Monday 22 September 2008, 11:19 pm: GOLD: Bearish sentiment, bullish action?
I was just doing an eBay listing from a template that I originally created on 22 September 2007.
Look at how the gold price has changed since then, even despite the bearish sentiment over the summer! Look at the devaluation of the Pound!
US$ gold price gone from 731 to 902 !
£ Sterling price gone from 361.81 to 485 !
This is despite all the bearish sentiment over the last few months - the bull market is over and all that stuff. Or maybe it is because of it. Gold has remained above 2007 levels on a year over year basis, except for maybe one or two monents in the low 700s a week or two ago. I shall try to find out whether it was ever down on a y-o-y basis in 2008.
So what anyway?
Clive Maund the well known gold analys is also a Genesis fan. See his US bond chart here:
Clive Maund Gold Market Update September 21st, 2008 and look for the one liner from'The Lamb' - what a man of taste! I am going to listen to 'Deep in the Motherlode' now!
Since Kitco has been down for maintenance (of John Nadler's BS commentaries perhaps), I have gone here to look at the gold price instead:
The price is holding above $900 this evening, also at £486 Sterling, just over €610. The recent sharp upward move has taken the price back over $1000 Australian $, too.
To get this in perspective, £486 is £100 above the old 1980 high in Sterling around the £380 level. A gold Sovereign is worth £114 in melt. That used to be a pound coin, so since the Gold Standard was ended, the Pound has devalued by more than 99%. Thank you, Central Bankers.
Please see these eBay auctions:
NICE 1884 SYDNEY SHIELD GOLD SOVEREIGN OF VICTORIA
DECENT 1862 VICTORIA SHIELD GOLD SOVEREIGN NO RESERVE !
LOVELY 1898 MELBOURNE MINT GOLD SOVEREIGN OF VICTORIA !
CHOICE 1916 (London) Gold Sovereign - RARE on eBay
RARE 1899 PERTH MINT GOLD SOVEREIGN OF VICTORIA ! EF