Gold Is Getting Destroyed ($1140 Oz)

BI ^ | 11-5-2014 | Elena Holodny

[blam]

Elena Holodny
November 5, 2014

Gold is getting crushed. Again.

The yellow metal is at $1,140 per ounce, down by about 2.3%. It got as low as $1,137. This is the lowest level since April 2010.

Gold has been dropping to new lows for several weeks as the dollar has strengthened.

Oil is another commodity that is tumbling again. WTI crude oil prices dropped as low as $75.84 per barrel shortly after 5 a.m. ET. Brent crude touched $81.63. While this is great for consumers, this is troubling for the oil producers, who may be forced to idle unprofitable projects.

(snip)

[sten]

of course, the real play is to switch to silver while the ratio is out of whack (silver usually hangs around 40-60 to 1)

[Graybeard58]

I’ve just not seen anyone admit that they lost money on it. I know that some buy and hold gold for different reasons and nothing is ever 100% certain. I lost a boat load in 1989 in the stock market but have since recovered.

[Graybeard58]

Correction - not 1989 -

Monday, October 19, 1987

[SZonian]

On silver, I’ve lost...if counting it that way.

But I didn’t buy it to make money...I bought it to “keep” money...I view paper dollars as practically worthless anyway.

But you’re correct...I can’t recall anyone saying they’ve lost money.

[montag813]

The Dollar salutes the GOP takeover, as spending is expected to be cut. We’ll see.

[montag813]

Gold is still way overvalued. Look for $1000 soon enough

[blam]

"He says oil hits 60 a barrel then there goes his job."

I've read that anything below $75 bl for an extended period is catastrophic for the oil industry.

[Grampa Dave]

“Measuring investor disdain for gold as it tumbles”

http://finance.yahoo.com/tumblr/photoset-measuring-investor-disdain-for-gold-as-it-tumbles-134536092.html

[Dick Vomer]

Half of my gold portfolio of GLD was bought fairly high and some of it lower than it is now. But it only makes up about 15-20% of my savings. I guess I’m just using it for a headgear against hyperinflation

[Wyatt's Torch]

[Labyrinthos]

But that won’t stop the ads on conservative talk radio from trying to convince the preppers and the paranoid that now may be the best time ever to buy gold as a hedge against stupidity.

[Jim Noble]

I’m a buyer at $750.

[jpsb]

Almost time to stock up on silver eagles. Below $15 per eagle is when I buy.

[AceMineral]

How much is the blue metal going for?

[Eagles6]

I’ve been saying the same thing.

[Eagles6]

$10,000 in silver bought in 2000 would be worth about $30,000 today.

$10,000 in gold bought in 2000 would be worth about $40,000 today.

[blam]

I bought Krugerrands in 1992 at $382.00 ea.

[buffaloguy]

The dollar is strengthening. I have been watching lead drop to 90 this week. Love it.

[Eagles6]

I wasn’t smart enuff back then.

[Red Badger]

Lead is sinking?................;^)