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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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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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To: steveegg
Trading Places is one of my favorite movies! ;-)
51 posted on 07/23/2002 11:40:18 AM PDT by StriperSniper
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To: Stand Watch Listen
It's Frozen Concentrated Orange Juice. lol...didn't you see "Trading Places" with Eddie Murphy/Dan Ackroyd/Jamie Lee Curtis? ;-)

Oh yeah! I forgot. I thought it might mean 'Eff Cochrane and O.J.'

52 posted on 07/23/2002 11:41:39 AM PDT by Lazamataz
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To: Lazamataz
You're havin' way too much fun Lazz...
53 posted on 07/23/2002 11:44:36 AM PDT by L,TOWM
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To: L,TOWM
what is the mindset of 'joe investor' that does'nt like anything but CASH?
Take notice. Consumer SPENDING is up. Screw retirement! Joe Investor is cashing in his 401K and buying baby a new pair of shoes.
54 posted on 07/23/2002 11:44:43 AM PDT by navigator
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To: navigator
Great. Now I've got to fit my parents into a two bedroom home?

Hope my kids move out first...
55 posted on 07/23/2002 11:46:39 AM PDT by L,TOWM
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To: L,TOWM
You gotta have fun with this market.

If nothing else, if someone can scrounge up a few chickens, we'll have a decent breakfast.

56 posted on 07/23/2002 11:46:46 AM PDT by steveegg
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To: Lazamataz
"It is not yet clear what has caused this dropoff in gold prices."

Ummm... You and Mr. T been selling your gold jewelry to make your margin calls on your telecom stocks again??

Just kidding!

57 posted on 07/23/2002 11:47:25 AM PDT by Southack
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To: StriperSniper
I gotta rent that tomorrow (off to the races tonight, so I'll miss the closing bell).
58 posted on 07/23/2002 11:47:39 AM PDT by steveegg
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To: Lazamataz
Deflation means everything goes down. Debt is the worst, but raw inventory -- like gold, is up there too.
59 posted on 07/23/2002 11:48:40 AM PDT by bvw
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To: steveegg
off to the races tonight,

Cars, horses, dogs, or turtles?

Have fun!

60 posted on 07/23/2002 11:49:30 AM PDT by StriperSniper
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