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Gold price plummets to almost 6-year low and silver down

Discussion in 'Financial Cents' started by stg58, Nov 27, 2015.

  1. stg58

    stg58 Monkey+++ Site Supporter+ Founding Member

    Interesting difference on the future of gold.

    Request Rejected
    "Most experts predict gold will go lower from here. A prominent gold forecaster says prices could even plummet to $350 an ounce."

    Gold price plummets to almost 6-year low - Nov. 27, 2015
    Here's what people aren't buying right now: Gold.
    The yellow metal traded as low as $1,051.60 an ounce on Friday, the cheapest price in nearly 6 years.

    Gold prices haven't been this depressed since February 2010 -- before the popular show "Downton Abbey" was even on television -- when gold fell under $1,045 an ounce.

    This week marked the sixth straight week that gold has lost value.
    techsar likes this.
  2. techsar

    techsar Monkey++

    @ $350 an ounce there are going to be folks (myself included) all over trying to get some...hence the demand will drive the price back up.
    Regardless, I'll take possession of mine at the time of the transaction...
  3. Brokor

    Brokor Live Free or Cry Moderator Site Supporter+++ Founding Member

    It will never get that low. The entire market is a scheme, criminals profiting off hard working folks every day. There is no gold carry trade in 'Murica these days. 100% artificially suppressed.

    Mindgrinder and 3M-TA3 like this.
  4. Motomom34

    Motomom34 Moderator Moderator Site Supporter++

    Interesting. I wonder why. Market is up, gold is down. Wal-mart and other box stores are not doing well. Many people are only working part-time. It just all feels false.
  5. Brokor

    Brokor Live Free or Cry Moderator Site Supporter+++ Founding Member

    We do not have a gold-backed currency any longer. There's no longer a gold carry trade.

    Two words: CHINA PUT

    Whenever you see gold prices drop, or it is rumored to drop, chances are China is buying gold.
    pearlselby, 3M-TA3 and Motomom34 like this.
  6. stg58

    stg58 Monkey+++ Site Supporter+ Founding Member

    A strong dollar helps and it may regain 1 to 1 parity the the Euro and the Euro is under pressure with the influx of refugees.
  7. Brokor

    Brokor Live Free or Cry Moderator Site Supporter+++ Founding Member

    Here's a video showing an example for this past year documenting media sources reporting on U.S. precious metals price manipulation.

    But, I like to also follow reports from Max Kaiser, since he's not a blow-hard.
    HK_User and Mindgrinder like this.
  8. UncleMorgan

    UncleMorgan I eat vegetables. My friends are not vegetables.

    The gold fix is very aptly named. It is a fix, just like some horse races are fixed.
    What matters much more than the Manufactured Suggested Retail Price of gold, is what it will cost you downtown to put another ounce of gold in your pocket.

    The demand for gold is not decreasing. For every ounce available (in hand) there are at least fifty eager buyers.

    I expect the price of gold to go up sharply very soon. But that's because I expect the value of the dollar to drop big-time.

    Both China and Japan are selling our paper in gargantuan quantities. They are dumping T-bills.
    Japan has to do it to keep their dying economy afloat. China is doing it to get rid of the worthless paper before everyone else starts agreeing just how worthless it is. The huge sell-offs should have already dropped the bottom out of the T-bill market, except that Switzerland (plus a few others) is inexplicably buying it up. Personally, I think the US is buying it up thru Swiss proxies, trying to keep the can kicked down the road a little longer. Like until the next Presidential election, for example.

    There's a LOT going on out there right now. The Baltic Dry Index (as of last week) has dropped to 30% of normal for this time of year. It's a basic measure of economic activity, and when it drops local economies drop, too.

    Stay frosty. Buy whatever PMs you can afford, and store them in a safe place.

    It's a hard rain gonna fall.
    stg58 likes this.
  9. Altoidfishfins

    Altoidfishfins Monkey++

    Interesting that my former employer (Barrick) is mentioned here.

    When I started working there (Goldstrike was their flagship mine at the time) in the early 90s, they went to considerable effort to explain their hedging schemes in detail (I'm sure there were a number of details that they conveniently left out) to all the employees.

    No question of manipulation. The bottom line was they made money whether the POG rose or fell. They've only grown in wealth and influence since then.

    Good PM web site - New York spot price Gold, Silver, Platinum, Palladium, Rhodium, Quote Spot Price Chart, Kitco Gold index

    Uh-oh, let that Barrick cat out of the bag and now I'm a marked Monkey for life! :eek:
    Last edited: Nov 28, 2015
  10. UncleMorgan

    UncleMorgan I eat vegetables. My friends are not vegetables.

    Actually, you're okay as long as you aren't pink. :)
  11. BTPost

    BTPost Old Fart Snow Monkey Moderator

    I feel a bit sorry for Tony Deets of the "Gold Rush" Show on Discovery Channel.... He blew a Million Bucks on that Gold Dredge, back when gold was $1.5K/Oz and now he is trying to pay it back, at less that $1K/Oz.... That is NOT the way to Make Money....[violin]
  12. stg58

    stg58 Monkey+++ Site Supporter+ Founding Member

    Did anyone pick up any gold and or silver when it dropped, I picked up a bit.

    Stock rout intensifies in flight to safety: Dow plunges 300+, gold surges
    Financial, Economic and Money News - USATODAY.com

    The 2016 stock market rout intensified Thursday with the Dow tumbling almost 400 points as investors spooked by plunging bank stocks in Europe, a further slide in oil prices and angst over Federal Reserve interest rate policy dumped stocks and fled to the safety of havens such as U.S. government bonds and gold.

    The Dow Jones industrial average was down 320 points, or 2%, at midday after dropping as much 395. The Standard & Poor's 500 was off 1.7% and the Nasdaq composite was 1.2% lower and in danger of falling into bear market territory. Heading into Thursday's session the Nasdaq was down nearly 18% from its July 2015 peak of 5218.86.

    The continued slide in stocks sent investors into major risk-off mode and in search of safe places to park their cash. Money piled into the 10-year U.S. Treasury note, pushing the yield down as low as 1.53%, a fresh 52-week low. Gold, often viewed as a haven during periods of market turbulence, jumped 4.3%, or more than $50 an ounce to $1,246 an ounce.

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