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 ...
NOW IS THE TIME TO BUY, BUY, BUY!!!.. CARPE DIEM!!!!......................... They’re a little too boney for my taste, besides isn’t the Mekong full of pollutants?
I can.
JPM just sold the equivalent of ~four months mining supply of Silver in about two minutes, to buy it back again after the price spikes down.
This is (sometimes) known as ‘stop-loss-probing’ - JPM get to sell virtual silver and buy it back at the bottom. Actual supply & demand in the Precious Metals markets has been distorted by the presence of a massive supply of virtual Silver (and Gold).
Watch Silver ramp back up again as strong-hand-buyers seize on this 2% sale.
Real Estate is valuable, yet you can always find an agent still willing to sell you a house.
Or perhaps potential buyers feel ambivalent about the people they theoretically bought gold from, being able to physically deliver the gold.
A big, really big sell order must have hit the market.
Maybe. But oil is such an overpriced commodity (thanks in part to speculation) that the speculators simply can’t pump anymore air into oil’s price balloon, and said balloon is deflating naturally to a more reasonable price.
"They need cover to nationalize people's retirement accounts and gain access to the trillions that are socked away. Another market crash will let them claim that retirement accounts invested in anything but treasuries are too risky and they will save us from ourselves."
http://www.tfmetalsreport.com/blog/4335/crunching-numbers?page=4
I’ve noticed, over the last year or so, there have been several “WE BUY GOLD” storefront operations pop up around here, in addition to the pawn shops that were already here...................
Correct! If gold loses 1680 then something else is going on. I expected this pullback and gold is holding up very, very well and doing what it is supposed to. The Washington people are irrelevant and they are puppets of a much greater trend. They no longer set the trend.
Two local businesses— a dry-cleaners and a sign maker— have bigger signs now proclaiming their eagerness to buy gold than those declaring their core business. (Grand Rapids)
And as of this moment, half the drop in Ag has been made up.
There’s a guy here that rides a motor scooter around the mall parking lots with a big sandwich-board sign across the back that declares, WE BUY GOLD! HIGHEST PRICES PAID!, and the business address underneath........
Same here!........
So what does that tell you Red?
There are thousands of people who want to BUY any gold you possess, usually at a fraction of spot.
But are there loads of adverts offering to SELL you gold?
Now I’m sure these businesses would sell ‘at the right price’, but their business is predicated on buying Gold from people who just don’t know what its present and future value is.
Ive always wondered, If GOLD is such a great investment, why are they trying to sell me some for paper money?...
Ive always wondered, If STOCKS are such a great investment, why are they trying to sell me some for paper money?...
(Hint: the people offering it aren’t investors, they’re brokers or retailers)
>A big, really big sell order must have hit the market.
Something large might be blowing up and they’re dumping gold to cover their losses.
You know what you’re talking about, no doubt. But the price of oil overall includes Middle Eastern oil, which (correct me if I’m wrong) is still more easily accessible, and cheaper to drill for. I’ve always heard about how “fungible” oil is.
I also wonder why should I buy stocks on the advice of a guy who drives a worse car than I do?..........
Gold dealers, just like antique dealers, baseball card sellers, make money off the transaction, in other words, the mark-up for providing the service. Gold, unfortunately, is not accepted as general legal tender for financial transactions, so gold dealers must convert their gold into legal tender.
If governments did not issue paper currency, and gold was used as money, there would be no need for gold dealers except as dealers of numismatic gold.
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