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Gold Prices Dropping

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pandabear
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27 Sep 2011, 2:37 pm

In many parts of the world, instead of keeping money in bank savings accounts, they buy and keep gold jewelry.

The idea being that if they need money, for example, in a year's time, they can bring their jewelry to a pawn shop (or other gold dealer) and sell it for more than they would get if they had kept their money in an interest-bearing account.

Lately, with gold prices skyrocketing, in some countries people have been trying to buy so much gold that sellers have been completely running out of stock.



blauSamstag
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27 Sep 2011, 4:14 pm

pandabear wrote:
In many parts of the world, instead of keeping money in bank savings accounts, they buy and keep gold jewelry.

The idea being that if they need money, for example, in a year's time, they can bring their jewelry to a pawn shop (or other gold dealer) and sell it for more than they would get if they had kept their money in an interest-bearing account.

Lately, with gold prices skyrocketing, in some countries people have been trying to buy so much gold that sellers have been completely running out of stock.


And then there is the wedding season in India.



zer0netgain
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28 Sep 2011, 11:02 am

ruveyn wrote:
The notion that gold has an inherent "real" value is pure poppycock. Its value in the market is the result of the "tinker bell" effect.

Back in the 17-th century tulip bulbs had a "real" value too. It didn't last very long.

ruveyn


Not this again.

:roll:

Gold and other precious metals have always been the foundation of sound economic systems for THOUSANDS of years. That is not going to change anytime soon.

The wealthiest families in the world (those who OWN the central banks) settle their accounts in gold. So long as that goes on, it will be the standard.



JakobVirgil
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28 Sep 2011, 11:11 am

zer0netgain wrote:
ruveyn wrote:
The notion that gold has an inherent "real" value is pure poppycock. Its value in the market is the result of the "tinker bell" effect.

Back in the 17-th century tulip bulbs had a "real" value too. It didn't last very long.

ruveyn


Not this again.

:roll:

Gold and other precious metals have always been the foundation of sound economic systems for THOUSANDS of years. That is not going to change anytime soon.

The wealthiest families in the world (those who OWN the central banks) settle their accounts in gold. So long as that goes on, it will be the standard.


But what if those families decide it would be a good idea to bankrupt the people that are on to them
by dumping their metals (they can just buy back at lower prices after the bubble pops).
{insert ominous chords}
Gold by any standard is in a bubble selling now is the most rational choice.


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JakobVirgil
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28 Sep 2011, 6:56 pm

Gold down again today
its $1589.96 per ounce down about $300 from the peak $1889.70
shiny rocks


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mcg
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28 Sep 2011, 9:21 pm

All you haters should buy some gold short etfs.



JakobVirgil
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28 Sep 2011, 9:36 pm

mcg wrote:
All you haters should buy some gold short etfs.


I hate exotics but it may be a good idea.
GLL - the UltraShort Gold ProShares ETF
ZSL - the ProShares UltraShort Silver ETF
DZZ - DB Gold Double Short ETN
DGZ - DB Gold Short ETN
PTD - E-TRACS UBS Short Platinum ETN
DUST - Direxion Daily Gold Miners Bear 2x Shares ETF

there is a list of some metal short etfs I do not recommend any of them.

GLL is up +5.71% today
ZSL is up +15.09% wish you woulda told me yesterday :)
DZZ up +4.27%
DGZ up +2.22%
PTD shorting platinum get you nowhere
DUST +8.67%


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JakobVirgil
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30 Sep 2011, 7:32 pm

Gold flat for 2 days


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JakobVirgil
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02 Oct 2011, 12:06 pm

another coupla days gold still flat no rally in sight.
I predict gold under $500 (where it should be)
by the end of next year.
But I could very well be wrong. :oops:


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Last edited by JakobVirgil on 02 Oct 2011, 12:08 pm, edited 1 time in total.

ruveyn
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02 Oct 2011, 12:07 pm

JakobVirgil wrote:
another coupla days gold still flat no rally in sight.


Just another bubble?

ruveyn



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02 Oct 2011, 12:09 pm

ruveyn wrote:
JakobVirgil wrote:
another coupla days gold still flat no rally in sight.


Just another bubble?

ruveyn


That is what I am thinking but it sure is pretty.


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johansen
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03 Oct 2011, 2:16 am

The price of gold dropping is because they are selling off paper gold, only the poor are selling their gold.

I would love to trade my gold for platinum and pretend that the economy is going to turn around but i find no fundamentals to support that.



Inuyasha
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03 Oct 2011, 12:17 pm

johansen wrote:
The price of gold dropping is because they are selling off paper gold, only the poor are selling their gold.

I would love to trade my gold for platinum and pretend that the economy is going to turn around but i find no fundamentals to support that.


I have to agree with you on this. Gold's price increasing probably had more to do with the value of the dollar falling through the floor than it being a typical bubble.



zer0netgain
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04 Oct 2011, 7:59 am

JakobVirgil wrote:
But what if those families decide it would be a good idea to bankrupt the people that are on to them
by dumping their metals (they can just buy back at lower prices after the bubble pops).
{insert ominous chords}
Gold by any standard is in a bubble selling now is the most rational choice.


When you can name some other commodity that cannot be created at whim that lasts indefinitely that IS NOT a "precious metal" or gem, I'll give your position validity.

The wealthiest of people DO NOT deal with fiat currencies. They will only deal with durable items of rarity and value.



blauSamstag
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04 Oct 2011, 9:35 am

zer0netgain wrote:
JakobVirgil wrote:
But what if those families decide it would be a good idea to bankrupt the people that are on to them
by dumping their metals (they can just buy back at lower prices after the bubble pops).
{insert ominous chords}
Gold by any standard is in a bubble selling now is the most rational choice.


When you can name some other commodity that cannot be created at whim that lasts indefinitely that IS NOT a "precious metal" or gem, I'll give your position validity.

The wealthiest of people DO NOT deal with fiat currencies. They will only deal with durable items of rarity and value.


"Gold is something that you take out of the ground in africa and put back into the ground in kentucky." -Warren Buffet, on why he does not invest in gold



Vexcalibur
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04 Oct 2011, 9:54 am

zer0netgain wrote:
When you can name some other commodity that cannot be created at whim that lasts indefinitely that IS NOT a "precious metal" or gem, I'll give your position validity.

Knowledge.


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