Price of Gold falling like a rock

[Oakview2]

Something historical driving the price down. I kinda thought as the election go closer, stocks would take a beating and gold might go up, which it did at the first of the month, but dropped to 1708 per oz this am?

 

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[bman3725]

people are selling off, its the way it goes with gold, when i say people i mean ones with large amounts of it selling before it drops too far. It gets kicked off by even larger holders of bullion and when they start selling it is a snow ball effect people cash in before it gets too low. If you have any just hold on to it the price will go back up by the end of the year or the first of next year, which historically is good months to sell off, but then again gold is a great commodity to have on hand at all times NEVER sell all you have.

 

[Oakview2]

Wasn't selling, but I keep an eye on prices. Just seems this time of year, with so much in demand for electronics, for the holidays, and as Hoser pointed out India's seasonal high demand for gold dowrys, that the price would be trending upwards still. Maybe just a short term blip....

 

[jcazgoldchaser]

Gold has been at the top of a huge rising bubble much like real estate a few years back. This should be an interesting freefall.

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[TerryC]

SILVER! In March, remember I said SILVER. TTC

 

[Oakview2]

I find it funny that people selling gold to folks afraid of a economic collapse, forget that when disasters strike, people seek, fuel, food, clean water, building materials and clothing, not pecious metals

Gold has been at the top of a huge rising bubble much like real estate a few years back. This should be an interesting freefall.

You want to invest in a commodity that's dependable and people can't live without,..
48-Count Quilted Northern Ultra Plush Double Rolls Toilet Tissue $22 or less + Free Shipping - Amazon.com Deals, Coupons and Promos

 

[Oakview2]

SILVER! In March, remember I said SILVER. TTC

Got your silver claim yet Terry?

 

[Treasure_Hunter]

A drop of .0118% is hardly dropping like a rock....

 

[Jason in Enid]

Silver is dropping too. Which is even more reason to be buying!

 

[Oakview2]

A drop of .0118% is hardly dropping like a rock....

The price Oct 4 was 1791 per oz, at the open today 1708 per oz. Like a rock might be a stretch, but it my math says in the past 19 days it has dropped 4.5 percent. I should preface this I am no and investor, just a collector, and in casual passing i watch the prices up or down. JMHO

 

[bug]

Gold has been at the top of a huge rising bubble much like real estate a few years back. This should be an interesting freefall.

You want to invest in a commodity that's dependable and people can't live without,..
48-Count Quilted Northern Ultra Plush Double Rolls Toilet Tissue $22 or less + Free Shipping - Amazon.com Deals, Coupons and Promos

No way gold is in a bubble! If anything it is undervalued and being held in check by those at the top of the pyramid.

The trend this year has been to follow the stock market. Stocks up- gold up. Stocks down gold -down.
Previous years we saw the opposite.

 

[nuggetshooter323]

Obama's czars have been trying to discourage gold investing for about two years. I'm pretty sure it's being artificially held down, kind of like current gas prices are the new "normal."

 

[Talon]

Let me know when it hits 1000 per ounce, then I'll start buying some.

 

[Bell]

Its definitely inflated. Thats not to say it wont go up more though if these fools manage to sidetrack the economy again. As for the idea that its silly to hoard gold for a crisis, my answer is not if youblook at history its not. If things went far enough south gold would still buy you food, weapons etc, paper money will not. That's why our own government banned private possesion of it not too long ago. To hold up the paper dollar.

 

[Lanny in AB]

Interesting thread with lots of food for thought. I only wish I'd have bought boxes of gold when it was worth a couple of hundred bucks an ounce. On a related note, I gave away so much gold in those days too--I always gave nice nuggets and pickers to all the kids that we took on gold panning outings while helping out with the local high school's yearly field trip. But, it sure was worth it to see the smiles on their faces, and none of those kids have ever forgot those trips. Sorry--I'm rambling.

All the best,

Lanny

 

[shepcal]

Oakview, maybe you're looking at it from the wrong point of view. Gold has always held a value and always will. The value of paper money fluctuates also. Look at what you could buy 20+ years ago with a dollar bill as opposed to what it'll buy today. I'm lucky, and don't have to rely on it for a living. Don't have to sell it and have probably given away more gold than what many have found. Not blowing any smoke, but wish gold prices were back down at $400 an oz, which would mean hunting would be more accessible, less pressure, the dollar would be worth more... Please everyone get out and vote!
Gone for two weeks to Q and GB in 10 hours and 55 minutes! Go for the hunt, enjoy the comraderie, the beauty of your surroundings and if anything found, it's icing on the cake!
Shep

 

[Oakview2]

Shep

This thread was supposed to be more about if there was something historical that drove the price down, as it was about price. Hoser commented last month that India is the largest consumer of gold this time of year, because of bridal dowrys. I thought maybe if that season had passed or maybe someother event that cause the decrease in a fairly short period of time. I just watch the price of in passing and have no desire to sell anything. I totally agree about voting, many have sacrificed for us the people to be heard. Best of luck on the hunt, Arizona? Drive carefully as the road this week seems to be filled with lot more hurry than good sense. Good health, and good hunting.....

 

[kuger]

The harder they make it for me to legally retreive the more its worth to me!!!

 

[Prospector Chris]

As long as gold keeps dropping in my sluice I'm ok with it.



PaystreakTV gold blog

 

[0121stockpicker]

Oakview2 - fears that the global economy slowing back down - esp in the emerging economies (china in particular) has pressured the market. This fear has also helped to strengthen the $ which also has a negative impact. If people believe that Romney has a greater chance of winning that might also be impacting as the theory might be he will not flood the market with $s.

All this being said remember that all investments are driven by hundreds of small variables - and most importantly irrational human nature/phycology.

Bubble question - no one ever knows you are in a bubble until it pops!! That said I would say the widespread love of gold is a little bit reminiscent of Internet stocks, real estate, baseball cards and Beenie babies. Remember that there is no intrinsic value here, only what the next person is willing to pay - the greater fool theory. Always get nervous when too many people think the price of an asset will never go down and definitely get nervous when the tv shows start to air - remember "house flippers"!! Or folks quiting their jobs to "day trade stocks" - remember that!

Silver - silver and gold are so highly correlated it doesn't really matter which one you own in the end for the most part.

I used to cover metals and mining stocks for a natural resource mutual fund.

Best luck to all.