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GOLD IS GETTING SMOKED ($1150 Oz)
BI ^ | 11-30-2014 | Myles Udland

Posted on 11/30/2014 5:02:41 PM PST by blam

Myles Udland
November 30, 2014

On Sunday night, gold was down more than 4% to as low as $1,143 an ounce after voters in Switzerland on Sunday rejected a measure that would have required the Swiss National Bank to increase its gold reserves from 8% to 20% of its holdings.

The vote failed by a margin of 78%-22%.

In addition the drop in gold, crude oil prices are resuming their tumble, and the price of other precious metals — silver and platinum — were also down sharply.

Silver futures were down 12% early Sunday night and platinum futures were down more than 3%.

Copper prices were also lower by 4% in what is a rough night for the metals markets.

(snip)

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


TOPICS: News/Current Events
KEYWORDS: commodoties; deflation; europeanunion; gold; goldbugs; metal; referendum; switzerland
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To: ButThreeLeftsDo

:-) Let it snow!! (just kidding) But every little bit will help. Last Feb., I paid over $4...


41 posted on 11/30/2014 5:32:37 PM PST by SueRae (It isn't over. In God We Trust.)
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To: Fightin Whitey

looks like a buying opportunity for oil stocks. sure it could go down a bit more but why be greedy?


42 posted on 11/30/2014 5:33:17 PM PST by plain talk
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To: driftdiver

Oil is traded in dollars. Weaker oil prices have historically meant a stronger dollar.


43 posted on 11/30/2014 5:34:52 PM PST by abb ("News reporting is too important to be left to the journalists." Walter Abbott (1950 -))
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To: RegulatorCountry

Dollar strength sounds like an opportunity to crank up the printing presses at the Treasury...that’ll fix it.


44 posted on 11/30/2014 5:35:11 PM PST by eldoradude (It doesn't matter how many it takes, the lightbulb has already been stolen.)
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To: Labyrinthos
Simple answer: Gold is not an investment. <<

Correct!....Its just an insurance policy that u hope u never have to cash in on...Like all insurances...

45 posted on 11/30/2014 5:36:42 PM PST by M-cubed
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To: abb

Yes but why? Why is the dollar stronger. Or is it the other currencies are that much weaker.


46 posted on 11/30/2014 5:37:48 PM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: driftdiver

Not an expert on the dollar. Or much else. $1.56 against the Pound.

http://www.barchart.com/commodityfutures/All


47 posted on 11/30/2014 5:37:55 PM PST by ButThreeLeftsDo (Plea$e $upport Free Republic.)
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To: abb
Here's what really going on:

1. Thanks to fracking, we see a huge new supply of oil and natural gas being opened up all over the USA. And that means we could have a vastly better balance of trade since we will be importing a lot less oil from OPEC countries.

2. China's recent gigantic deal from Russia to build pipelines into Siberia to import crude oil and natural gas means China will end up being way less dependent on OPEC countries.

3. Europe--likely heading into a recession again--will mean lower demand for oil from the Middle East.

In short, OPEC is facing a huge dilemma: they may lose their two of their biggest customers and Europe falling into a recession will lower demand for OPEC oil. We're about to end up with a huge glut of petroleum products.

48 posted on 11/30/2014 5:39:41 PM PST by RayChuang88 (FairTax: America's economic cure)
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To: driftdiver
"Or is it the other currencies are that much weaker."

Yup.

49 posted on 11/30/2014 5:41:10 PM PST by blam (Jeff Sessions For President)
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To: wny

just keep in mind......the lower gold goes..the higher the “premium” to buy it...Do your own DD


50 posted on 11/30/2014 5:41:23 PM PST by M-cubed
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To: driftdiver
Yes but why? Why is the dollar stronger. Or is it the other currencies are that much weaker.

I'm not sure there's a difference. With lower oil, overall inflation will likely moderate, and that's always been a positive for the US Dollar.

http://af.reuters.com/article/metalsNews/idAFL6N0TL01120141201

METALS-London copper slides to weakest since June 2010, dragged by oil

51 posted on 11/30/2014 5:41:39 PM PST by abb ("News reporting is too important to be left to the journalists." Walter Abbott (1950 -))
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To: blam

Which likely means WW3 due to the lack of a stabilizing power.


52 posted on 11/30/2014 5:42:48 PM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: RayChuang88

Yergin agrees. He knows the biz from a historical standpoint.

http://en.wikipedia.org/wiki/The_Prize:_The_Epic_Quest_for_Oil,_Money,_and_Power

The Prize: The Epic Quest for Oil, Money, and Power is Daniel Yergin’s history of the global oil industry from the 1850s through 1990. The Prize became a bestseller owing to its release date: it was published in October 1990, two months after the invasion of Kuwait ordered by Saddam Hussein and three months before the U.S.-led coalition began the Gulf War to oust Iraqi troops from that country.[1] It eventually went on to win the Pulitzer Prize.[2]

The Prize has been called the “definitive” history of the oil industry, even a “bible”.[3


53 posted on 11/30/2014 5:43:45 PM PST by abb ("News reporting is too important to be left to the journalists." Walter Abbott (1950 -))
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To: plain talk

I don’t know much about stocks.

And there are many here who know more about oil than I do as well.

But the Middle East is a mess, OPEC is coming apart at the seams, Russia is under great pressure...gonna be lots of oil that’s gonna have to come from somewhere, is my bet.


54 posted on 11/30/2014 5:45:18 PM PST by Fightin Whitey
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To: blam

On the one hand, the Swiss decided not to force banks to hold large gold reserves, so gold demand won’t be rising in the little country of Switzerland with its 8 million citizens, fewer than the number of residents in New Jersey.

On the other hand, the prime minister of the enormous country of India today lifted restrictions on the import of gold into his country, which has 1.2 billion citizens and is the second biggest user of gold in the world. So demand for gold will be rising in that country.

So what will likely happen to the price of gold? With Indian goldsmiths suddenly free to again import large quantities of gold to satisfy their fellow countrymen’s penchant for gold jewelry, what should investors do?


55 posted on 11/30/2014 5:48:28 PM PST by Bluestocking
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To: SueRae

“Gee, I wonder if I’ll see any of that benefit in my next oil delivery/sarc (due soon).”

Silly consumer, windfall profits are for rich kids


56 posted on 11/30/2014 5:51:20 PM PST by dsrtsage (One half of all people have below average IQ. In the US the number is 54%i)
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To: blam

I don’t believe we are close to the bottom yet. I am waiting to buy again as we close in on a bottom.


57 posted on 11/30/2014 5:52:27 PM PST by aMorePerfectUnion ( "I didn't leave the Central Oligarchy Party. It left me." - Ronaldus Maximus)
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To: driftdiver

“Yes but why? Why is the dollar stronger. Or is it the other currencies are that much weaker.”

While it is easy to diss the dollar, it remains the reserve currency for the time. Add to that parts of Europe slipping into deflation.

Eventually, money will flee Europe and come here - until we top out and it falls apart. To some degree, money is moving into our real estate market and into our stock market now.


58 posted on 11/30/2014 5:56:08 PM PST by aMorePerfectUnion ( "I didn't leave the Central Oligarchy Party. It left me." - Ronaldus Maximus)
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To: RegulatorCountry

Economics is NOT my forte...so what do you deduce it to mean? Because we are in an era of world economy?
Freegards
LEX


59 posted on 11/30/2014 5:58:38 PM PST by lexington minuteman 1775
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To: driftdiver

in this case, the market is anticipating deflation. Capital is shifting to less risky asset classes. Cash (preferably in USD) is king.


60 posted on 11/30/2014 6:00:12 PM PST by oblomov
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