Gold just fell off a cliff

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JZrarities
JZrarities Posts: 2,583 ✭✭✭
in Precious Metals
Looks that way...

$905,,jump, now down $24...

REMOVED OLD CHART
«1345678

Comments

  • lasvegasteddy
    lasvegasteddy Posts: 10,492 ✭✭✭
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    or it's just jumping down to a trampoline to get to a higher side...;-)
    everything in life is but merely on loan to us by our appreciation....lose your appreciation and see


  • TwoSides2aCoin
    TwoSides2aCoin Posts: 45,216 ✭✭✭✭✭
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    Let's see how fast it climbs out of the valley image
  • boucharda
    boucharda Posts: 2,941
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    Betcha it's only down $5-10 by 3pm.....
  • ricko
    ricko Posts: 98,724 ✭✭✭✭✭
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    Gold is a long term investment... patience.... Cheers, RickO
  • messydesk
    messydesk Posts: 20,813 ✭✭✭✭✭
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    BFD. 2.5% does not a cliff make. Still up from most of June, no?
    John
    Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
  • pitboss
    pitboss Posts: 8,643 ✭✭✭
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    True gold is a long term investment but it also takes a lot of $$$ to make a few! I got rid of all mine to buy the reverse 07's and have made way more than if I kept the gold. I don't care if it goes to $1500'
  • TwoSides2aCoin
    TwoSides2aCoin Posts: 45,216 ✭✭✭✭✭
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    << <i>True gold is a long term investment but it also takes a lot of $$$ to make a few! I got rid of all mine to buy the reverse 07's and have made way more than if I kept the gold. I don't care if it goes to $1500' >>



    Some of us collect coins image Others flip them. I don't care if it drops to $50.

    P.S. I just saved 15% by switching to gecko image
  • morgansforever
    morgansforever Posts: 8,512 ✭✭✭✭✭
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    <<I don't care if it goes to $1500'>>

    $1500 gold, where will oil be at? $200 a barrel?

    $10 a gallon for fuel.

    $6 for a loaf of bread?
    World coins FSHO Hundreds of successful BST transactions U.S. coins FSHO
  • saintguru
    saintguru Posts: 7,728 ✭✭✭
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    BFD.....a blip in the $US....don't watch commodities through a microscope.
    image
  • DoubleEagle59
    DoubleEagle59 Posts: 8,433 ✭✭✭✭✭
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    << <i><<I don't care if it goes to $1500'>>

    $1500 gold, where will oil be at? $200 a barrel?

    $10 a gallon for fuel.

    $6 for a loaf of bread? >>



    True...but that's why you should be invested in gold as opposed to US cash in the bank.
    "Gold is money, and nothing else" (JP Morgan, 1912)

    "“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)

    "I only golf on days that end in 'Y'" (DE59)
  • Broadstruck
    Broadstruck Posts: 30,497 ✭✭✭✭✭
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    << <i>

    << <i>True gold is a long term investment but it also takes a lot of $$$ to make a few! I got rid of all mine to buy the reverse 07's and have made way more than if I kept the gold. I don't care if it goes to $1500' >>



    Some of us collect coins image Others flip them. I don't care if it drops to $50.

    P.S. I just saved 15% by switching to gecko image >>



    image
    To Err Is Human.... To Collect Err's Is Just Too Much Darn Tootin Fun!
  • SilverBaron
    SilverBaron Posts: 767 ✭
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    Somebody is betting on a rate hike....
    Silver Baron
    ********************
    Silver is the mortar that binds the bricks of loyalty.
  • jmski52
    jmski52 Posts: 24,011 ✭✭✭✭✭
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    Please take silver down a bit more. Please, please, please. SLV is calling me......
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • LanLord
    LanLord Posts: 11,756 ✭✭✭✭✭
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    im pulling for 180 gold again!image
  • Leiascards
    Leiascards Posts: 3,233
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    Gold, Silver and Oil are all primed for major dips in price. The people who made the real money are getting out right now.
  • fc
    fc Posts: 12,805 ✭✭✭
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    << <i>Gold, Silver and Oil are all primed for major dips in price. The people who made the real money are getting out right now. >>



    agree. the way stock prices keep going down it is time to free up cash and find the best
    among the bunch.

    interest rate hikes should be coming soon. Probably by the end of the year.

    maybe a CD will once again pay a reasonable interest rate in a year or two.
    less then 4% is just so sad.
  • slipgate
    slipgate Posts: 2,301 ✭✭
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    Gold - Long term investment??? I think you need to look at the trends. Gold has never been anything but a short term investment. How do you define long term investment?
    My Registry Sets! PCGS Registry
  • au58
    au58 Posts: 1,288 ✭✭✭
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    << <i>Gold - Long term investment??? I think you need to look at the trends. Gold has never been anything but a short term investment. How do you define long term investment? >>



    Actually, it is neither. In the long term, it is a hedge against inflation. In the short term, it is speculation.
  • HonoluluDude
    HonoluluDude Posts: 2,167 ✭
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    FOMC week-- aka bomb gold week.
  • streeter
    streeter Posts: 4,312 ✭✭✭✭✭
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    slipgate,
    Gold - Long term investment??? I think you need to look at the trends. Gold has never been anything but a short term investment. How do you define long term investment?

    Do you mean that short term it is a trading vehicle.............and long term(as the chart redefines trends) ---an investment?
    Have a nice day
  • slipgate
    slipgate Posts: 2,301 ✭✭
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    << <i>slipgate,
    Gold - Long term investment??? I think you need to look at the trends. Gold has never been anything but a short term investment. How do you define long term investment?

    Do you mean that short term it is a trading vehicle.............and long term(as the chart redefines trends) ---an investment? >>



    I mean long term it is a lousy investment. You are better off putting your money into a savings account. Short term, if you ride the highs and lows, you can make a bunch. Like the current bubble, which is about over and we are about to see a 30-40% reduction.
    My Registry Sets! PCGS Registry
  • BECOKA
    BECOKA Posts: 16,961 ✭✭✭
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    Closed at $884. It will be back soon.
  • fishcooker
    fishcooker Posts: 3,446 ✭✭
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    Expectation of a 30% price decline? That makes it worthy of a Short, no?
  • Nic
    Nic Posts: 3,438 ✭✭✭✭✭
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    image . K

    My 1866 Philly Mint Set

  • pursuitofliberty
    pursuitofliberty Posts: 7,926 ✭✭✭✭✭
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    Some of us collect coins image Others flip them. I don't care if it drops to $50.

    P.S. I just saved 15% by switching to gecko image




    image



    TwoSides ... sometimes you crack me up!!! image



    “We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”

    Todd - BHNC #242
  • roadrunner
    roadrunner Posts: 28,374 ✭✭✭✭✭
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    Anybody who'd like to bet me on the chances of a 30-40% reduction coming anytime in 2008.....please PM me. image

    Gold - Long term investment??? I think you need to look at the trends. Gold has never been anything but a short term investment. How do you define long term investment?

    Right now I define "gold" long term investment as 7 years and counting. Probably 10-15 years when this is all said and done. One side of a cycle (bull or bear) is long term imo. If you're standing pat on both sides of the cycle (30-40 years) as long term then you're probably not getting very far. But judging from the response to a $24 in 20 minute slam on gold before the FED meets on Tuesday and Wednesday, that apparently to the anti-gold crown is a long term investment. And based on that definition, gold failed miserably this morning for half an hour. Sell it all before the 30-40% drop comes.

    Rate hike is out of the picture for 2008, so is the sale of 400 tons of
    IMF (ie USA) gold. The mortgage and credit/derivatives markets couldn't take any increases at this point. But TPTB will jawbone these 2 to death for the remainder of the year to extract a similar effect at least until election time.

    roadrunner

    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • Goldbully
    Goldbully Posts: 18,556 ✭✭✭✭✭
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    Took the helicopter back up!!!! image

    image
  • roadrunner
    roadrunner Posts: 28,374 ✭✭✭✭✭
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    ....long term it is a lousy investment. You are better off putting your money into a savings account. Short term,

    Yeah, I'm still in the process of shifting all my money to a "secure" fiat savings account for the short term rather than "risk" it in PM's.


    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • Goldbully
    Goldbully Posts: 18,556 ✭✭✭✭✭
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    There's that cliff again!!! image

    image
  • garsmith
    garsmith Posts: 5,894 ✭✭
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    I see a drop of $16.04; not much of a cliff. More like a small hill.
  • ziggy29
    ziggy29 Posts: 18,669 ✭✭✭
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    I increased my bets against the dollar a couple weeks ago. That's a sure sign that we've seen a top in PMs and oil, and a bottom in the dollar, at least for a while. I seem to have that effect on markets.
  • DoubleEagle59
    DoubleEagle59 Posts: 8,433 ✭✭✭✭✭
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    I honestly can't understand the fact that some people don't realize the benefits of owning Gold.

    It's truly puzzling.

    Either they are ignorant of the facts or they have been brainwashed by the media/financial institutions.
    "Gold is money, and nothing else" (JP Morgan, 1912)

    "“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)

    "I only golf on days that end in 'Y'" (DE59)
  • ziggy29
    ziggy29 Posts: 18,669 ✭✭✭
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    << <i>I honestly can't understand the fact that some people don't realize the benefits of owning Gold.

    It's truly puzzling.

    Either they are ignorant of the facts or they have been brainwashed by the media/financial institutions. >>

    I think part of the reasons some people are put off about it is that some of the proponents of gold tend to act condescending toward those who aren't gold bugs, as can be seen by this response. And speaking to them in these terms isn't terribly conducive to convincing them to listen.

    [Of course, many who don't own much in the way of hard assets see those who do as conspiracy kooks and survivalists, so it does cut both ways.]
  • Connecticoin
    Connecticoin Posts: 13,278 ✭✭✭✭✭
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    << <i>Right now I define "gold" long term investment as 7 years and counting. Probably 10-15 years when this is all said and done. One side of a cycle (bull or bear) is long term imo. If you're standing pat on both sides of the cycle (30-40 years) as long term then you're probably not getting very far. But judging from the response to a $24 in 20 minute slam on gold before the FED meets on Tuesday and Wednesday, that apparently to the anti-gold crown is a long term investment. And based on that definition, gold failed miserably this morning for half an hour. Sell it all before the 30-40% drop comes.
    >>



    Correct. Gold has been part of a long bull run in commodities, and the run has not ended yet. There will be volitility and declines in between, but no long term reversal yet.
    *For Sale on Ebay*
  • BBN
    BBN Posts: 3,761 ✭✭✭
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    << <i> I think part of the reasons some people are put off about it is that some of the proponents of gold tend to act condescending toward those who aren't gold bugs

    Of course, many who don't own much in the way of hard assets see those who do as conspiracy kooks and survivalists, so it does cut both ways. >>



    Alot of truth in both statements. Gold is a good hedge, but will never be the only basket I have. Gold makes up about 8-10% of my total investments.

    Positive BST Transactions (buyers and sellers): wondercoin, blu62vette, BAJJERFAN, privatecoin, blu62vette, AlanLastufka, privatecoin

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  • agentjim007
    agentjim007 Posts: 6,256 ✭
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    Gold going down is alright with me as long as oil follows. I'm tired of paying $4.00+ a gallon for gas (and I drive a Hyundai).
  • Steve27
    Steve27 Posts: 13,284 ✭✭✭
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    I suspect it has something to do with this:

    USD 73.00 +0.28
    Crude Oil 141.50 -3.79
    "It's far easier to fight for principles, than to live up to them." Adlai Stevenson
  • OPA
    OPA Posts: 17,166 ✭✭✭✭✭
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    Now that Mutual Funds & Retirement Funds have "discovered" that commodities are a good investment, in my opinion, it's time to unload & take a profit.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • veryfine
    veryfine Posts: 1,763 ✭✭✭
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    I hope it keeps falling because I really need to start a Liberty gold type set. It was just a few short years ago when those common as dirt $20 Liberty coins were less than $500 each.
    Remember?
  • mrpotatoheadd
    mrpotatoheadd Posts: 7,576 ✭✭✭
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    The bottom of the cliff gold fell off today ($915) is higher than the top of the cliff it fell off when this thread was started ($905). How high can gold fall, anyway? image
  • dac076
    dac076 Posts: 817 ✭
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    I honestly can't understand the fact that some people don't realize the benefits of owning Gold.

    It's truly puzzling.

    Either they are ignorant of the facts or they have been brainwashed by the media/financial institutions.


    It probably has something to do with that 25-year bear market in the metal. Whether it's over now is unclear.



    << Gold - Long term investment??? I think you need to look at the trends. Gold has never been anything but a short term investment. How do you define long term investment? >>



    Actually, it is neither. In the long term, it is a hedge against inflation. In the short term, it is speculation.


    I think that's a great definition.
  • PerryHall
    PerryHall Posts: 47,748 ✭✭✭✭✭
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    << <i>In the long term, it is a hedge against inflation. In the short term, it is speculation. >>



    I think of gold as a means to preserve wealth.

    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

  • jmski52
    jmski52 Posts: 24,011 ✭✭✭✭✭
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    I honestly can't understand the fact that some people don't realize the benefits of owning Gold.

    It's truly puzzling.

    Either they are ignorant of the facts or they have been brainwashed by the media/financial institutions.

    If you have everything that you own in stocks, bonds, mortgage equity, and dollar savings - then gold represents a financial "threat" and a psychological barrier at the same time.

    Even if you are losing money and equity hand-over-fist, gold represents an unknown that is 180 degrees opposite from the world "as you know it" and making a transition to gold ownership requires some independent thought in addition to humility.

    I can't imagine the transition being easy for anyone who is invested in every other asset class besides gold.

    In addition, anyone entertaining a gold investment is fighting the sum total of negative PR from the financial "establishment" which also includes the BS coming out of Washington DC and Wall Street, both.

    So, if you follow your own independent assessment and invest contrary to all of the experts, you are a kook. Or not. image
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • boucharda
    boucharda Posts: 2,941
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    I don't think a drop of $8 is a very high cliff
  • Goldbully
    Goldbully Posts: 18,556 ✭✭✭✭✭
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    Climbing the cliff once again!!!!

    image
  • roadrunner
    roadrunner Posts: 28,374 ✭✭✭✭✭
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    I'm quite impressed with gold's showing since late last week when a thin trading Friday Holiday allowed the shorts to easily bash PM's. But metals rebounded each time. With the G8 meetings going on in Tokyo Mon-Wed I figured they'd go for another hit today to show world wide anti-gold, pro-fiat solidarity.... but surprisingly gold rebounded from sub-$920 right back to $930. Superb resilience that bodes well for an eventual run up back towards $960.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • TwoSides2aCoin
    TwoSides2aCoin Posts: 45,216 ✭✭✭✭✭
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    image
    "I've fallen, and I can't get up"

  • rgCoinGuy
    rgCoinGuy Posts: 7,478 ✭
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    image

    There must have been a trampoline at the bottom of that cliff.
    imageQuid pro quo. Yes or no?
  • roadrunner
    roadrunner Posts: 28,374 ✭✭✭✭✭
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    Just PPT intervention took a little break. That is odd too considering Bernanke and Paulson are talking with congress today. Usually gold is pummelled and dollar hoisted when the FED chairman speaks.

    But friends of the Fed/PPT sold off large positions in Yamana gold and knocked that down 5% today. Very strange indeed.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • fishcooker
    fishcooker Posts: 3,446 ✭✭
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    So, should the Shorts cover, or double down at these bargain levels?

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