Gold continues to plunge.

Gold continues its slide, down more than eleven percent today.

It's main cheerleaders, as an investment and as a hedge against inflation, have been libertarians, conservatives, right-wing pundits, and the advertisers that keep conservative talk on the air. Can anyone spell "schadenfreude?"

Will the slide continue? What is gold really worth? How low will it go?

 

Gold fell because it is being Shorted by certain Governments,especially our own.
Not just shorted but " Naked Shorted " meaning No collateral is needed.
Last Friday 500 Tons of Gold was shorted.A paper transaction.
Cyprus is also said to be using what Gold reserves they have { pretty significant }
to bail out their banks.
The Fed is rigging the markets.Last friday Fed agents hit the market with 500
tons of " naked shorts ".A " naked short " means that the commodity shorted does
not have to be covered with physical metal.
So in essence no physical gold is actually sold.Last friday 500 tons or
16 million ounces of gold were shorted.Or 500 tons of paper gold were sold.
Meaning the price would fall and precipitously because what else would be the
result of dumping so much gold on the market in one day.
So who could afford to lose that kind of money.Only a central
bank that can print it,like the fed.

 

Mountains of it will probably be found in the asteroid belt within the next ten to twenty years, if the world and the economy survives.

 

Good. If precious metals keep falling I can stock back up. There's nothing like buying silver at $7 and then selling at $40.

 

I understand this occurred because the EU czars are forcing Cyprus to sell its gold reserves as part of the bailout deal. While Cyprus dumping the gold is not a big impact on price, the worry is that the other defaulting basket cases like Spain and Italy, with significant gold reserves, will get the same treatment for new bailouts adding a LOT of gold to the public marketplace. That would temporarily reduce the price but should have no real long term impact. Unlike printing press currency, there is an actual limit on gold.

What should it be worth? I'd say about $2K-$3K....but then I think the Dow should be about 6000....

 

Anyone who shorted gold made money. No?

 

Gettin' tougher to hide the worthless piles of paper that claim you own some sort of precious metals (you don't) so people want theirs in physical form. That presents a problem for the money shufflers of "Smoke, Mirrors & Screwem, Inc." So they manipulate the price down in some retarded attempt to cover their azzes. Won't work. Crash will be complete by the end of this month.

 

I don't like debating things with those who can't even use what Sense
God Gave Geese.
N'cest Pas ?
This is the problem with Obama toadies.They are virtually dumb as bricks.
Which was proven last November.
Obama relies on the sheer brick stupidy of the Masses he Cons.
Or Fed chair Bernanke.
It cannot withstand the test of time.History is replete with these kinds
of Mass Manipulations.

 

Oh no! Gold is falling! The right was wrong!

1374 today, 500 six years ago. What a terrible investment!

 

Just another attempt to erode any confidence any normal american has
displayed in the last couple years.The flight to gold or silver.
This is being done on purpose to rid the notion by this Abominably
corrupt Obama Naked Marxist regime that average americans can have
some safe place for security.
Obama and Valerie Jarrett are making true to their promise
to punish any and all that defy their - Farenheit 451 - agenda.
Those,like the media will be rewarded as in a New Political
Aristocracy and those who don't cower and cave will " have
all Hell to Pay "
This is Historic. The incremental dismantling of this Country by Leftist.

 

Obama is centre-right at most.

 

Yeah, all of us center right people are raised by far-left radicals and join the "3rd Party" while expressing a fondness for wealth redistribution.

 

As tomfoo stated, let it keep falling. As soon as silver hits another low, I'll buy it up and watch it sky rocket again. The lower it goes, the more I stack

 

When you "short" something, you "borrow" it from your broker and sell it at today's price, then pay your broker for it when the price goes down, at the lower price, thus making money.

 

I recommend copper as a hedge.

Except for conservatives. I want them to keep listening to Rush and Beck and putting all their money in gold and silver.

- - - Updated - - -

$500.00 six years hence!

 

Most right parties in the world do not approve of unlimited wealth for the rich.

 

Not when it is a NAKED SHORT pally.
Plus when the price is Down YOU Lose ... Pally.
You buy it back at the lower price and guess what. The lower price is
still lower.
Stop pretending you even have a brain to begin with.
That is the Myth of this Obama Regime.That they're so Smart.
Obama is only as smart as his teleprompter script.
Obama and his handlers are THE MOST INEPT bunch of sheer
Propagandist in History.Take away Obama's lovefest,complicit,
scared silly unamerican craven Media and he's another George Wallace.
But in fairness to Wallace,who contrited himself and was very upright
to his close " colored " servant who was at his side all along.
Who is going to be at Obama's side,when the Real Obama finally
comes to light.

 

Center right of the Communist party...of American politics...forget it

 

On paper or physical metal? Paper won't help much in the scenario that RWFraud is predicting and if you go physical holdings you'll need ~400lbs. of copper to equal the current value of one ounce of gold.

 

I'm not a member of the "Obama Regime," Einstein!

And where did you get your info on the effect of shorting on gold?

Common sense dictates that gold is a stupid investment with a currently bursting bubble.

I'm guessing that you put a lot of your money in gold. ENJOY!!!

 

You might have to go with the physical metal. You can keep it in the basement. A rough calculation gives a ballpark figure of a cubic foot of solid copper being worth $2,000.00, So it's doable.

 

The reason there is any bubble is because our Government with the
influence of those at Goldman Sachs are pressuring the Fed to use
agents to Short a commodity.The fed can take a loss.They just Print more.
Consistent shorting will not work unless the share price or commodity value
goes up.The borrowed shares or physical metal is only worth what the market
determines.Yes,if one shorts and the price goes up,they get burnt.
But one gets burnt when shorting and the price consistently drops.One gets stuck
with an undervalued stock or commodity.

 

How are you stuck with it when you sold it?

 

Well ask yourself how someone profits shorting a stock when they borrow stock
at say $ 100 sh. and sell ,then the stock drops to $ 90/sh. and you give
back the borrowed shares at a $10 per share profit.
Who wins and who losses.? Obviously whoever lent those shares lost.
Therefore " Naked Shorting " is a rigging of market forces.

 

You borrow $10,000.00 worth of stock from the broker and sell it.

A month later you pay the broker what the stock is worth at that time: $5,000.00.

You pay the broker a commission and interest: $200.00.

You have made $4,800.00.