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Gold: Knock, Knock, Knocking On Record’s Door

Posted By admin On September 6, 2011 @ 3:35 am In Featured Stories,Money Watch,Tile | Comments Disabled

Zero Hedge [1]
Sept 6, 2011

Update: gold is now at a fresh all time nominal high, with a price equivalent to that fateful year in which the world’s biggest and perfectly legitimate criminal cartel was founded on Jekyll Island some years ago.

When it comes to gold, one can now officially skip the foreplay (because apparently there is such a thing s a 2G spot). Unlike two weeks ago when the latest Shanghai margin hike caused gold to temporarily lose its equilibrium and flop, however briefly, somewhere in the lower 1700s, as of tonight it has valiantly processed, and completely ignored, news from the Shanghai Gold Exchange [2] that trading margins for the gold forward contract, Au(T+D), will be raised, temporarily starting Sept 9 to 13 percent from 12 percent, while the daily circuit breaker would be lifted to 10 percent from 9 percent, and has proceeded to rise to within nickels of the all time high, with spot trading over $1910 at last check. Since Europe is about to open shortly, and since the free fall in risk will resume now that virtually every rhetorical gimmick has been used and abused ad inf, it appears that absent the CME doing away with margin altogether, we will see $2G spot within hours.

Gold: Knock, Knock, Knocking On Records Door  Screen%20shot%202011 09 06%20at%2012.20.36%20AM [3]


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URL to article: http://www.prisonplanet.com/gold-knock-knock-knocking-on-records-door.html

URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/news/gold-knock-knock-knocking-records-door

[2] news from the Shanghai Gold Exchange: http://www.sge.sh/publish/sge/jyzn/jysgg/7377.htm

[3] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/09/Screen%20shot%202011-09-06%20at%2012.20.36%20AM.png

[4] Despite Preemptive Gold Margin Hike In Shanghai, Gold Is Poised To Close May Near Record On Sovereign Risk Worries: http://www.prisonplanet.com/despite-preemptive-gold-margin-hike-in-shanghai-gold-is-poised-to-close-may-near-record-on-sovereign-risk-worries.html

[5] Shanghai Gold Exchange Hikes Silver Margin By 20%: http://www.prisonplanet.com/shanghai-gold-exchange-hikes-silver-margin-by-20.html

[6] Silver surges 5 pct on dollar, gold at record: http://www.prisonplanet.com/silver-surges-5-pct-on-dollar-gold-at-record.html

[7] Gold retreats from record high above $1,900/oz: http://www.prisonplanet.com/gold-retreats-from-record-high-above-1900oz.html

[8] Is The CME’s 150% Hike In Gold Collateral Just A Ploy To Increase Amount Of Legally Confiscatable Gold?: http://www.prisonplanet.com/is-the-cmes-150-hike-in-gold-collateral-just-a-ploy-to-increase-amount-of-legally-confiscatable-gold.html

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