View Post
    I'm sick of waiting around for "everyone to get in". With that mentality then the price should remain artificially low for eternity just so those who are slow won't miss the boat.

    It's time to take off. And it's time to do it now.
    Aw, hell. They're both so artificially low I don't see how they can drop any. When the burners light the rocket will be off. And that will happen soon enough...

    I feel sure that it will happen before stocks stop shedding 'value'.
    Last edited by acptulsa; 10-16-2008 at 10:49 AM.
    Quote Originally Posted by Swordsmyth View Post
    We believe our lying eyes...

  12. #10
    I've been watching the price disconnect between the "spot price" and the "real world price" with fascination for the last couple weeks.

    Anyone know if there's ever been such a long and marked difference such as this before?

  13. #11
    Quote Originally Posted by Paladin69 View Post
    So when does it end? Because unfortunately selling your stash sitting at Anglo Far East or goldmoney is based on spot price.

    If Comex takes it down to some ridiculous price of $500 while the local shops are selling $500-$700 over spot I will be pissed.
    History tells us this cannot go on forever. The trick is to have the backbone to wait it out. When the dual market finally breaks (and it will), the "spot price" that is acknowledged by worlds markets will change. If it doesnt, another market will appear that you can clear your metal on.

    I wouldnt sweat it, because youre not the only person in this boat, I assure you there are people with alot more on the line than you who have considered the same thing, and realize that there will always be a market, even if it takes the form of certain LBMA entities making their own clearing house.

    Your option is to put your money in what...the stock market?
    "When governments fear people, there is liberty. When the people fear the government, there is tyranny." - Thomas Jefferson

    Your Financial Future - Market Commentary, Economics, Metals

    Anglo Far-East Private Gold and Silver bullion, Numbered Accounts in the Swiss Tradition, Total Privacy, Buy/Sell Gold or Silver Bullion Online, Lloyds of London, Vaults in Switzerland

    The Crash Course: Short Video Series to understand why we have financial chaos, and how to protect yourself

  14. #12
    Quote Originally Posted by tuckessee View Post
    I've been watching the price disconnect between the "spot price" and the "real world price" with fascination for the last couple weeks.

    Anyone know if there's ever been such a long and marked difference such as this before?
    Yes, there is historical precedence:

    http://www.rapidtrends.com/blog/the-london-gold-pool/
    "When governments fear people, there is liberty. When the people fear the government, there is tyranny." - Thomas Jefferson

    Your Financial Future - Market Commentary, Economics, Metals

    Anglo Far-East Private Gold and Silver bullion, Numbered Accounts in the Swiss Tradition, Total Privacy, Buy/Sell Gold or Silver Bullion Online, Lloyds of London, Vaults in Switzerland

    The Crash Course: Short Video Series to understand why we have financial chaos, and how to protect yourself

  15. #13
    Good article. I have been telling people that it's an amazing balance right now. For all of the hedge and mutual funds that are forced to sell, there are enough buyers to keep the price up.

    In addition, we might be seeing a transformation delay: if many people sell gold funds (GLD for instance), and buy physical metal (coins), for a time there will be an excess of gold bricks, and a shortage of gold coins. It takes time to produce coins, and we are mostly depending on the government mints to produce them. Since when has the government ever been quick to adapt to market conditions? They certainly aren't opening new mints and ramping up production.

    There are many pieces to the gold puzzle. It's probably a combination of basic market issues and a variety of manipulations.



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