Skip to comments.Gold Just Tanked, Silver Tanked, And Oil Is Sliding
Posted on 11/28/2012 6:39:45 AM PST by blam
UPDATE: Gold Just Tanked, Silver Tanked, And Oil Is Sliding
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.
And here's Silver:
And oil is fading.
(Excerpt) Read more at businessinsider.com ...
so whats that mean
Gold’s down $30 as of 9:38.
Pump and dump.
The DJIA is down 52 as I post.
Some of us are selling off part of our gold in order to buy more lead. Especially 5.56mm, 7.62x39mm, .338 Lapua, etc...
Good luck finding any!
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.
Defining “tanked” as $1700 per ounce is not exactly “tanked”.
Time to buy!
looks like silver is off, percentage-wise, more than gold.
I’ve always wondered, “If GOLD is such a great investment, why are they trying to sell me some for paper money?”.............
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.
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.
Remember when beautiful women could be beautiful without having silicone-enhanced fake boobs?
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.
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.
Everything, in every market, is all being manipulated towards one central goal: Helping Obama to roll the Pubbies in fiscal cliff negotiations.
Okay, better go get a Powerball ticket, cuz I’ll need that money to buy bread.
Let me know when it gets to $234 - $286...Then I’m in trouble...
A 2% drop isn’t tanking.
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.
Down 1% (even quickly) is now “tanking?”
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?
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.
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?
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.
Well, if I win that Powerball jackpot tonight I might buy some.....
Another way to look at it is that the dollar is going to go down to 1/5000 oz of gold.
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.
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.”
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.
People posing holding onto aircraft propellers. Makes my skin crawl.
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! :)
PRECIOUS-Gold down for week on recession, fiscal crisis fears
Looks like this has been brewing for awhile....
And so it begins.
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?
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.
Something (financially) blew up?
Beat me to it.