Gold price tumbles 550 baht today

[webfact]

Gold price tumbles 550 baht today

 

 

BANGKOK: -- Gold price plunged 550 baht today on the opening of the morning trade in Bangkok, following last night's tumbling in the New York market.

 

In New York, the price tumbled on Tuesday to its lowest level since the Brexit crisis as a bullish dollar made greenback-denominated precious metals more expensive for foreign buyers, the Economic Calendar reported.

 

Gold for December delivery fell $42.20, or 3.2%, to $1,270.50 a troy ounce, its lowest settlement on the Comex division of the New York Mercantile Exchange since the June 23 Brexit vote.

 

In percentage terms, Tuesday’s decline was the biggest since late 2013, according to MarketWatch.

 

The precious metal  decline was driven in part by the autumn resurgence of the dollar, reflecting the gradual improvement of the U.S. economy. The dollar gained 1.2% Tuesday to ¥102.89, its highest level since Sept. 5.

 

The action came a day after a strong U.S. economic report and on a day when Federal Reserve Bank of Cleveland President Loretta Mester reiterated her call for a December rate increase.

 

Gold prices are up nearly 21% this year.

 

Full story: http://englishnews.thaipbs.or.th/gold-price-tumbles-550-baht-today/

 

-- © Copyright Thai PBS 2016-10-05

[laislica]

Routine manipulation to make the rich richer and the poor poorer!

[FlorC]

In the first 30 minutes of Comex floor trading, 3.2 million ounces of paper gold “bombs” were dropped on the Comex

 

http://www.silverdoctors.com/gold/gold-news/fund-manager-warns-gold-silver-are-being-taken-down-ahead-of-systemic-disaster/

 

That's 100 metric tons of paper gold !

[blazes]

If countries and hedge funds started demanding physical gold, there could be trouble.

[Familyonthemove]

TGF's all over Thailand will be dragging their Tilacs to gold shops - "good time to buy".

[SheungWan]

1 hour ago, laislica said:

Routine manipulation to make the rich richer and the poor poorer!

 

Only when the price goes down, right?

[elgordo38]

2 hours ago, laislica said:

Routine manipulation to make the rich richer and the poor poorer!

I think your right on the manipulation part. It is a real coincidence that the Chinese market is closed all this week for a holiday. It is the biggest drop in three years and me smells a rat in all of this. It could be the Fed's way of saying "see you cannot trust gold only paper money" The Fed is well known for manipulating markets and then throw in all the paper gold and bullion banks a receipt for deceit. Also a couple Fed talking heads are out there stirring up the rate increase cauldron. It does not take much dumping into this market to distort it.  I think we are looking for a $100 an ounce plus drop this week as on Friday the US government will roll out their so called "employment" numbers. I think there is some tomb stone counting in their numbers but the numbers will be over the top lets say 210,000 and gold will get crushed again. Hang in till next week to buy I am. I also find it amazing that almost daily the Dow drops a hundred or two hundred points out of the gate and then seems to claw its way back. The markets no longer move on fundamentals only trickery lies deceit and sleight of hand with the governments blessing. 

Edited October 5, 2016 by elgordo38

[Alive]

I wonder if Chinese are selling gold for their holiday? Travelling abroad more and more many are probably caught by surprise by the high prices in foreign nations.

[MyFriend You]

$950 an ounce by years end - buy buy buy   back up to $13-1400 an ounce my June 2017

[kiwikeith]

17 hours ago, SheungWan said:

 

Only when the price goes down, right?

 

They have done this before, smashed gold into the ground, in the 80's people in New York queued for blocks to sell scrap gold and jewellery at the beginning of the wrought they pushed gold up though the roof , then they introduced massive sell orders  and collapsed the price of gold which they then brought back at the bottom.

 

Now the loony psychopathic Bankers (who are not stupid with Maths) have had interest free money handed to them to lend out at fractional reserve banking rates (10 dollars for every physical dollar they have in their volts) they have been on a role.

Handed billions of tax payers money after Freddy and Fanny clapped out it looks like more of the same to come.

If all the debt in the world was called in the economy would crash to bits as there is not enough money in circulation to pay it.

But Wall St trucks on with paper gold and securities as if there is no tomorrow.

Then we all know who will suffer when the walls fall down    

[SheungWan]

2 hours ago, kiwikeith said:

 

They have done this before, smashed gold into the ground, in the 80's people in New York queued for blocks to sell scrap gold and jewellery at the beginning of the wrought they pushed gold up though the roof , then they introduced massive sell orders  and collapsed the price of gold which they then brought back at the bottom.

 

Now the loony psychopathic Bankers (who are not stupid with Maths) have had interest free money handed to them to lend out at fractional reserve banking rates (10 dollars for every physical dollar they have in their volts) they have been on a role.

Handed billions of tax payers money after Freddy and Fanny clapped out it looks like more of the same to come.

If all the debt in the world was called in the economy would crash to bits as there is not enough money in circulation to pay it.

But Wall St trucks on with paper gold and securities as if there is no tomorrow.

Then we all know who will suffer when the walls fall down    

 

There seems to be a conspiratorial hell for gold fans disillusioned with their failed attempts to rise above the markets. All weird rear-view mirror stuff. Either trade or don't trade and learn to sell as well as buy and hold. Gold is not a holy grail. And as for the silver nuts......

[laislica]

1 hour ago, SheungWan said:

4 hours ago, kiwikeith said:

 

They have done this before, smashed gold into the ground, in the 80's people in New York queued for blocks to sell scrap gold and jewellery at the beginning of the wrought they pushed gold up though the roof , then they introduced massive sell orders  and collapsed the price of gold which they then brought back at the bottom.

 

Now the loony psychopathic Bankers (who are not stupid with Maths) have had interest free money handed to them to lend out at fractional reserve banking rates (10 dollars for every physical dollar they have in their volts) they have been on a role.

Handed billions of tax payers money after Freddy and Fanny clapped out it looks like more of the same to come.

If all the debt in the world was called in the economy would crash to bits as there is not enough money in circulation to pay it.

But Wall St trucks on with paper gold and securities as if there is no tomorrow.

Then we all know who will suffer when the walls fall down    

 

There seems to be a conspiratorial hell for gold fans disillusioned with their failed attempts to rise above the markets. All weird rear-view mirror stuff. Either trade or don't trade and learn to sell as well as buy and hold. Gold is not a holy grail. And as for the silver nuts...

 

Perhaps you have missed the point Wan.

All markets, commodities, oil, metal and financial are manipulated by the rich, subsidised (W) Bankers so that they, the <deleted>, can make huge amounts of money at our expense.

You say:- Either trade or don't trade and learn to sell as well as buy and hold.

Good luck with that.

As an individual player with maybe a few thousand to play with you only stand a chance to lose.

When a money man sells 10, he means 10,000,000.

They can play with money they haven't go and make a fortune on tiny differences in selling and buying prices.

Add to that the real time software they have where they can set buy and sell prices.....

It's a matter of scale and us little ones can't compete.

Did you ever look in a dealing room?

See how easy it is to set off a rumour about a commodity like, say coffee?

Then see what happens to the price.

Arbitrage, now there is a whole other world.....

 

 

 

[SheungWan]

2 hours ago, laislica said:

 

Perhaps you have missed the point Wan.

All markets, commodities, oil, metal and financial are manipulated by the rich, subsidised (W) Bankers so that they, the <deleted>, can make huge amounts of money at our expense.

You say:- Either trade or don't trade and learn to sell as well as buy and hold.

Good luck with that.

As an individual player with maybe a few thousand to play with you only stand a chance to lose.

When a money man sells 10, he means 10,000,000.

They can play with money they haven't go and make a fortune on tiny differences in selling and buying prices.

Add to that the real time software they have where they can set buy and sell prices.....

It's a matter of scale and us little ones can't compete.

Did you ever look in a dealing room?

See how easy it is to set off a rumour about a commodity like, say coffee?

Then see what happens to the price.

Arbitrage, now there is a whole other world.....

 

 

 

 

...'er so don't trade then.

[lannarebirth]

8 hours ago, laislica said:

 

Perhaps you have missed the point Wan.

All markets, commodities, oil, metal and financial are manipulated by the rich, subsidised (W) Bankers so that they, the <deleted>, can make huge amounts of money at our expense.

You say:- Either trade or don't trade and learn to sell as well as buy and hold.

Good luck with that.

As an individual player with maybe a few thousand to play with you only stand a chance to lose.

When a money man sells 10, he means 10,000,000.

They can play with money they haven't go and make a fortune on tiny differences in selling and buying prices.

Add to that the real time software they have where they can set buy and sell prices.....

It's a matter of scale and us little ones can't compete.

Did you ever look in a dealing room?

See how easy it is to set off a rumour about a commodity like, say coffee?

Then see what happens to the price.

Arbitrage, now there is a whole other world.....

 

 

 

 

There's a small amount of truth in what you say, but the bigger truth is that just about everything that's tradable is tied to the $USD. The $USD broke out yesterday and is heading higher. Everything on earth that's tradable, not just Gold will be a reaction to that.

[elgordo38]

On 10/5/2016 at 7:00 PM, Alive said:

I wonder if Chinese are selling gold for their holiday? Travelling abroad more and more many are probably caught by surprise by the high prices in foreign nations.

You could be right although credit is so readily available everywhere. China would be no different. I guess I was raised to frugal or worked to hard as a kid for spending money. The lesson has stuck with me. I guess I have developed into a bit of a cheap Charlie I watch my money and question my spending. Now here in Chiang Mai I see so many well dressed to the nines young Chinese usually couples seemingly without a care in the world with a huge hunkin Canon or Nikon with a foot long lense slung around their neck  seemingly without a care in the world.  Their priorities seem so much different today than the depression babies of the 30's like me in their 70's and 80's now. Is this a good or bad thing. Time will be the judge of that. 

[elgordo38]

On 10/5/2016 at 5:51 PM, elgordo38 said:

I think your right on the manipulation part. It is a real coincidence that the Chinese market is closed all this week for a holiday. It is the biggest drop in three years and me smells a rat in all of this. It could be the Fed's way of saying "see you cannot trust gold only paper money" The Fed is well known for manipulating markets and then throw in all the paper gold and bullion banks a receipt for deceit. Also a couple Fed talking heads are out there stirring up the rate increase cauldron. It does not take much dumping into this market to distort it.  I think we are looking for a $100 an ounce plus drop this week as on Friday the US government will roll out their so called "employment" numbers. I think there is some tomb stone counting in their numbers but the numbers will be over the top lets say 210,000 and gold will get crushed again. Hang in till next week to buy I am. I also find it amazing that almost daily the Dow drops a hundred or two hundred points out of the gate and then seems to claw its way back. The markets no longer move on fundamentals only trickery lies deceit and sleight of hand with the governments blessing. 

Further to my post it seems that a hedge fund in England called Odey has run into problems. It lost money betting against Japanese debt and then went long gold to try and recoup their losses. From what I understand they got called on their gold margin and had to liquidate. On top of this the Chinese market has been closed all week and as the link one poster put on that "paper" gold bombarded the market throwing it off balance. This caused a "perfect" storm for gold and I am sure all the fiat currencies holders smelling blood piled in and shorted gold only making matters worse plus people that made money earlier had their stop loses triggered to protect their profits. A judge in the US has approved a court case into gold manipulation against 5 major banks and is allowing the case to proceed. Deutsche Bank has already admitted complicity hoping for a lienant sentence. Gold is the little guy on the block facing opposition from many directions including The Fed, Banks, Wall Street, governments the list is endless. These movers and shakers want to give gold a black eye so that investors will shun it as they have so many times in the past. They must again create the thinking that gold is good for nothing but a door stop. I think this time will be different with all the negative interest rates and outright thievery by big banks like Wells Fargo. Governments are more and more turning a blind eye to this thievery emboldening banks to get more profit creative. A little financial slap on the wrist  from time to time and then they back to business as usual. The government is playing us for the fool and sadly the majority is going along with this for now. We are in a surreal environment right now. Samsung with all its battery problems both first generation and now a replacement battery has blown up in an airplane faces possible lawsuits, 2 billion dollar replacement cost and a big hit to their stellar reputation and yet people have bid up their stock to all times highs. The Black Swan cometh. 

[sendintheclowns]

On 5/10/2016 at 7:00 PM, Alive said:

I wonder if Chinese are selling gold for their holiday? Travelling abroad more and more many are probably caught by surprise by the high prices in foreign nations.

''caught by surprise'' .... ah! reminds me of the the old ''supplies -supplies'' joke...

Edited October 7, 2016 by sendintheclowns
mistype

[sendintheclowns]

On 6/10/2016 at 10:55 AM, kiwikeith said:

 

They have done this before, smashed gold into the ground, in the 80's people in New York queued for blocks to sell scrap gold and jewellery at the beginning of the wrought they pushed gold up though the roof , then they introduced massive sell orders  and collapsed the price of gold which they then brought back at the bottom.

 

Now the loony psychopathic Bankers (who are not stupid with Maths) have had interest free money handed to them to lend out at fractional reserve banking rates (10 dollars for every physical dollar they have in their volts) they have been on a role.

Handed billions of tax payers money after Freddy and Fanny clapped out it looks like more of the same to come.

If all the debt in the world was called in the economy would crash to bits as there is not enough money in circulation to pay it.

But Wall St trucks on with paper gold and securities as if there is no tomorrow.

Then we all know who will suffer when the walls fall down    

Yes, the bankers in their volts are on a role ....

[sendintheclowns]

end of times? or just that the big money roundabout is going faster and faster? Pound sterling supposedly ''fat fingered. dropped 10% in an instant,  to 1.13 to the US$ and then recovered. Has anyone heard of gold scanners at airports? It is true. I will see if I can get something started on a new forum.

[SheungWan]

3 hours ago, elgordo38 said:

Further to my post it seems that a hedge fund in England called Odey has run into problems. It lost money betting against Japanese debt and then went long gold to try and recoup their losses. From what I understand they got called on their gold margin and had to liquidate. On top of this the Chinese market has been closed all week and as the link one poster put on that "paper" gold bombarded the market throwing it off balance. This caused a "perfect" storm for gold and I am sure all the fiat currencies holders smelling blood piled in and shorted gold only making matters worse plus people that made money earlier had their stop loses triggered to protect their profits. A judge in the US has approved a court case into gold manipulation against 5 major banks and is allowing the case to proceed. Deutsche Bank has already admitted complicity hoping for a lienant sentence. Gold is the little guy on the block facing opposition from many directions including The Fed, Banks, Wall Street, governments the list is endless. These movers and shakers want to give gold a black eye so that investors will shun it as they have so many times in the past. They must again create the thinking that gold is good for nothing but a door stop. I think this time will be different with all the negative interest rates and outright thievery by big banks like Wells Fargo. Governments are more and more turning a blind eye to this thievery emboldening banks to get more profit creative. A little financial slap on the wrist  from time to time and then they back to business as usual. The government is playing us for the fool and sadly the majority is going along with this for now. We are in a surreal environment right now. Samsung with all its battery problems both first generation and now a replacement battery has blown up in an airplane faces possible lawsuits, 2 billion dollar replacement cost and a big hit to their stellar reputation and yet people have bid up their stock to all times highs. The Black Swan cometh. 

 

If you want an endless run of conspiracy stories, come to the gold bugs.