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another "bad for dollar, good for gold" event

derrybderryb Posts: 36,792 ✭✭✭✭✭
in Precious Metals
And the petrodollar shrinks a bit more:

India To Pay Gold Instead Of Dollars For Iranian Oil. Oil And Gold Markets Stunned

"The vast sums involved in these transactions are expected, furthermore, to boost the price of gold and depress the value of the dollar on world markets."

a primer on the petrodollar:

The Petrodollar, Iran, and Gold—What You Need to Know


"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

Comments

  • cohodkcohodk Posts: 19,101 ✭✭✭✭✭
    Sounds like pump and dump to me. So sad.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • WingsruleWingsrule Posts: 3,010 ✭✭✭✭
    According to my calcs, that adds up to about 220 tons per year based on current consumption rates. India has reportedly 557 tons or so.

  • bluelobsterbluelobster Posts: 1,220 ✭✭✭
    Interesting news source, but If it was an "event" wouldn't gold being going up right now?
  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i>Interesting news source, but If it was an "event" wouldn't gold being going up right now? >>



    Another non event. Gold lately, has been a Contrarian.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • 57loaded57loaded Posts: 4,967 ✭✭✭
    i actually think that would be the other way around.

    if gold were sold in large quantities instead of buying in $$$ the price would drop.
  • streeterstreeter Posts: 4,312 ✭✭✭✭✭
    Iran would be broke if it were not for it's oil reserves. They will have to sell that gold back into the market to buy needed items. What this will do is chip away at the 'worlds reserve currency' status.

    Anyone will take the gold as payment. But with gold at 500% of what it was bringing 10 years ago, Iran is a little late to the party in purely economic terms.

    Eventually, they have to eat.

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    Have a nice day
  • Timbuk3Timbuk3 Posts: 11,658 ✭✭✭✭✭
    I hope its good for gold prices in the future !!!
    Timbuk3
  • fivecentsfivecents Posts: 11,207 ✭✭✭✭✭
    Well gold prices are exploding upwards. POG now at $1,709.50. Up $43 + as of now. Maybe it was an event afterall.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Looked like an eventfull, non-contrarian day to me. Gold miners lead the way. Yamana up 10% in one day?
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • bluelobsterbluelobster Posts: 1,220 ✭✭✭


    << <i>Well gold prices are exploding upwards. POG now at $1,709.50. Up $43 + as of now. Maybe it was an event afterall. >>



    I think the event was the FOMC releasing it's statement, saying they will keep rates low for the foreseeable future.
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    True,...the Fed announcement was likely the big mover, but I would think the 'gold for oil' issue did - or will - have an impact. Cheers, RickO
  • derrybderryb Posts: 36,792 ✭✭✭✭✭


    << <i>Looked like an eventfull, non-contrarian day to me. Gold miners lead the way. Yamana up 10% in one day? >>


    Miners leading the gold? sorry, disagree. Propose that miners benefit from the gold move.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • 57loaded57loaded Posts: 4,967 ✭✭✭
    +10% vs .65%

    shares have been underperforming so maybe the got more spring in their step

    thanks for the chart link RR. you understand it better than i. it looked rosy where it counted at least through my reading glasses.
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