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Gold Is Getting Spanked...

 
Hand_of_Man
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User ID: 819108
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12/06/2009 07:38 PM
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Gold Is Getting Spanked...
like a bad girl!

-9.20 as of this posting.

[link to www.kitco.com]

Was down over $45 during last trading day.
Hand_of_Man (OP)

User ID: 819108
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12/06/2009 07:42 PM
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Re: Gold Is Getting Spanked...
Dollar rally is the reason? What happened to dollar doom?

Gold Extends Decline After Dollar’s Rally Spurs Investor Sales
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By Gavin Evans

Dec. 7 (Bloomberg) -- Gold fell for a third day in Asia after the dollar’s rally last week prompted some investors to sell the metal.

Bullion for immediate delivery dropped as much as 0.7 percent to $1,152.90 an ounce and traded at $1,155.57 at 7:19 a.m. in Singapore. Gold for February delivery fell as much as 1.4 percent to $1,153 on the Comex division of the New York Mercantile Exchange and last traded at $1,156.90.

[link to www.bloomberg.com]
Anonymous Coward
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12/06/2009 07:47 PM
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Re: Gold Is Getting Spanked...
Dollar rally is the reason? What happened to dollar doom?


 Quoting: Hand_of_Man



TIMELINE FOR DOLLAR DOOM HAS CHANGED ....2 MORE YEARS !!
CAN YOU HANDLE ??
5a
Anonymous Coward
User ID: 755102
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12/06/2009 07:48 PM
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Re: Gold Is Getting Spanked...
Pictures please(Bad girl getting spanked)

Thanks.
Dr Doom

User ID: 833993
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12/06/2009 07:48 PM
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Re: Gold Is Getting Spanked...
GOLD COLLAPSE !!!!!!


ahhh ahhh ahhh



~
__________

____
Hand_of_Man (OP)

User ID: 819108
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12/06/2009 07:49 PM
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Re: Gold Is Getting Spanked...
I'm hearing that the dollar's gonna collapse, then it's not, then it is. Will someone please make up their mind? I'm getting dizzy and I might puke. yak
Anonymous Coward
User ID: 624456
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12/06/2009 07:50 PM
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Re: Gold Is Getting Spanked...
Shit.

I bought at $1200.

What do I do?
Anonymous Coward
User ID: 296013
Australia
12/06/2009 07:52 PM
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Re: Gold Is Getting Spanked...
Shit.

I bought at $1200.

What do I do?
 Quoting: Anonymous Coward 624456




i was telling everyone to sell on here and nobody was listening and someone even said i was an idiot. i have to go and find that post lol.

but don't worry it's just a correction. it will be back but who knows when.
Anonymous Coward
User ID: 65489
United States
12/06/2009 07:54 PM
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Re: Gold Is Getting Spanked...
the employment number improves by a tiny manipulated fraction of a point and they are popping corks and pumping the dollar. funny how the dollar goes up just in time for this weeks $131 billion treasury auction. just another dollar pump and dump.
Anonymous Coward
User ID: 803058
Australia
12/06/2009 07:55 PM
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Re: Gold Is Getting Spanked...
Thread: DEFACTO DEFAULT ON COMEX GOLD?!?

The COMEX paper price and the real price have diverged; expect GLD to continue to fall. As for gold (as in physical metal) - to the moon, baby! Since the market has broken down, the only way to find out how much its worth now is to head to your nearest gold dealer with a lump of yellow metal and ask how much they're willing to pay. Someone mentioned $1800 as the current physical buy price :5:
Anonymous Coward
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12/06/2009 07:57 PM
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Re: Gold Is Getting Spanked...
How can this be with COMEX defaulting? Sounds like another +/- key circus trick.

Remember, buying gold these days IS NOT for investment reasons. Its for insurance/protection reasons. People need to remember to keep their heads out of the deflated bubble.
Anonymous Coward
User ID: 296013
Australia
12/06/2009 07:58 PM
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Re: Gold Is Getting Spanked...
Thread: DEFACTO DEFAULT ON COMEX GOLD?!?

The COMEX paper price and the real price have diverged; expect GLD to continue to fall. As for gold (as in physical metal) - to the moon, baby! Since the market has broken down, the only way to find out how much its worth now is to head to your nearest gold dealer with a lump of yellow metal and ask how much they're willing to pay. Someone mentioned $1800 as the current physical buy price :5:
 Quoting: Anonymous Coward 803058


sorry buddy but as soon as `people in the know' start guestimating pie in the sky that means it's DEFINITELY time to sell.
Hand_of_Man (OP)

User ID: 819108
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12/06/2009 07:58 PM
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Re: Gold Is Getting Spanked...
Nice job on the 1 star vote.

bushfing
Anonymous Coward
User ID: 805514
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12/06/2009 08:02 PM
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Re: Gold Is Getting Spanked...
I consider this an opportunity to buy. But not yet!! It might fall even more. If it gets to less than $1000 then its the chance.

True, the gold rally we saw was probably fake as it was fueled by speculation.

However everybody saw that. That's why its not a normal bubble.

In the past whenever there was a bubble only very few noticed it until it bursted. The current credit crisis is an example of such bubbles, as debt in the economy has been bubbling like crazy since Reagan's infamous tax cuts and embrace of Keynesian economics and only few noticed it.

With this gold bubble however everybody has been saying that there is a bubble in the gold market, even the MSM wrote about that when gold broke $1000. The most recent was China, who warned that there a bubble in gold.

That's why I don't think gold really got up, because even though many were betting the dollar would die and gold will rise many others were warry that there is a gold bubble.

Now I think of myself as a gold bug, but at the same time I must admit that dollar has a long way to rally. the only reason its going down is because the government is doing its best to keep it down, so theres room for it to rally.


However, once thats done and dollar goes up the US government will be forced to default on its debts on some point. Yea I know its risk free and all that BS but regardless when you have $12 trillion in debt and u r in a deflationary environment (where currency rises in value) then you are fucked, because your effective debt has also increased (you borrowed when the dollar was weak and have to pay back with a strong dollar).

When a lot of people begin to doubt the US government's ability to repay its debt, thats when gold will truly rally. Its true everyone needs cash (the only thing you do with gold is sell it for cash anyway), however this cash is ultimately just paper printed by the government. If the government's ability to finance itself and pay its debts is suspect then naturally its printed paper will be suspect as well.

What I would do is watch for the first major sovereign economy to default, as the populace will not begin to question the US's governments ability to repay before someone else defaults. WATCH JAPAN!!! Japan has the highest debt ratio in developed countries (270% I think). They will be the first to default if anyone defaults. all thats needed is for the yen to rally high and that will be there end.

A Japanese fault would fuck the economy of the world. It would also finally let people question the stability of the major economies, including the US.

Once people begin to question sovereign debt, that is when it will be a good time to buy gold, at least for safety.


General tips:
-Cash will last for at least a couple of years
-Dollar has to rally at some point
-10-15% of your wealth in metal maybe more than enough to protect yourself in case of a sudden death of dollar (possible but unlikely)


Overall: In my opinion, gold will be higher 5 years from now. It probably has some room to fall, but at some point it will be very good to purchase.

Disclaimer: I'm just a student in finance and economics, and they don't teach you anything about that anyway (it's just a hobby for me), so take this advice with more than just a grain of salt ;)
Anonymous Coward
User ID: 803058
Australia
12/06/2009 08:03 PM
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Re: Gold Is Getting Spanked...
Thread: DEFACTO DEFAULT ON COMEX GOLD?!?

The COMEX paper price and the real price have diverged; expect GLD to continue to fall. As for gold (as in physical metal) - to the moon, baby! Since the market has broken down, the only way to find out how much its worth now is to head to your nearest gold dealer with a lump of yellow metal and ask how much they're willing to pay. Someone mentioned $1800 as the current physical buy price :5:


sorry buddy but as soon as `people in the know' start guestimating pie in the sky that means it's DEFINITELY time to sell.
 Quoting: Anonymous Coward 296013

No I agree with you. If you've got [gold] holdings in COMEX at the moment, sell now. lol
Anonymous Coward
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12/06/2009 08:04 PM
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Re: Gold Is Getting Spanked...
Shit.

I bought at $1200.

What do I do?
 Quoting: Anonymous Coward 624456



Hang in there.

Let's get some perspective here folks.
If I went on vacation a couple months ago then came back to $1,150 gold. I would be as happy as a clam.

We will start to have some huge swings, both ways. The long term trend is dollar down.
Anonymous Coward
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12/06/2009 08:05 PM
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Re: Gold Is Getting Spanked...
Thread: DEFACTO DEFAULT ON COMEX GOLD?!?

The COMEX paper price and the real price have diverged; expect GLD to continue to fall. As for gold (as in physical metal) - to the moon, baby! Since the market has broken down, the only way to find out how much its worth now is to head to your nearest gold dealer with a lump of yellow metal and ask how much they're willing to pay. Someone mentioned $1800 as the current physical buy price :5:
 Quoting: Anonymous Coward 803058


no thats not true at all no there is no way you can get $1800 for physical gold even in the most competitive gold markets (e.g. middle east, India, Asia).
1-2-THE DOME

User ID: 808071
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12/06/2009 08:12 PM
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Re: Gold Is Getting Spanked...
There is a 2x short gold ETF. DZZ is the ticker symbol.

I'm in it.
It is a great day to be alive!
Anonymous Coward
User ID: 692844
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12/06/2009 08:13 PM
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Re: Gold Is Getting Spanked...
If Phenomm and her sidekick said it was going to collapse, then by golly it is going to collapse!
Anonymous Coward
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12/06/2009 08:14 PM
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Re: Gold Is Getting Spanked...
Shit.

I bought at $1200.

What do I do?
 Quoting: Anonymous Coward 624456

Buy more.
Anonymous Coward
User ID: 835195
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12/06/2009 08:15 PM
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Re: Gold Is Getting Spanked...
I could've sworn the title read GOD is getting spanked.

Well, thank gold he's not.
Anonymous Coward
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Australia
12/06/2009 08:15 PM
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Re: Gold Is Getting Spanked...
Thread: DEFACTO DEFAULT ON COMEX GOLD?!?

The COMEX paper price and the real price have diverged; expect GLD to continue to fall. As for gold (as in physical metal) - to the moon, baby! Since the market has broken down, the only way to find out how much its worth now is to head to your nearest gold dealer with a lump of yellow metal and ask how much they're willing to pay. Someone mentioned $1800 as the current physical buy price :5:


no thats not true at all no there is no way you can get $1800 for physical gold even in the most competitive gold markets (e.g. middle east, India, Asia).
 Quoting: Anonymous Coward 805514

That price is probably not competitive -it sounds like they think they can resell straight away at a premium given it would be all they had for sale (sold out), but who knows?
Anonymous Coward
User ID: 835196
United States
12/06/2009 08:17 PM
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Re: Gold Is Getting Spanked...
This is NOTHING!

Just creating a buying opportunity for China and the elite, IF they can get the physical.

Let's see, UP over $400 in the last year- spank it some more!
Anonymous Coward
User ID: 797371
Canada
12/06/2009 08:19 PM
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Re: Gold Is Getting Spanked...
the employment number improves by a tiny manipulated fraction of a point and they are popping corks and pumping the dollar. funny how the dollar goes up just in time for this weeks $131 billion treasury auction. just another dollar pump and dump.
 Quoting: Anonymous Coward 65489



Bingo and this is getting old. Every time gold gets whacked the US government is selling treasuries the next week, it's been the modus operandi all year. Watch, they'll trot out Roubini (statist shill), Prechter ($200 gold?) and some of the other dollar bulls. They'll be right for a week and wrong the next four.
Anonymous Coward
User ID: 835199
United States
12/06/2009 08:21 PM
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Re: Gold Is Getting Spanked...
dump it now..going under a grand then re-buy between 900.00-950.00 for the next run later in 2010
anonymous
User ID: 834900
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12/06/2009 08:21 PM
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Re: Gold Is Getting Spanked...
gold is not the only game in town against inflation.. deflation in housing is creating a vast opportunity for many people in forclosure markets of finehomes.. it takes a lot of scouting around to find real good neighborhoods that can hold up wel. in the future .but well worth all efforts .. commercial property could be risky in this near depression.. a nice paid for home and autos is a real relief .. in hard times.. gold money can go there . high gold prices hav all but destroyed global fine jewery markets .. from mining of diamond to gemstones to manufactoring to wholesalers and on into to retail jewery outlets around the world . an intire industry is nearly wrecked .
Tyler Durden

User ID: 823046
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12/06/2009 08:22 PM
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Re: Gold Is Getting Spanked...
1153
woohoo
oloe witness
User ID: 773137
United States
12/06/2009 08:24 PM
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Re: Gold Is Getting Spanked...
Been praying for the dollar to strengthen. :)

And praying for gold to drop a few hundred.

hf
Anonymous Coward
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Mexico
12/06/2009 08:29 PM
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Re: Gold Is Getting Spanked...
"China has the scope to step up gold purchases but should take a long-term approach, avoiding the open market. China needs to buy gold over a longer term, but not in the open market," said Zhang Bingnan, a senior official from the China Gold Association, told Reuters on the sidelines of a local gold conference in Shanghai, stressing that this was strictly his personal view.

China said in April its official gold holdings had risen to 1,054 tonnes from 600 tonnes in 2003, by buying on the domestic market and from domestic producers. China's gold holdings make up just a small (1.9%) portion of its foreign exchange reserves worth $2.27 trillion, the world's largest and mostly held in U.S. Treasury bonds.

Speculation has been rife that China may follow India in buying from the International Monetary Fund in a bid to diversify its official reserves portfolio as the dollar continues to weaken. "If we adopt a too aggressive and rash manner, it is not practical," Mr. Zhang told the conference, reiterating this was strictly his personal view and not representative of the views of the association.

Well said, Mr. Zhang. Someone else, who is also a personal friend, reaffirmed gold's intrinsic role and the proper way to treat it: not a tool with which to make money (an investment) but rather as a vehicle for capital preservation (a savings device). In such a context, the gold PRICE and where it was, where it IS, or, where it might be going, is the VERY LAST THING that matters. At ALL.

"Albert Cheng, managing director, Far East, at the World Gold Council. "Gold is not something that will make you rich overnight. But it will help you sleep well," he told Reuters on the sidelines of the Shanghai gold conference. People's desire to hold gold reflects bullion's role as a means to preserve wealth, he said."
Anonymous Coward
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12/06/2009 08:29 PM
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Re: Gold Is Getting Spanked...
Been praying for the dollar to strengthen. :)

And praying for gold to drop a few hundred.

hf
 Quoting: oloe witness 773137



Considering those things would enslave us to the Federal Reserve for a few more years....I can only guess you are praying to Satan.
Punk A$$ets

User ID: 763071
United States
12/06/2009 08:46 PM

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Re: Gold Is Getting Spanked...
TRADER. right again!

5a
Gold Prices:

12/31/2000 - $273
12/31/2005 – $516
12/31/2010 - $1,421
12/31/2011 - $1,566
12/31/2012 - $1,676
12/31/2013 - $1,204

Looking for $900/$1100 for gold to bottom. $14-$16 for silver.

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