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CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency

 
Anonymous Coward
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06/28/2012 01:47 AM
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CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Is Gold on the Edge of a Violent Downturn?
CNBC.com | June 28, 2012 | 01:16 AM EDT
Gold is on the brink of a “violent downturn” and could even fall as low as $700 an ounce as the risk of deflation in developed economies grows and technical pointers turn bearish, one expert tells CNBC.

“Technical levels show us when the trouble is coming. Gold struggled at $1,700 and then at $1,600. If it breaks through the next key level of $1,500, which could be approaching soon, investors would start panicking and selling hard,” Yoni Jacobs, Chief Investment Strategist at Chart Prophet Capital said on Thursday.

Gold [ XAU= 1575.49  +1.09 (+0.07%) ], which has fallen below $1,600 eight times in the past 10 months, is currently trading below the key 200-day and 300-day moving average of $1,650 and $1,670, respectively. The 300-day moving average has supported the bull market in gold since 2001, however this is no longer the case, he said.

“It appears that the market has decided on gold's fate. And it's not looking pretty.  It looks like gold is about to see prices collapse and is on its way to $700,” Jacobs added.

The two main triggers for a large selloff in the precious metal could be a further slowdown in global economic growth - which would likely result in deflation - or inaction by leading central banks such as the Federal Reserve or the European Central Bank.
Anonymous Coward
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06/28/2012 01:51 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
I would LOVE Gold to go to 700 an ounce. Id pick up a couple pieces that I can afford
Anonymous Coward
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06/28/2012 01:54 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Why would anyone with money buy the dollar as safe haven. If I had lots of $ I would buy hard assets, like countries and politicians. Oh, the Chinese already did that in 90's. I think the $ being safe haven is propaganda.
Anonymous Coward (OP)
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06/28/2012 02:02 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
I would LOVE Gold to go to 700 an ounce. Id pick up a couple pieces that I can afford
 Quoting: Anonymous Coward 15218554


Yes will load there
Anonymous Coward
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06/28/2012 02:03 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
bsmeter2

The US Dollar is as useful as monopoly money!

Nothing beats Gold!
Anonymous Coward
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06/28/2012 02:08 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Sand Castles, and Paper Mache...

That's where I would put my money...

Rare industrial earth metals are worthless...everyone knows that.
Anonymous Coward
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06/28/2012 02:16 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Wild speculation at best. They cant see that far in the future. Where is the Euro crisis going?

The Euro crisis is about over. Spain and Italy are getting bailed out. The IMF is already funded to do this.

According to the PIIGGS the UK could be next.

When the UK goes so does the US again.

your link

[link to m.cnbc.com]

I dont think it's going that low

gold chart

[link to www.finviz.com]
Anonymous Coward
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Korea, Republic of
06/28/2012 02:16 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
700 is absurd , 1100 is reasonable.

[link to jimrogers-investments.blogspot.kr]
Anonymous Coward
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06/28/2012 02:20 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
This matters not since as the dollar/gold/silver values remain the same. It's all about purchasing power. When you sell the gold/silver for the dollar that buys more it all works out. This is why gold/silver is just safety for a failing dollar or other currency, not so much as investment.
Anonymous Coward (OP)
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06/28/2012 02:24 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Wild speculation at best. They cant see that far in the future. Where is the Euro crisis going?

The Euro crisis is about over. Spain and Italy are getting bailed out. The IMF is already funded to do this.

According to the PIIGGS the UK could be next.

When the UK goes so does the US again.

your link

[link to m.cnbc.com]

I dont think it's going that low

gold chart

[link to www.finviz.com]
 Quoting: Anonymous Coward 18681496


Hide in dollars not gold----Dollar in great demand since may
Anonymous Coward (OP)
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06/28/2012 02:59 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Sell gold and all other commodity before its too late [link to www.youtube.com]
Anonymous Coward
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06/28/2012 03:51 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Sell gold and all other commodity before its too late v=PBbOHB2gcr8
 Quoting: Anonymous Coward 14338507


No.

If I was going to sell I would have long ago when the price was higher.

Selling will result in a tax bill for capitol gains.

Dollars earn no interest in the bank.

What else to do with cash? Put it in stocks? Ha ha. Real estate? Nooo.

I'm not a buyer of any PM at the moment. But as soon as it bottoms I'll be loading up yet again.

The US dollar is heading for a train wreck.

[link to static.safehaven.com]

US debt grows by trillions every year. Each presidential term sees more debt than all previous presidents combined. History shows this cannot continue. The world mkt grows hostile.
Anonymous Coward
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06/28/2012 04:12 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
A strong dollar makes it impossible to repay our existing debt.
Anonymous Coward (OP)
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06/28/2012 07:05 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Is Gold on the Edge of a Violent Downturn?
CNBC.com | June 28, 2012 | 01:16 AM EDT
Gold is on the brink of a “violent downturn” and could even fall as low as $700 an ounce as the risk of deflation in developed economies grows and technical pointers turn bearish, one expert tells CNBC.

“Technical levels show us when the trouble is coming. Gold struggled at $1,700 and then at $1,600. If it breaks through the next key level of $1,500, which could be approaching soon, investors would start panicking and selling hard,” Yoni Jacobs, Chief Investment Strategist at Chart Prophet Capital said on Thursday.

Gold [ XAU= 1575.49  +1.09 (+0.07%) ], which has fallen below $1,600 eight times in the past 10 months, is currently trading below the key 200-day and 300-day moving average of $1,650 and $1,670, respectively. The 300-day moving average has supported the bull market in gold since 2001, however this is no longer the case, he said.

“It appears that the market has decided on gold's fate. And it's not looking pretty.  It looks like gold is about to see prices collapse and is on its way to $700,” Jacobs added.

The two main triggers for a large selloff in the precious metal could be a further slowdown in global economic growth - which would likely result in deflation - or inaction by leading central banks such as the Federal Reserve or the European Central Bank.
 Quoting: Anonymous Coward 14338507
Anonymous Coward (OP)
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06/28/2012 09:27 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Gold is just another commodity
Anonymous Coward
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06/28/2012 09:38 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
I can't stop laughing at people calling the us dollar a safe haven currency it's the funniest joke in my opinion in the world, the us dollar has no reason to be this overvalued around the index of 83, majority of the economic reports are horrible, the jobless claims numbers are terrible, the debt levels are rising in the trillions, in my opinion us dollar is a totally worthless currency and it could fall very hard in the future, in my opinion true safe haven investments are commodities such as gold, silver, and other precious commodities which in my opinion will rise much higher, I wish all of you the very best of luck God Bless you all.
Anonymous Coward (OP)
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06/28/2012 09:44 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
I can't stop laughing at people calling the us dollar a safe haven currency it's the funniest joke in my opinion in the world, the us dollar has no reason to be this overvalued around the index of 83, majority of the economic reports are horrible, the jobless claims numbers are terrible, the debt levels are rising in the trillions, in my opinion us dollar is a totally worthless currency and it could fall very hard in the future, in my opinion true safe haven investments are commodities such as gold, silver, and other precious commodities which in my opinion will rise much higher, I wish all of you the very best of luck God Bless you all.
 Quoting: Anonymous Coward 1272616


I can't stop laughing when folks still believes Gold as safe heaven when it drops 20% in last 6 months ----US dollar in great demand as Ce real bank are sellers not buyers of Gold
Anonymous Coward
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Belarus
06/28/2012 09:45 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
bsflagbsflagbsflag
Anonymous Coward
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06/28/2012 09:47 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
In my opinion the gold, and silver were in a correction period in my opinion most people will buy precious commodities it has real value, it is used internationally, in my opinion currencies such as the us dollar will be sold by many nations of the world in the future, in my opinion the us dollar is totally worthless and has no value it could drop very rapidly in the future, I cannot stop laughing I'm trying to stop but it's too funny someone calling the us dollar a safe haven currency it's the funniest in my opinion, I wish you all the very best of luck.
Anonymous Coward
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Netherlands
06/28/2012 09:49 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
If the USD goes up 35%, which they are right, it could. Then that would mean the stock markets would go down by 50%+ or so.
Anonymous Coward
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06/28/2012 09:57 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
In my opinion the gold, and silver were in a correction period in my opinion most people will buy precious commodities it has real value, it is used internationally, in my opinion currencies such as the us dollar will be sold by many nations of the world in the future, in my opinion the us dollar is totally worthless and has no value it could drop very rapidly in the future, I cannot stop laughing I'm trying to stop but it's too funny someone calling the us dollar a safe haven currency it's the funniest in my opinion, I wish you all the very best of luck.
 Quoting: Anonymous Coward 1272616


Last 6 month record ---All currency in world are relatively underperforming US dollar including Gold -----As growth slows Dollar rallies and Bubble in gold will pop
Anonymous Coward
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06/28/2012 09:59 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
In my opinion I don't see the us dollar going upwards by 35% in my opinion we are probably very near the top, I think the us dollar is extremely overvalued with all the horrible economic data, and debt levels continuing to rise us dollar should be much lower, in my opinion the us dollar could fall 35% or much more maybe up to 50% plus in the future, the us dollar is totally a very worthless currency in my opinion the nations of the world will sell off the us dollar in the future.
Anonymous Coward
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06/28/2012 10:12 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
700 is absurd , 1100 is reasonable.

[link to jimrogers-investments.blogspot.kr]
 Quoting: Anonymous Coward 14218599


5 years ago gold was at 700 and platinum was at 1400
now platinum is at 1400, so 700 is not really absurd.
Anonymous Coward
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06/28/2012 10:16 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
DOLLAR COULD RALLY 35% ??

MAYBE 10 MINUTES OR SO !!

lolsignslaphimwakeupohno1rof1lmaoflip
Anonymous Coward
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06/28/2012 10:20 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
I just cannot stop laughing at this funny statement of us dollar being a safe haven and that it will rally 35% my goodness it's a very laughable statement in my opinion, lets see what happens in the future only time will tell, in my opinion us dollar will fall very hard to record lows in the future could go down 50% in the future in my opinion, in my opinion most commodities will rise much higher could double, triple, quadruple, or go up way more, commodities have real value, lets see what happens in the future time will tell us very soon, I wish you all the very best of luck God Bless you all.
Anonymous Coward
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06/28/2012 10:33 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Is Gold on the Edge of a Violent Downturn?
CNBC.com | June 28, 2012 | 01:16 AM EDT
Gold is on the brink of a “violent downturn” and could even fall as low as $700 an ounce as the risk of deflation in developed economies grows and technical pointers turn bearish, one expert tells CNBC.

“Technical levels show us when the trouble is coming. Gold struggled at $1,700 and then at $1,600. If it breaks through the next key level of $1,500, which could be approaching soon, investors would start panicking and selling hard,” Yoni Jacobs, Chief Investment Strategist at Chart Prophet Capital said on Thursday.

Gold [ XAU= 1575.49  +1.09 (+0.07%) ], which has fallen below $1,600 eight times in the past 10 months, is currently trading below the key 200-day and 300-day moving average of $1,650 and $1,670, respectively. The 300-day moving average has supported the bull market in gold since 2001, however this is no longer the case, he said.

“It appears that the market has decided on gold's fate. And it's not looking pretty.  It looks like gold is about to see prices collapse and is on its way to $700,” Jacobs added.

The two main triggers for a large selloff in the precious metal could be a further slowdown in global economic growth - which would likely result in deflation - or inaction by leading central banks such as the Federal Reserve or the European Central Bank.
 Quoting: Anonymous Coward 14338507


Agree
Anonymous Coward
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06/28/2012 10:40 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Why r so many countrys leaving the dollar for the chinese yen or gold?
Anonymous Coward (OP)
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06/28/2012 10:51 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Silver 2 year low
Anonymous Coward (OP)
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06/28/2012 10:51 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Why r so many countrys leaving the dollar for the chinese yen or gold?
 Quoting: GLPTARD


None---all countries now want dollar
Anonymous Coward
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06/28/2012 10:56 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Gold is just another commodity
 Quoting: Anonymous Coward 14338507


Actually gold is real money so you're totally wrong. But what would people put their money in? Paper? Paper is just paper. All it's really good for these days is wiping your ass.
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06/28/2012 10:57 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Gold down 1.3% at $1553. People still talking about lack of Indian buying, but in rupee terms, its still over 30% higher than a year ago.

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