Gold to drop in price

Phaethon · August 10, 2011 1:22PM

Well what goes up must come down ....

Gold will drop back under 1700 when the margins increase in cost like they did with silver ... Thank god then we afford more of it

BBN · August 10, 2011 1:25PM

It jumped too quick. I can see some pullback after the mania calms in a few days. Gold is a long term investment anyway. Like any investment will have ups and downs.

fivecents · August 10, 2011 1:29PM

Gold up over $250 in the last 30 days. Regardless I think any correction in gold will be short lived.

roadrunner · August 10, 2011 1:31PM

Large gap that occurred on Sunday night at $1670 is a great potential target once this current leg ends. Then again, no hard and fast rule that says all breakaway gaps must be filled.
Gold could go above $2,000 before we start heading down to fill gaps.

roadrunner

PinkFloyd · August 10, 2011 1:47PM

Gold certainly seems ripe for a correction. I guess we'll see what tomorrow's economic news brings. Silver made a pretty nice swing back today as well. Sheesh, that stuff's been volatile.

BBN · August 10, 2011 1:51PM

<< Gold up over $250 in the last 30 days. Regardless I think any correction in gold will be short lived. >>

I agree, but we've consistently seen pullbacks with each jump. The difference is the spikes have been a tad higher than the pullbacks. Day-trading isn't for metals. Like I said, long term investment. Stack, then sit back.

mixman · August 10, 2011 2:02PM

1.) Gold is a long term investment. Ups and downs are expected. Especially after the recent run-up.

2.) Gold is up another 14 bucks after the crimex margin hike. It took multiple margin hikes when Silver was running up before the cartel could beat it back to the 30's.

DieClash · August 10, 2011 2:13PM

Gold is a lousy investment. But it is the last haven of the pseudo frightened stock investor.

Justacommeman · August 10, 2011 2:24PM

<< Gold is a lousy investment. But it is the last haven of the pseudo frightened stock investor.

>>

You are quite the hoot. MJ

Obiwancanoli · August 10, 2011 3:25PM

There's HILLS in them thar Gold's!!!

Cam40 · August 10, 2011 4:03PM

n/m

GrumpyEd · August 10, 2011 5:30PM

I've been expecting a pullback for so long that nobody want's my advise.
As wrong as I've been it could march right up to $2500+

pf70collector · August 10, 2011 8:21PM

I've sold too much gold in the past to take profit, but now regretting it. Most of my gold is in modern numismatic collector gold, so don't really care what it does. The rarity and demand of these have been holding steady for 4-5 years. Gold dropping is just a buying opportunity. Not buying gold now though. Let it drop.

ricko · August 10, 2011 9:59PM

Ah yes... I sure do like the 'lousy investment' known as gold. That lovely yellow metal has served me well. And I am laughing at all those who told me years ago that gold was a 'lousy investment'. Yeah, right.... Cheers, RickO

Groiny · August 10, 2011 10:14PM

if the stock market can go up 500+ points one day , and plunge 500+ points the next .............

then gold could fall 500$ in a weeks time

RobertS · August 10, 2011 10:49PM

Anything is possible but as long as the fundamental issues that increased the price of gold exist, I do not see gold plummeting.

stevek · August 10, 2011 11:00PM

As long as the US keeps printing an excess of money, to pay for an excess of spending...why should gold drop in price?

DorkGirl · August 10, 2011 11:56PM

<< Ah yes... I sure do like the 'lousy investment' known as gold. That lovely yellow metal has served me well. And I am laughing at all those who told me years ago that gold was a 'lousy investment'. Yeah, right.... Cheers, RickO >>

RobTom · August 11, 2011 12:00AM

Gold off a bit more than 2% this morning, probably from increased margins and profit taking.
I still believe gold has a lot more upside and silver too.

edgar · August 17, 2011 10:36AM

if "THIS" is what it seems get ready for round 2, could be $3,000 oz soon.

if other countries follow suite and nationalize their holdings

Unknown · August 17, 2011 10:41AM

This content has been removed.

edgar · August 17, 2011 10:45AM

if it is true that physical is leveraged 100 to 1, it could cause buying to cover on the open market, or a domino effect of other countries demanding physical ??

"The Bank of England recently received a request from the Venezuelan government about transferring the 99 tons of gold Venezuela holds in the bank back to Venezuela, said a person familiar with the matter. A spokesman from the Bank of England declined to comment whether Venezuela had any gold on deposit at the bank." That's great, but not really a gamechanger. After all the BOE should have said gold. What could well be a gamechanger is that according to an update from Bloomberg, Venezuela has gold with, you guessed it, JP Morgan, Barclays, and Bank Of Nova Scotia. As most know, JPM is one of the 5 vault banks. The fun begins if Chavez demands physical delivery of more than 10.6 tons of physical because as today's CME update of metal depository statistics, JPM only has 338,303 ounces of registered gold in storage. Or roughly 10.6 tons. A modest deposit of this size would cause some serious white hair at JPM as the bank scrambles to find the replacement gold, which has already been pledged about 100 times across the various paper markets. Keep an eye on gold in the illiquid after hour market. The overdue scramble for delivery may be about to begin."

bestday · August 17, 2011 10:48AM

<< Well what goes up must come down ....

Gold will drop back under 1700 when the margins increase in cost like they did with silver ... Thank god then we afford more of it

>>

anyone notice the buy prices for American gold eagle proofs have dropped to spot ?? a sign of gold setup to do down

Elcontador · August 17, 2011 11:35AM

The problem re short term forecasts is that you really don't know what is going on behind the scenes until it actually happens. All it takes is one big fish to take profits or a nutcase like Chavez to demand a bunch of sales to cover a short position. Then you have computerized trading which automatically kicks in if a buy or sell price is above or below a certain range.

roadrunner · August 17, 2011 12:12PM

<< if the stock market can go up 500+ points one day , and plunge 500+ points the next .............

then gold could fall 500$ in a week's time >>

Huh? That statment might be true if gold was at $10,000/oz. A better way of saying it is that gold could drop $100-$150 in a week. The last such week was early May.

anyone notice the buy prices for American gold eagle proofs have dropped to spot ?? a sign of gold setup to do down

That's a reflection of the high price of gold and little else. Premiums tend to be the highest after a gold run. I think all this says is that it's hard to get people to pay a premium when gold is near $1800/oz. Funny, but they were selling those for $2200-$2400 each when gold was at $1200 per ounce in November 2009. Nothing like a good promotion to get the prices jacked up for the sheeple. No one was afraid of the premium then...and gold was ready to drop to $1044 at that time. The more cycles that gold goes through the better memory that the players have of getting fleeced on each promotion. At some point the promotions no longer work and the promotors/boiler rooms move on to something fresh....like MS63,64,65,and 66 Morgans. Oh, that was just done. Well scratch that off for the next promotion. How about MS63 $10 Indians? That was just done too?

roadrunner

pf70collector · August 17, 2011 1:29PM

I noticed the 2009 Gold Buffalo Proofs won't even sell for $1800, almost spot.

RedHerring · August 17, 2011 1:32PM

My long-term price target is still $3000. It's my long-term horizon that's changed.

$3,000 before the end of 2013.

derryb · August 17, 2011 1:46PM

<< Gold certainly seems ripe for a correction. >>

Gold is up because economic policy is ripe for a correction. don't expect that to occur any time soon.

ricko · August 17, 2011 11:50PM

Gold just hit $1820/oz......seems like some crystal balls are a tad cloudy..... sure, at some point it will drop, but not until the economic situation is resolved. Cheers, RickO

Phaethon · August 17, 2011 11:54PM

talk about crazy times... so much volatility

OPA · August 17, 2011 11:59PM

<< I noticed the 2009 Gold Buffalo Proofs won't even sell for $1800, almost spot. >>

How true...but expect another price increase from the Mint next week...(it's over $2k already for the 1 oz buff & AGE's..2011 may turn out to be a low mintage year)

TwoSides2aCoin · August 18, 2011 12:50AM

When is this price drop taking place ?

JJM · August 18, 2011 12:55AM

<< Gold just hit $1820/oz......seems like some crystal balls are a tad cloudy..... sure, at some point it will drop, but not until the economic situation is resolved. Cheers, RickO >>

years..................

cladking · August 18, 2011 1:10AM

<< if it is true that physical is leveraged 100 to 1, it could cause buying to cover on the open market, or a domino effect of other countries demanding physical ??

"The Bank of England recently received a request from the Venezuelan government about transferring the 99 tons of gold Venezuela holds in the bank back to Venezuela, said a person familiar with the matter. A spokesman from the Bank of England declined to comment whether Venezuela had any gold on deposit at the bank." That's great, but not really a gamechanger. After all the BOE should have said gold. What could well be a gamechanger is that according to an update from Bloomberg, Venezuela has gold with, you guessed it, JP Morgan, Barclays, and Bank Of Nova Scotia. As most know, JPM is one of the 5 vault banks. The fun begins if Chavez demands physical delivery of more than 10.6 tons of physical because as today's CME update of metal depository statistics, JPM only has 338,303 ounces of registered gold in storage. Or roughly 10.6 tons. A modest deposit of this size would cause some serious white hair at JPM as the bank scrambles to find the replacement gold, which has already been pledged about 100 times across the various paper markets. Keep an eye on gold in the illiquid after hour market. The overdue scramble for delivery may be about to begin." >>

Many people believe that the bankers have been selling trhe same gold and especially silver many times over. Even
small withdrawals of metal would be problematical. There are horror stories of people out there who just want de-
livery of several thousand ounces of silver.

Julio · August 18, 2011 1:39AM

Gold has been going up for eleven years I believe and I sincerely believe it will continue. You might see it drop back and consolidate but it will continue to set records both short and long term. Take care. jws

Type2 · August 18, 2011 2:07AM

<< Gold just hit $1820/oz......seems like some crystal balls are a tad cloudy..... sure, at some point it will drop, but not until the economic situation is resolved. Cheers, RickO >>

I think they have them upside down trun them over. I think Gold will keep going as long as we keep buying it and not selling it.

Cakes · August 18, 2011 3:30AM

<< When is this price drop taking place ? >>

never

but I sure hope it would, while I have some gold jewelry I do not own a single gold coin and would like to buy one.

OPA · August 18, 2011 4:34AM

<< 

<< Gold just hit $1820/oz......seems like some crystal balls are a tad cloudy..... sure, at some point it will drop, but not until the economic situation is resolved. Cheers, RickO >>

I think they have them upside down trun them over. I think Gold will keep going as long as we keep buying it and not selling it. >>

It's not the US who's buying it. China & India account for 50% of the world purchases. US sales are down over 20% from the same time last year.

tradedollarnut · August 18, 2011 4:34AM

gold is not a long term investment, it's a mid term hedge. For much of its life, holding gold long term is a loser.

ttown · August 18, 2011 4:38AM

<< gold is not a long term investment, it's a mid term hedge. For much of its life, holding gold long term is a loser. >>

What? You act like it was in the free market and wasn't controlled. We couldn't own gold with most of the rest of the world until they decided fiat currencies didn't need gold's backing. There this thing called market rotation and it comes and goes in all the sectors, best realize what phase were in or you too can lose half of your money in the casino for the third time this decade.

JCMhouston · August 18, 2011 5:10AM

Are you feeling wrong yet?

Tiny · August 18, 2011 5:11AM

OOPS

au58 · August 18, 2011 10:46AM

$1831 now.

HalfStrike · August 18, 2011 12:48PM

Oil dropped $9 a barrel from the peak yesterday to now, this is a crazy market. I think when gold tops it is going to get real ugly, the drop will be breathtaking. May not happen for a year or more, maybe after the next election.

options26 · August 18, 2011 1:12PM

It will surely go up. I sold my gold today to free up cash for another purchase. Jim

roadrunner · August 18, 2011 2:25PM

First Saint Guru and now Phaethon.

Oh when will they ever learn it's not 2002 any more.

roadrunner

MilesWaits · August 18, 2011 2:28PM

<< First Saint Guru and now Phaethon.

Oh when will they ever learn it's not 2002 any more.

roadrunner >>

When they upgrade their music choices and realize the chairs are getting filled RR.

Each time Gold raises, someome wants to vacate their place in line and claim "this is the end!" Sadly, those spots are qucikly and happily filled with buyers.

Miles

Justacommeman · August 18, 2011 3:02PM

<< Oil dropped $9 a barrel from the peak yesterday to now, this is a crazy market. I think when gold tops it is going to get real ugly, the drop will be breathtaking. May not happen for a year or more, maybe after the next election. >>

or just maybe gold hasn't even accelerated yet. That could be equally breathtaking. Just sayin..........MJ

OnlyGoldIsMoney · August 18, 2011 3:23PM

<< Oil dropped $9 a barrel from the peak yesterday to now, this is a crazy market. I think when gold tops it is going to get real ugly, the drop will be breathtaking. May not happen for a year or more, maybe after the next election. >>

The real acceleration in the price of gold may start after the next election.

CoinCrazyPA · August 18, 2011 3:58PM

$1845 and still going

MilesWaits · August 18, 2011 4:35PM

$1851 Anyone else awake?

Gold to drop in price

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