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Precious metals (GLD -1.4%, SLV -1.3%) tumble to new multi-month lows, with gold at $1,552/oz....

Precious metals (GLD -1.4%, SLV -1.3%) tumble to new multi-month lows, with gold at $1,552/oz. the weakest since last summer and right near what technicians like to call long-term support going back to mid-2011. At $26.87, silver also threatens key chart levels.
Comments (24)
  • Who needs precious metals when you have Bitcoins??
    3 Apr 2013, 02:24 PM Reply Like
  • Tulips, anyone?
    3 Apr 2013, 02:37 PM Reply Like
  • SPY, anyone?
    3 Apr 2013, 03:31 PM Reply Like
  • Tack: South Sea Shipping Co. to haul the Tulips?
    3 Apr 2013, 09:07 PM Reply Like
  • and with POMO we just bought 80% of the 7 year issued last monitization here....
    3 Apr 2013, 02:36 PM Reply Like
  • Just go and read and You'll feel alright again after that!
    3 Apr 2013, 02:45 PM Reply Like
  • Who needs precious metals when you got Uncle Ben at your back preventing even the slightest downswing in equities? Watch... 48 hours from now, the stock market will "mysteriously" erase today's losses, ignore all (other) bad news, and surge forward to new heights. It's like having a rich uncle who erases all your gambling debts as long as you keep playing at the casino. this is so much better than that silly old capitalism we've been using for the last 1,400 years!
    3 Apr 2013, 02:51 PM Reply Like
  • Agree. Have said in other posts on same general topic - 20 years from now, maybe sooner, we will look at this period as the great Wall Street/Govt Equities Con job. It goes beyond making the administration look good (helping reelection as well) but to the most basic issue of developed world vs emerging market economies. For example, if anyone has an answer (other than manipulation) for Europe equity markets as good or even better than Asia, then please let the rest of us know. Asia and EMs have growth we can only dream of and with lower PEs. Not to mention booming middle classes of smarter and more hard working people that don't go on the dole.


    BTW, for those Bulls out there that believe the dribble about how we are out of recession (we are still in it IMO), please explain how commodities are not following equities up if our developed world economies are doing so wonderfully? You can fake inflation, unemployment and GDP, but you just can't fake commodity prices. Lower commodity prices means no growth, no growth means recession.


    3 Apr 2013, 05:05 PM Reply Like
  • I wish gold and silver prices would crash and crash hard. ;)
    3 Apr 2013, 02:53 PM Reply Like
  • DEEP


    Sorry, gold held at $1550 today...The markets are another thing !! Up one day and then down the next? Healthy huh..
    3 Apr 2013, 03:49 PM Reply Like
  • Unsure: Was not $1600 the level to hold? You can't just drop the floor every time it blows through it. $1600 got DESTROYED!


    The graph is in the link if you missed it.

    3 Apr 2013, 09:09 PM Reply Like
  • RUMM


    Gold has been trading in a range between $1550 and $1600 for quite some time. Once manipulation is in play please throw all your graphs out!


    Those days are over my friend...DESTROYED is kinda funny when you look at the last 12 years...But stare at your graphs if you must..
    3 Apr 2013, 09:38 PM Reply Like
  • most investors will be pushed to real estate loans will begin in full force and the same thing will make a new cycle you work longer to earn a property and work harder to pay for your food.
    3 Apr 2013, 03:02 PM Reply Like
  • Another FED talking head speaks and says Bond program purchase program MIGHT end this year and look at the sell off. Yup a great fundamental market..


    Some foolish people just don't get it..I am amazed some of the posts here...Playing this off as no big deal..Yeah were hitting on all cylinders for sure!! ROFL..


    The rules to this game might be changing, but not with my money anymore..It's like a BULL in a China shop!! ( PUN INTENDED!! )
    3 Apr 2013, 03:46 PM Reply Like
  • SLV & GLD are just a paper version of the US Dollar, nothing to back them up. Dollar up by printing. Gold and Silver down by central bank selling in USA and Europe, Germany might be the exception, Hold on to real gold and silver sell the ETF's." Dust "might be good for short term hedge.
    3 Apr 2013, 04:26 PM Reply Like
  • The equities market is a house of cards built by fiat currency that cannot sustain itself. There is absolutely no difference between this current situation and the fraudulent housing market of a few years back brought on by then president Clinton's "Affordable Housing Act" that granted mortgage loans to unqualified applicants. Everything is great until it isn't.....which folks, is just around the corner.
    3 Apr 2013, 05:03 PM Reply Like
  • KIT


    BTW they are now planning on softening requirements for Mortgage approval again..


    I guess the last bubble wasn't bad enough for them...I just see a rabid Govt willing to do anything to stay afloat..


    Fiat money is on it's last legs, it's just a matter of years now. Not decades anymore..Sad..
    3 Apr 2013, 05:09 PM Reply Like
  • Everyone should buy gold right now because today's market action shows that a crash is coming tmrw.
    3 Apr 2013, 09:28 PM Reply Like
  • everyone should not buy gold right now, because gold can revert back to the mean and stay there for the next twenty years,


    not based on supply and demand or any economic principal but purely on the will of central banks.


    fiat currency cannot fail at any cost hence gold and silver will be controlled forever.


    free market forces is factious everything is controlled including cycles of ups and downs


    go invest in RE its backed by most governments it will go up for ever and it protects wealth
    3 Apr 2013, 11:22 PM Reply Like
  • I disagree. The sky is falling and the only thing that can save you from socialists is canned soup and gold.
    3 Apr 2013, 11:26 PM Reply Like
  • Very astute observation there..Homemade soup is better though...
    4 Apr 2013, 01:33 PM Reply Like
  • gold bug? sky is not falling it will continue for another 30 years few ups and downs along the way




    something will come out the icoin or ipaper then it goes for another 60 yrs same forces working debt, cycles and taxes..... but no sky falling


    and who needs canned soup and gold once the sky falls everything will be free in heaven including soup :)
    3 Apr 2013, 11:45 PM Reply Like
  • Heaven belongs to those that stayed pure and didn't profit from worldwide QE and lost money buying gold instead.
    4 Apr 2013, 08:02 AM Reply Like
  • did you add the one like to yourself? this is not investing, your comment suggests satisfying the gods, need a whole new blog for this
    4 Apr 2013, 08:08 AM Reply Like
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