Not escaping the post-FOMC, post-Bernanke selloff is gold (GLD -1.2%) which falls to $1,349 per...


Not escaping the post-FOMC, post-Bernanke selloff is gold (GLD -1.2%) which falls to $1,349 per ounce - key support as the technicians like to say as this is the level at which the metal's fast spring slide bounced from in both April and May. Underneath that, there's nothing but air going all the way back to 2009 and $800 per ounce. Ditto for silver (SLV -1.3%) and maybe even worse as that metal has cracked the April and May support.

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Comments (17)
  • lasvegasbrad
    , contributor
    Comments (56) | Send Message
     
    What happens when The Bernacke lies? He can quack all he wants about wanting to reduce the printing, but how can that happen with annual $T deficits? This is my prediction: B lies about reducing bond purchases, gold hammers, and nothing real changes for some months. Finally our true inflation cannot be hidden any more, and gold rallies end of year.
    19 Jun 2013, 04:26 PM Reply Like
  • ziggysdad
    , contributor
    Comments (42) | Send Message
     
    Gold may have broken support but SPY has also broken 50 day support and the next stop for SPY is 1500. Guess we all are doomed! LOL
    19 Jun 2013, 04:38 PM Reply Like
  • fseminario
    , contributor
    Comments (53) | Send Message
     
    I would have expected gold to stay put as QE will remain but of course the market does the complete opposite in terms of precious metals.

     

    Ever since I found out the spot price of gold is manipulated I have given up hope for gold. I still hold a small position though.

     

    screwed from all angles i guess...
    19 Jun 2013, 04:50 PM Reply Like
  • Manuel Blay
    , contributor
    Comments (353) | Send Message
     
    With today's GLD fall, the primary bear market for GLD and SLV has been reconfirmed for the reasons given here in SA:

     

    http://seekingalpha.co...

     

    Technically, the odds favor more weakness in the days ahead.

     

    Furthermore, the gold and silver miners ETFs are also very weak and close to reconfirming the primary bear market they are in.
    19 Jun 2013, 04:57 PM Reply Like
  • righthand
    , contributor
    Comments (2) | Send Message
     
    gold was only down big vs the dollar (which went up)
    19 Jun 2013, 05:05 PM Reply Like
  • billmasi
    , contributor
    Comments (39) | Send Message
     
    Good thing we don't spend dollars.
    19 Jun 2013, 05:26 PM Reply Like
  • Anne Bonney
    , contributor
    Comments (105) | Send Message
     
    Nothing under Black Ben but air. Lots and lots of air. Same with the dollar. Now gold. Yep. All doomed. No way out.
    19 Jun 2013, 05:34 PM Reply Like
  • royk01
    , contributor
    Comments (339) | Send Message
     
    Ben Bernanke has taken more crap from lots of different sources. Let me remind you that Congress, which is in charge of monetary policy, does not have one. The do-nothing elected officials are absent without leave. So, if you want to come out of the closest thing to a depression without having to be rescued by another World War, the Federal Reserve is the only institution doing something to try to save the country from a deflation which would be absolutely terrible. How quickly everyone jumps on the bandwagon to hang the only guy trying to save the economy.

     

    No good deed goes unpunished!
    19 Jun 2013, 06:17 PM Reply Like
  • yekim
    , contributor
    Comments (6) | Send Message
     
    I agree with royk01. Right or wrong, Bernanke is the only one providing any leadership. The Democrats have done nothing, but at least they are not standing around giving sanctimonious criticism, while doing nothing like the conservatives. Right or wrong I admire the guy for trying.
    19 Jun 2013, 08:11 PM Reply Like
  • schaepa
    , contributor
    Comments (16) | Send Message
     
    so when stocks go up, gold goes down because stocks are doing well and nobody's worried about the economy... when stocks get beaten down gold goes down because there was bad economic news... QE doesn't make the price of gold go up because the markets recognize no relationship between increased money supply and the price of commodities... but if QE stops, gold takes a nosedive because everybody knows that's bad for gold
    19 Jun 2013, 10:03 PM Reply Like
  • Double Down or Fold...
    , contributor
    Comments (10) | Send Message
     
    Nailed it.
    19 Jun 2013, 11:07 PM Reply Like
  • jjmom
    , contributor
    Comments (18) | Send Message
     
    didn't fed create the bubble at the first place by letting interest rate stayed low for too long before 2007?
    20 Jun 2013, 02:47 AM Reply Like
  • vladimirvolodin
    , contributor
    Comment (1) | Send Message
     
    1980! Sell.
    20 Jun 2013, 03:29 AM Reply Like
  • lwhittin
    , contributor
    Comments (10) | Send Message
     
    "only guy trying to save the economy" !
    I suggest getting a copy of "The Creature From Jekyll Island". Then I suggest reading it. Then please remark again about the "Federal Reserve Bank". (hint: it's NOT a federal institution, there are NO reserves and it is NOT a bank.)
    20 Jun 2013, 03:35 AM Reply Like
  • John Leszar
    , contributor
    Comments (278) | Send Message
     
    If I could have given you a hundred "likes" for your comment, I would have.
    The Federal Reserve is an elite club of bankers that look out for their own good....NOT the country.
    This, from a retired banker, who helped a lot of people and didn't screw the USA in the process.And yes, I blame most Democrats and many Republicans for the mess. However, I certainly wouldn't single out the Republicans as being worse as Yekim posted earlier.
    21 Jun 2013, 06:45 PM Reply Like
  • 718rlph
    , contributor
    Comments (80) | Send Message
     
    well its almost time to buy, long- gld,phys ,pslv,slv
    20 Jun 2013, 06:48 AM Reply Like
  • ziggysdad
    , contributor
    Comments (42) | Send Message
     
    I sold all but 2 stocks, very small caps that I purchased for a 5 year hold, early last week before the drop. I own TRQ 400 shares and ENZR 20K shares. I own physical gold and silver. I will buy more real gold and silver over time in july or august when the market seems to price them less. I have no debt and my home is free and clear. I now have tons of cash and will watch the markets for buying over time in the fall. I think cash and metals are best for now provided you have purchased the metals over a long period. My metals were purchased over 15 years.
    22 Jun 2013, 05:15 PM Reply Like
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