Posted on 07/23/2008 5:06:08 PM PDT by TigerLikesRooster
Gold Drops 4% to Hit Two-Week Low as Dollar Bounces, Oil Sinks, Bear-Market Rally in Stocks Continues
-- Posted Wednesday, 23 July 2008 | Digg This Article | Source: GoldSeek.com
London Gold Market Report
from Adrian Ash
THE PRICE OF PHYSICAL Gold dumped another $12 per ounce Wednesday morning in London, falling more than 4% from yesterday's four-session high.
World stock markets continued their sharp rally, meantime, with Europe's 300 largest shares just climbing out of the 20% bear-market loss that hit between Nov. and June.
Crude oil fell towards $126 per barrel. The US Dollar pushed the Euro down to a two-week low beneath $1.5720.
(Excerpt) Read more at news.goldseek.com ...
Ping!
If gold prices drop, you need to buy into the drops.
If gold prices go up, you need to buy before it’s too late.
Just filling in until the gold guys get here.....
Why does Latinum need to be gold plated anyhow?
I think the 29th of July is the last day to trade the August gold futures.
yeah..... I’d be getting rid of whatever USO I have left now since it’s already off 10% from it’s high and the US dollar is now more affected by oil price than by gold supply. But when oil goes down, the dollar goes up and gold gets hurt.
Oil was a bubble and unless the Dems pull some amazing BS out of the fire we are going to have more pressure to increase production and that is exact what is bursting the bubble right now. Until the day that Bush publicly repealed the Presidential order on drilling, oil speculators showed no signs of fear. Now the CW is that we will have to do something about it and that makes the nonsense about $100+ oil unsustainable.
When a commodity is trading over twice the cost it takes for the last item of the commodity to get to the market, it is by definition a bubble. Look for oil to drop precipitously.
From what little I know I believe that somehow it is one of the few substances that can't be created in a replicator so there is less chance of counterfeiting.
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