The Michael Pascoe gold thread

[Clay Davis]

Last night gold hit a new high at US$1462.93. I'm not a gold bug, but it's been going rather well in the markets.

So what has Australia's, if not the world's, biggest financial peanut had to say about this yellow metal?

March 18, 2011: Buy iodine, sell gold and forget the Aussie

July 28, 2010: Time for gold bulls to feel a little fear - Price: US$1158

June 28, 2010: Gold price a bubble waiting to pop - Price: ~US$1,250

December 15, 2009: There's more gold where that came from

September 14, 2009: Gold drops 25%! - Price: US$1006.50

Go Michael!

 

[Subprime]

I heard / read a while back that an ounce of gold is buying the same number of loaves of bread as it was back in Nebuchadnezzar's time.

How that stat was figured out & its veracity I have no idea.

 

[Fire]

I heard / read a while back that an ounce of gold is buying the same number of loaves of bread as it was back in Nebuchadnezzar's time.

How that stat was figured out & its veracity I have no idea.

Simple convenience. The graph starts and ends at the same point, but completely ignores what happens in between.

Gold nowadays can buy a shitload more bread than it did 10 years ago.

I am looking at getting some bullion soon, but these people who say "gold is real money" and make claims that everything rises and falls in comparison to it are deluded. Gold is a commodity, its value increases and decreases like any other commodity, and because of its industrial uselessness, its value is determined completely on speculation and faith, like all currencies.

That being said, you can't print it and it’s a safe haven for those bearish on the medium to long term global financial outlook. Personally I'm going to take it on as a hedge and a little bit of an investment because I think it's going to appreciate in real terms, but there is no need to get carried away or deluded about its intrinsic value.

 

[Effes]

Last night gold hit a new high at US$1462.93. I'm not a gold bug, but it's been going rather well in the markets.

So what has Australia's, if not the world's, biggest financial peanut had to say about this yellow metal?

March 18, 2011: Buy iodine, sell gold and forget the Aussie

July 28, 2010: Time for gold bulls to feel a little fear - Price: US$1158

June 28, 2010: Gold price a bubble waiting to pop - Price: ~US$1,250

December 15, 2009: There's more gold where that came from

September 14, 2009: Gold drops 25%! - Price: US$1006.50

Go Michael!

You should call him he is on Tony Delroy's program on ABC once a fortnight.

 

[Ghostwriter]

I like this article.
http://smh.domain.com.au/real-estate-news/housing-bubbles-20110525-1f3g2.html

Housing bubbles
Michael Pascoe
May 25, 2011 - 11:46AM

As for the other excuses for lower bank shares, the hedge funds playing the housing bubble tune has been running for long enough now to be considered a golden oldie. Beyond the self-serving potential to exacerbate market fears, it remains a brave call for the hedgies and I wonder how much money is really riding on it. The strategy – to the extent that it might exist – has been a loser for most of the past year.

 

[Mofra]

Last night gold hit a new high at US$1462.93. I'm not a gold bug, but it's been going rather well in the markets.

So what has Australia's, if not the world's, biggest financial peanut had to say about this yellow metal?

Taking into account the weak US$ compared to the AUD$, gold has done little in AUD$ terms over the past 12 months.

Pascoe is writing for an Australian audience, not a global audience.

Now, if you were talking silver...