Rigging the gold market

padington

Maybe 'Smeagle' was right all along ....

http://www.telegraph.co.uk/finance/china-business/11679496/Bank-of-China-becomes-first-Asian-firm-to-help-set-Londons-gold-price.html

stator

Only fools buy gold anyway, the price is so inflated vs any actual use that you're just buying into the biggest and longest bubble that ever existed.

mayonnaise

padington wrote: »

'Smeagle' ....

Ah...smeagold.
One of his last nuggets of wisdom:

BTW Now would be a good time to buy too, gold will go up another $600 in the next 6 months. You gonna call the end of the bubble again and make it 2 out of 2? The lows in gold are in the $1500s no lower. We may retest but within a month gold will sky rocket again. $2200 within 6 months.

http://forums.moneysavingexpert.com/showpost.php?p=47746305&postcount=5

That was October 2011.

Here's the graph.


:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

Generali

I think he was on about the silver market from memory (or was that another lunatic?).

It seems that he might have been right about JP Morgan mucking about with the silver market.

padington

Generali wrote: »

I think he was on about the silver market from memory (or was that another lunatic?).

It seems that he might have been right about JP Morgan mucking about with the silver market.

Yes it was the silver market come think about it. He was admanet most mornings there was a 'smack down' and survived for a year or so betting it would happen.

I wonder where he is now, I think he was trying to find a farm in Canada with its own water supply last time I heard.

Edit : smeaGOLD that was it, almost forgot.

Sabrina2000

Generali wrote: »

I think he was on about the silver market from memory (or was that another lunatic?).

It seems that he might have been right about JP Morgan mucking about with the silver market.

"Might" be right about JPM manipulating silver? I thought there were not anybody left who says the silver market is not manipulated?

Gen, do you still say the there is no manipulation in silver?

Generali

Sabrina2000 wrote: »

"Might" be right about JPM manipulating silver? I thought there were not anybody left who says the silver market is not manipulated?

Gen, do you still say the there is no manipulation in silver?

Today or during specific time periods? Please let me know when you are talking about and will be happy to discuss.

purch

There is a VERY GOOD reason why the price of Silver has been manipulated lower for centuries.

There is a race of Alien beings from a planet in the Sirius system who watch the price of Silver on Comex very closely as they have a large long position in the stuff (it was given to them in 5500BC by the Sumerians who thought they were Gods).

John Pierepont Morgan was given the task of keeping the price of Silver below $50 by the World Government and his firm have continued saving us from invasion from outer space ever since.

purch

Actually smeagold was not only a lunatic, but also quite dangerous.

He continually tried to convince people on the savings & investment board that he had a foolproof, no lose trading system. It turned out to be a spreadbet, where he would buy GLD in the morning and sell it in the afternoon when it had gone up.

It was completely foolproof....................apart from the days that the price went down :eek:

Hopefully he was the only idiot who got their fingers burned.

lvader

I really miss the 'battles' I had with smeagold, despite being labelled a Silver permabear it turns out I was overoptimistic in my predictions :rotfl:

padington

Also it's a bit of a bum gold bug bet betting on the apocalypse, if it doesn't happen, you lose and if it does, you're royally f*cked anyway.