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The Floor Dropped Out From Under Gold
Business Insider ^ | 6-25-2013 | Joe Weisenthal

Posted on 06/25/2013 8:01:01 PM PDT by blam

The Floor Dropped Out From Under Gold

Joe Weisenthal
June 25, 2013

Gold is still looking like one of the sickliest assets in the world.

The floor just dropped out of it tonight, sending it to a new low for this cycle.


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


TOPICS: News/Current Events
KEYWORDS: bho44; bhoeconomy; commodities; economy; gold; recession
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To: blam

As I’ve been trying to explain to people, monetary manipulation leads to BOTH inflation and deflation. A Biflationary Depression. http://www.futurnamics.com/biflation.php


41 posted on 06/25/2013 8:53:26 PM PDT by DaxtonBrown (http://www.futurnamics.com/reid.php)
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To: peyton randolph

Everyone says that, but the silver eagle I paid $26 for would garner me a lot less today. Sure, it’s over spot...but it’s still dropping like a rock.


42 posted on 06/25/2013 8:53:52 PM PDT by Vermont Lt (Does anybody really know what time it is? Does anybody really care?)
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To: peyton randolph

100%!!


43 posted on 06/25/2013 8:55:42 PM PDT by QQQQ
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To: peyton randolph

I hope you’re right. I bought some low and some high but I’m still in the red. Luckily I can’t see myself being in a “must sell” position for a while.


44 posted on 06/25/2013 8:58:21 PM PDT by VerySadAmerican
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To: plain talk

When the value of paper currency drops to near worthless, those who have gold will still have something of value.


45 posted on 06/25/2013 8:58:46 PM PDT by CivilWarBrewing
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To: DaxtonBrown
Biflationary Depression:


46 posted on 06/25/2013 8:59:26 PM PDT by blam
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To: blam

I wonder what Glenn Beck will have to say about this?


47 posted on 06/25/2013 9:00:51 PM PDT by bimboeruption (Clinging to my Bible and my HK.)
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To: Cool Guy
"falling knife."

of note:

Gold is, however, particularly subject to short-term price fluctuations. Nation-states and their central banks hold about half of the globe's aboveground stores of gold, which which they can and do engineer extreme short-term price declines. And, as more than 95 percent of the gold mined in the past still exists, with most of it in bullion bar form, the globe's stores of gold are perhaps a hundred times larger than annual world production of gold - and nearly a hundred times more potentially influential, on the supply side, to short term price movements.

-- Jerome F. Smith, Understanding Runaway Inflation, 1979 Edition, pp 48.


48 posted on 06/25/2013 9:01:02 PM PDT by schm0e ("we are in the midst of a coup.")
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To: blam

somebody’s buying the dollar, is all.


49 posted on 06/25/2013 9:02:09 PM PDT by schm0e ("we are in the midst of a coup.")
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To: Vermont Lt

Well, that what buyers pay on ebay.+/- $3-5.


50 posted on 06/25/2013 9:02:31 PM PDT by QQQQ
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To: MattinNJ

I think you’ve summed it up nicely.
Summer brings mowing and other activity around this place and it has knocked my blood sugar down significantly.


51 posted on 06/25/2013 9:02:55 PM PDT by Eric in the Ozarks (NRA Life Member)
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To: plain talk

“I do feel sorry for the chumps that bought into this bubble.”

Obviously an amateur/juvenile person that isn’t a successful investor. If you knew what was going on you wouldn’t have been so rude, and stupid, in your comment.


52 posted on 06/25/2013 9:03:09 PM PDT by CodeToad (Liberals are bloodsucking ticks. We need to light the matchstick to burn them off. -786 +969)
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To: schm0e

“it’s the mother of all shakeouts.”

Exactly. This is about shaking loose other people’s money. Manipulation is easy when you’re playing with trillions like the fed is.


53 posted on 06/25/2013 9:06:19 PM PDT by CodeToad (Liberals are bloodsucking ticks. We need to light the matchstick to burn them off. -786 +969)
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To: schm0e

If this downward swing is caused by banks, either they have a liquidity problem and are selling assets to stay liquid or they are selling high. If banks are selling now, I would expect it to be the later


54 posted on 06/25/2013 9:12:31 PM PDT by Cool Guy
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To: blam

Gold didn’t go down, the dollar strengthened by 50%.


55 posted on 06/25/2013 9:12:38 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: blam

Yeah, just try to buy hard gold for that.


56 posted on 06/25/2013 9:12:47 PM PDT by bk1000 (A clear conscience is a sure sign of a poor memory)
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To: Cool Guy

the point is this: if you own the physicals (any commodity), you can do anything you want to the spot market. Those myths about speculators “controlling the market” are propaganda for the masses. If banks are selling, it’s because they feel like it, not because they have to.


57 posted on 06/25/2013 9:15:39 PM PDT by schm0e ("we are in the midst of a coup.")
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To: peyton randolph

Utter nonsense. I’ll sell you gold or silver for 10 pct over spot, because I can buy it now for 2-3 pct over.


58 posted on 06/25/2013 9:17:20 PM PDT by Atlas Sneezed (Universal Background Check -> Registration -> Confiscation -> Oppression -> Extermination)
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To: peyton randolph

Indeed. It also has to do with people selling to have cash on hand for other uses (cover margin calls for losses in the equities or to invest in what they believe will be the next pump).

As they say, BTFD (buy the effing dip).

The price of PMs goes down, buy.

Fiat currency is dying.


59 posted on 06/25/2013 9:19:09 PM PDT by Ghost of Philip Marlowe (Prepare for survival.)
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To: peyton randolph

Also, the powers that be that have been using the Fed’s monetization of the debt by investing the equities markets via the POMO purchases...who now see the equities markets not only here but in China and every other central-bank controlled economy BEGINNING TO COLLAPSE...have a vest interested in destroying the PMs as a safe haven against their manipulation.


60 posted on 06/25/2013 9:21:03 PM PDT by Ghost of Philip Marlowe (Prepare for survival.)
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