Gold Falls to Five-Year Low as Traders Continue to Exit

[Zippyjuan]

http://www.wsj.com/articles/spot-gold-close-to-five-year-low-in-asia-trade-1437444607


Broke but did not closer below $1100 an ounce. Closed just above it for today. Down almost $100 in the last 30 days.

Gold prices lurched lower on Tuesday, extending the losing streak to nine consecutive trading days, as investors continued to stream out of the market amid expectations of higher interest rates in the U.S.

The most actively traded contract, for August delivery, fell $3.30, or 0.3%, to settle at $1,103.50 a troy ounce on the Comex division of the New York Mercantile Exchange. This was the lowest settlement since March 25, 2010, when prices closed at $1,102.90 an ounce.

Gold’s rapid decline in recent days has rattled some traders, prompting them to leave the market, said Ira Epstein, a broker with the Linn Group in Chicago. Gold prices are down 2.5% so far this week, and down 5.8% this month.

“It’s down so much that people are scared of it,” Mr. Epstein said. “People want to see things stabilize.”

Investors have been selling gold on anticipation that the Federal Reserve will soon raise interest rates for the first time in nearly a decade. Fed Chairwoman Janet Yellen last week reiterated the central bank’s plans to raise rates this year, prompting many investors to adjust their expectations for the path of U.S. monetary policy and its impact on gold prices. The precious metal doesn’t pay interest or dividends and would struggle to compete with bonds and stocks that do when rates climb.

“No matter how minimal the rate increase is, the perceived threat of the increase has completely reversed the sentiment for gold,” said Bob Haberkorn, a senior commodities broker with RJO Futures in Chicago.

Peter Schiff is still calling for $5000 an ounce gold.

Peter also warns to buy it while you can- nobody will be willing to sell it to you in the future (except probably himself):

http://schiffgold.com/news/

I am convinced, when his market turns, it’s going to be vicious. When the people who have been selling their gold try to buy it back, it isn’t going to be there. Because the people who have been buying into the selling… they’re not going to turn around and sell it. When the speculative sellers are gone, there are no sellers left… I think the market is going to go up even faster than it has come down…

Be scared. And buy gold from me. Nobody else will sell it to you. The price can never ever go down.

 

[timosman]

Another head fake ?

 

[oyarde]

Hell , I went and looked for some , but came up empty .

 

[Brian4Liberty]

Hell , I went and looked for some , but came up empty .

$1,156.49 at APMEX for a 2015 Eagle...

 

[tod evans]

Another way to phrase this is;

"Dollars are worth more."

 

[DFF]

Gold will reverse course at some point and make new highs.

These low prices are a fantastic buying opportunity. Platinum and silver too!

 

[devil21]

Pre-stock-market-crash-metals-slam-down.


Nice job posting your picture so I didn't have to, Zip.

 

[oyarde]

$1,156.49 at APMEX for a 2015 Eagle...

I kind of like old gold dollars , 2 1/2 dollar gold pc .'s , California gold pc.'s etc

 

[HankRicther12]

http://www.wsj.com/articles/spot-gold-close-to-five-year-low-in-asia-trade-1437444607


Broke but did not closer below $1100 an ounce. Closed just above it for today. Down almost $100 in the last 30 days.



Peter Schiff is still calling for $5000 an ounce gold.

Peter also warns to buy it while you can- nobody will be willing to sell it to you in the future (except probably himself):

http://schiffgold.com/news/



Be scared. And buy gold from me. Nobody else will sell it to you. The price can never ever go down.

Hell, keep it cheap long as possible, I'm nowhere near comfortable enough just yet with my stock of precious metals, anyone who honestly thinks there is going to be a time when these metals are useless hit me up, you have any to sell I'm buying. Go put your paper dollars in a bank and earn that big .03 interest - hit me up in 5yrs let's see how we're both doing.

 

[devil21]

Damn the number 33 is everywhere in the news.