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Precious Metals Taking a HIT Today!
Kitco ^ | May 08, 2012 | GeorgeWashingtonsGhost

Posted on 05/08/2012 1:01:48 PM PDT by GeorgeWashingtonsGhost

Precious metals are taking a hit today! Gold dropped below the $1600 mark for the first time in 5 months while silver also declined steadily throughout the day. All precious metals declining by over 1% today with Rhodium at -3.5%.


TOPICS:
KEYWORDS: gold; metals; precious; silver; vanity
Hold on to your hats, folks.. Leading up to the election, could these numbers portend of things to come, or is this just a bump in the road?
1 posted on 05/08/2012 1:01:53 PM PDT by GeorgeWashingtonsGhost
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To: GeorgeWashingtonsGhost

The road to the election is more bumps than road.


2 posted on 05/08/2012 1:04:16 PM PDT by null and void (Day 1205 of our ObamaVacation from reality [and what dark chill/is gathering still/before the storm])
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To: GeorgeWashingtonsGhost

Is it Euro family big money getting out of Gold to go to T-Bills in a flight to safety as Europe Melts... Glenn predicted this....


3 posted on 05/08/2012 1:05:05 PM PDT by taildragger (( Palin / Mulally 2012 ))
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To: GeorgeWashingtonsGhost
Wrong metals.
Lead, Brass & Copper is where I have my money.
I keep them real close. . . .
4 posted on 05/08/2012 1:05:33 PM PDT by DeaconRed (My vote in Nov will be dictated by my extreme hatred for ZERO and what he is doing to our country.)
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To: GeorgeWashingtonsGhost

Or are Greece and/or France selling off gold reserves to raise cash for when the Eurozone cuts them off?


5 posted on 05/08/2012 1:06:34 PM PDT by In Maryland (Liberal logic - the ultimate oxymoron!)
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To: DeaconRed
UH OH
I think I hear a drone overhead. . . .
6 posted on 05/08/2012 1:07:18 PM PDT by DeaconRed (My vote in Nov will be dictated by my extreme hatred for ZERO and what he is doing to our country.)
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To: GeorgeWashingtonsGhost

Don’t worry, there will be some Freepers who will come on ot this thread and tell us its all a conspiracy to drive down the price before the election to make inflation look tamer! Heaven forbid that the price fall might just be some people selling out . . .


7 posted on 05/08/2012 1:07:54 PM PDT by LRoggy (Peter's Son's Business)
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To: GeorgeWashingtonsGhost
The price of gold is puzzling, since it is usually a hedge against inflation (which is just around the corner) and a bailout place for cash when the market heads south. True, about 80% of gold's production ends up in industrial, rather than ornamental use, and the worldwide recession has kept its price down somewhat. Still, anyone want to bet that ETF’s like NUGT, or gold stocks in general, don't double within the next six months?
8 posted on 05/08/2012 1:08:22 PM PDT by econjack
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To: GeorgeWashingtonsGhost

Sounds like the opposite of the “pump and dump” stock strategy in play here.
Could be a good time to stock up on more gold soon.


9 posted on 05/08/2012 1:08:40 PM PDT by Lancey Howard
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To: blam

(( ping ))


10 posted on 05/08/2012 1:09:39 PM PDT by Lancey Howard
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To: GeorgeWashingtonsGhost
http://silverprice.org/silver-price-history.html
SLIVER - LAST 34 YEARS
11 posted on 05/08/2012 1:09:39 PM PDT by An American! (Proud To Be An American!)
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To: GeorgeWashingtonsGhost

it’s fairly simple.

gold has a value... that value doesn’t change much.

how that value relates to dollars is a different story. as they drop the value of the dollar, the number of dollars required for an ounce of gold goes up. if they strengthened the dollar, then the number of dollars per gold ounce would drop.

so the only question you really have to ask is...

have they done ANYTHING to strengthen the dollar?

if the answer is no, and gold is dropping in value... then either people need the actual dollars, or someone is dumping gold on the market


12 posted on 05/08/2012 1:11:49 PM PDT by sten (fighting tyranny never goes out of style)
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To: econjack
http://goldprice.org/gold-price-history.html
GOLD PRICE LAST 36 YEARS
13 posted on 05/08/2012 1:12:15 PM PDT by An American! (Proud To Be An American!)
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To: taildragger

“.. Glenn predicted this....”

probably.....never got the head wrapped around the cupcakes though...... :)


14 posted on 05/08/2012 1:13:05 PM PDT by petro45acp ("Don't" read 'HOPE' by L Neil Smith and Aaron Zelman...it will bring tears to eyes. BOR!!!!!!!!!!!!)
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To: null and void

” The road to the election is more bumps than road. “

Those aren’t really ‘bumps’ - they’re all the cans that have been kicked down the road over the past few decades...

And this stretch of road marks the ‘as far as they can go’ point....

Somebody must have removed the “WARNING!! Bottomless Pit Ahead” sign.....


15 posted on 05/08/2012 1:13:54 PM PDT by Uncle Ike (Rope is cheap, and there are lots of trees...)
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To: DeaconRed

I don’t think those metals are going to help unless you also have a bit of steel to, um, count them with.


16 posted on 05/08/2012 1:15:04 PM PDT by green iguana
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To: GeorgeWashingtonsGhost

[ Hold on to your hats, folks.. Leading up to the election, could these numbers portend of things to come, or is this just a bump in the road? ]

Just the Market Shakes....


17 posted on 05/08/2012 1:15:56 PM PDT by GraceG
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To: taildragger

[ Is it Euro family big money getting out of Gold to go to T-Bills in a flight to safety as Europe Melts... Glenn predicted this.... ]

Quick someone investigate GoldLine and Glenn Beck because if you bought Gold 4 years ago YOU ARE SO SCREWED!!!! /s


18 posted on 05/08/2012 1:16:46 PM PDT by GraceG
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To: petro45acp

[ “.. Glenn predicted this....”

probably.....never got the head wrapped around the cupcakes though...... :) ]

You are supposed to wrap duct tape ‘round your head so it don’t ‘splode!!!

Not Cupcakes!


19 posted on 05/08/2012 1:17:33 PM PDT by GraceG
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To: DeaconRed

Are those the precious metals that go BOOM!?


20 posted on 05/08/2012 1:21:31 PM PDT by GeorgeWashingtonsGhost
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To: GeorgeWashingtonsGhost

Invest in ammo.

Easier to trade with, much more valuable in a crisis.


21 posted on 05/08/2012 1:21:50 PM PDT by Westbrook (Children do not divide your love, they multiply it.)
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To: econjack

I think you are right. I see gold skyrocketing and NOW IS THE TIME TO BUY. Unfortunately, I cannot afford to right now.


22 posted on 05/08/2012 1:24:27 PM PDT by GeorgeWashingtonsGhost
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To: An American!

Chart looks just like the housing boom before it crashed....


23 posted on 05/08/2012 1:25:44 PM PDT by trailhkr1 (All you need to know about Zimmerman, innocent = riots, manslaughter = riots, guilty = riots)
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To: An American!

Chart looks just like the housing boom before it crashed....


24 posted on 05/08/2012 1:26:05 PM PDT by trailhkr1 (All you need to know about Zimmerman, innocent = riots, manslaughter = riots, guilty = riots)
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To: GeorgeWashingtonsGhost
I think we have more to worry about than Europe. Believe it or not Germany's, France's and Spain's GDP/Debt ratio is way lower the ours. France's is at 89%, Germany's is at 82% and Spain's is at 69%. We are over 100%.
The 2013 Fiscal Cliff Could Crush Stocks
http://online.wsj.com/article/SB10001424052702304743704577381851218376744.html#articleTabs%3Darticle

When Bush left office the GDP to debt ratio was about 70%. After 3.5 years in office that American Mugabe who resides in the WH increased the GDP to debt ratio to over 100%.

Here are the stats.
http://www.usgovernmentspending.com/federal_debt_chart.html

25 posted on 05/08/2012 1:26:15 PM PDT by Chgogal (WSJ, Coulter, Kristol, Krauthammer, Rove et al., STFU. Thank you.)
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To: An American!

Yep.

Don’t show that to Bob Brinker.

He’ll have a cardiac.

....he’s an amazingly vociferous gold-hating blowhard.....

Not to mention, he’s a big fan of Maynard Keynes ....


26 posted on 05/08/2012 1:28:34 PM PDT by fishtank (The denial of original sin is the root of liberalism.)
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To: GraceG

Correct again. Getting good mileage from Gorilla brand duck tape! Stronger than standard tape, and stylishly black!

Little pricey but worth it!

Cheers!


27 posted on 05/08/2012 1:29:10 PM PDT by petro45acp ("Don't" read 'HOPE' by L Neil Smith and Aaron Zelman...it will bring tears to eyes. BOR!!!!!!!!!!!!)
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To: GeorgeWashingtonsGhost

Under $1600? At this moment, I see $1605.03 on the ticker...


28 posted on 05/08/2012 1:31:10 PM PDT by TheBattman (Isn't the lesser evil... still evil?)
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To: An American!

note the drop in the value of the dollar since the 70s. that matches your gold priced in dollars chart.

refer to my previous post for the explanation

29 posted on 05/08/2012 1:31:47 PM PDT by sten (fighting tyranny never goes out of style)
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To: TheBattman

It fell below $1600 in the AM hours then rebounded slightly.


30 posted on 05/08/2012 1:40:37 PM PDT by GeorgeWashingtonsGhost
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To: trailhkr1

>> Chart looks just like the housing boom before it crashed....

Yeah, and it looks a lot like the tulip chart before tulips crashed, too.

A bubble is a bubble is a bubble.

(Oh! But I forgot! IT’S DIFFERENT THIS TIME.) ;-)


31 posted on 05/08/2012 2:13:23 PM PDT by Nervous Tick (Trust in God, but row away from the rocks!)
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To: econjack; All

Does anyone wonder at what point the price of “paper gold” and “actual physical” (in one’s personal possession) will diverge?

I wouldn’t touch “paper silver or gold” ever - it is way too easy to manipulate - and like “musical chairs”...

... and when the music stops a lot of people are going to be in a world of hurt.


32 posted on 05/08/2012 2:16:52 PM PDT by jacquej
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To: Nervous Tick
Yeah, and it looks a lot like the tulip chart before tulips crashed, too. A bubble is a bubble is a bubble. (Oh! But I forgot! IT’S DIFFERENT THIS TIME.) ;-)

Remember all those flip your house shows and infomercials? Gold has been doing the same thing over the last several years.

Run like the wind comes to mind.I can't wait for all the shyster lawyers going after the gold co's.

33 posted on 05/08/2012 3:05:52 PM PDT by trailhkr1 (All you need to know about Zimmerman, innocent = riots, manslaughter = riots, guilty = riots)
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To: JDoutrider

mrkr


34 posted on 05/08/2012 4:04:19 PM PDT by JDoutrider
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To: Lancey Howard

35 posted on 05/08/2012 4:05:22 PM PDT by blam
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To: Nervous Tick
Bubble continues downward... Image and video hosting by TinyPic
36 posted on 05/11/2012 12:47:55 PM PDT by An American! (Proud To Be An American!)
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