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Gold suffers its worst selloff in 2 months, down 3.1% to $1,665/ounce as risk is very much off...

Gold suffers its worst selloff in 2 months, down 3.1% to $1,665/ounce as risk is very much off this morning. We forget, is gold supposed to rise or fall when financial markets turn south? On the industrial side, copper slides as well, -3.2% to $3.44/pound.
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Comments (13)
  • RAVEN
    , contributor
    Comments (53) | Send Message
     
    And if everyone that matters prints money, then gold falls?
    12 Dec 2011, 11:04 AM Reply Like
  • Glocks-n-Gold
    , contributor
    Comments (203) | Send Message
     
    'scuse me, backing up a truck here...=)
    12 Dec 2011, 11:37 AM Reply Like
  • sean.parmelee
    , contributor
    Comments (790) | Send Message
     
    Gold under $1650 is a buy, gold under $1600 is a screaming buy. DGP
    13 Dec 2011, 01:31 AM Reply Like
  • Papaswamp
    , contributor
    Comments (2217) | Send Message
     
    Gold is selling due to very weak economic data coming out of India as well as many selling assets to stay very liquid or deleverage. PMs should drop further until govts panic and print like mad as last resort. Then a big spike.
    12 Dec 2011, 11:42 AM Reply Like
  • mcostigane
    , contributor
    Comments (44) | Send Message
     
    Euro bank PM liquidation to obtain USD or Euros for capital requirements ......BTFD
    12 Dec 2011, 12:47 PM Reply Like
  • winningtrader
    , contributor
    Comments (2465) | Send Message
     
    I don't understand this PM liquidation by European banks. I know European banks well and they are not natural owners of gold. Are they selling client gold or central bank gold to get funding? Or at least using it to get funding because where on earth do they get it from?
    12 Dec 2011, 03:27 PM Reply Like
  • ANCOLL
    , contributor
    Comment (1) | Send Message
     
    I am just ordinary trader, makes money with OPTION trading.

     

    :)
    12 Dec 2011, 12:48 PM Reply Like
  • Moon Kil Woong
    , contributor
    Comments (12084) | Send Message
     
    Gold is close to $1,700 and hasn't fallen much even from its high. The sky is falling on gold stuff is silly. Gold is relatively stable.
    12 Dec 2011, 03:40 PM Reply Like
  • Three Cheese Fondue
    , contributor
    Comments (704) | Send Message
     
    That's all very well if you've only got 100 GLD shares but those GC futures are pretty feisty beasts.
    12 Dec 2011, 10:20 PM Reply Like
  • sean.parmelee
    , contributor
    Comments (790) | Send Message
     
    Moon is right. Gold has not even fallen all the way to its long-term trend line, which to my eyes appears to be at about $1650 right now. Every time gold has tried to push above the trend line in recent years, it has reverted. It has never broken below it. For this reason, I consider gold a buy anywhere below $1650. The Euro hysteria this year has clearly created some false optimism in gold buyers, but that's no reason to be Chicken Little when it falls back to Earth.
    13 Dec 2011, 01:33 AM Reply Like
  • Venerability
    , contributor
    Comments (3043) | Send Message
     
    Part of the silliness has to do with CME offering a new Brent contract and main Brent contract turning over Wednesday - immediately before what WILL be another raucous and divisive OPEC meeting.

     

    One reason for extreme Bullishness - not Bearishness - in Gold now - among a zillion others - is that The Gartersnake just made one of his Uber-Bearish anti-Gold declarations. Pretty much every Gold Bull in the world tends to work very hard to prove him wrong whenever he does this - the last time just a few days ago, wasn't it? I believe he has had to recant his public statements 974 and 2/3 times in the last year alone.

     

    Meanwhile, if you do even the most cursory search about Year of the Dragon gold buying in Asia, you will see that the stats are leaking out all over the place as the most Bullish in human history - No, that is not an exaggeration, even a little! - with premiums over spot very big everywhere. And that trend is not going to stop early this time, because it is a Dragon Year, which means it is good luck to buy Gold throughout 2012.

     

    So every little drop of real Gold anyone anywhere is selling for whatever reason is going straight to Asia, do not pass Go.
    12 Dec 2011, 05:45 PM Reply Like
  • Vuke
    , contributor
    Comments (1661) | Send Message
     
    Gold collapsing? Good, keep pouring it on. It's an opportunity for the little guy to make a killing. It's about time, after watching decades of suits raking in the winnings.
    12 Dec 2011, 08:37 PM Reply Like
  • Pierre Durand
    , contributor
    Comments (26) | Send Message
     
    Finally. Good riddance. I hope gold goes back to $400/oz where it belongs.
    12 Dec 2011, 09:55 PM Reply Like
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