Gold Is Getting Spanked... | |
Hand_of_Man (OP) User ID: 819108 United States 12/06/2009 07:42 PM Report Abusive Post Report Copyright Violation | Dollar rally is the reason? What happened to dollar doom? Gold Extends Decline After Dollar’s Rally Spurs Investor Sales Share Business ExchangeTwitterFacebook| Email | Print | A A A 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 User ID: 811285 Mexico 12/06/2009 07:47 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 755102 United States 12/06/2009 07:48 PM Report Abusive Post Report Copyright Violation | |
Dr Doom User ID: 833993 United States 12/06/2009 07:48 PM Report Abusive Post Report Copyright Violation | |
Hand_of_Man (OP) User ID: 819108 United States 12/06/2009 07:49 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 624456 United States 12/06/2009 07:50 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 296013 Iraq 12/06/2009 07:52 PM Report Abusive Post Report Copyright Violation | Shit. Quoting: Anonymous Coward 624456I bought at $1200. What do I do? 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 Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 803058 Australia 12/06/2009 07:55 PM Report Abusive Post Report Copyright Violation | [link to www.godlikeproductions.com] 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 User ID: 550635 United States 12/06/2009 07:57 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 296013 Iraq 12/06/2009 07:58 PM Report Abusive Post Report Copyright Violation | [link to www.godlikeproductions.com] Quoting: Anonymous Coward 803058The 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. |
Hand_of_Man (OP) User ID: 819108 United States 12/06/2009 07:58 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 805514 United States 12/06/2009 08:02 PM Report Abusive Post Report Copyright Violation | 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 Report Abusive Post Report Copyright Violation | [link to www.godlikeproductions.com] Quoting: Anonymous Coward 296013The 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. No I agree with you. If you've got [gold] holdings in COMEX at the moment, sell now. |
Anonymous Coward User ID: 832688 United States 12/06/2009 08:04 PM Report Abusive Post Report Copyright Violation | Shit. Quoting: Anonymous Coward 624456I bought at $1200. What do I do? 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 User ID: 805514 United States 12/06/2009 08:05 PM Report Abusive Post Report Copyright Violation | [link to www.godlikeproductions.com] Quoting: Anonymous Coward 803058The 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). |
1-2-THE DOME User ID: 808071 United States 12/06/2009 08:12 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 692844 United States 12/06/2009 08:13 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 87848 United States 12/06/2009 08:14 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 835195 United States 12/06/2009 08:15 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 803058 Australia 12/06/2009 08:15 PM Report Abusive Post Report Copyright Violation | [link to www.godlikeproductions.com] Quoting: Anonymous Coward 805514The 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). 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 Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 797371 Canada 12/06/2009 08:19 PM Report Abusive Post Report Copyright Violation | 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 65489Bingo 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 Report Abusive Post Report Copyright Violation | |
anonymous User ID: 834900 United States 12/06/2009 08:21 PM Report Abusive Post Report Copyright Violation | |
Tyler Durden User ID: 823046 United States 12/06/2009 08:22 PM Report Abusive Post Report Copyright Violation | |
oloe witness User ID: 773137 United States 12/06/2009 08:24 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 811285 Mexico 12/06/2009 08:29 PM Report Abusive Post Report Copyright Violation | "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 User ID: 832688 United States 12/06/2009 08:29 PM Report Abusive Post Report Copyright Violation | |
Punk A$$ets User ID: 763071 United States 12/06/2009 08:46 PM Report Abusive Post Report Copyright Violation | |