Author Topic: Gold drops sharply and suddenly  (Read 9074 times)

loco

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Gold drops sharply and suddenly
« on: June 26, 2017, 07:33:01 AM »
Gold traders were greeted with a jolt Monday morning. The precious metal fell by nearly $20 an ounce in seconds at about 4 a.m. ET. The price sank from about $1,254 an ounce to a low of $1,236. Gold has recovered a portion of those losses, but it still trades down by 1% near $1,244.

The precious metal has had a solid start to 2017, gaining 7.36% year-to-date. But the yellow metal has struggled to break through its preelection level of about $1,300.



https://finance.yahoo.com/news/gold-plunges-sharply-suddenly-110600508.html


Simple Simon

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Re: Gold drops sharply and suddenly
« Reply #1 on: June 26, 2017, 07:40:03 AM »
They say currency value is based on the price of gold.

strange really when the value of gold is based on how much money you can get for it...

without currency Gold would be worthless.

FitnessFrenzy

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Re: Gold drops sharply and suddenly
« Reply #2 on: June 26, 2017, 07:45:02 AM »
without currency Gold would be worthless.

Nope. Gold is used in a number of industrial applications, e.g. computer hardware, and it will always have a value based on this factual usage.

Simple Simon

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Re: Gold drops sharply and suddenly
« Reply #3 on: June 26, 2017, 07:46:30 AM »
Nope. Gold is used in a number of industrial applications, e.g. computer hardware, and it will always have a value based on this factual usage.

to the common man a big block of gold is worth fuck all unless he can exchange it for cash.

Lead has intrinsic value as much as gold if you use your analogy.

Dokey111

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Re: Gold drops sharply and suddenly
« Reply #4 on: June 26, 2017, 08:09:50 AM »
1% drop you think means something?  ::)

Obvious Gimmick

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Re: Gold drops sharply and suddenly
« Reply #5 on: June 26, 2017, 08:16:25 AM »
1% drop you think means something?  ::)
Exactly. This is fake news.

HTexan

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Re: Gold drops sharply and suddenly
« Reply #6 on: June 26, 2017, 03:02:45 PM »
They say currency value is based on the price of gold.

strange really when the value of gold is based on how much money you can get for it...

without currency Gold would be worthless.
Truth. But gold has always be in demand. There will always be currency. Even if the US would crash, people in other countries would still want gold.
A

Mr Anabolic

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Re: Gold drops sharply and suddenly
« Reply #7 on: June 26, 2017, 03:19:41 PM »
Gold drops sharply?   ::) A $20 drop is nothing.

It's all being done deliberately in the futures market during in the wee hours (when trading volume is very light) to purposely drop the price.  It doesn't work as well as it used to though... it's taking more and more paper contracts to drop the price.  I love adding more ounces on big dips of $50-100, but it doesn't happen much anymore.  Silver is dirt cheap at current prices.

Someday in the near future people will be smacking themselves saying they should've been buying PM (especially silver) at these ridiculously discounted prices. 


robcguns

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Re: Gold drops sharply and suddenly
« Reply #8 on: June 26, 2017, 03:54:49 PM »
Gold drops sharply?   ::) A $20 drop is nothing.

It's all being done deliberately in the futures market during in the wee hours (when trading volume is very light) to purposely drop the price.  It doesn't work as well as it used to though... it's taking more and more paper contracts to drop the price.  I love adding more ounces on big dips of $50-100, but it doesn't happen much anymore.  Silver is dirt cheap at current prices.

Someday in the near future people will be smacking themselves saying they should've been buying PM (especially silver) at these ridiculously discounted prices. 



You really think silver is a good investment?

robcguns

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Re: Gold drops sharply and suddenly
« Reply #9 on: June 26, 2017, 04:16:02 PM »
Good investments provide returns, such as companies, real estate, bonds.

Gold and silver provide no returns. It's really just an inert lump of timeless metal. This physical property of the precious metals is what makes them good for certain purposes such as an insurance against currencies and financial systems crashing, which might happen once a lifetime. That's why investors keep a small percentage of their portfolio in gold, for insurance purposes.



Thanks for answering that.

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Re: Gold drops sharply and suddenly
« Reply #10 on: June 26, 2017, 04:23:55 PM »
They say currency value is based on the price of gold.

strange really when the value of gold is based on how much money you can get for it...

without currency Gold would be worthless.

I hate to be pedantic, but without currency, any commodity is de facto "worthless", as worth is measured in currency. You've posited a tautology.

XFACTOR

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Re: Gold drops sharply and suddenly
« Reply #11 on: June 26, 2017, 04:27:07 PM »
I hate to be pedantic, but without currency, any commodity is de facto "worthless", as worth is measured in currency. You've posited a tautology.

Gold can become a form of currency

Mr Anabolic

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Re: Gold drops sharply and suddenly
« Reply #12 on: June 26, 2017, 04:35:47 PM »
Good investments provide returns, such as companies, real estate, bonds.

Gold and silver provide no returns. It's really just an inert lump of timeless metal. This physical property of the precious metals is what makes them good for certain purposes such as an insurance against currencies and financial systems crashing, which might happen once a lifetime. That's why investors keep a small percentage of their portfolio in gold, for insurance purposes.

That "once in a lifetime crash" will happen sooner than later.  You will definitely be alive for it, but will you be prepared?  It's all about timing... timing is everything.

Gold and silver are a store of value and wealth.  Why do you think banks, governments, kings and queens hoard it?  

Right now PMs are being manipulated to death by government/Wall Street bankers because they want you to use their fiat paper that constantly loses value with time.  People complain about prices of goods and services  going up... that's not it...  the value of the currency is being devalued/debased, they made up a bogus name for it, it's called "inflation"


Rambone

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Re: Gold drops sharply and suddenly
« Reply #13 on: June 26, 2017, 05:52:06 PM »
Gold drops sharply?   ::) A $20 drop is nothing.

It's all being done deliberately in the futures market during in the wee hours (when trading volume is very light) to purposely drop the price.  It doesn't work as well as it used to though... it's taking more and more paper contracts to drop the price.  I love adding more ounces on big dips of $50-100, but it doesn't happen much anymore.  Silver is dirt cheap at current prices.

Someday in the near future people will be smacking themselves saying they should've been buying PM (especially silver) at these ridiculously discounted prices.  



This. It wasn't even the largest move in the past 2 weeks. The writers of these articles have never traded gold or any commodity for that matter. It's not newsworthy at all. Just some novice writer looking for something to talk about. Oh brother.

Nirvana

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Re: Gold drops sharply and suddenly
« Reply #14 on: June 26, 2017, 06:14:05 PM »
Water is ultimately the only currency. Brass and lead (combined) make a close second.

HTexan

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Re: Gold drops sharply and suddenly
« Reply #15 on: June 26, 2017, 07:48:13 PM »
Water is ultimately the only currency. Brass and lead (combined) make a close second.
What about food? ???
A

Nirvana

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Re: Gold drops sharply and suddenly
« Reply #16 on: June 26, 2017, 07:51:21 PM »
What about food? ???
You can go a while without food. Water edges it out for the "ultimate" currency.

Marty Champions

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Re: Gold drops sharply and suddenly
« Reply #17 on: June 26, 2017, 08:14:52 PM »
brutal 2%  drop  :'(
A

Las Vegas

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Re: Gold drops sharply and suddenly
« Reply #18 on: June 26, 2017, 08:26:44 PM »
Water is ultimately the only currency. Brass and lead (combined) make a close second.

Yes, that's why it's said to flow in a current between banks.

HTexan

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Re: Gold drops sharply and suddenly
« Reply #19 on: June 26, 2017, 08:28:50 PM »
You can go a while without food. Water edges it out for the "ultimate" currency.
For what 3 weeks or so.
A

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Re: Gold drops sharply and suddenly
« Reply #20 on: June 26, 2017, 10:45:19 PM »
Wake me up when it hits $900-950.

irishdave

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Re: Gold drops sharply and suddenly
« Reply #21 on: June 26, 2017, 11:23:24 PM »
Gold drops sharply?   ::) A $20 drop is nothing.

It's all being done deliberately in the futures market during in the wee hours (when trading volume is very light) to purposely drop the price.  It doesn't work as well as it used to though... it's taking more and more paper contracts to drop the price.  I love adding more ounces on big dips of $50-100, but it doesn't happen much anymore.  Silver is dirt cheap at current prices.

Someday in the near future people will be smacking themselves saying they should've been buying PM (especially silver) at these ridiculously discounted prices. 



Do you trade equities?

I spread dax fesx and a few others

Simple Simon

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Re: Gold drops sharply and suddenly
« Reply #22 on: June 27, 2017, 12:40:03 AM »
I hate to be pedantic, but without currency, any commodity is de facto "worthless", as worth is measured in currency. You've posited a tautology.

no need to apologise about being pedantic because your post wasn't an example of pedantry.

My post saying gold would be worthless without currency was in no way intended to single out gold and exclude all other commodities.

Thanks for adding in your valueless contribution all the same.

ESFitness

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Re: Gold drops sharply and suddenly
« Reply #23 on: June 27, 2017, 01:38:04 AM »
brutal 2%  drop  :'(

Not even 2%

Wouldn't even qualify for a spot on the "Pops 'n Drops" list on that evenings FastMoney on CNBC... Although those were futures contracts though, no? Doesn't matter enough for me to reread, but if so, then it matters even less.

ratherbebig

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Re: Gold drops sharply and suddenly
« Reply #24 on: June 27, 2017, 02:20:16 AM »
invest in water and protein powder for the coming apocalypse

a little gold is good if you want to pimp your watch or something