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Gold's status as a safe haven looks shaky as the metal tumbles below $1,550, hit by demand for...

Gold's status as a safe haven looks shaky as the metal tumbles below $1,550, hit by demand for U.S. Treasurys and the rising dollar. It's also hitting miners' capex plans, as investors demand spending discipline and returns of capital rather than ambitious growth plans. “It is difficult to emphasize enough how much the world has changed for the miners in the last 18 months."
Comments (15)
  • Real gold vs US Treasuries......no comment...
    30 May 2012, 10:38 AM Reply Like
  • Nothing to guess about here. I am getting very worried about the entire economic/political situation, and having some silver eagles and copper ounces may just be a smart move. If I had my choice, I would liquidate EVERYthing I have, and put it in silver eagles, 75% in silver, and 25% in copper ounces... I have 40 of them, and perhaps, they just may be tradeable soon. Gold is going to be somewhat high, and maybe hard to make change for a one ounce eagle. Can you make change out of your pocket for one ounce of gold? Can you for a silver eagle?
    SEE?
    gasp wimper
    Capt. Brian
    The Lost Navigator
    31 May 2012, 08:59 PM Reply Like
  • I am still long GLD...
    30 May 2012, 10:42 AM Reply Like
  • This business of the marketplace perceiving US Treasuries as safe haven absolutely boggles the mind. Reason gold is flat to down is because money flow is moving into US Treasuries. This situation will have some long-term unintended consequences that will go up in smoke once the match of recognition is lit.
    30 May 2012, 10:54 AM Reply Like
  • It's not shaky, it's manipulated. Pure price is compressing down on raw materials price. Miners can't cut the cost of extraction, it is what it is. The strange part is demand hasn't diminished. If anything it sets things up for a rather large pop when supply tightens due to mines ceasing extraction...which is exactly what is about to happen.
    30 May 2012, 11:33 AM Reply Like
  • Support at $1535 has held four times now over the last year. Let's not panic just yet.
    30 May 2012, 12:57 PM Reply Like
  • Any thoughts on why such a change (Range 148.61 - 152.37) in GLD today? TIA
    30 May 2012, 03:46 PM Reply Like
  • $1530 is a strong support level.
    30 May 2012, 04:23 PM Reply Like
  • sean.........

     

    Agree with your support level comment. I have posted regarding this numerous times since February. Glad to see someone else recognizes the chart pattern. Surprising there are few articles or posts regarding technical analysis on gold or any security. Gold is not in a confirmed downtrend but many articles suggest that.
    31 May 2012, 08:49 PM Reply Like
  • agree 1500 - 1530 heavy support...
    31 May 2012, 09:01 PM Reply Like
  • If the media is starting to talk that Gold is not a safe haven, then start buying. The $1500 psyc level will hold if the media starts screaming sell gold.
    30 May 2012, 05:03 PM Reply Like
  • No one that owns gold...the real metal..is selling to buy treasuries....lol...but that is what the talking heads are saying...
    31 May 2012, 08:53 AM Reply Like
  • I think there are sovereigns and some banks that did sell some of their gold assets to try to stay liquid, which is why there has been a down trend. That action seems to be over for the moment. I think there were people that bought both USTs and gold, but I agree...the number (if any) that sold physical to go into USTs was probably miniscule at best.
    31 May 2012, 09:20 AM Reply Like
  • 9 days down in E$, I say a simple correction is due NOW, and I got out of my DRR and held the EUO, I hope to get back my DRR cheaper than I bought it in a few days.

     

    To go where angels fear to tread. (or too smart to go there)

     

    Don't make statements these days. Be fleet of foot, take profits and be wary big time. This Eurozone thing is about to have some troubles.

     

    Also, watch our politicians here in America, there is a lot at stake now, like America for instance. B E W A R E !
    Capt. Brian
    Not quite running scared, but close.
    The Lost Navigator

     

    PS Precious metals are bouncing off their big time support levels. Wanna be real careful now.
    31 May 2012, 09:07 PM Reply Like
  • Looks like today gold and silver are the only safe havens...as they are...in reality...
    1 Jun 2012, 09:54 AM Reply Like
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