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View Full Version : GOLD FALLS $200 From Tuesdays Record High.....



MMC
08-25-2011, 07:39 AM
Gold falls $200 from Tuesday's record high - Yahoo! News
Reuters 20 mins ago.....

LONDON (Reuters) - Gold extended losses on Thursday to fall as much as $200 from Tuesday's record high, as investors favored assets seen as higher risk and after the CME Group hiked trading margins for the precious metal for a second time this month.
More quantitative easing -- or money printing -- for the Fed could significantly lift gold, but it could have further to correct if no additional action is signaled.

Spot gold was down 2.5 percent at $1,707.09 an ounce at 6:04 a.m. EDT, having earlier touched a low of $1,702.44. Investors lost faith in gold's latest rally after the yellow metal.
Spot prices fell 4.3 percent on Wednesday, their biggest one-day drop since December 2008, after U.S. durable goods data beat expectations. U.S. gold futures also posted their sharpest slide since 1980.
Gold's losses were exacerbated late on Wednesday after the CME Group raised margins on gold futures by about 27 percent, the biggest hike in more than two and a half years and the second increase in a month.
Assets seen as cyclical or higher-risk than gold rose on Thursday as gold declined. European shares climbed after a raft of positive corporate results, oil prices firmed and the euro strengthened against the dollar.U.S. gold futures for August delivery were down $47.50 an ounce at $1,409.80.....snip~

Today is the day. Sometime today anyways. Then we will know if Bernanke will print the QE3. UBS says gold stands to gain if Bernanke implements the QE3. Bernanke is suppose to explain Friday how the Fed will handle sluggish growth. Today all await Jackson Hole. Think Investors are betting on the Fed Intervention? Is there some other tie to why they want to focus so much on the name Jackson? I mean I know the left likes to sport those Jackson Dinners. Because if it has to do with burning holes in ones pockets. The left excels at this. Think QE3 will help gold bounce back? Thoughts http://www.politicalhotwire.com/images/smilies/POSITIVE/juggler.gif

Mister D
08-25-2011, 09:15 AM
Is that a very large drop? They were always hawking gold Fox News during Beck's show.

Conley
08-25-2011, 09:35 AM
It can't hit a new high every day, it is just consolidating IMO. Until the economy turns around (or if I should say) it will keep going up. However I do think it's a bubble that's been created because people don't know where else to put their money.

Conley
08-25-2011, 09:49 AM
I'm getting Glen Beck Goldline ads now >:( >:( :D

Mister D
08-25-2011, 09:53 AM
I'm getting Glen Beck Goldline ads now >:( >:( :D


That's the ad I always see during his show. Goldline. ::)

Conley
08-25-2011, 09:54 AM
I'm getting Glen Beck Goldline ads now >:( >:( :D


That's the ad I always see during his show. Goldline. ::)


Yeah that company is super shady. The basically just scam seniors. It's sad and messed up.

Mister D
08-25-2011, 09:59 AM
I'm getting Glen Beck Goldline ads now >:( >:( :D


That's the ad I always see during his show. Goldline. ::)


Yeah that company is super shady. The basically just scam seniors. It's sad and messed up.


I guy on 77 in NYC (Rush and Hannity's flag station) mentioned that these ads are asking you to do something idiotic. They always appear when the price of gold is high but you are not supposed to buy when the price is high!

Conley
08-25-2011, 12:05 PM
That's nice to hear someone is being honest. I think most stations have a strict "don't badmouth the advertisers" policy.

MMC
08-25-2011, 03:02 PM
Well I always tell people to buy gold. Wish I would have bought some when I was younger and was burning money. Better get some anytime you can. Just watch out for those shady types. Plus don't forget the US Government is trying to buy up Gold to.

Conley
08-25-2011, 03:06 PM
It's like buying anything else, stocks, property, etc. you have to get it at a good price and not get swindled. There are a lot of scammers out there.

MMC
08-25-2011, 03:28 PM
It's like buying anything else, stocks, property, etc. you have to get it at a good price and not get swindled. There are a lot of scammers out there.


Plus if the government was to fall. All those other coins will be useless as will the paper money.