Gold plumetting?????

sliderider

I noticed when I logged in on the PCGS home page that gold is down 7.20. That's precipitous, isn't it?? What's prompting it??

Longacre

Stock market on the rebound? Oil prices more settled?

RYK

Stock market on the rebound? Oil prices more settled?

No, the answer is that I sold my gold bullion holdings.

Yousri

<< <i>Stock market on the rebound? Oil prices more settled?

No, the answer is that I sold my gold bullion holdings. >>

cladking

There are numerous very fundamental and very powerful influences on gold prices
now days. These are pushing in opposite directions so any movement will remain
very choppy at least until interest rates peak.

oreville

<<<<<<<<<<<<<That's precipitous, isn't it?? What's prompting it?? >>>>>>>>


Precipitous? Hardly. Not even 2%. The price ran up a little too fast in the last couple of days. Gold does go up AND down!

ARCO

RYK wrote: No, the answer is that I sold my gold bullion holdings

Actually RYK has it backwards. For normal folks the price of ANYTHING usually drops soon after a large purchase. I should know, I dropped 10K on Tech stocks two days before the meltdown...two D*amn days!

If you want to know why gold bullion is dropping, it is probably because someone on these boards, mortgaged their house to buy as much as they could, otherwise it would still be rising!

Tyler

kieferscoins

$7 does not sound like a plumett. $50 would be a plumett.

Cameron Kiefer

Gonfunko

<< <i>I noticed when I logged in on the PCGS home page that gold is down 7.20. That's precipitous, isn't it?? What's prompting it?? >>


At first I misread your question to say that gold was currently at $7.20 an ounce! Don't scare me like that! I'd assume that it's just a normal market fluctuation.

cladking

Gold is up sharply today with oil and silver even more bouyant.

cdan12

gold now back up,$418.40 ,nice turn around

roadrunner

This is normal "trading" between the COT and shorts who are trying to depress gold and the gold bugs (Asians for example) who are playing for a rise. The US govt (via the Exchange Stabilization Fund) interferes in the gold market routinely via special accounts with the likes of a JP Morgan or Goldman Sachs for example. It's easy to swing the market at the open or close by $5-10 as paper moves not backed by physical gold is still the game of choice. The longs tend to get scared when JPM or Goldman Sachs shows up dumping contracts left and right. Thing is, they aren't dumping real gold, but just promises. If they were really required to put up gold, the game would end instantly and gold would take off skywards for good.

There is still a lot of primping to occur in this $417 to $435 trading range. The COT didn't want to give away $430 last time around and defended it staunchly. We'll see if the same type of fight happens again. The longs are stronger this time around and with more new faces. It will be harder to bluff them out this time.

roadrunner

topstuf

All I'd have to do is SELL a couple hunnert oz and it wud ....rise...... twenty bucks.