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Gold Just Tanked, Silver Tanked, And Oil Is Sliding
TBI ^ | 11-28-2012 | Joe Weisenthal

Posted on 11/28/2012 6:39:45 AM PST by blam

UPDATE: Gold Just Tanked, Silver Tanked, And Oil Is Sliding

Joe Weisenthal
November 28, 2012

It's unclear what just happened, but as US trading cranks to life, commodities have dumped.

Gold just dropped about $15/oz in a couple of seconds.

Kitco

And here's Silver:

And oil is fading.


(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: bho44; commodities; globaleconomy; gold; markets; silver
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1 posted on 11/28/2012 6:39:49 AM PST by blam
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To: blam

so whats that mean


2 posted on 11/28/2012 6:41:40 AM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: blam
It's getting worse. The big selloff in commodities that we mentioned above is getting worse. Gold is now down 2%. There are all kinds of theories for why, but nothing totally convincing.


3 posted on 11/28/2012 6:42:34 AM PST by blam
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To: blam

Gold’s down $30 as of 9:38.


4 posted on 11/28/2012 6:42:54 AM PST by pgkdan (We are witnessing the modern sack of Rome. The barbarians have taken over.)
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To: driftdiver

Pump and dump.


5 posted on 11/28/2012 6:43:38 AM PST by Larry Lucido
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To: blam

The DJIA is down 52 as I post.

6 posted on 11/28/2012 6:44:09 AM PST by blam
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To: pgkdan

Soros.....


7 posted on 11/28/2012 6:44:16 AM PST by traditional1 (Don't gotsta worry 'bout no mo'gage, don't gotsta worry 'bout no gas; Obama gonna take care o' me!)
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To: blam

8 posted on 11/28/2012 6:44:16 AM PST by ILS21R (Everything... IS... a conspiracy)
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To: blam

Some of us are selling off part of our gold in order to buy more lead. Especially 5.56mm, 7.62x39mm, .338 Lapua, etc...


9 posted on 11/28/2012 6:44:16 AM PST by Monterrosa-24 (...even more American than a French bikini and a Russian AK-47.)
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To: driftdiver
It mean people are investing in real valuables.

Ammunition.

10 posted on 11/28/2012 6:44:45 AM PST by ASA Vet (Natural-born citizens, are those born in the country, of parents who are citizens. De Vattel)
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To: Monterrosa-24

Good luck finding any!


11 posted on 11/28/2012 6:48:21 AM PST by Obadiah (What if the light at the end of the tunnel is a muzzle flash?)
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To: ASA Vet
It mean people are investing in real valuables.

I never understood why people think "buying" gold on the stock market was a sound investment since a crash is a crash and after a crash those people won't have any gold in their hands.

and if the SHTF gold really won't have any worth...boots, .22 ammo, cigarettes, alcohol, etc... - those will have real value.

12 posted on 11/28/2012 6:48:23 AM PST by Abundy
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To: blam

Defining “tanked” as $1700 per ounce is not exactly “tanked”.


13 posted on 11/28/2012 6:49:55 AM PST by albie
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To: blam

Time to buy!


14 posted on 11/28/2012 6:52:26 AM PST by b4its2late (A Liberal is a person who will give away everything he doesn't own.)
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To: blam
Gold is now down 2%. There are all kinds of theories for why, but nothing totally convincing.

Manipulation. But don't worry, it won't last, as too many countries are on a buying spree.
15 posted on 11/28/2012 6:52:50 AM PST by WackySam (Obama got Osama just like Nixon landed on the moon.)
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To: albie; blam

looks like silver is off, percentage-wise, more than gold.


16 posted on 11/28/2012 6:53:11 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: Abundy; blam; 2ndDivisionVet

I’ve always wondered, “If GOLD is such a great investment, why are they trying to sell me some for paper money?”.............


17 posted on 11/28/2012 6:53:38 AM PST by Red Badger (Lincoln freed the slaves. Obama just got them ALL back......................)
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*


18 posted on 11/28/2012 6:54:02 AM PST by PMAS (All that is necessary for the triumph of evil is that good men do nothing)
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To: blam

So? Bought my gold, coins, etc., back when gold was in the $410.00 an ounce range. Only regret, I should have stretched a little and bought more at that level.


19 posted on 11/28/2012 6:55:29 AM PST by BluH2o
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To: blam

This is ridiculous. Gold and silver were supposed to sell off and retest 1680. This was completely predictable. Gold is about to take out 2000 and the bankers are creating a bit of drama. Next week it is up up and away.


20 posted on 11/28/2012 6:55:29 AM PST by GilGil
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To: ILS21R
Wow!

Remember when beautiful women could be beautiful without having silicone-enhanced fake boobs?

21 posted on 11/28/2012 6:56:19 AM PST by ArrogantBustard (Western Civilization is Aborting, Buggering, and Contracepting itself out of existence.)
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To: albie

Nothing to see here. king Zeros prosperity machine is plugged in and we are all getting wealthier by the second. The TV told me so.


22 posted on 11/28/2012 6:56:44 AM PST by Gasshog
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To: traditional1
Gold Prices Sink On Improving U.S. Economy

NEW YORK (MarketWatch) — Gold prices on Wednesday fell sharply, extending losses into a third session, on thinking improving U.S. economic reports would lessen demand for the metal as a hedge. The gold futures contract for December delivery fell $27.70, or 1.6%, to $1,714.6 an ounce on the Comex in New York.

23 posted on 11/28/2012 6:57:17 AM PST by blam
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To: traditional1

Everything, in every market, is all being manipulated towards one central goal: Helping Obama to roll the Pubbies in fiscal cliff negotiations.


24 posted on 11/28/2012 6:57:35 AM PST by Buckeye McFrog
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To: blam

Okay, better go get a Powerball ticket, cuz I’ll need that money to buy bread.


25 posted on 11/28/2012 6:58:10 AM PST by Thorliveshere
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To: blam

Let me know when it gets to $234 - $286...Then I’m in trouble...


26 posted on 11/28/2012 6:58:20 AM PST by SuperLuminal (Where is another agitator for republicanism like Sam Adams when we need him?)
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To: blam

A 2% drop isn’t tanking.


27 posted on 11/28/2012 6:59:57 AM PST by mnehring
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To: Buckeye McFrog

Keep the balls in the air and the players in the casino for just a bit longer while we clear out the till...

then, lights out and you’re left with a pile of plastic chips.


28 posted on 11/28/2012 7:00:42 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: blam

Down 1% (even quickly) is now “tanking?”


29 posted on 11/28/2012 7:01:40 AM PST by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: blam

30 posted on 11/28/2012 7:02:12 AM PST by Errant
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To: Red Badger

Mr Ditter ask that question every time he hears a BUY GOLD NOW ad on the radio. If it is so valuable why don’t they keep it?


31 posted on 11/28/2012 7:02:49 AM PST by Ditter
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To: Travis McGee

Gold is going to 5000. Nothing has changed. It is amazing how many people panic every time there is a reaction. They are showing they understand nothing of what is happening in this economy.


32 posted on 11/28/2012 7:03:43 AM PST by GilGil
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To: GilGil
"This was completely predictable. Gold is about to take out 2000 and the bankers are creating a bit of drama."

Exactly. We've seen much larger market movements with one fat-finger trade, followed by program trades reacting, then confusion by the "professionals". If this is "tanking" then what are we going to call the next SHTF market sell-off?

33 posted on 11/28/2012 7:05:52 AM PST by uncommonsense (Conservatives believe what they see; Liberals see what they believe.)
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To: Travis McGee
When it gets below $1000, let me know - I might buy some.

Tank isn't the correct word here, “off a bit” might be more descriptive. All it probably means is that some country with bad credit (like ours) just sold a chunk of gold into the market in return for more fiat money.

Supply, demand, equilibrium.

34 posted on 11/28/2012 7:06:37 AM PST by meyer (Proud member of the 53%.)
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To: Ditter

Well, if I win that Powerball jackpot tonight I might buy some.....


35 posted on 11/28/2012 7:07:34 AM PST by Red Badger (Lincoln freed the slaves. Obama just got them ALL back......................)
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To: GilGil

Another way to look at it is that the dollar is going to go down to 1/5000 oz of gold.


36 posted on 11/28/2012 7:08:28 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: GilGil

True.


37 posted on 11/28/2012 7:08:47 AM PST by SC_Pete
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To: MrB

Gold is the only asset that when it goes up everything else does much worse. Gold going up signals the future is very grim.At 5000 tens of millions of people will be in very, very bad shape.


38 posted on 11/28/2012 7:10:16 AM PST by GilGil
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To: meyer

LONDON, Nov 27 (Reuters) - Gold eased on Tuesday after comments from a Federal Reserve policymaker on monetary stimulus and well-received U.S. data lifted the dollar, but prices held in a range as traders turned their attention to the December Comex options expiry.

The dollar extended gains against a currency basket after October durable goods orders came in unchanged, having earlier recovered from one-month lows after Fed policymaker Richard Fisher voiced concern over easing measures.

Spot gold was down 0.1 percent at $1,746.30 an ounce by 1445 GMT, having earlier touched a session high at $1,751.40. U.S. gold was down $3.40 at $1,746.20.

“A dollar rebound could well depress prices to the 10-day moving average (at $1,731) and then $1,720/$1,700, provided the November uptrend gives in,” VTB Capital analyst Andrey Kryuchenkov said. “Trade will remain very technical in relatively thin volumes and on macro headlines.”

http://news.yahoo.com/precious-gold-dips-u-data-151036241.html


39 posted on 11/28/2012 7:12:39 AM PST by EBH (0bama is guilty of willful neglect of duty.)
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To: GilGil

Exactly. If precious metals are going down, isn’t that supposed to mean the greenback is firming up? And as for dropping oil prices, never look a gift horse in the mouth.


40 posted on 11/28/2012 7:12:45 AM PST by teflon9 (Political campaigns should follow Johnny Mercer's advice--Accentuate the positive.)
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People posing holding onto aircraft propellers. Makes my skin crawl.


41 posted on 11/28/2012 7:13:47 AM PST by pabianice (washington, dc ..)
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To: blam
The rich ones are adjusting their wealth because they don't see what they want about Obamas financial cliff.
42 posted on 11/28/2012 7:13:55 AM PST by mountainlion (Live well for those that did not make it back.)
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To: Red Badger

Oh my gosh! Thanks for the reminder that is part of the stuff on my To Do List today. (buy winning lotto buy winning lotto buy winning lotto! :)


43 posted on 11/28/2012 7:14:46 AM PST by Ditter
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To: blam

PRECIOUS-Gold down for week on recession, fiscal crisis fears
http://www.reuters.com/article/2012/11/16/markets-precious-idUSL5E8MGBEA20121116

Looks like this has been brewing for awhile....


44 posted on 11/28/2012 7:15:11 AM PST by EBH (0bama is guilty of willful neglect of duty.)
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To: blam

And so it begins.


45 posted on 11/28/2012 7:16:19 AM PST by NeoCaveman (SMOD 2012)
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To: blam

Why would our budget talks cause gold to drop?

Gold fell more than 2 per cent, its largest decline in three weeks, on the back of a strengthening dollar and amid worries about the US budget talks.http://www.ft.com/cms/s/0/35f5d62e-3962-11e2-8881-00144feabdc0.html#axzz2DWwmy3l3

Insider’s deal already struck?


46 posted on 11/28/2012 7:18:01 AM PST by EBH (0bama is guilty of willful neglect of duty.)
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To: teflon9

First off this is not really gold going down. This is an anticipated reaction in an uptrend and totally predictable. Oil going down is quite another matter. It should not be going down with the dollar going down as well. It implies that the consumption of gasoline is going down with the dollar going down which signal a major, major slow down in the economy. Disaster dead ahead.


47 posted on 11/28/2012 7:19:04 AM PST by GilGil
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To: blam

Something (financially) blew up?


48 posted on 11/28/2012 7:19:20 AM PST by PghBaldy (Pete Hoekstra RE: Petraeus scandal - "There's more here than meets the eye.")
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To: traditional1
Soros.....

Beat me to it.

49 posted on 11/28/2012 7:22:57 AM PST by bgill (We've passed the point of no return. Welcome to Al Amerika.)
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To: ILS21R

Ahhh....Pussy Galore....truly.


50 posted on 11/28/2012 7:31:51 AM PST by Lee'sGhost (Johnny Rico picked the wrong girl!)
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