"POG is at 1326.40usd Comex and Spot 1325.31usd and 1397aud and...

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Bobcat.

70 Posts.

02/07/14

11:54

Post #: 13599707
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Originally posted by All4One ↑

Two points

First: POG is at 1326.40usd Comex and Spot 1325.31usd and 1397aud and climbing again, Looks like your short position is in jeopardy Bobcat.

Second: The Post :"Gold has no useful purpose to banks or the financial system" something like that anyway!
Im guessing some people think the U.S. spends Millions a year protecting the U.S. Gold reserves in Fort Knox and N.Y. and adamantly proclaims all the Gold is there to keep this useless metal out of public view.

Gold reserves are generally like your own money in the bank, not used but without it your financial system has no backing and loans become very expensive ---- Insurance and collateral.
Most central banks hold Gold and the holder of the reserve currency usually has the most.

The ME, Russia, China and many other countries use Gold as real currency, ask the U.S. why it has Gold sanctions on ME countries.

G.S. / JPM /HSBC/CITI and many others all think its pretty important to their financial position.

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"POG is at 1326.40usd Comex and Spot 1325.31usd and 1397aud and climbing again, Looks like your short position is in jeopardy Bobcat." - All4One

You're presuming I'm short - I'm not (40% of my portfolio is long on precious metals)...but if and when Gold bounces again off 1310usd then I'll be going longer. IMO, Gold's long term bullish run resumed when it bounced off 1240usd last month. Trading to it.
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0 Great analysis

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