Posted on 09/09/2008 10:32:53 AM PDT by george76
Gold futures fell for a seventh straight session Tuesday, sliding to the lowest in nearly 10 months, as falling crude-oil prices reduced investment demand for gold as a hedge against inflation.
Other metals contracts also felt selling pressure. Gold for December delivery sank $16.70, or 2.1%, to $785.80 an ounce ...
In the energy market, crude futures fell more than $2 to below $105 a barrel
(Excerpt) Read more at marketwatch.com ...
Everything is seemingly spinning out of control.
I could swear there were FReepers last fall claiming gold would reach $1650 this summer. Even $2000.
Where are all the goldbugs on this board who were claiming it was heading to $2000? They’ve all been mysteriously silent lately.
I was told that gold, like houses and land, could ONLY go UP!!!
Still, it’s never not a great time to buy GOLD! Get in now before it drops further!
There’s a lag time between the price of oil and the price at the pump. If oil takes a big drop in September, the pump price should drop sometime around, say, early November.
It is the only real money.
Gas station owners do need to make a profit..
The only one I know of is busy posting threads arguing that HIV doesn't cause AIDS.
i still wish I had bought a ton at 320 dollars an ounce....
...increasing in value because of angels with magnets.
Can't lose.
And the Earth is 6000 years old.
Seems to go with the territory.
Angels on asteroids are stealing our crop circles!
Angels on asteroids are stealing our crop circles!
I take Saudi Arabia’s tepid response to Iran’s bleating about cutting production of crude to mean OPEC as a body is nervous that they may have cooked the goose with their faliure to raise production when oil was $148 a barrel. I think Saudi Arabia is looking at all geopolitical forces at work including the policital scene in America right now with Obama looking less and less likely to win the presidency and seeing that we maybe finally serious about energy independence. That 148 a barrel for the geniuses in Iran means all kinds of alternatives become very profitable and if they would get their head off their carpet and stop barking at the moon long enough to actually study global economics, they would see this.
“Where are all the goldbugs on this board who were claiming it was heading to $2000? They’ve all been mysteriously silent lately.”
Although I do not consider myself a gold bug, I do believe the dollar must globally strenghthen and our unfunded liabities must somehow be made solvent in order to stop the escalation of gold and silver prices.
...and it is also my belief that global inflation is cooling the demand for commodites ever so slightly.
We are watching the market work, sans gov’t regulations.
I buy a considerable amount of steel and brass and have seen market prices moderate, but also I am not holding my breath for them to hold.
The price of a nice suit dropped 2.1% today.
My current "story" is that right now it's liquidity at any cost. Anything that had a recent bubble, such as commodities, which includes for these purposes gold and silver futures and EFT's, is now being blown out by failing overleveraged speculators.
For the same reason, the dollar is correcting upward.
It's a mad rush to Treasuries and dollars.
Best not to get in the way of a stampeding herd of elephants prematurely anticipating them to change their direction.
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