Posted on 11/30/2014 5:02:41 PM PST by blam
Myles Udland
November 30, 2014
On Sunday night, gold was down more than 4% to as low as $1,143 an ounce after voters in Switzerland on Sunday rejected a measure that would have required the Swiss National Bank to increase its gold reserves from 8% to 20% of its holdings.
The vote failed by a margin of 78%-22%.
In addition the drop in gold, crude oil prices are resuming their tumble, and the price of other precious metals — silver and platinum — were also down sharply.
Silver futures were down 12% early Sunday night and platinum futures were down more than 3%.
Copper prices were also lower by 4% in what is a rough night for the metals markets.
(snip)
(Excerpt) Read more at businessinsider.com ...
Goldbug ping.
Bad news for the gold hunting reality shows and the gold hunters.
Is the decline present primarily in dollars or is it across the board regardless of currency? Dollar strength or gold weakness?
I remember when gold was on its way up and got to $850 and ounce, then crossed the $900/ounce mark and people online were squealing with delight about the great news. Now it’s pulled back to “only” $1150-ish.
The first part of the “buy low - sell high” equation is staring us all in the face. It may drop a bit more, but I think we’re somewhere near the bottom of where gold’s going to be for the foreseeable future. Looking for a slow rise soon, followed by a more rapid rise within the next 18 months.
But I’m no expert. Just a guy.
Some people will call this a BUYING OPPORTUNITY.
http://www.businessweek.com/news/2014-11-30/aussie-slips-with-kiwi-amid-oil-rout-gold-extends-drop
Oil Sinks Commodities as U.S. Futures Fall; Dollar Gains
Swiss voters reject gold, immigration proposals, salvaging EU ties
It has happened before. Way up, then way down. I’m hoping it really drips so I can buy again.
The Swiss are pikers. The Chinese and Indians will vacuum up gold, and no one will ever know.
O.T. (somewhat)
Crude oil futures at $64.84
Gold and Oil crashing? Something’s got to be going on.
|
Perhaps all the bank vaults ISIS is knocking over in their wake is creating a glut.
Gee, I wonder if I’ll see any of that benefit in my next oil delivery/sarc (due soon).
The Global Shakeout From Plunging Oil
New supply—rather than demand—is dominating the market, and OPEC has been caught by surprise.
By Daniel Yergin
Oh boy!! It’s a SALE!!!
Heating oil at $2.13
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
