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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
 Posted - 10/13/2008 : 15:45:02
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Ice Cream with gold leaf (!)
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Serindipity Restaraunt in New York offers the most expensive ice cream sundae in the world, The Golden Opulence Sundae ($1,000 per serving)
Made with "5 scoops of the richest Tahitian vanilla bean ice cream infused with Madagascar vanilla and covered in 23K edible gold leaf, the sundae is drizzled with the world's most expensive chocolate, Amedei Porceleana, and covered with chunks of rare Chuao chocolate, which is from cocoa beans harvested by the Caribbean Sea on Venezuela's coast. The masterpiece is suffused with exotic candied fruits from Paris, gold dragets, truffles and Marzipan Cherries. It is topped with a tiny glass bowl of Grand Passion Caviar, an exclusive dessert caviar, made of salt-free American Golden caviar, known for its sparkling golden color. It's sweetened and infused with fresh passion fruit, orange and Armagnac. The sundae is served in a baccarat Harcourt crystal goblet with an 18K gold spoon to partake in the indulgence, served with a petite mother of pearl spoon and topped with a gilded sugar flower by Ron Ben-Israel."
(Talk about a rich desert!)
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Germans Stockpiling Gold Amid Market Panic
German gold dealers have stopped taking new orders for the precious metal as demand has skyrocketed. Gold is seen as a safe investment during the market turmoil. In uncertain economic times, Germans are dumping stocks and shares to take refuge in precious metal, accoring to a Wednesday article in a Berlin newspaper.
German gold dealers report running low on stocks of gold bars and coins.
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Gold and silver prices reach a major tipping point
In an unprecedented move last week, central banks practically stopped lending gold to banks and other participants in the precious metals market.
Last week the one-month gold lease rate rocketed to 2.6%, the highest since May 2001 and way above its five-year average of 0.12%, according to the London Bullion Market Association.
A major turning point for gold and silver prices is at hand.
Gold and silver went through a severe correction this summer just like the correction in 1975.
Then gold prices dipped by almost 50% from peak to trough.
Tipping point
Now we have to look at the supply and demand position to determine whether this could in fact be a tipping point. The downside after a big correction like we have just seen is clearly small or entirely gone.
Gold first: Last week investors queued in the streets of London to buy gold. We have a similar rush in the souks of Dubai. Gold coins are selling at the highest premiums to spot gold price in 30 years, and stocks are running out.
Gold has risen sharply in price this week despite a very sharp rally in the US dollar, lower oil prices and collapsing stock markets. Usually the dollar and gold do not move in the same direction, so this is highly significant. Gold also usually falls with oil.
Bullion premium
In silver the premium paid for bullion bars is up to 50% above the spot price as dealers are running low and demand remains very strong. Why are silver premiums higher than gold: simply because silver stocks are tighter.
This is the classic case of tugging on a piece of elastic fixed to a brick. The pull of the retail price is suddenly going to increase the silver spot price. It just has to as bullion dealers replace their stocks.
We now also have an official enquiry into the shorting of the silver market by two US banks over the summer that crashed the price. No matter that the banks will probably be exonerated. They have removed their short positions - so there is nothing there to prevent silver prices surging ahead.
Supply shrinking
Meanwhile on the supply side things could hardly be better for price rises in precious metals. Central banks are withdrawing planned gold sales while output is falling at the major producers.
Silver stocks have always been tight as unlike gold the metal is consumed by industrial processes; but silver is also a precious metal which tracks gold as 'the poor man's' alternative. Silver production is increasing but only at a snail's pace.
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Gold falls as rescue plans reduce safe-haven buying
NEW YORK (MarketWatch) -- Gold futures fell for a third session Monday, closing at the lowest level in more than a week as government agreements reached in Europe and the U.S. to support the banking sector dampened safe-haven demand.
U.S. stocks took their cue from equity rallies overseas, as the global rescue plans restored some confidence among investors. Underscoring this, crude-oil futures rose for
the first time in four days.
….Gold had been rallying recently as investors sought safety amid the global financial turmoil. It surged all the way to $936.30 on Friday, the highest intraday level since July 28, before closing lower in a dramatic reversal.
Still, benchmark gold ended up 3.1% last week.
Analysts have been anticipating that gold prices will remain volatile as investors watched the global efforts to rescue the ailing financial industry.
The European Central Bank, the Bank of England and the Swiss National Bank all said Monday they would lend unlimited amounts of dollars to banks. Britain said it would inject as much as $63 billion into three banks, while Australia has guaranteed wholesale funding for banks.
Treasury Secretary Henry Paulson laid out more details of his radical plans to buy equity in banks Friday, while Group of Seven finance ministers and central bank governors urged whatever steps are necessary to restore market confidence.
Some analysts worried that by pumping billions of dollars into the market, the central banks are potentially putting the world economy under the risk of inflation, which could in turn push up gold prices.
"With abundance of dollars, gold can only rise," said Ned Schmidt, editor of the Value View Gold Report.
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