Gold Price Declines Further

[webfact]

Gold price declines further
By English News

BANGKOK, May 16 – Thailand’s gold price slid lower, below the psychological barrier of Bt20,000 per baht weight today.

Chitti Tangsitthipakdi, president of the Gold Traders Association, said the gold price dipped by Bt250 per baht weight following a sharp decline by US$30 per ounce in the global market last night.

The prices of Thai gold bullion and gold ornaments were Bt19,700 and Bt20,100 per baht weight respectively this morning.

Investors shifted their capital from the gold to the stock market after the US dollar appreciated and the Dow Jones average improved, forcing the gold price to fall below US$1,425 per ounce, he said.

The local gold price may drop to Bt18,600 per baht weight if the global trend continues to decline to US$1,375 per ounce or Bt19,400 per baht weight, he said.

The gold price has fallen rapidly from Bt20,750 to Bt19,700 – a Bt1,050 decline which deters investors from buying the yellow metal, he said (MCOT online news)

-- TNA 2013-05-16

[khaowong1]

If your having to pay a sin sod in gold to your prespective in-laws, their probably going to ask for cash instead.. Ha ha ha ha ha

[yoshiwara]

If its going down then it must be going up. A triumph for the last 12 months.

[rijb]

If its going down then it must be going up. A triumph for the last 12 months.

1 year gold.gif

Who has the fish?

[jbrain]

Chitti Tangsitthipakdi, president of the Gold Traders Association, said

The local gold price may drop to Bt18,600 per baht weight if the global trend continues to decline to US$1,375 per ounce or Bt19,400 per baht weight, he said.

The gold price has fallen rapidly from Bt20,750 to Bt19,700 – a Bt1,050 decline which deters investors from buying the yellow metal, he said (MCOT online news)

With such predictions I'm sure this guy would fit right into a weatherman job.

[Suradit69]

If its going down then it must be going up. A triumph for the last 12 months.

1 year gold.gif

Unfortunately, as with most "investments," people tend to defy logic and want to buy when the price is high and rush to sell when it's low.

If you have a longer term frame of reference (i.e. not with a view to using the proceeds to pay next month's rent), it's probably a good time to buy, but then just because something is cheap, it doesn't mean it can't get even cheaper.

[JeremyBowskill]

Ignore all other advice and just listen to peter Schiff, quickest way to send yourself to the poorhouse.

Edited May 16, 2013 by JeremyBowskill

[belg]

ah, the online casino world, known as stock / wall street...

they produce nothing but thin air, bet on stocks going all the way up, till the bubble burst

and than the tax payer can bail them out with enough billions so they can start all over again

and the CEO of the big companies, start to fire people, they don't care, just as long as the stocks go up as the costs decreased...

Edited May 17, 2013 by belg

[Bob12345]

they produce nothing but thin air

They mediate between savers and companies (just as banks do), and have made it possible for companies to grow bigger than a 1-person shop on the corner of the street. As a result the companies are able to employ millions, and serve billions.

[Bob12345]

On-topic: It is sad that the uneducated Thai people will probably learn (?) a painful lesson when speculating with money they cannot do without.

Everybody is buying gold because it cannot go down, but now it is going down (and gold might go down a lot more (in THB) as soon as the baht becomes weaker). Soon they will find out they are stuck with heaps of metal but lack the cash to pay off the mortgage or their kids tuition fees.

If you speculate you should do it with money you can easily miss, and the people I see lining up at the gold shops do not look like they can miss a lot of money.

Edited May 17, 2013 by Bob12345

[Chris Lawrence]

If its going down then it must be going up. A triumph for the last 12 months.

1 year gold.gif

One analyst believes it is headed for around US$1100. Gold is a pretty colour but can't do much with it. US $ is on the improve which seems to be shifting the sentiment from gold.

Edited May 17, 2013 by Chris Lawrence

[midas]

If its going down then it must be going up. A triumph for the last 12 months.

1 year gold.gif

One analyst believes it is headed for around US$1100. Gold is a pretty colour but can't do much with it. US $ is on the improve which seems to be shifting the sentiment from gold.

But at that price the mining stops while the demand in China and India remains ?

Edited May 17, 2013 by midas

[jbrain]

If its going down then it must be going up. A triumph for the last 12 months.

1 year gold.gif

One analyst believes it is headed for around US$1100. Gold is a pretty colour but can't do much with it. US $ is on the improve which seems to be shifting the sentiment from gold.

But at that price the mining stops while the demand in China and India remains ?

So prior to September 2009 gold wasn't mined, because that was the first time it reached that level.

How did they mine when the price was 400 US$ ?

[NHJ]

 

How did they mine when the price was 400 US$ ?

 

like petrol, they say it's because of higher costs to extract it.

[sonar6ca]

I feel so “bad” for all those that stood in line for hours to buy gold last month.

[jbrain]

 

How did they mine when the price was 400 US$ ?

 

like petrol, they say it's because of higher costs to extract it.

But the difference is that everyone needs petrol in daily life, while nobody needs gold.

[Naam]

If its going down then it must be going up. A triumph for the last 12 months.

1 year gold.gif

One analyst believes it is headed for around US$1100. Gold is a pretty colour but can't do much with it. US $ is on the improve which seems to be shifting the sentiment from gold.

But at that price the mining stops while the demand in China and India remains ?

So prior to September 2009 gold wasn't mined, because that was the first time it reached that level.

How did they mine when the price was 400 US$ ?

mining cost before 2009 were negligible. gold came out of asses:

http://classiclit.about.com/library/bl-etexts/grimm/bl-grimm-wishingtable.htm

Edited May 17, 2013 by Naam

[midas]

From a website that even Naam seems to like ...........

The Future For Gold Supply Looks Grim: An Opportunity For Gold Investors

After removing write-downs and exceptional costs, gold companies spent almost $1300 per ounce to extract gold in 2012. When you add in exploration and G&A expenses, the all-in costs for the industry are approaching $1,500 per ounce.

http://seekingalpha.com/article/1439831-the-future-for-gold-supply-looks-grim-an-opportunity-for-gold-investors

[Naam]

uote>

this website is the garbage bin for "blockshpotters". virtually each and every day one can select according to one's liking the garbage either pro or con dumped.

yesterday again one of the clowns came up with the blatant rubbish

"Basel III makes it mandatory that banks hold gold"

Edited May 17, 2013 by Naam

[dunque]

On-topic: It is sad that the uneducated Thai people will probably learn (?) a painful lesson when speculating with money they cannot do without.

Everybody is buying gold because it cannot go down, but now it is going down (and gold might go down a lot more (in THB) as soon as the baht becomes weaker). Soon they will find out they are stuck with heaps of metal but lack the cash to pay off the mortgage or their kids tuition fees.

If you speculate you should do it with money you can easily miss, and the people I see lining up at the gold shops do not look like they can miss a lot of money.

Er, if the baht becomes weaker against the dollar how does this make the price of gold 'go down a lot more (in THB)' ?

[Naam]

On-topic: It is sad that the uneducated Thai people will probably learn (?) a painful lesson when speculating with money they cannot do without.

Everybody is buying gold because it cannot go down, but now it is going down (and gold might go down a lot more (in THB) as soon as the baht becomes weaker). Soon they will find out they are stuck with heaps of metal but lack the cash to pay off the mortgage or their kids tuition fees.

If you speculate you should do it with money you can easily miss, and the people I see lining up at the gold shops do not look like they can miss a lot of money.

Er, if the baht becomes weaker against the dollar how does this make the price of gold 'go down a lot more (in THB)' ?

reverse financial engineering

[Bob12345]

...

Er, if the baht becomes weaker against the dollar how does this make the price of gold 'go down a lot more (in THB)' ?

You are right, it goes the other way around.

[bangon04]

On-topic: It is sad that the uneducated Thai people will probably learn (?) a painful lesson when speculating with money they cannot do without.

Everybody is buying gold because it cannot go down, but now it is going down (and gold might go down a lot more (in THB) as soon as the baht becomes weaker). Soon they will find out they are stuck with heaps of metal but lack the cash to pay off the mortgage or their kids tuition fees.

If you speculate you should do it with money you can easily miss, and the people I see lining up at the gold shops do not look like they can miss a lot of money.

Maybe this is a good incentive to reduce Thai gold to 90 per cent purity from its advertised 96.5 per cent. (Maybe someone already thought of this)

[Baerboxer]

I feel so “bad” for all those that stood in line for hours to buy gold last month.

[Joe Mamma]

Gold, is like diamonds and oil. There is huge amounts of the stuff, but it's artifically controled by all them rich bastards who own gorvernments purse-strings.

We are all suckers in this social economy game.

[yoshiwara]

Gold, is like diamonds and oil. There is huge amounts of the stuff, but it's artifically controled by all them rich bastards who own gorvernments purse-strings.

We are all suckers in this social economy game.

Oh look! Here comes the Financial Conspiracy Theorists over the horizon to save the day!

[eezergood]

When the gold price dropped last time, most of the gold shops in Patong conveniently closed shop! Another refused to sell to me at the price quoted in the window

[Naam]

Gold, is like diamonds and oil. There is huge amounts of the stuff, but it's artifically controled by all them rich bastards who own gorvernments purse-strings.

We are all suckers in this social economy game.

Oh look! Here comes the Financial Conspiracy Theorists over the horizon to save the day!

you mean it is not true that them "rich bàstards" are keeping the gold price artificially high although "there is huge amounts of the stuff"?

[JeremyBowskill]

3 spaces left in my 'end of the world bunker', enough water for 20 years and 5,000,000 cans of beans. It will smell like a Turkish toilet in there but at least you will escape Armageddon,

All I require is 10oz of gold for my troubles, PM me.

Sorry this offer is not open to members of the illuminati or "rich bàstards"

Edited May 18, 2013 by JeremyBowskill

[Bob12345]

Gold, is like diamonds and oil. There is huge amounts of the stuff, but it's artifically controled by all them rich bastards who own gorvernments purse-strings.

We are all suckers in this social economy game.

The supply of diamonds is mostly controlled by "De Beers", but I do not understand how you can say the same about oil and gold since there is no monopoly in these cases.