Posted on 05/17/2010 2:55:55 PM PDT by blam
mark
Looks like the “plunge protection team” covered for today, anyway.
re-mark
lighten up Francis. We really don’t know what caused the drop, which bounced back quickly as investors jumped in on the discounts. could it happen again, sure but this November could change things for the better just as quickly and the bottom could fall right out of Gold. Remember that thousand point drop translated to only a few percentage points lost in DOW stocks. Figure out what you will lose on $1200 Gold if the bottom drops out of it.
Yeah...looks that way, starting about noon. See here
Hussman: I'm Not Even Tempted To Buy This Dip, And A Second Wave Of "Crisis-Level" Strains Is Coming
Well it was down about 9.2% for only a few minutes then came back up and closed down a total of about 3.2%.
Gold is around $1220 an ounce. You could lose 10% on that real quick. Double big time if you are holding physical metal.
I’m not saying things are rosie for the market but the doom and gloom stuff is a bit over the top. I can see a pretty major pull back (hold your fire) followed by a quick turn around after the November elections. I’m an optimist so I see a possible buying opportunity in the near future. Always good to have gold but this sell everything and buy gold bar stuff is nuts if you ask me. YMMV.
“And all this added together is why gold can go to $3,000 in fairly short order”
It can also go to $500 in fairly short order!
Shorting, are we?
ditto
I’m not a gold bug but I am wishing I had bought at 300. lol, Got out of the market a few months ago. Glad I did, good luck, hope you don’t lose your shirt.
I think gold will initially DROP with the failure of stocks...however...when the Guberment tries to help with the printing press... gold takes off again
Nah.
I bought(many) Krugerrands in 1993 at $402.00 each. Bought some junk silver last year and a little this year.
I'm just sitting on the side lines, lookin'....
YOu have faith in the stock market’s stability, but fear that the bottom could drop out of gold? ROTFLMAO. What planet are you from?
Don’t buy PMs until you have plenty of steel, lead, copper and brass.
One post that caught my attention was; "When the downturn (SHTF) comes, it wouldn't be gold that determines who eats, it will be lead."
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