Gold is crashing.

As of now, the price of an ounce of gold is 767$!
It is the lowest in ca. 11 month, and it is dropping. fast.
Kitco Goldcharts
FYI, if you haven't wokened up yet to reality... ...the crash is going down now! (my opinion)

As you can see, from the charts beneath. there has 'always' been an uptrend in gold. -At least for 10 years!
Now there are some forces in play, that makes the gold go down in 'value'.
Eventhough the demand has never been higher.

You're welcome. take care.



[edit on 9-9-2008 by Ulvetann]

reply to post by Ulvetann

hioly hell!
damm glad i didn't buy when i was looking into it.
i almost bought 500k of gold a few months ago and decide to wait a while.

what the hell is going on with the gold market?

I heard this this afternoon on Bloomberg Market minute and almost dropped my saute pan. It wasn't that long ago it was over a $1000.

I think you may be right, the economic nose dive is happening.

Scary times.

that is a conspiracy of it own, called Jekyll Island...

The thing is, that something is driving down the 'value' of gold.
Eventhough the gold is being reflected in dollar pr. oz.
Dollar is not comitted to gold, and vice versa.

Something is manipulating the socalled free market.
-Of course we know that, already, but the proof is basically shining in our eyes.
Since last week, India, the greatest importer of gold, increased their import by 45%. Still, the gold sink.
-Somehow, it sink because of the rising dollar... ...which is insane in itself, since how can dollar become more valuable, when 9, or is it 10 banks, in the US has become liquidated, whereon the bill will go to the taxpayers, with increased taxes? And Ford, GM and Boeing wants 50B$ to sustain their production?!
Someone calculated, sorry can't find the link... ...that the estimated value of gold vs. dollar should be 1 oz. to 50.000!!
-It is sinking.
It is what is called a market crash. -THE crash. 1929, anybody?

Last I checked the dollar went up against the Euro by 20 cents in the last few weeks so this could have something to do with it. I guess the same goes for oil prices in part?

Reasons:

Dollar rallying in value

World production slowdown , gold is in most electronics, lack of spending on fancy presents,

Asian (Pakistan/India mainly) populations, culture etc mean the average family has a HUGE amount of gold compared to other populations, in jewelery etc, savings, hoarded stashed, dowries... well seen inflation in those countries?
The outsourced bank financial and tech support, sales support investment and wages dropping, reaction about 1/5 or a sixth of the worlds population will be visiting their local Pawn Shop or dealer now and in coming 12-24 months, to keep their current and Noveu lifestyle going.

Oil is dropping sell the traded/bonded/stock gold and buy some futures quick, grap one of the last profits left, because all the boys on the floors KNOW that oil will be 200 -300 dollars the minute Iran is attacked.

The layman who may once have bought gold is a bit shocked by recent economic events, the first run on British bank since Victorian times, American banks closing, if banks are not safe, is gold held somewhere else?

A lot of full mattresses at the moment, that is for the ones left to be able to save.

Kind Regards,

Elf.

[edit on 9-9-2008 by MischeviousElf]

reply to post by EnlightenUp


Yes, that is true. Lately, the dollar pick up it's pace, which sank the gold some. But this is the first time ever, that gold has dropped around 40$/oz. in one day. 'normally' it is one +-5. Lately we have gotten used to spacious movements +-10$... ...Never 40$! The trend has been downwards. Sometimes it has looked as if it would take a turn upwards, but that was merely an illusion. If it went up 5, it went down 7-10.


[edit:]
Ah. I have to bite my a** here.
I said never dropping below 40$ That was wrong. In march this year, it actually dropped 60$


[edit on 9-9-2008 by Ulvetann]

A couple years back I bought near to troy ozs of Gold. I was ridding high there for a while. When I bought it the price was about 650 an oz. I watched it go over 1000 and I was like "yeah!", but over the past month I've watched it sink, and sink, and sink...

Easy come, easy go.

Originally posted by Fathom
what the hell is going on with the gold market?

That is the gold market for you. I picked up a couple bars when it was low. I could have sold them when they went high. They are quickly going low again. However this is just the ride.

The reason I picked the bars up were for the long haul. If something happens to the governments of the world, all that paper money and paper credits will be useless for all but to wipe your butt. Have some gold on hand and you'll have something of value.

I might have to watch and pick some more up now that's it's falling.

A problem is, that many has a problem in differentiating between the dollar, and gold. The dollar is actually not money. It merely acts like it.
One ounce of gold is one ounce, or 31 grams. Once upon the time, a dollar equalled that. One day a clever corrupt geezer says, "No more". "Let's release the dollar from gold, then we can print more!"
So bluntly, they made TWO dollars covering one ounce. Heck, that went well, let's make 4!! The rest of the history you know well. -being readers of this society.
Today, it would equals 50.000 cottonpapers on 1 oz. gold!
What's wrong with that you say?
That means that You(!) has to pay Your government their debts!
Actually, You are supposed to pay 50.000$ for one ounce!
While Europeans just should pay around 745€! -See the difference?! See the big, huge question of market manipulation, with a sinking goldprice? Hooray for a more solid dollar, but that doesn't mean that gold should drop 40$! It should stay put. -Of course there are more marketpowers in playing with the value here. Oil, gas, food, etc. But I hope a picture is given, that shows that a drop on 40$ is very serious!

I read we're in a deflationary sprial right now......once hits bottom (~scenario 1929) then Hyperinflation takes hold. Gold goes thru the roof.

Who knows.....



[edit on 10-9-2008 by Pinktip]

Originally posted by Incarnated
I might have to watch and pick some more up now that's it's falling.

That is, in my humble opinion a very good idea. Of course not more, than still being able to eat and drink in a normal way.
Only spend those money that would be spent on unneccesary stuff anyway. Bills and debts first, then gold.
NO investments in papergold! That is valueless, that day 'everyone' run to cash in the 'certification for x oz. gold'. The thing is, there is not enough gold to cover all those licenses/certificates that are sold through banks.
-That is amongst one of the reasons several banks went down. They had sold papergold that equald over a year of mining production. They had sold something that didn't exist! If buying gold, make sure to get it in physicals!

This is a very good link that gives you a graphic on the "price of gold" over a given amount of time. You can see just how gold flows.

goldprice.org...

Buy Low...
Sell High....
The trouble is I don't think it is low yet.
I bought a few Gold Eagles when it was $368 US/oz. in 2003 (i think)?
Sold them when it was over $1000. They were supposed to be for when the # hit the fan but at $1000 I said "it's time".

When you hear everybody cursing gold as an investment, *that's* the time to buy it.


[edit on 9-9-2008 by ATS4dummies]

Originally posted by ATS4dummies
Buy Low...
Sell High....
The trouble is I don't think it is low yet.
I bought a few Gold Eagles when it was $368 US/oz. in 2003 (i think)?

Yeah, or plan B. Buy Low and hold.

Nations rise and nations fall. Money changes but Gold will always be Gold.

and under times of extream global stress Gold always rises. So if you buy low, you'll always have at least what you put in, and if you see sometime of need you can sell when it is a good time for you, or you can hold it until times of need really come.

[edit on 9-9-2008 by Incarnated]

Yeah, or plan B. Buy Low and hold.




Or Plan C, by high and hold and hope for higher.... I bought physical at $1K.....talk to me when it is $2K.......

Originally posted by Pinktip
Yeah, or plan B. Buy Low and hold.

 

Or Plan C, by high and hold and hope for higher....

I bought physical at $1K.....talk to me when it is $2K.......

I bought phyical at 650. You Talk to me when it hits 2K. Because I got twice as much as you for about the same price as you.

One thing is for sure, it will always go higher. It's only a matter of time.

[edit on 9-9-2008 by Incarnated]

reply to post by Pinktip


Oh dear... guess who I wont be asking for advice

I sorta long for the days of the gold standard... but since I was born 1980 I guess I never really knew that.

I wonder if the world markets will ever settle on another standard - it all seems a little crazy now, defiantly a house built on the shifty stuff.

Looks like the banks that had shorted gold have taken their profits and now suddenly gold is not the best thing to be in. Don't let this fool you. The same banks will buy massive amounts just before it suddenly skyrockets. Keep your eyes peeled and you could make a fortune by doing the same, or not.

Originally posted by Pinktip
I read were in a deflationary sprial right now......once hits bottom (~scenario 1929) then Hyperinflation takes hold. Gold goes thru the roof.

Real gold or paper gold?