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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[pat-tekker-cat]

Holey moley! I saw it earlier at 1192. now 1187, says it's headed back up, though (?).
I have heard/read/seen in different medias, some think it's undervalued because someone (? as in governments), are buying it up and storing at that low of a price. I can't be real sure, cause it's all so speculative.

Check out the precious metals section down lower in the misc section. There is a lot of knowledgeable folks down there. Maybe there will be a thread offers some insight.
I believe it will go back up, a lot. I hope you're not needing to sell at this low of a price.
Good luck and HH!

 

[newgoldfinder]

dont know about yall but i here gold prices depend on the current aconomy balance. If it good gold prices drop its good.if bad it rises. you will have to pardon the spelling as mine sucks

 

[AzViper]

When the stock market is up gold is down.

 

[smokeythecat]

Yup, when the market is up, gold is down. A couple bad things globally will drive it up again.

 

[loco oro]

i know russia is a huge gold producer,but you never hear of it cause it is a government industry,and i read some info a few years ago ,how they hoard the gold ,we're talking tons,they shelf the stuff, like debeers with diamonds,and when the market is ripe, they dump it on the markets by the ton,sometimes intentionaly to the detriment to other economys. china does the same,they play by different rules than the rest of the world. this may be the case.also the fed, and wallstreet has been down playing the value of gold cause a lot of the rise is due too uncertianty because of their actions,i heard warren buffet saying how he was advising agianst buying phsyical gold,saying it was a bubble, i would like to know how much he owns, i bet is quite a bit.

 

[B H Prospector]

Also when oil prices and gas prices drop so does gold value.

 

[Jim in Idaho]

Naahhh...it's the announcement by the Fed that they're going to slow the QE. The price will be determined by how MUCH they slow it. Right now, it's a bit of a knee-jerk reaction, which is exactly what Bernanke wants. The Fed and the government are trying their best to discourage gold ownership. I look at it as a simple buying opportunity, with great prices.
Jim

 

[simbad42]

I'm on my phone so forgive the lack of explanation but my bet is they are forcing the price down so silver will not jump past the price it is at. ( for the greater part of history silver has been 1/16th the price of gold and the stock market trades more "oz's " of silver in one day then is on earth.) With that said forcing the price of gold down saves the*companies like apple that have experienced shortages of silver from being made to pay the fair price for a commodity that they need to make 500$ off of 5 bucks of paid labour.

 

[Sample Pan Dan]

The banksters screw with metals like they do everything else. Chances are it's a price dump by the likes of Goldman Sachs etc., so as to create a panic sell by small investors so the banksters can acquire even more gold at a reduced priced. Give it a month or two, it'll be back close to $1400.

 

[two bear]

Congress just approved to raise the dept ceiling. Guess they thought 17 trillion wasn't enough. Buy gold now. It will rise very soon. I hear 2500 to 3000 an ounce.

 

[Goldwasher]

Its pretty much following the pattern it has for years..the spot price isn't really dropping that fast...its following normal trends...for a better idea go to kitco and look at the historical charts.....gold is always on the rise since the government stopped fixing prices....small dips for market adjustment....yet always on the climb when you take a step back and look at the big picture....when it drops a bit more than usual it is a good time to buy. But, don't hold out for the $900.00 ounce because it most likely won't happen.and if it does buy,buy, buy!!!!!!

 

[kazcoro]

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

 

[Diggin-N-Dumps]

I would love to see Gold Drop to the 400s again

 

[kazcoro]

It would never get that far. Everybody and their grandmother would be snapping it up long before then.

 

[gold tramp]

I would love to see Gold Drop to the 400s again

its bad enough trying to make it on 1200 gold if I had to do the days of 400 again I would flat out starve ..............
GT...........

 

[goldenIrishman]

I hear ya Herb! If it gets that low I can see a lot of claims closing down because people can't afford to work them.

 

[TheRingFinder]

Its pretty much following the pattern it has for years..the spot price isn't really dropping that fast...its following normal trends...for a better idea go to kitco and look at the historical charts.....gold is always on the rise since the government stopped fixing prices....small dips for market adjustment....yet always on the climb when you take a step back and look at the big picture....when it drops a bit more than usual it is a good time to buy. But, don't hold out for the $900.00 ounce because it most likely won't happen.and if it does buy,buy, buy!!!!!!

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.

 

[Hard Prospector]

As soon as it sinks in just how worthless our money is really becoming, gold will once again take off like a Atlas rocket. Politics and stock exchanges will always be a gamble while the safety of gold will never loose its luster.

 

[spillercanyon]

You guys must be a bunch of youngsters. If you look further back to when I was getting into prospecting, around 1980, you can see that gold went down and never came back to that level for a couple of decades. Not saying that will happen here but to say it always dips and comes back up in short order is only a short term view of prices.