http://www.bloomberg.com/apps/news?pid=20601087&sid=aUvoAunrrCYU&refer=worldwide Gold Drops Below $800 an Ounce in Asia as Dollar Strengthens By Dave McCombs Aug. 15 (Bloomberg) -- Gold tumbled below $800 an ounce in Asian trading as the dollar headed for its longest winning streak in more than two years, reducing the appeal of the metal as an alternative investment to U.S. assets. Oil, gold, copper and corn have plunged from records this year as the dollar strengthened and concern mounted that slower global economic growth will cut demand for raw materials. Silver and platinum also tumbled today amid increasing expectations the Federal Reserve won't cut interest rates. ``It's really a reshuffle of assets away from commodities, a sector rotation,'' Jon Nadler, a senior analyst at Kitco Minerals & Metals Inc. in Montreal, said in a telephone interview today. ``Investors see that the Fed is resolved to fight inflation by hiking rates,'' which may help push up the dollar, he said. Gold for immediate delivery fell as much as $17.15 to $789.47 an ounce, a 2.1 percent decline from yesterday in New York and the lowest since Dec. 17. The metal traded at $796.72 an ounce at 10:22 a.m. in Tokyo. Immediate-delivery silver plunged 12.1 percent to $12.46 an ounce, the lowest since Sept. 14, before trading at $12.98. Platinum for June delivery dropped 5.4 percent to 5,104 yen a gram ($1,445 an ounce) at 10:02 a.m. local time on the Tokyo Commodity Exchange. The dollar climbed to a 5 1/2-month high versus the European single currency, heading for a fifth weekly gain, on speculation a drop in oil prices will support economic growth in the U.S., the world's largest consumer of the fuel. The dollar gained to $1.4762, the strongest since Feb. 21, before trading at $1.4773 as of 9:50 a.m. in Tokyo from $1.4826 yesterday. To contact the reporter for this story: Dave McCombs in Tokyo at dmccombs@bloomberg.net Last Updated: August 14, 2008 21:31 EDT
Re: Gold Drops Below $800 an Ounce in Asia as Dollar Strengt oh my, look at the price today, 786.00 down from 950.00
Re: Gold Drops Below $800 an Ounce in Asia as Dollar Strengt Excellent time to get some more pre-1964 quarters, halves and dimes.
Re: Gold Drops Below $800 an Ounce in Asia as Dollar Strengt would it ever go any lower than what its at? I see the price dropped but some dealers still think the price is up on the roof
Re: Gold Drops Below $800 an Ounce in Asia as Dollar Strengt Wide swings in the markets just indicate instability and manipulation. Gold and silver are still better than fiat currency....
Re: Gold Drops Below $800 an Ounce in Asia as Dollar Strengt Just my humble opinion: I screwed up big time not buying in 1967 as Momma said "What, invest $10,000 in gold at these high prices?" $68/ oz then and it has since "dropped" to 700+++; some drop-- but a great buying opportunity now as we are in the calm before the storm. Just as it is calm here in the South East just before Fay does her thing and we all boat to work. Overbore
Re: Gold Drops Below $800 an Ounce in Asia as Dollar Strengt Since 2001, Gold and Silver have always bottomed out in August... Only to reach new highs in the Fall. With the news in the following article, you can bet your ass that the supply deficiency will fling the metals further than we've seen yet: http://www.gata.org/node/6489
Re: Gold Drops Below $800 an Ounce in Asia as Dollar Strengt Here is a 26 year average for the price of gold. Yet every Late summer all the gold bugs are crying in their beer about the price drops. Take a look: http://www.spectrumcommodities.com/education/commodity/charts/gc.html Or perhaps the 15 yr USD? http://www.spectrumcommodities.com/education/commodity/charts/dx.html
Re: Gold Drops Below $800 an Ounce in Asia as Dollar Strengt Hint: Buy now and sell in mid September if you want to make some cash.
Re: Gold Drops Below $800 an Ounce in Asia as Dollar Strengt Great hint. Unfortunately, the price of physical metal has de-coupled from the "paper price" that COMEX puts out. Your chances of finding physical silver "at spot price" are somewhere between nil and none. How the banksters will explain this away is still yet to be discovered, but I'm sure it'll be good, or at least confusing...