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 ...
Somebody tell that damned actor to get the hell out of my
TV room between segments of Sons of Anarchy!
WTI at a little over $64 per barrel now.
Gold going down. I suspect a world wide recession perhaps? I mean you can’t keep pulling dollars and euros out of hat with nothing to back it up at some point the international money markets, etc are bound to crash an burn its coming up on seven years of the last major crash...something to watch for sure.
Freegards
LEX
Oil at $40 Possible as Market Transforms Caracas to Iran
http://www.bloomberg.com/news/2014-11-30/oil-at-40-possible-as-market-transforms-caracas-to-iran.html
(Title and link only. No content from Bloomberg allowed at FR.]
Yes, it’s called the “free” market, at least as far as we know. A long time ago, gold was always pegged to the price of oil at a ratio of 16 to one. At current prices that is not far off the mark.
My, my he didn't sound like that when he told the nation Obama was our savior.
I have the same view of oil prices. The speculators are squealing now because oil is at a four-and-a-half year low.
Well, I was in the Bakken four-and-a-half years ago and they were drilling like hell then.
Yes, I get it that at that point they were convinced oil would keep going up, which until now it did.
But it won't keep going down any more than it will keep going endlessly up.
The entire commodity complex is seeing major contagion-like price declines in early trading. WTI Crude is back below $65 for the first time since May 2010 - now down 16% since the initial leaks of OPEC's decision last Wednesday. Gold and Silver are getting whacked and copper has plunged below 300 - back at its lowest since June 2010. The news over the weekend that Brevan Howard is liquidating its $630 million commodity hedge fund following recent poor performance is also likely not helping as what looked like late-Friday margin call liquidations are extending notably this evening.
That's an argument for gold increasing in price in dollars, not decreasing. It's signaling dollar strength, for one thing. Euro is weak, as weak as it's been for a while, heading toward $1.20.
Why?
I remember it. Ewing said gold and oil were up because the dollar was weak.
Dollar is still weak?
Simple answer: Gold is not an investment.
Off to the coin dealer tomorrow....
Gold is down $39.70 to $1150.10/oz..
What’s in your safe?
So destabilization on a global level. Most likely leading to chaos and war as governments struggle to maintain power.
J.R. Ewing?
:-)
http://uk.reuters.com/article/2014/12/01/forex-dollarindex-yen-idUKL3N0TL07C20141201
Dollar rises above 118.98 yen to hit new 7-year high
Stupid phone. Was supposed to be hearing
Doesn’t make sense.
Buying opportunity, for sure. :)
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