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Gold prices (GLD -1.7%) suffer their biggest single-session drop in nearly three weeks,...

Gold prices (GLD -1.7%) suffer their biggest single-session drop in nearly three weeks, pressured by strength in the U.S. dollar and a surge in new U.S. home sales last month. It's a bad day for the miners (GDX -6.2%) too: ABX -6.3%, GFI -4.8%, GG -5.8%, NEM -5.6%, KGC -6.1%, NGD -3.4%, EGO -6.4%, AUY -6.6%, AEM -7.6%. Silver miners (SIL -5.4%): SLW -4.7%.
Comments (12)
  • Doug Eberhardt
    , contributor
    Comments (2723) | Send Message
     
    Funny how Seeking Alpha hardly had any updates on GLD or gold when the price was moving higher, but boy do they love knocking it when the prices move lower.

     

    Yes, I track this sort of thing.

     

    My latest two articles;

     

    Nice Run Up In Gold and Silver Prices - Expect a Pullback (written two days ago):
    http://bit.ly/12dw1ca

     

    Conversation with Axel Merk on Gold and Euro at FreedomFest – Merk Funds (written yesterday): http://bit.ly/18CTkPB

     

    24 Jul 2013, 03:43 PM Reply Like
  • Gigem77
    , contributor
    Comments (1201) | Send Message
     
    They have no grasp of correlation vs causation either. I expect to see "Rooster crows, causes sunrise" soon...
    24 Jul 2013, 05:12 PM Reply Like
  • Charles Cooke
    , contributor
    Comments (48) | Send Message
     
    This is great news. I had wanted to buy more Barrick Gold (ABX) and missed the recent run up from mid $15's to most recent $18 +.

     

    So now will do some technical analysis, and buy more.
    24 Jul 2013, 03:57 PM Reply Like
  • ChicagoFuturesTrader
    , contributor
    Comments (15) | Send Message
     
    Doug --- interesting observation, but rings true. Although without bias, if you look at the GLD articles none read: "Gold Screaming Up Almost $ 150 since July 5th low of $ 1208 after Jobs Report" . The reason is simple I think -- its much more dramatic when investors are LOSING because they were not the wise traders with a crystal ball. America rips downs its heroes, then pushes them back up ! Its the American Way. Forecasting gold is shorting puts you in role of non-gold-bug, I'm smart. Forecasting gold is long and going up puts you against the Fiat Currency system -- how dare you !! Like Bernanke says: I can't figure out gold prices. Then a day later the FED starts an inquiry into the proprietary trading desks of the big banks for --- hoarding Aluminum, Copper (and, maybe physical Gold and Silver ??). Yes, 1,000 tons of physical gold has found its way out of GLD and COMEX into Asian buyers. They are not selling it back. Where is GLD going to find the gold in the market when prices go back up, this is a critical issue. COMEX announced inventories of physical gold last week to lows of 2006
    24 Jul 2013, 04:59 PM Reply Like
  • Doug Eberhardt
    , contributor
    Comments (2723) | Send Message
     
    CFT, good info. My dad wad a trader at the CBOT. Old timer with 2 initials on badge. Retired early and at 79 still trades.
    24 Jul 2013, 07:40 PM Reply Like
  • TDWelander
    , contributor
    Comments (639) | Send Message
     
    Thanks ChicagoFuturesTrader. Good to know metals and precious metals are alive and well in the markets and most of the markets negative BS are just distractions. Based on your comments, all the negative market BS has almost nothing to do with actual market conditions.

     

    Can you tell us who, or which group of traders and/or investors have been rolling or churning the gold, precious metals, and metals commodities markets for the last year plus?
    24 Jul 2013, 05:20 PM Reply Like
  • ChicagoFuturesTrader
    , contributor
    Comments (15) | Send Message
     
    Also, Doug, the Seeking Alpha writers get paid on page views I believe. Articles on how gold is horrible gets alot of page views and comments. Articles such as "Apple at $ 700 and now at $ 380 Make Gold for a Long Term Hold a Tremendous Value" -- you can't go against Apple !!
    24 Jul 2013, 05:38 PM Reply Like
  • ChicagoFuturesTrader
    , contributor
    Comments (15) | Send Message
     
    TD -- it was clear in April that the 5,000,000 ounces of gold sold over night was a big player -- only JPMorgan, Goldman Sachs and their clients do these trades. So of course, when the price is beaten down then the physical deliveries taken out of COMEX at the lower prices. Its not a conspiracy, its the smart way to acquire physical gold. The issue is, if COMEX runs too short on actual physical gold backing up their contracts, if they must switch to CASH settlement only --- then the market is not a futures market. A Corn farmer wants a future that has the Corn backing it up, not cash. Bernanke cannot come out and have Congressional hearings this week on Commodities trading by big banks and mention gold, it would go up $ 500. So Aluminum is a great thing to "investigate" by Congress and the FED to see if they are going to allow the Wall St. Banks proprietary trading desks to keep hoarding Oil Storage Facilities, Copper Warehouse, Aluminum and (Gold/Silver??) --- only allowed by regulators since 2005. Regarding physical gold, if you want to hoard it, drive down the price first -- buy low, sell high. Unfortunately the US is behind the eight-ball on this, hopefully Asia does not take all the physical out of GLD and COMEX while Bernanke claims "gold is not money." It is already happening, however, since China has made contracts with mining companies for raw ore and bringing that into the country as well as physical bars they can RE-REFINE at RAND and put their mark on it.
    24 Jul 2013, 06:08 PM Reply Like
  • TDWelander
    , contributor
    Comments (639) | Send Message
     
    Thanks CFT. I appreciate the insight. I urge you to take the time to say something at this blog at least once a month as to what is going on with gold and precious metals, metals commodities secondarily, and all commodities generally, especially anything unusual.
    25 Jul 2013, 10:29 AM Reply Like
  • mako26
    , contributor
    Comments (244) | Send Message
     
    I bought slw at 19.50 and physical silver last week .anyone that thinks pms will go down and stay down over the long are wrong. pile it up in your safe and and will shine eventually no matter what SA or anyone says
    24 Jul 2013, 06:24 PM Reply Like
  • raid0072
    , contributor
    Comments (5) | Send Message
     
    Gold...Funny how the mere mention of the golden four letter word captivates the immediate attention and generates negative reaction marks from the "Fed" cronies. Bernanke remarked "gold is not money"?????? Lol....
    Now imagine if it did not attract any remarks.
    Then it would be real reason for concern. So long as gold can buy any currency, it will undermine any efforts by Bernanke to degenerate markets. Fiat currencies, futures cannot be valued the same and physical gold is the only way to hold.
    It is the only real insurance to buy and hold as well as respected universally.
    24 Jul 2013, 10:14 PM Reply Like
  • Energex
    , contributor
    Comments (320) | Send Message
     
    Gold is down today but still holding above $1,300.
    25 Jul 2013, 07:28 AM Reply Like
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