Sharp selloff in gold!

Gold Prices Online ^ | 07/23/2002 | Lazamataz

[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.

[StriperSniper]

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

[Woodkirk]

It must have been Goldfinger -- he tipped his hand.

[Lazamataz]

This looks very much like a sale by a bank.

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

[dubyagee]

BINGO! It figures...thanks.

[headsonpikes]

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! ;^)

[knarf]

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.

[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.

[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

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

[RCW2001]

Citigroup and Morgan cleaning out the vault and raising $$$$?

lol...

[decimon]

David Rockefeller has to be behind this. Him or Queen Elizabeth.

Rothschild. He never died.

[L,TOWM]

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...

[habs4ever]

It should be telling Greenspan to get out there and buy bonds.Gold is no more than a proxy for monetary liquidity.

[pepsionice]

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.

[dead]

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?

[steveegg]

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.

[steveegg]

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.

[Poohbah]

ATM cards are shrinking, too. Mine doesn't fit in the slot anymore.

[steveegg]

I'll take food, land and ammo <VBG>

[steveegg]

Be thankful that your bank won't let you run up foreign-ATM charges.

[B Knotts]

RUN FOR THE HILLS!

And bring your shotgun and still!

We're gonna need 'em!