Golden Jibber Jabber

November 27th, 2009 by stacyherbert

Stacy Summary: For all your gold talk and other stuff. Why didn’t someone wake me up for this? ;) Anyway, what do you think, correction? Profit taking? Or lots of Gulf investors selling their good to pay off their big bad mistakes?

Gold - down to $1150

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47 responses so far ↓

  • Jeemobon
    Nov 27, 2009 at 1:50 am

    wish I could afford it, got no savings :(

  • Youri Carma
    Nov 27, 2009 at 1:52 am

    If that ain’t a good example of blatant gold manipuli….

    BUT sombody’s fighting back 1152

  • dan valley
    Nov 27, 2009 at 1:55 am

    very small buy windows…I got some at 1132

  • aleix1979
    Nov 27, 2009 at 1:56 am

    Hi Max,

    At 1152? If one has already few ounces of gold and kilos of silver isn’t it better to put your money in non-perishable things that you would be using later?

    Specially as the deflation (in real money) de-stabilizes business, screws up their calculation processes and finally reduces offer once the sell-off is done?

    Another think. Don’t you think silver is under-valued compared to gold?

  • dan valley
    Nov 27, 2009 at 1:57 am

    yep my client called fro dubai and said he just bought 100 kilos on the cheap from local market

  • Bonn
    Nov 27, 2009 at 2:02 am

    it was bound to take a Dip holyday season i think is’nt thanks giving also more consumption Corollary to that should go down futher till New Year eve ? or stay at 1100 ?

  • Vinny
    Nov 27, 2009 at 2:06 am

    Damn it,, wish I could purchase more of these dips – Purchased a crap load of silver for my dad at 18.40 (as well as mining stocks). Oh well …

  • Zach OBrien
    Nov 27, 2009 at 2:08 am

    Buy Buy Buy!!!!!

    Max. Your voice kicks ass. Tell the people to buy. Tell em loud.

  • henk
    Nov 27, 2009 at 2:19 am

    I think this must mean that people don’t expect the buildings going to be gold plated anymore in Dubai.

    What about the dollar again. Stocks go down…dollar goes up. Vice versa.

  • stacyherbert
    Nov 27, 2009 at 2:22 am

    @henk – if you look at the UK markets today, with bank stocks down 34% . . . you will have loads of hedge funds, investors, speculators etc selling whatever they can to meet margin or cover losses; gold will be something that is very liquid . . . there won’t be any buyers for their bank stock holdings

  • stacyherbert
    Nov 27, 2009 at 2:31 am

    Garlic has been a far better investment than gold or silver this year:

    http://www.independent.co.uk/news/world/asia/forget-gold-and-silver-invest-in-garlic-1828755.html

    In some markets, it is up 40 fold . . .

  • Mother Earth
    Nov 27, 2009 at 2:38 am

    Yes, gold is done, the bubble has burst, to volatile, not enough to go around, move along everybody, nothing to see, move along..

    Amusing video http://www.youtube.com/watch?v=ngpsJKQR_ZE

  • Tofu Charlie
    Nov 27, 2009 at 2:46 am

    Yes! PERISH GOLD! Down to 350!

    Rice and Ammo looking oversold…

  • Steve3201
    Nov 27, 2009 at 2:59 am

    Those with exposure to Dubai MUST sell anything they can to cover their assets to keep reserves in FIAT in line due to bankster regulations. SO moves like this, as we also saw when Bear Sterns imploded, are to be expected. The ‘weak hands’ need to sell at any price and strong hands buy. Just wait until Q1/Q2 when commercial RE hits th fan in a big way.

    FDIC insurance… a joke. Banks will collapse so fast that the FDIC will find some way to continue the pretend and extend.

    So expect violent moves in the market as the implosion/collapses occur. Buy gold and silver on these big dips! Call it a ‘black Friday’ holiday sale :)

    Then again it is going to be a Crimson Christmas.

    PS: Max, your voice is fine, tell those punters to bugger off!

  • kostakosta
    Nov 27, 2009 at 3:04 am

    Maybe some people didn’t want the price to jump up uncontrolably, just now. Things would go further down if the price of gold would jump after the dubai crash. Maybe even spiraling out of control. You know, guillotines, it’s possible that some wouldn’t even have the time to get to their runnaway jets.

  • henk
    Nov 27, 2009 at 3:18 am

    @ stacy,

    Oh I bought yesterda garlic for 2 euro’s. Maybe I should have waited….

  • William
    Nov 27, 2009 at 3:23 am

    It depends what currency you hold…. In Australian dollars it will most likely just go up with a market correction (AUD goes down).

  • McGold
    Nov 27, 2009 at 3:29 am

    The plunge protection team is in full effect. Seems to me that contract expiry is scaring a few people. Exercise and call in ALL physical and take them to the cleaners.

  • ronron
    Nov 27, 2009 at 3:29 am

    nothing goes straight up. tests along the way.

  • stacyherbert
    Nov 27, 2009 at 3:30 am

    @ronron @McGold – or, as it fell as much as Hang Seng in percentage terms, it could be the same investors selling

  • ronron
    Nov 27, 2009 at 3:34 am

    @stacey. sad to say but the 2 punks mckay and harper are pulling canada further down.

  • ronron
    Nov 27, 2009 at 3:38 am

    @stacey. strange things happen in the middle of night. maybe someone got the rest of the imf gold. china

  • ronron
    Nov 27, 2009 at 4:01 am

    would like to get peter and stevey on ice. not that ice the rink.

  • ronron
    Nov 27, 2009 at 4:28 am

    OMG. check out mary walch asking sara palin about canadian health care.

  • great!
    Nov 27, 2009 at 4:34 am

    This is great. I just decided a few days ago to buy some gold bullion as a TEOTWAWKI hedge and now we get a dip. I hope gold keeps going down until I pull the trigger and buy. I’d like to buy as low as I can.

  • Phil
    Nov 27, 2009 at 4:35 am

    @ronron … Palin link ?

  • Aridzonan
    Nov 27, 2009 at 5:12 am

    The fiat dollar franchise will have to be taken down before sanity, equity and justice can re-appear on the world stage. I wonder if any large short positions hastened Dubai’s demise??

  • stacyherbert
    Nov 27, 2009 at 5:29 am

    @Aridzonan – Sheikh Khalifa, ruler of Abu Dhabi, will be hastening the demise of Dubai; he is worth trillions and could easily bail out Dubai; perhaps ruler of Dubai has not shown enough humility in requesting help? Or perhaps SK does not feel like bailing out property speculators and Western bankers? It is, afterall, his money and not taxpayers of which there are none.

  • Bill
    Nov 27, 2009 at 6:27 am

    Push that beach ball down…

  • Fibon11235
    Nov 27, 2009 at 6:44 am

    If China was a house wife shopping at the world mall
    The shopping basket may look like this?

    Gold and Silver and other metals
    Oil
    Golf Courses
    Hotels and banks

    lol

    Put the Sand Castles back on the shelf lol
    OK a few more Kilos, we do like gold lol
    lol
    Never build on sand for obvious reasons.
    Looks false somehow this dip, orchestrated even a forced deliberate dip.. If I had more money I would buy.

  • Fibon11235
    Nov 27, 2009 at 6:52 am

    @stacy
    There is a matrix in economics that explains what you are saying

    Goes something like:

    Most Effort Most Value
    When its your money purchasing something for you
    Ie The Saudi Prince example

    Least Effort Least Value
    When its someone else’s money purchasing for someone else
    Ie A English MP example banks and taxpayers

  • JJames Jimenez
    Nov 27, 2009 at 7:07 am

    See markets fall see gold fall wait for bailouts then buy more gold .

  • Jean Carbonneau
    Nov 27, 2009 at 8:26 am

    @Stacey
    My guess is that it’s all the above. My guess again is that they players involved sold out, and parked their cash in dollar denominated assets temporarily.
    Gold has been overbought, so this is a welcome sign as far as I’m concerned.
    Also, did you see again the US Mint has suspended the sale of 1oz Golden Eagel Bullion Coins? I believe it’s the second time this year. What’s up with that???

  • buddhabob
    Nov 27, 2009 at 8:54 am

    Wave analysis sees another leg down in Gold coming I think to at least the 1120 area unless the bulls really start rutting again. I will be putting limit orders in down there and pulling up the Van with helpers Vin Diesel and Van Dame to cover security for my high volume purchase.

    This is a big technical impulse wave down which is usually followed by buying part way up say 50% or less of the sell off and then another impulse down. I do not anticipate the impulse down to reach its target at around 1105 since bulls are out roaming now and very hungry, looking for cows, that sort of thing.

  • Jean Carbonneau
    Nov 27, 2009 at 9:11 am

    As of 11:10 am EST, Gold is at $1180. So much for the bears!!

  • Kricke242
    Nov 27, 2009 at 9:20 am

    It is the US “forex reserve” in support for dollar at 75. Of course it is not foreign currency or gold in their reserves. But a forex reserve of deflationary news. Released perfectly when the dollar needed some support.
    This might scare some long future contracts to take profit in cash instead of demanding physical gold. :-)

  • buddhabob
    Nov 27, 2009 at 10:29 am

    revised thinking as usual. IF this recovery candle puts in strong and close to the high of the day we might not get another big wave down in Gold which means their fright wig sell terrorism has been stopped in tracks again.

    Will Gold buyers sell to book short term profits before close or strap themselves to the mast for what is sure to be a windy and rough weekend ride. Monday has been a big expansion open in Gold over the last 3 weeks or so. Will those speculators want to buy before the close to get in on a big play North? Stay tuned. One thing is certain. If buyers start foaming at the mouth and break above 1200 Gold will run on up like a clever fox in the 2nd leg of a horsemen’s hunt.

  • buddhabob
    Nov 27, 2009 at 10:44 am

    zero hedge is saying this Doobie thing is a distraction and the exposure to American banks is nil. they are calling it an Asian over-reaction, anyone comment on that?

  • Mike
    Nov 27, 2009 at 11:02 pm

    Controlled freefall to shake out leveraged positions