Gold Just Tanked, Silver Tanked, And Oil Is Sliding

TBI ^ | 11-28-2012 | Joe Weisenthal

[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.

[agere_contra]

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?

Good question.

Barrick have bills to pay (especially with the issues at Pascua-Lama): they can't hoard that much of their product.

Gold Miners *should* store a portion of their product, whenever they can. But 'official' pessimistic pricing models used by their insurers/creditors and quoted against them by hostile shareholders can cause all kinds of problems.

[silverleaf]

I read that people who buy gold as an investment are speculators or fools

Its smarter to view buying gold as a means of preserving wealth, making price spikes and falls far less meaningful

Look far into the future and consider what you now hold as “wealth” will fare, and be valued, If you think guns and ammo are better means of preserving wealth, then buy them and good luck. If converting 10-15% of the value of your stocks and bonds into gold by selling them and then buying bullion seems like a reasonable hedge, then go for it and use price drops as opportunities

I think daily prices and commodity deflation are less menaingful over time, especially given the various ways of price manipulation of market spot prices by governments and large investors ... I think the Chinese have a lot of “influence”

[silverleaf]

buying food tools and land is not a viable option for millions of urban dwellers and suburbanites

a single silver dime is now worth the equivalent of a gallon of gas or 2 loaves of bread, two silver dollars will fill a tank or a small grocery bag.

Based on history there is at least some prospect that the correlation in value of silver (or gold) to staples will hold in a survival scenario even based on primitive barter

Junk silver is easy to acquire and store and carry if you have to. No matter what, there will always be trade and barter and gold and silver have been valued for barter for thousands of years

[GilGil]

Here is what happened. Basically, this was a take down by the bankers to line their pockets. Nothing more. I must say though that the charting pointed to a take down in an uptrend market and was nothing to fret about. Unfortunately, every single time there is a blip on the radar screen all the gold expert wannabes give you a 1000 reasons to slit your wrists. Here is the answer. Flash Crash in GOLD A Real Whodunit-— http://www.jsmineset.com/2012/11/28/flash-crash-in-gold-a-real-whodunit/

[ExGeeEye]

Today I’m looking for your report on silver “soaring”, gold “skyrocketing”, and oil “rebounding”.

Because they’re mostly back where they started yesterday r above.

[ctdonath2]

“buying food tools and land is not a viable option for millions of urban dwellers and suburbanites”

Why, are they chained there?

Survival is not viable for millions of [sub]urban dwellers. Don’t be one of them. MOVE.

[silverleaf]

ha ha ha- that’s a joke

the dispossessed will “move” when they need to

and there are more of them than you have bullets and body bags

Good luck to those preppers with their multiyear siege plans and 2 year supply of beans

[ctdonath2]

You got a better idea?

[ctdonath2]

“I question alcohol as a barter item. It’s so easy to make it won’t be scarce.”

Bombay Sapphire vs bathtub gin.
Easy to make is one thing, made to high widely-recognized standards is another.

[Sam Gamgee]

I rather love these sell offs as it gives me time to load it up.

[silverleaf]

sufficient junk silver and some gold, to go buy a piece of remote land and not lose every dollar saved if the banks go on permanent holiday

some knowledge of basic survival skills and natural medicine, lots and lots of advil, tylenol, aspirin (years worth) and other first aid supplies and manuals- dont take up much space

a seaworthy sailboat (and lots of charts) ready to go south if walking away is the last resort

good walking shoes for everyone - always. Lots of dog food.

If we had to leave I’d prefer to burn down my own house and everything in it to having it seized by rabble