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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 11:00 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
commodities such as gold and silver are at a unprecedentedly, unimaginably, and extremely low level at this time from their recent highs in my opinion this is a correction period which won't last much longer these are precious metals and safe havens, so many unfortunate financial turmoil, and geopolitical events are occurring at this time it's heartbreaking but true and in my opinion in times like these gold, and silver and other commodities will outperform the markets and skyrocket to the highest levels in history in my opinion, it's comical, hilarious, laughable, amusing, and one of the funniest statements when people say the us dollar currency is a safe haven it's a very ridiculous statement in my opinion and it's very senseless, the us dollar is one of the most worthless currencies at this time in my opinion the debt levels increasing in the trillions, most of the economic financial reports are very terrible, in my opinion majority of the world's nations will dump the us dollar, in my opinion many nations globally will purchase commodities such as gold, and other precious commodities which have true value unlike the worthless us dollar, lets see what happens in the future hopefully we will see improvements in this world where everyone will live in happiness, peacefulness, wonderfulness, and harmony, I wish you all the very best of luck and God richly Bless you all.
Anonymous Coward
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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.
 Quoting: Anonymous Coward 14338507


You're just referring to the heavily manipulated paper metals market. There is no price discovery that isn't corrupt. Wonder what the real price of gold is?
Anonymous Coward
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06/28/2012 11:04 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
These dumb fucktard articles are trying to get you to sell your Precious Metals here at the end of the first half of the year. They have charts to paint. It's also expiry week (this week) for the Precious Metals. Buy after next Tuesday as all expiries and delivery dates will have expired. They are able to manipulate the price because Precious Metals are priced in paper and not in it's physical form.

I will post this again for the hard head dumbasses.

You can't have deflation and credit default swaps in the quantity that we have at the moment. They are like oil and water.

Read this and you will understand why there will be no deflation.Understand that the dollar is the defacto “Reserve currency – Petrodollar” that the world uses to transact business. As that dollar becomes more encumbered with "leverage" its ability to be a store of value has less conviction and faith. The "only" value that a fiat paper currency can retain "is" that conviction and faith.

So, let's look at the reason all faith will be lost in that currency at some point in the future. Since the creation of the FED in 1913 the currency (Dollar) value has been controlled through inflation/deflation. In 1944 the U.S. Dollar through the Brenton Woods agreement was granted “exclusive reserve currency status”.(that status meant that any country wanting to buy oil, food or commodities would have to buy dollars “first” and then they could go into the world market to make their purchase “on” the world market (with those reserve currency notes) also it meant that "If" any country lost faith or trust (through debasement or any other reason) in that currency they could go to "any" central bank in the world and trade that paper currency for physical Gold of equal value.
(Good as Gold) In 1971 Nixon suspended Brenton Woods and took us off the Gold Standard telling other nations that they could not "now" exchange the dollar for Gold as previously promised.

Here is the key to it's downfall:

The U.S. dollar (debt) from 1971 through around 1995 was able to be removed from a balance sheet with little implication through accounting techniques claiming (debt) as a loss and could be written off and that was the end of it.

Here (around 1995) comes Blythe Masters from JP morgan and she creates what is called a "Credit Default Swap" This is essentially an insurance policy on a default to pay back a debt or loan. So, let’s say for shins and giggles Greece is lent 1 trillion dollars by another country. They promise to pay that money back at a set interest rate over time. The CDS (Credit Default Swap) enables financial institutions to purchase a put (Default insurance or a bet against the underlying asset (loaned debt or CDO – Collateralized Debt Obligations) never being paid back. This would be OK if only "ONE PUT" was taken out against the chance of that debt not being paid back. The problem "of the whole planet situation right now" is that this debt can be leveraged by 100 "PUTS" or in layman’s terms (for each dollar that was lent to Greece there are $100 betting against "each" one of the dollars lent, that it will default and not be paid back) So, now you have 100 Trillion dollars leveraged against the default of a 1 Trillion dollar loan. So, now Greece cannot pay back the loan (CDO-debt) triggering the CDS from the default on the CDO and now everyone that bought a "PUT" wants’ to get paid on their bet. The next problem is that those financial institutions that sold those "PUTS" are only required to have a 6% reserve (Money held in escrow to pay claims) So, in reality those institutions only have .06 cents per dollar to pay those claims and not the “whole” dollar "required or needed" to pay those claims.

This is why all of these bailouts are created so "NO ONE" is allowed to fail "Triggering" these Credit Default Swaps. The original debt is maintained through interest payments from "newly created" debt (bailouts) because the money to pay those claims does not even exist.........Yet.
So, you say why can’t they just unwind them.
Answer, is that you can't because everyone that purchased these "PUTS" on “CDO’s” wants’ to get paid because they are classified as an asset on "their" balance sheets.

When the discussion turns to CDS/CDO's at parties, I ask if anyone can explain them so that we can have an educated discussion. No one can, so I give this analogy and everyone sees a little better what the problem is. I know it's not a perfect description but convay's the basis.
Previously posted on ZH;
So, GK wants to buy a house, so GK goes to Joe banker and says hey Joe can you lend me a 100K to buy this house. Joe says sure GK here is your 100K you can pay me back over time with interest.
Then Joe gets back from the closing and says to himself, Hey "what if GK doesn't pay me back, I will be out a 100K. So, Joe calls Allstate and talks to Al the broker and says, "Hey Al I want to buy a 100K insurance policy incase GK doesn't pay me back. Al says sure Joe here is your 100K default insurance policy (CDS). Then after Al gets off the phone with Joe, Al says to himself "wait a minute" "what if Joe doesn't pay me back" and Al quickly calls jerry at AIG and says hey jerry I need an insurance policy for 100K incase Joe doesn't pay me back. Jerry says sure Al here is you CDS for 100K incase Joe the banker doesn't pay you. Then Jerry gets off the phone with Al and says "wait a minute" "What if Al doesn't pay me back and then he quickly calls Zurich and talks to Chad and says "hey Chad" "I need to purchase a 100K policy against Al not paying incase GK defaults on his mortgage. Chad says here you go Jerry a 100K CDS for you and the Chad says to himself......................................................​.........you see were this is going.
So, let’s say this goes 20 CDS contracts deep. So what we have is 2,000,000 dollars worth of credit default swaps written on a (CDO) 100K depreciating asset that is now only worth 60K. Now the leverage went from 20 to 33 because of the deflation in the housing prices. (That’s why there is no mark-to-market)
Now GK's employer just called and is laying GK off "permanently".
The problem is now that the financial institutions that wrote all these CDS's (a ton of American banks) were only required to have a 6% reserve on this 100K worth of exposure (each). So, you see the money does not even exist-yet (our anti deflationary kryptonite backstop and tribute to JS for the saying "QE to infinity") to pay these claims and all these entities must be bailed out to stop the contagion before wiping out everybody.

I used a house as an example and it actually is a physical asset. Most of the CDO's are written against debt (paper, but classified as an asset on balance sheets with "no" underlying physical nothing) Here is where the problems lay. The “DEAL” that they are trying to close is a perfect "orderly" transaction with a 50% haircut (what is perfect and orderly in a panic once these start triggering). It's the reserve of 6% that is the problem. Let’s take our old friend JPM that has a leveraged balance sheet of 44 to 1. If they are in the wrong chain position on the CDS loop and let's say that they have to pay out 5x of that leverage but only receive 2x of the leverage back. ???????????????????

Where does the money come from to pay that net 3x's exposure? (it does not exist...yet, remember the 44 to 1 leverage) hence the bailouts to keep this thing from going full balls out.

There it is, and it's called "Contagion"

So the deflation will trip the balance sheets into default causing the printing of currencies to try and save the system.
This can be proven by the labeling of the 50% haircut on Greece’s debt not being classified as a default, hence delaying the massive printing of money to honor them.

Hyper-Inflation

A small amount of deflation will trigger a massive amount of inflation.
That's why this article is bullshit ! rockon
Anonymous Coward
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06/28/2012 11:21 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.
 Quoting: Anonymous Coward 14338507


You're just referring to the heavily manipulated paper metals market. There is no price discovery that isn't corrupt. Wonder what the real price of gold is?
 Quoting: Anonymous Coward 18739159


Based on the fact that the chairman admitted there was only 1 piece of Gold for every 100 pieces of paper committed.


Well you do the math !
Anonymous Coward
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06/28/2012 11:26 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




At $700 an ounce, I'd take a loan for 100K and buy every ounce I could lay my hands on.

The US economy is hosed. The criminals running our country have made sure of that. Only question is "When". I bet we will not recognize the US in a year, if it even exists at that time:


[link to usawatchdog.com]
Anonymous Coward
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06/28/2012 11:28 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
You're just referring to the heavily manipulated paper metals market. There is no price discovery that isn't corrupt. Wonder what the real price of gold is?
 Quoting: Anonymous Coward 18739159





I think we will find out soon. This house of cards is coming down in the near-term future.
Mukk1234

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06/28/2012 11:31 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
 Quoting: Anonymous Coward 14338507


That is total BS.... OP you have no idea wtf your talking about....bsflag

Last Edited by Mukk1234 on 06/28/2012 11:31 AM
Fuck it, lets party!!!!
Anonymous Coward
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06/28/2012 11:34 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
 Quoting: Anonymous Coward 14338507


That is total BS.... OP you have no idea wtf your talking about....bsflag
 Quoting: Mukk1234


I agree, the article is bsflag
Anonymous Coward
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06/28/2012 11:35 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 will buy, today, the same thing it did in the time of Abraham and/or Jesus:

Stock Market paper gold isnot "gold", and what the elite crooks are feeding you.

The stuff that jingles is your pocket is called "bullion", and that is the stuff the crooks donot want to talk about and hate, because:
Rothschild Gold:
[link to 911wasahoax.blogspot.com]
[link to www.youtube.com]

Haggai 2:8:
The silver is mine, and the gold is mine, saith the LORD of hosts.
Learn:
[link to www.biblegateway.com]

Ron Paul:
Federal Reserve:
[link to www.youtube.com]

Ron Paul's Urgent Warning On The Inevitable Collapse Of The Dollar:
[link to www.youtube.com]


Who you gunna vote 4

Kennedy 11110:
[link to www.youtube.com]
Louis Farrakhan Speaks On JFK, Executive Order 11110:
[link to www.youtube.com]

Bible truths will set you free John 8:32
Anonymous Coward
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06/28/2012 01:13 PM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Gold bubble is bursting right now [link to www.youtube.com]
Anonymous Coward
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06/28/2012 01:13 PM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
. . . gold will buy, today, the same thing it did in the time of Abraham and/or Jesus:

Stock Market paper gold isnot "gold", and what the elite crooks are feeding you.

The stuff that jingles is your pocket is called "bullion", and that is the stuff the crooks donot want to talk about and hate, because:
Rothschild Gold:
[link to 911wasahoax.blogspot.com]
[link to www.youtube.com]

Haggai 2:8:
The silver is mine, and the gold is mine, saith the LORD of hosts.
Learn:
[link to www.biblegateway.com]

Ron Paul:
Federal Reserve:
[link to www.youtube.com]

Ron Paul's Urgent Warning On The Inevitable Collapse Of The Dollar:
[link to www.youtube.com]


Who you gunna vote 4

Kennedy 11110:
[link to www.youtube.com]
Louis Farrakhan Speaks On JFK, Executive Order 11110:
[link to www.youtube.com]

Bible truths will set you free John 8:32
 Quoting: Anonymous Coward 18280462
Anonymous Coward
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06/28/2012 01:17 PM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
CNBC: gold bubble as hedgefunds are selling [link to www.youtube.com]
Anonymous Coward
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06/28/2012 02:39 PM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Also EZ-wide deposit insurance cant stop bank runs driven by redenomination risk in case of exit. Huge moral hazard if dep ins holds in exit---Banks selling 2500Tons of gold which will flood market short-term As India and china currency are collapsing and they won't buy
Anonymous Coward
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06/28/2012 02:41 PM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Opie believes cnbc. lol.5a
Mickeyblue
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06/28/2012 02:48 PM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
safe haven not heaven
Anonymous Coward
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06/28/2012 02:54 PM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
No way in hell gold will fall like that.
Anonymous Coward
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06/28/2012 08:32 PM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
banks prepare 'living will' for soon systemic failure

[link to rt.com]
Saddletramp
We Don't Rent Pigs...

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06/28/2012 08:48 PM

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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Why wouldn't they use Gold, it's a traditional safehaven, and the dollar will never gain 35%, we couldn't afford that...

Not to mention, Gold has been frequently known to decouple itself from the Dollar in times of economic turmoil...

I mean according to CNBC, none of what is happening in the world economy should be happening now, America was in a strong recovery, Europe was cured, happy days were here again...

norespect
"And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius

"Because he told the truth, and once you've heard the truth, everything else is just cheap whiskey..."
Anonymous Coward
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06/29/2012 10:13 PM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Here are 30 years of your precious dollar. Peaks and valleys but that trend is down. No ifs and or butts about it.

[link to www.chartsrus.com]
Anonymous Coward
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06/29/2012 10:45 PM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Only fools call the top or the bottom of any market.

Smart money that is ahead is selling, with a buyback of 4-6% of current price.

If it continues to go back down, again smart money is waiting until it shows significant upward pressures until a buyback.

Take your profits, keep them liquid. Ride it down or up, but do not try to call when you will peak or drop on a roller coaster. That is how amateurs do it.

Go for the ride and keep your profits.

Million bucks of free advice, please take it. This is how the big boys play it.
Anonymous Coward
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06/30/2012 08:19 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Now compare this 30 year chart of gold with the 30 year chart of the dollar and tell me why on earth I should worry about a short term trend???

[link to goldratefortoday.org]

cost averaging works because the dollar gets weaker. Its a no brainer.
Anonymous Coward
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06/30/2012 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
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.
 Quoting: Anonymous Coward 9968554


Propaganda for sure. Not saying the bastards won't try to drive the price down, but only to relieve the small investor of their savings. I can see it now, price goes down, some people panic and trade for green/gray paper, then the paper collapses and gold rockets past $2500. The final touches on the raping of the people.

Well, not me. I'll ride out whatever the bastards do. Beginning of this coming week, I'm going to order more silver.
Anonymous Coward
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06/30/2012 10:17 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.
 Quoting: Anonymous Coward 9968554


Dollar as safe haven?? AAAHAhahahahahhahahahaha.....

America is $16 TRILLION in declared debt.
America has $80 TRILLION in unfunded liabilities.
America has $1.5 QUADRILLION in derivatives that are unfunded as well.

The American DOLLAR is TOAST, people. The ONLY way out is hyperinflation or thermonuclear war.
Anonymous Coward
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06/30/2012 10:24 AM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
They will use the strength in the dollar to print the shit out of it again. Huge problems still persist in the American economy, and they need to print to even sustain the status quo. IMO the dollar will gain slightly, but not astronomically.
Anonymous Coward
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07/02/2012 02:36 PM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
Ism numbers today say Recession---No food for gold and silver
Anonymous Coward
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07/06/2012 01:49 PM
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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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07/06/2012 02:02 PM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
the us dollar is totally worthless, valueless, and one of the most terrible currencies at this time in my humble opinion, the us dollar goes up again today on horrible jobs report it makes no sense, in my opinion the us dollar won't stay this high it's extremely overvalued, the worthless us dollar in my opinion will fall very hard when the world's nations start dumping this worthless currency, in my opinion precious commodities will skyrocket soon it's very undervalued at this time, commodities are safe haven investment not us dollar which is pretty much a very worthless currency, the debt levels almost $16 trillion and continuing to rise, most of the financial reports are terrible there is no reason for the us dollar index to be above the index of 83, in my opinion the us dollar index could fall much lower could go to index 40 in the future in my opinion, I wish you all the very best of luck God Bless you all.
Anonymous Coward
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07/06/2012 02:05 PM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency
DIE GOLD DIE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Anonymous Coward
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07/06/2012 02:07 PM
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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
 Quoting: Anonymous Coward 2321621


disagree
FierySky

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07/06/2012 02:09 PM
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Re: CNBC : Gold should test $700 if EURO crisis get worse ---Dollar could rally 35% as safe heaven currency


Last Edited by FierySky on 07/06/2012 02:10 PM

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