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Gold Plunges More Than $100

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Gold Plunges More Than $100 Empty Gold Plunges More Than $100

Post by lexie Fri Sep 23, 2011 7:06 pm

Sep 23, 2011



Gold Plunges More Than $100



Gold fell, capping the biggest two- day plunge since 1983, on investor sales following routs in global equity and commodity markets.

More than $3.4 trillion has been erased from equity values this week, sending a global measure of shares into a bear market, on concern that governments are running out of tools to avert a recession. The Standard & Poor’s GSCI Index of 24 commodities fell to a nine-month low today. Gold has dropped 15 percent since reaching a record $1,923.70 an ounce on Sept. 6.

“Gold has become the source of liquidity for global margin calls,” said Michael A. Gayed, the chief investment strategist at Pension Partners LLC. “Also, deflationary pressures are acting on gold.”

Gold futures for December delivery fell $101.90, or 5.9 percent, to settle at $1,639.80 at 1:51 p.m. on the Comex in New York, the biggest decline since March 2008. In two days, the metal dropped 9.3 percent, the most since February 1983. The weekly decline of 9.6 percent also was the most since that year.

“It’s difficult to say at what level this liquidation will stop,” Frank Lesh, a trader at FuturePath Trading in Chicago, said in a telephone interview. “Slowing growth has created pressure on gold and commodities from the deflation angle.”

“We are seeing a flight to cash because 2008 is still very fresh in people’s minds,” Marshall Berol, a co-portfolio manager of the Encompass Fund in San Francisco, said in a telephone interview.

In October 2008, gold prices tumbled 18 percent as the most-severe slump since the Great Depression spurred losses in global equity and commodity markets. The metal jumped 23 percent in the next two months.

“We view the correction in gold as being temporary and similar to initial losses suffered in 2008,” Suki Cooper, an analyst at Barclays Capital in New York, said in a report.

On the New York Mercantile Exchange, platinum futures for October delivery dropped $97.40, or 5.7 percent, to $1,613.20 an ounce. Palladium futures for December delivery fell $21.55, or 3.2 percent, to $642.50 an ounce.




http://www.bloomberg.com/news/2011-09-23/gold-declines-more-than-100-in-new-york-on-sales-driven-by-margin-calls.html


*****************
"WHEN THE POWER OF LOVE OVERCOMES THE LOVE OF POWER, THE WORLD WILL KNOW PEACE"
lexie
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Gold Plunges More Than $100 Empty Re: Gold Plunges More Than $100

Post by 1alaskan Fri Sep 23, 2011 7:22 pm

If I remember right, a few months ago, some of the finance folks on the dinar sites were saying they thought that when we got close to an RV, and after RV, that a few things would happen.

1) Dollar would go up,
It was down a bit today, but up about .10 in the past few weeks again both Euro, and Pound. Not huge but in curency trading, not small.

2) Oil would go down,
It has and is down from just a few weeks ago.

3) Gold would go down
It has, down 15% in 3 weeks, over $100 today alone.

The finace guys also said this would only lasrt about 6 months at most, then things could get worse than they have been.
I don't know if this theory is true, but the signs are there.

*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
Marilyn Vos Savant


Yesterday would have been better, but today is a good day

Remember as always, JMHO
Rantings from just north of sixty

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Gold Plunges More Than $100 Empty Re: Gold Plunges More Than $100

Post by Guest Fri Sep 23, 2011 7:35 pm

This might be a good sign or it might be NOTHING... we shall soon see. GO RV!!!

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Gold Plunges More Than $100 Empty Re: Gold Plunges More Than $100

Post by 1alaskan Fri Sep 23, 2011 7:52 pm

Punisher,

That my friend is the truth, Maybe, maybe not...........

*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
Marilyn Vos Savant


Yesterday would have been better, but today is a good day

Remember as always, JMHO
Rantings from just north of sixty

1alaskan
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Gold Plunges More Than $100 Empty Re: Gold Plunges More Than $100

Post by Guest Fri Sep 23, 2011 7:54 pm

1alaskan wrote:Punisher,

That my friend is the truth, Maybe, maybe not...........

I like to stay optimistic like you so I HOPE it's a good sign we are very close to the RV....

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Gold Plunges More Than $100 Empty Re: Gold Plunges More Than $100

Post by 1alaskan Fri Sep 23, 2011 7:58 pm

I too like to be optimistic,

But it is getting tiresome, with that said, I going home, BBQ tonight with some fellow investors, wine and bs flowing I'm sure.

*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
Marilyn Vos Savant


Yesterday would have been better, but today is a good day

Remember as always, JMHO
Rantings from just north of sixty

1alaskan
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Posts : 4668
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Age : 41
Location : Planet far far away

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Gold Plunges More Than $100 Empty Re: Gold Plunges More Than $100

Post by Guest Fri Sep 23, 2011 8:08 pm

1alaskan wrote:I too like to be optimistic,

But it is getting tiresome, with that said, I going home, BBQ tonight with some fellow investors, wine and bs flowing I'm sure.

Sounds like a good night for you my friend. Have fun and focus more on the BBQ and less on the RV, lol. JUST KIDDING.

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