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Gold Tumbles Most Since December 2008
goingbroke
Posts: 1,410
Gold plunged in New York, heading for the biggest drop in 18 months, on speculation that financial markets may be stabilizing, eroding the appeal of the precious metal a haven. climbing speculative demand from investors had pushed the market into a “bubble that is poised to burst.”
Before today, gold’s 14-day relative strength had been above 70 since Aug. 8, a signal to technical traders that prices are poised to fall.
Before today, gold’s 14-day relative strength had been above 70 since Aug. 8, a signal to technical traders that prices are poised to fall.
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mariner67, and Mikes coins
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Comments
I have a very strict gun control policy: if there's a gun around, I want to be in control of it - Clint Eastwood
call this crazy. An $18.80 stock going to $17.63 isn't crazy, nor is an $1880 gold price going to $1763.
<< <i>Gold is a scam. >>
Who's running it ?
<< <i>Gold is a scam buy stocks and treasuries... >>
Worry is the interest you pay on a debt you may not owe.
I believe gold bottomed in November 2008 so December would have been an up month. Maybe you meant December 2009?
The tumble today was because the word was leaked about another CME margin hike. Has little to do with financial conditions stabilizing as the banks
were getting crushed for the past 7 months. One good up day out of 7 months isn't exactly a stabilization of the financial system...but it's a start.
roadrunner
Liberty: Parent of Science & Industry