NOW what the f**k is going on with Gold/Silver-?Submitted by LibertyBaby on Thu, 05/29/2008 - 10:19
Okay, I am beginning to lose my mind now (as well as a large chunk of my savings). For 3 months now, I sat on my hands as Silver plummeted from $21/oz all the way down to $16/oz, and Gold from $1030/oz back down to $850/oz.
Despite record Oil prices, record inflation, record debt, and record declining value of the U.S. Dollar, what should have been going up in contrast was instead also going down.
Finally, in the middle of May a glimmer of hope. Silver bounced back a little from $16/oz up to over the $18/oz mark. Gold got up as high as $930/oz. It looked like there might finally be some sustained upward movement in metals (commodities) that would finally help to erase the huge (on paper) loses of most of my life savings.
Then, in just the last 3 days, the bottom totally drops out all over again! why?. What the hell is going on? Silver is crushed all the way back down to the $16/oz terroritory again. Gold has nosedived back to the $800s/oz. And all of this in just a mere 3-4 days (erasing the multi-week climb back to respectability from the earlier lows).
What the heck is going on?
How can commodities lose 20-percent of their value, in these so obviously troubled economic times?