Gold prices

[3029heavy]

Does anybody know why gold tanked so hard today??

 

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[enamel7]

It's the correction before the storm. Wait a few more weeks.

 

[johnnysau]

There is all kinds of manipulation going on, fits in with all the other weird stuff going on. My take, hedge fund betting 1 quarter of a billion dollars on gold, silver, and mining shares to go up so they gonna sock it too'em and drive it down.

SAC Capital Partners LP, a $20 billion dollar group of hedge funds founded by Stephen A. Cohen, quietly positioned itself in over $240 million dollars worth of gold, silver, and mining share investments during Q4 2012.

Of great interest is the structure of those positions. They are indicating, that the firm is expecting a massive spike in both gold and silver, as well as a staggering move higher in the mining shares.

 

[3029heavy]

That's reassuring and probably the best analysis I've heard! Thx

 

[3029heavy]

Wtf is going on today?? (4-12) gold down like $75/oz!!! Now well below 1500

 

[Peyton Manning]

soon as it hits $300 I'm buying all I can find!

 

[Peyton Manning]

the commercials I hear while listening to rush are laughable. All project gold and silver to double very soon

 

[Terry Soloman]

There is all kinds of manipulation going on, fits in with all the other weird stuff going on. My take, hedge fund betting 1 quarter of a billion dollars on gold, silver, and mining shares to go up so they gonna sock it too'em and drive it down.

SAC Capital Partners LP, a $20 billion dollar group of hedge funds founded by Stephen A. Cohen, quietly positioned itself in over $240 million dollars worth of gold, silver, and mining share investments during Q4 2012.

Of great interest is the structure of those positions. They are indicating, that the firm is expecting a massive spike in both gold and silver, as well as a staggering move higher in the mining shares.

As Johnny says, it is just market manipulation. When the dollar is strong, gold prices drop. If you are smart, you have been quietly buying gold for the last three-months, because as soon as the big Wall Street firms have gotten theirs, the dollar will drop like a drunk college boy.

 

[3029heavy]

Jeff, I truly believe that eventually you will see it soar to new record highs. I'm no expert and I could be wrong, but there is no engine behind stocks. The dow's prices are reflecting the rapid devaluation of the dollar by the feds. Gold "should" be the hottest commodity on the planet right now given all the financial insecurity around the world and right here at home. The only thing I can speculate on is that perhaps insiders know that government confiscation of bullion is coming? It's a fact that the Obamacare bill calls for reporting to the feds all bullion purchases of gold and silver. Maybe that's why people are getting rid of it at whatever they can get for it? Or maybe it's to cash out b4 the next huge tax hike? Remember that our govt did infact confiscate all bullion and gold coins back during the great depression. I believe it's coming again.

 

[Peyton Manning]

well that was 80 years ago. Was the NRA around then?
The commercials say gold should be 3000 now. yet, it isn't, so why should I believe their prognostications?

 

[Herb Boyd]

There were some comments today by ECB's Draghi...Cyprus might have to sell official gold holdings to pay back bailout loans

 

[3029heavy]

I trust nobody. But common sense and logic dictate that it should be much higher. And this administration has learned nothing from history. They keep repeating the same mistakes of the past in order to collapse the free market system and the us dollar. Read the agenda of cloward and piven. The libs have been following it like a gps heading to their socialist utopia!

 

[3029heavy]

Thanks Herb! That's the most logical thing I've heard today. Cyprus is really hurting, so they are desperate. They already confiscated 40% of the deposits of the Russian mafia! Concrete loafers are in store for them if they dont come up with a reimbursement plan quick!

 

[Herb Boyd]

Lots of talk about the motive behind Draghi comments...why would he announce out of the blue that Cyprus (and some other EU members) would be subject to ECB- forced sales of their Central Banks gold? The question is why didn't he keep silent, let some sales occur and see how gold pricing responds??The people who got shut out of the the banks in Cyprus were selling private gold at record levels to have cash: They are the ones who will be hurt the most next week, Turkish buyers are quoting as low as 15 euros/dwt on 14K.

 

[3029heavy]

Lots of questions, few answers. My wife just emailed me a story from MSNBC (more like mslsd) that said gold was a bubble that burst due to Obama's expert handling of the economy and that we're showing strong signs of recovery! Good thing I was wearing boots! I'm truly sickened by the total lack of integrity in the media!

 

[3029heavy]

And as for Cyprus, if they had sufficient gold holdings, why didn't they sell those first in an attempt to stave off financial collapse?? Why did they have to confiscate the wealth of someone else b4 paying the bills with their own money? Hmmmm....

 

[Peyton Manning]

There were some comments today by ECB's Draghi...Cyprus might have to sell official gold holdings to pay back bailout loans

email them for me, I'll pay $15 an oz.

 

[3029heavy]

That's $15 a dwt. I believe that's a pennyweight

 

[3029heavy]

And that's euros which if I'm not mistaken are worth about $1.45 us dollars each. Meaning roughly $22.50 a dwt to us

 

[3029heavy]

But that's still ridiculously low. If there are 20 pennyweights in a troy ounce,(??) they'd only be paying roughly $450 us per ounce. That can't be right...