UGGH!! The Gob'ment Is Taking My Savings Lil By Lil.....

[snusgetter]

lmao gold is down to about $1750 currently. The poor bastards that bought gold 2 days ago and paid over $1900 must be shitting in their pants. Sure glad I bought when I did.

Gold posts biggest drop since 1980 on Fed fears

NEW YORK (Reuters) - Gold futures fell more than $100 on Wednesday, one of the steepest falls ever, as strong U.S. economic data and expectations of more Federal Reserve stimulus accelerated profit taking from the safe-haven record high of a day ago.

Selling spiraled out of control as money managers competed to liquidate positions in COMEX futures, which experienced their biggest single-day dollar loss since 1980. Volume looked like a record.

The price of gold bullion is now more than $150 below Tuesday's all time high of $1,911.46 an ounce, downed by intense speculation about whether the Fed will announce new plans to ease monetary policy at a meeting late this week.

Analysts said it was time for gold investors to take money off the table after the rally extended too far, too fast in recent weeks. Bullion rose as much as $400 since July.

"You have a commodity that retail investors, hedge funds and everybody were long, and the technical indicators showed it was overbought. It was just a matter of time before the market starts cracking," said Mihir Dange, COMEX gold options floor trader for Arbitrage LLC.

Spot gold was down 4.1 percent to $1,754.59 an ounce by 3:37 p.m. EDT, off its session low of $1,749.39.

Before gold began recoiling Tuesday from above $1,900, it had risen nearly 9 percent over six sessions.

U.S. gold futures for December delivery settled down $104 at $1,757.30 an ounce. Reuters data showed that is the biggest price drop of the continuous, front-month contract since January 22, 1980, when it tumbled almost $150. On a percentage basis, it was the steepest fall since December 2008, during the financial crisis.

COMEX futures volume topped 430,000 lots, on pace to surpass a record from August 9, preliminary Reuters data showed.

Silver dropped 5.9 percent to $39.34 an ounce.

Gold came under pressure after steadying overnight, after a report showing new orders for U.S. durable goods orders rose 4 percent in July, more than expected and offering hope the ailing economy could dodge a second recession.

Analysts warned of a sharp correction from this month's rally was possible, especially if Friday's central bank meeting at Jackson Hole, Wyoming does not result in a Fed announcement of a third round of government bond buying, or quantitative easing, also known as QE3.


MORE


Is this really only a correction in the market ........ or the beginning of further drastic plunges??

[EricHill78]

If I had any disposable income I'd invest in precious metals as well..

[Premium Parrots]

lmao gold is down to about $1750 currently. The poor bastards that bought gold 2 days ago and paid over $1900 must be shitting in their pants. Sure glad I bought when I did.

[Premium Parrots]

I've found several graphs that show the price of gold over the years. All other graphs show the actual current price of gold in todays prices. Looks to me like it fluctuates somewhat but has continually gone up in price. Every source that I can find shows like this.

http://www.nma.org/pdf/gold/his_gold_prices.pdf

Either way, I believe most people buy gold to hold, if it goes up in price, then great.

[sgreger1]

I really can't see gold going down any....ever.

I can't tell you how historically wrong you are PP, don't invest in it like it will never lose money as that is impossible for it to remain going up or staying the same. It will never happen.

George Soros sells his gold - George Soros, the hedge fund investor who called gold "the ultimate bubble", has sold almost his entire holding of the precious metal, leading to fears that the price is about to fall.

The people who thought Gold wasn't a bubble in the 80's lost out big due to thinking like this:

[Premium Parrots]

yea well it would be nice except I wanted to buy more in a week or so. It will be up to 2k by then. Not sure I want to invest at that price. But I'm sure I will bite the bullet one more time. I paid in the mid $1700s about 10 days ago, that sucked enough.


Since I invested in the gold, silver and more of my safe stocks I have been watching all three quite a bit. Its really apparent that as the stock market goes to hell the price of gold goes up. However, there were a few days that the stocks were doing really well and gold was still going up. I really can't see gold going down any....ever. I think that a lot of people were holding off on buying gold [like myself] untill things really got bad in the market. Then they made the plunge.

BTW, the stocks that I bought went up like crazy for a few days then the hit the crapper and are slowly going up now. Luckily that stock never got close to as cheap as I actually paid for it.......except the day I bought it. Its pretty dam safe. Got lucky for once.

[CoderGuy]

gold hit $1911.00 today.

Nice!

[Premium Parrots]

gold hit $1911.00 today.

[Premium Parrots]

http://www.collegehumor.com/video/64...ses-everything

[CoderGuy]

update......if anyone cares.

I purchased a decent stash of gold and silver the other day. Now gold is leveling off since the stock market is going back up again. Glad I bought it when I did. I don't expect it to go up for a month or so but all indications and advisers say it will go up substantially by the end of the year. I think I have enough for now.

Since the stock market fell so badly and my most secure stock even went down quite a bit I figured I would buy more before it goes up. I was originally not going to buy any more and thought I might actually sell what I have when it gets back up to a decent price but I just couldn't help myself. This stock has to go up and today I bought 3 times as many shares as I originally had and if it even goes up $1 a share I will make a killing. For it to go back to where it was 2 weeks ago it will have to go up about $15 a share. For this stock to go up just $10 is easy and I might just cash it all in then and buy more gold, however my interest now is really in silver, for reasons a mentioned in another post on this thread.

Now.....I only started this thread and mentioned what I'm doing because I really don't know squat about all this stuff. I bought my stocks and just forgot about them years ago. I bought mostly walgreens cuz I know Kevin Walgreens and knew his plans for the company and I knew all was secure. Besides I got a 15% discount thru Kevin. As bad as the market has ever gotten in the past 15 years the stock price has never gone down to near what I paid. . By doing I have learned. I have a decent beninners knowledge of precious metals and am now set up to do online trading of precious metals and stocks if I wish to. So this last week alot has happened and I have more of a grip on how this all works. My son is into this shit so if I have a problem understanding things he will help out. But I appreciate all the input from you guays.

I hope other members can learn from this thread also. It all seems pretty intimating at first but its all quite easy to do. Its easy enough that even this old idiot can understand it now.

oboy tho.....my one bank is wondering wtf I'm doing taking some of my money away from them. lol. Screw them. That .2% interest is bullshirt. A big plus to all this is that my money is out of their hands and more of it is under my direct control now. Not that I have all that much $ to begin with but I'm in more of a postion to keep it and for it to actually work for me.

Thanks for the input my friends.


edit. I forgot to mention that I heard Walgreens is going to start opening up medical clinics in the near future......food for thought.

So you gonna do gold auctions now? Free shipping if we buy 3 bars?

[Mr. Snuffleupagus]

Sounds good PP. Now you get to track the gold/silver ratio and swap one for the other when the time is right

[sgreger1]

Good luck PT! I wish I had more money to invest. Right now while everyone is panicking is a great time to be buying, especially when the dow is down like 600 points lol. I mean it's going to go back up eventually but people get skiddish and sell al their stocks in a panic.

Youll be seeing some profit on that money by this time next year PP (the precious metals investment). A good thing is that with gold (assuming you own actual gold) is that if there is a run on the banks you don't have to worry about it and already have your gold right there in easily devisible quantiteis (since you have coins) and don't have to fret that the banks might close the doors.

[Premium Parrots]

update......if anyone cares.

I purchased a decent stash of gold and silver the other day. Now gold is leveling off since the stock market is going back up again. Glad I bought it when I did. I don't expect it to go up for a month or so but all indications and advisers say it will go up substantially by the end of the year. I think I have enough for now.

Since the stock market fell so badly and my most secure stock even went down quite a bit I figured I would buy more before it goes up. I was originally not going to buy any more and thought I might actually sell what I have when it gets back up to a decent price but I just couldn't help myself. This stock has to go up and today I bought 3 times as many shares as I originally had and if it even goes up $1 a share I will make a killing. For it to go back to where it was 2 weeks ago it will have to go up about $15 a share. For this stock to go up just $10 is easy and I might just cash it all in then and buy more gold, however my interest now is really in silver, for reasons a mentioned in another post on this thread.

Now.....I only started this thread and mentioned what I'm doing because I really don't know squat about all this stuff. I bought my stocks and just forgot about them years ago. I bought mostly walgreens cuz I know Kevin Walgreens and knew his plans for the company and I knew all was secure. Besides I got a 15% discount thru Kevin. As bad as the market has ever gotten in the past 15 years the stock price has never gone down to near what I paid. . By doing I have learned. I have a decent beninners knowledge of precious metals and am now set up to do online trading of precious metals and stocks if I wish to. So this last week alot has happened and I have more of a grip on how this all works. My son is into this shit so if I have a problem understanding things he will help out. But I appreciate all the input from you guays.

I hope other members can learn from this thread also. It all seems pretty intimating at first but its all quite easy to do. Its easy enough that even this old idiot can understand it now.

oboy tho.....my one bank is wondering wtf I'm doing taking some of my money away from them. lol. Screw them. That .2% interest is bullshirt. A big plus to all this is that my money is out of their hands and more of it is under my direct control now. Not that I have all that much $ to begin with but I'm in more of a postion to keep it and for it to actually work for me.

Thanks for the input my friends.


edit. I forgot to mention that I heard Walgreens is starting to open up medical clinics.........on every corner in your town......food for thought.

[Premium Parrots]

note to sgreger..........off site storage mate

[whalen]

Better investment is Colt, Smith and Wesson, or my best investments, Heckler and Koch, nothing has appreciated as fast as those ugly black long guns in heavy calibers. 1000 dollar bags of silver coins was not bad either. For you PP, cans of Alpo and a couple of Hustler mags.