Justin Thyme Posted March 20, 2008 Report Share Posted March 20, 2008 This is very bad . . . $918 and below $18 silver Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 20, 2008 Author Report Share Posted March 20, 2008 Next support just above $900? Then the $800s... Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 20, 2008 Author Report Share Posted March 20, 2008 This is very bad . . . $918 and below $18 silver Not sure. I would suggest to take this opportunity to fill the boat. As outlined above, I hope to take advantage of this collapse as soon as I have some funds, and will average-buy into this. Link to comment Share on other sites More sharing options...
narco Posted March 20, 2008 Report Share Posted March 20, 2008 I'm down $80 on an ounce of bullion I bought only couple of days ago.. That is a significant drop. So the market is expecting deflation. Imagine what will happen to the gold price when the market realises the opposite? Link to comment Share on other sites More sharing options...
marceau Posted March 20, 2008 Report Share Posted March 20, 2008 It may still just be fear. The shorts are getting braver (and dumber) and the longs are, lets be frank, sh*tting themselves. When everyone is holding off for the bottom prices can be driven down very fast. Equally though, when everyone who is going to sell has sold (and I'm including shorters here), the market can move up with explosive power. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 20, 2008 Author Report Share Posted March 20, 2008 Palladium looks cheap too. Maybe I'll take the plunge and will buy my first palladium and platinum coins soon. Link to comment Share on other sites More sharing options...
Pluto Posted March 20, 2008 Report Share Posted March 20, 2008 It may still just be fear. The shorts are getting braver (and dumber) and the longs are, lets be frank, sh*tting themselves. When everyone is holding off for the bottom prices can be driven down very fast. Equally though, when everyone who is going to sell has sold (and I'm including shorters here), the market can move up with explosive power. I think the fear is the market realizing the fed may be losing control. If we see the Nikkei tank hard we could see a really black Thursday for all markets. Link to comment Share on other sites More sharing options...
narco Posted March 20, 2008 Report Share Posted March 20, 2008 Palladium looks cheap too. Maybe I'll take the plunge and will buy my first palladium and platinum coins soon. I think platinum could drop a lot from here. $1600 incoming maybe? Link to comment Share on other sites More sharing options...
drbubb Posted March 20, 2008 Report Share Posted March 20, 2008 This is very bad . . . $918 and below $18 silver The only saving grace (for the time being): This is Asian trading - which sometimes trades beyond NY trading ranges. And "trading outside NY hours gives false signals- sometimes" Link to comment Share on other sites More sharing options...
marceau Posted March 20, 2008 Report Share Posted March 20, 2008 Palladium looks cheap too. Maybe I'll take the plunge and will buy my first palladium and platinum coins soon. I like silver better, it's taken a real kicking since Monday. When you take into account the fact that an already large short position will have grown over the last few days, an unexpected upmove could produce trader Dan's legendary commercial signal failure. I would want to be in for that. Platinum hasn't suffered enough for my liking, but I suppose the supply problems are keeping it relatively safe. Link to comment Share on other sites More sharing options...
Pluto Posted March 20, 2008 Report Share Posted March 20, 2008 The only saving grace (for the time being): This is Asian trading - which sometimes trades beyond NY trading ranges. And "trading outside NY hours gives false signals- sometimes" Dollar rallying against all currencies right now. This is not just about the gold markets - this is the perfect storm brewing. Link to comment Share on other sites More sharing options...
marceau Posted March 20, 2008 Report Share Posted March 20, 2008 Dollar rallying against all currencies right now. Japanese intervention to prop it up, maybe? Link to comment Share on other sites More sharing options...
narco Posted March 20, 2008 Report Share Posted March 20, 2008 Gold at 590 euros. Thats back to November levels Link to comment Share on other sites More sharing options...
drbubb Posted March 20, 2008 Report Share Posted March 20, 2008 Junior Gold miners: Some Good news - the takeovers have started! Australian-traded Lihir to buy Equigold... for $1 billion Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 20, 2008 Author Report Share Posted March 20, 2008 Anyway, I think I will do some shopping tomorrow. Not all, but I think some. Link to comment Share on other sites More sharing options...
Pluto Posted March 20, 2008 Report Share Posted March 20, 2008 Gold at 590 euros. Thats back to November levels We hit 1,030 a couple of days ago. Link to comment Share on other sites More sharing options...
marceau Posted March 20, 2008 Report Share Posted March 20, 2008 Junior Gold miners: Some Good news - the takeovers have started! Australian-traded Lihir to buy Equigold... for $1 billion The question is whether they'll respond given gold's lemming action. Could be an extraordinarily good buy with if they sell off further despite this news. Link to comment Share on other sites More sharing options...
wren Posted March 20, 2008 Report Share Posted March 20, 2008 Gold at 590 euros. Thats back to November levels Only January. About €570 is needed to reach the November peak. Link to comment Share on other sites More sharing options...
Steve Netwriter Posted March 20, 2008 Report Share Posted March 20, 2008 Don't complain you guys. This is exactly what quite a few posters have been waiting for so they could buy in big. It's getting more attractive every hour Link to comment Share on other sites More sharing options...
drbubb Posted March 20, 2008 Report Share Posted March 20, 2008 Brazilian Real Has Biggest Drop in Two Months Amid Tumble in Commodities Brazil's real fell the most in two months as commodity prices slid, sparking concern that the country's export receipts will drop. The real fell 1.9 percent to 1.7205 per dollar at 4:03 p.m. New York time from 1.6891 yesterday. The real has slumped 2.7 percent over the past five days. Commodity prices are down ``meaningfully,'' curbing demand for reais, said Rogerio Chequer, who manages $180 million of emerging-market stocks and bonds as principal at Atlas Capital Management in White Plains, New York. ``In the long term, it's still a very well supported currency.'' The UBS Bloomberg Constant Maturity Commodity Index fell 3.3 percent to 1,436.707, led by declines in silver, gold, sugar and crude oil. The index of 26 commodities has dropped in three of the past four sessions and is down 8.6 percent from a record on Feb. 29. Brazil is one of the world's biggest exporters of commodities such as soybeans, sugar, coffee, iron ore and orange juice. The real has gained 20.6 percent against the dollar over the past 12 months, buoyed in part by a rally in commodity prices. /see: http://www.bloomberg.com/apps/news?pid=206...&refer=news Link to comment Share on other sites More sharing options...
ozbear Posted March 20, 2008 Report Share Posted March 20, 2008 Anything below 900 and I'm topping up, I haven't bought any gold in over a year last bought at about 600, have accumulated some more funds and think now is looking like a great time to be buying. Lucky really was close to buying at $1000 but didn't get the funds cleared in time Link to comment Share on other sites More sharing options...
adelaide andy Posted March 20, 2008 Report Share Posted March 20, 2008 This is the sound of margin calls made worse by the market realising that we are in deflationary spiral. It still has a very long way to fall. Link to comment Share on other sites More sharing options...
drbubb Posted March 20, 2008 Report Share Posted March 20, 2008 The only saving grace (for the time being): This is Asian trading - which sometimes trades beyond NY trading ranges. And "trading outside NY hours gives false signals- sometimes" Gold has already bounced back to $933 ! Some professional must have been lining their own pockets, hitting stops in a thin market. Do be careful with those Asian Gold prices! Link to comment Share on other sites More sharing options...
Steve Netwriter Posted March 20, 2008 Report Share Posted March 20, 2008 I thought I'd have a look at the long-term gold chart to see how this "panic drop" compares with history. I think we do tend to focus in on the short-term, and start to miss the bigger picture. Note the log scale, which IMO makes historical comparison better. In the current environment, I find it very difficult to believe the price could drop anything like it did back in 2006. Do we have any real idea why the price has dropped ? Is it a matter of "selling the family silver to pay the bills" ? This article suggests it is: http://goldnews.bullionvault.com/node/2078 Gold and silver equities fell throughout the day and closed roughly 7% lower as the financial problems revealed at Bear Stearns – which may exist at other firms as well – inspired a general deleveraging of investments of all kinds to pay back loans and lower the level of leverage. When you can’t sell what you want to sell then you have to sell what you can, and normally what tops that list are your winning positions. Gold, silver, and oil are among the few things that have done well for several months now and their much anticipated correction came Wednesday. The only question now is how long will it last before their bull markets resume? With more financial problems evidencing themselves so frequently it can’t be long before people return to the only real money of gold and silver, and that is just one of many reasons driving them higher. Haven't we been expecting these events to come to a head, and for things to suddenly turn nasty. Doesn't that include the probability of gold & silver getting hit hard when it is sold off because the money used to invest in it by some is needed to try and stay solvent. And don't we expect that period to be fairly brief, and for there to then be a huge rush to safety. In the words of Jim Sinclair, "Is this it ?". If it is, no one knows quite how low it can go, but we can be pretty sure it will go up MUCH higher. --------- I was talking to a very friendly bullion dealer today, and he mentioned that hedge funds tend to sell off gold near the end of the month in order to make their balance sheets look better for the month. I don't know whether that is true. If it is, I wonder whether this months sell-off is rather bigger than usual. Comments please Link to comment Share on other sites More sharing options...
Steve Netwriter Posted March 20, 2008 Report Share Posted March 20, 2008 wulfgar on GHPC has been predicting a fall for the middle of the year. I don't post much on that thread. He seems to know exactly what is going to happen, which doesn't leave much room for debate. Today he said: If you care to recall. On Novemeber 4th I claimed the ASX would fall to 5000 p's. How did I do that, other than by reading the purely mechanistic monetary laws? How did I manage to prejudge the market "sentiment? The current top in gold is simply been brought about by constriction of supply by the bullion banks. Less gold available and the same demand = higher gold price. In a couple of months the banks will unload. More gold and the same demand = lower gold prices. You have to be a pack of wieners to believe the crap in the papers about sentiment! You losers are brainwashed The sharemarket fell because the cost of money went up! The easy credit vapourized.! I wonder what you guys think about that. Link to comment Share on other sites More sharing options...
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