Posted on 07/17/2015 9:31:56 AM PDT by SeekAndFind
Gold just hit a five-year low.
On Friday morning, the precious metal fell more than 1% to as low as $1,129.80 an ounce, the lowest since 2010.
In a morning note to clients on Friday, Accendo Markets wrote: "Gold ($1,144) lower yet again after the German conservatives voted to start talking about the details of a third Greek bailout while Grexit plans were locked away for the time being. So when investors are confident, they sell gold; when they're worried, they don't buy it. A strong US dollar with all this talk of interest-rate hikes likely contributing to gold's seeming change of purpose of late with the three-month downtrend intact."
On Friday, China disclosed how much gold it's holding for the first time in six years. Its reserves rose 57%, and it is now the fifth-largest holder of gold.
Gold mining stocks are getting slammed. Shares of Barrick Gold Corporation, the largest gold miner in the world, fell more than 5% – the lowest in 24 years. Newmont Mining shares fell 2%.
(Excerpt) Read more at businessinsider.com ...
I’ve come to believe it will bottom below $1,000 per ounce.
It will likely overshoot to just above $900 per ounce.
It will then be time to back up the truck.
I am thinking $600 but maybe even $800. Buy low sell high.
Gold has never been cheaper call now to see why this is the perfect time to buy gold...
Gold is at a record high and set to go even higher. Call to get you special report on why now is the perfect time to buy gold...
Remember those idiot predictions of $3k an ounce? Sold the rest of mine over a year ago.
I have no doubt the gold market is being manipulated.
It might go below $1K, but it sure as hell won’t stay there for long.
This is a buying opportunity for those with the smarts to pursue it, but only for physical gold preferably stored either securely at home or in Singapore/Australia.
And THIS is exactly WHY you should be well diversified.
Yep. My gold is down. FOR NOW. But my stocks are through the roof! Wa-Hoo!
A number of years back, it was just the opposite.
See how that works, Kids? ;)
Not sure what I would ever do with gold. When the SHTF, food and ammo will be the new currency.
History tells us why gold will be good to have after the SHTF. At some point trade will resume and some form of currency will evolve.
I have food, I have ammo, I have farmland....and I have been buying gold since it was $400/oz.
I don’t own gold to make money and I don’t concern myself with how much fiat debt paper I can get for gold on any given day.
Pingawinga
“It might go below $1K, but it sure as hell won’t stay there for long.”
It will stay there until no one wants to own it, hates it, and those who short it make up the majority. Then it will rise.
“It will stay there until no one wants to own it...”
The Chinese sure seem to want to own gold, as does most of India. I don’t anticipate a time when they won’t.
“The Chinese sure seem to want to own gold, as does most of India. I don’t anticipate a time when they won’t.”
China will buy regardless of price - their motivation being economic dominance.
I am referring to the traded gold markets - stocks and contracts for delivery.
Best.
And silver is 15 bucks! A few years ago it was 42 at its high. Ouch!
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