Gold crash - Update third straight month loss first since 2001

[dmcowen674]

Update: 6-1-12

Looks like Gold crash is over.

Now the rich boys are pulling out of stocks and loading up on gold

at 4:30 PM

Gold up $60

Dow down 274

Oil down to $83



4-18-2012

Gold crash coming

Love it

Hope a lot of folks lose their asses :thumbsup:

5-8-12 below $1600


Dropped $10 today

http://finance.yahoo.com/q?s=gcj12.cmx


5-3-2012

http://www.forbes.com/sites/greatsp...s-for-first-time-since-2001/?partner=yahootix

Gold Price Drops Three Straight Months For First Time Since 2001


Between March 2001 and April 2012, the price of gold never fell for 3 months in succession.

“Two months max” made for a great slogan and signal to buy gold on pullbacks, most recently in January 2010, your last chance to do so below $1,100, and April 2009, which was your last chance to buy below $900. Divide by ten and we’re talking about the price of the GLD.

Until April 2012 that third down month just never came.

Three consecutive months of falling gold prices are so rare that you can count the occurrences.

Since 1957 in fact, they’ve struck only 65 times in a total of 661 three-month periods.



Update: 4-23-2012

http://finance.yahoo.com/news/gold-...BzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3

Trading volume of U.S. gold futures was sharply below average after it posted a 2012 low in the previous session, as some investors have reduced their bullish position in gold amid a brighter economic outlook.

Gold has lost more than $150 an ounce since late February after a strong run of U.S. economic data dashed hopes of more asset purchases by the Fed known as quantitative easing (QE).

"Absent any hard evidence of a true QE, there will be more asset liquidation and we are likely to see more downside than upside in the gold market," Frank McGhee, head precious metals trader at Integrated Brokerage Services LLC.

Trading volume was around 115,000 at 2 p.m. On Friday, COMEX gold volume totaled less than 97,000 lots for its lowest level since December 2011.

Spot gold was down 0.6 percent at $1,631.59 an ounce by 1:45 p.m. EDT (1745 GMT). Earlier in the session, gold hit a low of $1,623.90, around $10 away from its lowest level of the year.

 

[TonyB]

post back when it drops by $1000.

 

[masteryoda34]

Normal daily moves in gold are 0-2%. Today: 0.6%. Your point?

EDIT: Why don't you short?

 

[ThatsABigOne]

lol

 

[First]

Dear Dave,

You're worthless.

 

[Lithium381]

why would you hope that someone loses their investments, Dave? Jealous because you didn't get into it? That's just not nice.

 

[iGas]

What goes up must come down.

IMHO, gold will eventually drop down below $1100, and may float around $1200 +/-$200 for a number of years before it go back up again.

 

[Anarchist420]

Far more newsworthy is the fact that the U.S. Treasury bond rating was downgraded.

 

[Anarchist420]

Normal daily moves in gold are 0-2%. Today: 0.6%. Your point?

+1

 

[Doppel]

Normal daily moves in gold are 0-2%. Today: 0.6%. Your point?

EDIT: Why don't you short?

this

 

[lotus503]

Gold crash coming

Love it

Hope a lot of folks lose their asses :thumbsup:

Dropped $10 today

http://finance.yahoo.com/q?s=gcj12.cmx

The further is falls the cheaper it is to buy more.
its smart to have %10 of assets outside of the dollar.

 

[LunarRay]

I look at gold as being a 'linked' commodity. Linked in the sense that in '71 you could buy a certain amount of oranges or gasoline or turnips or anything at a price of so many dollars and gold, silver, copper etc should have that link as well...
So, today the value of gold ought to buy the same quantity as it did in '71 and so should the dollar quantity relate within reason.

Seems it does on average... but of course there are other factors which affect the individual commodity and it becomes more or less valuable based on economic factors.

I like gold cuz it's pretty and I can fashion it into creative endeavors with little effort..

 

[Born2bwire]

I love how Dave get's so pumped up for the potential suffering of other people.

EDIT: Wait, this is about a $10 shift? The hell? Gold topped out at over $1600 an ounce and you're crowing over a drop less than 1%? Greenspan's farts do more than that to the markets.

 

[xj0hnx]

Dave made another failure of a thread? And wishing for economic hardship on fellow Americans? Stay classy Dave.

 

[piasabird]

So why dont you place a stock order based on the falling price if you are so sure.

 

[Jhhnn]

What goes up must come down.

IMHO, gold will eventually drop down below $1100, and may float around $1200 +/-$200 for a number of years before it go back up again.

Kinda looks like the housing bubble graph, circa 2006, except that nobody is going to bail out goldbugs.

Dave's off base, nothing unusual about that, but when the price of gold breaks, it'll break hard, given that it's an *extremely* speculative market.

 

[thraashman]

What goes up must come down.

IMHO, gold will eventually drop down below $1100, and may float around $1200 +/-$200 for a number of years before it go back up again.

I think it will drop far more than that. The price of gold is more hyper inflated now than the housing market was. Probably helps that you have your cartoon characters like Ron Paul and your foaming at the mouth crazies like Glenn Beck proselytizing gold as the savior. I expect it'll crash big. The chart you linked showed how in the late 70's when the economy turned bad that gold took a big jump. In the early 80's when the economy started to stabilize it dropped down to not too high above the level it was at before the jump and moved only minorly until the Bush economy crash. Once the economy stabilizes again (that's assuming we don't elect a Republican again and totally fuck everything up) I figure it'll drop into the 400 range, maybe it'll stabilize in the 600 range.

 

[Zebo]

lol it's cheap now. Silver too. When hyperinflation hits there is no upper limit.

 

[Zebo]

I look at gold as being a 'linked' commodity. Linked in the sense that in '71 you could buy a certain amount of oranges or gasoline or turnips or anything at a price of so many dollars and gold, silver, copper etc should have that link as well...
So, today the value of gold ought to buy the same quantity as it did in '71 and so should the dollar quantity relate within reason.

Seems it does on average... but of course there are other factors which affect the individual commodity and it becomes more or less valuable based on economic factors.

I like gold cuz it's pretty and I can fashion it into creative endeavors with little effort..

Its not a commodity it's a psychological store of value that has been with us for 1000s of years and universally recognized as such. When dollars are burned like Wiemar you'll still be able to buy oil with your gold.

 

[Zebo]

Kinda looks like the housing bubble graph, circa 2006, except that nobody is going to bail out goldbugs.

Dave's off base, nothing unusual about that, but when the price of gold breaks, it'll break hard, given that it's an *extremely* speculative market.

More looks like this that's not about to go anywhere

 

[JEDIYoda]

Far more newsworthy is the fact that the U.S. Treasury bond rating was downgraded.

Too bad there is no gold on your home planet.....

 

[LunarRay]

Its not a commodity it's a psychological store of value that has been with us for 1000s of years and universally recognized as such. When dollars are burned like Wiemar you'll still be able to buy oil with your gold.

With my horde of gold I can probably get enough gasoline to drive up and move in with Moonbeam.

Value of one thing is a term that sorta needs some other thing to be measured against... Gold has lots of stuff called equivalents oil being but one...

Our friend up there... Dave, suggests dollars. Some prefer Euros and probably Frozen Concentrated Orange Juice might find its way in there too.. hehehehe (Moonbeam said )

I do agree with your notion of hyper inflation being in our future. Why not? Pay off those Arabs and rich folks with dollars then for the dollars borrowed now... Now that is my way to get back at the rich and all you all risk averse 401k owners... Ya should have chosen short contracts in Iranian Rials...

 

[LunarRay]

More looks like this that's not about to go anywhere

How about we call them ships, invade and claim salvage rights on what's left?

 

[WelshBloke]

... Hope a lot of folks lose their asses :thumbsup:
...

Why would you think something like that?

 

[bradley]

Why would you think something like that?

You can get a little too comfortable in only ever knowing the status quo and not understanding the broad history of money. To some, perhaps tally sticks even have more intrinsic worth than gold in a stable marketplace.