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Gold down

KipKip Posts: 852
in Precious Metals
Down this morn. More to go or buy some now?? Silver also looks good.
Tnx
Kip
UCSB Electrical Engineering....... USCG and NASA

Comments

  • PerryHallPerryHall Posts: 46,234 ✭✭✭✭✭
    Anyone know why the big drop?

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • OPAOPA Posts: 17,124 ✭✭✭✭✭
    Per Kitco

    "Gold falls for second day as oil declines, dollar strengthens."

    image
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • fcfc Posts: 12,793 ✭✭✭
    i would guess that gold is over priced and the slightest issue that comes up that
    is negative for gold will drive it down constantly.

    while on the flip side... gold had so many reasons to be over 1000 permanently over
    the last year and has failed big time. this means the news has to be earth shatteringly
    bad for gold to exceed 1000 firmly.

    which is more likely to happen? in my opinion, the first paragraph.
  • BBNBBN Posts: 3,761 ✭✭✭


    << <i>Anyone know why the big drop? >>



    Because I bought an old gold eagle and half eagle yesterday. image This always happens to me.

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  • adamlaneusadamlaneus Posts: 6,969 ✭✭✭
    The gold I recently bought brings a new meaning to 'spot price': (between stars 9 and 10)

    image
    image


    To the best of the forum's collective knowledge, this is a blob of glue.
  • ttownttown Posts: 4,472 ✭✭✭
    you'd have fooled me that looks like a very well done plug.
  • adamlaneusadamlaneus Posts: 6,969 ✭✭✭
    There is nothing on the other side, so it does not seem to be a plug.

    Refer to the images in this thread

    You can see the reverse pictures that don't show much of anything going on the reverse.

    The last two pictures capture the lighting of the contamination pretty well, I think:

    I illuminated the coin with just one light; first on one side, then on another.

    Note how the 'plug' has a whitish reflection on the side that the light comes from. Meaning that this is contamination on the surface of the coin and it is slightly raised. Also, it is translucent. And it's not gold. Gold would reflect yellow light. Glue would reflect white light.
  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    even with it down, the premiums still make it near 1k! It would have to drop much lower
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  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Until gold falls below the $845-$865 range, the overall trend since 2002 is distinctly up. If we do get a fall below $900 coming up in August, you may only have 1-2 weeks to react to it. If gold stays above $905 in August, that would be extremely bullish. In fact, even above $880 would be very bullish.

    Gold was down this week due to some strong dollar buying by the PTB. With 3 bond auctions going on, the dollar in jeopardy of falling to .77, and the Chinese in town to see how their dollar/bond investments will be doing down the road, it was important to show a strong dollar. Besides, it was due for a bounce back at previous support of 78.3. Gold also was powered down by the banks loading up on short Comex paper from last week. They purchased a huge amount of shorts up through last Tuesday (7/21) and have only added to them since. They finally tipped the scales over and sent gold falling.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • Coll3ctorColl3ctor Posts: 3,339 ✭✭✭


    << <i>you'd have fooled me that looks like a very well done plug. >>




    +1
  • mhammermanmhammerman Posts: 3,769 ✭✭✭
    "Gold also was powered down by the banks loading up on short Comex paper from last week. They purchased a huge amount of shorts up through last Tuesday (7/21) and have only added to them since. They finally tipped the scales over and sent gold falling."

    Seems right, was thinking that somebody with mucho stroke was covering shorts, at least maybe getting out of the ones they had and into another position. So figure a K for an oz with a $50-$80 movement one way or another almost weekly; if you could load up on 100,000 oz, or the paper to 100,000 oz and you could influence the market with your purchases and sales, you could sure do some good. It seems that we are mere fleas at the end of a dog's tail as we covet our few ozs. The sobering thing is that we are all riding the same train with the exception that we hold physical and they hold paper. Hummmm...it will be interesting to see how the role of physical v.s. paper plays out.
  • MoneyLAMoneyLA Posts: 1,825 ✭
    gold continues in its trading range of 800 to 950. if you are buying and selling in this range you are just getting whipsawed.

    ho hum....
    Cheers, Alan Mendelson
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  • jmski52jmski52 Posts: 22,899 ✭✭✭✭✭
    if you are buying and selling in this range you are just getting whipsawed.

    Just buying, just buying. Not selling!

    It's called, "taking a position".image
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • ttownttown Posts: 4,472 ✭✭✭
    Gold really jumped about 30 minutes ago....up $21 at present.
  • mhammermanmhammerman Posts: 3,769 ✭✭✭
    Yepper, that earlier drop was a short cover play by some big dog. Back to 950...waiting and waiting for some real direction.
  • fcfc Posts: 12,793 ✭✭✭


    << <i>Gold really jumped about 30 minutes ago....up $21 at present. >>



    sure did not take long to recover. it seems like the dollar is walking the dog called gold.
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