Sharp selloff in gold!

Gold Prices Online ^ | 07/23/2002 | Lazamataz

[Lazamataz]

Gold has sharply dropped this afternoon, losing 11.00 dollars per ounce as of 1:43PM EST. The loss amounted to more than 3% of overall value of the commodity.

Normally considered a 'refuge investment', gold has gained in value while individuals try to find a place to keep their money in the face of a foundering stock market. While this has led to a run up in prices, there are risks of sharp losses in value, as has occured today.

It is not yet clear what has caused this dropoff in gold prices.

[SoDak]

I think you are correct. I think a lot of people are bargain-hunting this week. A drop in the price of gold is usually a good thing for the stock market.

[Publius6961]

It is not yet clear what has caused this dropoff in gold prices.

Somebody dumped or the rumor of outlawing the ownership.

[ovrtaxt]

Somebody dumped or the rumor of outlawing the ownership.

If the dollar totally craps out, the guvmint will confiscate all gold bouillon (sp?) at $42.00 an ounce. This includes bouillon coins such as kruggerands, etc. If you have numismatics(sp?), they are non-confiscatable. T. Roosevelt's idea. Numies are also very easily liquidable.

[steveegg]

Yep. The ONLY broad-based things that are up are hogs, coffee, sugar and some future soft commodity that I can't decipher (FCOJ-1 FUTURE Sep02).

[Lazamataz]

FCOJ

It's a type of fish.

Or a species of ferret.

[StriperSniper]

FCOJ - Frozen consentrated orange juice.

[steveegg]

It better be a mighty-fine-tasting fish (on par with a good perch fry).

[steveegg]

Thanks. We might not have any money, but at least we won't get scurrvy.

[Stand Watch Listen]

FCOJ

It's Frozen Concentrated Orange Juice.

lol...didn't you see "Trading Places" with Eddie Murphy/Dan Ackroyd/Jamie Lee Curtis? ;-)

[1Old Pro]

Did you see the political cartoon in the Sunday paper? The best way for Iraq to guarantee that President Bush will go easy on it is to change its name to Iraq, Inc.

Must have been the Sunday NY Times

[StriperSniper]

Trading Places is one of my favorite movies! ;-)

[Lazamataz]

It's Frozen Concentrated Orange Juice. lol...didn't you see "Trading Places" with Eddie Murphy/Dan Ackroyd/Jamie Lee Curtis? ;-)

Oh yeah! I forgot. I thought it might mean 'Eff Cochrane and O.J.'

[L,TOWM]

You're havin' way too much fun Lazz...

[navigator]

what is the mindset of 'joe investor' that does'nt like anything but CASH?

Take notice. Consumer SPENDING is up. Screw retirement! Joe Investor is cashing in his 401K and buying baby a new pair of shoes.

[L,TOWM]

Great. Now I've got to fit my parents into a two bedroom home?

Hope my kids move out first...

[steveegg]

You gotta have fun with this market.

If nothing else, if someone can scrounge up a few chickens, we'll have a decent breakfast.

[Southack]

"It is not yet clear what has caused this dropoff in gold prices."

Ummm... You and Mr. T been selling your gold jewelry to make your margin calls on your telecom stocks again??

Just kidding!

[steveegg]

I gotta rent that tomorrow (off to the races tonight, so I'll miss the closing bell).

[bvw]

Deflation means everything goes down. Debt is the worst, but raw inventory -- like gold, is up there too.

[StriperSniper]

off to the races tonight,

Cars, horses, dogs, or turtles?

Have fun!