Gold plummets below 400

AValde · January 29, 2004 1:16AM

Oh My !!

What's going to happen to the coin market ?

Placid · January 29, 2004 1:19AM

1957joe · January 29, 2004 1:19AM

my prediction comming true! I guessed $300 by the end of the year!

Dennis88 · January 29, 2004 1:19AM

My only gold coin will be worth less.................

And, I will be able to buy my first US gold coin

So good and bad news for me.

Dennis

g097103 · January 29, 2004 1:25AM

Just a normal and expected correction. It'll come back up in its own time, nothing fundamental has changed.

Lakesammman · January 29, 2004 1:29AM

Well, I sold my entire hoard last week for $420/ounce!

....all 6 ounces of it....

RYK · January 29, 2004 1:35AM

I sold 10 oz at $424 two weeks ago. I still hold about 10 oz bullion with a basis of $330.

Frankly, I have no idea where gold prices are going. There are a lot of folks here who are quite convinced that they do. It kinda cracks me up. We could see $350 before we see $450. We may never see $450 in my lifetime. We may never dip below $375 in my lifetime. We might sink to $300 and stay there for ten years. We might shoot to $500, pause, and then blow through $600. In the short term, I have no idea. Over the last 400 years, gold has roughly tracked inflation. Unless there is a new industrial use for gold that I cannot imagine (gold as an automobile fuel, etc.), I would expect it to do the same over the next 400.

mgoodm3 · January 29, 2004 1:40AM

I can predict the answers now. The people that want gold to go up will say it's just a temporary correction and will continue to rise, and the people that want it to go down will say that it's just the start of the fall. I figure you got a 50% chance of being right either way. Whoever's right will say that they knew it all along and the those wrong will say that gold is a fickle market.

agentjim007 · January 29, 2004 1:48AM

I feel like Kramer smirking at Jerry when he tells him how his stock is doing (going down). Who's buying today?

Bear · January 29, 2004 2:44AM

Easy come, easy go.

LovethoseIndians · January 29, 2004 2:50AM

The coin market "artificially" too high will faltten out somewhat, however, will still rise in my humble opinion

razorface1027 · January 29, 2004 2:52AM

Glad I dumped a gold or two before it plumetted...

g097103 · January 29, 2004 2:53AM

<< <i>Who's buying today? >>

Me for one.

topstuf · January 29, 2004 2:55AM

It's the END of the world! At least until 393 or so.

However, since the deficit was erased last night, it should probably just go straight down to $32 again.

agentjim007 · January 29, 2004 2:57AM

g097103. Got to admire you. It takes a massive set to buy today...good luck.

barberlover · January 29, 2004 3:03AM

I don't understand why gold would do more then just correct a little for people taking profits who bought it a year or two ago and want to lock in their profits. The fundamentals for a stable growing non inflation economy just don't look good to me and I don't own any gold so I have no vested interest in this but considering our deficit and debt situation as well as the world economy I see more reason for 500 dollar gold then 300 dollar gold.

Of course I see no reason in this economy for the stock market to keep going higher much longer either.

Les

AValde · January 29, 2004 3:11AM

Negatives
========

1. Fed interest rate hike possibility

2. European Central Bank gold sale

Positives:
========

1. Japanese interested in acquiring gold for their foreign reserves

topstuf · January 29, 2004 3:13AM

Dear Mr. Barberlover,

You are hereby ordered to the nearest re-education camp. Your reasoning is far too sound and as such, dangerous to the community.

500 gold indeed! The ravings of a lunatic.

SAVINGS BONDS!

Stocks!

Only when our citizens are completely invested in ephemeral paper promises will the world be safe.

For shame!

barberlover · January 29, 2004 3:19AM

Topstuff!!!

All I can say to that is

Les

Russ · January 29, 2004 4:09AM

I'm going to love reading the postulations of all the gold bugs in a year or so. I've been saving all these threads for entertainment purposes.

Russ, NCNE

jeffnpcb · January 29, 2004 4:15AM

Euro goes down, don't buy!
Euro goes up, buy!
Simple rules for simple people and keep following the money flow!

cladking · January 29, 2004 4:33AM

Short term moves have little mening usually. It is certainly interesting and may
portend things to come but the fact remains that the dollar must weaken more
to achieve greater stability. This can occur in several ways but they all lead to
higher gold prices relative the dollar. If gold prices were to become highly erratic
it would likely signal resistence of foreign governments and markets to a lower
dollar.

In any case this bull market in coins was not built on the increase in the value of
gold and silver and should be highly resistent to any change in their value.

atomic · January 29, 2004 7:14AM

The Fed floated a trial baloon yesterday, in effect saying they might perhaps some day maybe even this year raise interest rates just an itty bitty bit. The markets answered: the bond and stock markets sold off, the dollar rallied and gold tanked. Message to Fed: Too soon to remove the jumper cables... remove the cables and the engine will stall. In fact, just talking about a rate hike might have killed off the nascent refi boom that was just getting started again after coming to a halt in August. But maybe they are finally worried about a housing bubble. Who knows.

The dollar will recover its downtrend and everything else, including gold, will get back on trend. The Fed will be careful not to change their language until the "recovery" appears to be self-sustaining... jobs and incomes increase.

Stuart · January 29, 2004 7:51AM

I sincerely hope that gold prices continue to decline back to $250-$275 so that I can better afford to purchase lots of U.S. $20 Gold Liberties and Saints

I don't expect it to happen, but I hope that it does because I like to purchase gold coins when they are cheap!!

topstuf · January 29, 2004 8:10AM

Russ, are yoo sayink I.....AMUSE.....yoo? Like yoo tink I'm ......FUNNY? Like yoo tink I'm maybe a ....CLOWN?? Vinny, git me my rod.

Actually, it IS amusing, but I think the greatest entertainment value would be to see EACH OF US prosper greatly from WHATEVER we choose to invest in.

Nothing is right for everybody. I'm into gold (bullion coins and generic twenties) because I am not seeing GOOD surprises from the economic front. The rise of the stock market is (in my opinion) due to massive inflows of mutual fund buying where the funds HAVE to spend the money they get in the mail every Monday morning.

I am also into bonds, commercial real estate, rare coins, ONE spec stock, silver and ....CASH! ...just in case my take on what I perceive to be a headlong rush into disaster from debt, pension failures, and the already publicly stated anticipated failure of Social Security does NOT prove to be the cataclysm I think it will be.

The thing that matters most is being quick to change in any necessary direction.

But I ain't gonna shootcha in da foot.

BigAlan · January 29, 2004 9:26AM

I remember when the gold sellers were predicting $3000/oz. I'm glad I didn't buy any at $800/oz.

Ethan · January 29, 2004 10:33AM

Well I do see a drop in the near future with the Germans dropping quite a bit on the market, but I am not highly invested i GOld. I would rather see Silver goto $50 again. I would sell this time. I was 14 years old and had 8k in silver.........most paid face value for.

In the meantime I will be panning for the free Gold....

nankraut · January 29, 2004 11:50AM

Oh, Oh! The sky is falling; we're all gonna DIE!

roadrunner · January 29, 2004 1:53PM

Russ, pencil me in at gold ending the year at $450 or higher. How come when gold falls to under $400 it's a "plummet?"

Nothing has changed in the market to affect the long term on gold.
The Germans are going to sell 5 tons of gold? So what, the Japanese and Chinese will scarf that up in a heartbeat. Zero effect. The scaredy cats have been selling off some of their gold the past few weeks. It's a normal cycle, at least so far....just like the stock market cycling up during this bear market.

roadrunner

Gold plummets below 400

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