It's dead in here - fiscal cliff? Gold down $20+ but silver only down $0.50

MsMorrisine

fiscal cliff related drops?

roadrunner

Nope. Just the usual options expiration smack downs. Miners were showing the way down Monday and Tuesday while gold got its big hit today.
Silver "only" down 50c is equivalent to gold being down $25. Both were good sized hits for one day....'er 1 min....lol. The hourly gold RSI screamed down to a level of 8 today
(30 is considered over sold). That's lower than was seen during the last big hit to $1672. Maybe more to come too. But the way the miners regained most of their
losses is encouraging. Gold lease rates falling sharply for 4 days into Monday sort of hinted that a nice whack was coming.

Timbuk3

Usual corrections !!!

jmski52

How many times have we seen these "waterfall" events in gold and yet the market continues up? That wasn't a selloff at all.

There was no trend there, nor was there any back & forth. It's not like someone announced that JPM found an extra 50,000,000 oz of gold bars in one of their vaults and then dumped it on the market.

Amigo

It was down closer to a dollar earlier in the day, 0.85 cents when I looked.

The whole market seemed to be trading on headlines about the fiscal cliff. Started negative, then worked out not to be so negative..... YET

pwrful4

I'm independent, but Harry Reid needs to shut his mouth and do his job. Telling the American public that bipartisan isn't going to work is anti-American. If he's not willing to do his job, I'm happy to elect somebody that will.

roadrunner

Someone dumped 7,800 gold futures contracts in one minute as soon as the Comex opened at 8:20 EST.
The price dropped $25 from $1735 to $1710 in that single minute. Certainly that seller was not trying to maximize their contract value as they could have
simply sold 100 shares per minute over one hour. Methinks they had instructions from the big boyz to go for maximum effect. One rumor is that a certain
hedge fund is under investigation for insider trading and had to dump positions quickly this morning. But we all know that there's no such thing as normal trading
during the Tuesday through Thursday of these expiration weeks.

According to a CME Group trader on Fox Business, that drop in gold this morning was caused by 24 metric tons of gold being sold in 30 seconds.

jmski52

When the rules apply to most market participants but not to others, it's easy to hurt the other side's positions. For every little guy who is just getting into the market when this happens, there is one less little guy in the market and one less little guy who is likely to ever come back. As long as they can chase people away from the precious metals by slamming the PMs frequently, they keep the number of participants lower and it emboldens their attempts to intimidate the hangers-on.

In so doing, they give a gift to their adversaries as the price continues to rise. No need to be intimidated, if you are solvent and not playing on the margin of the market.

Buy physical.

mhammerman

Physical cliff...ppfffffffffftttttttttttt. It's all for show, like a bunch of roosters in the barnyard. Yeah, we really are going broke just like the Europeans; it's the ol' hole idiom...stop digging. Party on, Garth or party over, pick one.

VAT, consumer tax, whatever you want to call it, just do it. Lose the 10-4-0, everybody pays to play.
Lose the dollar bill and fire up the coin presses; get over it.
Lose the mobamacare
Begin taxing highway/roadway use by the mile on 1/1/13 or add a $1 transportation tax to each gallon of gas. You want infrastructure funding...well here ya' go.
Stop playing the public against each other and make the deal and while you're at it, try and make a little money too
Tax corporations like the Europeans do...hard and heavy


Got GOLD?

RGJohn

<< <i>Physical cliff...ppfffffffffftttttttttttt. It's all for show, like a bunch of roosters in the barnyard. >>



Pard, I offer you fair warning lest you wind up like a Mohammed-mocking-movie-maker, ....
.......say that again and I shall peck your beak clean off.
------
Sorry to be so stern about it but we all have our principles and it was time to stand up for mine.

mhammerman

Was it something I said?

johnny9434

good old crash and burn. will find out when were really close to 12/31

Justacommeman

<< <i>Was it something I said? >>



I think it was the way you said it

This could get good.

MJ

jmski52

We done gone over the fiscal cliff in 2008. It's only the t-minus time-to-impact that congress is really debating.