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Spot gold prices have dropped to their lowest since September 2010, falling 2.6% earlier today...

Spot gold prices have dropped to their lowest since September 2010, falling 2.6% earlier today to $1,244 an ounce, as better-than-expected economic data in the U.S. yesterday strengthened the likelihood that the Fed will soon start tapering its QE program. Gold has fallen 25% this year and assets in the SPDR Gold Trust ETF (GLD) are 28% lower, hitting 969.5 metric tons yesterday. Spot gold now -2.2% at 1,248.10.
Comments (16)
  • Headed to the three digits. Don't know when and don't expect that in a straight line, so suckers' rallies on the way (to allow smart money to hand out the bag to them suckers).
    But will get there eventually.
    26 Jun 2013, 02:05 AM Reply Like
  • I wonder what the poor gold bugs will do now?
    26 Jun 2013, 07:17 AM Reply Like
  • I know: Blame the evil banksters.
    Because gold bugs never revisit or question their investment thesis. It is a credo.
    26 Jun 2013, 07:28 AM Reply Like
  • Gold is not an investment. It's money and should be traded like any other currency. Owning physical gold at these prices makes sense if you plan to hold it and leave it to your kids.
    26 Jun 2013, 08:23 AM Reply Like
  • We'll do what those silly Chinese are doing. Add to our positions. It's finally getting affordable again.
    26 Jun 2013, 08:28 AM Reply Like
  • So Mom died and left us her gold. She bought it in the 80s and held it for all those years. Fortunately I am not short money so I'm holding it as well. Question for your kids is, "Would they rather have an income stream, or a asset they sell?"


    For my kids, a income stream allows them the freedom to live comfortably, but an asset, when sold, gives them cash much like lottery winners. What happens when a lot of cash suddenly drops in your lap---well, we've all heard what happens to a majority of lottery winners.
    26 Jun 2013, 08:50 AM Reply Like
  • The gold bugs will buy more gold, and at discount prices.
    26 Jun 2013, 11:30 AM Reply Like
  • This level are still not an affordable price.
    26 Jun 2013, 02:47 PM Reply Like
  • @ Geoffster
    Very well put. If you are trading it ,you should do it the same as any other trader. Buy LOW ,Sell HIGH ! Why are people hating on Gold traders?
    26 Jun 2013, 03:47 PM Reply Like
  • "Gold bugs" do not care about the "price" of gold.


    Some people just dont' seem to get it.
    26 Jun 2013, 10:36 PM Reply Like
  • Stopthe,


    You're right. Ill look at its P/E ratio and FCF to make sure that it is valued right before I buy it. Thanks for the heads up.


    27 Jun 2013, 06:51 AM Reply Like
  • yeah gold sux but people are buying tsla everyday whether the mkt is up or down. wow. they may sell 200k cars a year in 3 OR 4 years. meanwhile they are valued higher than companies currently selling 200k cars a month. gold has millions of buyers everyday.
    26 Jun 2013, 11:58 AM Reply Like
  • i've bought lots of physical gold recently exactly with the idea of saving it for my grandkids. when it dips i go in for more physical gold. but it will take a while for the new prices to trickle down to retail sales for gold. but i am also into buying diamonds and they seem to hold value better than gold etc.


    i am so glad i did not buy the hype and buy those gold stocks or the stuff hawked on the radio. those folks who bought high are in the red that is, unless they sell. i don't feel bad about the dip because i plan to hold onto my gold, however now i don't have the extra cash to glean from this recent dip.


    buy physical gold my mantra and diamonds when you can.


    the bad thing about the historically high gold prices is that it pushed gold out of retail stores where you could buy it on clearance on the cheap, near fire sale prices in the past. now i don't think retail will ever carry gold the way they used to. most stores have phased it out in favor of steell jewelry and gold over silver and silver of course.


    even wal mart has gotten out of the gold stuff. but i got a bunch of gold jewelry from them on clearance before they changed over to pandering to the obese women who need tents for dresses. wal mart used to have cute jewelry and cute clothes but now it is just pure junk jewelry and horrible clothes.
    26 Jun 2013, 12:35 PM Reply Like
  • Wal Mart is global capitalism's golden child. Of course they sell hideous stuff; that is what the proles want and can afford. They didn't get to be the biggest retail company on the planet by accident. And it is completely fitting that they're based in Arkansas, way out in the middle of Redneckia, which is the midwest's answer to Appalachia, that great toothless republic of the eastern mountains.
    26 Jun 2013, 10:38 PM Reply Like
  • Wow. Stereotype much? Granted, Walmart is not Macy's, but neither are their prices. Walmart sells all the name brand clothing you can find at every other mass market retailer. Walmart also sells tools - would you go to Walmart for a high-end framing nailer? No, but you might get a hammer there.


    Walmart does a lot of stuff very good, and some stuff mediocre. It's the nature of the beast - they are not a specialty retailer. If that's what you require, then you should probably shop where they have what you want.


    Redneckia? Really?
    26 Jun 2013, 11:09 PM Reply Like
  • John ,some people just have to show their prejudice to the world.Sad ,plenty of good people live in every state,and using pejoratives shows a lack of class by him IMHO . Very immature.
    27 Jun 2013, 08:23 AM Reply Like
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