Gold price drops

[Captain PopTop]

save your finds to sell at another time I read on the internet today the price of Gold dropped 4% and may drop even more, time will tell H.H. capt.

 

[snooksion]

hey jeff i will be here. in the next 6 months. not much movement if nothing major happens. actually im surprised it dropped. the dollar is being devalued. you cant print money everyday out of thin air and expect it to rise. when the dollar loses its woldly reserve. it should double over night. silver is expected to be $100 an oz

 

[Acquisitor]

hey jeff i will be here. in the next 6 months. not much movement if nothing major happens. actually im surprised it dropped. the dollar is being devalued. you cant print money everyday out of thin air and expect it to rise. when the dollar loses its woldly reserve. it should double over night. silver is expected to be $100 an oz

the entire world is printing money, the €zone is printing, japan is printing etc.

and the dollar will not lose its status in the foreseeable future.

also that $100 target on silver is taken out of thin air.

 

[bigscoop]

I wonder just how much of the world's currency markets could actually be backed by gold? At some point all of this printing of money has to come to a head.

 

[Acquisitor]

I wonder just how much of the world's currency markets could actually be backed by gold? At some point all of this printing of money has to come to a head.

some successful nations dont have any gold reserves at all.

Luxembourg= 2 tons (a €zone country btw)
Hong Kong = 2 tons
South Korea = 84 tons
Finland (also eurozone) = 49 tons

etc

 

[dewcon4414]

Awwww but the question is BS..... what would that $385 and ounce buy you then compared to now. Its all about buying power for me. Doesnt do me a bit of good for it to go to $2000 if the economy is in the crapper and its only worth $385 in buying power. Hey.... but as they say looks good on paper

Dew

 

[Sir Gala Clad]

May be Yes, may be No Lookindown.
The price could also be flat.

 

[ron lord]

In 1969 Gold was $16 an oz. In 1999 Gold was $267 an oz. Today Gold is $1477 an oz. So what is next $20,000 an oz. Or will the World just do away money, Gold and Silver and we will all be Relic Hunters. Think about it.

 

[bigscoop]

The economy is bad, I agree, but overall it's not 400% over what it was when gold was $385 an ounce.
1999 - 5 ounces x $385 = $1925
2013- 5 ounces x $1550 = $7750

That $7750 would buy me a lot more today then the $1925 would buy back in 1999 & 2000. No question I would have been better off at today's gold prices. As far as consumer goods gas is about the only thing I can think of right off hand that has kept up with the price of gold. And gas really hasn't kept up, up roughly 200% over the 1.40 range it was at in 99.

 

[Can Slaw]

I sold a lot of gold when it was $300. an ounce. I am still smiling at today's' prices

 

[Native Floridian]

First, whoever said the economy is bad - Wrong! If it was, Gold would be going up, not down.

Gold is a complicated Commodity. And, yes, non stake holder speculators who rely on trading indicators, like support levels, do have an affect. That said, one of the factors affecting Gold pricing is economic uncertainty. No uncertainty equals weak pricing. So for those of you who believe the economy is bad, Gold disagrees.

I'm in the investment biz, manage a big pile of other people's dough. I'm whatcha call an expert, and I gotta tell ya, I have no idea where gold is headed.

I also manage my own dough. On a personal basis I thought the ride for gold was over more than a year ago and went short/sell. That was a costly timing error. it happens. You can't win'em all!!! But Ouch!!!! The point being even those of us who are informed can be wrong. So take all those predictions with a grain of salt.

Lastly, for all those predicting lower gold prices. Are you cashing in? Obviously you can make as much on the way down as you can on the way up, and probably make that money more quickly. So, anyone short or on the sell side cashing in?

Anyone here who believes with enough conviction to put their money where their belief is can make $$$$$ on gold going down. Tomorrow, short GLD or any of the gold mining stocks. Unlike commodities there are no special restrictions. As long as you have a margin account and the equity to back up the trade go for it!!!!! Good luck!!!!! I hope you break the bank!!!!

 

[Peyton Manning]

hey jeff i will be here. in the next 6 months. not much movement if nothing major happens. actually im surprised it dropped. the dollar is being devalued. you cant print money everyday out of thin air and expect it to rise. when the dollar loses its woldly reserve. it should double over night. silver is expected to be $100 an oz

ok you prove my point. you are surprised it dropped- and silver is "expected" to be 100. Like the commercials during rush time. how can i believe you when you admit you didn't see this coming? my wife "expects" things from me but she is wrong too

 

[Peyton Manning]

I sold a lot of gold when it was $300. an ounce. I am still smiling at today's' prices

you got any of that left? I have cash

 

[Les West Central Fl]

Gold in the 70's went from $300 to $900 an ounce and silver went to $50 an ounce. Later the bottom fell out, gold went back to $300 and silver dropped drastically. The Hunt brothers lost a lot and those that bought gold and silver at those prices did too. I didn't lose a cent because I found, not bought. We make 100% on our finds.

 

[Native Floridian]

Did everybody short GLD this morning? I hope so!!!! M-U-N-Y!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Gold taking it on the chin so far this moring. It is slightly off it lows. Silver is really getting taken to the wood shed! No fundemental reason for the sell off today or Friday. That is, no reason for the extent of the sell off. The amt of Gold that changed hands on Friday exceeded the demand of either India or China, the two biggest users of the metal. So, this is pure fear!!! Don't catch a falling knife! Specs are standing on the sidelines or are short.

We'll see where things go, but money to be made on the down side as well as the upside. no need to wait if you believe it is headed lower.

OTOH when things like this happen a different type of opportunity is sometimes created. We go from over bought to over sold. That is, the correction is too deep and prices become too cheap. As i say, i have no idea, but maybe something for the Gold followers here to latch onto to make a few bucks.

That said, the caveat that Bulls make money, Bears make money, pigs get slaughtered - always good to remember!

Good luck out there!

 

[bigscoop]

I think gold is in for a long and steep decline, been way over valued for quite some time now. As bad as the economy got/is the increase in the price of gold was way over the inflation rates during the same period. The correction had to come sooner or later.

 

[Acquisitor]

I think gold is in for a long and steep decline, been way over valued for quite some time now. As bad as the economy got/is the increase in the price of gold was way over the inflation rates during the same period. The correction had to come sooner or later.

that's very likely, but gold is not going back to the pre bubble level of $300 or so, noway. I dont think gold will see much below $1k.

 

[bigscoop]

that's very likely, but gold is not going back to the pre bubble level of $300 or so, noway. I dont think gold will see much below $1k.

I think you're probably correct. The $1000 range would be more in line with things but I wouldn't be surprised to see it slip, at least for a short period, into the $800 - $850 range. Probably going to see some instability at the bottom. Only time will tell.

 

[Acquisitor]

I think you're probably correct. The $1000 range would be more in line with things but I wouldn't be surprised to see it slip, at least for a short period, into the $800 - $850 range. Probably going to see some instability at the bottom. Only time will tell.

could be as the last capitulation, however knowing the mining price of gold and the current oil prices, I'm not so sure it could happen.

 

[TreasurePirate69]

For those of you that still believe in the $100 silver inflation fallacy, please read my first post in the following thread. There is a reason why they always pick 1980 to calculate the inflation adjusted price from. Ask yourself why they never pick 1964,65,66,67,68,69,70,71,72, and on and on and you will have your answer. Also, these prices were from last year but should still be fairly close.

I'm predicting $16 silver and $900 gold in the next 2 years based on these statistics. But hey, what do I know?

http://www.treasurenet.com/forums/p...adjusted-silver-price-since-1964-14-41-a.html

 

[bigscoop]

Question is, "what effect will it have over the long haul in regards to the number of persistent beach hunters and the continued growth of the hobby?" Personally, and on another note, I think this sustained inflation of gold has opened the door to other substitutes such as stainless and titanium, etc., and I don't think the jewelry markets will recover from it because it's become too widely accepted as an attractive alternative. So even if gold does drop I think we'll still be seeing less of it being worn and less of it on the beach.