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Gold tumbles to lowest in nine months

Featured Replies

Gold tumbles to lowest in nine months

 

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BANGKOK: -- Gold prices fell 350 baht in the opening trade this morning, the Gold Traders Association said today.

 

It said in the first round trade at  09.23am, gold bullion plunged 350 baht from yesterday’s close to 20,000 baht for a baht weight for buying, and 20,100 baht for selling.

 

For gold ornaments, buying price is 19,647.36 baht and selling price is 20,600 baht for a baht weight.

 

It said  the fall today was the lowest in nine months and a half.

 

Factors dampening gold prices were attributed to pressure from continued stronger dollars and a run of largely upbeat US economic data today.

 

Source: http://englishnews.thaipbs.or.th/gold-tumbles-to-lowest-in-nine-months/

 
thaipbs_logo.jpg
-- © Copyright Thai PBS 2016-11-24

So much for everyone running towards this safe haven on the results of a Trump presidency.

4 minutes ago, djjamie said:

So much for everyone running towards this safe haven on the results of a Trump presidency.

 

Just wait till the Dems try and get Hilary installed on the grounds she got 25.6% rather than 25.5% of the "popular" vote. They'll keep trying to persuade the EC delegates right up till Trump is installed and then whine on for the next 4 years. 

 

Wonder how long we've got before WW3 kicks off. 

33 minutes ago, webfact said:

Factors dampening gold prices were attributed to pressure from continued stronger dollars and a run of largely upbeat US economic data today.

 

I am not buying into this. I watched the Kitco chart yesterday and gold dropped $20 or so in a matter of minutes. Strange that today is Thanksgiving and US markets are closed. I have noticed a lot of these straight up and downs that take place in a matter of minutes i.e. right after the election. Gold shot up and straight down and bang a lot of people were caught with their pants down. Same happened during the week long Chinese New Years. Gold has gotten to uppity lately and being a small easily manipulated market I think the Fed, Banks, governments, Wall Street and the Bullion banks with their paper gold were getting a little scared and dropped a dime on the market. It is the way things work today scare people off use power to manipulate. I have talked to people that watch the gold market and they say they have never seen this kind of movement in 30 years in the business and they are scared to make bets into a manipulated market. 

5 minutes ago, elgordo38 said:

I am not buying into this. I watched the Kitco chart yesterday and gold dropped $20 or so in a matter of minutes. Strange that today is Thanksgiving and US markets are closed. I have noticed a lot of these straight up and downs that take place in a matter of minutes i.e. right after the election. Gold shot up and straight down and bang a lot of people were caught with their pants down. Same happened during the week long Chinese New Years. Gold has gotten to uppity lately and being a small easily manipulated market I think the Fed, Banks, governments, Wall Street and the Bullion banks with their paper gold were getting a little scared and dropped a dime on the market. It is the way things work today scare people off use power to manipulate. I have talked to people that watch the gold market and they say they have never seen this kind of movement in 30 years in the business and they are scared to make bets into a manipulated market. 

 

That's because someone dumped $ 6 BILLION of futures (paper gold) yesterday onto the market in one hit. Simultaneously you have got  steps towards  a ban on cash in more and more countries.  

 

http://www.marketoracle.co.uk/Article57324.html

 

26 minutes ago, djjamie said:

So much for everyone running towards this safe haven on the results of a Trump presidency.

my friends who used to trade shares have gone back saying the stock market is where they want to put their cash. i dont know how they determine that but i guess others are getting out of gold to do the same.

What's interesting in all the movement of gold prices, and which is not getting much press is that the Islamic Council that sets the standards for Sharia as of December 1st is going to change the rules for 1.3 billion Muslims that previously were only permitted to own gold in the form of jewelery. They are now going to be permitted to purchase gold as an investment. 

Does anyone think this might have some impact on gold prices? My guess is the punters will act and the price will move up. Wait and see or place your bets now?

The oil price is low so this effects the gold price.

High oil price = high gold price.

4 hours ago, djjamie said:

So much for everyone running towards this safe haven on the results of a Trump presidency.

It seems Trump brought stability. So much for the credibility of the mainstream press.

7 hours ago, webfact said:

Gold tumbles to lowest in nine months

Good time to buy then.

2 hours ago, phuketkenny said:

What's interesting in all the movement of gold prices, and which is not getting much press is that the Islamic Council that sets the standards for Sharia as of December 1st is going to change the rules for 1.3 billion Muslims that previously were only permitted to own gold in the form of jewelery. They are now going to be permitted to purchase gold as an investment. 

Does anyone think this might have some impact on gold prices? My guess is the punters will act and the price will move up. Wait and see or place your bets now?

9 month low in prices...only one option for me.

 

Buy.

Edited by Bluespunk

1 hour ago, Bluespunk said:

Good time to buy then.

Yes as soon as it gets down to $900 per ounce.

2 hours ago, Bluespunk said:

Good time to buy then.

I'd wait until at least $1,100 per ounce vs 5 year trend average $1,186

5 hours ago, phuketkenny said:

What's interesting in all the movement of gold prices, and which is not getting much press is that the Islamic Council that sets the standards for Sharia as of December 1st is going to change the rules for 1.3 billion Muslims that previously were only permitted to own gold in the form of jewelery. They are now going to be permitted to purchase gold as an investment. 

Does anyone think this might have some impact on gold prices? My guess is the punters will act and the price will move up. Wait and see or place your bets now?

 

I don't know you, but I'm sure there are people in the gold business that are way smarter than you and me together, and if what you are predicting was the case then gold would have climbed instead of declined yesterday.

Darn  my cheap gold ring is still only worth about 80 dollars.

Just wish it were worth 3000 baht

Geezer

For many...it would be the time to buy...buy...buy

12 hours ago, Grubster said:

Yes as soon as it gets down to $900 per ounce.

I don't think that will happen. I'll buy all the way down. :smile:

12 hours ago, LPCustom69 said:

I don't think that will happen. I'll buy all the way down. :smile:

Good luck, thats what they said when it got up to $800 or so thirty years ago, but it when down to $300 and stayed there for twenty years. Keep buying and I will jump in at $900. Let us know when you hit it big.

On 11/24/2016 at 7:00 PM, DrTuner said:

It seems Trump brought stability. So much for the credibility of the mainstream press.

 

That what it seems? It's going to be 4 years of constant crisis, from one to the next,  as the worst President in American history starts rolling. 

 

On 11/25/2016 at 7:36 AM, gemguy said:

For many...it would be the time to buy...buy...buy

 

No one invests in gold. Gold is purely speculative and almost always a bad financial decision. You can make money at it but you can also make money at a racetrack.  

strictly defined, gold is NOT an investment. it is money.it is a store of value. one does not invest in gold, one buys gold as a hedge against inflation.

1 hour ago, Pinot said:

 

That what it seems? It's going to be 4 years of constant crisis, from one to the next,  as the worst President in American history starts rolling. 

 

 

No one invests in gold. Gold is purely speculative and almost always a bad financial decision. You can make money at it but you can also make money at a racetrack.  

 

On 11/24/2016 at 6:53 PM, Wilsonandson said:

The oil price is low so this effects the gold price.

High oil price = high gold price.

No really, here a comparison over the last 20 Years. Red/Green is Crude Oil, Pink is Gold.

Capture.JPG

7 hours ago, Pinot said:

 

That what it seems? It's going to be 4 years of constant crisis, from one to the next,  as the worst President in American history starts rolling. 

 

 

No one invests in gold. Gold is purely speculative and almost always a bad financial decision. You can make money at it but you can also make money at a racetrack.  

We're wrapping up 8 years with the worst president in US history. The one before that was probably the 3rd worst.

 

We've got no where to go but up.

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