Gold bubble bursts! Prices plummet $300/oz in 3weeks

[Gibson486]

I need to get my wedding bands.....

any slashes in cost can help.

 

[Lithium381]

Time to buy~

 

[Miramonti]

This should mean that there will be no inflation, because if there was, gold should increase exponentially month after month, year after year. Clearly this is a buying opportunity before gold goes to $5k.

 

[Rage187]

Expect it to shed another $300 by the end of the year. Who didn't see this coming?

 

[Miramonti]

Expect it to shed another $300 by the end of the year. Who didn't see this coming?

The only thing that counts is who shorted it above where it's trading now or who got long it below where it's trading now.

 

[BoomerD]

I'd like to see it back to around $300/oz...before the end of the year.

 

[alkemyst]

I'd like to see it back to around $300/oz...before the end of the year.

why?!?

 

[BoomerD]

why?!?

Because that's where it belongs...and about what it's worth once you remove the "feeding frenzy" that's going on right now.

 

[spidey07]

Because that's where it belongs...and about what it's worth once you remove the "feeding frenzy" that's going on right now.

You dont understand worth. It's worth what one would pay. See real estate.

Now is the time to build wealth. Those that are scared will be left behind.

 

[BladeVenom]

This is why I put all my money in ammo, ammo always has value

It's diversification, lead, copper, and brass.

 

[StrangerGuy]

Better to buy copper?

 

[alkemyst]

Because that's where it belongs...and about what it's worth once you remove the "feeding frenzy" that's going on right now.

damn the poor sure have silly beliefs.

 

[goog40]

Gold dropped another $100 since closing on Friday. Silver down over 10%.

 

[Udgnim]

question from someone that is ignorant

with gold dropping, what are people deciding to put their money into now

 

[Whoozyerdaddy]

question from someone that is ignorant

with gold dropping, what are people deciding to put their money into now

Mattresses

 

[Kantastic]

lol my sister just baught into a "cash for gold" business too. hope she don't lose it all

You seem unusually happy about your sister potentially going into bankruptcy.

 

[Lifted]

question from someone that is ignorant

with gold dropping, what are people deciding to put their money into now

Shorting everything. If you do that, you'll have more worthless money than anyone in a few years.

 

[KingGheedora]

You dont understand worth. It's worth what one would pay. See real estate.

Now is the time to build wealth. Those that are scared will be left behind.

Are you saying that buying gold builds wealth?

EDIT: NM, silly me, i was looking at it in the macro sense (does gold build wealth overall -- obviously it doesn't). For some people it can make money, but only for those who do profit taking at the right times. In order for them to make money it has to be balanced out by other gold buyers losing money and not selling it fast enough when the price tumbles.

 

[OverVolt]

Everything happens for a reason. QE2 ended some time ago which is the reason the stock market and commodities are both feeling the ill effects of less money to go around. I pulled my pidly investments in July and am just kind of Lol'ing at the continual slide.

Basically, so long as banks aren't lending there is actually deflation. Inflation, like everyone keeps assuming is happening, only occurs when the banks lend at an ever increasing rate, like they did for houses. Printed money doesn't account for money in the economy anymore, only debt. When the banks slow down in their rate of lending, it actually becomes impossible to pay back the loans, IE the housing market.

So what your looking for to signal the all clear is an increase in lending rate or the government doing some type of clever money printing. Gold is still subject to pain from deflation and since there are so many lemming monkey speculators who will jump ship as soon as gold takes a loss it results in what we just saw happen.

 

[IceBergSLiM]

good time to buy

 

[LegendKiller]

You dont understand worth. It's worth what one would pay. See real estate.

Now is the time to build wealth. Those that are scared will be left behind.

Ahhh yes, the greater fool theory. The funny thing about gold at this price is that it's only being supported by the same thing, leverage. Sure, it's in the form of "futures" here, but, overall, it's still a low-down no-doc option-arm mortgage for all intents and purposes. That's not even counting the fact you can go into an ETF at far lower prices than physical.

Prices are set at the margin and the margin was lowered with the ETFs. Paper is paper.

Gold's "worth" is what it can be used for, otherwise it's 100% psychological. Gold can be used for a very small amount of stuff, traditionally only 20% of total demand.

Wealth isn't built by gold, it is bought or sold through gold. As WB said, would you rather hold and build "wealth" in all of the gold mined in the world or would you rather have Exxon, Apple, Google, MSFT, IBM...etc. THOSE are wealth builders.

That's why you're not wealthy and I highly doubt any of your stories.

 

[Gibson486]

Well, at one point today, platinum almost dipped down to 1450....

 

[LegendKiller]

good time to buy

Ok, thanks Henry Blodgett/David Lareah/Lawrence Yun/Michael Milken. Do you happen to shine shoes too?

 

[Texashiker]

When gold hits $400 a ounce, I will stock up for the next bubble.

 

[dullard]

I'm out. Rode ZSL from $12.50 to $21.78. I think I got out early, but nothing wrong with taking 74% profit. Not too bad for a month's time.

Thank you silver price drop!