Open Thread

“Did someone mention supernova?”

Look at your wedding ring. Assuming it’s gold or platium (or any other heavy metal), all of the atoms in your ring were created in a supernova.

“you can now clearly see ‘footprints’ of the old towers n the site”

Great pics Denton! That’s the view from my office. Now that the “footprints” are fully defined and being finished off with black granite (?) for the memorial, those mammoth holes in the ground are really eerie.

By CGar on July 21, 2010 2:25 PM

“Tampons scare me”

Me too. But not as much as bras. As Joey said about Chandler (yes, *rob*, FRIENDS, so shoot me!!): “He’s scared of bras. Can’t work ’em.” I think bras are why I initially changed teams.

CGar,
I believe the bra was invented by a man named Titslinger.
true story.

Gold is breaking down too, m4l. Consider this from gartman today….

Regarding gold, firstly let’s note that the GLD ETF
reported that its holdings of gold fell to 1.308.13 tonnes
from 1.314.21 tonnes as of the 15th, or 6.083 tonnes
less. The record level to which the ETF’s holdings of
gold had gotten was 1.320.44 tonnes on the 29th of
June, so there has been a quiet, but steady, net
decline over the course of the past three weeks.
Indeed, just going back to the first days of May, every
single day the ETF’s holdings of gold rose. Sometimes
the increases were very, very small, but sometimes the
increases were large, with several days in which the
holdings increased 15-20 tonnes! But since the start of
July, every day has seen the ETF’s holdings of gold
fall, with only one or two exceptions.
This then brings us to a piece written by our very good
friend, the always wry and ever inisighful, Jon Nadler
of Kitco.com fame. Yesterday Jon wrote the following:
That the gold market has become totally (and
perhaps dangerously) dependent on
investment demand was recently underscored
by the CEO of research firm GFMS – Paul
Walker. Mr. Walker opined that: “to maintain
gold at current levels you have to have
investment flows every hour of every day. If
you can make an argument for rising
investment demand for gold then the price of
gold is likely to stay where it is. But I haven’t
seen an asset class where investment flows
are only up. Take that [investment demand]
away and you’ve got a good argument for gold
going down.”
This is a more erudite way of saying what we have
always said about markets: It takes buying and lots of it
to put any market up; it takes a mere lack of buying to
put the same market down. History has proven this to
be true too many times not to be taken as axiomatic,
despite what the academics might say to the contrary.
We note then the chart of gold in US dollar terms at the
lower left of p.1. Gold must hold here at $1185-$1190,
for if it does not there is little if any support between
there and $1100. We shall hold what we shall refer to
as an “insurance” position in gold, but nothing more
than that for now: