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Gold price dives through support to new low. Gold Bubble continues to deflate.; Gold price to drop another 15% this year say strategists at Societe Generale
Topic Started: 3 Apr 2013, 10:29 AM (37,690 Views)
Shadow
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Evil Mouzealot Specufestor

Down down, gold prices are down...

Quote:
 
http://www.guardian.co.uk/business/2013/apr/12/gold-selloff-cyprus-eurozone-crisis

Cyprus sell-off fears send gold price tumbling

Precious metal slides below $1,500 an ounce for the first time since July 2011 – a 'make-or-break moment', analysts say

Larry Elliott, economics editor
The Guardian, Friday 12 April 2013 19.30 BST

The price of gold fell to its lowest level in more than 18 months on Friday night amid fears that sales of the precious metal forced on Cyprus by its desperate financial plight would lead to wholesale dumping by hard-pressed countries in the coming months.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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Enjoy The Ride
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Eventually the price of Gold on the COMEX and other exchanges will be $0.

The MF Global experience, and now the new Bail-in template will mean anyone who wants to invest in PM's has to take delivery of the Physical. It is the only way counterparty risk can be eliminated.

Trust is rapidly leaving the financial system, the Gold will leave it too.
Enjoy The Ride!

The case for individual freedom rests chiefly on the recognition of the inevitable and universal ignorance of all of us concerning a great many of the factors on which the achievement of our ends and welfare depend. It is because every individual knows so little and, in particular, because we rarely know which of us knows best that we trust the independent and competitive efforts of many to induce the emergence of what we shall want when we see it. Humiliating to human pride as it may be, we must recognize that the advance and even the preservation of civilization are dependent upon a maximum of opportunity for accidents to happen.”
― Friedrich A. von Hayek


"I, on the other hand, am a fully rounded human being with a degree from the university of life, a diploma from the school of hard knocks, and three gold stars from the kindergarten of getting the shit kicked out of me." Blackadder.


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Frank Castle
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Business As Usual

Gee, this contrarian investor thing is working well for me

Do the EXACT opposite of what the bears think and you cant help but make money.

They told me not to buy property...............I am making a killing
They told me to sell all my property and buy shares.......then the market crashed
They said sell and put the money in cash.............and then interest rates tanked
They said sell and buy gold, a ZERO yield lump of metal............and prices are plummeting.

So glad I never took their piss poor advice, what a monumental FAIL for them.

Still, we cant all be WINNERS - There must always be some LOSERS
After all, us LL's need someone to keep paying the rent :lol :bye:

Edited by Frank Castle, 13 Apr 2013, 10:00 AM.
Ignore posts by The Whole Truth · View Post · End Ignoring
The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
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Catweasel
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Frank Castle
13 Apr 2013, 09:57 AM
Gee, this contrarian investor thing is working well for me

Do the EXACT opposite of what the bears think and you cant help but make money.

They told me not to buy property...............I am making a killing
They told me to sell all my property and buy shares.......then the market crashed
They said sell and put the money in cash.............and then interest rates tanked
They said sell and buy gold, a ZERO yield lump of metal............and prices are plummeting.

So glad I never took their piss poor advice, what a monumental FAIL for them.

Still, we cant all be WINNERS - There must always be some LOSERS
After all, us LL's need someone to keep paying the rent :lol :bye:

There it go Frankie.

Do what master, white shoe, expert and Herald Sun want it to do.

Frankie get the rich. Everyone get the rich.

Except its object of jest.

Because it need "the other" to pay its rent and a need different animal group to fulfill its self worth.

If it not for a animal group, it would need another group to rally against.

Then it get the scary.
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Pig Iron
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Bogan scum

Oh shit i can hardly watch it's hideous. gold is tanking like a motherf*cker. $1405AUD/oz and dropping like a stone.

http://goldprice.org/

Cockrider is in trouble with his silver, it's also dropping like a stone. he's lost almost 10% in less than a month now.
Edited by Pig Iron, 13 Apr 2013, 11:05 AM.
I am the love child of Tony Abbott and Pauline Hanson
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frankrider
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Old news shadow, I reported it last night on my gold wakeup thread.

What amazes me though is why all the attention here on the forum about gold? It's a barberous relic isn't it, not worth a mention? Yet the property bugs have started 2 or 3 threads on it. How can this be, unless... they FEAR gold. I don't see them running threads on the stock market or the bond markets yet gold seem to strike some chord within them. It's no surprise to me though and we find it under the old category of cognative dissonance where mentally confused people believe two diametrically apposed ideas.

Gold is very valuable, everyone knows that. I mean who here if they found a gold nugget would toss it away? No one. Yet the bugs here continually try to tell us gold is worthless. You can't have it both ways boys, in your muddled heads perhaps, but not in the real world. Anyway I didn't come down here to the Gold Paranoia thread to upset your apple-cart, by all means, carry on.

Negative gearing is a form of leveraged speculation in which a speculator borrows money to buy an asset, but the income generated by that asset does not cover the interest on the loan

A negative gearing strategy can only make a profit if the asset rises so much in price that the capital gain is more than the sum of the ongoing losses over the life of the speculation. http://en.wikipedia.org/wiki/Negative_gearing
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Catweasel
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frankrider
13 Apr 2013, 01:48 PM
Old news shadow, I reported it last night on my gold wakeup thread.

What amazes me though is why all the attention here on the forum about gold? It's a barberous relic isn't it, not worth a mention? Yet the property bugs have started 2 or 3 threads on it. How can this be, unless... they FEAR gold. I don't see them running threads on the stock market or the bond markets yet gold seem to strike some chord within them. It's no surprise to me though and we find it under the old category of cognative dissonance where mentally confused people believe two diametrically apposed ideas.

Gold is very valuable, everyone knows that. I mean who here if they found a gold nugget would toss it away? No one. Yet the bugs here continually try to tell us gold is worthless. You can't have it both ways boys, in your muddled heads perhaps, but not in the real world. Anyway I didn't come down here to the Gold Paranoia thread to upset your apple-cart, by all means, carry on.
Catweasel say Plenty of the opportunity for mouse to profit from journey to toilet holding hand with a gold.

Likely that mouse not do a profit because it not know where a gold go so cannot take risk.

But that not the wrong.

But gold the demise have positive impact on mouse sense of security.

Media know that so mouse like puppet on string.

But how about hold etf on a nikkei?

What a hell going on?
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Admin
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Administrator

Quote:
 
Gold prices on a crash course

After yesterday's global meltdown, bullion prices fall 3.5% in domestic markets; analysts see downtrend continuing

The gold price bubble seems to have burst, finally. Prices have declined more than four per cent in the international market since yesterday evening. In India, gold and silver prices fell 3.5 per cent today. And, most analysts say the downtrend would continue.

In Mumbai's Zaveri Bazar, gold is trading at a 13-month low, while silver is at a 16-month low. Today, gold lost Rs 1,010 to close at Rs 27,880 per 10g and silver closed Rs 1,890 lower at Rs 50,605 per kg. In the New Delhi market, gold fell by Rs 1,250 to close at Rs 28,350 per 10g, a level last seen on April 7.

In MCX futures, traders are understood to have increased their bearish bets further. The open interest on MCX gold rose from 14,184 lots on Tuesday to 15,556 lots today and brokers said the rise in open interest, at a time when prices were falling, suggested an increase in bearish bets. (PRICE TREND)

Prices came under pressure, following heavy selling by institutional investors, amid fears central banks would act on the lines of the European Union, which had said Cyprus needed to sell gold reserves to raise about euro 400 million to meet its financing needs.

According to World Gold Council's latest data, Cyprus holds only 13.9 tonnes of gold (62.4 per cent of its total reserves). Now, there are concerns that other struggling countries such as Portugal, Ireland, Italy, Greece and Spain may be pushed to do the same. Together, these countries hold about 3,230 tonnes of gold, worth about euro 125 billion.

Yesterday, prices fell sharply - in just a couple of hours, gold corrected about four per cent. Such volatility is rare for a commodity such as gold. Funds started selling after a 'sell' call by Goldman Sachs, whose commodity research wing said, "We are lowering our US dollar-denominated gold price forecast once again. We have conviction the turn in the gold cycle is materialising and our new forecast is further below the forward curve, with year-end targets of $1,450/oz (ounce) in 2013 and $1,270/oz in 2014."

Goldman is not the only one. Now, for precious metals, most analysts have turned bearish. Projections suggest gold would fall further and analysts say the next targets in the one and half years are $1,450, $1,365 and $1,270. If these targets are met, gold in India may be available at Rs 25,000-26,000 per 10g.

Kunal Soni, research analyst at Emkay Commodities, said, "We see prices falling to our next target at $1,445; these could go down further to $1,365 (Rs 27,200)."

Gold prices saw about a decade of bull run - from 2001 to September 2011 - when prices rose to a high of $1,900/oz, resulting in returns of about 700 per cent. From that peak, prices have fallen about 22 per cent. And, there is no sign of an end to the decline.

Some traders in India, however, see a ray of hope in the falling prices. They feel Indian households would keep buying gold at every level. "We see customers coming back to market after a long time, as prices have fallen significantly," said Prithviraj Kothari, managing director, RSBL.

Read more: http://www.business-standard.com/article/markets/gold-prices-on-a-crash-course-113041300319_1.html
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Veritas
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Im actually happy about this.

Actually, Im happy about anything (else) that shows the loony right/Austrian/Libertarian/Bitcoin/gold standard headbangers for the headbangers they are.

They have polluted the discourse for long enough.

Anyway, Krugman, who else?, hands them their bollox here http://www.nytimes.com/2013/04/12/opinion/krugman-lust-for-gold.html?partner=rssnyt&emc=rss&_r=0
Property acquisition as a topic was almost a national obsession. You couldn't even call it speculation as the buyers all presumed the price of property could only go up. That’s why we use the word obsession. Ordinary people were buying properties for their young children who had not even left school assuming they would not be able to afford property of their own when they left college- Klaus Regling on Ireland. Sound familiar?

The evidence of nearly 40 cycles in house prices for 17 OECD economies since 1970 shows that real house prices typically give up about 70 per cent of their rise in the subsequent fall, and that these falls occur slowly.
Morgan Kelly:On the Likely Extent of Falls in Irish House Prices, 2007
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Pig Iron
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Bogan scum

frankrider
13 Apr 2013, 01:48 PM

Gold is very valuable, everyone knows that. I mean who here if they found a gold nugget would toss it away?
you win for the most ridiculous strawman on the internet.

obviously if you got it for nothing you'd keep it wouldn't you dickhead. that doesn't mean i'd pay $1500 for an oz of it.
I am the love child of Tony Abbott and Pauline Hanson
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