Seeking Alpha

Precious metals tumble

Comments (53)
  • What a stupid postulation!
    1 Oct 2013, 08:58 AM Reply Like
  • LMAO
    1 Oct 2013, 09:13 AM Reply Like
  • Get a sense of humour!
    1 Oct 2013, 11:19 AM Reply Like
  • pure manipulation by FED on gold today
    1 Oct 2013, 09:17 AM Reply Like
  • I agree..especially with the dollar getting hammered.
    1 Oct 2013, 09:23 AM Reply Like
  • The Fed regards PM's as the mortal enemy. The US $ is clinging on for it's life and could soon forever lose it's status on the world's economic stage. The sooner the better for the good of everyone.
    1 Oct 2013, 10:45 AM Reply Like
  • In a long run the Fed will lose the game of manipulation everything. The question is only how long is long time......patience and buy more
    1 Oct 2013, 12:38 PM Reply Like
  • GLD will bottom at 120-122.
    1 Oct 2013, 09:25 AM Reply Like
  • Maybe, or maybe some whistle-blower will step forward and (GLD) will bottom much closer to 0. In any case, GLD is not gold.
    1 Oct 2013, 12:37 PM Reply Like
  • I can't imagine why anyone would be selling their metals today. Maybe I am missing something, but I am going to I am going to buy all I can at these prices. What a ridiculous mess the greedy,arrogant toads in Washington have made.
    1 Oct 2013, 09:27 AM Reply Like
  • Someone, who is smarter than my MBA and minor in economics, please explain how gold and silver can drop and the markets rise with all this uncertainty in Washington? The assertion that government employees are selling gold and this is affecting the markets is shear stupidity.
    1 Oct 2013, 09:29 AM Reply Like
  • It's tongue in cheek.
    1 Oct 2013, 10:06 AM Reply Like
  • I believe the author is a Zero Hedger and is being very sarcastic.
    1 Oct 2013, 10:09 AM Reply Like
  • Excuse me, they haven't even missed a single paycheck yet, or a full day of work. Perhaps BHO happened to make a wrong connection with which market he wanted to see crash!
    1 Oct 2013, 09:29 AM Reply Like
  • Makes you laugh. So obvious that prices are being fixed. Sit back and enjoy. As good as World War Z.
    1 Oct 2013, 09:29 AM Reply Like
  • Are paycheck-less government workers selling their gold to raise cash ? No. This has happened before, just recently before the FOMC meeting where Bernanke was expected to begin tapering. Only he didnt. So, gold's no-taper rally started from a significantly lower platform than it otherwise would have, because of a heavy bear rally that all happened in minutes, like now. Why, i wonder did the bear rally happen ? To protect the dollar from the revealing glare of golds true value perhaps ? Did someone expect a rally in gold after the government shut down last night, and acted to suppress it in a preemptive strike ? I find that more plausible than 800k workers all acting together in a coordinated sell-off.
    1 Oct 2013, 09:32 AM Reply Like
  • Dumbest comment on Seeking Alpha of all-time: "Government workers selling gold."


    This assumes that they have zero savings. And you do realize that when the government employees go back to work they get all of the money the would have earned, right? It's a vacation for them. I bet many are smiling. All except the IRS agents. They never smile.
    1 Oct 2013, 09:40 AM Reply Like
  • DOUG


    Sheeple will be sheeple. I now call this manipulation, desperation!!
    1 Oct 2013, 12:02 PM Reply Like
  • The manipulation is quite comical. Oil down, USD down, Gold/GDX down??.... Dow and S&P up!


    Thanks Bernanke.
    1 Oct 2013, 09:43 AM Reply Like
  • India raised their gold tax. Its has nothing to do with the govt shutdown or wild assertions about some backroom plot.
    1 Oct 2013, 09:43 AM Reply Like
  • India raising their gold tax is market manipulation. They are blaming all their economic problems on gold imports and they are asking their religious centers to give the Indian government a full audit on how many ounces of gold they have. You really do not understand the gold market. Demand for physical metal is still very strong. Premiums for physical metal are quite high in China while the paper price in the US continues to get smashed.
    1 Oct 2013, 10:46 AM Reply Like
  • Uh, I think the comment was sarcastic.
    1 Oct 2013, 09:44 AM Reply Like
  • I am amazed at the large percentage of humorless SA readers out there who could not detect this.
    1 Oct 2013, 09:51 AM Reply Like
  • No, they stole it from Zero Hedge:

    1 Oct 2013, 10:06 AM Reply Like
  • totally agree - I am amazed too. It is obviously a comment with a glimt.
    1 Oct 2013, 11:33 AM Reply Like
  • Doug, this gold price plunge proves one thing: government workers who deal with gold bashing (The A-Team) aren't on the shutdown list. They're still very active.
    1 Oct 2013, 11:37 AM Reply Like
  • Which was in itself a sarcastic comment.
    4 Oct 2013, 10:41 AM Reply Like
  • Every worker in the US could sell all their gold and it wouldn't show on the chart. Commercials and largest funds sneeze in gold's direction and the ripples are immediate. Don't know who kicked the props out from under gold this a.m. but someone who has a large short position made some quick money on the drop and will probably make more on the following rise. No fundamental reason as dollar is down, market is shrugging off shutdown, and global uncertainty is up. Go figure.
    1 Oct 2013, 09:45 AM Reply Like
  • Please stop drinking vodka before sunset!
    1 Oct 2013, 09:58 AM Reply Like
  • Price of PMs continue to decline while demand on the physical side continues to rise. I thought it was supposed to work the other way around
    1 Oct 2013, 10:05 AM Reply Like
  • How naive, to think that PM markets would actually follow supply and demand. :^)


    Seems like a good day to pick up a few coins on the way home from work, if JPM is putting the stuff on sale.
    1 Oct 2013, 12:32 PM Reply Like
  • Come on Collapse. another 10% thank u.
    The real crisis comes when the BRICs-world say no maas.
    1 Oct 2013, 10:20 AM Reply Like
  • Why is gold down in an alleged budget crisis? Perhaps the fear is that the central banks will sell their gold to raise cash (not in USD) when the effects of Obamacare kick in. The idea is investors want to get ahead of the curve.
    1 Oct 2013, 10:24 AM Reply Like
  • Not sure how much gold is left for central banks left to sell. They sold or leased a lot of it back in the 1990s.
    1 Oct 2013, 12:20 PM Reply Like
  • Is now the time to mention that Avi Gilbert called the drop this past weekend? Every time, people scream "MANIPULATION" and I imagine Avi diving into a vault of gold and silver coins like Scrooge McDuck.
    1 Oct 2013, 10:35 AM Reply Like
  • Methinks it is more related to the strength of the dollar than anything else.
    1 Oct 2013, 10:37 AM Reply Like
  • It is both hilarious and jaw-dropping how many people here cannot detect a tongue-in-cheek comment.


    1 Oct 2013, 10:39 AM Reply Like
  • ROFL.... I wonder how many of these 'government employees' work for a large investment bank on the side.... To raise cash I mean, since the shutdown those poor things really have no choice :C :C :C
    1 Oct 2013, 10:41 AM Reply Like
  • OMG... Just buy it and stop jawing !
    1 Oct 2013, 10:56 AM Reply Like
  • As a former Fed I can tell you that 99.9% of them own zero gold.
    1 Oct 2013, 11:13 AM Reply Like
  • shutdown, looming debt ceiling limit, gold down, dollar holding= orchestrated manipulation. This is gonna end very bad. The dam is leaking.
    1 Oct 2013, 11:30 AM Reply Like
  • Our long-term thoughts on gold:

    1 Oct 2013, 11:49 AM Reply Like
  • You've made very good profits shorting in the near term but you are on the other side of the trade against China, Russia and other US trade partners who are VERY unhappy with Fed and US government policy. You may want to close out those shorts and go long soon. China bought 600 tons of physical gold from the Perth Mint after the price smash in April. China is on pace to buy greater than 100% of annual mine supply (counting demand from citizens and government). GLD is being cleaned out and at the pace metal is being withdrawn in about 2-3 years GLD will be backed with zero metal and will only have exposure to gold through gold futures contracts.
    1 Oct 2013, 12:28 PM Reply Like
  • The irony is that Bloomberg might report this as fact.... For lack of plausible explanations, and considering the fact that they will never acknowledge manipulation as a root cause.
    1 Oct 2013, 12:02 PM Reply Like
  • I don't understand how Eric Sprott posts an article yesterday stating gold is at an all time high in India to the rupee but the price keeps getting smashed in North America. I recently sold my house and invested all my money in USLV , NUGT , AGQ and bought silver. I'm feeling pretty disgusted at this point
    1 Oct 2013, 12:38 PM Reply Like
  • I'm sorry to say, but you should feel disgusted. If you do a modicum of research, you will find that all of those leveraged ETFs you mentioned are decaying investments and extremely risky.
    1 Oct 2013, 02:02 PM Reply Like
  • Leveraged ETFs are for short term trading only because the losses outweigh the gains as percentages. Thus volatility kills your investment.


    Simple example - let's say GDX and NUGT both start at 100, and NUGT is 3x GDX (not the case, just hypothetical).


    GDX up 25% gives it 125, while NUGT gets 175. GDX down 20% takes it back to 100, while NUGT goes down 60% to get 70. So you lose 30% even though the underlying index did not.


    Similarly GDX down 20% to 80 from 100, NUGT gets 40 from 100, then GDX up 25% back to 100, NUGT goes up 75% to get 70.


    Obviously day to day is not so bad as miners move a few percent per day, and it might be in one direction only.


    That's how I understand it, if I have it correct.
    1 Oct 2013, 02:16 PM Reply Like
  • I went all in when silver went under $19 and I'd be disgusted if silver it never went under that. How could I not when all I read everywhere is that the all in mining cost is more then spot price. I pray I have my day!
    1 Oct 2013, 12:38 PM Reply Like
  • Silver and gold likely have a long way to fall. Think it's manipulation? Well haven't you ever heard the expression "don't fight the Fed?"
    Stop resisting so much, and you'll stop losing all of your money. There has been a fantastic bull market going on in stocks, and all goldbugs have missed out and lost their shirts instead.
    1 Oct 2013, 12:57 PM Reply Like
  • Antonio,
    "There has been a fantastic bull market going on in stocks, and all goldbugs have missed out and lost their shirts instead. "
    Goldbugs and equity bugs are often the same bugs, meaning: who invests in gold might easily invest in equities too and vice versa.
    1 Oct 2013, 02:29 PM Reply Like
  • Folks that are holding Silver and Gold ETFs or mining stocks need to stop reading the propaganda and just focus on the facts. The USD is conscientiously being devalued and holding the commodity or the ETF is a better place than a large cash account. The charts are looking good. The bottom was two months ago. I like it. The rewards will be huge for those that have the courage to hold. I will continue to buy more if they continue to go down just like I did today.
    1 Oct 2013, 05:07 PM Reply Like
  • @AntonioSonoQui. You act like I'm broke. I'm still up 40% on uslv as of today. I'm disgusted because my stock more then doubled and I thought i'd see exponential gains with a rise to 30-35 silver in a short period of time.
    2 Oct 2013, 12:22 PM Reply Like
  • And how exactly is that? USLV is not even up 40% from its all-time bottom. lol... did you buy at a price below the bottom that nobody else had access to???
    4 Oct 2013, 12:55 AM Reply Like
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