Gold just fell off a cliff

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  • bidask
    bidask Posts: 14,057 ✭✭✭✭✭
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    << <i>Maybe inflation is resulting in the dollar's strength? >>

    Everybody else's economy is weakening too...we are ahead on that and therefore our dollar is getting a rally as everyone else currency is weakening.
    I manage money. I earn money. I save money .
    I give away money. I collect money.
    I don’t love money . I do love the Lord God.




  • RedneckHB
    RedneckHB Posts: 20,236 ✭✭✭✭✭
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    << <i>

    << <i>Maybe inflation is resulting in the dollar's strength? >>

    Everybody else's economy is weakening too...we are ahead on that and therefore our dollar is getting a rally as everyone else currency is weakening. >>




    Which is exactly my point and is what I ahve been saying for months in the other thread.

    The rest of the world has been practicing an anti inflation policy which was actually an anti growth policy. The USA is 2 years ahead of the world in combating slower growth. New Zealand real estate should be pretty darn attractive in 2010.image
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • CertifiedGoldCoins
    CertifiedGoldCoins Posts: 1,644 ✭✭✭
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    << <i>But i think you are forgetting a key point in your analysis. Our lives, for the majority in my opinion, has improved.
    Now families have 2-3 cars, sometimes 2 houses (summer place), huge wardrobes of clothes, many knick knacks in the house,
    technological marvels like cell phones and internet, better health resources, longer life spans, etc.. the list is endless on
    how things have improved.

    i think you are doing a "get off my lawn you darn kids, in my day" sorta thing. >>



    Let's hope your view is more correct than mine, fc. But people I know who have a lot of "things" are in debt up to their eyeballs, just as the government is. And there are so many people who have lost what they thought they owned, or who are in danger of doing so, that the Congress has been working overtime to bail them out, with money they don't have, either, like two rebate checks from the IRS. When have they needed to do that before? And how about helping people pay their mortgages, and rescuing depositors of insolvent banks?

    As for the abundance of automobiles, where are they made now? Checked the labels on clothes lately? Not made in the USA, nor are cell phones, or computers. Health resouces? Those are available to those with a health plan. Ours costs us $1,273 a month. Life expectancy? Yes, it is better, but the US trails 30 other countries, according to this CNN article.
    Good deals with: goldman86 mkman123 Wingsrule wondercoin segoja Tccuga OKCC LindeDad and others.

    my early American coins & currency: -- http://yankeedoodlecoins.com/
  • BECOKA
    BECOKA Posts: 16,961 ✭✭✭
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    I live in the Santa Clara County area of CA. Housing here for the most part starts at about $500 for a broken down two bedroom flat. In the nicer areas prices are much more for the same thing.

    For the most part I think people here do not have a lot of disposable income to begin with but if the market crashes here it will take more than a better economy to fix things. image

    As far as the two to three car or house scenario goes that is not nearly as common here as quality of life I would imagine is not like other parts of the country where homes are still in the $150k - $250k
  • Goldbully
    Goldbully Posts: 18,557 ✭✭✭✭✭
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    Do I see Gold climbing that cliff tonight????????? Is it the Olympic influence???? image


    image
  • RedneckHB
    RedneckHB Posts: 20,236 ✭✭✭✭✭
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    This is the major trend.

    How do you know when the trend has changed? After a 10% drop? 20%? 30%? 40%? 50%?

    What is inflation? How much is too much? Is a little inflation good?
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • Goldbully
    Goldbully Posts: 18,557 ✭✭✭✭✭
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    << <i>Do I see Gold climbing that cliff tonight????????? Is it the Olympic influence???? image


    image >>




    Why yes I do......this Russian conflict will have huge impact on gold bullion!!!
  • rgCoinGuy
    rgCoinGuy Posts: 7,478 ✭
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    << <i>

    << <i>Do I see Gold climbing that cliff tonight????????? Is it the Olympic influence???? image


    image >>




    Why yes I do......this Russian conflict will have huge impact on gold bullion!!! >>



    You're fun to quote GB! What a climb today! image
    imageQuid pro quo. Yes or no?
  • Goldbully
    Goldbully Posts: 18,557 ✭✭✭✭✭
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    << <i>

    << <i>

    << <i>Do I see Gold climbing that cliff tonight????????? Is it the Olympic influence???? image


    image >>




    Why yes I do......this Russian conflict will have huge impact on gold bullion!!! >>



    You're fun to quote GB! What a climb today! image >>



    Hey, it was climbing last night rg!!! image
  • Goldbully
    Goldbully Posts: 18,557 ✭✭✭✭✭
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    << <i>

    << <i>

    << <i>

    << <i>Do I see Gold climbing that cliff tonight????????? Is it the Olympic influence???? image


    image >>




    Why yes I do......this Russian conflict will have huge impact on gold bullion!!! >>



    You're fun to quote GB! What a climb today! image >>



    Hey, it was climbing last night rg!!! image >>




    Only hours away from sub $800 Gold!!!!!....One ugly chart....Is it time to open up the check book guys and gals?????
  • ebaytrader
    ebaytrader Posts: 3,312 ✭✭✭
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    << <i>Only hours away from sub $800 Gold!!!!!....One ugly chart....Is it time to open up the check book guys and gals?????

    >>




    Most definitely oversold in the short term. Take a long position but be ready to exit fassssst.
  • JZrarities
    JZrarities Posts: 2,583 ✭✭✭
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    $806.40 currrent.

    Cliff Two.

    Next stop 7's.
  • Goldbully
    Goldbully Posts: 18,557 ✭✭✭✭✭
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    image

    Aug. 13 (Bloomberg) -- Gold rebounded in London as jewelry and investment demand revived after the price of the metal declined to a seven-month low. Platinum and silver also gained.

    Gold for immediate delivery added $6.03, or 0.7 percent, to $818.35 an ounce as of 11:20 a.m. London time. It fell to $802.34 yesterday, the lowest since December as the dollar strengthened to the highest in 5 1/2 months. The metal has lost 21 percent from its March 17 record of $1,032.70 an ounce.
  • jmski52
    jmski52 Posts: 24,011 ✭✭✭✭✭
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    Most definitely oversold in the short term. Take a long position but be ready to exit fassssst.

    Entering a wildly down market with the intention of "exiting fast" seems like a really crazy-risky strategy to me. However fast you are, do you think that you are faster than the guys who sit atop their screens with the "sell button" underneath their index finger? (I'm not talkin' day traders here - I'm talking about the "big boys"
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • WinPitcher
    WinPitcher Posts: 27,726 ✭✭✭
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    Now sounds like a good time to buy NO?


    Steve
    Good for you.
  • jmski52
    jmski52 Posts: 24,011 ✭✭✭✭✭
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    Now sounds like a good time to buy NO?

    There have been worse times to buy, but buying with the intention of a fast exit seems counterproductive. I agree with the over-sold assessment, however.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • rgCoinGuy
    rgCoinGuy Posts: 7,478 ✭
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    Numismaster article seems to think its a good time to buy.
    imageQuid pro quo. Yes or no?
  • trozau
    trozau Posts: 3,455 ✭✭✭
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    << <i>Numismaster article seems to think its a good time to buy. >>


    Good read. Thanks for the link. image
    trozau (troy ounce gold)
  • jmski52
    jmski52 Posts: 24,011 ✭✭✭✭✭
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    << Numismaster article seems to think its a good time to buy. >>

    Good read. Thanks for the link.

    More good information.

    Question is - who's doing what, to whom? George Orwell would have a field day with this stuff. What's real, and what's an illusion? My Goodness!!
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • roadrunner
    roadrunner Posts: 28,374 ✭✭✭✭✭
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    The rest of the world has been practicing an anti inflation policy which was actually an anti growth policy. The USA is 2 years ahead of the world in combating slower growth. New Zealand real estate should be pretty darn attractive in 2010

    From the published M3 rates of major nations, those guys are beating us to the punch on inflation (ie increasing money supplies). The Russians were at >50% for a portion of last year! Many of the top 20 nations were in the 10-20% range, and got there well before us....notably China, India, etc. The US is not practicing an anti-inflation scenario with M3 increasing at 15-18% per year now and hundreds of billions in bailouts being tossed around like candy.

    Price inflation results from monetary inflation...always. You can keep it at bay like we did from 1987-2004, but you cannot keep it away indefinitely.

    We've had 3% average annual inflation since about 1913. Considering our dollar is worth 3-4 cents today, I'd say that 3% ave inflation is too much for the monetary increases needed for population growth.

    roadrunner

    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • Jcarney
    Jcarney Posts: 3,154 ✭
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    << <i>
    We've had 3% average annual inflation since about 1913. Considering our dollar is worth 3-4 cents today, I'd say that 3% ave inflation is too much for the monetary increases needed for population growth.

    roadrunner >>



    Well, if folks were still making the wages they were in 1913, you might have a point. However, since wages generally have outpaced inflation by 1-1.5% (mostly due to productivity increases), the American public enjoys a vastly better standard of living than it did in 1913. Materialistically speaking, that is.
    “When the people find that they can vote themselves money, that will herald the end of the republic.” — Benjamin Franklin


    My icon IS my coin. It is a gem 1949 FBL Franklin.
  • Goldbully
    Goldbully Posts: 18,557 ✭✭✭✭✭
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    Folks, gold is under $800!!!!!!!!!!!!!!!!!!!!!!!

    Big correction in place here!!!!!

    image
  • OneCent
    OneCent Posts: 3,561 ✭
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    << <i>Folks, gold is under $800!!!!!!!!!!!!!!!!!!!!!!!

    Big correction in place here!!!!!

    image >>




    Correction? Have you looked at the past 30 days? I would say that the air has come out of the ballon (aka the bubble has burst).

    image
    imageimage
    Collector of Early 20th Century U.S. Coinage.
    ANA Member R-3147111
  • Goldbully
    Goldbully Posts: 18,557 ✭✭✭✭✭
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    << <i>

    << <i>Folks, gold is under $800!!!!!!!!!!!!!!!!!!!!!!!

    Big correction in place here!!!!!

    image >>




    Correction? Have you looked at the past 30 days? I would say that the air has come out of the ballon (aka the bubble has burst).

    image >>



    And to think I thought Gold $1000 was a foregone conclusion!!! image
  • JZrarities
    JZrarities Posts: 2,583 ✭✭✭
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    We are now in the 700's...

    Glad I sold most of mine at the Phoenix ANA.
  • Goldbully
    Goldbully Posts: 18,557 ✭✭✭✭✭
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    Good Mornin' $788 Gold!!! image
  • rgCoinGuy
    rgCoinGuy Posts: 7,478 ✭
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    Big drop this morning!
    imageQuid pro quo. Yes or no?
  • OPA
    OPA Posts: 17,166 ✭✭✭✭✭
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    << <i>Big drop this morning! >>



    That's an understatement .... Huge drop in all PM's & Oil ... not the time to buy ... I'm waiting for a rebound before I jump in again.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • TwoSides2aCoin
    TwoSides2aCoin Posts: 45,216 ✭✭✭✭✭
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    Where's that old lady image ?

    The fat one who can't sing !
  • renman95
    renman95 Posts: 7,037 ✭✭✭✭✭
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    If $780 is taken out then look out below. Then I would back up the truck...beep...beep...beep.

    Ren
  • 57loaded
    57loaded Posts: 4,967 ✭✭✭
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    i think the oil bubble has burst at least, some of it was Gustav.

    OPA....yeah i won't get in again either until it shows some floor



  • roadrunner
    roadrunner Posts: 28,374 ✭✭✭✭✭
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    I haven't given up on $1000 gold by any means. Commodities are as vastly oversold right now as the US dollar is overbought. It's just a matter now of the lightning rod needed to reverse the course. And the FED/PPT is not about to give out such a gift in the way of a major bank or GSE failure, etc. They'll scuttle the ship before giving in to that.

    However, since wages generally have outpaced inflation by 1-1.5% (mostly due to productivity increases), the American public enjoys a vastly better standard of living than it did in 1913. Materialistically speaking, that is.

    I think if you look at the last 30 years (essentially the pure fiat years) you will see that real wages have lost ground due to inflation.
    Standards of living have seemingly increased but that now requires 2 wage earners per family, longer hours at work and constant connection via cell, blackberry, etc. It takes longer each year for the average worker to reach tax day (the day in which he/her stops working for the govt and starts earning for himself/herself).

    I'd happily trade the gadgets for more quality time.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • Goldbully
    Goldbully Posts: 18,557 ✭✭✭✭✭
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    Time to climb up the mountain again!!!!!! image

    image >>

  • fc
    fc Posts: 12,805 ✭✭✭
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    << <i>Time to climb up the mountain again!!!!!! image

    image >>

    >>



    some silly data about unemployment being worse then expected will give
    a temp bump for about 1 hour. notice climbing the mountain has changed
    to stumbling back down.

    doom and gloom is not working. recessions happen and we get out of it.
    a natural cycle.
  • coinlieutenant
    coinlieutenant Posts: 9,328 ✭✭✭✭✭
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    *yawn*

    siliconvalleycoins.com

  • roadrunner
    roadrunner Posts: 28,374 ✭✭✭✭✭
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    doom and gloom is not working. recessions happen and we get out of it.
    a natural cycle.

    Sure, but this is the first recessionary cycle ever where we have $1.1 QUADRILLION in derivatives (the majority OTC and near worthless) overhanging the market. That's probably a factor of 100X bigger than the 1980 or 1990 recessions. This is not your Dad's derivatives market.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • Goldbully
    Goldbully Posts: 18,557 ✭✭✭✭✭
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    Ain't no mountain high enough.........!!!

    image
  • roadrunner
    roadrunner Posts: 28,374 ✭✭✭✭✭
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    some silly data about unemployment being worse then expected will give a temp bump for about 1 hour. notice climbing the mountain has changed to stumbling back down.

    The current 'bankster theft" cycle is anything but "natural."

    If you recompute unemployment to the methods used back in 1980 you will find today's rate surprisingly similar. Using an "underemployment" method will get you a 12% rate. This takes into account former white collar workers now at McD's or Home Depot, those who have given up entirely, and those who have been looking for months with no success. Unemployment at a 5.5-6% rate is a fool's number. The "underemployment" stat is far more in tune with statistical methods used during the 1970's recession. Check out shadowstats.com for more on that subject.

    roadrunner




    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • Goldbully
    Goldbully Posts: 18,557 ✭✭✭✭✭
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    Here we go again!!!

    image
  • Bobk
    Bobk Posts: 593
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    There are three kind of lies: lies, damed lies and statistics. Mark Twain

    image
    Pecunia in arbotis non crescit.
  • OPA
    OPA Posts: 17,166 ✭✭✭✭✭
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    << <i>Here we go again!!!

    image >>




    Yup ...
    RHODIUM 10/15/2008 10:32 2,410.00 2510.00 -750.00 -23.73% Is anyone investing in Rhodium?

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • rgCoinGuy
    rgCoinGuy Posts: 7,478 ✭
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    << <i>Here we go again!!!

    image >>



    Now this is a cliff, it was up 15 minutes ago, down 40 15 minutes after NYSE opened, under 800.
    imageQuid pro quo. Yes or no?
  • Placid
    Placid Posts: 11,299 ✭✭✭
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    Ouch.
  • fc
    fc Posts: 12,805 ✭✭✭
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    amazing. gold bugs have no affect on this market. we can hope all we
    want but it is all irrelevant.
  • trozau
    trozau Posts: 3,455 ✭✭✭
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    D'oh! image
    trozau (troy ounce gold)
  • Overdate
    Overdate Posts: 7,318 ✭✭✭✭✭
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    Where can I buy rhodium eagles? image

  • roadrunner
    roadrunner Posts: 28,374 ✭✭✭✭✭
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    amazing. gold bugs have no affect on this market. we can hope all we
    want but it is all irrelevant.

    Classic 9:30-10 am PPT $50 gold takedown, plus silver falling to under $10/oz in support. The more dire the financial situation becomes, the more the PPT has to slam the metals to show there is faith in the US dollar. Once the repatriation of US dollars slows, there will be a huge drop in demand for them from overseas.

    Touching $792 is essentially the point that Dave Nichols was looking for once we broke under $850. If gold rises up from and strengthens in the $850-$920 trading range, look out above. The 'best" thing that the PPT can do from here is to continue to pummel the metals to new lows to "prove" to the masses that the dollar is the only safe asset.....ahem....well except for mutual funds of course (lol).

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • moonshine
    moonshine Posts: 1,039 ✭✭
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    well if the bottom falls out -- well, isn't that why some of us bought PM's in the first place?

  • cucamongacoin
    cucamongacoin Posts: 3,478 ✭✭✭
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    There are three kind of lies: lies, damed lies and statistics. Mark Twain
    Does anyone know, offhand, a compilation of great quotes?
    <a target=new class=ftalternatingbarlinklarge href="http://www.ebay.com/sch/cucamo...?_ipg=50&_sop=12&_rdc="> MY EBAY
  • Goldbully
    Goldbully Posts: 18,557 ✭✭✭✭✭
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    << <i>

    << <i>Here we go again!!!

    image >>



    Now this is a cliff, it was up 15 minutes ago, down 40 15 minutes after NYSE opened, under 800. >>



    And again!!!!!!!!!!

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