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Gold Drops Below $800 an Ounce in Asia as Dollar Strengthens

Discussion in 'Financial Cents' started by E.L., Aug 15, 2008.


  1. E.L.

    E.L. Moderator of Lead Moderator Emeritus Founding Member

    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
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    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
     
  2. Quigley_Sharps

    Quigley_Sharps The Badministrator Administrator Founding Member

    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:shock:
     
  3. homeshow

    homeshow Monkey++

    Re: Gold Drops Below $800 an Ounce in Asia as Dollar Strengt

    Excellent time to get some more pre-1964 quarters, halves and dimes.
     
  4. franks71vw

    franks71vw Monkey+++

    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 :(
     
  5. Jonas Parker

    Jonas Parker Hooligan

    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....
     
  6. overbore

    overbore Monkey++

    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--[lolol] 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
     
  7. melbo

    melbo Hunter Gatherer Administrator Founding Member

    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
     
  8. melbo

    melbo Hunter Gatherer Administrator Founding Member

  9. melbo

    melbo Hunter Gatherer Administrator Founding Member

    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.
     
  10. Jonas Parker

    Jonas Parker Hooligan

    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...
     
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