PDA

View Full Version : Gold Price Down-tick - Only in the US.



gunDriller
20th May 2010, 05:54 PM
In Canadian dollars, gold is still maxed out. $1266 - about as high as it ever was.

http://www.bullioncoinsandbars.com/products-gold-coins.htm

for example, looking at the exchange rate in Canadian dollars - it's risen the last few months from parity to 1.07.

http://www.weblinks247.com/exrate/exr24_ca_en_2.gif

Same thing is true in most currency markets. the US$-Euro ratio was at a max until mid-day, leaving gold prices close to their max for Euro gold shoppers. Who are experiencing widespread shortages.

So, while we in the US are seeing a significant downtick (4 to 5%), the rest of the world is cruising along within 2% of their maximum.


I also wonder if the market manipulators have moved to other markets besides NYMex & Globex. i.e., markets that are outside the reach of the US Justice Department.

If I was managing JPMorgan's shorting program and was under orders to continue trying to maximize the value of the US $, I would short gold & silver in markets outside the jurisdiction of the US Justice Department.


of course, it also helps that entire continents are freaking out about their currencies - helps the US $ that is. This has another effect - while the price of gold downticks in the US, it stays close to its high in Europe.

Last week i was quite convinced that the downtick to $1220 on Friday was the extent of downward price movement.

Then on Monday May 17 this week, gold was still around $1230.

Then, WHAMMO ! 8)

ximmy
20th May 2010, 06:02 PM
Great buying opportunity for gold... I wish I had some extra cash around... gotta wait another month...

JohnQPublic
20th May 2010, 06:15 PM
Please keep the drop in perspective. We've seen worse, and fairly recently, and it just recovered and kept going up. 1250 seems to be a big barrier point.