ferrett
Right so if they ever needed to sell it gold going down on the open market isn’t really good for currency that has gold reserves. Like it used to be when you could redeem gold for paper and back both could go up together. Now the different reflects how much paper promises has been devalued. Raising the price of gold without eliminating the debt and raising the value of the dollar, would just devalue the paper dollar more. At the same time they need the dollar down for trade. Being a reserve currency isn’t good for the economy. Electing or appointing mismanagement isn’t either.
goldie 20:15, exactly.
They can revalue the gold to $100,000 per oz, but that’s as meaningless as the $42.22 current valuation. They certainly aren’t selling it at $42.22, just as they wouldn’t be buying it at $100,000.
ipso 20:56
Anything they say doesn’t mean a thing, their word is completely worthless, same with Iran apparently.
So much for that
The Hormuz Letter
@HormuzLetter
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1h
BREAKING: Ukrainian drones have just struck Russia’s Syzran oil refinery, with multiple fires burning across the complex, hours after Trump claimed on Truth Social that Ukraine had agreed not to hit Russian energy targets, that Russia had agreed likewise, and that the world’s diesel price rise “is mostly caused by the Russia/Ukraine War, not Iran.”
Syzran runs about 170,000 barrels per day, roughly 3% of Russia’s refining capacity. US diesel hit a record $6.23 a gallon today.
ferrett
Right, that can change the price of their gold but not on the global open market price but I doubt if they’d buy it from individuals for that price. Why would anybody buy it for that price from them when they can get it on the open market. I can only see it as adding some insurance to something like treasuries but at that price not very much.
Mr.Copper, Chat’s response to your question ….
“Here’s the really important point
The government doesn’t have to back every dollar with one ounce of gold.
It could say:
“We will redeem $X for one ounce of gold.”
How can they do that? If they say “We will redeem $100,000 for one ounce of gold, you’d have the greatest arbitrage in history, with you, me and every other bug and his dog frantically selling to the govt. for $100,000 and buying back at $4,500 on the open market, a price that would rapidly rise to be sure, but at the same time would eliminate the gold reserve entirely. {edit: Ha!! got that wrong – the gold reserve would increase as they acquired more gold for $100,000/oz.}
As far as I can determine, and I could only get back as far as 1911 with data as to how many USD notes were in circulation, paper money has never been backed by gold. How can they do it now?
eeos – Shipping Container Mansion
31 minute video of a 4,000 sq.ft. mansion in Minnesota built out of shipping containers.
Waves and Fib No’s for GDX
here we see 5 up and 3 down….27 days up and 14 down, so wave 2 is @ 50 % of wave in time and nearly 0.38 % in price
Here we break down the 2nd wave dn ..especially the c wave….which is clearly 5 wave.
Wave i = 3.08
wave ii= 1.06
wave iii = 3.44
wave iv = 1.07
therefore waves i and iii are equal, as are waves ii and iv…if wave v is equal to wave i, then the tagert for wave v is close at 94.02 ( 97.10- 3.08)….we closed at 94.14 tonight……looks like the 2nd wave is done…we shud run up fast from here in the next wave 3 up.
Re Backing the US dollar with Gold, $50,000–$100,000 per oz
I asked ChatGPT If the US Gov’t or Treasury, or the Fed Res, regarding all the US dollars in existence, was going to back the US dollar with Gold and Silver what would those prices be, especially for Gold.
Ans:
GATA
Years ago, Bill Murphy used to talk about the multiples of paper Gold to real physical Gold. For giggles, I asked Chat GPT what that ratio really was. This is what I got:
The paper gold to physical gold ratio can exceed 100:1 in certain markets, meaning there could be over 100 ounces of paper gold claims for every ounce of actual physical gold. This disparity highlights the risks associated with investing in paper gold compared to owning physical gold.
With the Dutch repatriating $5 billion worth of their physical Gold in the past few weeks, I keep asking myself how much longer ( and how much higher) that ratio can go before something implodes. But we all know that financial “markets” can be irrational far longer that anyone can rationally think….
HUI down just a little less than 3%
Modest by the HUI standards. The silver shares have taken the brunt of the damage; seems most are down near 4% although I see CTGO is up a little and HSLV is only down a fraction. I do see one that’s down over 7%.
The DIA is down .17% and the QQQ’s down .56%.
I shudder to think what we’re going to look like when the SM actually takes a real hit.
deer79’s little tungsten play is up 5%. Are there any others? There’s one called Fox Tungsten in Canada but it’s a $.16 stock. Greatland is more of a gold play, or at least it is trading like one.
maddog
Yeah that’s what I figured and they do it every time. Another slowdown one is confirm identity when you log in quite often. Like your there for a Sunday stroll through the park. I have signed up for another broker just haven’t funded it. Another I’d to buy a IPO pre trade which I wouldn’t do anyways cuz you get locked in for months while it sells off but they act like it’s only for the ones with 100k or more in their account. Fidelity it’s 2000.
I tried the GTC a small amount plus extended hours and it went through..I also found a small monthly charge for a canadian stock. Have to watch that too.
Reason for stocks upswing/oil downswing?
Stocks just spiked on this: US seeks “step-by-step” agreement with Iran, a scenario that could be a prelude to the US entering the path of negotiations, without abandoning military and economic pressure: ILNA reports citing Pakistani sources.
But it looks like the Iranians are in bed with the Globalists/Dems/Liberals to make Trump look as bad as possible before the Midterms…
goldielocks
That verbiage is probably just to cover their backsides, against being sued, by someone who loses money etc……
On the GTC again I don’t see how you can have a sell order not taken.
maddog
Ameritrade investors were transferred to Schwab. If I knew of any others were better I would get out. Have to consider if that broker could survive a crash. They also have ways to slow down your trades too, like money moving fast doesn’t matter to them or doing it on purpose. Like buying a ETF for a short term trade and get a lecture I’m supposed to read first before placing the trade. I can’t remember what stock they refused the GTC but I think it was pre open hours. I might try that high ask trick on.GTC and see what happens. They also give you a lecture if you buy and sell the same day and not a pattern but see a change in direction once and preventing losses.
Ipso
I would love to be wrong! But I’m just snot!🤣
Maddog
I’m ready! 🙂
The regime damages itself
Iranian influencer is sentenced to death for ‘insulting the Ayatollah and sharing pictures of air strike damage’
ipso facto
Re Good news…yup that could well be it……we may have a major bottom here in PM’s…next few days will see….Wave counts are well set.
Buygold
But you’d love to be wrong …
Ipso
I do see the HUI was down to 777 and now around 793 down 20.
Metals are better.
I guess it’s about perspective. PM’s don’t come back.
Mortgage rates above 7%. Blechh
The Kobeissi Letter
@KobeissiLetter
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2h
BREAKING: The 10Y Note Yield officially rises above 5.00% for the first time since October 2023.
US mortgage rates are back above 7%.