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baub
23:49:08 Fri
May 30 2014

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why is gold tanking?

Any ideas? Is the dollar going up? New oil discoveries?

b

  
peluk
20:17:19 Sat
May 31 2014

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Re: why is gold tanking?

Thanks for bringing this interesting topic back to the fore,Baub.At this point I can only offer gleanings from here and there in the news.At this point,i am only keeping in mind the earlier admonition that gold may go to around $1100 by maybe mid July at which time,coincidentally,there will be a major "reset" of world currencies.World currencies have apparently been diluted much as our own.

But that idea was posited before Russia and China became closer trade partners.Actually it was at just at the beginning of this move and at that time it was decided by the two that commodities and manufactured goods would be traded straight across with gold as backing until the transaction was completed.It was also an effort to diminish the dollar as a backing or currency involved in the commerce.

So,that's what I'm waiting to see.Production costs for gold have certainly not diminished...has the need diminished,or will it?
Is/has India decided to let gold imports continue as they were before they shut it down? will the average Indians still seek to gather and hold it? How about the Chinese?These were both drivers in the market.

Are Americans buying? And how about the recent activity to eliminate gold price manipulation,will that affect anything.As soon as some big players got fined and pulled out,the spot value plummeted. This is interesting.

  
peluk
17:32:23 Sun
Jun 1 2014

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Re: why is gold tanking?

But,along with that rumor of a reset was the speculation that gold would start climbing in value and by late Fall,it would be up around $1900.
So,last night,I was out taking a look at some material here in the yard. A man came down the sidewalk while i was panning and we started shooting the breeze.He just got into town,has a job on a large dredge and he was trying to find a cheap vehicle.

The conversation went along to where he stated he was from Montana and the local gold refinery and buyer...or one of them...is owned by Russians.He said in a conversation with the owners they stated they expect gold to be around $5000 by the first of the year.
Ok,just catalog that as maybe yes,more likely no....but....in the meantime he added this. All over town down there,buyers are popping up looking to buy gold and gold jewelry.He said the number of such new buyers is incredible. I've seen signs in my travels as has he but this is an upward move in buying pressure.

Talks cheap....just sayin',that's what I heard.

  
baub
19:52:52 Tue
Jun 3 2014

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Re: why is gold tanking?

There's little reason to doubt the idea of price manipulation and underground precious metals trading.
The old saw " Follow the money" may apply here. Who stands to gain the most with the price drop. It would seen that in order to manipulate the market as large as this world wide exchange, it would take a coalition of countries and/or commodities groups to effect this suppression of prices. Hence the China/ Russia connection.
Another thought is that gold etc are reaching a market equilibrium due to the leveling of supply and demand. Occams Razor, the simplest solution is the most likely.
Peter Schiff seems to think the metals will soar, but later on this year. I dunno.
Another thought is that ordinary American people are not buying and as a result, the price is dropping. This too would take a massive amount of non buying to affect the market.These may be the same people that paid attention a few years ago during the uncertainty of the terrorists wars, and started to hedge their investments with gold purchases. We seem to be entering an era of complacency. This doesn't explain the many buyers that you and others, have seen tho.
I have rarely been able to predict the direction of gold prices except in the negative way. It seems that invariably gold goes in the opposite direction that I predict !

b

  
jacksongold
14:14:37 Wed
Jun 4 2014

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Re: why is gold tanking?


Eastern countries are buying and want Gold to remain low. Western countries want to take the 'luster' off of Gold so people don't buy it. Gold is not good for the economy. It causes money to stop circulating. Gold prices will eventually go up. Always has and always will. Very little talk about Silver these days. Wonder why?

  

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