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Gold tumbles as Dubai triggers stampede to dollars

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posted on Nov, 27 2009 @ 08:25 AM
Now this I don't get. Why would the price of gold fall when you would think that gold of all things would be a safe place to put your money into???

Someone please explain this one, since this flies in the face of everything i have heard.....

posted on Nov, 27 2009 @ 08:33 AM
wow!! silver really dropped ! maybe a good time to watch and buy some
(gold out of reach for most)

Silver Bid $17.91
Silver Ask $17.95

Our Sell Price* Per Ounce
50 to 99 $19.25
100 to 499 $19.00
500 to 999 $18.90
1000 to 4999 $18.80
5000 or more $18.75
*Price at which we sell to you. The minimum order is 50 ounces. Smaller Orders.

Our Sell Price Per ½ Oz Rnd
100 or more $10.23

Fractional Bars
Our Sell Price Per Bar
5 Gram Bar
60 or more $4.89
10 Gram Bar
60 or more $7.77
1/4 Oz Bar
60 or more $6.49
1/2 Oz Bar
100 or more $10.23

Our Sell Price Per 5 Oz Bar
10 to 19 $96.25
20 to 99 $95.00
100 to 199 $94.50
200 to 999 $94.00
1000 or more $93.75

Our Sell Price Per 10 Oz Bar
5 to 9 $192.50
10 to 49 $190.00
50 to 99 $189.00
100 to 499 $188.00
500 or more $187.50

Our Sell Price Per 100 Oz Bar
1 to 4 $1,885.00
5 or more $1,870.00

Our Buy Price* Per Ounce
1 or more $17.91
*Price at which we purchase from you. Our minimum purchase is 1 ounce.

posted on Nov, 27 2009 @ 08:38 AM
Just as I posted above I checked the prices again on silver and its starting to go up again (see link and refresh often and watch price change) I bet alot of buyers now.

posted on Nov, 27 2009 @ 08:56 AM
reply to post by RUFFREADY

Silver only dropped .85 cents and since it wasn't that high in the first place... statistically it makes for an impressive -4.52 % drop..

the OP was right gold is the one to watch today was down -33.50 for a while back up a little right now, but right now it looks like the back is broken on that markets rally

[edit on 27-11-2009 by DaddyBare]

posted on Nov, 27 2009 @ 08:59 AM
It's an overreaction.

The fact that Dubai is putting off paying 60 billion in debt is just a drop in the bucket compared to the trillions that the US owes on the dollar.

It's been blown out of proportion. The dropped price in gold will trigger nervous sales and it will be snapped up by the very agencies that are calling it a "tumble" so they can make more on the long run trend.

posted on Nov, 27 2009 @ 09:07 AM
I'm watching "SLW Silver Wheaton Corp" right now. Thinkin' I might jump in and buy some..
Its just when

But, Its bound to go back up I think I'll put a "Limit" order in for $15.70. See what happens...

posted on Nov, 27 2009 @ 09:10 AM
My speculation is the reason Dubai is putting their money into dollars is for

protection because the U.S. has a strong military and if some of the debt

collectors come calling the debt collectors might try to overthrow that country

and government. I know the rest of the world is following and buying dollars.


[edit on 27-11-2009 by amari]

posted on Nov, 27 2009 @ 09:12 AM
Crap!! its shooting up again $17.79- maybe I'll just buy...

Its mad I tell you!!

[edit on 27-11-2009 by RUFFREADY]

posted on Nov, 27 2009 @ 09:13 AM
reply to post by badgerprints

agree with your total observations.

the quick drop in PMs most likely has to do with the computer trade/sale programs...
i sort of expect gold futures & sell-trades will rebalance themselve through the day.

The Dubai potential debt default triggered the computer generated program...but after the analysts get more data, they will play off the over-the-top reaction in the markets caused by a level 5 algorithm being triggered, in an effort to liquidate quickly.

there's no telling just how diabolical these market manipulators really are.
we can only guess & speculate


posted on Nov, 27 2009 @ 10:32 AM
Doesnt look like gold has dropped to me , i think 'Gold tumbles' is not a very accurate description. Although i wouldn't be surprised if it drops in the near future.

[edit on 27-11-2009 by VitalOverdose]

posted on Nov, 27 2009 @ 10:33 AM
I was wondering about that strange flat line no-change in spot price a little bit before the big drop.Seems mighty strange.

posted on Nov, 27 2009 @ 10:39 AM
Well, as I write this - about 11AM EST on Friday - gold has recovered from a low of $1135/oz to $1170/oz. And it wouldn't surprise me to see it nearly even again by the market close.

The gold market sold off today some as greedy profiteers relied on computer programs to retain their profits. Its called a 'stop-loss' sale. Here's how hit works. Let's say you bought gold at $1000/oz, thinking it might go up. So as time goes on it starts to creep up - 1040, 1050, 1060, and so on. In order to ensure that you keep your profit you enter a Stop-Loss into your trading account, that generates a sale of your gold position if gold starts to sell-off and hits $1050/oz. That allows you to lock-in your 5% profit, and the seemingly cool thing is that you don't even have to be there. You could be playing golf, taking a nap, or even be on a remote island vacation. Its an automatic sell when gold hits the price you specify.

SO in our example above, gold doesn't sell off right away but instead keeps rising into the $1100s. So Mr Greedy wants to keep collecting his golden eggs as long as the goose will lay. So he simply adjusts his Stop-Loss order daily and moves it up to $1100/oz, and then $1120, and so on, until we find ourselves to the day prior to Thanksgiving 2009 with gold sitting at $1190/oz. Mr Greedy sets his Stop-Loss at $1180 and goes off to see the rest of his piggy family for Thanksgiving. And since he had the good fortune to invest in gold, he has much to be thankful for.

All of a sudden Dubai announces they want to POSTPONE some debt payments as the global economy has seemingly cooled the rich folks desires to buy multi-million dollar condos in the Persian Gulf on a man-made island that looks like a Palm Tree from the air. And of course maybe last year's Chanel purse will just have to do, and so they don't spend that $4000 their last trip to Dubai for a new Chanel bag. And so on.

World markets begin to fear that this is the tip of the ice-berg and that all countries may start to default on thier debts, or promised debt backing. So they start to raise cash, as a defense against this possible market collapse. Stocks get hammered, and people begin to sell, which causes others to sell, and so on. In fact, some of the folks have bought on options in which they are leveraged 20-1. So they get a call from their broker saying 'Hey, you now owe us another $50K or we will have to sell your options at a permanent loss of $1 million. So to raise the cash, some may sell some of thier physical gold or gold options which have done really well over the last few months. And this causes the gold price to fall.

Now, the ignorance in all this, is that the one place you probably want to be in a market collapse that involves governments defaulting on debts is GOLD. Only gold has international value, apart from the doings of any government. Because Soviet Rubles, Reichsmarks, Louis d'Or, Deanarii, and even dollars may come and go, the really smart guys figure out that gold is a good place to be.

And so on the moring after Thanksgiving, the world has changed. Mr Greedy is seeminly relieved that he locked in his gold profits at $1180/oz, as are many others. Then something curious happens. Gold starts to rise again, quickly, busting back up towards the price it held the day before. Until finally its back even, and Mr Greedy and others like him are trying to figure out what the hell just happened.

Its called a 'shake-out'. It means that that all the gold investors that were just in for a quick profit, took the money and ran. This leaves the holders of gold as those who believe gold has much farther to move, or new investors in gold who are thankful for the Thanksgiving day sale on gold, so they had a chance to buy-in before it got way too high.

We have just had a small taste of what the future will bring. This will happen again and again. And each time, GOLD will remain.

posted on Nov, 27 2009 @ 10:56 AM
reply to post by Sashromi

thanks for the long explaination...

your last sentence said that Gold....would remain... true enough
but one should point out that Gold & PMs will get even more volitile,
and a 50-100 day move will not be so rare as the global economy twists-&-turns

posted on Nov, 27 2009 @ 02:29 PM
reply to post by Sashromi

Thank you for clarifying.

So was that flat line right before significant?

posted on Nov, 27 2009 @ 03:11 PM
No good reason. In thin trade , the Masters Of The Universe leveraged Dubai into a "cover at lower prices" opportunity. In the near-term this mini-mauling will be good for Gold.

Jim Sinclair take: Today’s attack on gold and buying of the dollar was like a recent polar bear attack on a tourist in Churchill, Canada’s far north.

Click this link for GRAPHIC details.

posted on Nov, 29 2009 @ 09:31 PM
good input guys...Thanks

posted on Nov, 30 2009 @ 04:36 PM
I must say Gold is just as aesthetically pleasing as ever.
Makes bills seem tawdry,always growing shabbier with handling.

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