Gold Spot Prices Dropping like a rock !

[goldenIrishman]

I don't know how many of you keep tabs on the spot prices of gold (and other metals) but it looks like gold is taking a swan dive.

Now I'm not anywhere near an expert on global economics, but I thought the prices were regulated by supply and demand. So either there's been a MAJOR find that I haven't heard about or suddenly no one wants to buy gold.

Anyone got the info on why the prices are going south like a duck in winter?

 

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[johnnysau]

Have no idea if this will come to pass. VERY BAD for US. Manipulation abounds.

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/12/20_LBMA_Chairman_Tells_Producers_Gold_To_Plunge_$400_In_2014.html

johnnysau

 

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[russau]

our gubermint has been manipulating golds value for many years. remember back when GATA (gold anti trust act)was running rampid! the super powers controll it all! just remeber "one world order/ Agenda 21/obama/socialism" this is NO SUPRISE to me! what is a suprise to me is why Americans keep voting for these onway jerks. if it isnt good for America and Her people,what good is it!

 

[Hard Prospector]

I would consider this price drop as very temporary.The technology manufacturing sector alone has a strong appetite for gold.

 

[Sample Pan Dan]

What if they decided to make it illegal for a citizen to own bullion again?!

 

[Hard Prospector]

Thats a good question Dan, I guess I'll have to make my ammo hiding spots a little bigger

What if they decided to make it illegal for a citizen to own bullion again?!

 

[Sample Pan Dan]

Thats a good question Dan, I guess I'll have to make my ammo hiding spots a little bigger

Lmao!

 

[Goldwasher]

Not sure if I am understanding your statement. If I remember correctly, a couple years back - Gold just missed hitting $2,000 - Now it's at what $1,100-$1,200? That's a pretty sharp decline in my world.

Yep, summer/fall 2010, a couple years back , and it has taken a while to get to where its at.....not taking a swan dive . It could drop below 1k, I just don't know if the world economy would let it get below break even numbers as far as mining is involved there is huge industrial/ tech. demand.

 

[russau]

as our ecconomy continues to drop into the toilet, the value of gold will raise(regardless of what ecconomists say)! and the possibility of our gubermint makeing another law forbiding us to hold/posses gold or any precious metal could become reality! maybe we shouldnt even bring this up!obama dont need any other ways to harvest America and Her people!

 

[Jeff95531]

Nobody has posted the link, so here it is. Gold Chart - Last 10 Years

Interesting that the price fell to mid year 2010 levels. Still more interesting is the spike that happened after mid 2010....precisely the time CA outlawed dredging. Hmmm

 

[dbigkahunna]

Do not just look at the prices dropping, look at the increasing selling volumes. Stupid money gets in late and sells late. If you bought in at $1600 no looking too good for you right now. If you have a large percentage of your wealth tied up in $1600 dollar gold you are in deep kim che. The fed has been pushing a string with QE. 75B a month buying treasury's. IT looks like that money is just now starting to circulate. As that veloicity starts to pick up inflation will start increasing, causing the long bonds rate to increase. A 5-6% 30 year has been the norm for a long time.
I have seen predictions of sub $700 if the price drops below $1K. Production cost, inflation, industrial uses, etc. have no bearing if the down trend continues. When the $1600 stupid money bails, then you have the bottom. And it will be at high volume.
Silver is even worse. But us die hard silver freaks tend to hold on past good sense. I bailed around $1500 on AU but sell my silver at $23 NOOOOOOOO!

 

[munkirinch]

@ Russau
A little off topic, but what does voting do?
If i remember correctly every president has been "chosen".
Its kinda like a king or queen.
How can they manipulate some thing like currency\precious metals without complete control?

 

[MadMarshall]

For a world based on false currency printed with interest... it seems in the best interests to keep things of actual value as worthless as possible or at least under control... Makes us slaves to the dollar and the people who DICTATE its value.. Money has nothing to do with the Government other then the fact like us they are in debt and always will be!! The Federal Reserve is a Private entity it has nothing to do with government and the president doesn't control crap just another man on the payroll same with are armies.. GOLD IS MORE VALUEABLE THEN THE DOLLAR!!!! PEOPLE ARE WORTH MORE THEN GOLD!!!! BUT NOW PEOPLE ARE CONSUMERS and most people are to stupid or to lazy to do anything about it!!!! They rather accept that they will work 40 hours a week and hope to get by and watch tv and wish they were rich and then die(ALL TO COMMON )... IT IS A SICKNESS!!! HISTORY REPEATS ITSELF... All Thru out history one can see money breeds evil inequality hate .. Nothing good comes from money....

 

[mcordell]

A glass of wine in the afternoon, looking at one of my gold vials. I'm happy and don't care what the price is.

 

[TheRingFinder]

I don't know a lot about Gold pricing and buying and selling, but I sure find quite a bit Thanks to all you out there posting your thoughts, hopefully i am a bit wiser in this subject.

 

[kazcoro]

A glass of wine in the afternoon, looking at one of my gold vials. I'm happy and don't care what the price is.

Amen to that. Hard to put a price on hard work and sweat..

 

[kazcoro]

And put a price on seeing the shiny stuff in the pan..

 

[Goldwasher]

when you start to find gold that won't fit in your vial....or when you have to buy more vials to fit your gold in.....you start to put some thought into its value and relation to the the market. And make no mistake you can still enjoy that glass of wine....though I prefer to enjoy a beer while still in my wetsuit....

 

[TheNewCatfish]

The Wall Street Journal featured a front page story two days ago about the plunge in gold prices and the causes (too numerous to list here). What i gathered from the article was that this trend is expected to be temporary, not longterm. I'm waiting till after January and thinking strongly about investing at that point. Buy low, sell high.