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
Tweet Topic Started: 3 Apr 2013, 10:29 AM (37,647 Views)
So what are you saying , the US dollar has been weakening for decades, you now expect it to go from strength to strength Peter. I remember others expected interest rates would stop falling , thinking that we are at the bottom of the cycle there a couple of years ago, some suggested fixing rates back then. I also remember others thinking that our economy was fine and when told massive job losses were heading this why completely dismissed it by talking up our falling economy.
As for the US dollar, it has been weakening pretty hard since about the early seventies. But just disregard too right. The problem is the is US govermenthas been playing funny buggers with the economy for quite a while now, they did not want any more correction to the downside, a natural and healthy part of an economy, it was what keeps an economy balanced and better still stable, but no more of that nonsense they said, let's mess with it, but what happened was they messed it up, big time.
There crazy ideas developed from a man named Keynes, who though the answer to your economic woes was simply to borrow more and more and more money, instead of maybe cut down your shocking spending habits, reduce the ridiculous amount of mindless government institutions and jobs, stop overindulging and live within your means. So they took the easy option and gave the correct option , the bird. But where are they now, they have now borrowed so much and screwed their economy to the point they cannot even pay the interest without borrowing more money to pay that. So what do they.do then , they are forced to dropped their interest rate to zero to make the payments cheaper for while screwing the economy into the ground further. That was not enough, let's start printing money to buy our own bonds cause no one else will. There tricks are now running out very fast and more and more people are waking up to what is really going on very fast. They can't drop interest rates any lower, and they can't tapper cause they know what will happen, so they just continue to weaken their dollar further and further, are you now telling you expect it to go from strength to strength with their mindless policies.
And as for palm beach property was down 50-60% not long ago.
Timmy , finally came out of your cage. Wa property prices down, rents down, mining boom over, unemployment up, forget gold your iron price was 50% higher a yeaar ago.
Goodnight all.
yes ted but unlike you no one is holding iron ore in the hope it goes back up. only suckers like you fell for that in gold. perth housing is up over 7% yoy. i guess after losing all your money in gold and silver you have nothing to lose by making up stories and going into denial
I have only ever made a couple of short term plays timmy, something I guess you dont understand, after massive falls. I came on here on the 26th june and gave you all the exact low for the year telling you what a super bargain silver is, gold was also the low for the year as were gold shares , from there they took off and haave held up. I told you all yesterday how underpriced sbm was, up 8.7% in ten minutes this morning and you tell me you got a 7% increase in one year. where is that 7% supposed to be timmy, if it exists, is it here, is it there, what suburb or town timmy,or they just want to make a broad sweeping statement and tell us evrywhere is up, who told you that timmy, a realestate expert. Wa is on the downer now even with these record low interest rates, wait to the job losses to have full effect. You do understand that the mining boom is over, you do know what is a boom. we have seen the vacancy rates rise nearly 300% in a year from memory, was it not in the low ones about a year ago and now in the low threes timmy?
The latest report shows property falling in WA does it not, dont hold onto something from last year timmy, like your iron prices of 190 per tonne, that was last year too timmy. are you not seeing massive job losses over there too. Now back in your caage.
Why so angry - gold is getting a nice little kick as the USD weakens.
Be happy now because it won't last.
I wasn't angry with mel, she just talks so much like my wife I fell into the normal response loop. As for gold, it's only really the aus price that interests me. The way the US is going gold could easily hit $10,000 in that currency before the decade is out. All you have to do is look at a graph of their debt, it wasn't so long ago it was 8T, now it's 17T. Going very exponential. Something has to give one day.
MMM
18 Oct 2013, 10:44 AM
The latest report shows property falling in WA does it not, dont hold onto something from last year timmy, like your iron prices of 190 per tonne, that was last year too timmy. are you not seeing massive job losses over there too. Now back in your cage.
Yes timmy has made some really shit calls in his life, probably lost a packet on iron ore and now his IO home is on the line with Perth property falling, Again! At the rate he posts here I assume his mining job went as well.
Some people are total victims for every investment scam out there. I wonder what internet stocks he still holds from 2001
gold could easily hit $10,000 in that currency before the decade is out.
HAHA!!!
goldbug
18 Oct 2013, 05:31 PM
Yes timmy has made some really shit calls in his life, probably lost a packet on iron ore and now his IO home is on the line with Perth property falling, Again! At the rate he posts here I assume his mining job went as well.
Some people are total victims for every investment scam out there. I wonder what internet stocks he still holds from 2001
you really are insane frankrider.
lets review the facts.
perth property is up 7.4% yoy. iron ore is $130/t and iron ore stocks are up as well.
all this bullshit you make up about me owning an io investment, losing my job and owning internet stocks must be your way of coping with the stress of losing everything you own on gold and silver.
it's really very sad actually, i pity you.
MMM
18 Oct 2013, 10:44 AM
I have only ever made a couple of short term plays timmy, something I guess you dont understand, after massive falls. I came on here on the 26th june and gave you all the exact low for the year telling you what a super bargain silver is, gold was also the low for the year as were gold shares , from there they took off and haave held up. I told you all yesterday how underpriced sbm was, up 8.7% in ten minutes this morning and you tell me you got a 7% increase in one year. where is that 7% supposed to be timmy, if it exists, is it here, is it there, what suburb or town timmy,or they just want to make a broad sweeping statement and tell us evrywhere is up, who told you that timmy, a realestate expert. Wa is on the downer now even with these record low interest rates, wait to the job losses to have full effect. You do understand that the mining boom is over, you do know what is a boom. we have seen the vacancy rates rise nearly 300% in a year from memory, was it not in the low ones about a year ago and now in the low threes timmy?
The latest report shows property falling in WA does it not, dont hold onto something from last year timmy, like your iron prices of 190 per tonne, that was last year too timmy. are you not seeing massive job losses over there too. Now back in your caage.
ted perth property has been on a steady upward trend for over 12 months now. it's up 7.4% yoy.
the only one left holding anything is you, holding that gold and silver you piled into and lost shit loads of money on. tell us do you still live in your brothers shed like some social reject?
You have told us you have interest only loans before timmy , and have never denied it when it have been mentioned in the past, but now want to change your tune now that the perth market is on the rocky road, latest report shows property prices are heading south, it shows rents are falling , it shows mines closing down and people losing there jobs, the only thing rising over there is rental vacancy rates and unemplyment rates. you thought you were some savvy investor before having interest only loans, but now that things have changed ,you like to make out otherwise. You speak constant rubbish timmy , seem to have very little if any worthwhile input to the forum and continually go on about the same things, over and over and over again.
How many times do you need to print it timmy, an example of one of your posts goes like this:
the fact is timmy iron prices were 190/t about a year ago, what is it you keep crowing about, so about 50% more a year ago, house prices may head the same way over there, I mean look at some of the cyrrent askd to live over there, you think that is sustainable, good luck timmy.
You have told us you have interest only loans before timmy
you see i have to wonder what you are thinking when you say this crap. you know it isn't true, and obviously you know i know it's isn't true. please by all means show us the link to me saying i have an io loan...
MMM
18 Oct 2013, 06:51 PM
and have never denied it when it have been mentioned in the past,
i've told you and other idiots on here multiple times, you just keep trying to claim it for some strange reason
MMM
18 Oct 2013, 06:51 PM
the fact is timmy iron prices were 190/t about a year ago, what is it you keep crowing about,
wrong twice in a single sentence.
i always maintained iron ore prices couldn't be sustained over $150 and that their range would be $110 - $120 in the medium term. and iron ore was $190/t in 2011 long before i joined the forum.
but again, feel free back up your rantings with a link to me saying any of these things you claim
Analysis: Lurching gold prices mystify traders, undermine confidence (Reuters) - In the early hours of the New York morning on Thursday, when scarcely a few hundred lots of gold futures are usually traded, a wave of buy orders worth over $2.3 billion surged into the market.
Prices soared 3 percent in just 10 minutes, setting the tone for the next 12 hours of trade - and puzzling many traders and investors who have been rattled by a series of similarly abrupt, and largely unexplained, trade surges over the past two weeks.
While sudden swings in the price of gold are nothing new, the usual causes - a shock in economic data or a "fat finger" erroneous trade - don't seem to fit. While the U.S. dollar had also tumbled on Thursday, bullion's move was far more extreme.
Some are pointing at spin offs from today's predominantly 24-hour electronic trading, with a far smaller number of market makers on the trading floor to match orders and provide liquidity.
The half-dozen mammoth orders whipsawed prices and disrupted trade in the CME Group's (CME.O) Comex futures, a market already edgy about bullion's fading safe-haven appeal and its lackluster performance during the U.S. budget impasse.
"What's unusual about these moves is the price stays at a new level so that suggests it's a natural buyer or seller," Chris Concannon, executive VP of New York-based electronic trader Virtu Financial.
"This is moving to and setting a new price level, so it can only be done by someone who's buying or selling substantial amounts and then holding."
Unlike the meteoric declines in April and June, when institutional investors exited en masse in a two-day sell-off, these seemingly sporadic trades lasted only minutes but overwhelmed volumes and price direction on each occasion.
The barrages started on the first day of the U.S. government shutdown, yet seemed to bear no link to the headlines from Washington. Other financial markets have remained mostly immune to gold's erratic trades.
Traders have offered a host of possible explanations including that it could be driven by selling by a distressed fund, yet the incidents have occurred across a period of nearly three weeks.
Others said it may be due to unusually low liquidity, as open interest dwindled to a four-year lows just a day before the first episode on October 1. But professional Comex traders should know to moderate their orders in thinner conditions.
A few suggested darker causes: the deliberate gaming of the market, whether by a rogue trader or a computer-driven algorithm that seeks to maximize market impact by overwhelming the system with a large number of orders in milliseconds.
Whatever the cause, the trades risk undermining confidence at a time when electronic trading glitches and flash crashes have roiled other U.S. financial markets in recent years and will fuel concerns that algorithmic trading systems have undue influence over prices.
"Clearly, whoever is out to sell is looking for high impact. It's somebody who is either running a big short position or would like to see a lower gold price for other reasons," said Ross Norman, Chief Executive Officer of London-based bullion broker Sharps Pixley, referring to an abrupt $30 drop on Oct 11.
4:00 A.M. START
Thursday's roiling started just after 4:00 a.m. EDT (0800 GMT), when almost 18,000 lots, equivalent to 1.782 million ounces of gold, changed hands in a 10-minute interval, sending gold futures up 3 percent to their highest in just over a week.
December futures ended the day up 2.7 percent at $1,319 per ounce.
(For a graphic see: link.reuters.com/fut83v )
One possible explanation: short covering after U.S. lawmakers agreed an eleventh hour deal that reopened government and averted a debt crisis for the world's largest economy. The U.S. dollar had just tumbled, also with little cause.
The episode followed five equally dramatic and short spurts of heavy buying or selling that moved prices by over $10 within minutes.
The sheer volume has astonished traders.
On October 1 and October 11, volume in just ten minutes exceeded 20,000 lots, accounting for almost a tenth of the market's average daily turnover this year, Reuters data showed.
Two of those incidents triggered the CME Group's rarely-used "stop logic" function that automatically halts trade briefly to prevent excessive price movements.
CASCADING ORDERS
One common phenomenon that may be exacerbating the sudden swings is cascading stop orders, a condition in which a big move triggers stop orders which in turn cause the market to set off other stop orders and inappropriately moves the market.
Traders say that these cascading stop orders are a side effect of today's electronic trade.
Over the last few weeks, in a market lacking the usual flow of U.S. government data that often defines the day's trade, such technical trading may have held more sway.
"In essence, a lot of market participants are placing similar orders at the same price, as everybody is looking at the same chart and the stops build in a particular price," said Frank McGhee, head precious metals dealer at Chicago commodities brokerage Alliance Financial LLC.
It's not clear if these dramatic trades will have a long lasting impact on prices, but traders warn they could damage investors' confidence in the long run.
"It's just the reality of electronic trading," McGhee said.
(Additional reporting by Clara Denina, Jan Harvey in London and Josephine Mason in New York; Editing by Josephine Mason and Ed Davies)
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
You have told us you have interest only loans before timmy , and have never denied it when it have been mentioned in the past, but now want to change your tune now that the perth market is on the rocky road
Yes, all true, and sad to see. Having to make up lies just to look good on an internet forum. It's the same sort of mentality that drove them into big equity withdrawals for shiny new cars. Trying to impress neighbours who they never said more than 3 words to.
There is a whole generation here that should have been drowned in a bucket at birth.
K-town
18 Oct 2013, 07:49 PM
goldbug
17 Oct 2013, 11:27 PM
Yep. Sounding more and more like my wife all the time.
Who cares about her?
You were getting 'mutual satisfaction' at night and riding the Hayabusa by day. Answering to no-one. The Strong Hand.
Was this in my shed with my brother ted? or up a red rope with a pound of dope? If I offered pills to take all your pain would you eat them or beat them or dance in the rain?
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