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Gold loses a lot of its glisten in just one day

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posted on Aug, 24 2011 @ 06:30 PM
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Gold loses a lot of its glisten in just one day


www.msnbc.msn.com

After months of setting record after record, the price of gold plunged $104, or 5.6 percent, Wednesday to finish at $1,757 per ounce. That was the biggest percentage drop in nearly 3½ years and a blow to investors who thought the metal could go only one way — up.

"Gold was considered a safe haven for years because it wasn't popular, but now it's popular," said Cetin Ciner, a professor of finance at the University of North Carolina-Wilmington. "You can't have a fad and a safe haven at the sa
(visit the link for the full news article)




posted on Aug, 24 2011 @ 06:30 PM
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I've never bought into the whole gold fad (pun intended). There's just no way for gold to sustain the market levels it's seen over the past few years and the people that have sunk all of there normal currency into gold and silver are in danger of losing their shirts.

I just wanted to bring it to the forums attention and maybe save some of you all a few pennies.

www.msnbc.msn.com
(visit the link for the full news article)



posted on Aug, 24 2011 @ 06:43 PM
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I do not know much about the subject, but how can it go down with our dollar continuing to be worth less and less?


Deebo



posted on Aug, 24 2011 @ 06:50 PM
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A single day of losses compared to several thousand years of stable demand, and value, is not necessarily a good benchmark to judge the value of gold. All commodities go through ups and downs in the market place, with more demand the value goes up, with less demand the value goes down. The actual demand for gold hasn't decreased significantly compared to the increased demand over the last several years, decades, and centuries.

I would only really be worried if the actual demand for gold plummeted, that is, if there were a substance that came along that is not only as rare, but has the same industrial and aesthetic uses as gold. Someday that magic substance will come along, but I'm pretty sure it's not today. I would bet that gold, and other rare minerals, are still some of the safest investments in our current marketplace.



posted on Aug, 24 2011 @ 06:50 PM
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This is a good thing imo, gold had been going up, up, up for awhile now and I've been waiting for this correction to occur.

I'll probably buy some more of it now.
edit on 24-8-2011 by Rockdisjoint because: (no reason given)



posted on Aug, 24 2011 @ 06:51 PM
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reply to post by Deebo
 


The price of gold isn't based on one country's currency...



posted on Aug, 24 2011 @ 06:51 PM
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edit on 24-8-2011 by Garfee because: this site did the double post, not me!



posted on Aug, 24 2011 @ 06:53 PM
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reply to post by KILL_DOGG
 


This is just a market correction after the two days of parabolic straight up. It will level off, and then once again begin it's climb back over $2000/ounce. The demand is just too high, and with China opening their own exchange the demand is growing not shrinking.



posted on Aug, 24 2011 @ 07:06 PM
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reply to post by KILL_DOGG
 


How do you figure? If gold is worthless, dollars are worthless. it goes down from time to time but it will always steadily rise and people who get in on it before it's outrageous will always pull ahead.

I agree with the poster above me I think it will touch on 2000 an ounce by the end of the year.
Keep in mind it only went down after rapidly rising for the last few days.
edit on 24-8-2011 by GogoVicMorrow because: (no reason given)



posted on Aug, 24 2011 @ 07:20 PM
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Gold will see $2000, make no mistake about it



posted on Aug, 24 2011 @ 07:20 PM
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Comex just raised margin requirements by 25%+ I think the last margin hikes got priced in, not so much this time with it heading for the stratosphere. Also I don't think a ten year trend counts as a 'few' years.

And no I'm not a Goldbug (I don't own so much as a gram), just calling what I see.



posted on Aug, 24 2011 @ 07:25 PM
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Okay, this is my two cents.
Paper gold is down.
If you have real gold in hand they are still buying it. There is only a few reasons TPTB would set up stands in the mall to relieve you of your real gold. They don't want you to have any.
Any time I see TPTB trying to buy something I always think first. Do not give up the real gold you have in your jewlery boxes. Somehow, someway it will come in handy.
My opinion is to go to garage sales and buy the old gold people have for sale. The silver also. My instinct is to keep the real deal in hand just incase.
This atmosphere of subpression and economic chaos leads me to believe to actual metal will be in demand when the sh@t hits the perverbial fan.
Along with all the lead I can use...but I am from Missouri and we love lead and gold and silver.
And confrontation.
We all lay down until someone walks on us.



posted on Aug, 24 2011 @ 07:26 PM
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Any small time investors that buy gold at this level will regret it. Isnt it ironic that on the same day that Tripoli is "taken" gold plunges?
I mean there are rumors that THEY were not only after oil in Libya but also their alleged 144 million tons of gold.



posted on Aug, 24 2011 @ 07:33 PM
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reply to post by TriForce
 


i have never really understood why gold is valued so much, surely there are other metals that are rarer .
maybe some one on here can explain to me why this is so.



posted on Aug, 24 2011 @ 07:34 PM
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So MSNBC is reporting on gold losing 100 dollars in one day. Will they report on gold when it gains 100 dollars in one day? I doubt it. Gold went from 1600 and touched upon 1900 in just this month so this loss is not much of a fall. It would be like saying you went on a diet and lost 15 pounds but you also gained 45, so you still gained 30.



posted on Aug, 24 2011 @ 07:35 PM
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reply to post by TriForce
 


Woah woah! you mean 144 tons of gold.
144 million tons doesn't exist in the world. The U.S. only has like 8000+ tonnes.
edit on 24-8-2011 by GogoVicMorrow because: (no reason given)



posted on Aug, 24 2011 @ 07:43 PM
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reply to post by tom.farnhill
 


It's a shiny metal, that is non allergenic, and the most malleable metal in the world. It has a lot of uses (including being used in every cell phone, gps, palm pilot, etc and computer) It has been valued for thousands of years. It's used in dentistry, medicine, space travel, computers, and so on.



posted on Aug, 24 2011 @ 07:51 PM
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reply to post by GogoVicMorrow
 


yes but it was given this high value a long time before most of the uses you mentioned .



posted on Aug, 24 2011 @ 07:52 PM
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The margin rates were changed. This happens regularly when powerful institutions wish to drive the price of silver or gold down. Only those who have no understanding of the fundamental issues would get out of gold now.. Any significant pull back is a buying opportunity. The last margin change pulled the price back about fifty before roaring ahead. I do not see this in any way hampering the parabolic rise in gold.



posted on Aug, 24 2011 @ 07:53 PM
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MSNBC Loses A Lot Of Its Glisten In Just One Day

Do these people even read what they're writing?


The danger of investing in gold is that the metal has no intrinsic value. It doesn't pay interest like a bond, or represent a share of a company like a stock. It is only worth what people believe it's worth, and that means that prices can rise and fall based on emotion.

No intrinsic value? Really? And then they contrast gold to stocks and bonds implying that they do?

There you go, folks. No intrinsic value. Because it's not a security.

Throughout history, people have shunned gold because it's not as valuable as stocks or bonds.

That's why during the Great Depression we saw people throwing gold out their windows just to get rid of it and fueling fires with it for warmth, and the U.S. Government prohibiting private ownership of gold. Because it had no "intrinsic value". In Germany, people had to cart wheelbarrows full of gold to the store just to buy a loaf of bread.

It's worth only what people think it's worth, unlike stocks, bonds or paper currency. And so, based on a single day of price fluctuation, we can conclude that gold is a horrible investment.

Good Lord, I don't even know where to begin with that. It's like reading the output of a random word generator.

I will say that I wouldn't buy gold at current prices, that investors do need to be careful about speculating on any commodity, and I can agree with the article that gold can rise and fall in market value for purely emotional reasons -- just like stocks or bonds, amazingly enough.

But this business of suggesting gold has no inherent worth because it lacks "intrinsic value" is a hopelessly circular and specious argument. It's essentially implying gold is not as good as stocks or bonds because it's not a stock or bond. Recursive logic is recursive.

Not worth the virtual paper it's printed on, if they were to solicit my assessment of this article's "intrinsic value".




edit on 8/24/2011 by Majic because: (no reason given)




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