Posted on 12/15/2005 9:25:07 PM PST by Toddsterpatriot
Gold continued its downward correction for a third day in succession but held above the psychological $500 level during European trading on Thursday.Dealers said the precious metal was finding support at the lower levels. Gold sank to $500.25 but recovered to trade at $506.70/$507.50 a troy ounce late in London. But there could be further downward pressure on prices after the Tokyo Commodity Exchange (TOCOM) took steps to allow sell-orders to be cleared. Gold has fallen by the maximum daily limit imposed by TOCOM immediately after opening for the last three days so not all sell orders have been processed. TOCOM will increase the daily limit for movements in the gold price from Y75 to Y100 from today. Sell orders placed before the opening will be limited to general market participants while commission houses will only be able to place sell orders on their own account 10 minutes after the opening. Silver reversed its early decline to trade around 20 cents higher at $8.58/$8.61 a troy ounce. Platinum, which has the largest speculative interest of all the metals, moved fractionally lower to $954/957 a troy ounce.A survey by Barclays Capital found investors are planning to significantly raise their exposure to commodities over the next three years. Almost 70 per cent of respondents expected to increase their exposure to commodities to 5 per cent or more of their portfolio.Reflecting concern over supplies and potential production shortages, Morgan Stanley (AMEX:MWD) published significantly higher price forecasts for metals with a 19 per cent increase for gold in 2006 from $400 to $446 and a 25 per cent rise in the forecast for both copper and zinc next year.An opposing view came from Nick Moore of ABN Amro. He said he expected a sharp reduction in the copper price during 2006 which, depending on its severity, could impinge upon the entire base metals complex.Three month copper traded 0.6 per cent lower at $4,329.5 a tonne while three month zinc fell 2.3 per cent to $1,771.5 a tonne. Natural gas prices were in focus after inventory data showed a greater than expected decline in the week to December 9.Nymex Henry Hub for January delivery was trading just 4 cents lower at $14.64 per million British thermal units having run up to $14.92 immendiately after the inventories data. After a decline earlier in the session, crude oil prices firmed with IPE Brent for January delivery up 40 cents at $60 a barrrel. The January contract was due to expire on Thursday so there was greater volume in the February contract, which rose 26 cents to $60.10. January Nymex West Texas Intermediate was unchanged at $60.85.
NO $hit. I can smell speculative pumping from a mile away, especially when it comes to the gold pumpers. They are some of the most idiotic conspiracy theorists out there.
Silly goldbugs.
All I know is, Best Buy will only accept those pieces of paper in exchange for video games. They don't take gold. And I needs my video games.
The recent spike led to profit taking. Gold hasn't finished rising. It will push $580 by spring.
The fundamentals have not changed.
That's right....because you can't beat the dividend it pays. Or is it interest?
I hope it falls further because I am putting in an order for some bullion coins in the morning and want the cheapest price.
Way back when, my Mom invested in gold. She died ten years ago and never got her initial investment back. Love to read these "buy gold" posts. They are really more like day traders than investors.
I will stay with my stocks which have done much better than gold, even if they dropped by half.
Good post. You're right, of course, but the folks on this thread aren't really here to listen, they've got an agenda to push.
Gold and silver are back up already despite increased requirements for buying in the foreign markets.
So if I bought this "house insurance" back in 1980, I've lost 44% of my house? What kind of insurance works like that? Bad insurance.
Let's say you bought this "house insurance" prior to 1980 at $36, $37, etc. per oz.? How would your "house insurance" now be at $500/oz.? Some people have short memories or no memory prior to recent birthdays.
So sometimes the insurance works....and sometimes it doesn't? Remind me not to buy that kind of insurance for anything important. LOL!!
You can't eat, you can't burn it. BUT, you can sell it to people who have more money than sense.
Don't forget not to buy it for anything important. You've been reminded.
In fact if anybody gives you any I'm sure you'll toss it in the ole dumpster. Right?
I'd probably sell it to some doofus.
Where did I say it was worthless? Just not a very reliable insurance policy.
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