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ARCHIVED DISCUSSION FROM 2/23/2007
All times are U.S. Mountain Time

(Yesterday's Discussion.)

Goldendome (2/23/07; 22:55:15MT - usagold.com msg#: 152542)
$$$$$$$ 690.10 $$$$$$$$

Credit problems in the real estate market, combined with rising interest rates will lead to a credit crunch and a lower dollar in the currency markets, dollar down – gold up. A serious deterioration in the economic numbers could force a late year interest rate cut. Again – good for gold. Excluding war with Iran, I'll say gold goes to an $855.00 high this year. Hostilities with Iran? Gold will go higher depending on the overall damage.

Goldilox (2/23/07; 22:53:34MT - usagold.com msg#: 152541)
Gold Commentary
http://www.jsmineset.com/
snip:

"People who shut their eyes to reality simply invite their own destruction, and anyone who insists on remaining in a state of innocence long after that innocence is dead turns himself into a monster."
--James Baldwin Biography - Fiction Writer, Essayist, Social Critic, 1924-1987

Dear CIGAs,

As we discussed last evening, gold is discounting both the obvious as well as the opaque. The economic factors outlined in the Formula are lining up as if they had a calling to perform. You might review the comments concerning the duration of the equity bull market and its dependence on continued earnings growth. Liquidity has made the bull equity and continued growth of earnings is required to maintain this ebullience.

I would classify the Formula as the obvious. I would consider geopolitics as the opaque. You might recall my comment when crude was trading intra-day below $50. It not only was cheap but it was a geopolitical gift.

The world is walking on eggshells as major powers choose allies. Iran keeps thumbing their nose at the West with Russia standing directly behind. China is tying up raw materials worldwide. Iraq is beyond repair.

The next shoe to fall is in Afghanistan where spring will bring a surprise even to those that anticipate a more powerful, trained, effective Taliban. Afghanistan will reach the degree of violence that exists in Iraq but between the Taliban, Taliban Allies from outside of Afghanistan and whatever of NATO remains.

As you can see, the British are stepping up their presence as others become reticent to do so. Some NATO members are considering reduction. The extreme growth of the Afghanistan conflict is the next wound to be inflicted on the British and the US in the standard operating practice of Middle East War. It is the bleeding process that the USSR could not stop that caused them to retreat out of Afghanistan and was one of the major links in the chain leading to national bankruptcy.

This time around it is the West that is in the cross hairs of a geopolitical chain of events leading to its bankruptcy. The risk that is being discounted by the gold market is that strong military nations facing economic crisis will use their strength indiscriminately to seek ways out of the assembly of problems. This causes the risk of nuclear proliferation to become extreme.

So it is logical to assume that the gold market will also become extreme.

I do not feel you can be long gold and be wrong unless you are margined. There will be many instances where the bucking bronco of the gold price tries its best to throw you out of your position. Late afternoon today could be an example. If you are margined you become the effect of others actions in the market. If you are without borrowing you are your own master. Be masterful on your way to success.

COT will take a stand, but not here. $690 was close enough for a Friday liquidation of longs but only that. The block will be thrown just above April gold at $700. I do not believe it will be successful as $761 is where this phase of the bull wishes to go.

Precious metal shares will perform because they cannot and will not be ignored. This will come as general equities and the bond market becomes less attractive and appreciating gold is a beacon for direction of large stores of available liquidity looking for a home. It will occur.

-Goldilox

Market manipulation works so well as long as the story "sells". Look to the ENRON and dot.com bubbles for great examples.

Then Greenspan extended the housing bubble by exhorting the great unwashed to enter their homes and savings into the high risk "adjustable rate" crap shoot.

But the grand-daddy bubble of them all is the "strong dollar policy" whose only remaining proponents are the military suppliers and oil Czars who have skimmed the life blood of both the resource nations and the western consumer simultaneously for two decades of continuous rule by the Bushistas (Clinton included).

That bubble is now threatened by the lack of willingness to sustain the Ponzi scheme. The cracks in the dyke are almost too many to mention and definitely too many to "repair". Got your golden "water-wings"?

In the immortal words of Bill Cosby paraphrasing the Almighy's message to Noah, "How long can you tread water?"

smiles45 (2/23/07; 22:43:31MT - usagold.com msg#: 152540)
Where' our Gold?
http://financialsense.com/fsu/editorials/kirby/2007/0223.html
Rob Kirby has a very important essay this week. A few weeks ago a phrase "deep storage" was referred to in an audit(but not signed off on)on the Treasury gold stocks. Really the audit just reads documents and forms and made NO physical inspection of the bullion.
Mr Kirby makes a point that deep storage ( a new terminolgy in gold storage) refers to gold in the ground not yet mined. Through tricky in wording the U.S. has been able to avoid an actual physical country for decades.One might think a government owning 8,500 metric tons of gold might want to advertise that figure. Especially since their fiat currency has serve devaluation.
The problem is if the gold is in the ground does the US government have a prior claim over the shareholders?
"This raises the question as to the veracity of Treasury's/Fed's claims to possess physical gold. It raises questions as to the make up of any gold held on the books; is it custodial - if any is physically present at all - or is it simply paper promises? If one supposes the Treasury does not have any physical gold inventory and, in fact, has swapped promises to deliver gold at a future date – this could pose a systemic problem if miners’ collective ability to produce gold over a given time period was exceeded by Treasury's promises to deliver.

Such a case would beg the question; who really owns gold all the gold being mined then? I would suggest that all of the gold currently being mined in much of the world – might possibly have been sold twice. That would quite possibly infer that at least one class of owners has actually been sold a bill of goods [or down the river, perhaps?].
Gata for years has suspected that over half our Treasury gold bullion was missing or leased out and sold in the market. To whom you may ask. U.S. monetary authorities have confiscated their nation's gold in the past. This is a fact."
And here we thought were were safe by owning PM shares and ETF's for the coming financial fiasco. These buggers have garnered every oz for themselves and then proceeded to buy as much as they can with their paper debt and FRN currency. Welcome to the 21st Century! So the only safe individuals are physical coin holders in the end. One problem with is they might enact stringent reporting restrictions or call them in. In that case where to people sell? I am sure we can all figure enough prime suspect from our leaders past and present./Peter



cinksl4 (2/23/07; 21:30:59MT - usagold.com msg#: 152539)
gold poll
$$$$ 652.0 $$$$ There is a school of thought that the price of gold could go much higher here, in order to price itself out of the reach of the average gold consumer. I am hoping it does not, and stays in the 600's for the rest of the year so we might be able to buy more 'flation protection.

Waverider (2/23/07; 19:53:12MT - usagold.com msg#: 152538)
$$$$$ 710.50 $$$$$
http://stockcharts.com/h-sc/ui?s=$GOLD&p=W&b=3&g=0&id=p64126949554&a=38522465
Hey Sir Gandalf!! I see that our gracious HOST is having another Price Guessing Contest......YAHOOOOO!! Above is my humble guess. I think that the HIGHEST price in 2007 will be $$$$$$ 819.00 $$$$$ As per my link, we seem to have just broken out of a symetrical triangle and I get a price objective of $819.00 by adding the length of the base of the triangle to the point of breakout. There's also a nice MACD cross-over. By P&F charting, (your FAVORITE), I get a PO of $790.00 with Gold having recently made a triple top breakout. I'd rather be OPTIMISTIC and guess the higher number. Are you recording these guesses and going to let us know who was closest? Cheers,

Lady Waverider

Freedom (2/23/07; 19:51:51MT - usagold.com msg#: 152537)
Clink !
While reading Sir Clink's message number 152524 ~ it occurred to me that Clink is a mathematical artist. If you visualize him on his back, on top of high scaffolding, painting the ceiling of the dome inside the castle ~ you'll get a far better picture of what he's saying.

He breaks out his brushes (Excel) and sets to work painting. Today we find him painting a floor at $630. Lower, to his left, we see a previous floor where he painted an object (a burned out Chinese fireworks Roman candle) that had a blow-off top at $725. Sir Clink paints along the floor, coming to his pennant oscillation (these are dancers at The Kings Ball) and after the Ballroom scene he begins painting new support beams, $640 then $660, to hold an even higher floor.

I see, judging by the size of the dome, this painting could take years to finish. Thank you Clink, for your mathamatical illustration.

phil288 (2/23/07; 19:41:14MT - usagold.com msg#: 152536)
$$$$$$$696.2$$$$$$
I believe the dollar will depreciate in value until it will take $1000 of them to acquire an ounce of gold sometime in 2007. Volitility is the name of the game and while the dollar may not close the year that low it will definitely hit that level as Middle East pressures, internal and external debt issues, oil supply problems and internal political games depress the U.S. currency. Gold is after all the benchmark upon which all other currencies are measured and the dollar could be especially vulnerable in the coming year. Whether inflation or deflation or some combination is our fate, getting physical while there is still time, and here is as good a place as any, will yield the best outcome. Got gold.

Smeagol (2/23/07; 19:25:53MT - usagold.com msg#: 152535)
Ssir Slingshot
Ssss! a TREBUCHET! =8-) O Yesss! Close is good enough with one of those (cackle)!

Very effective, yess precious... esspecially considering, that yellow glint we sees in the counter-weight box! ~9-)



R Powell (2/23/07; 19:22:48MT - usagold.com msg#: 152534)
$$$$$$ 668.8 $$$$$$$
"What do you think the highest SPOT price of gold (POG) will be this year, AND, in thirty words or more, Why????"

Price prediction is, at best, mostly luck. Price direction is the goal. But thinking that silver may peak somewhere just under thirty if a bit of fund mania catches wind under her, then the POG could easily peak at $1200. Why? My kids won't even bother to pick up change (coins) off the ground while growing up (still don't, I still do) and the minimum hourly wage when I started working won't even buy a cup of joe today.


GOLD FINGER (2/23/07; 18:55:27MT - usagold.com msg#: 152533)
$$$$680.00$$$$
TIME WILL TELL...OR IS IT TELLING US SOMETING NOW??


What do you think the highest SPOT price of gold (POG) will be this year.....? $800.00

WHY?? The 50,000.00 question!

2007 for better or for worse will be another turbulent year for gold. I am not overly bearish or bullish. I do see a few factors making an impact as we can see it now having an effect on gold.

Calendar predictions of this year of the "BOAR" pegged metals to NOT be overtly ready as in the past. Perhaps we can see how sometimes these traditions are wrong. I can base my prediction for the highest price of the year on several factors that seem constant.

1. The dollar will decline further, due to our huge financial mismanagement.

2. The wars will not stop. Both seem rather persistent and both are determined to win. This spells disaster and gold wins in either case.

3. China and India love gold and will continue to buy if not hoard it.

4. OIL this little break we see here in the price was to just take the heat off....well, you know who!!

The number one national security issue is.....ENERGY! Since we need it and since we have no big fuel alternatives, it is only pegged to go HIGHER! Oil goes up and so will gold. Oil goes down...gold seems to hold! Just an observation.

5.I think it was Sir Armageddon who mentioned something about the "Last Days"? Well, weather or not Nostradamus or any other prophet has any wise information here we all can see that it might not be the wars that bring us into the world's last days.

War might be a by-product of this occurrence. What I am talking about here is something we ALL contribute to, and that is GLOBAL WARMING. If our environment is so incredibly fragile and Ice caps are melting and weather conditions are changing and effecting the earth's atmosphere, consider for a moment what all these nuclear bombs that have been tested have done to our good ole planet earth? How much more can Mother Earth take?

Predictions and Gambling seem to go hand in hand. I am neither a prophet or a gambler. I go with my GUT! If gold's ultimate price increases hinge on the unforeseen world disasters or other situations, for me what we see on a daily basis is more important than trying to predict the highest price for the year. Gold's price climb these last few days tell a story. I think it's being written before our eyes.

Now, Is GOLD REASONABLE?


GF

Gandalf the White (2/23/07; 18:25:49MT - usagold.com msg#: 152532)
GOT ya Sir Solosza

Keep them coming until Midnight tomorrow !!
12UP Saturday eve, February 24th is the DEADLINE !!!
<;-)

Gandalf the White (2/23/07; 18:18:38MT - usagold.com msg#: 152531)
TAA TAA TAAAAAAAAAAAAA, TAA TAA TAAAAAAAAAAAAAAAAAAAAA !

$$$$$$$$$$$$$$ THE FEBRUARY 2007 "PRICE of GOLD" GUESSING CONTEST!! $$$$$$$$$$$$

OFFICIAL ENTRY LISTING

Entries as of DAY #9 -- (2/23/07) at just about 18:18 Denver time !!!

Listed in order of decreasing values !
----

$$$$ $2,007.0 $$$ Federal_Reserves (2/23/07; 12:37:29MT - usagold.com msg#: 152517)

$$$$ $1,250.0 $$$ Beamer (2/21/07; 23:42:07MT - usagold.com msg#: 152436)

$$$$ $775.5 $$$$ Sprout (2/16/07; 18:42:09MT - usagold.com msg#: 152256)

$$$$ $742.0 $$$$ Caradoc (2/22/07; 21:41:15MT - usagold.com msg#: 152475)

US$730 (HK$5,694) 2- 22- 2007 -- Gold will touch --per ounce this year, according to William Lee Tak-lun, president of the Chinese Gold and Silver Exchange Society.

**** $727.5 **** Thoreauly (2/17/07; 07:46:31MT - usagold.com msg#: 152267)

$$$$ $725.0 $$$$ Armageddon (2/22/07; 21:30:39MT - usagold.com msg#: 152473)

$$$$ $724.6 $$$$ Topaz (2/15/07; 04:55:38MT - usagold.com msg#: 152177)

$$$$ $718.0 $$$$ Peculium Aurum (2/23/07; 11:51:44MT - usagold.com msg#: 152512)

$$$$ $715.2 $$$$ Boxman (2/22/07; 18:16:35MT - usagold.com msg#: 152469)

$$$$ $711.7 $$$$ Tevye (2/21/07; 19:50:55MT - usagold.com msg#: 152424)

$$$$ $708.8 $$$$ Placer Gold (2/23/07; 12:13:05MT - usagold.com msg#: 152514)

$$$$ $707.7 $$$$$ Survivor (2/23/07; 15:49:05MT - usagold.com msg#: 152525)

$$$$ $705.2 $$$$ Rimh (2/23/07; 12:30:58MT - usagold.com msg#: 152516)

**** $701.7 **** goldpuppy (2/23/07; 00:33:51MT - usagold.com msg#: 152485)

$$$$ $701.5 $$$$ Pal (2/20/07; 09:17:37MT - usagold.com msg#: 152369)

$$$$ $699.1 $$$$ 24karat (2/22/07; 22:14:38MT - usagold.com msg#: 152477)

$$$$ $698.8 $$$$ slingshot (2/23/07; 16:42:52MT - usagold.com msg#: 152526)

**** $698.0 **** Cometose (2/23/07; 15:30:31MT - usagold.com msg#: 152523)

$$$$ $695.5 $$$$ Prius (2/23/07; 13:18:38MT - usagold.com msg#: 152520)

$$$$ $695.3 $$$$ YGM (2/23/07; 09:22:58MT - usagold.com msg#: 152494)

$$$$ $695.0 $$$$ Sundeck (2/16/07; 04:38:24MT - usagold.com msg#: 152221)

$$$$ $694.0 $$$$ milkhon (2/23/07; 16:57:44MT - usagold.com msg#: 152527)

$$$$ $693.9 $$$$ GoldenBear (2/23/07; 15:01:12MT - usagold.com msg#: 152522)

$$$$ $692.5 $$$$ Quickbeam (2/23/07; 12:22:49MT - usagold.com msg#: 152515)

$$$$ $692.1 $$$$ Sierra Madre (2/23/07; 11:12:16MT - usagold.com msg#: 152506)

$$$$ $691.2 $$$$ glockmaster19 (2/22/07; 16:35:32MT - usagold.com msg#: 152464)
$$$$ $691.1 $$$$ Tin Man (2/21/07; 20:08:52MT - usagold.com msg#: 152426)

$$$$ $689.0 $$$$ Rocky (2/23/07; 11:21:55MT - usagold.com msg#: 152507)

$$$$ $688.0 $$$$ Goldilox (2/16/07; 11:26:32MT - usagold.com msg#: 152238)

$$$$ $687.8 $$$$ Lebieque (2/15/07; 03:55:18MT - usagold.com msg#: 152174)

$$$$ $686.9 $$$$ otish mountain (2/23/07; 17:20:44MT - usagold.com msg#: 152528)

$$$$ $686.0 $$$$ Clink! (2/23/07; 15:34:48MT - usagold.com msg#: 152524)

$$$$ $685.0 $$$$ Toolie (2/15/07; 03:10:40MT - usagold.com msg#: 152170)

$$$$ $684.8 $$$$ Freedom (2/18/07; 13:37:59MT - usagold.com msg#: 152295)

$$$$ $682.4 $$$$ Wheelthru (2/20/07; 15:01:11MT - usagold.com msg#: 152382)

**** $678.0 **** Rook (2/17/07; 19:55:35MT - usagold.com msg#: 152278)

$$$ FRN677.7 $$$ Smeagol (2/22/07; 21:36:03MT - usagold.com msg#: 152474)

$$$$ $676.5 $$$$ pilgrims_gold (2/22/07; 16:47:36MT - usagold.com msg#: 152465)

$$$$ $675.1 $$$$ xylo (2/20/07; 13:21:27MT - usagold.com msg#: 152379)

$$$$ $673.5 $$$$ Lothar of the Hill People (2/17/07; 13:25:18MT - usagold.com msg#: 152271)

**** $670.0 **** Liberty Head (2/17/07; 10:03:22MT - usagold.com msg#: 152270)

$$$$ $666.6 $$$$ Minero (2/17/07; 07:39:45MT - usagold.com msg#: 152266)

$$$$ $663.8 $$$$ Flatliner (2/22/07; 23:02:49MT - usagold.com msg#: 152479)

$$$$ $662.5 $$$$ Henri (2/16/07; 11:02:33MT - usagold.com msg#: 152235)

$$$$ $662.1 $$$$ balzac (2/22/07; 09:35:46MT - usagold.com msg#: 152446)

$$$$ $658.0 $$$$ flow5 (2/15/07; 12:19:26MT - usagold.com msg#: 152184)

$$$$ $647.1 $$$$ smiles45 (2/21/07; 21:26:01MT - usagold.com msg#: 152431)
===
<;-)



solosza (2/23/07; 18:18:02MT - usagold.com msg#: 152530)
$$$680.50$$$
i believe gold will test the $750 range by eoy. all of us who frequent this wonderful discussion forum know that it should be much higher than it is now or what it will be by the eoy. i believe the PTMB will continue to push the fed to run the printing presses relentlessly until the once mighty dollar falls flat on her @$$! which in turn will catapult "our precious" to never seen highs! so to all of you newbies who are still not sure about converting a good amount of your savings to gold, as sir goldilox said in an earlier post "I do not like the reasons why this will occur, but better to be on top of a rolling barrel than under it."

slingshot (2/23/07; 17:27:01MT - usagold.com msg#: 152529)
Sir Smeagol
You can always borrow my slingshot but you will have more fun with my trebuchet. Although the element of surprise is lost with a larger projectile, it sure is fun watching them run as they see it in mid flight.

Slingshot---------;0)

otish mountain (2/23/07; 17:20:44MT - usagold.com msg#: 152528)
$$$686.9$$$
Well if the increased volatilty in POG this week is any indication of things to come I would hazzard to put a guess of $875.00 for the year high spot price for gold.
Now I say "hazzard to guess" because who knows for sure. If gold reached $3,000.00 or even $30,000.00 this year would anyone who has followed this board for any lenght of time be amazed at the price? Or would we be more amazed at the cascading rate of change in the price over such a short period of time?

milkhon (2/23/07; 16:57:44MT - usagold.com msg#: 152527)
$$$$ 694.0 $$$$ milkhon
The POG will reach a high of 744.00 during 2007. After flirting with new highs there will remain downward pressure as factors keep gold from breaking out. There is basic strength so I don't expect it to drop to far unless the general market starts a correction during the year..

slingshot (2/23/07; 16:42:52MT - usagold.com msg#: 152526)
$$$$$$$$$ 698.8 $$$$$$$$
The price of gold for 2007 will rise to $975 an ounce.
There will be plenty of VOLATILITY. The Dollar will be defended till it is overwhelmed by the worlds central banks and their slow repudiation of it. There are too many Players in this Game of Greed where new rules are made up at whim to continue the game. Iran,Iraq, Housing,Debt,Oil Inflation and Gold are some of the game pieces on the board.
Slingshot--------------<>


















Survivor (2/23/07; 15:49:05MT - usagold.com msg#: 152525)
$$$$$707.7$$$$$

Give or take a major world event or two, the value of gold has held steady during the US dollar bear run this decade. On the other hand, the relative purchasing power of the US dollar (and other fiat currencies) has eroded at a quickening pace, especially during the last year or so. This accelerating fiat erosion has contributed to the attractiveness of gold at every level from central banks to individuals. There is increasing demand for the metal at the same time mine output is down. There is likely to be new upward pressure on the value of gold in real (non-fiat) terms.

With the price of gold expressed in ever-devaluing US dollars, and demand for gold on the rise, it is reasonable to expect that spot prices expressed in US dollars will dance in the $800-$900 range before 2007 is over. Toss in widening military action in the middle east, or a sudden shock to the monetary system, and that range could double or triple quickly.

- Survivor



Clink! (2/23/07; 15:34:48MT - usagold.com msg#: 152524)
$$$$ 686.0 $$$$
We all look at charts of PoG progress, whether temporal or P&F. The standard ones show a mostly smooth curve all the way back to the beginning of 2001, but they plot on a linear scale, which doesn't allow you to see if the rate of increase is itself increasing or decreasing. This is obviously of key importance as the standard of measure, the dollar, is itself losing value at a certain rate. Further, of real importance is not the maximum value that gold might attain, but the level of the rising floor under the market, below which it is very unlikely to go. So I grabbed the P.M. Gold fixes from the LBMA since 2001 and plonked them in Excel. Plotting them against a log chart allowed me to see that :-

1/ The rate of increase of the PoG floor was amazingly consistent all the way from Jan '01 to Dec '05, with just a small dip in mid '05 as it meandered for what seemed to be an eternity.
2/ The massive rise from then till May '06 led to a blow off top and pennant oscillation which lasted until the end of this January.
3/ The floor re-established after the blow off was both at a much higher level than a continuation of the '01-'05 line (which would put a floor of $600 at the end of this year, while the current floor is already around $630), but has a much steeper slope, representing around a 34% annual increase. If the new floor holds (it only has about 4 months of data to support it so far, so that is still a big IF (although a pleasurable one to contemplate, nevertheless !)), this would mean a minimum of around $810 at the end of the year.

And a high price ? On May 12th '06, the $725 fix was about $235 above the floor. This would give a potential (without breaking any previous performance records) of $1,200 this year.

C!

Cometose (2/23/07; 15:30:31MT - usagold.com msg#: 152523)
****$698.00****
I am sure that the price of Gold will reach $844 this year because

THE ROADRUNNER HAS EATEN THE COYOTE'S CABBAGE......... again. The charlatans have been exposed and are now going to begin to receive the spanking that is due them ....

their wages are due ......AS THE PENDULUM SWINGS.....


NOTE: It is rumored that Mises School of Economics has opened CAMPUSES in BEIJING and BOMBAY.

Jack BE NIMBLE couldn't be NIMBLE because he got STUCK IN
BRIAR DERIVITIVES PATCH..............

and DOROTHY SPILLED WATER ON THE WITCH



GoldenBear (2/23/07; 15:01:12MT - usagold.com msg#: 152522)
$$$$ 693.9 $$$$
I beleive gold will be in the 700 this year at least, but i hope it can make it to 850. I may even convince my husband to sell some of it if it does get there. Fingers crossed!

Gandalf the White (2/23/07; 13:32:56MT - usagold.com msg#: 152521)
The POG Contest "King of the Hill" report !!! <;-)

TA TA TAAAAAAA ---- TA TA TAAAAAAA

Friday 2/23/2007
GOLD COMEX April 2007 Contract (GCJ07)

SETTLEMENT = $686.7
---

THEREFORE with:

$$$$ $687.8 $$$$ Lebieque (2/15/07; 03:55:18MT - usagold.com msg#: 152174)

====
The present KING OF THE HILL is: ===> Sir Lebieque !!
<;-)

Prius (2/23/07; 13:18:38MT - usagold.com msg#: 152520)
$$$$695.5$$$$
I think it most likely that gold will reach $900 this year. It could be much higher as many respected members of this forum have pointed out. The reasons are simple: War and Debt. The US economy simply cannot continue to appear ok when the leadership of our country fails to lead. In a dog pack, the "followers" will never follow an unstable leader. Perhaps we could learn a few things from the dogs.

mikal (2/23/07; 13:07:50MT - usagold.com msg#: 152519)
(No Subject)
http://www.marketwatch.com/news/story/gold-producers-betting-golds-rise/story.aspx?guid=%7B2418F4AF%2D4D03%2D4F5E%2DAAA4%2DE7A9A7E4B453%7D
Gold producers hedge less as prices hit $700
Laura Mandaro, MarketWatch
Last Update: 2:01 PM ET Feb 23, 2007
SAN FRANCISCO (MarketWatch) -- Excerpt: Confident that sub-$300 gold is a bogeyman of the past, miners of the precious metals are increasingly doing away with hedging contracts designed to insure against a drop in prices.
Producers reduced their hedging positions by 25% last year, the sharpest drop in at least five years, to 40.2 million ounces, said a study published Friday by Mitsui & Co., London consultancy Virtual Metals and Toronto-based consultant Haliburton Mineral Services.
Taken another way, dehedging totalled 13.4 million ounces, or more bullion than European central banks sold last year.
Miners have been shying away from using financial instruments like forward contracts, which act as agreements to sell gold at a certain price in the future, to manage their gold sales. These contracts protect them from a drop in prices -- but don't work so well if prices go up.
"While dehedging in 2007 is not expected to be of a similar magnitude to what it was in 2006, little appetite exists for new hedging," said Edel Tully, head of precious metals research at Mitsui's Mitsui Global Precious Metals, in a statement.
On Thursday, Barrick Gold Corp. said it had completely eliminated its corporate hedge book and planned to eliminate its remaining floating spot price contracts by the end of the second quarter."
Mikal-- I'm SO relieved "that sub-$300 gold is a bogeyman of the past". Aren't you?
Miners no longer look a gift horse in the mouth.
It even looks as if they're digging in their heels and renouncing future hedges.
Digging deeper, there's more here than meets the eye
of course- that analysis goes to those more grounded in these things.

xylo (2/23/07; 12:40:31MT - usagold.com msg#: 152518)
Forgot Year High in my contest entry - $$$$863.0$$$$
Re-reading my contest entry this morning I noticed that I gave my guess for the end of year closing, but forgot to mention my guess on the high for the year of $$$$863.0$$$$.

Hope it's not too late to make a correction to validate my entry!

Federal_Reserves (2/23/07; 12:37:29MT - usagold.com msg#: 152517)
$$$$ 2007.00 $$$$
We are on the verge of a major war in the Middle East and when it breaks out with IRAN gold/oil will skyrocket. What's happened in IRAQ to date will look like child's play when the big one starts. The credit bubble is bursting - Subprime and mortgage defaults abound. While Wall Street fat cats party on and invest their big bonuses into the stock market driving it higher and higher on margin debt the rest of the economy is rotting away. Home, Auto, Durable goods sales are tanking. Unemployment except in the armed services is going sky high. The US dollar is going to melt and rich folks are going to panic and rush into the only really safe asset class - GOLD! It will be called the RICH MAN'S PANIC of 2007.

Rimh (2/23/07; 12:30:58MT - usagold.com msg#: 152516)
$$$$$$$ 705.2 $$$$$$$
The highest spot price this year may well be $800+. If I had to pick a number out of thin air, I'd say $875. It could easily be higher, much higher. At this point in the game, no one is sure how much control the CB's have left in them but it seems evident they are losing their grip and/or forcing the US out into the open with their "strong dollar" policy. The only potential hold-up in a big price run up is the on going efforts by China and other nations trying to get rid of as many US dollars before the price is "revalued" over a weekend. It would seem from reports, though, that China has been able to unload a great deal of US dollars already by making numerous deals with poor countries in Africa.

Quickbeam (2/23/07; 12:22:49MT - usagold.com msg#: 152515)
$$$$ $692.5 $$$$
I think the spot price of gold will make it to 850 this year. Of course, all of the geopolitical reasons are there as well as increased CB buying/holding, etc. More up close and personal for me, however, was what my daughter told me yesterday (she'll be 10 soon). She told me she just saw a commercial on TV about how to invest in gold.

Also, this past holiday season, my local news (Washington D.C.) area covered a story about how someone had put a 1 Oz. gold coin in the Salvation Army pail instead of "money". They noted that the coin was worth well over $600 dollars.

Once a wider public audience starts seeing more of these stories and commercials along with wider coverage by news media, the POG will only benefit more.

Placer Gold (2/23/07; 12:13:05MT - usagold.com msg#: 152514)
$$$$ $708.8 $$$$

Based on the inherent fragility of fiat currency, gold ought to be at around $4000/oz. But by the time it gets there it ought to be even higher because the paper money will have deteriorated further. As long as the devaluation of the key world currencies remained relatively slow and regulated, smart money didn't need to consider gold because huge profits could be made within the currency markets themselves and those profits could be reinvested in the game to make more profits. But once the dikes break, what good is it to hang on to any country's watered down money? At that time I think more of the paper profits will be converted to gold, a certain store of wealth and also a form of money which will ride out the flood. I think that is happening now in a nascent way.

Placer Gold

Peculium Aurum (2/23/07; 11:51:44MT - usagold.com msg#: 152512)
$$$$718.00$$$$
Well, Saint Patrick's day is just around the corner and all the little people are doing there best to fill their pots of gold to the rim. I still have quite a ways to go to fill my pot.

China and India having an unquenchable thirst for gold and with these two
most populated nations on earth seeing their economy expand rapidly , their ability
to purchase will put an upward pressure on the price of gold that may continue for years.
Couple that with the world wide "Inflate to infinity fiat theory of economics" (ITIFTOE)
And we may find out that even the great soothsayer of gold , Mongambo , has been understating future price of gold.

With that my prediction for the year end price of gold at $788 with a peak around $830
Now the big one, the COMEX CLOSE $$$$718.00$$$$


TownCrier (2/23/07; 11:50:33MT - usagold.com msg#: 152511)
Gold turns hot cake in city of gold
http://www.myiris.com/newsCentre/newsPopup.php?fileR=20070223171239047&dir=2007/02/23&secID=livenews
IRIS (23 February 2007) -- According to World Gold Council's regional office in Dubai, sales in UAE increased by 53% during fourth quarter of 2006 as compared to the same period in 2005.

This is the most remarkable growth in a quarter during past couple of years. Usually the growth has never gone beyond 25%...

"...it must be mentioned here that UAE is also known as the country with highest per capita gold purchases. While the per person consumption of gold is a measly 0.5 grams in China, and just above 1 gram in India, in UAE it is over 30 grams", said Shailendra Kumar.

UAE buys more than 2 grams gold for every one thousand dollars of its GDP, the highest in the world; even Germany doesn't buy more than 0.5 grams.

^---(from url)---^

Measured in ounces or grams, are you keeping up, or are you falling behind in the "wealth race"?

R.

TownCrier (2/23/07; 11:44:50MT - usagold.com msg#: 152509)
Strange bedfellows giving gold upward momentum
http://www.theglobeandmail.com/servlet/story/LAC.20070223.RBELL23/TPStory/Business
(Globe and Mail) --

...Yesterday the price slipped $1 to $683.With all of the whipsaw action in the market lately, Bart Melek, senior economist at BMO Nesbitt Burns, thinks the recent price gains will be very tempting to traders looking to pocket some profits.

But over the next few months, Mr. Melek expects gold to climb.

"It takes very little imagination to envision gold north of $700 later in the year -- and we are very imaginative," Mr. Melek says.

The economist says that gold is moving because of an unusual conflict of influences:

On the one hand, investors are worried about a pickup in inflation after Wednesday's higher-than-expected consumer price index data in the United States.

On the other, the market is expecting the U.S. Federal Reserve Board to cut interest rates, which would in turn lead to weakness in the U.S. dollar.

Meanwhile, the bond market is not performing particularly well.

"The [gold] market is finding data to go where it wants to go and at the moment it seems to be up."

Mr. Melek points out that gold traders are not necessarily buying the bill of goods from the Fed.

...At Merrill Lynch Canada Inc., analyst Michael Jalonen points out that lots of the recent buying has been spurred by the citizens of China, who have been welcoming newborn babies with a gift of gold.

The Chinese New Year on Feb. 17 marked the start of the Year of the Pig. Since this will also coincide with the year in which gold passes through the Chinese zodiac for the first time in six decades, it is also being called the Year of the Golden Pig.

^---(from url)---^

A great custom -- babies EVERYWHERE ought to be welcomed with a gift of gold, to help them get their lives started on the right foot. Imagine the lasting psychological impact that will have when those youngsters reach the age of self-identity and begin asking their parents about their various baby pictures and mementos. Forever a gold accumulator/saver he or she shall be.

Again, China's gold market was on holiday this week. How many babies were born, and what will next week bring?

R.

TownCrier (2/23/07; 11:23:13MT - usagold.com msg#: 152508)
Gold market 'inextricably changed'
http://www.miningmx.com/gold_silver/622588.htm
[miningmx.com] -- TWO years ago, David Davis, a gold analyst for Credit Suisse Standard Securities (then Andisa Securities), wrote a 55-page report called ‘The Future of Gold’. At the time, the gold price had staged a promising recovery from a low of $255/oz to around $430/oz. The gains represented a recovery but there was scepticism the gold price could travel much further.

According to Davis's report, however, the gold price would be $700/oz by December 31, 2008 increasing to $1,200/oz in 2015. History shows us now that even Davis was too conservative for 2008...

"Putting all the factors together we've got an inextricable change..."

...the astounding fact is that the world's primary production of gold has been in supply deficit, with minor exceptions, for the last 15 to 20 years. That means not enough new gold is being mined to feed demand. Take 1997 which recorded a primary gold supply deficit of 1,000 tonnes, said Davis. Why then the 20-year long gold bear slide?

According to Davis, secondary supply of gold from central banks filled the supply deficit. Today, this is changing as the difficulty of finding new primary supply increases. Geopolitical disorders and US dollar distress are other factors changing the playing field. For years, hopelessly convicted gold bulls have been talking (raving) about a runaway gold price. They could be right.

Perfectly respectable professionals, becoming emotional about the infamously fickle gold price, may appear unseemly, but the change in sentiment towards gold is broader than that...

Ian Cockerill, CEO of South African gold producer, Gold Fields, said he recognised the hand of professional investors in the recent improvement in the gold price. "You can see it happening. The gold price goes up and then corrects, but never to the level from which it came.

"Personally, I can see the gold price going significantly higher."

Like it or not, the volumes of newly mined gold are falling off a cliff, and so are the reserves to replace it. Of the 81 million oz in primary gold consumption, only nine million oz is being replaced by newly discovered gold.
+
Suddenly gold is sexy again ... Official sector gold sales are slowing, and fast. Of the 500 tonne/year quota on central bank sales to end-September, 2006, it's thought only 370 tonnes hit the market.
+
General funds are joining their emerging market counterparts in buying gold shares to mitigate against geopolitical, currency and other financial risks. The US dollar is tipped to weaken further. Equities are doomed. And there's no impact yet from China whose highly regulated gold market is being slowly liberalised.

^---(see url)---^

Speaking of China, that big consumer of physical gold has been on holiday this whole week.

What new fireworks may may their reentry next week bring?

R.

Rocky (2/23/07; 11:21:55MT - usagold.com msg#: 152507)
$$$$689.0$$$$
Gold will rise into the $750's and return to the $725's. The cause? Inflation! Inflation is generally the result of increased demand against a steady or falling aggregate supply. The basic prescription against it is straightforward, at least in principle. Good monetary and fiscal policy is needed to support aggregate spending in a manner consistent as possible with the full utilization of economic resources. Simplistically, we can expect our current crop of verbose experts in Washington to continue their inflationary practices that drive the over printed dollar down, resulting in the rise of Gold.

Sierra Madre (2/23/07; 11:12:16MT - usagold.com msg#: 152506)
$$$$692.1$$$$

I have been in communication with an ET for the past several years and it (I have not inquired about its sexual preference) has revealed to me that the settlement price of the April contract on February 28th, will be $692.1 FRNs. The highest price for 2007 will be $1012.67 FRNs.

Gandalf the White (2/23/07; 11:11:59MT - usagold.com msg#: 152505)
BEAUTIFUL WATERFALL today !
http://quotes.ino.com/chart/?s=NYBOT_DX&v=s
Sir Smeagol -- you should check out that pool at the bottom of the falls ! GOLDFISH !!
<;-)

YGM (2/23/07; 11:00:49MT - usagold.com msg#: 152504)
$$$$695.3$$$$
OK that's fine. Spot likes the extra 5 cents!

YGM (2/23/07; 10:59:06MT - usagold.com msg#: 152503)
$$$$695.2$$$$
Gandy...Sorry about that old friend. I wouldn't want to have you send 5 hobbits after me. They'd demand 5 pennies back for the copper, instead of a nickel. (smiles)

Gandalf the White (2/23/07; 10:43:38MT - usagold.com msg#: 152501)
Response to Sir Goldilox --- <;-)
I think that the movement from $604. in early Jan to the present $688. interim level, has numbed the minds of far too many of the "nonbelievers" and made them comatose.
WHILE true Goldhearts are realizing that, we and Toto are NOT in Kansas anymore !!
ENJOY to ride!
JUMP SPOT JUMP
<;-)

Gandalf the White (2/23/07; 10:34:01MT - usagold.com msg#: 152500)
READ THE RULES !!!
Sir Yukon Gold Miner --- The Hobbits think tha you should thank Sir Goldpuppy for the nickel to make both his and your POG Contest entry valid.
PS: YGM -- trying to give the Ol'e Wiz a bad time ?
<;-)

Federal_Reserves (2/23/07; 10:28:51MT - usagold.com msg#: 152499)
You have heard of the Supremes?
http://www.ml-implode.com/
Introducing the Subprimes!

STOP in the name of the law, before you break the bank.


Cometose (2/23/07; 10:22:09MT - usagold.com msg#: 152498)
War Premium
Is beefing up in the GOLD market...........

It's interesting to watch the XAU and HUI unbelief(less than stellar participation) .

Cabal Participants in this HUI market are just as suppress oriented as in the GOld Market ........but perhaps more effective here

However it's not a conicidence that the drivers at the GOLD MARKET seem to be developing a long BENT for the weekends.......

since the shorts got their spanking in the gold pits wednesday , THE HUI just keeps on sauntering along not paying much attention ..not believing ...



I guess over the weekend , those institutions that have been holding back will have time to evaluate the costs of remaining inactive ..........

If this keeps up some are going to resort to taking their business out of the sector and exacting their returns from a more honest medium ....that isn't subject to the local manipulation .

I wonder if this is what ANOTHER was referring to when stated paper would separate from the metal ....

The false creation of a non confirmation in the Hui will not stop the metal .......Some of us will have to seek other means to garner our honest returns from the metal if these mining companies remain walking dead.

On the other hand , another outcome might occur , if the divergent behavior continues much longer.......

that being the GREAT CATAPULTING ACTION that occurs when
prices(HUI) veer too far off course from FUNAMENTAL METALS
action .....a BOOMERANG LAUNCH OF HUI AND MINING CO PRICES from underbought to overbought ......

Maybe the next place the FUNDS will go for action .....will be to oppose the shorts in the HUI SECTOR
..THAT WILL BE FUN TO WATCH ....

HOOK EM HORNS

Topaz (2/23/07; 10:12:29MT - usagold.com msg#: 152497)
alt currency PoG.
http://www.galmarley.com/Chart_pages/currency_charts.htm
I'm sure todays action will see the Canuck thing burst through into the rarified air of multi-year high PoG, following Yen-san into that greenest of pastures.
Can the Swiss miss (or better "airswing") be far behind?
Then the Continental composite (aka "compost"), Greenspam, Ozzie bleeder, GB "miligram" (they're metric now) ...through you all go bumwipes, bask in the reality!

Goldilox (2/23/07; 09:36:15MT - usagold.com msg#: 152496)
80 points in 50 days
Even I am having my senses dulled by the Evil one's spell!

Goldilox (2/23/07; 09:34:54MT - usagold.com msg#: 152495)
Rip rah ree, where is our cheerleading squad?
32 entries in a free gold contest?

80 points up in 20 days?

Where are the pom-poms and rally chants?

Come on, "Gold Diggers", this stuff doesn't happen in a vaccuum.

Ya gotta bleeeve! Show some spirit!

"Rip rah reeze, hit 'em in the knees!
Rip rah rorts, hit 'em in their shorts!"

Oh Great Wizard, is the gold army under a sleep spell cast by some evil Witch of Wall St?

YGM (2/23/07; 09:22:58MT - usagold.com msg#: 152494)
$$$$695.25$$$$
IMHO, Gold will most likely move into the $800.00 range in 2007. Geopolitical concerns, various CB's are already replentishing their Gold reserves, China and a few others are undoubtably quietly buying Gold. Those few (ie: Iran) who would wish the US dollar ill will would be prime candidates for helping push Gold higher. The buying in Gold always feeds on itself accross a very broad spectrum once it's renewed interest is on solid footing. Dubai is a good example being currently abuzz with Gold talk & buying interest like never before. Topping it off are majors like Barrick, cleaning out their hedgebooks. Lots of factors to consider when second guessing Gold's future prices, all positive and many previously unseen. It could just be that this time it "IS" different. I believe GATA has far more than it's fair share of credit due for the many years of raising the awareness on the reality of the rigged Gold markets and the games played for so long. USAGold can take a bow as well....YGM

mikal (2/23/07; 08:53:11MT - usagold.com msg#: 152493)
Hedge funds, prime brokers and the law
http://www.nytimes.com/2007/02/23/business/23insider.html?_r=1&ref=business&oref=slogin
The Bankruptcy Development That Has Wall St. Worried - Jenny Anderson - New York Times | Feb 23, 07
Regarding the recent court decision that will be appealled, "It poses a tough question for Wall Street. What does it need to know about it's clients?"

Cometose (2/23/07; 08:43:37MT - usagold.com msg#: 152492)
dollar
Looks like the dollar is being taken for a long overdue trip to the woodshed

It's been said this week that .8380 is support.

Spring Baseball is right around the corner .

Oil is going up .

Tension with Iran is riper and riper.

THIS IS A DUM_ TRAP .........

I bet there's a computer model doing some interesting
games relative to playing CHICKEN with IRAQ........

THIS IS BIG TIME POKER..........

The military industrial complex likes having someone who is so pliable at the helm ......

For years we did a good job of staying out of it ...letting the major factions fight it out among themselves .......IRAN IRAQ war ..........
AFghanistan and Russia .....The oil companies like this
hubris which inevitably has made more powerful their place in the CORPORATE FACTION of shadow government .
Saudi's like the Protection ...
Munitions co's like the activity ...



The reprisals (which look like they are global with the sides lining up with CHINA and Russia backing IRAN in addition to other alliances )may be suprising .

I fear that while the UN sanctions IRAN for its' activity , we *US* will be on the recieving end of another set of economic sanctions that are at this time in the wings awaiting deployment .

The business in Iran Has large looming war implications.

Since ENERGY seems to be at the center of this game and the ILLUSION OF A SCARCITY IS upon us .........

maybe the wise thing to do ...........to EXPOSE THE WIZARD
and to diffuse tensions over ENERGY is for one of the major players ..............CHINA .........

to begin to produce an AUTO that with CARBURATION TECHNOLOGY that gets ........130 miles to the gallon ...

WITH THE PROFITS ,,,,,,perhaps they could buy the board of some media company and we could get more fair and broad perspective reporting on GLOBAL EVENTS .....

THE COMPETITION for the PREMIERE POSITION in POLITICAL LEGITIMACY as well as ECONOMIC LEGITIMACY might be easily won ........wisely before it is necessary to plunge the world into another GLOBAL WAR.

THE US seems to have fallen into the hands a group of POWER DRIVEN GREED DRIVEN GROUPS .....that always go back to the same damn REGIMEN .. It worked for the IMPERIALISTIC BRITISH ....before the fall of the POUND ...
LET'S GET A RUN FOR OUR MONEY WHILE THE SUN HASN"T yet set on the almighty dollar ........

THE same group run by avarice .......always comes out of the shadows takes over and does THEIR ONE TRICK PONY SHOW .
IT"S AN OLD STORY .........and BORING ....IT"S TIME the WORLD GETs past this nonsensical business and gets to the next level of civilizaion ...

Our way of life is being destoyed from within ....
THe dollar gets thinner and thinner .....
Our rights are being evacuated .....
because of terror (real or illusionary )
causing a state of war (rumor or real?)
to secure resources (scarce or bemused as such )

If there is a man out there .......who has the technology to make cars run to 138 mpg ...........
the CHINESE who have perhaps the most to gain (in improved lifestyle) might be wise to take in this man and his technology .......and donate that technology through transfer and distribute that technology to the world
and thereby unseat the boys who use resource scarcity
as a pretext for making imperialism live
and strike up the war machine

If they have that technology , they might not show up for this WAR ... THey also might not share that technology .





Goldilox (2/23/07; 08:41:28MT - usagold.com msg#: 152491)
Friday Follies
http://www.netdania.com/ChartApplet.asp?symbol=XAUUSDOZ%7Ccomstock_lite
I was thinking, just as I retired last night,

"What if, instead of a Friday Spank-down", we saw a Friday short-squeeze, just for variety, and voila, here we be.

Off to the races? We just flew by my guess for next week.

Topaz (2/23/07; 04:47:05MT - usagold.com msg#: 152490)
Mexican stand-off.
Yesterday PoG failed to react to a genuine softening in the Buck:Bond composite, tonight we're witnessing the opposite with BB (him strong hombre!) ....and "again" PoG/S is comatose.
Given the action/reaction earlier in the week where an attempt was made to whack PoG and answered by the $20 pop, I'm thinking they're too er, frightened, to sell it down for fear of initiating a really descent spike.



mikal (2/23/07; 04:27:05MT - usagold.com msg#: 152489)
Stealth bull market in gold, under the radar, beneath the noise
http://usmarket.seekingalpha.com/article/27876
Short Lived Economic Pessimism: Pollyanna is Back - With a Vengeance - Michael Panzner - SeekingAlpha - Feb 23, 2007
This concise summary of three recent examples of professional or high-level expediency and evasion from the EU and US, that make clear where certain corporate interests prevail or are sancrosanct. The true goal of "regulation" is beyond contrivances, artifice and nostrums.

Topaz (2/23/07; 04:11:50MT - usagold.com msg#: 152488)
Full Spectrum TA.
http://stockcharts.com/h-sc/ui?s=$gold:$silver&p=D&b=5&g=0&id=0
So, by the end of Mar or absolutely by mid-Apr we'd expect to be at (ballpark) 30:1 on the G:S Ratio.
How might this manifest in the current $Po's? lets crunch a few numbers.
If our new-found PaperTrading friends are proven right and PoG "corrects" here (the Commercials are "always" right, aren't they?) we might have over the next 4-6 weeks a 600:20 Au:Ag Ratio develop ...not beyond the realm of possibilities eh?
If OTOH our FSTA is proven to be correct, something of the order of 750:25 might be closer to the mark.

Scenario 3 figures the ratio won't adjust downward by anywhere near the assumed amount but I've ruled that out "completely" ;-)

Goldilox (2/23/07; 00:58:35MT - usagold.com msg#: 152487)
JS comments
http://www.jsmineset.com/
snip:

There came a time in the late 70s where it became obvious that my extreme trading activity had maximized it's usefulness. At that time I reduced my sales on strength and increased my buying on weakness until finally maxed my position and sat back for the ride. Gold broke above $400 for the 2nd time and that was all the full sized lady sang. There are some signs that this time may be approaching again.

Stop looking for reasons to be wrong, which is the apparent hobby of the new crowd, and see the clear success you have waited for. I do not like the reasons why this will occur, but better to be on top of a rolling barrel than under it.

USAGOLD / Centennial Precious Metals, Inc. (2/23/07; 00:34:31MT - usagold.com msg#: 152486)
Meet the SATURDAY Night DEADLINE for THIS PRIZE ! ! !
http://www.usagold.com/gold/coins/den20mermaid.html




goldpuppy (2/23/07; 00:33:51MT - usagold.com msg#: 152485)
price guessing contest
***$701.75***

Gold is still gaining support at $675 but I feel there are dangerous undercurrents gaining force in the global financial system and so may unexpectedly break out on the upside another $25 in the next week or so in the futures market.

Gandalf the White (2/23/07; 00:27:45MT - usagold.com msg#: 152484)
SPOT and SPIKE give THANKS ---
for the Roo Meat delivery from DOWNUNDER !!!
Get ready to ROCK AND ROLL !!!!
<;-)

Gandalf the White (2/23/07; 00:08:47MT - usagold.com msg#: 152482)
TAA TAA TAAAAAAAAAAAAAAAAAAAAA TAA TAA!

$$$$$$$$$$$$$$ A "PRICE of GOLD" (POG) GUESSING CONTEST!! $$$$$$$$$$$$

We shall have a price guessing contest on the closing (Settlement price) of gold for the April COMEX Contract (GCJ07) on the last day of this month. Wednesday, February 28, 2007, ---BUT all entries must be posted to the TableRound before Midnight on Saturday, February 24th, AND ALL ENTRIES must answer "THE QUESTION" !!

Based on numerous prognostications from both recognized metals industrial companies executives, financial "experts", taxi drivers, "politicians" and "OTHERS" – that the price of gold this year will be somewhere between $500 and $2,000, the QUESTION is:

What do you think the highest SPOT price of gold (POG) will be this year, AND, in thirty words or more, Why????

This POG Contest winner -- the closest price guess to the actual Settlement Price -- will receive a rather rare collectors piece, a Danish 20 Kroner goldpiece, having the likeness of King Christian IX on the obverse, but commonly known as a "Mermaid" for the content of the reverse side of the coin !

The "Mermaid" 20 Kronor goldpiece had a total mintage of only 1.5 million, as compared to the nearly 110 million mintage of its period cousin, the English Queen Victoria sovereigns. It gets its name from the blend of a stoic Lady Liberty, enthroned with what I think is a porpoise or dolphin, swimming at her feet. Christian IX, pictured on the obverse of the coin, was known as the 'father-in-law' of Europe because two of his daughters and one son married into the royal lines of England, Russia and Greece respectively, and his grandson became the King of Norway. This coin is exceedingly popular with the people of Denmark in that the "Mermaid" is the national symbol of the country. These beautiful gold pieces were minted between the years of 1873 and 1900, have a Fineness of 0.900, and Actual Gold Content of 0.2592 troy ounce. This prize coin was minted in the first year of production, 1873 !


There will be also be two runners-up prizes for the next closest prognostications --- each winning an one ounce pure Silver U.S. Eagle.



====
THE RULES -- (We MUST have RULES !!) --- PLEASE READ !!

1) The Winner is the poster with the Price Guess closest to the Settlement price of the COMEX (most active) April 2007 Gold Contract (GCJ07) on the date of Wednesday, February 28, 2007.

2) Price "Guesses" shall be stated in Dollars and tenths !
(Such as $666.6)

3) "Guesses" shall be SHOWN in the SUBJECT BOX location AND enclosed in markers of "Dollar Signs" so as to be OFFICIAL !
(Such as $$$$$ $666.6 $$$$$$$ )

4) ONLY one "Guess" per Knight or Lady is allowed, and once that "Guess" has been "taken" -- no one can duplicate it !! FIRST COME has rights to that "Guess".

5) HOWEVER, All "Guesses" MUST be posted before the clock in Denver strikes MIDNIGHT (24:00) on Saturday, February 24, 2007.

6) AND MOST IMPORTANTLY (as this part MUST accompany the Price prognostication) --- In order for your entry to be valid, entries will need to have a full answer to the QUESTION, in 30 words, OR MORE. <===== NOTE !!!
---
LET the CONTEST continue !!
<;-)



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