Thai gold price drops Bt650 in one day, worst in 3 years

[Bosse137]

Eating soup using a spoon can be quite difficult if you have overdosed on ear medicine.

Especially if you try to put the soup in your ears....

[thrilled]

The more gold goes down the more I'll buy, I'm hoping it'll get down to $300 again.

[orpheus454]

Eating soup using a spoon can be quite difficult if you have overdosed on ear medicine.

Or if you're holding the spoon incorrectly.

I once tried to eat soup with the spoon upside down... absolutely impossible!

I went hungry that day...

(not thirsty, however... you understand...)

[Neeranam]

So glad I sold all mine for 26/27k

[midas]

The more gold goes down the more I'll buy, I'm hoping it'll get down to $300 again.

yes because how many goldmines do you think will still open if it's at that price?

[PCA]

The more gold goes down the more I'll buy, I'm hoping it'll get down to $300 again.

and then where do you give up, when the birds thrill higher or gold hits 200?

Just joking I buy soon for the length of a cigar. Not driven by price or chart but pure sentiment. That's my thrill - not the smoke but the timing.

When the cigar still glows I am out again at least my risk is - P/L no problem. Then I might reconsider to change my view.

Gold is a sentimental market and far too sentimental right now, even the boys who thought they're the biggest have left it. Not talking about banks but organizing structures if you like that term.

Some fundamentals:

Mining is (still) not entirely controlled and the companies doing the work to explore and supply in the first place are nothing more than they supposed to be - making days end and keeping business afloat in benefit of themselves, the market's demands and their employees. So the miners hedge preventively because there is competition and manipulation. They have no other way to hedge their productivity than participating in the Futures and Options markets (insurance and speculation). This is a territorial thing with all metals and the industrial metals do show more what is going on in economies, globality

This is similar with other commodity markets but I'll not burning my mouth here as the biggys are having those definitely under control.

But you gotta help yourself somehow while Gold definitely will not, not more than blinding you.

[Cambodger]

Only a fool or someone with serious inside information would bet against the market trend.

[PCA]

Only a fool or someone with serious inside information would bet against the market trend.

sentiment and price do never corellate long for long. Trends are not the only way to make money otherwise nobody just following trends could in the long run.

Insiders:

The brokers don't know, the exchange doesn't know, the manipulators don't know. All of them are taking their piece baced on their advantages and those are getting diminished because if nobody plays along anymore they'll have to go against each other.

[techboy]

Eating soup using a spoon can be quite difficult if you have overdosed on ear medicine.

Yeah, lest we forget:

http://www.youtube.com/watch?v=6jpfconAdU0

[Cuban]

yes because how many goldmines do you think will still open if it's at that price?

Gold mining was profitable in 2003, given an averaged rate of inflation in South Africa it could fall to 448 and still offer the same return, doubt the markets are strong enough yet to allow that, there is still a lot of upside in gold price even when it falls further.

[techboy]

Why is anybody surprised?

Once people stop panicking that their dollars and euros are going to be worthless in 10 years, there's no reason to buy gold as an investment as gold pays no interest and no dividend.

i.e. The fall in the price of gold is, overall, a good thing, as it means sanity is returning to the markets.

The way that VIX has been popping around this month I think your sanity is about to become a panic attack.

[techboy]

If the end of the world comes, you need to be holding lead, not gold.

Umm. Thanks but am not quite ready to hedge lead against gold on that count.

[Thai at Heart]

I still can't quite work out that if all the fiat currencies if the world disappeared tomorrow, we are supposed to act like 12th century idiots and clip bits off gold bars, instead of getting busy and recreating a currency of trade.

I reckon IOUs and tradable currency would be up and running in less than a month. We have gone beyond the apes trading bananas for a blow job right?

At least she can eat a banana, what is she supposed to do with a gold bar?

[edwardandtubs]

No one needs it untill your paper becomes worthless. The Fed can print as many $ as they want but they can't print gold. Gold is part of an investment strategy not an investment strategy. A balanced portfolio includes gold/platinum/silver, stocks, property, bonds, cash etc. Gold in my portfolio is an insurance policy against the extreme events no one thinks is plausable. But unlike the mainstream media, traders and brokers I don't make my living from selling financial products. I would however advise you to look pass the mainstream media's hype and headlines, pass the "gold is a barbaric relic" pass the Feds promise that the $ is king. Look at the investment cycles and busts we have gone through since the mid 90's and you will see all the bull runs started with the big banks/institutional investors and ended when the retail investors was in the market and those who started the runs out of the market. As I see it now the retail investors are in the market and then according to the recent history it's a good time to get out.

Retail investors love gold right now - especially Mr Somchai and his mistress!

[edwardandtubs]

MUMBAI (Reuters) – Gold premiums doubled in India on Wednesday as suppliers struggled to meet surging demand after a ban on consignment imports,

http://in.reuters.com/article/2013/06/26/markets-india-gold-idINDEE95P08I20130626

http://libertyblitzkrieg.com/2013/06/26/gold-premiums-double-in-india-as-demand-outstrips-supply/

( The Chinese and Indians are acting exactly as Warren Buffett does when he said (and I paraphrase) “I never understand why people get upset when prices of the shares of companies they own go down. I love it as it gives me a better price to buy more.” )

At what price did you start buying Enron and Bear Sterns?

Edited June 27, 2013 by edwardandtubs

[Whidbeyboy]

Why is anybody surprised?

Once people stop panicking that their dollars and euros are going to be worthless in 10 years, there's no reason to buy gold as an investment as gold pays no interest and no dividend.

i.e. The fall in the price of gold is, overall, a good thing, as it means sanity is returning to the markets.

Gold prices were inflated due to the fear mongers and the bubble is bursting. No surprize. Just like assault weapons here in the US are 4 times the rate even though no ban was done and people can't sell them back for half what they paid.

We are pawns in a game that is based on rumor and fear. If the world ends food and water will be the commodity, not gold.

Add to your statement that holding gold actually costs money in real terms as it requires storage, security and insurance.

I’ve been buying gold since 2003, seems to have worked out well for me, much better than Dollars or Euro’s, I hold very little cash. Storage costs are insignificant and I’m still buying.

[Whidbeyboy]

If the end of the world comes, you need to be holding lead, not gold.

[/quote

Plus food and water will be the new gold.

We have to many psycho end of the world types here in the US, and usually religous based (half crazy already IMO)

[theblether]

The scare stories about the institutions not having enough physical gold has resulted in many investors calling in their holdings. This is the reason why gold is leaving the vaults in high numbers, people want to see it, to know they own the physical property, and to know exactly where it is.

As for the production cost being a parameter for the bottom line of gold, bs........there's plenty of commodities that suffer from glut or lack of demand. If the mining companies can't make a profit they'll just mothball the mines and wait the market out.

The bottom line is that there is no bottom line, the Gold market always moves on factors unrelated to Gold itself, any experienced investor knows that.

[ozyjon]

Which other commodity do you know of thats sold at lower than production cost, thats got a 1 500 ton supply shortfall per year ? What does it say about the future price? Vietnam banks are scrambling to buy gold to supply shortfalls (they sold gold they didn't have and are struggeling to get now). ABN AMPRO stopped supplying gold to their gold depositors and will now pay them in cash (they sold gold they didn't have and can't get now). JP Morgan are 86,000 oz short on their June contracts which ends tomorrow. All the gold banks are going long on gold, only the retail investors are buying bonds and stocks that these banks are selling. Massive volumes of gold have left bank vaults over the last month, somethings up, time will tell.

I wonder if there is a major war about to erupt somewhere, stocking up on gold for the future, what is happening i wonder?

[bangkokfanatic]

Back in BKK again in a week - and I just know that Miss Bangkok will pester me for another 2 baht of gold. At least it's cheaper - the ex-wife used to demand diamonds....

[fred007]

Why is anybody surprised?

Once people stop panicking that their dollars and euros are going to be worthless in 10 years, there's no reason to buy gold as an investment as gold pays no interest and no dividend.

i.e. The fall in the price of gold is, overall, a good thing, as it means sanity is returning to the markets.

Add to your statement that holding gold actually costs money in real terms as it requires storage, security and insurance.

One Exception here ......Its in my Teeth

[finnomick]

I have no real knowledge of the precious metals market nor foreign exchange, my father a stock broker in NY always said," Making money on currency and precious metals is more difficult than eating soup with a spoon."

What's so difficult about eating soup with a spoon?

I think he meant fork.....

[Naam]

I have no real knowledge of the precious metals market nor foreign exchange, my father a stock broker in NY always said," Making money on currency and precious metals is more difficult than eating soup with a spoon."

What's so difficult about eating soup with a spoon?

I think he meant fork.....

a gentleman eats soup with a knife!

[bangkokburning]

Normally I do not engage in schadenfreude, but I am gloating - my prediction over years proved valid.

Wait for total capitualtion around 900 or panic sell off might see 750-800

If you buy you will need to sit on it again for years. Fed will not allow inflation until it buys back its reserves.

All common sense really - greed.

[midas]

Normally I do not engage in schadenfreude, but I am gloating - my prediction over years proved valid.

Wait for total capitualtion around 900 or panic sell off might see 750-800

If you buy you will need to sit on it again for years. Fed will not allow inflation until it buys back its reserves.

All common sense really - greed.

Then can you please explain why so many people in South East Asia don't seem to be interested in your “ advice “ ?

[yoshiwara]

Normally I do not engage in schadenfreude, but I am gloating - my prediction over years proved valid.

Wait for total capitualtion around 900 or panic sell off might see 750-800

If you buy you will need to sit on it again for years. Fed will not allow inflation until it buys back its reserves.

All common sense really - greed.

Then can you please explain why so many people in South East Asia don't seem to be interested in your “ advice “ ?

Apparently because they have been following your expert advice and chucking money down the drain.

[AnotherOneAmerican]

Normally I do not engage in schadenfreude, but I am gloating - my prediction over years proved valid.

Wait for total capitualtion around 900 or panic sell off might see 750-800

If you buy you will need to sit on it again for years. Fed will not allow inflation until it buys back its reserves.

All common sense really - greed.

Then can you please explain why so many people in South East Asia don't seem to be interested in your “ advice “ ?

That's because people living in banana republics and other politically unstable areas over the world prefer portability over all other considerations. Not much point being a paper millionaire when the country backing the paper is gone or freezes it's banking system.

[midas]

Normally I do not engage in schadenfreude, but I am gloating - my prediction over years proved valid.

Wait for total capitualtion around 900 or panic sell off might see 750-800

If you buy you will need to sit on it again for years. Fed will not allow inflation until it buys back its reserves.

All common sense really - greed.

Then can you please explain why so many people in South East Asia don't seem to be interested in your “ advice “ ?

Apparently because they have been following your expert advice and chucking money down the drain.

Probably one of your most pathetic responses here to date, bearing in mind I have never ever advise anyone to do anything.

I merely post links to information that make sense. ............................

Unlike the drivel in your regular and exceedingly boring and uninformative posts

[Suradit69]

Pawnbroker H&T profits hit by falling price of gold13 Aug 2013 01:00

It has closed more than 50 gold-buying shops in the past year and there are doubts over the five which remain

Profits at Britain’s biggest pawnbroker have plunged after a slump in the price of gold.

H&T cashed in on a gold rush, opening a wave of temporary shops for people to sell their jewellery [sic].

But a drop in the price of the precious metal, plus tough competition, has hit the firm hard.

It has closed more than 50 gold-buying shops in the past year and there are doubts over the five which remain.

The wholesale price of gold has crashed from over £1,000 an ounce to nearer £790 an ounce in the past year.

That, and fewer people flogging their trinkets, saw profits in its gold-buying arm fall by nearly a third in the first six months of the year.

continued:

http://www.mirror.co.uk/money/city-news/pawnbroker-ht-profits-hit-falling-2158549#ixzz2bqvTmuJd