just thought you might like to see this article from kitco (Kitco News) -The early sentiment from the market place is not good following the late-Friday Standard & Poors downgrade of the U.S. credit rating and the latest pronouncements from European Union officials Sunday, regarding their own more serious debt situation. December Comex gold futures soared to a fresh all-time record high of $1,697.70 in early Sunday evening trading, up over $40.00 an ounce from Friday's close, while Dow futures were down over 300 points and crude oil prices were $2.80 a barrel lower, trading around $84.00 a barrel, basis September Nymex futures. The U.S. dollar index was only modestly lower in very early dealings Sunday. While it's still very early in the week's trading activity and many markets have not even opened for electronic trading, there is an ominous early tone to upcoming price action in the market place Monday
after only 20 minutes of trading already the Hangseng is down over 500 points.......I will keep you posted
^^^ ooops, my mistake as the hong kong market did not open yet LOL....perhaps that 500 drop was their futures....not sure LOL
DOW lost 634! The S&P 500 lost 6.66%! Since July 22: - the S&P 500 has dropped from 1345 to 1119 - that is almost 17% in only 17 days! - the US dollar has risen from 74.20 to 74.88 on the dollar index (not a heck of a lot for such a huge market correction) - silver has dropped just over a buck (awfully good compared to the last big market correction of '0 - and gold has GAINED over $100! My point? Clearly the U.S. dollar is not presently the safe haven it used to be when the economy falters.
As EU and US keep printing like crazy, gold will continue to go up. It will reach $5k. Get etf that backed up with physical gold!
my guess is that gold will hit 1940 USD per ounce, will remain flat for 5 months, then quickly will plummet down to around 1650, where it will slowly decline from there. Yes, the economy is horrible, but there are also too many gold speculators. I also invented a new chemical reaction that can dissolve gold without aqua regia. The new method is much more dangerous, but has two big advantages- it can easily burn gold-silver alloys, and the gold solidifies out after the acids are carefully diluted with water http://goldrefiningforum.com/phpBB3/viewtopic.php?f=37&t=10955
I said it before and I will say it again.......gold will keep on climbing until interest rates finally rise....its that simple!
and so far it is still climbing, and I plan to buy a little gold here and there. I just hope I have enough time to buy at least a dozen ounces
I heard China is buying a lot of gold...it may hit 2,000. I will stick to my little subsistance farm....meat, eggs, and veggies. I got a little poor mans gold... Just remember...you don't make a dime till you sell. I hope yall get rich!!!
Not a surprise at all, IMO. It had been on a tear for a while and was due for a pullback. I would not be shocked if it (and silver) do not correct still further over the next few weeks/months...only to generally rise again until interest rates finally go up.
If you buy physical gold shop around. Do not pay too much over spot price. And know the spot price before you go in. Coin dealers are like horse traders...be carefull.
there is a place that sells sovereigns for under 500 and thats not bad for quarter ounce of gold. I believe the exact price was 480
Marc Faber : Gold Could Fall to $1100/oz 'Dr Marc Faber told CNBC this morning that he expects Gold to continue to fall "We overshot on the upside when we went over $1,900," he said "We're now close to bottoming at $1,500, and if that doesn't hold it could bottom to between $1,100-$1,200." he added' http://marcfaberchannel.blogspot.co...ampaign=Feed:+MarcFaberBlog+(Marc+Faber+Blog)
Gold hit by new selling as margin hike takes effect Gold (GC-FT1,628.6033.802.12%) tumbled 2 per cent in volatile trading Monday, hit by another round of momentum selling and heavy liquidation by commodity hedge funds the day that a 21 per cent margin hike took effect. The metal has fallen 11 per cent during its four-session selloff, its sharpest four-day drop since February, 1983. Market watchers said big hedge funds were selling gold to cover losses in other markets, and others cited end-of-month “window dressing” by institutional investors. Signs of deflation, as reflected by one-year lows in the yields of the Treasury Inflation-Protected Securities (TIPS), also weighed on gold, viewed as a safe haven during times of inflation.' And: 'On Friday, CME Group raised its margins, or deposits, on trades of gold by 21 per cent, effective Monday. This put a tighter squeeze on most optimistic gold investors, who were trying to hold onto long positions, according to analysts.' http://www.theglobeandmail.com/glob...g-as-margin-hike-takes-effect/article2179949/
