Germany’s Best-Selling Tabloid Bild’s Front Page Encourages Readers To Buy Gold

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Gold Core
Thursday, August 11, 2011

Gold has fallen today in all major currencies except the Swiss franc which has fallen on SNB intervention rumours. Gold is trading at USD 1,791.40, EUR 1,257.10, GBP 1,107.70, CHF 1,318.80 per ounce and 136,976.00 JPY/oz.  The yen has fallen by 8.7% against gold so far in August as the yen, while rising in dollar terms, is falling sharply in gold terms (see chart below).

Gold reached new record nominal highs at $1,814.95/oz and new nominal highs in euros and sterling yesterday. Gold’s London AM fix this morning was USD 1,786.00/oz, EUR 1241.75/oz, GBP 1105.75/oz.

Germanys Best Selling Tabloid Bilds Front Page Encourages Readers To Buy Gold goldcore bloomberg chart1 11 08 11
Cross Currency Rates

The CME announced margin requirements on gold will rise by over 22% by close of business today. This saw an initial slight sell off prior to further gains.

A rise in CME margin requirements may lead to speculative long elements getting squeezed and to short term weakness in gold. However, the scale of physical demand internationally is such that any sell off will likely be brief and reasonably shallow.

Gold remains in a strong upward trending channel and until we see a breach of this to the downside, it should continue to move higher. Any pullback will again be used by astute buyers to accumulate bullion on the dip.

There continue to be many important breaking news stories regarding the global debt crisis and pertaining to gold – indeed it is often difficult to keep up with developments.

One such development is today’s edition of Germany’s best selling newspaper Bild which encourages German people to buy gold due to the risks posed to the euro and to cash (see Bild article in Commentary).

Bild Zeitung, is Germany’s biggest- selling newspaper, is the best-selling newspaper outside Japan and has the sixth-largest circulation worldwide.

Bild encouraged German people to invest in gold as the global debt crisis continues to deteriorate and cause turmoil in global markets.

“While the companies listed on stock exchanges have lost over the past 14 days, about $8 trillion dollars in value, the price of gold climbed to a record high.”

“While money can be printed, gold reserves are limited. To date some 150,000 tonnes of gold have been mined.”

Gold “is better than cash,” the newspaper said. “While any amount of money can be printed, gold is limited,” making it “one of the safest investments in crisis times.”

The article is interesting as gold has remained taboo is much of the non specialist European press and media and was only briefly covered in recent days due to the deepening crisis and succession of new record nominal highs.

German demand for gold has been very robust in recent years and the Germans experience of the Weimar hyperinflation means that they are very aware of the risks posed by today’s excessive money printing and global currency debasement.

Germanys Best Selling Tabloid Bilds Front Page Encourages Readers To Buy Gold goldcore bloomberg chart2 11 08 11
Gold in Swiss Francs – 5 Year (Daily)

Gold’s bull market continues in all major currencies but its recent strength has been more pronounced in dollars, euros and pounds.

In Swiss francs, gold has seen massive consolidation for the last 12 months and looks like it could be on the verge of breaking out and moving sharply higher.

The Swiss central bank will not and cannot allow the franc to continue to appreciate on world markets. The Swiss franc is being debased, albeit on a somewhat lesser scale than the U.S. dollar and some other currencies as Swiss money supply continues to grow rapidly and interest rates are now near zero.

Germanys Best Selling Tabloid Bilds Front Page Encourages Readers To Buy Gold goldcore bloomberg chart3 11 08 11
Gold in Japanese Yen – 1971 – Today (Weekly)

Meanwhile, gold in yen has broken out to new 28 year nominal highs over 137,000 yen per ounce and looks set to target the record nominal high of 1980 of 200,000 yen per ounce.

Gold’s rise in yen (see chart above) has been gradual in recent years due to the yen’s relative strength versus other fiat currencies.

Yen gold is likely to rise above its nominal high of 200,000 yen seen over 31 years ago on January 18th, 1980. In the longer term, the inflation adjusted high of over ¥500,000/oz is quite possible given Japan’s dreadful economic, fiscal and monetary position.

No fiat currency will be a “safe haven” in the coming months and years.

From the GoldCore Trading Desk: There is extremely strong demand for gold bullion in all formats at the moment. Although clients are expressing a preference for taking delivery of 1 ounce bars and coins, for allocated storage in Perth Mint and for allocated storage in Zurich. The level of demand is on a par with that seen at the height of the Lehman crisis.  However, much of the demand is from existing clients (particularly high net worth) who are increasing allocations. Retail participation has increased and is increasing but remains low. There is tightness in sections of the pre-1933 semi numismatic gold market with French Rooster gold coins becoming difficult to source in volume. Silver demand is robust but there has been no significant increase this week or in recent weeks. Similarly to gold, smart money continues to add to allocations. There continues to be signs of a degree of tightness in the market which suggests that silver may soon bottom and resume its bull market targeting $50/z again.


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7 Responses to “Germany’s Best-Selling Tabloid Bild’s Front Page Encourages Readers To Buy Gold”

  1. YEP BUY GOLD FOLKS BUY GOLD 1800 DOLLARS A BARGAIN a real bargain.

    most people can’t ven afford 1/10 th of an once but buy gold.

    While those who own and control the gold bizz make fortunes like the oil greedy do, in the chaos we get poorer.

    But don’t forget to buy gold while the bubble is so inflated we can see where it is going .Every bubble ends up bursting sooner or later.

    maybe silver is a better choice at 40+ an once???? but silver is limited compared to gold.

    we poor ones have silver the rich the gold.????

  2. Well- just glad I had enough sense to buy at $285/Eagle. I knew it cost $400 to make, then- so it was no-lose!
    I’ve been buying Ag since High School, and stopped at $19.95/delivered. So my average is maybe $9/TOZ. Guess that worked OK, too.
    I don’t think I’d buy Au at $1800- or even $1500. But, I’m not holding a lot of worthless paper, either.
    “Gold is the money of Kings. Silver is the money of the Gentry. Copper is the money of the Laborer, and Debt is the money of Slaves”. – Unknown

  3. Say thanks to the wall st/banker speculators playing the system like a huge casino – inside trading, derivatives and the rest of it – games being played by psychos who have beau coup money/riches but just can’t stop playing the money-pig game. It’s addictive as hell and they can’t control their out-of-control, gross, market gambling “as a hobby.”

    When are enough bucks enough? Well, it isn’t with these sick, me-me-me retards. Yeah, thanks, pigs, for the wall st roller coaster ride and bank accounts that anymore don’t pay interest. Most folks will settle for modest interset gains and live accordingly. But not these aye-aye chez. They want it ALL!!!! So, what’s with that?

    PIGS!!! That would be their DEFINITIVE description that has nothing to do with fat, pink farm animals which live in mud and eat garbage and eventually feed people. They’re like saints compared to the above “money pigs.” Hopefully, karma will catch up with these “chosen” roaches who just LOVE screwing with the dopey gentiles.

  4. Gold is a rich man’s commodity not the regular people’s who have to live within their means and not like Mr Micawbar.

  5. 1Patriotgal: Wow! You really thought ahead!

  6. INVEST IN FOOD!

  7. Good luck eating gold. Buy Lead and food. Oh thats right they dont own guns for defense, Better do as your told and buy gold at the market cap. The Germans always blindly march with their goverment. Remind you of anyone else ??? Wake up America The Second Revolution is here!!

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