Home› Precious Metals

What effect will European downgradings have on gold market Monday?

CaptHenwayCaptHenway Posts: 32,115 ✭✭✭✭✭
in Precious Metals
Was it all shaken out Friday, or will the Euro splunge on Monday and take pm's down with it?

TD
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.

Comments

  • PerryHallPerryHall Posts: 46,111 ✭✭✭✭✭
    I'd be very surprised if the market didn't already know it was coming and didn't already factor this information into PM prices.

    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

  • cohodkcohodk Posts: 19,101 ✭✭✭✭✭
    News was out on Friday and metals were weaker due to a weak Euro and stronger dollar.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    I don't know if the market was considering 9 downgrades including France and Austria out of AAA.
    But judging from the bounce back across all sectors following Friday morning's takedown, the market seemed to have factored at least part of it in.
    Historically, the coming options expiration week following a 3 month high, would suggest bearishness regardless of the downgrades. This just gives more ammo.

    With stock market options expiring next Friday I would be surprised if we don't see some continued SM/PMs fallout from this between Tuesday-Thursday.
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • cohodkcohodk Posts: 19,101 ✭✭✭✭✭
    The markets downgraded France and Austria months ago. Had they been downgraded more than 1 notch the markets would have reacted more. As it was, just a non-event.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭


    << <i>The markets downgraded France and Austria months ago. Had they been downgraded more than 1 notch the markets would have reacted more. As it was, just a non-event. >>



    I tend to agree.

    While the world markets will be open on Monday both the COMEX and NYMEX will be closed for MLK Day. The NYSE will also be closed. MJ
    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    I expect gold to dip on Monday.... may recover by weeks end... (I don't know why I predict these things, I am so seldom right).
    image Cheers, RickO
  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭
    Time. Sometimes it just takes time.

    Coin's for sale/trade.


    Tom Pilitowski
    US Rare Coin Investments
    800-624-1870

  • BigRickBigRick Posts: 1,334
    Priced in already.

    Got NEW news? image
    My Sets
  • OzzyAndyOzzyAndy Posts: 344
    Just remember the reports Monday will sound something like "gold jumped/droppeded today after the European downgrade..." even though they might be unrelated. I'm finding that this is a good way to make headlines and 'explain' why the market did what it did even when news has previously been factored in.
    Still thinking of what to put in my signature...
  • JulioJulio Posts: 2,501 ✭
    Non event, IMHI. That being said, other news could influence price. I don't know anything coming up next week. Take care. jws
    image
  • OPAOPA Posts: 17,119 ✭✭✭✭✭
    As of right now, the overseas markets are continuing their downward trend.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭


    << <i>As of right now, the overseas markets are continuing their downward trend. >>



    Equities yes. Currencies stable and pm's up slightly as I type. MJ
    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Sign In or Register to comment.