gunDriller
20th May 2010, 05:54 PM
In Canadian dollars, gold is still maxed out. $1266 - about as high as it ever was.
http://www.bullioncoinsandbars.com/products-gold-coins.htm
for example, looking at the exchange rate in Canadian dollars - it's risen the last few months from parity to 1.07.
http://www.weblinks247.com/exrate/exr24_ca_en_2.gif
Same thing is true in most currency markets. the US$-Euro ratio was at a max until mid-day, leaving gold prices close to their max for Euro gold shoppers. Who are experiencing widespread shortages.
So, while we in the US are seeing a significant downtick (4 to 5%), the rest of the world is cruising along within 2% of their maximum.
I also wonder if the market manipulators have moved to other markets besides NYMex & Globex. i.e., markets that are outside the reach of the US Justice Department.
If I was managing JPMorgan's shorting program and was under orders to continue trying to maximize the value of the US $, I would short gold & silver in markets outside the jurisdiction of the US Justice Department.
of course, it also helps that entire continents are freaking out about their currencies - helps the US $ that is. This has another effect - while the price of gold downticks in the US, it stays close to its high in Europe.
Last week i was quite convinced that the downtick to $1220 on Friday was the extent of downward price movement.
Then on Monday May 17 this week, gold was still around $1230.
Then, WHAMMO ! 8)
http://www.bullioncoinsandbars.com/products-gold-coins.htm
for example, looking at the exchange rate in Canadian dollars - it's risen the last few months from parity to 1.07.
http://www.weblinks247.com/exrate/exr24_ca_en_2.gif
Same thing is true in most currency markets. the US$-Euro ratio was at a max until mid-day, leaving gold prices close to their max for Euro gold shoppers. Who are experiencing widespread shortages.
So, while we in the US are seeing a significant downtick (4 to 5%), the rest of the world is cruising along within 2% of their maximum.
I also wonder if the market manipulators have moved to other markets besides NYMex & Globex. i.e., markets that are outside the reach of the US Justice Department.
If I was managing JPMorgan's shorting program and was under orders to continue trying to maximize the value of the US $, I would short gold & silver in markets outside the jurisdiction of the US Justice Department.
of course, it also helps that entire continents are freaking out about their currencies - helps the US $ that is. This has another effect - while the price of gold downticks in the US, it stays close to its high in Europe.
Last week i was quite convinced that the downtick to $1220 on Friday was the extent of downward price movement.
Then on Monday May 17 this week, gold was still around $1230.
Then, WHAMMO ! 8)