The problem for gold isn’t just that prices are dropping. For many, the metal also has lost its charisma.
Sentiment means a lot in the bullion market, where only about 60 percent of what gets mined or recycled each year is used in jewelry and industrial applications. The rest is sold as coins or bars, so when demand from investors dries up, there can be painful consequences for the bulls who remain.
Prices will drop to $984 an ounce before January, according to the average estimate in a Bloomberg News survey of 16 analysts and traders. That would be the lowest since 2009 and a 10 percent retreat from Tuesday’s settlement. Speculators are shorting the metal for the first time since U.S. government data began in 2006, and holders of exchange-traded products are selling at the fastest pace in two years.
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The US Mint had to suspend sales of gold coins, but the price is expected to drop? Yeah, right. Demand is still high.
ReplyDeleteSounds like it might be time to start buying gold.
ReplyDeleteOnly Gold Ill be buying is Gold tip bullets, gold does nothing for me to eat, or protect myself.
ReplyDeleteLet it go to 100 an oz so I can load up.
ReplyDeleteAnd redeem it for what? Inquiring minds want to know.
ReplyDeleteOf course Goldman Sachs and the big bankers are going to dismiss gold. They have been furiously manipulating that market for the last few years. Funny how the international elite, China, Russia and India are sucking up as much as they can while it is artificially cheap. When the economy tanks in a few months and government money printing goes into overdrive I think holding gold will be a very good thing. When times get bad gold gets good.
ReplyDeleteIt will keep going down till it hits $500 an ounce and then stabilize. Buy it up then, so after the election things will get worse after the bitch gets in.
ReplyDeleteGold and silver been currency since the beginning of time I will take it anytime.
ReplyDeleteBuy Ammo, you can defend you and yours and provide food and can be a good Barter Item too. 9mm, .45cal and .22cal all good.
ReplyDelete