13 votes

Gold down big time today.

Just checked Gold prices today and it's down 34 dollars today? Why's that, why such a huge drop? Just curious, thanks a lot everyone.

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It's Because of Greece

Tsipras and the Syriza party broke the existing government coalition. I think he intends to pull-out of the EU and return Greece to the Drachma. He can do so just by stalling the austerity measures, and this has the markets in panic mode.

Most of Greece's debt is held by the IMF, ECB, and governments banks. If Greece defaults on the remaining 266B euro debt, it creates a liquidity crisis in the banking system. To preemptively increase liquidity, those banks are selling their assets, including gold.

michcrow's picture

error

Error.

Two shorten the road.

Mining Stocks

There is a fire sale on all the miners, doesn't hurt to buy some of them and they have dividends to boot.

“The two enemies of the people are criminals and government, so let us tie the second down with the chains of the Constitution so the second will not become the legalized version of the first.” – Thomas Jefferson

Not manipulation

I don't think you can manipulate gold prices that easily unless you're printing or destroying a lot of paper money. There is a number of factors involved in this price change.

Jim Rogers (who said only Ron Paul understands the economy) has said that gold has been bullish too long. Sure, it will keep rising in price with time and with more QE's but right now gold investors might be selling gold to ensure their profit from buying low and selling high.

On the other hand, the dollar this month is gaining value in the world market for 2 reasons:
1. In May the stock market usually goes down, so investors sell. This creates a demand for the currency.
2. There are worries with the euro now that a socialist, anti-Merkel candidate won the presidency in France. This makes people move to another "safer" currency.

I personally believe it will continue to go down for a few weeks, maybe a couple of months, and the it will start rising again, especialy with another QE.

How can you say it's not

How can you say it's not manipulation when 99% of the sales are in paper gold and silver and not physical metal sales? They can knock the price down when ever they want and right now they not only want to but they have to or things get bad now instead of later.

it is manipulation.. you need

it is manipulation.. you need to do some research.

It's not down big time...

If you bought at $600. :)

Let us disappoint the Men who are raising themselves upon the ruin of this Country. John Adams

I'm pretty sure the price of

I'm pretty sure the price of gold is always being manipulated downward while market forces are always driving the price up. Score one for the manipulators, but in the end market forces will prevail.

won't surprise me if gold

won't surprise me if gold would go up big in few weeks, saw this before, going down a bit only to go up more, almost like everything being staged.

Buy some but...

...keep some powder dry too for a bigger fall in precious metals..

It's the long run we're concerned with.

Consider that China is now encouraging its citizens to buy precious metals (for the first time in history), consider the demand there which is yet to be realized.

I don't ever have trouble deciding when to buy more - But I do have a lot of trouble deciding if or when to sell.

"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul

Where are you guys buying physical gold/silver from?

Time to buy...

'Cause there's a monster on the loose

Gainsville coins

junk coins at spot

“The two enemies of the people are criminals and government, so let us tie the second down with the chains of the Constitution so the second will not become the legalized version of the first.” – Thomas Jefferson

all leading economic

all leading economic indicators are pointing down. The media has been lying about the economy for years. QE is about to be announced. This push down of Gold and Silver is the attempt of the manipulators to get their houses in order before QE is announced. That is all it is.

Great buying opportunity!

Hell, I'm going all in...

"Necessity is the plea for every infringement of human freedom. It is argument of tyrants. It is the creed of slaves." William Pitt in the House of Commons November 18, 1783
"I know major allies who fund them" Gen. Dempsey

simply put, it's market manipulation....

can't last forever.... the house of cards shall fall.. hang on to your gold and other precious metals. You'd be a fool to trade it for worthless paper.

"sometimes I hug the coffee table when no one is looking."

Don't worry about it; gold

Don't worry about it; gold prices are manipulated in ways that I don't fully understand, but 5 years from now today's price will seem low. Of course that simply means that the dollar, if it still exists at all, is worth that much less. Look at it this way, gold and silver are on sale right now; get some while you can to preserve purchasing power.

The world's economy is caught in a huge tug-of-war

One the one side, the economy is trying to liquidate its' bad debts. The resulting credit crunch deflates the money supply and there is a downward pressure on all prices, including gold.

On the other side, the central banks around the world are trying desperately to pump up the old credit bubble with new credit, but the credit money cannot be controlled once it is released into the economy and it is, right now, gravitating toward the latest bubble: government bonds. That money eventually causes nearly all prices to rise...including gold.

This tug of war with either result in bone crunching deflation or scorched earth inflation. Either way, there's going to be 'flation.

I'm betting the central banks and the politicians will create every last dollar and euro they can to keep the game going, and so I believe ultimately inflation will win, until the money is worthless and gold and silver will be the primary mediums of exchange.

Ironically, if Ron Paul wins the Presidency, the most valuable thing in the market might be the almighty dollar, and gold may lose its' luster.

One way to look at gold is: if the market believes Ron Paul might win, gold will go down. If they believe he will lose, gold will go up.

I dont think gold would totally go down if Ron Paul wins..

It will just align to its real value.

It will go down

I can't say by how much...nobody knows. But if a President Paul really put the clamps on the ability of the Federal Reserve to create credit money on a whim, then deflation would set in and the dollar would rise in value against goods and services, including gold. You wouldn't lose purchasing power in gold, but you probably won't gain any, either. Dollars, on the other hand, would buy more than ever...if you have any.

Which is why

I keep some FRNs handy for "walking around" money. I hardly ever use FRNs, but I like having a few around should something like that happen. However, I'm left with the strong impression that inflation will continue to be a problem in the mid/long term, So I'm going to hold my PMs for now (I planned on passing my gold down anyway).

I've been using the FRN less and less over the past year or so, I'd rather buy old junkers or whatever else that could potentially turn a profit.

A signature used to be here!

"the credit money cannot be controlled once it is released

into the economy"

I don't see evidence with regards to inflation that it's getting into the economy. Big finance is sitting on it instead of lending it out (except to government to pay interest on debt) creating a dollar shortage while sustaining the illusion of inflation through quantitative easing (QE).

"When the power of love overcomes the love of power, the world will know peace."
Jimi Hendrix
http://www.youtube.com/watch?v=odcGSi286a4&feature=plcp&cont...

Credit money comes and goes

Loans are still being made, money is still being created. It has caused the rise in food prices in the past few years, it is still propping up part of the housing market with artificially low interest rates. We are still exporting much of our inflation with petro dollars and helping to drive crude to $100+ per barrel.

There is no shortage of credit dollars. That money is being issued by the billions to institutions and rich people every day. There IS, however, a dollar shortage for you and me (I assume you are not rich) because we are the last ones to receive the money as it filters through the economy. Prices have already gone up before you and I see a wage increase.

In an inflation, wages tend rise slower than prices. In a deflation, wages tend to drop slower than prices.

Nope

labor, homes, automobiles, appliances, clothes... all flat or falling.... these are major price groups... what's happening out in the real world never gets televised or reported on. And gas prices at the pump were around the same when oil was around $150.... pump prices kept artificially high as advertisements for inflation. High unemployment means there's no money around to hire people... less people working less people buying ... less people buying less sales and prices come down. They want people to turn in their dollars... it's the same ole trick.... money shortage means depression....

The money is staying with big finance.... no money is going to create jobs... all going to interest payments, MIC and information warfare... mainstream media is now the online media.... hence all the reports on the DP from mainstream media....

major deception going on... as usual

"When the power of love overcomes the love of power, the world will know peace."
Jimi Hendrix
http://www.youtube.com/watch?v=odcGSi286a4&feature=plcp&cont...

right its all artificial

Either way -> The people who play fair get less for more work. And if there is no work then they get even lesser. The root of the evil is the taxation that flows only upwards and never back. Thats what people experience and thus start to game the system in taking benefits wherever they can thus letting all others who play fair work more.
Its fucking crazy!


Liberty is the only way out of this mess. Tough the majority wont see that. Thats why we take over the responsibility for them and use what the founders gifted America - a Republic(DELEGATES! :D )

"the taxation that flows only upwards and never back"

That definitively contributes by taking even more money out of the real economy (most going to interest on the national debt and the MIC). These bastards don't care about the people living in tent cities who are desperate for a few of those QE dollars. Of course if you ask someone living out on the street if there's inflation they'll probably say yes because when you have no money to buy anything then everything is priced too high.

"When the power of love overcomes the love of power, the world will know peace."
Jimi Hendrix
http://www.youtube.com/watch?v=odcGSi286a4&feature=plcp&cont...

buy buy buy!

its an artificial market manipulation.

After the elections in Greece and France they knew they had to hold gold down.
Will be some days and then we have a rebound. Everything that goes much deeper then 1600 will rebound shortly.

They are buying themselves time..

This market manipulation will end when some big players want their real gold instead of etfs. Gold will then go to the moon cause they wont have enough gold to deliver(!!!). Until then it will go slowly up with regular market manipulation if something system threatening happens.
The pressure builds up over time.

My grandma bought an ounce when it was 350$ lol. She wont give it away ever lol

Dont forget to sell your stuff when everyone buys gold and silver. Some neocon who heard it at fox will love to buy it on the top of the bubble.

manipulation of the market too

There's a HUGE amount of manipulation of silver (and gold, and likely copper and others as well) by some of the big players. Notably JPMorgan is thought to be THE "playa" in the paper silver market, and seems to actively engage in blatant "drive bys" and smackdowns of the silver price.

For anyone who's stacking for the long haul, it's awesome, since it basically means silver's price compared to where it probably OUGHT to be based on historic averages is WAY low. Historically, silver to gold price ratio is around 15 to 1 (that's 15 oz of silver = 1 oz of gold). So if gold is "fair" (and there's debate on that too, but let's just say it is) at around $1600, then a 15:1 ratio silver to gold would indicate that 1 oz of silver ought to be priced somewhere around $106 or so. Right now silver had been trading around 30-32$ per oz, which is basically like a massive fire sale - it's under valued compared to it's historic standing to gold by a bunch.

There's a WHOLE lot of data behind the values, and sites like silvervigilante.com and silverdoctors.com have a lot of good post about the silver market in particular, along with a lot of analysis of what folks think the price / value OUGHT to be.

Net-net, if you're looking to stack silver or gold for the really long term, SHTF type scenarios (and as a hedge against continue debasement of the dollar by the Fed), this is a GREAT time to buy. Personally I don't stack as an "investment" to make money in the short term, and you couldn't PAY me enough to ever consider buying "paper silver" in the market - if you don't hold the physical goods, you don't own it. When SHTF, and everyone looks to cash out and take what they have... it's not gonna be pretty. An eagle in the hand is worth 2,000 paper ones on an electronic screen, as they say. :) I buy regularly, slowly adding to my stack that I have physical access to and control over. I buy when nothing is happening, and I buy more when the price drops with stuff like the last couple days (Euro is down / dollar stronger based on reaction to Greece / Germany / France elections, silver is "on sale" for me 'cause I can buy more today than I could yesterday).

To be honest, I'm hoping for at least another couple months of overt manipulation and price suppression by the Morgue and others, so I'll get to stack more. :)

www.apmex.com

So, I am seriously considering getting involved in this. I have a ton of questions and was give this link as a place to start. Thought I might bounce it around and see if it is a good starting point.

If an individual did have to cash in on some precious metal holdings, how difficult would it be to sell? I know there are ton of variables so a generic in general answer is all I can really expect, I know.

"Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." Benjamin Franklin

michcrow's picture

See if you can find some

See if you can find some local dealers. Sometimes you will find someone that can give you a very good sell price. (and buy prices as well) But you have to go to more than one. They are all a little different.

Two shorten the road.

apmex would buy it back from

apmex would buy it back from you, when prices are going down they are the best bet.

selling gold is always easy, but it won't be great trying to sell it when the price is going down. Platinum is hard to sell to dealers, they try to screw you big time. Never had silver so I dunno about that.

in my opinion is not worth buying gold just to be forced to sell it in few months cause you need new brakes on your Camry