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Kitco Metals Roundup:Comex Gold Hammered Lower, Hits 3-Month Low, On Panic Selling
Kitco News ^
| 12/14/2011
| Jim Wyckoff
Posted on 12/14/2011 1:41:43 PM PST by Mariner
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How low can it go?
1
posted on
12/14/2011 1:41:53 PM PST
by
Mariner
To: Mariner; blam
2
posted on
12/14/2011 1:43:35 PM PST
by
Mariner
(War Criminal #18)
To: Mariner
I think it costs $800ish to mind gold, so $800 or a little lower would be a pretty firm bottom.
3
posted on
12/14/2011 1:46:09 PM PST
by
jpsb
To: Mariner
Silver is generally a better investment than gold. More industrial uses = broader base = less speculation = less volatility. I think if you check the last decade or so, silver has even outperformed gold.
4
posted on
12/14/2011 1:51:46 PM PST
by
Vigilanteman
(Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
To: Mariner
PAPER Gold has begun to unwind, and it will unwind fast after yesterday’s Chicago Merc revelations about COrzine, and what he did with customer Gold.
MEanwhile, Citibank comes out today with a Real Gold target price of $2,400 by mid-summer, with the possibility of as much as $6,000 by mid-2013, if economic conditions continue to decline. (TRANSLATION: If Obama is re-elected)
5
posted on
12/14/2011 1:54:59 PM PST
by
tcrlaf
(Election 2012: THE RAPTURE OF THE DEMOCRATS)
To: Mariner
How low can it go?Only God knows, but this would be a good time to buy your kids one ounce rounds and ingots, the rounds are prettier. You can probably get them for around $31 or $32 each today. Not bad for a stocking stuffer that will surely go up in value faster than underwear or tooth paste.
6
posted on
12/14/2011 1:55:33 PM PST
by
JakeS
(This would be a good time to read John chapter three 1-21)
To: Mariner
To: Mariner
Could be end of year moves. Could be that the bigger players needed money to backstop other investments or for investing in other opportunities in this goofy market.
Nothing about this seems like a 'panic' to me.
8
posted on
12/14/2011 1:59:17 PM PST
by
Glenn
(iamtheresistance.org)
To: RegulatorCountry
"$1,200"
Winner.
I originally predicted $1200 by end of year back in July or so.
It may take a couple of months beyond that, but the deflation bug is bigger than the Gold bug this time around.
Cash is the only place to be over the next couple of years...then buy Gold again at about $750.
9
posted on
12/14/2011 2:04:28 PM PST
by
Mariner
(War Criminal #18)
To: Vigilanteman
less volatility"Less Volatile" is not something I would use describing silver. It is volatility on steroids.
Just today:
Gold -3.52%
Silver -6.16%
To: Mariner
I expect to see silver sub $10/oz and gold sub $600/oz within the next three to five years, or sooner.
Commodity prices will not perform well in the depths of the deflationary depression that is here, and will be getting much, much worse.
11
posted on
12/14/2011 2:08:09 PM PST
by
politicket
(1 1/2 million attended Obama's coronation - only 14 missed work!)
To: Mariner
I expect to see silver sub $10/oz and gold sub $600/oz within the next three to five years, or sooner.
Commodity prices will not perform well in the depths of the deflationary depression that is here, and will be getting much, much worse.
12
posted on
12/14/2011 2:08:26 PM PST
by
politicket
(1 1/2 million attended Obama's coronation - only 14 missed work!)
To: Mariner
For those of you playing at home.
I also correctly predicted that the Dollar would strengthen against Gold.
Glad I bought up all the USD I could.
13
posted on
12/14/2011 2:09:03 PM PST
by
BenKenobi
(Honkeys for Herman! 10 percent is enough for God; 9 percent is enough for government)
To: Mariner
“The main reason traders cite for the sell-off is the weaker euro and stronger dollar, making dollar denominated metals more expensive to own. But, there are other factors at play here as well.
“After a less than stellar year traders say hedge funds are seeing redemptions. Everybody wants cash, liquidity is thin says Bruce Dunn, Auramet Trading Senior Vice President.”
http://www.cnbc.com/id/44643824
14
posted on
12/14/2011 2:11:16 PM PST
by
jiggyboy
(Ten percent of poll respondents are either lying or insane)
To: Vince Ferrer
Volatility isn't based on a one-day swing. It is based on a long term average. Silver outperformed gold on the recent swing up, it will naturally underperform it on a trend down. They move together, albeit at different rates.
Big money still prefers gold because it is easier to store.
15
posted on
12/14/2011 2:14:36 PM PST
by
Vigilanteman
(Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
To: tcrlaf
so what did Corzine do with client gold?
16
posted on
12/14/2011 2:15:05 PM PST
by
silverleaf
(common sense is not so common- voltaire)
To: Mariner
It's been pretty clear for sometime now that the gold vendors and the chicken littles have been pushing the price of gold ever higher. There has never been such a hard sell advertising push on gold in history. You can't turn on Rush, or Hannity or Beck without hearing about how the dollar is doomed and you need to be in gold from the advertisers and from Beck--who seem to be a wholly owned subsidiary of the global panic marketers.
Reminds me of the 70's and Howard Ruff with his survivalism cult. Beck's the Howard Ruff (or Lyndon LaRouche) of today.
17
posted on
12/14/2011 2:21:17 PM PST
by
Sudetenland
(Anybody but Obama!!!!)
To: Mariner
Cash is the only place to be over the next couple of years.
This is exactly what Harry Dent says in his recent book, "The Great Crash Ahead". We are entering/already in a deflationary period, not inflationary. Notice what has happened to the price of homes over the past few years?
Stocks and commodities will go down, cash is the place to be.
To: Mariner
The only pm I bought I picked up just after 9/11, seemed like the prudent thing to do at the time. It wasn’t a substantial amount but it has done extremely well. I didn’t buy it for an “investment,” it was a SHTF thing, in my mind at least. Hindsight is 20/20, should have gone for it back then. Gold was less than $300/oz.
But, even with the recent declines, it’s still quintupled in ten years, and will have still quadrupled even if it falls to $1,200.
To: Vince Ferrer
The numbers I saw were gold -5.13% and silver -7.53% for the day. Bloomberg.
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