Gold price sees big drop amid improving US economic data

By The Nation

 

 

The price of gold dropped by Bt150 per baht weight in morning trade on Saturday (September 12), the Gold Traders Association reported.

 

 

As of 9.18am, the buying price of a gold bar was Bt28,600 per baht weight and selling price Bt28,700, while gold ornaments were priced at Bt28,091.48 and Bt29,200, respectively.

 

At close on Friday (September 11), the buying price of a gold bar was Bt28,750 per baht weight and selling price Bt28,850 while gold ornaments were priced at Bt28,227.92 and Bt29,350, respectively.

 

The Comex (Commodity Exchange) gold price to be delivered in December dropped by US$16.4, or 0.83 per cent, closing at $1,947.9 (Bt60,908.36) per ounce on Friday. Gold price rose by 0.7 per cent this week.

 

Gold moved to negative territory on Friday, as investors sold the precious metal to take profit, while it was pressured by strong US economic data.

 

Source: https://www.nationthailand.com/business/30394434

 

-- © Copyright The Nation Thailand 2020-09-13

 

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You want world peace...or for the price of gold to go up?

 

Don't answer that!  ????

Wow a big drop of 0.83%, I better dump all my gold holdings now!

wake me up when it is back at 22.000

On January 1 2020 the us dollar gold price was $1,520, today it's $1,940, yeah it's getting smashed.  It's actually consolidating above the historical all time high which was about $1,920. Golds on a long term uptrend and the real economic pain hasn't hit the US yet.  Wait until all those government cheques and Fed bailout programs slow down.

I see the phrase 'negative territory' and wonder if it means that the price has fallen. Fallen, past participle of a verb. That feels very harsh, how about; decreased. Not so scary...

 

This is such a waste of the English Language. I saw the price of diesel was in negative territory last week. It had gone down a couple of satang since last I looked....

On 9/13/2020 at 4:42 PM, Taxi said:

On January 1 2020 the us dollar gold price was $1,520, today it's $1,940, yeah it's getting smashed.  It's actually consolidating above the historical all time high which was about $1,920. Golds on a long term uptrend and the real economic pain hasn't hit the US yet.  Wait until all those government cheques and Fed bailout programs slow down.

Amen. It's inevitable. History tells this story of governments destroying their own currency over and over. It always ends the same way. 

Produce more than you consume or you're stealing from somebody. 

On 9/13/2020 at 10:42 AM, Taxi said:

On January 1 2020 the us dollar gold price was $1,520, today it's $1,940, yeah it's getting smashed.  It's actually consolidating above the historical all time high which was about $1,920. Golds on a long term uptrend and the real economic pain hasn't hit the US yet.  Wait until all those government cheques and Fed bailout programs slow down.

What are you talking about??? All time high was $2188 which was in 1980, it's next highest level was approximately $2093 in 2011. will you make money investing in gold at the current levels.......highly unlikely unless you are happy to wait years for a poxy 10% gain

1 hour ago, Patts said:

What are you talking about??? All time high was $2188 which was in 1980, it's next highest level was approximately $2093 in 2011. will you make money investing in gold at the current levels.......highly unlikely unless you are happy to wait years for a poxy 10% gain

 

1 hour ago, Airalee said:

 

Yes, my error, the chart I was looking at was adjusted for inflation even so Gold now is only about 10% higher then it was in 2011, I don't know about you but 10% return in 9 years sucks

7 minutes ago, Patts said:

Yes, my error, the chart I was looking at was adjusted for inflation even so Gold now is only about 10% higher then it was in 2011, I don't know about you but 10% return in 9 years sucks

But cherry picking dates (such as 2011) does none of us any good.  I could use myself as an example where I sold my house in the US in 2005 and put a large chunk of the proceeds into Pamp Suisse bars.  However...As the saying goes...past performance does not guarantee future returns.  I haven’t sold and have no intention on doing so.  Someday, when I die, it will be passed on.  Hopefully my heirs...whoever they might be (no children) will get the stepped up basis.

 

I do however feel,  that if gold is good enough for central banks around the world to hoarde, then owning some probably isn’t such a bad idea.

 

Would I buy more today at this price?  Well...that’s hard to say.  I can only speak for my own personal situation and I feel that I have enough.  I’m not ruled by greed.  I can say however that “we live in interesting times” currently and it will be interesting to see where this all ends.

On 9/13/2020 at 4:42 PM, Taxi said:

On January 1 2020 the us dollar gold price was $1,520, today it's $1,940,

 

It was $2067 only a month ago, and voices here were predicting it would go t0 $3000 in the next few weeks.

 

Yeah right.

 

 

It will go up to $2500 at least, but not in a few weeks. I’m aiming for middle or end of next year.