Seeking Alpha

Precious metals continue to sell off sharply, gold (GLD) -4% to $1,440/oz., the lowest level in...

Precious metals continue to sell off sharply, gold (GLD) -4% to $1,440/oz., the lowest level in about 2 years. Off 6.7% to $24.58, silver's (SLV) back to fall 2010 levels.
Comments (50)
  • yliu54
    , contributor
    Comments (170) | Send Message
     
    Some guys will be emotional when they wake up tomorrow.
    14 Apr 2013, 11:09 PM Reply Like
  • Agbug
    , contributor
    Comments (1091) | Send Message
     
    Mommy! I want my Mommy!
    14 Apr 2013, 11:11 PM Reply Like
  • nemonemo
    , contributor
    Comments (314) | Send Message
     
    Where is gold money going ? I was surprised to see such a downfall.
    15 Apr 2013, 12:13 AM Reply Like
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    Margin calls on spread trades involving JGBs...there may be other carry trades. There's also strong sentiment on the downtrend, with traders exploiting that. Watch the floors for stability.
    15 Apr 2013, 12:28 AM Reply Like
  • nemonemo
    , contributor
    Comments (314) | Send Message
     
    Impact on commodity ?
    15 Apr 2013, 12:33 AM Reply Like
  • Interesting Times
    , contributor
    Comments (10422) | Send Message
     
    Never thought a grown man can get into a fetal position in a corner so quickly !!

     

    I think we will see blood on the streets tomorrow..
    15 Apr 2013, 01:27 AM Reply Like
  • ManoLive
    , contributor
    Comments (437) | Send Message
     
    Why? She has everything invested in gold coins. She's crying too!
    15 Apr 2013, 02:14 AM Reply Like
  • User 8967151
    , contributor
    Comment (1) | Send Message
     
    Whitehawk, I just retired and am a virgin; I would like to have real things instead of numbers in a computer; could you give advice to this novice... personal wisdom or reference material..thanks, Wain
    15 Apr 2013, 08:02 AM Reply Like
  • tvbmx
    , contributor
    Comments (2) | Send Message
     
    i am sure thousands of people will have margin calls that need to be answered tomorrow-- and since most of my account are mining stocks-- i assume they will fall like crazy--just the day i need to get out to raise money ---
    14 Apr 2013, 11:11 PM Reply Like
  • anthonymaw
    , contributor
    Comments (34) | Send Message
     
    It's your second chance to buy the physical bullion on the cheap... American Capitalist market manipulators on Wall Street are just dumping paper gold GLD to depress the price. Let it fall. Let it fall. Let it fall. Smart citizens will take the opportunity to stock up on physical bullion. The governments of the Western World are just printing money to prop up their stock markets and banking systems in place of real economic growth through industrial manufacturing jobs and productivity. Basically those White Westerners are trying to keep their corrupt Capitalist party's going while the Chinese and Indians are stocking up on gold and silver bars. Gold has been money for 5000 years and will continue to be money 5000 years from now when the US dollar, Euro and Pound are nothing more than historical curiosities.
    14 Apr 2013, 11:15 PM Reply Like
  • Interesting Times
    , contributor
    Comments (10422) | Send Message
     
    ANTHONY

     

    I was at a huge coin show on Sunday and almost every vendor was out of physical gold and silver. In fact the Gainesville rep didn't even show up on Sunday.

     

    On top of that every transaction over 1k had to be recorded and you needed to show your drivers license. Never seen that before at a coin show.

     

    Also heard Gainesville is about a month behind on their deliveries as my friend has been waiting that long for his order. This smells real bad for sure!

     

    Margin calls will be going out all day tomorrow. Lets see how our markets handle this as well. Banks covering their shorts to perfection as well..
    15 Apr 2013, 12:05 AM Reply Like
  • BruceInKY
    , contributor
    Comments (416) | Send Message
     
    "Basically those White Westerners are trying to keep their corrupt Capitalist party's going while the Chinese and Indians are stocking up on gold and silver bars."

     

    Odd post for SA. Why are you here? Even though I agree with your gold-as-timeless-currency thesis, I have to wonder.
    15 Apr 2013, 12:07 AM Reply Like
  • crashtestdummy
    , contributor
    Comments (7) | Send Message
     
    That might be all true but why not make coin and play the game with the 'manipulators'. Short the E and buy the physical with the proceeds. Haha.
    15 Apr 2013, 12:43 AM Reply Like
  • DMCstrategies
    , contributor
    Comments (66) | Send Message
     
    Human's have made unfathomable advances in the last 5000 years in every aspect of science, chemistry, metallurgy, technology, engineering, etc.....it goes on.

     

    So gold has been used as a currency for 5000 yrs, yes, why with all the advances we have made do you feel that gold is still relevant as a currency today? We do very, very few things the way we did them 5000 yrs ago, there is no reason for us to hold on to this ancient form of commerce.
    15 Apr 2013, 02:13 AM Reply Like
  • kvatchik
    , contributor
    Comments (499) | Send Message
     
    >> why with all the advances we have made do you feel that gold is still relevant

     

    Who do you want to fool? Paper money is not an innovation, it's been around for a while, been tested in practice in different times in different cultures, and never ever succeed.
    15 Apr 2013, 02:23 AM Reply Like
  • DMCstrategies
    , contributor
    Comments (66) | Send Message
     
    Your right, a metal we dig out of the ground must be considered currency from here to eternity, because that is what we used in the past and there is no fathomable way we could ever improve on this idea.

     

    I didn't mention paper money, did I? No, I didn't
    15 Apr 2013, 02:33 AM Reply Like
  • kvatchik
    , contributor
    Comments (499) | Send Message
     
    Because Gold has unique characteristics ever challenged only by Silver.
    15 Apr 2013, 03:02 AM Reply Like
  • marktuthdr2
    , contributor
    Comments (57) | Send Message
     
    This is a financial site, so please confine your politics to some forum that it may be welcome at. You are breaking the rules of this site. I'm surprised the site let you post your political diatribe.
    16 Apr 2013, 01:57 AM Reply Like
  • HATEFEEBAY
    , contributor
    Comments (142) | Send Message
     
    I am all in buying more silver at this price-I will take bars of silver ANY DAY over junk paper currency that is printed out of thin air at alarming rates like the US is doing.
    14 Apr 2013, 11:16 PM Reply Like
  • ManoLive
    , contributor
    Comments (437) | Send Message
     
    Yeah, but it sure is amazing how many people you can fool into accepting that junk paper money!
    15 Apr 2013, 02:16 AM Reply Like
  • Doug Eberhardt
    , contributor
    Comments (2779) | Send Message
     
    I hope Seeking Alpha posts my article they just declined because they said I wrote too much about how I called this precious metals market almost perfectly the last year and a half, and they wanted "more current" analysis, which I did conclude with. I wrote them back asking them to reconsider, and if they don't approve the article, it will be available on my site and I will have to reconsider whether I want to write here any longer. Frustrating because what I write gold and silver investors need to hear.
    14 Apr 2013, 11:20 PM Reply Like
  • Interesting Times
    , contributor
    Comments (10422) | Send Message
     
    DOUG

     

    A brief summary will be welcomed here !!
    15 Apr 2013, 12:02 AM Reply Like
  • Doug Eberhardt
    , contributor
    Comments (2779) | Send Message
     
    IT...Have to give them a chance. We have been through this since before they had a Gold and Precious Metals category. That is why I left them twice already.
    15 Apr 2013, 12:32 AM Reply Like
  • kvatchik
    , contributor
    Comments (499) | Send Message
     
    Doug, do you think SA is engaged in MOPE?

     

    "... MOPE is it’s a tragic public policy error. It defrauds the public, encourages insider trading by major players, causes Western Financial Markets to be perceived as “fixed” and brings on many other terrible consequences based on an attitude that “the end justifies the means.” Yet the reality is that it fails miserably in its goal of stabilizing markets and getting the economy back on track, so we end up with all of the terrible consequences and none of the theoretical benefits.

     

    ...Management of Perception Economics and the acronym “MOPE,” the fact is this doctrine has been in practice for at least a decade. Mr. Bernanke’s predecessor and mentor, Alan Greenspan, used to speak about it fairly openly in the context of inflation. The main difference is that in light of the present economic disaster inflation must assume biblical proportions, as there is no practical approach to undo the monetary inflation due to the internal and external debt undermining real growth."
    15 Apr 2013, 12:39 AM Reply Like
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    @kvatchik: I respectfully disagree. I think SA is quite fair at providing balance. That is why I am a loyal reader of the site and what people have to say, even if I disagree from time to time, and people disagree with me. I do think there is perception bias is behavioral economics - and this can lead to unintended consequences, as they say. In support of sound money, everyone wants to see a medium of exchange that they are paid a day's work or an investment in maintain some sort of stability. If it doesn't - then creditors/investors /savers lose (unless they hedge). The dollar has maintained relative stability - for now - and that is a positive. But dynamics change, and the mediums of exchange fluctuate - sometimes unpredictably. Gold and silver are both a commodity and a currency, but still foremost a commodity. That is reality, as expressed by the current markets. The physical markets are reacting quite interestingly - when there is a swoon in the paper markets, dealers claim lack of supply. Hmmm---who is worse? These are not perfect markets. They both have flaws. And let's not forget two human qualities entering the equation: casino gambling and hoarding. Quite powerful.
    15 Apr 2013, 01:01 AM Reply Like
  • Doug Eberhardt
    , contributor
    Comments (2779) | Send Message
     
    Kv...no.
    15 Apr 2013, 01:07 AM Reply Like
  • nemonemo
    , contributor
    Comments (314) | Send Message
     
    Hawk, SA acts pretty much like hedge fund. A perfect place for manipulation. Otherwise, can be stated as perfect platform for manipulators. I guess a lawsuit is pending against SA where someone wrote bunch of articles with wrong information to manipulate stock and SA did not due diligence go through facts. Even worse, that malicious author acted as multiple author publishing as wrong information.
    15 Apr 2013, 01:17 AM Reply Like
  • kvatchik
    , contributor
    Comments (499) | Send Message
     
    >> Gold and silver are both a commodity and a currency, but still foremost a commodity. That is reality, as expressed by the current markets.

     

    As expressed by current markets. MOPE expressed? Gold is not a commodity nor currency, it is money.
    15 Apr 2013, 01:29 AM Reply Like
  • Doug Eberhardt
    , contributor
    Comments (2779) | Send Message
     
    Hawk, no one is perfect. I try to abide by their rules and am well aware of what criteria they require to approve articles. I have complaints and don't fully express all.
    15 Apr 2013, 01:43 AM Reply Like
  • Doug Eberhardt
    , contributor
    Comments (2779) | Send Message
     
    IT, I have received 4 updates from Seeking Alpha in 4 hours on GLD. Ridiculous bias.

     

    Here is the article, without the usual plugs I have to put in for ETFs and Seeking Alpha, just to satisfy their editors. Pisses me off. I know my advice has been beneficial for investors in precious metals and they don't want people to hear it.

     

    Gold and Silver Doom and Gloom or Crack Up Boom? http://bit.ly/16XEYEG
    15 Apr 2013, 06:42 AM Reply Like
  • Welt
    , contributor
    Comments (138) | Send Message
     
    Gold already up about 2% since it hit 1422 just a short while ago. I don't think we will see 1422 during normal trading hours tomorrow, but 1433 may be in the cards (the 200 week moving average). That level should be very strong support and I expect prices to stabilize near there in the coming days. May be a great buying opportunity here.
    14 Apr 2013, 11:22 PM Reply Like
  • ManoLive
    , contributor
    Comments (437) | Send Message
     
    A great buying opportunity?

     

    Hmmmmm.

     

    Now where have I heard that before?

     

    Signed,

     

    Ex Apple fanboy
    15 Apr 2013, 02:18 AM Reply Like
  • Zeus2012
    , contributor
    Comments (697) | Send Message
     
    GDX going to get crushed again tomorrow.
    14 Apr 2013, 11:43 PM Reply Like
  • ManoLive
    , contributor
    Comments (437) | Send Message
     
    I hope ANV gets crushed too. It has been dropping for 8 straight months. No reason to stop now.

     

    Disclosure:

     

    I am short ANV
    15 Apr 2013, 02:20 AM Reply Like
  • cihat5
    , contributor
    Comments (6) | Send Message
     
    1390 USD is the Fibonacci retracement line from 1922 USD graph wise...that is where I expect the resistance to be ..if broken down 990 USD (%50 retracement will be effective) ...These are not fundamentals just Forex expectations.. Long term what better to own than silver and gold for wealth protection ? If you were living in Cyprus what would you rather have invested in ?
    15 Apr 2013, 12:05 AM Reply Like
  • ManoLive
    , contributor
    Comments (437) | Send Message
     
    Wealth protection?

     

    I lost $20,000 a year and a half ago investing in gold stocks.

     

    If I'd blindly hung on, adding more to a losing position, I'd be far worse off.

     

    How exactly did that "protect" my wealth?

     

    Let it go, gold bugs.

     

    You've been fear mongered into believing the tales of gloom and doom and disaster conjured up by the very people who sell you the gold and take your wealth.

     

    Cut your losses and move on, or short it. Being long in gold is a bad trade. Remember $1912.00? It was a looong time ago. Stop the suffering. The only thing gold has protected you from is making profits.
    15 Apr 2013, 02:30 AM Reply Like
  • kvatchik
    , contributor
    Comments (499) | Send Message
     
    > I lost $20,000 a year and a half ago investing in gold stocks.
    ...
    Let it go, gold bugs.

     

    Why don't you let it go? It is a trading loss for you, a good lesson, study it and let it go.
    15 Apr 2013, 02:35 AM Reply Like
  • Ray Lopez
    , contributor
    Comments (1511) | Send Message
     
    I am long gold but not on margin.

     

    I am bored with this news about a drop in the price of gold.

     

    GOT GOLD? It's exciting.
    15 Apr 2013, 12:12 AM Reply Like
  • JrbWheaton
    , contributor
    Comments (13) | Send Message
     
    It's gonna be a bloody Monday for mining stocks... can't wait
    15 Apr 2013, 12:22 AM Reply Like
  • ManoLive
    , contributor
    Comments (437) | Send Message
     
    Me too. I hold 75 puts on ANV, and it jumped 3% AH on friday, so it had me a little worried. Now, I'm really looking forward to seeing how it does.
    15 Apr 2013, 01:05 AM Reply Like
  • casper1918
    , contributor
    Comments (29) | Send Message
     
    This is an insane world and many things do not make sense, but one thing is for sure..........the global debt is so great it can't be calculated. When the global currency collapse occurs, our world won't be such a nice place to live and paper money will be worthless. I am holding on to my gold and will be adding to it at these prices. I didn't buy gold to speculate, I bought gold for survival.
    15 Apr 2013, 12:30 AM Reply Like
  • kmi
    , contributor
    Comments (3995) | Send Message
     
    That giant 'whooshing' sound you are hearing is the sound of global wealth moving into dollar denominated assets. Think about what that means for gold, if you will. Then consider what it took for gold to break $1,900. And while you're at it check out Gold's futures chain. If you don't think gold is a trade like any other, I suspect you will be quite disappointed with your 'investment' results. Global wealth is far more fungible than any individual product, and real wealth is generated by diversifying your asset base.

     

    The real issue with gold bugs is how they completely misunderstand the expansion of the monetary base in the US while concurrently watching nothing longer than a 10 year chart. It's sad, really.
    15 Apr 2013, 06:38 AM Reply Like
  • ManoLive
    , contributor
    Comments (437) | Send Message
     
    Glad I'm short. ANV has been steadily dropping for a long time now. Hope it tanks some more tomorrow. Trade with the trend and you will make money. Fight the market and you will lose money.

     

    1. Never fall in love with a stock (or gold)
    2. Follow the trend
    3. If you're in a bad trade, get out.
    4. Preserve your capital.
    15 Apr 2013, 12:42 AM Reply Like
  • wlx607
    , contributor
    Comment (1) | Send Message
     
    The target price of silver will be $18.5 - $20. Buy physical silver at this price level.
    15 Apr 2013, 12:45 AM Reply Like
  • bhav2329
    , contributor
    Comment (1) | Send Message
     
    Where is the bottom guys
    15 Apr 2013, 12:45 AM Reply Like
  • ManoLive
    , contributor
    Comments (437) | Send Message
     
    Check the chart to see where the bottom is. Look at the RSI 2 period on a 6 month chart. You will see when it gets to the bottom. That will be the time to go long.
    15 Apr 2013, 02:36 AM Reply Like
  • al roman
    , contributor
    Comments (4816) | Send Message
     
    An implosion had to start somewhere,can't live a "happy lie" forever.
    15 Apr 2013, 03:23 AM Reply Like
  • Doug Eberhardt
    , contributor
    Comments (2779) | Send Message
     
    you mean the 42 year lie of Federal Reserve Notes without gold backing and 16.7 trillion of debt? That lie?
    15 Apr 2013, 06:54 AM Reply Like
  • DrScrooge
    , contributor
    Comments (3) | Send Message
     
    To those who are taking it on the chin, take comfort--

     

    100 years we'll all be dead. Don't sweat it. And keep on truckin'.
    15 Apr 2013, 07:09 AM Reply Like
  • al roman
    , contributor
    Comments (4816) | Send Message
     
    Welcome to the door way of a brave new wonderful world !
    15 Apr 2013, 07:15 AM Reply Like
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