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Workaholic
3rd May 2010, 02:28 PM
Mr. Crook argued that once the current crisis is over and gold starts to reflect its ‘fair, adjusted for monetary policy (post liquidity extraction) price.’ That price is about $800 per ounce in Mr. Crooks’ opinion. Yes, not the $7,000 per ounce price TheStreet.com was offered last week by one of its rip-roaringly perma-bullish guests. Mr. Crook is thus shorting the GLD. Period. Buying Jan. 2012 puts, to be precise.


http://www.kitco.com/ind/nadler/may032010.html
steveoc
3rd May 2010, 03:05 PM
Mr. Crook argued that once the current crisis is over and gold starts to reflect its ‘fair, adjusted for monetary policy (post liquidity extraction) price.’ That price is about $800 per ounce in Mr. Crooks’ opinion. Yes, not the $7,000 per ounce price TheStreet.com was offered last week by one of its rip-roaringly perma-bullish guests. Mr. Crook is thus shorting the GLD. Period. Buying Jan. 2012 puts, to be precise.


http://www.kitco.com/ind/nadler/may032010.html


He could have a valid point there - once the crisis is over, and the USD is really strong once again - then gold may well trade at around $800.

But putting a timeframe on the concept of once the crisis is over is pretty crazy. The crisis will definitely be over before Christmas - but which Christmas is anyone's guess.

Shorting gold with a Jan 2012 put option - insane. I hope to hear from Mr Cook again in Jan 2012, with a thick layer of egg on his face for sure.
willie pete
3rd May 2010, 03:15 PM
We're in a Long-Term Crisis... :D
skidmark
17th May 2010, 12:53 PM
Mr Crook? That 's a joke right?
gunDriller
17th May 2010, 03:17 PM
by the time the "crisis" is over, we will have many years' experience with the new currency that the IMF has been using, known as "Special Drawing Rights" (it's a fiat currency that backs other fiat currencies. sort of a form of Financial Prozac to re-assure world financial markets.)

it's like saying, "if America had a completely honest government & business world, gold would be $800".
Olmstein
19th May 2010, 02:07 AM
it's like saying, "if America had a completely honest government & business world, gold would be $800".


It's like saying, "if my aunt had balls, she'd be my uncle".
gunDriller
19th May 2010, 07:36 AM
it's like saying, "if America had a completely honest government & business world, gold would be $800".


It's like saying, "if my aunt had balls, she'd be my uncle".


or, if Michael Jackson hadn't taken so many drugs & exercised every day, he'd probably still be alive.

but ... in the world of reality ... holders of other fiat currencies are running to the semi-ultimate fiat currency ... the US $ ... which is going \/ DOWN.