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Gold Just Tanked, Silver Tanked, And Oil Is Sliding
TBI ^ | 11-28-2012 | Joe Weisenthal

Posted on 11/28/2012 6:39:45 AM PST by blam

UPDATE: Gold Just Tanked, Silver Tanked, And Oil Is Sliding

Joe Weisenthal
November 28, 2012

It's unclear what just happened, but as US trading cranks to life, commodities have dumped.

Gold just dropped about $15/oz in a couple of seconds.

Kitco

And here's Silver:

And oil is fading.


(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: bho44; commodities; globaleconomy; gold; markets; silver
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To: albie

My thoughts exactly. Nothing new under the sun. Not the first time gold has had a $20 to $40 in price.


121 posted on 11/28/2012 1:34:43 PM PST by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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To: GilGil
Likely it was a hedge fund sell. One of the reasons I hate the SOBs at hedge funds. They add nothing to the market and only contribute needless volatility. They are run by followers, not leaders, who consistently under perform the market.

I am going for the 2 for 1 DOW to GOLD ratio. So if you think we are going deflationary and see the DOW at 6000 that puts gold's top at 3000.

122 posted on 11/28/2012 1:43:04 PM PST by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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To: ctdonath2
As long as we continue to see:

1) Negative real rates of interest return
2) Money supply growth
3) Price inflation (food stuffs)
4) Monetization of debt
5) Flatlining gold production
6) Real estate falling
7) Evidence of stagflation

I will continue to hold gold.

My only concerns are:

1) Jewelry demand
2) Improved oil to gold ratio
3) US dollar strength

Those 3 items may simply temper how fast and how much I invest in gold.

123 posted on 11/28/2012 1:50:51 PM PST by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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To: Blackirish
Is it not true that the COMEX keeps changing to rules to favor gold shorts at the expense of gold longs? They keep forcing longs to cut their margin for example.
124 posted on 11/28/2012 1:53:13 PM PST by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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To: Beelzebubba
It does make you wonder though. If Barrick Gold, for example, is such a gold believer, why don't they hold off on selling all the gold they mine right now, and wait until the price hits $2000 to sell it? Or in the least, have a trading desk set up that times the market to only sell gold on the top of overbought waves?
125 posted on 11/28/2012 1:57:55 PM PST by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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To: Sam Gamgee

The problem: turning gold into necessities is very hard when SHTF.
Make sure you are functionally self sufficient (food, tools, land, arms) before investing remaining wealth in dysfunctional holdings.


126 posted on 11/28/2012 1:58:32 PM PST by ctdonath2 ($1 meals: http://abuckaplate.blogspot.com)
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To: ctdonath2

Will the SHTF or will we just have the long slide to oblivion like Spain?

I am Canadian BTW, so gold is actually less attractive to me as the movement in price is always tempered by a strengthening in the Canadian dollar vs the US dollar.

Haven’t you heard, we are not allowed to own weapons here in the Great White North?


127 posted on 11/28/2012 2:02:20 PM PST by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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To: blam

Nov. 27 Comex December gold options expiry
Nov. 27 Comex December silver options expiry
Nov. 27 Comex December copper options expiry
Nov. 28 Comex December miNY gold futures last trading day
Nov. 28 Comex November copper futures last trading day
Nov. 28 Comex December E-mini copper futures last trading day
Nov. 28 Comex December miNY silver futures last trading day
Nov. 30 Comex December gold futures first notice day
Nov. 30 Comex December silver futures first notice day
Nov. 30 Comex December copper futures first notice day
Nov. 30 Nymex December palladium futures first notice day


128 posted on 11/28/2012 2:07:12 PM PST by onyx (FREE REPUBLIC IS HERE TO STAY! DONATE MONTHLY! IF YOU WANT ON SARAH PALIN''S PING LIST, LET ME KNOW)
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To: Sam Gamgee
"Haven’t you heard, we are not allowed to own weapons here in the Great White North?"

Wow I bet hunting Elk is a bitch then. What do you guys use for such, Harsh Language?

129 posted on 11/28/2012 2:10:49 PM PST by Mad Dawgg (If you're going to deny my 1st Amendment rights then I must proceed to the 2nd one...)
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To: Mad Dawgg
I was half joking, only because Canada has somewhat of a anti-gun reputation. In fact, the authorities are very anti-gun here. People outside the cities are not.
130 posted on 11/28/2012 2:21:32 PM PST by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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To: Sam Gamgee

If Barrick Gold, for example, is such a gold believer, why don’t they hold off on selling all the gold they mine right now, and wait until the price hits $2000 to sell it?


Because they’re in the MINING business, not the speculating business. They need to sell the gold to pay for the fuel, labor, and other extraction costs.


131 posted on 11/28/2012 2:34:48 PM PST by Atlas Sneezed (Hold My Beer and Watch This!)
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To: blam

14-1B


132 posted on 11/28/2012 3:11:31 PM PST by Varsity Flight (Extortion-Care is the Government Work-Camp: Arbeitsziehungslager)
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To: Beelzebubba

Yes, that makes sense, but it still seems more prudent to run expenses on a loan for a few months in order to get a better price on their product.


133 posted on 11/28/2012 3:30:34 PM PST by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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To: blam

Improving US economy? Hard to believe that.


134 posted on 11/28/2012 3:42:02 PM PST by TruthWillWin (The problem with socialism is that you eventually run out of other peoples money.)
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To: Sam Gamgee

SHTF.
Spain et al have a history of robust black markets, and a government not so entwined in daily life. Not so here, where all is so intertwined - at least in the “lower 48” - and will, with great momentum, pull down the system in short order as it almost has more than once.

I’m married to a Canadian, so any discussions of fiscal cliffs and SHTF are met with “so lets move to Canada!”

Oh, and you’re well armed. There’s a reason the long gun registry was dumped.


135 posted on 11/28/2012 3:42:07 PM PST by ctdonath2 ($1 meals: http://abuckaplate.blogspot.com)
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To: ctdonath2
I use to think America more conservative than Canada, but with the passage of same sex marriage in some US states, and the fiscal path it is on, I'm not so sure anymore.

Still, Canada has no real free speech, we can't even DISCUSS healthcare reforms, and abortion is pretty much on demand.

In short there is nowhere to run, except maybe Taiwan?

My wife is American actually, and we have citizenship in the US for our 3 kids. I just hope it is worth something when they grow up!

136 posted on 11/28/2012 3:57:09 PM PST by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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To: traditional1

“Soros.....”

I heard Morgan Stanley was behind the drop in silver. Probably paying off some political debts. The government has a vested interest in discouraging “the little people” from buying gold and silver; it forces them to use fiat money. Meanwhile, China keeps buying gold...


137 posted on 11/28/2012 5:25:35 PM PST by spaced
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To: Bobalu
Yup, first thing that came to mind was that fashion model who recently walked into the prop of a small plane.

Disassedher!

138 posted on 11/28/2012 5:36:20 PM PST by foxfield
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To: BluH2o; blam

Bought silver back in the mid 1990s for jewelry sales, around $4.00 an oz. Still have it :-)


139 posted on 11/28/2012 9:17:39 PM PST by gleeaikin
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To: Beelzebubba
"Because they’re in the MINING business, not the speculating business. They need to sell the gold to pay for the fuel, labor, and other extraction costs."

-----

It's a sad commentary on the present state of economics discussion that I got as excited as I did upon seeing such a simple, correct and logical statement as the one you just posted.

Hank

140 posted on 11/28/2012 10:44:33 PM PST by County Agent Hank Kimball
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