$1,247 not looking good for gold, another breakdown in price.
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$1,247 not looking good for gold, another breakdown in price.
Yep, silver $18. If it multiplies itself by .5 from here we should be getting close to 'the bottom is in'. Maybe.
Hey JB, this promises to be a barrel of laughs, Ron Paul, Peter Schiff, Rick Rule and Dr. Doom, you should go, if you can afford it by then. Ron Paul, who's overloaded with gold juniors will probably be bankrupt by November.
https://jeffersoncompanies.com/new-o...onference/home
One of the things I've noticed recently-gold bugs aren't saying 'I'm backin' the truck up', they're saying, 'if I had spare cash I'd buy some more'. lol
http://www.bloomberg.com/news/2013-06-25/gold-bear-market-hits-hardest-in-south-africa-mines-commodities.html
Gold Bear Market Hits Hardest in SouthAfrica Mines: Commodities
http://www.bloomberg.com/news/2013-06-26/gold-heads-for-worst-quarter-since-at-least-1968-as-demand-ebbs.html
Gold and Silver Slump to Lowest SinceAugust 2010 on Fed Outlook
Only thing left to do is hope and panic.
http://finance.yahoo.com/blogs/break...135904756.html
Another bad day for gold coming up.
HUI -6.06%
GDX -6.1%
GDXJ -6.56%
SLV -5.4%
Warren Buffet has never liked gold, but I think I would rather own Ketchup as well. I cannot fathom the fascination with gold. You cannot eat it, its heavy, only really used for jewelry and some industrial uses. It does not produce income and to me it is a dead weight. Yes it used to be used as a means of exchange but that is long gone. What is it actually good for? Im not being facetious here, really trying to understand the appeal. Don't hold and won't go short either, just sitting on the sidelines watching the carnage.
I buy into the argument that gold in the past has been used as money and to back paper currency and it is only when the world's central banks get rid of all their gold reserves that it is only likely to be valued based on the demand for it as jewellery. Why do the central banks continue to hold gold? At what point do you loose faith in the US$ if they are creating an additional $85billion every month? The US has 314million people I think. If money printing is the answer why don't they just hand out around $270 dollars every month to every man woman and child in the US. that would get their economy humming and inflation pumping I'm sure. It's great to see SKOL having such a great time and I have to admit it doesn't look good for the price of gold unless something triggers the worlds financial markets into loosing faith in the dollar as it is only faith and trust that places value in currency. Ben's money printing could eventually undermine that faith and the day that faith disappears(if it happens) gold's fortunes might head up again. At best it is an insurance policy for financial disaster but as SKOL points out people expecting this usually have guns and bunkers as well and they are firmly in the minority at present.
Aaron,
I'm not sure if you're aware but I have been the target of many disparaging remarks from the goldbugs, however any amusement I derive from gold collapsing comes from the fact that I've managed to identify a bubble, a big one, and they all ultimately collapse.
As I've said many times, it's not 'different this time', although the goldbugs will tell you it is.
If you check the peak oil thread you'll see I also correctly identified a bubble in the oil price, which collapsed from $147 to $32.
Goldbugs are a paranoid lot, thinking that Bernanke's at his desk with his finger on the 'gold manip' button, but it's not true, he couldn't care less about gold or silver, the USA owning gold is 'traditional' according to him. Gold is an asset, not money or a currency.
One of the amusing things is that in the case of both oil and gold I was told "China is buying all the gold/oil they can lay their hands on".
Well if they have they're losing Schiffloads. Central banksters are over $600 billion out of pocket. What a laugh.
I wouldn't say it's different this time but the actions of some central banks has gone beyond what they have done in the recent past. I am sure currencies have been undermined/debased before in history. I guess I need to find out what has happened in the past when faith in a currency is lost.
The goldbugs have gone very quiet as many of the raisons d'etre for gold's spectacular rise have evaporated. Some time back we were all regaled with tales of the 'elite', the 'New World Order' and the 'rich' that owned gold, that were allegedly in with the Rothschilds and the JP Morgan banksters. They had secret information that would make them rich, while all others like you and I would end up in desperate straits as the world economic system crashed and bought everyone (except the goldbugs) to their knees.
Now it's the goldbugs on their knees, strange how things turn out.
http://www.ft.com/intl/cms/s/0/9aac9...#axzz2XNVdbyKP
China was going to take over the world according to the bugs, the USD would crash, the Fed would send the USA broke, there was going to be riots and upheaval, the whole rotten system would fall apart and a military coup would ensue. Fort Knox would be found to be empty of course.
Actually it's China that's likely to fall apart, it was reported that in 2010 there were 180,000 what the Chinese call 'mass incidents'. 27 have just been killed in rioting in Xinjiang.