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

[SP33Demon]

It's all emotional investing. Once we get more bad news it will rise again, and so the rise/drop cycle will continue. If you trade on the swings you will make good money in this (scared shitless) economy.

 

[JJ650]

Nice drop. It’s about time. Silver is still way more affordable right now for me.
I thought about grabbing a 10z bullion bar over the weekend to add to the collection but decided to hold off. It’s still far cheaper to coin roll hunt for the silver.
I have about $100 in face value of 90% coins and about that in 40%.
Grabbing another $500 box of halves and hope I get another good one! Got 40 coins last week from one box.

 

[dullard]

If you trade on the swings you will make good money in this (scared shitless) economy.

Quite a swing today on silver. Down 13% overnight, down 5% during morning trading, and it is just about even right now.

It is trading wildly but hitting price points about every $1.50/oz. So it jumps nearly instantaneously about 5% to the next price point. Then it takes hours to work through all the limit orders and then another jump.

Too bad Scottrade won't let me buy and sell ZSL multiple times a day (it takes a day or two to settle the last sale).

 

[IceBergSLiM]

Gold is one of the few assets that remain in positive territory this year, in a sense it is one of the last assets standing, and because of this as investors head for cash they sell the assets that have performed,” Edel Tully, a London- based analyst at UBS AG, wrote today in a report. “While gold’s retracement was not really a surprise, the depth of its plunge certainly was.”

 

[OlafSicky]

Too bad Scottrade won't let me buy and sell ZSL multiple times a day (it takes a day or two to settle the last sale).

That sucks sounds like the rigged the system.

 

[dullard]

Gold is one of the few assets that remain in positive territory this year, in a sense it is one of the last assets standing, and because of this as investors head for cash they sell the assets that have performed,” Edel Tully, a London- based analyst at UBS AG, wrote today in a report. “While gold’s retracement was not really a surprise, the depth of its plunge certainly was.”

#1 rule of bubbles. They pop far later, far bigger, and far faster than anyone expects. This bubble popping was caused by a margin requirement change, so it was foreseeable if you knew about the upcoming changes.

 

[darkewaffle]

At first I thought that said it plummeted to $300, not by $300. It was much more surprising the first way lol.

 

[Fritzo]

That sucks sounds like the rigged the system.

It's an SEC thing. You have to trade over $25000 to do that or you're in trouble.