Where's the Bottom for Gold? (Now Down $175)

[Know Common Cents]

We pretty much new that a correction would be coming. Presently down hard and I wonder whether Marc Faber's appearance on CNBC this morning had something to do with it.

He was saying that everyone should have some gold, but said that this wasn't the time to buy. He also said that a correction was due. All it takes is a little spooking of the markets and the "DIVE! DIVE!" warning buzzer is sounded. Toss logic out the window as it doesn't apply anymore. Au and Ag could completely retrace their retreat by the end of the week.

In the truest sense, this is an opportune time to buy more PMs.

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So much for yesterday's drop of "only" $65. Today's freefall added another $100+ to that negative total. This one stings a little. The fundamentals are still the same for bull market, so I remain a steadfast advocate of the favorite yellow metal.

Steady as she goes in my opinion.

[shinnosuke]

Exactly, don't join the panic (if that's what it is) by selling. Just wait for lower prices and buy some more.

[Pennysaved]

The problem is the paper markets can easily be manipulated.

How many people do you know that actually own physical gold?

I wouldn't sell off in the panic either especially when you have physical gold in your hands.

Has anything really improved enough in the economy to warrant the upward tick in the stock market?? NO

[Market Harmony]

C'mon guys... think smart. Silver didn't run, gold did. The GSR is in the 40's and declining. Play a countered position hedge... short GLD, long SLV. Ain't that tough to do.

[beauanderos]

C'mon guys... think smart. Silver didn't run, gold did. The GSR is in the 40's and declining. Play a countered position hedge... short GLD, long SLV. Ain't that tough to do.

How can you say silver didn't run? It fell by a greater percentage basis than gold did.

[Oakair]

C'mon guys... think smart. Silver didn't run, gold did. The GSR is in the 40's and declining. Play a countered position hedge... short GLD, long SLV. Ain't that tough to do.

How can you say silver didn't run? It fell by a greater percentage basis than gold did.

Im just happy it held above 40, let alone 42...

Apparently this was gold's biggest drop in 18 months (Kitco)...Id say both fared pretty well

[theo]

C'mon guys... think smart. Silver didn't run, gold did. The GSR is in the 40's and declining. Play a countered position hedge... short GLD, long SLV. Ain't that tough to do.

Even when the GSR declines, gold still seems to have more up days than down. And athough gold may be over-bought in the short-term, all we need is another U.S. downgrade or Chinese/Japanese treasury dump and gold goes parabolic along with silver. Shorting GLD when things are this fluid seems like unnecessary risk.

[ScottyTX]

I'm hoping its around 1400.00 but I'm daydreaming of buying some nice gold too

[franklin]

Just pretend it didn't ever go over 1900.
Yesterday that Michelle chic at CNBC told the English guy that gold was on its way down and not a good investment. True to form, he shoved it right down her throat by deadpanning "Yeah, what's it up for the month, 20%?" I love that guy as well as Santelli.

[Oakair]

uh oh...

Both getting slammed right now...Silver taking double percentage hit comparatively...

Looks like a buying spree will be called for soon

[Know Common Cents]

All the CNBC goofs are basically saying, "I told you so" about gold being in a bubble. Makes me POed big time. We'll still have the last laugh, I'm confident.

[Treetop]

All the CNBC goofs are basically saying, "I told you so" about gold being in a bubble. Makes me POed big time. We'll still have the last laugh, I'm confident.

do you really question them? gold plummeted to levels not seen for 10 days or so..... Really I DO use them to gauge the market.... once they start saying it is a good buy, then you might consider selling. I couldnt find it but i read an article awhile back about how in every major turn of the market suc soruces wouldnt tell people to invest until all the money had been made. they listed 8 major market shifts of the last decade and such sources were WRONG on every one.

[avidbrandy]

There was another 27% hike int he margin requirements of gold, and china did it as well. It's temporary though.

Also, Bernanke is speaking tomorrow. short of us having QE3 this should drop stocks a considerable amount.

[RichardPenny43]

.

[shinnosuke]

Umm, $1805.80, ladies. Thanks go out to The Bernank.

Edited to say that at 3:33P it's $1824.80. That was some correction.

[neilgin1]

Just pretend it didn't ever go over 1900.
Yesterday that Michelle chic at CNBC told the English guy that gold was on its way down and not a good investment. True to form, he shoved it right down her throat by deadpanning "Yeah, what's it up for the month, 20%?" I love that guy as well as Santelli.

that is strange, why is it that mainstream media talking heads ALWAYS bad mouth PM's?...i mean, i get it, that they're desperately trying to hang on to the status quo, make like everything's OK, etc. But it seems to me, that truth has fled the land. Everywhere it seems, you can never get a straight answer, not from "news" outlets, not from gummit, not from business combines. Take this comedy in Libya, who are these "rebels"?....are they jihadi's?....merc's?......who's doing the resupply?...NATO?...whats the endgame look like?...is it to lock down the 1.3 mln daily barrels of Libyan crude, which is the really good light sweet refiners love...is it to lock down for the EU?....and who's next?, coz everytime i hear the words "Arab Spring", i laugh. Any "revolution" in any arab country is going to have islam at its core, what are we nuts? we think that we can always prop up some secular arab kleptocracy forever?
and there's NO STRAIGHT ANSWERS given!....and its crazy. The less we have to do with any of these arabs, the better off we'll be, these countries are flushing toilets. i know we need the oil, but screwing around with muslims is like a one legged dude poking a hornets nest.

anyway, sorry for the rant, it just seems like the world has gone mad....is that just me?...or does anyone else feel the same? its collective institutional madness...where is Thomas Jefferson when we need him?

[Kurr]

The "media" are all LARGE corporations that rely on credit streams to operate. These credit stream comes from banks, who rely on a currency monopoly. PMs are a direct competition to the FRN and thus power that the banks control.

[beauanderos]

...where is Thomas Jefferson when we need him?

So anyway, Osama Bin Laden gets summoned from Death's Waiting Room and he exits thru the only door. He sees a staircase of golden steps ascending into the clouds. "Ah, Praise Allah," he says to himself "it must be Heaven." So he begins to climb the steps, his excitement growing with each small advance that he makes, at what awaits him. Suddenly, from out of nowhere, a grey-haired old man rushes and tackles him, then proceeds to kick the crap out of him. As he is leaving he says to him "My name is George Washington, and this is what you get for what you did to my country!" Osama, shaken, gets up and continues to climb the stairs again, albeit quite fatigued now and aching all over. All of a sudden another grey-haired old man attacks him, pummeling him with his fists until his face is a pulpy mess, and declaring "I'm John Adams... and this is what you get for the way you treated American citizens!" Osama, now trembling in fear, slowly begins to once again mount the stairs, whereupon a third grey-haired old man attacks him, beating him within an inch of his life. He stares down triumphantly at the cowering man at his feet and shouts "I'm Thomas Jefferson, and we don't let scum like you get away with the crimes you committed against the United States. Osama can't believe his own eyes. All his life he had placed his faith in the promises of the Koran... and yet this had occurred. He agonizingly drags himself the few remaining stairs to the top, where a bearded ancient man in a white robe is making entries in a ledger. "Are you God?" Osama utters. "No," says St. Peter, "but I can answer any questions you might have." Osama lifts his tired head one final time and asks "but what about the 72 virgins awaiting me in Heaven?"

St. Peter looks down disdainfully upon the disgraced man and says...

"That was 72 Virginians, you fool."

[Oakair]

Umm, $1805.80, ladies. Thanks go out to The Bernank.

Edited to say that at 3:33P it's $1824.80. That was some correction.

Not a bad day for gold at all!

[neilgin1]

that was good Ray.

[shinnosuke]

...where is Thomas Jefferson when we need him?

So anyway, Osama Bin Laden gets summoned from Death's Waiting Room and he exits thru the only door. He sees a staircase of golden steps ascending into the clouds. "Ah, Praise Allah," he says to himself "it must be Heaven." So he begins to climb the steps, his excitement growing with each small advance that he makes, at what awaits him. Suddenly, from out of nowhere, a grey-haired old man rushes and tackles him, then proceeds to kick the crap out of him. As he is leaving he says to him "My name is George Washington, and this is what you get for what you did to my country!" Osama, shaken, gets up and continues to climb the stairs again, albeit quite fatigued now and aching all over. All of a sudden another grey-haired old man attacks him, pummeling him with his fists until his face is a pulpy mess, and declaring "I'm John Adams... and this is what you get for the way you treated American citizens!" Osama, now trembling in fear, slowly begins to once again mount the stairs, whereupon a third grey-haired old man attacks him, beating him within an inch of his life. He stares down triumphantly at the cowering man at his feet and shouts "I'm Thomas Jefferson, and we don't let scum like you get away with the crimes you committed against the United States. Osama can't believe his own eyes. All his life he had placed his faith in the promises of the Koran... and yet this had occurred. He agonizingly drags himself the few remaining stairs to the top, where a bearded ancient man in a white robe is making entries in a ledger. "Are you God?" Osama utters. "No," says St. Peter, "but I can answer any questions you might have." Osama lifts his tired head one final time and asks "but what about the 72 virgins awaiting me in Heaven?"

St. Peter looks down disdainfully upon the disgraced man and says...

"That was 72 Virginians, you fool."

Great joke, but John Adams was a Yankee from Boston, wasn't he?

[beauanderos]

How was Osama supposed to know that? Adams just wanted to get in on the fun! (Uh... Doug? That was the way the joke was told to me... don't kill the messenger, alright?) So change it already, I'm sure plenty of Founding Fathers WERE from Virginia Ok, so you want to be a perfectionist? Substitute Patrick Henry for John Adams... but then most Americans wouldn't get the joke! You want to know what was REALLY funny??? After I read what I had typed, I realized I had written Obama every time, instead of Osama, after the first usage of his name.

[shinnosuke]

How was Osama supposed to know that? Adams just wanted to get in on the fun! (Uh... Doug? That was the way the joke was told to me... don't kill the messenger, alright?) So change it already, I'm sure plenty of Founding Fathers WERE from Virginia Ok, so you want to be a perfectionist? Substitute Patrick Henry for John Adams... but then most Americans wouldn't get the joke! You want to know what was REALLY funny??? After I read what I had typed, I realized I had written Obama every time, instead of Osama, after the first usage of his name.

Note to self: No more killing of messengers. Wow, somehow I was reading Obama every time, even though you had clearly written Bin Laden in the first mention of Osama's name...