Posted on 11/28/2012 1:55:42 PM PST by BenLurkin
Gold prices tumbled Wednesday as uncertainties in the United States and Europe were stoking the biggest selloff since early November.
Gold for December delivery dropped $25.80 to settle at $1,716.50 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,743.10 and as low as $1,705.50 an ounce, while the spot price was slumping $26.20, according to Kitco's gold index.
"Due to a lot of the uncertainty just in general of what the tax code will look like next year -- specifically with realized gains, or anything investment-gain related -- that you're probably seeing a little bit more selloff," said Anthem Blanchard, chief executive of Blanchard Vault.
Silver prices for December delivery lost 30 cents to close at $33.68 an ounce, while the U.S. dollar index was lowering 0.01% to $80.33.
(Excerpt) Read more at thestreet.com ...
I thought gold was supposed to rise on economic concerns.
Nov. 27 Comex December gold options expiry
Nov. 27 Comex December silver options expiry
Nov. 27 Comex December copper options expiry
Nov. 28 Comex December miNY gold futures last trading day
Nov. 28 Comex November copper futures last trading day
Nov. 28 Comex December E-mini copper futures last trading day
Nov. 28 Comex December miNY silver futures last trading day
Nov. 30 Comex December gold futures first notice day
Nov. 30 Comex December silver futures first notice day
Nov. 30 Comex December copper futures first notice day
Nov. 30 Nymex December palladium futures first notice day
Don’t confuse us with facts.
I am not so sure about gold as a SHTF plan.
I am not so sure about gold as a SHTF plan.
I am not so sure about gold as a SHTF plan.
“The greater fool theory”. Applies to gold holders; someday you must sell to a greater fool than you. Who will it be?
LOL.
OKay.
Actually, spot gold was knocked down $20 at the NY open, and dropped further, but then recovered most of it as the day wore on. Silver, platinum, and palladium followed, but recovered by the close. And gold STOCKS ended the day slightly up.
This was a big worry day, with all the metals options expiring. It looked like the dealers probably knocked down the price to get a better deal on the options they were holding.
Also, the Fed beige book was today, and people would have approached the announcement with caution.
On the whole, it was not a bad day for the precious metals.
I would hadly call a $23 dollar (1%) drop “sinking”
BTW, Gold is still up 3% since Nov 1st and 11% from the Jan 1st
11% on the year is a nice bump.
Gold and hoars are a part of the age old equation...
since the beginning of time gold has been sought after, valued, saved , traded and warred over. I doubt the future will be much different. As money or currency? It’s pretty weak, silver would be better. As a store of condensed value? It will still be good.
And, of course, it does.
This article wouldn't be fit for "Weekly Reader".
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