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The Real Price of Gold - Important Repost

http://ngm.nationalgeographic.com/200...

The Real Price of Gold

By Brook Larmer

Photograph by Randy Olson

Like many of his Inca ancestors, Juan Apaza is possessed by gold. Descending into an icy tunnel 17,000 feet up in the Peruvian Andes, the 44-year-old miner stuffs a wad of coca leaves into his mouth to brace himself for the inevitable hunger and fatigue. For 30 days each month Apaza toils, without pay, deep inside this mine dug down under a glacier above the world's highest town, La Rinconada. For 30 days he faces the dangers that have killed many of his fellow miners—explosives, toxic gases, tunnel collapses—to extract the gold that the world demands. Apaza does all this, without pay, so that he can make it to today, the 31st day, when he and his fellow miners are given a single shift, four hours or maybe a little more, to haul out and keep as much rock as their weary shoulders can bear. Under the ancient lottery system that still prevails in the high Andes, known as the cachorreo, this is what passes for a paycheck: a sack of rocks that may contain a small fortune in gold or, far more often, very little at all.

PRECIOUS-Gold rises 1 pct on physical buying, China inflation

* Gold one and three-month forward rates suggest increased
borrowing
    * China June consumer inflation up more than expected
    * Gold-backed ETF outflow continues
    * Investors await U.S. June FOMC minutes Wednesday

 (New updates throughout, adds comment, adds second byline, NEW
YORK to dateline)
    By Frank Tang and Clara Denina 
    NEW YORK/LONDON, July 9 (Reuters) - Gold hit a one-week high
on Tuesday, gaining 1 percent on strong physical demand, and as
Chinese inflation data boosted the metal's appeal as a hedge.
    The metal's second consecutive daily gain was sparked by
data showing China's annual consumer inflation accelerated more
than expected in June. 
    Signs of tightness in gold forward market also boosted
investor sentiment.
    News that the 1-month and 3-month Gold Forward Offered Rates
(GOFO), rates at which bullion banks are prepared to lend gold
on a swap against U.S. dollars, fell for the first time in years
underpinned gold prices.
    "Clearly there is some dislocation in the physical market
and maybe because demand has been surprisingly strong that has
caused some temporary shortages," said Societe Generale analyst
Robin Bhar, adding that there has been a lot of gold borrowing
in the last 24 hours .
    Spot gold touched its highest since July 2 at
$1,260.01 an ounce earlier. It traded at $1,245.90 an ounce, up
0.9 percent by 3:34 PM EDT (1934 GMT)
    U.S. Comex gold futures for August delivery settled
up $11 to $1,245.90 an ounce, as trading volume was 15 percent
below its 30-day average, preliminary Reuters data showed.
    Liquidation in bullion-backed exchange traded funds
continued, suggesting gold prices could come under renewed
pressure, analysts said. 
    Holdings in the SPDR Gold Trust, the world's largest
gold ETF, fell to the lowest since February 2009, down 1.6
percent to 946.96 tonnes. 
    Investors are now focusing on the Federal Open Market
Committee (FOMC) minutes - records from the Fed's June meeting -
due for release on Wednesday.

http://www.reuters.com/article/2013/07/09/markets-precious-idUSL4N0FF1K920130709

MAKE SURE YOU GET PHYSICAL SILVER IN YOUR OWN POSSESSION. Don't Buy SLV, or Futures or Pooled Accounts or any other BS paper silver product .Remember anything on paper is worth the paper it is written on. Go Long Stay long the bull market have even started yet

Robert Kiyosaki : For most people, money is in control of their emotions and their souls.

Robert Kiyosaki : Don’t be most people. For most people, money is in control of their emotions and their souls.

Rich Dad Poor Dad is the story of Robert Kiyosaki's financial education. He had two 'dads' - one his real dad, who was poor, and the other, his best friend's dad, who was on his way to becoming a very rich man.

Robert Kiyosaki ‏: Do anything of worth in this world, it means you'll fail. And do anything big in this world, it means you'll fail big

Robert Kiyosaki ‏: Do anything of worth in this world, it means you'll fail. And do anything big in this world, it means you'll fail big.

Rich Dad Poor Dad is the story of Robert Kiyosaki's financial education. He had two 'dads' - one his real dad, who was poor, and the other, his best friend's dad, who was on his way to becoming a very rich man.