Seeking Alpha

"This may be the correction gold needs," Jim Rogers says, but it hasn't dropped enough yet for...

"This may be the correction gold needs," Jim Rogers says, but it hasn't dropped enough yet for him to be a buyer. Rogers sees four factors behind gold's selloff: India hiked its gold import tax rate by 50% to 6% at the start of the year, curbing demand; Cyprus possibly needing to sell gold to pay its debts; chart analysis; and Bitcoin's collapse, "since most of them also own gold."
Comments (4)
  • Castrese Tipaldi
    , contributor
    Comments (43) | Send Message
     
    How many smart people providing so many smart explanations to justify the thieves.

     

    The only explanation missing is the one calling the whole thing for what it really is: a shameful robbery by financial goodafellas, selling 500 tons of phantom gold on the stop-bids and watching the blood-bath of margin-called longs the next day.

     

    You can go here for the details: http://bit.ly/13cN6z7

     

    Gold and silver are the only markets in the world where this is possible: -20/-30% in a few trading HOURS, with a few financial entities allowed to sell naked a quarter of the yearly world production in a single shot.

     

    Then you have to listen to all these smart people.....
    I'm sure they will also explain us once again why do we need the CFTC (LOL, they are such a joke!)

     

    This robbery is not the first and will not be the last!
    If you are there (COMEX) on margin, you are getting exactly what you deserve.
    Buy the physical, but forget the current paper price: you'll not get it buying hard metal instead of paper (but PHYS is discounted now).
    And forget also all the rest, including these smart, oh so smart, people.
    16 Apr 2013, 03:16 AM Reply Like
  • STDvooh
    , contributor
    Comments (641) | Send Message
     
    India's taxing of gold didn't curb demand. It just increased smuggling of gold into India. Since smuggled gold is illegal, there are no available statistics to gauge its sales in India now. Cyprus' gold stock is about half a day's world demand for gold. Bitcoin and its collapse has nothing to do with gold.

     

    As far as I'm concerned the lower the price of gold goes, the better for me to buy a lot more gold.
    16 Apr 2013, 06:49 AM Reply Like
  • Charles Cooke
    , contributor
    Comments (48) | Send Message
     
    I agree 100%. Have stayed in IAU while presently taking a beating, but see it going back up. Has Obama stopped spending, and has the Fed stopped printing? No, it continues. --- Then last week Goldman Sachs and others, I believe, 'shorted the gold market' and at the same time sold off their holdings. As the 'muppets' then panic while listening to the 'talking heads', the sell off continued. In short, while I will track the lows, I will be long term a buyer of the shinny metal.
    16 Apr 2013, 06:52 AM Reply Like
  • p_w_smith
    , contributor
    Comments (4) | Send Message
     
    now is the time to load up on UGLD (triple gold long)
    16 Apr 2013, 04:52 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio:

|