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 ...
Remember when beautiful women could be beautiful without having silicone-enhanced fake boobs?
Nothing to see here. king Zeros prosperity machine is plugged in and we are all getting wealthier by the second. The TV told me so.
NEW YORK (MarketWatch) — Gold prices on Wednesday fell sharply, extending losses into a third session, on thinking improving U.S. economic reports would lessen demand for the metal as a hedge. The gold futures contract for December delivery fell $27.70, or 1.6%, to $1,714.6 an ounce on the Comex in New York.
Everything, in every market, is all being manipulated towards one central goal: Helping Obama to roll the Pubbies in fiscal cliff negotiations.
Okay, better go get a Powerball ticket, cuz I’ll need that money to buy bread.
Let me know when it gets to $234 - $286...Then I’m in trouble...
A 2% drop isn’t tanking.
Keep the balls in the air and the players in the casino for just a bit longer while we clear out the till...
then, lights out and you’re left with a pile of plastic chips.
Down 1% (even quickly) is now “tanking?”
Mr Ditter ask that question every time he hears a BUY GOLD NOW ad on the radio. If it is so valuable why don’t they keep it?
Gold is going to 5000. Nothing has changed. It is amazing how many people panic every time there is a reaction. They are showing they understand nothing of what is happening in this economy.
Exactly. We've seen much larger market movements with one fat-finger trade, followed by program trades reacting, then confusion by the "professionals". If this is "tanking" then what are we going to call the next SHTF market sell-off?
Tank isn't the correct word here, “off a bit” might be more descriptive. All it probably means is that some country with bad credit (like ours) just sold a chunk of gold into the market in return for more fiat money.
Supply, demand, equilibrium.
Well, if I win that Powerball jackpot tonight I might buy some.....
Another way to look at it is that the dollar is going to go down to 1/5000 oz of gold.
True.
Gold is the only asset that when it goes up everything else does much worse. Gold going up signals the future is very grim.At 5000 tens of millions of people will be in very, very bad shape.
LONDON, Nov 27 (Reuters) - Gold eased on Tuesday after comments from a Federal Reserve policymaker on monetary stimulus and well-received U.S. data lifted the dollar, but prices held in a range as traders turned their attention to the December Comex options expiry.
The dollar extended gains against a currency basket after October durable goods orders came in unchanged, having earlier recovered from one-month lows after Fed policymaker Richard Fisher voiced concern over easing measures.
Spot gold was down 0.1 percent at $1,746.30 an ounce by 1445 GMT, having earlier touched a session high at $1,751.40. U.S. gold was down $3.40 at $1,746.20.
“A dollar rebound could well depress prices to the 10-day moving average (at $1,731) and then $1,720/$1,700, provided the November uptrend gives in,” VTB Capital analyst Andrey Kryuchenkov said. “Trade will remain very technical in relatively thin volumes and on macro headlines.”
http://news.yahoo.com/precious-gold-dips-u-data-151036241.html
Exactly. If precious metals are going down, isn’t that supposed to mean the greenback is firming up? And as for dropping oil prices, never look a gift horse in the mouth.
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