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Gold Market Collapses
Monday, April 15, 2013 8:18
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UPDATE: Gold settles at $1,361.10, down $203.80 or 13.02% over 2 days; silver settles at $23.36, down 5.66% over 2 days
The strengthening of the U.S. dollar, news that Cyprus could soon unload excess gold reserves, bearish outlooks on gold from big investment banks like Goldman Sachs, warning signs emanating from the Chinese economy, and just outright selling of gold by influential investors like George Soros, have all contributed to the gold crash that has seen gold enter a bear market.
The price of gold traded below $1,400 an ounce in Monday morning trading in New York. At one point gold fell to $1,364. Only a few days ago gold was hovering above $1,560 and in late March at $1,620. Gold’s tumble hit a new phase on Friday and accelerated on Monday, falling more than 8%. Other precious metals have also been hit hard, like silver, which fell 13% on Monday.
Gold is collapsing. Makes no sense to me. I thought gold was the safe haven. Where are people going to? -Mort
Come on Mort, why do you think precious metals are being manipulated down? HINT: The Banksters HATE competition against their fiat currency which is backed up by hot air. Their absolutely flooding the world with phony money and here in the USA we’re adding 85-125 BILLION dollars EACH MONTH, over 1 TRILLION a year and their telling us that the dollar is strengthening?
Come on, how is that possible unless it is absolutely manipulated, especially since the 2nd largest Open-Pitt mine in the world has closed down for the next year because of a massive landslide. The mine, Kennecott, in Utah state has been closed since last Wednesday has not really even been mentioned in the media. Now why is that?
Their is only a finite amount of gold and silver unlike paper GLD and SLV certificates which amount to 500-600 tonnes of paper metal, which is worthless.
Just look at the fallen prices as a sweet gift and continue to stack ‘em.
Well said, Sir, as always.
I will be buying more gold come payday. I am also going to borrow from my 401k to buy. Silver was gone from coin shop on Saturday. Only one ounce silver rounds. They might be gone by now. Sellers have none to sell with willing buyers but the price goes down.
I also saw no one selling Saturday, only buying.
Mort the Retard, getting the wrong end of the stick again .. or more accurately, misleading the public. The truth is that the PAPER
Mort the Retard, getting the wrong end of the stick again .. or more accurately, misleading the public. The truth is that the PAPER gold price crashed, but the PHYSICAL market is now on fire with huge shortages of both gold and silver.
Now is the last opportunity to buy and ensure your future freedom, before the next move to enslave us all (ie. those with nothing else).