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(2010-06-28 18:41:49, author: In Gold We Trust, source: http://www.in-gold-we-trust.info)
(2010-06-27 13:18:13, author: , source: )
For the past few scrap gold prices technical analysis reports we have been looking at the formation of this wedge. Action over the last week has strengthened the idea of this wedge formation.
Friday was a strong up day and it is quite likely we will see an up day on Monday perhaps even nudging above the all time high. This could create excitement amongst gold price analysts as it reaches an all time high.
However this is typical action for a topping wedge. I refer you to Euro action as it reached a high in April 2008. For scrap gold prices (the gold price) to look like they are resuming an new up trend once again we need to see a strong push up above the top line and closing 2 days above this line .
In Gold We Trust is an online Scrap Gold Calculator giving up to the minute Scrap Gold Prices and values on all gold and silver coins
(2010-06-24 14:05:16, author: , source: )
When we talk about financial crisis really what we are talking about is money.In order to explain as simply as possible the causes of the financial crisis we really need to look at what is money. So lets go back thousands of years to a time when people bartered so understand where money came from.
Lets imagine I am a Chicken Farmer
Lets also imagine that I have a friend Dave
who is a Potato Farmer
And another friend called Tom
who makes Cart Wheels
Now I like to have potatoes
with my chickens
likes to have chicken
with his potatoes
so we come to arrangement that whenever Dave
wants to have a chicken
I will swap him one for a bag of potatoes.
Equally I need a new wheel from time to time so I come to an arrangement with Tom
that every time I need a new wheel I swap him 2 chickens
and get my new wheel
The problem arises when Dave
needs a new wheel
for his cart because Tom
does not like potatoes
they have no value for him. Dave has nothing to offer in exchange for a new wheel
so we have a breakdown of the barter system.
So this is where money came in. Communities, societies, countries would find something that was commonly agreed had value and use this as a means of exchange. This has most commonly been gold and silver but tobacco leaves, shells and salt have also been used as a form of currency because they were all perceived as having value. So instead of swapping his potatoes for my chickens Dave could get gold or silver from me and then give that to Tom for a new wheel.
Note this that money is supposed to act as a store of value. I create value by raising chickens but may not wish to immediately exchange that value for other items of value (potatoes or wheels) so the money that we use is therefore used to store that value to be used at a later date. The money itself is not the value, I create value through my work and labor, I am the money, not the pieces of paper.
As time went by people got tired of carrying bags of gold and silver around so they would deposit this with a goldsmith who would then give them a receipt for their gold or silver which they could then use to buy things. This is how the modern banking system developed and even up until the late 1960s you could walk into a bank in the USA and exchange your dollars for gold. The money was considered "as good as gold" because it was redeemable in gold.
Today wherever you live in the world: Europe USA, Australia, Japan, Switzerland, your money is backed by nothing. It is printed out of thin air by governments, it only has value because they tell us it does - and we believe them. The only thing supporting the money is our belief and confidence in governments and the financial system, take away this confidence and the money is worthless.
You could say that it does not matter that they are just worthless bits of paper as long as everyone agrees that this is the method that will be used to do trade. That as long as you only create more paper when I raise another chicken, or Dave grows some more potatoes then everything should work fine.
The reality is is that money is not just worthless bits of paper, it is not just created every time someone creates more value.The fact is all money is debt - it is just a piece of paper saying that someone owes money to someone else
To explain what I mean about this we need to look at how money is created. Which we will go into more detail about in the next part.
In Gold We Trust in an online Coin Bullion and Scrap Gold Calculator giving up to the minute Scrap Gold Prices, Values of Silver Dollars and other Junk Silver Coins
(2010-06-24 13:54:02, author: , source: )
On the chart above I have presented 2 ideas for possible future moves in the price of gold.
1) 2 weeks ago I drew in the smaller triangle and said because of the prior uptrend this was a bullish signal for the price of gold and that a breakout above 1225 would mean a continued move upwards if the price could then close above its all time high. The gold price did break out and make a new high but the retraced but was held by the bottom line of the triangle. The price has since risen again but failed to close above the all time high. The triangle is now extended so once again if it can close above its all time high and make a clear new high then it should continue to rise.
2) The longer lines are of a wedge - this is a bearish signal. If the price fails to close above the all time and bobs around the top line but never making a clear break upwards then this would validate the idea of the wedge. This idea would further be strengthened by a fall below the bottom of the previous triangle. The formation of this wedge could continue for a while and the price could remain range bound between 1200 and 1250 but later leading to a severe drop in the price of gold. Only time will tell
(2010-05-10 19:41:02, author: In Gold We Trust, source: http://www.in-gold-we-trust.info)
Scrap Gold Prices Report - Monday May 10th 2010
Gold per troy ounce closed at $1203 Monday May 10th 2010
Scrap Gold Price Per Gram
10k =$16.12per gram
14k = $22.62 per gram
18k = $28.99 per gram
22k = $35.41 per gram
24k = $38.66 per gram
Scrap Gold Price Per Ounce
10k =$501.44 per troy ounce
14k =$703.46 per troy ounce
18k = $901.87 per troy ounce
22k = $1101,46 per troy ounce
Visit the <a xhref="http://www.in-gold-we-trust.info">In Gold We Trust Scrap Gold Calculator</a> for the most up to date prices