Gold takes a quick tumble, dropping nearly 1% in minutes to $1.650/oz. (taking silver along for...

Gold takes a quick tumble, dropping nearly 1% in minutes to $1.650/oz. (taking silver along for the ride, or vice versa). The fall comes as HSBC hits the tape, cutting its 2012 average gold forecast to $1,760 from $1,850 on a "sharp decline" in Indian demand and reduced expectations for QE.
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Comments (15)
  • deercreekvols
    , contributor
    Comments (9513) | Send Message
    Computer trading by large firms has killed the stock market for the individual investor.


    "Dark markets" are another reason the deck is stacked against the average investor.
    30 Apr 2012, 09:02 AM Reply Like
  • tigermoq5
    , contributor
    Comments (36) | Send Message
    Better off buying lottery tickets!
    30 Apr 2012, 09:08 AM Reply Like
  • Not Applicable
    , contributor
    Comments (238) | Send Message
    HSBC, along with the JPMorgue, are the ones who set the price by flooding the market with paper gold and silver and buying back when they have tripped enough stop-loss triggers. Until buyers start holding out for physical delivery, this thievery will continue.


    The CFTC is run by former players who will return to the field once their terms are up. Why would anyone expect fair regulation of this market...?
    30 Apr 2012, 09:23 AM Reply Like
  • Denny_Chasteen
    , contributor
    Comments (688) | Send Message
    Agree, forget the paper price of gold. Just keep buying physical gold. Let me add that eventually the paper gold scam will become so greedy that it will leverage itself into a bubble of it's own. It's like the old "pigeon drop" scam which will become sorely exposed at some point in the future.


    The drop in India is because of them raising the tax from 2% to 4%. There is a protest or "strike." This means a backlog of demand for gold that will be hit the market soon to satisfy either black market demand or demand cause by the tax policy being rescinded.


    Of course, confidence in the dollar may rise (but only temporarily) pending the outcome of the US elections and how people perceive that a President Romney can somehow change our course (he can't). This could drive gold down to $1,200 per ounce in the next 6 to 12 months.


    To quote Al Gore: "This roller coaster is headed for a crash and we are in the front car." Of course Gore was talking about our environment but I am extending it to our economy. That was the smartest thing Al said since he invented the internet.


    Gold price will be determined more by geopolitical factors than moving averages and "chartology" as they will drive the demand over the next few months. Some people may disagree with this statement even though I feel like I am overstating the obvious.
    30 Apr 2012, 11:27 AM Reply Like
  • apberusdisvet
    , contributor
    Comments (3098) | Send Message
    The India tax is a distraction. Look instead at the surreptitious buying by the Chinese and Russians and the dip buying of the uber wealthy Mid-Easterners. The magnitude of this trend will overwhelm any momentary demand decrease in India.
    3 May 2012, 09:10 AM Reply Like
  • thotdoc
    , contributor
    Comments (1962) | Send Message
    Don't pay attention to them. Buy based on money printing; especially as long as the central banks are buying,
    30 Apr 2012, 09:30 AM Reply Like
  • thotdoc
    , contributor
    Comments (1962) | Send Message
    BTW, if you are in the PMs and are listening to a shouldn't be in the PM.
    30 Apr 2012, 09:32 AM Reply Like
  • smashdeb
    , contributor
    Comments (9) | Send Message
    I am 62 yrs of age, started buying both gold and silver when silver was about $8.00. I know the banks are running the paper markets but the Fed. keeps printing and the price in the long run will just keep moving up in the metals. The metals are still one of your best hedges and do not think that the Euro problem is even CLOSE to being behind us.
    30 Apr 2012, 10:04 AM Reply Like
  • Neckermann
    , contributor
    Comments (21) | Send Message
    NuclearDickie is right: HSBC and JPMorgan, (I don't know, if JPMorgue was intentional but very appropriate) commit nothing but thievery by manipulating the paper gold.
    I am holding on to physical gold since 50 years.
    30 Apr 2012, 11:59 AM Reply Like
  • brassey
    , contributor
    Comments (4) | Send Message
    have not seen blow-off yet; way too many wise guy bears.
    30 Apr 2012, 12:02 PM Reply Like
  • Papa Jupiter
    , contributor
    Comments (14) | Send Message
    Stay diversified!
    30 Apr 2012, 12:15 PM Reply Like
  • larry214001
    , contributor
    Comments (76) | Send Message
    Act on the "news" at your own peril.
    30 Apr 2012, 01:00 PM Reply Like
  • youngman442002
    , contributor
    Comments (5123) | Send Message
    headlines are to fool the sheeple...keep you eyes on the big picture...the world the physical...and all is well
    30 Apr 2012, 01:33 PM Reply Like
  • Denny_Chasteen
    , contributor
    Comments (688) | Send Message
    Yes, youngman. "As long as the roots are not severed, all is well. And all will be well in the garden. " - Chauncey Gardner
    30 Apr 2012, 05:25 PM Reply Like
  • Garfield23
    , contributor
    Comments (154) | Send Message
    silver we likey! good move 10% pops up and people don't even notice...
    1 May 2012, 02:33 PM Reply Like
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