GOooooooooLD!!!!!

NoDrama said:
Yup, jewelry is the largest use of gold, good job.

The main purchasers of gold are consumers, but none of them individually purchases 10 tons at a time. Central banks do, in fact last year they purchased 530 tons of gold, out of the 2500 tons produced.

I guess its all in how you look at it, thanks for your viewpoint.
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Why is it relevant how much gold an individual buyer buys? You seemed to be trying to underpin your point by saying central banks suck up most gold production. Since central banks have vast foreign reserves they can spend, obviously they're going to be the largest individual purchasers. So what? Why is that meaningful?
 
THE price of gold is slumping below $US1,200 an ounce, the lowest in more than three years, after the US Federal Reserve pulled back on its stimulus program. Gold plunged $US41.40, or 3.4 per cent, to $US1,193.60 an ounce on Thursday.
It hadn't closed below $US1,200 an ounce since August 2010.
 
ChesusRice said:
“All the bullish factors we had pushing gold higher in the last 12 years are now going into reverse,” said Robin Bhar, a London-based analyst at Societe Generale SA who’s ranked by Bloomberg as the most-accurate precious-metals forecaster over the past eight quarters. “There will be more ETF selling in 2014 as the price goes lower.”

http://www.bloomberg.com/news/2013-...edented-31-slump-with-world-losing-faith.html
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Excellent silver buying opportunity if you're in it for the long run.

Industry will need it eventually and recycling from electronics is only profitable when spot is at $250 an ounce or above.

Like it or lump it, technology cannot work without silver.
 
Harrekin said:
Excellent silver buying opportunity if you're in it for the long run.

Industry will need it eventually and recycling from electronics is only profitable when spot is at $250 an ounce or above.

Like it or lump it, technology cannot work without silver.
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There has to be a cheaper way of recovering circuit boards. I know they busted a guy here for doing it, and dumping out the toxic waste into the storm drains
 
ChesusRice said:
Gold prices stared a brief but heart-stopping fall this morning, diving below the frightening $1,200 per ounce mark, on the aftermath of the US Federal Reserve’s decision to start tapering asset purchases under its economic stimulus program.
February deliveries were down 2.4% to $1,205.20 an ounce by 7:59 a.m. ET after plunging as much as 3% to $1,198 an ounce, the lowest price in almost six months.
This way the precious metal is heading for the first annual plunge in 13 years, as investors lost faith in the metal. Prices dove 37% since reaching a record-high of $1,923.70 an ounce in September 2011..
ron_paul.jpg
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Yeah so what! I bought my gold when it was $250 . So again so fucking what.
I am still well in the + for A LONG TIME TO COME.
 
Mindmelted said:
Yeah so what! I bought my gold when it was $250 . So again so fucking what.
I am still well in the + for A LONG TIME TO COME.
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You bought in at a nice time, congrats.

Iv only been in this game about 5/6 years now, that said, my average spot for physical silver is about $19 an ounce, which is pretty decent considering it was soaring around $35 for a long time.

Keep buying, the price can only go up on silver.
 
Harrekin said:
You bought in at a nice time, congrats.

Iv only been in this game about 5/6 years now, that said, my average spot for physical silver is about $19 an ounce, which is pretty decent considering it was soaring around $35 for a long time.

Keep buying, the price can only go up on silver.
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Yeah i got a hoard of silver also.
Bought that when it was dirt cheap also.
 
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