Gold and silver dropping, gold down $27 in 3 hrs! What's happening?

[utah hunter]

Gold and silver dropping like crazy, what sparked this?

[Ant]

Because the dollar is up, it was bound to happend. It's a little late in my book, because the dollar starting going up last week I think.

[utah hunter]

Oil is dropping also, which is also part of the equation according to some reports i have seen. Gold down $55 since yesterday morning, and silver down sharply too. I have been figuring they would go down, but it happened faster than I thought and caught me a little off guard. I buy and sell a lot of silver and some gold, so these hiccups can hit me in the wallet, or make me some extra money depending on the timing. This one caught me in the wallet...

[jeff of pa]

oil is at $124.43 a barrel
needs to drop another hundred yet

[utah hunter]

oil is at $124.43 a barrel
needs to drop another hundred yet

Not to get political but President Bush announces lifting the executive ban on offshore drilling, and oil has pressure to drop. If congress acts to give states the right to choose I think the pressure will drop oil further, and will drop gold and silver more, maybe dramatically more. If oil drops the dollar will strengthen as the US economy will threaten to regain strength with lower energy prices, in my opinion of course.

[Lasivian]

Gold down $55 since yesterday morning, and silver down sharply too. I have been figuring they would go down, but it happened faster than I thought and caught me a little off guard.

My gut feeling was that gold had hit it's peak at 1000$ an ounce.

I think there were a HUGE number of automated sell orders at that point, far more than buyers. Because gold had never hit that point before and it was a nice round number for people to set as a selling point (a very human thing to do).

Since then it's been slowly falling as the economy stays in a "calmly unstable" state, things aren't great, but they aren't getting worse by the day either.

Just my two wheaties.

[jeff of pa]

oil is at $124.43 a barrel
needs to drop another hundred yet

Not to get political but President Bush announces lifting the executive ban on offshore drilling, and oil has pressure to drop. If congress acts to give states the right to choose I think the pressure will drop oil further, and will drop gold and silver more, maybe dramatically more. If oil drops the dollar will strengthen as the US economy will threaten to regain strength with lower energy prices, in my opinion of course.

I agree with what your saying.
But In spite of OPEC & there claiming they wanted answers for the Price Hike,
They are used to these high Prices & if it hits $99 a Barrel
My guess they will announce a Cutback on production
to run it back up. they did it before when it dropped Below $60.00

plus now that it's Dropping the U.S. will start slipping in fuel Tax Hikes
Because they feel we are Happy with gas Dropping 2 cents.

Now as for lifting the executive ban on offshore drilling, has it been Lifted ?
or is it just more Talk ? & if it has been Lifted or does get lifted,
Can the next President lock it up again as his First act in Office ?

& yes Gold & Silver are a Hedge Against Oil Inflation
and Oil Is a hedge against the Dollar Dropping

& the dollar drops when Oil Rises.

a dangerous circle in my opinion.

The Speculators are Way too easy to Manipulate.
Just use they words Shortage or cut backs & They go Nutz

[utah hunter]

It is amazing the spirals OPEC can take us through. The biggest monopoly in the history of the world, and we can't say boo about it. What other group could get away with manipulating prices, not even in secret but openly?

And we have just played along for decades being held hostage without much complaining from the powers that be in our country. You can't defeat the US with military might, but our economy can be devastated on the whims of others. They don't even have to do anything, just the slightest threat and away we go. Just more of my opinion of course, but a pretty darn good one if I do say so myself

[Lasivian]

But In spite of OPEC & there claiming they wanted answers for the Price Hike, They are used to these high Prices & if it hits $99 a Barrel My guess they will announce a Cutback on production to run it back up. they did it before when it dropped Below $60.00

Actually I have a feeling current prices are WAY too high for OPEC. They have to manage a fine line between keeping gas high enough to fill their coffers, and making sure that it's not too high that people look into alternatives.

A few years ago I heard an OPEC spokesman saying "We hope to keep a barrel of oil from going over 35$, at that level people do not like to buy".

Just my 2 wheaties.

[cwdigger]

The NGC Collectors Society is expecting silver to be at $40 an ounce by 2010 I am glad that it is droping I wish it would drop back down to around 12 bucks an ounce now is the time to buy all we can b4 it rises again.

[goldsilverpro]

"They" wanted it to go down. That's when institutional profit taking occurs. I've got a bridge to sell to anyone that believes that the price is only based on supply and demand.

[jim4silver]

"They" wanted it to go down. That's when institutional profit taking occurs. I've got a bridge to sell to anyone that believes that the price is only based on supply and demand.

They recently came out with rules against naked short selling certain stocks, so as to keep the market up as much as possible and give the appearance that all is well in our economy. Too bad they won't make a similar rule for selling silver and gold in the commodities markets in said manner.

Jim

[chong2]

its saying go buy 100 oz of gold then sell the next day just likem stocks

[jewelerdave]

The biggest problem is the market runs on Emotion and not logic....and that just sucks.