Get out of Gold now, price will plummet to $1450/oz: Dennis Gartman

[cubical]

If silver hit $20 I would literally be throwing my entire paycheck at it every week(which is half of mine and my wife's income).

 

[AdamT]

Yep, if the metals crash buy up all you can ASAP. You will not be sorry in the years to come.

 

[jason43]

Longer term, with the Fed printing pressed trapped on print with no way to raise interest rates, there is no way to lose saving in precious metals. If there was a major dip in prices, I'll be happy, it'll just be a buying opportunity.

Is there any reason that metals could drop against the dollar long term? The more dollars, the less they are worth compared to gold. You may not get richer, but you will preserve your wealth.

 

[Jordan]

let's not argue,

what does confuse me is the fact that Jordan and Yumyum say they are Ron Paul supporters but they are bearish on metals relative to equities. This to me would come from a perspective that the economy is experiencing organic growth and that things are relatively fine. If they believe as such why aren't they on Obama 2012's team?

We need all the supporters we can get, but are they serious about RP? If so why own Equities over metals in this environment?

LOL. You have to own gold to be a Ron Paul supporter?

Equities are way better than metals because they're easier to value.

 

[Steven Douglas]

Equities are way better than metals because they're easier to value.

Yeah, I love the smell of Equities in the morning. Smells like victory!

When shopping for equities, be sure to get US-minted AAA assets. Those are the best kind. Greek banks bought boat-loads of them that they were able to leverage, and from what I understand, that's what's kept them happy.

For a great equity, you might want to try BofA. It got the most AIG bailout money of the big depositor banks, has some $53.7 trillion in derivatives in the FDIC-insured portion (the Merrill Lynch securities division holds $22 trillion in addition.) The bank has $5 trillion of credit derivatives. Plus, because of its rating downgrades, the cost of insuring BofA against a possible default continues to rise in the credit derivatives market - a pattern that American International group (AIG) once followed.

Downsides ignored, BofA pays absolutely nothing in taxes, is able to lend out money it doesn't have at a profit, and right now it's selling at a rock bottom value of $5.27 a share. Nowhere to go but up - I'm giving you pearls here, Icarus, the sky's the limit!

 

[QE Is Theft]

For a great equity, you might want to try BofA. It got the most AIG bailout money of the big depositor banks, has some $53.7 trillion in derivatives in the FDIC-insured portion (the Merrill Lynch securities division holds $22 trillion in addition.) The bank has $5 trillion of credit derivatives.

LOL...Bank Of America Countrywide....AAA all the way.

Y'know, when you look at the way all the financial institutions in the world are daisy chained together, with trillions, and trillions of complex derivatives, 30-1 leverage, reypothecation out the wazoo...

You really have to wonder how in the world Ben Bernanke, and the other central bankers, have managed to keep the ship afloat....

It's mindboggling, to me...

 

[YumYum]

let's not argue,

what does confuse me is the fact that Jordan and Yumyum say they are Ron Paul supporters but they are bearish on metals relative to equities. This to me would come from a perspective that the economy is experiencing organic growth and that things are relatively fine. If they believe as such why aren't they on Obama 2012's team?

We need all the supporters we can get, but are they serious about RP? If so why own Equities over metals in this environment?

I had to chuckle at this post. Like Jordan said, you don't have to be a gold bug to love Ron Paul. But think about this: what if the only people in the world who hold onto gold are Ron Paul supporters? What then, would be the value of gold? Also, think about this: what if the only people in the world who hold on to food are Ron Paul supporters? What then, would be the value of food? What would you rather have in this scenario? Something to think about.

 

[Bman]

Haven't you learned your lesson yet yumyum?

Seriously. If history serves us well, meaning YumYum posting to get out of gold, now must be the time to buy.

 

[row333au]

"blue horseshoe loves Anacott Steel buy"... "Anacott in play." (script in Wall Street movie, the scene with media manipulation of creating dumping of stocks, so Gordon Gekko buys them at dirt cheap price along with insider tradings while ripping (stealing) off the sellers for a BS plummeting created by media).... yumyum is the china company for food that partly owns yum brands who owns KFC, Pizza Hut, Taco Bel, etch......... Highest demand right now is Gold and Silver market buying...

 

[YumYum]

Seriously. If history serves us well, meaning YumYum posting to get out of gold, now must be the time to buy.

No, you don't understand business cycles, nor do you understand what causes "bubbles". I claimed back in 2009 that Central Banks were buying up gold, and I was called an idiot. Now, the truth is, I was right and they were wrong. We have no idea how much gold there is, nor who has what. We live in a fiat world where gold is not money, and if tomorrow, Obama declares that hoarding gold is a violation punishable by death, what will that do to the value of gold? Please don't tell me that you will get your Kentucky rifle and fight to the death. You will do whatever you are told.

 

[Kluge]

LOL. You have to own gold to be a Ron Paul supporter?

Equities are way better than metals because they're easier to value.

Well... Ron Paul supporters will probably be the only ones trading physical gold were the S to HTF. You try giving a disc of gold to any other man seeking guns in exchange for chickens, and he'll give you a pretty stern "wtf can I do with that - gtfo." stare, I suspect.

Lol -- you know, I remember the videos about people trying to give gold away to kids, and none of them wanted it. Libertarians, though, they know the "true" value of physical gold.... yessirreee! They'll be trading it all day long once the SHTF, and TV news reporters will come ask folks "Why have you traded away your house for gold?" and the fellow will respond "Gold always increases in value once the SHTF."

 

[YumYum]

I've never seen YumYum say anything besides get out of gold.

I never said "Get out of gold", I have always said "Be careful". You see, Ron Paul supporters are called "Paulbots" because people view us like "Moonies". They claim this is a "cult". We all think alike, and act alike. Scary. I am not ready for "1984", just yet.

 

[YumYum]

Well... Ron Paul supporters will probably be the only ones trading physical gold were the S to HTF. You try giving a disc of gold to any other man seeking guns in exchange for chickens, and he'll give you a pretty stern "wtf can I do with that - gtfo." stare, I suspect.

Lol -- you know, I remember the videos about people trying to give gold away to kids, and none of them wanted it. Libertarians, though, they know the "true" value of physical gold.... yessirreee! They'll be trading it all day long once the SHTF, and TV news reporters will come ask folks "Why have you traded away your house for gold?" and the fellow will respond "Gold always increases in value once the SHTF."

I understand your point, but had you lived in the 1930's with all your gold, you would have been sent to prison. One thing I have learned about people throughout history: same faces, just different names.

 

[Steven Douglas]

I understand your point, but had you lived in the 1930's with all your gold, you would have been sent to prison. One thing I have learned about people throughout history: same faces, just different names.

You actually have that one wrong. Many did not turn in their gold, even though most complied voluntarily. Nobody ever went to prison over this. There were no house to house searches, no forced seizures of any kind, and only one prosecution - even that was overturned by Judge John M. Woolsey on the grounds that the order was signed by the President, and not the Secretary of the Treasury, as required by law.

That does not mean it cannot happen, but history is not a guide in this particular case.

 

[YumYum]

You actually have that one wrong. Many did not turn in their gold, even though most complied voluntarily. Nobody ever went to prison over this. There were no house to house searches, no forced seizures of any kind, and only one prosecution - even that was overturned by Judge John M. Woolsey on the grounds that the order was signed by the President, and not the Secretary of the Treasury, as required by law.

That does not mean it cannot happen, but history is not a guide in this particular case.

There was a man that was found in violation of hoarding gold. You trust people, don't you?

 

[Steven Douglas]

There was a man that was found in violation of hoarding gold.

Yes, and he was exonerated, as I said.

You trust people, don't you?

Many. But that's not what you meant, is it? You meant "government people"? No. I trust the rule of law when it is structured in a way that acknowledges an inherent, very healthy, very patriotic distrust of ALL government. I trust the Constitution, not our CORRUPTED government that refuses to follow it. I also trust the Bill of Rights that we would NEVER have gotten were it not for complete distrust of our currency debauching government, and the terrible anarchy that ensued and threatened the Republic in its infancy.

 

[Steven Douglas]

Double post.

 

[YumYum]

Yes, and he was exonerated, as I said.



Many. But that's not what you meant, is it? You meant "government people"? No. I trust the rule of law when it is structured in a way that acknowledges an inherent, very healthy, very patriotic distrust of ALL government. I trust the Constitution, not our CORRUPTED government that refuses to follow it. I also trust the Bill of Rights that we would NEVER have gotten were it not for complete distrust of our currency debauching government, and the terrible anarchy that ensued and threatened the Republic in its infancy.

Ok. Given that you love the Constitution, and our country, and Martha Washington and all her kids, you will pay pack the national debt...correct? I mean, if you believe in the Constitution, we are responsible for paying off our debts. Right?

 

[Steven Douglas]

Ok. Given that you love the Constitution, and our country, and Martha Washington and all her kids, you will pay pack the national debt...correct? I mean, if you believe in the Constitution, we are responsible for paying off our debts. Right?

Of course. Show me the Constitutionally created debts, and I would be delighted to foot the bill for them.

 

[pmbug]

Apmex has sold off (or pulled from available inventory) 35% of their 100 ozt silver bars over the last ~40 hours. It appears as if people are buying this dip like crazy.