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Sharp selloff in gold!
Gold Prices Online ^ | 07/23/2002 | Lazamataz

Posted on 07/23/2002 10:50:06 AM PDT by Lazamataz

Gold has sharply dropped this afternoon, losing 11.00 dollars per ounce as of 1:43PM EST. The loss amounted to more than 3% of overall value of the commodity.

Normally considered a 'refuge investment', gold has gained in value while individuals try to find a place to keep their money in the face of a foundering stock market. While this has led to a run up in prices, there are risks of sharp losses in value, as has occured today.

It is not yet clear what has caused this dropoff in gold prices.


TOPICS: Business/Economy; Front Page News
KEYWORDS: goldbugs
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1 posted on 07/23/2002 10:50:06 AM PDT by Lazamataz
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To: Lazamataz

2 posted on 07/23/2002 10:50:54 AM PDT by Lazamataz
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To: Lazamataz
Most probably due to the pending release of "Goldmember".
3 posted on 07/23/2002 10:51:59 AM PDT by AdA$tra
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To: Lazamataz
Interesting ...
4 posted on 07/23/2002 10:52:14 AM PDT by Oldeconomybuyer
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To: Lazamataz
It is not yet clear what has caused this dropoff in gold prices.

It's obviously the FJBs running the Federal Reserve that are sabotaging the gold market to ruin TRUE PATRIOTS. </sarcasm> :o)

5 posted on 07/23/2002 10:52:28 AM PDT by Poohbah
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To: Lazamataz
CALLING THE NEW SPOOSMAN....SPOOOOOO, WHERE ARE YOUUUUU?
6 posted on 07/23/2002 10:52:44 AM PDT by galt-jw
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To: Lazamataz
I'm not really familiar with the stock market, but I know this is not good. Any ideas as to what could be causing this?
7 posted on 07/23/2002 10:52:48 AM PDT by dubyagee
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To: Lazamataz
This looks very much like a sale by a bank.
8 posted on 07/23/2002 10:54:05 AM PDT by Dog Gone
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To: AdA$tra
Groovy, baby.
9 posted on 07/23/2002 10:54:08 AM PDT by Constitution Day
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To: Lazamataz
I thought people bought gold has a hedge against potential inflation. If people are convinced inflation is totally under control (indeed, deflation is a current risk), then they will sell gold, no?
10 posted on 07/23/2002 10:55:08 AM PDT by BikerNYC
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To: Lazamataz
It is not yet clear what has caused this dropoff in gold prices.

Probably because there are a lot of good buys in the stock market which, by the way, includes a lot of companies that are not a part of the Dow Jones index.

11 posted on 07/23/2002 10:55:21 AM PDT by connectthedots
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To: Lazamataz; Poohbah
David Rockefeller has to be behind this.

Him or Queen Elizabeth.

12 posted on 07/23/2002 10:55:23 AM PDT by dead
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To: dubyagee
I'm no expert, but if you own stocks this COULD be good as many consider gold a "safe haven" when stocks are flat. A move away from gold could signal a move back into securities.
13 posted on 07/23/2002 10:55:25 AM PDT by Oldeconomybuyer
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To: Lazamataz
It is not yet clear what has caused this dropoff in gold prices.

Perhaps the words out that we are NOT going to invade IRAQ?

14 posted on 07/23/2002 10:56:13 AM PDT by 1Old Pro
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To: Lazamataz
It is not yet clear what has caused this dropoff in gold prices.

Oops...sorry everyone. I hit the wrong button on my keyboard. The price will go back up in a few minutes...just hold on... ;)
15 posted on 07/23/2002 10:56:52 AM PDT by July 4th
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To: Poohbah
A conspiracy, I knew it! Gold was headed for $900 per microgram!
16 posted on 07/23/2002 10:57:28 AM PDT by dighton
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To: dubyagee
"Any ideas as to what could be causing this?"
GATA Urges Congressional Support for Monetary Reform & Accountability Act on Gold 
http://biz.yahoo.com/bw/020708/80165_1.html

On February 14, 2002 Congressman Ron Paul issued a press release that included the following:

"The private Gold Antitrust Action Committee held a press conference this week to discuss federal manipulation of gold markets. The group has uncovered evidence suggesting that the Federal Reserve and the Treasury department, operating through the Exchange-Stabilization fund and in cooperation with the International Monetary Fund, have been systematically working to deflate the price of gold. Because rising gold prices are seen by investors as a barometer of inflation, the Fed has purportedly suppressed prices to disguise the true nature of the financial bubble of the 1990s."

RBC Global Investment Management Inc., a division of Royal Bank of Canada, whose gold mutual fund is among the best performing in the world, has also issued a report that was circulated throughout Europe to clients and prospective clients that fully endorses the analysis of the gold market done by the Anti-Trust Action Committee's (GATA). It concludes that the price of gold is being manipulated.

The RBC report says the price of gold is going to explode and cites "Increasing Evidence of Unsustainable Gold Price Manipulation" as one of its reasons. The RBC report points to 11 "factors" of evidence regarding the gold price manipulation:

1) Aggressive gold lending, which from an economic perspective is indefensible, has filled the supply/demand gap.

2) New York Fed gold has been mobilized when the gold price is rising.

3) Timing of Exchange Stabilization Fund gains/losses corresponds to gold price movements.

4) Audited reports of U.S. gold reserves show unexplained variances.

5) Minutes of Fed meetings confirm officially denied gold swaps.

6) Rules on gold swaps have been revised and then denied. However, individual central banks have repudiated the denial.

7) U.S. gold reserves have recently been re-designated twice, initially to "custodial gold" and latterly to "deep storage gold."

8) Statistical analysis of unusual gold price movements since 1994 indicate high probability of price suppression. The invalidation since 1995 of Gibson's Paradox -- that gold prices rise when real interest rates fall -- suggests that the real manipulation began then.

9) New York gold price movements versus London prices trading defy odds.

10) Timing of huge increases in bullion bank gold derivatives is consistent with gold price declines.

11) A rapid decline in U.S. Treasury holdings of gold-backed SDR certificates is not explained.

The RBC report goes on to say: "One or two of these factors could be viewed as random, but the full body of evidence is overwhelming."

The Gold Anti-Trust Action Committee has fully documented all 11 points cited by the RBC Global Investment Management Inc. regarding the manipulation of the price of gold. To date, no one in the gold industry has refuted any of GATA's specific assertions.

"The American public and Congress are demanding truth, full disclosure and fairness in U.S. financial markets. In that light, all of these Congressmen and Congresswomen on the Financial Service Committee ought to sign on to this Bill as co-sponsors," says GATA's Bill Murphy.
Contact:
Gold Anti-Trust Action Committee
Bill Murphy, 214/522-3411
LePatron@LeMetropoleCafe.com

http://www.moneyfiles.org/gold6.html

MUST READ: RON PAUL -- GOLD, DOLLARS AND FEDERAL MISSCHIEF
GATA URGES CONGRESSIONAL SUPPORT FOR MONETARY REFORM &
ACCOUNTABILITY ACT ON GOLD
GREENSPAN IS QUESTIONED ABOUT GOLD AT HOUSE COMMITEE HEARING
AL-HAYAT SENDS GATA'S MESSAGE THROUGHOUT THE ARAB WORLD
 
"What we are talking about is the President, Treasury Secretary, key New York banks and the Fed manipulating a U.S. financial market, in contrast to their public utterings and statements to the American public. That public is clamoring for truth and transparency and this gang is doing just the opposite when it comes to gold.

They are inviting disaster, as they are going to be found out. The price of gold is not going to stay down much longer. When the price explodes, it will lead to financial chaos, as the shorts panic. In effect, these massive gold shorts are on a financial Titanic and there are not enough lifeboats to save them all. My guess is the price of gold will take off at the worst possible time on the stupefied Gold Cartel; it is called Murphy’s Law." ---- From http://www.freerepublic.com/focus/news/715790/posts



17 posted on 07/23/2002 10:58:32 AM PDT by rdavis84
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To: 1Old Pro
Did you see the political cartoon in the Sunday paper? The best way for Iraq to guarantee that President Bush will go easy on it is to change its name to Iraq, Inc.
18 posted on 07/23/2002 10:58:39 AM PDT by BikerNYC
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To: AdA$tra
"Try me!" www.getmoremojo.com
19 posted on 07/23/2002 10:59:13 AM PDT by donozark
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To: dighton
I GOT THE FEVER!! Ooops.

The economy is on track. All utilities are getting hammered which mean their divident returns are attractive.

20 posted on 07/23/2002 10:59:28 AM PDT by AppyPappy
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To: dubyagee
I would guess government(s)/central bank(s) beating up the safe haven to stop the outflow in the equities market.

/Tinfoil

There may be some truth to the above, but it looks like a bunch of commodities are on the soft side today - CRB+components

21 posted on 07/23/2002 11:01:25 AM PDT by StriperSniper
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To: Lazamataz
It must have been Goldfinger -- he tipped his hand.
22 posted on 07/23/2002 11:03:05 AM PDT by Woodkirk
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To: Dog Gone
This looks very much like a sale by a bank.

Or a nation. That's my bet as well.

23 posted on 07/23/2002 11:03:55 AM PDT by Lazamataz
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To: StriperSniper
BINGO! It figures...thanks.
24 posted on 07/23/2002 11:04:31 AM PDT by dubyagee
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To: Lazamataz
An Aussie merchant banker told me this A.M. that there is a fresh wave of hedging right now to lock in financing for new higher-cost gold properties being put into production.

That's certainly possible, but...ouch! ;^)
25 posted on 07/23/2002 11:05:47 AM PDT by headsonpikes
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To: rdavis84
I've been thinking, since the news this morning about banking institution(s) abetting ENRON in their scam, that the farce of 1913 might just be coming unglued.

The whole concept of trading our lives for increased debt, manufactured by 'the government' and passed on to us as 'cash, is becoming dangerously real to a lot of folks.

26 posted on 07/23/2002 11:06:18 AM PDT by knarf
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To: Lazamataz
It makes it official; EVERYTHING is down; the Industrials, the NASDAQ, the various S&P indexes, the Russell 2K, the markets as a whole, even the Treasury notes.
27 posted on 07/23/2002 11:06:40 AM PDT by steveegg
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To: steveegg
It makes it official; EVERYTHING is down; the Industrials, the NASDAQ, the various S&P indexes, the Russell 2K, the markets as a whole, even the Treasury notes

And if you look really closely, you can actually see coins and paper notes shrinking in size.

28 posted on 07/23/2002 11:07:37 AM PDT by Lazamataz
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To: Lazamataz
Citigroup and Morgan cleaning out the vault and raising $$$$?

lol...

29 posted on 07/23/2002 11:10:05 AM PDT by RCW2001
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To: dead
David Rockefeller has to be behind this. Him or Queen Elizabeth.

Rothschild. He never died.

30 posted on 07/23/2002 11:11:01 AM PDT by decimon
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To: Lazamataz
That's funny--but on a serious side; what is the mindset of 'joe investor' that does'nt like anything but CASH?

I'd really be worried if I had any assets...
31 posted on 07/23/2002 11:12:35 AM PDT by L,TOWM
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To: Lazamataz
It should be telling Greenspan to get out there and buy bonds.Gold is no more than a proxy for monetary liquidity.
32 posted on 07/23/2002 11:14:56 AM PDT by habs4ever
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To: L,TOWM
One of the biggest holders of gold in the world....is Russia....and this would be a perfect time to dump gold and buy dollars cheap.
33 posted on 07/23/2002 11:17:02 AM PDT by pepsionice
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To: Lazamataz
I invested all my money in Beanie Baby collectibles, not knowing that Bobbleheads were the wave of the future.

Want to buy a small purple elephant or a polka-dotted red giraffe?

34 posted on 07/23/2002 11:18:21 AM PDT by dead
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To: Lazamataz
I know credit cards are shrinking. BTW, I found an almost-real-time web source of index quotes (almost because it might be 30 seconds old when you look at it) that has much more than just the DJIA/NASDAQ/S&P trio; the NYSE Market Info page. It doesn't have gold on it, but it has nearly everything else.
35 posted on 07/23/2002 11:19:24 AM PDT by steveegg
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To: pepsionice
Er; how's the ruble against the dollar? If it's high, then it would make sense. The problem is that the ruble's been worthless since 1917.
36 posted on 07/23/2002 11:20:34 AM PDT by steveegg
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To: steveegg
ATM cards are shrinking, too. Mine doesn't fit in the slot anymore.
37 posted on 07/23/2002 11:20:51 AM PDT by Poohbah
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To: L,TOWM
I'll take food, land and ammo <VBG>
38 posted on 07/23/2002 11:21:28 AM PDT by steveegg
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To: Poohbah
Be thankful that your bank won't let you run up foreign-ATM charges.
39 posted on 07/23/2002 11:22:21 AM PDT by steveegg
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To: steveegg
RUN FOR THE HILLS!

And bring your shotgun and still!

We're gonna need 'em!

40 posted on 07/23/2002 11:22:35 AM PDT by B Knotts
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To: connectthedots
I think you are correct. I think a lot of people are bargain-hunting this week. A drop in the price of gold is usually a good thing for the stock market.
41 posted on 07/23/2002 11:22:52 AM PDT by SoDak
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To: Lazamataz
It is not yet clear what has caused this dropoff in gold prices.

Somebody dumped or the rumor of outlawing the ownership.

42 posted on 07/23/2002 11:23:53 AM PDT by Publius6961
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To: Publius6961
Somebody dumped or the rumor of outlawing the ownership.

If the dollar totally craps out, the guvmint will confiscate all gold bouillon (sp?) at $42.00 an ounce. This includes bouillon coins such as kruggerands, etc. If you have numismatics(sp?), they are non-confiscatable. T. Roosevelt's idea. Numies are also very easily liquidable.

43 posted on 07/23/2002 11:31:54 AM PDT by ovrtaxt
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To: StriperSniper
Yep. The ONLY broad-based things that are up are hogs, coffee, sugar and some future soft commodity that I can't decipher (FCOJ-1 FUTURE Sep02).
44 posted on 07/23/2002 11:32:36 AM PDT by steveegg
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To: steveegg
FCOJ

It's a type of fish.

Or a species of ferret.

45 posted on 07/23/2002 11:33:45 AM PDT by Lazamataz
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To: Lazamataz
FCOJ - Frozen consentrated orange juice.
46 posted on 07/23/2002 11:36:22 AM PDT by StriperSniper
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To: Lazamataz
It better be a mighty-fine-tasting fish (on par with a good perch fry).
47 posted on 07/23/2002 11:37:48 AM PDT by steveegg
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To: StriperSniper
Thanks. We might not have any money, but at least we won't get scurrvy.
48 posted on 07/23/2002 11:38:24 AM PDT by steveegg
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To: Lazamataz
FCOJ

It's Frozen Concentrated Orange Juice.

lol...didn't you see "Trading Places" with Eddie Murphy/Dan Ackroyd/Jamie Lee Curtis? ;-)

49 posted on 07/23/2002 11:39:44 AM PDT by Stand Watch Listen
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To: BikerNYC
Did you see the political cartoon in the Sunday paper? The best way for Iraq to guarantee that President Bush will go easy on it is to change its name to Iraq, Inc.

Must have been the Sunday NY Times

50 posted on 07/23/2002 11:39:53 AM PDT by 1Old Pro
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