What's the news on this dramatic drop in price?

[Filthy Keynes]

I'm not selling anything. In fact my Tagish Lake Gold Corp is up 20% today. Good times, good times.

[mamboni]

This drop is nothing. I'm waiting for a good 10% drop to add to my positions in CEF and PHYS. If GDX and GDXJ take a dump and drop a good 10-15%, I'll back the truck and load up on them too, dammit! ;D

[osoab]

End of Q3 profit taking?

[Filthy Keynes]

End of Q3 profit taking?


Good point - I hadn't thought of that.

...but then what - after they take their profits do they put their money back in again tomorrow after the price rises again tonight? :)

[the white rabbit]

OMG gold is down 6 bucks run like hell !!!!

[chad]

cnbc was just going off about the gold "smackdown." :oo-->

[Korbin Dallas]

1/2 of one percent, what a smackdown. :sarc: If the DOW drops 2 percent, the cnbc drones call it a healthy pause. What a bunch of morons.

[Awoke]

Well hopefully the Rothschild hammer will bash the POS down to sub-$16 levels again, so I can back up the truck.

Or, maybe they will let it slip from their grasp and I'll sell at $23.... (But their grip is usually firm)

It's good to be positioned for either transaction, my friends.

[madfranks]

This is not a dramatic drop by any means. I'm still amazed we're holding above $1300! Did you ever think you'd see the day where $1200 gold looks cheap?

[Neuro]

OMG gold is down 6 bucks run like hell !!!!
I had almost forgotten that it CAN go down as well... ;D

[Silver Rocket Bitches!]

This is not a dramatic drop by any means. I'm still amazed we're holding above $1300! Did you ever think you'd see the day where $1200 gold looks cheap?


Imagine what we'll be saying at $2000 gold ;D

[Ponce]

To check the price of silver and gold all the time is like watching a pot of water come to a boil, it will take for ever... sit back and relax and just wait for the water to come to a boil..........

By the way, what's the price of silver today? ;D

[Neuro]

To check the price of silver and gold all the time is like watching a pot of water come to a boil, it will take for ever... sit back and relax and just wait for the water to come to a boil..........

By the way, what's the price of silver today? ;D
I believe it is one tightly wound 4.5 inch tp-roll...

[Awoke]

When Gold crossed the $1200 threshold, I proclaimed to a friend of mine that I believed $1100 would be the new floor.
He disagreed with me. Anyways, it may have dipped below $1100 or not, I never kept track, but it was just a gut feeling I had, and to me it still looks like $1200 is the new floor.

The sky is the limit though!

[platinumdude]

What price drop are you talking about? ???

[General of Darkness]

I don't mean to bearish, but I wouldn't be surprised to see a 30% drop in PM's, and frankly I would welcome that.

[StackerKen]

To check the price of silver and gold all the time is like watching a pot of water come to a boil, it will take for ever... sit back and relax and just wait for the water to come to a boil..........

By the way, what's the price of silver today? ;D


watching the price of silver the past two months has hardly been like watching a pot of water come to a boil.....

I would say it say been quite a bit more exciting than that. ;)

From 18 to 22 in 60 days, I would say, is a pretty a dang good increase :)

http://www.kitco.com/LFgif//agaug10.gif

http://www.kitco.com/LFgif//agsep10.gif

although..I do have to add I would not be surprised to see it go back down close to 18 again ::)

[Liquid]

It's an exciting time for gold and silver, for sure. Even for a new guy like me, since late 2008. I paid $825 for my first gold coin, a gold eagle. I also bought silver eagles for $12.50 or so, amazing what has happened to prices in just a couple of short years.

I still can't believe we are at $1300 gold, and over $21 silver. (I know it's the dollar getting flushed down the toilet) but still seems expensive. ;D

[FunnyMoney]

It's an exciting time for gold and silver, for sure. Even for a new guy like me, since late 2008. I paid $825 for my first gold coin, a gold eagle. I also bought silver eagles for $12.50 or so, amazing what has happened to prices in just a couple of short years.

I still can't believe we are at $1300 gold, and over $21 silver. (I know it's the dollar getting flushed down the toilet) but still seems expensive. ;D


We are not even close to expensive yet. We won't be close to expensive for years, possibly decades.

The mining of gold is very expensive. Estimates are now coming in around $800 / ounce for a brand new mine when you factor in all the costs. But all the costs are not factored in. We all know the tax and regulations that exist and only increase, as well as the threat of more taxes and even potential future nationalization of mines - but there's more. The health and environmental damages associated with mining are turning out to be much worse than most had believed. The true story is getting out, it is starting to appear around the seams only, but I believe new costs will be laid upon the mining industries soon related to severe health and environmental impacts.

New gold mines are turning up in some of the most inhospitable places on the planet. The easy gold and the existing mines are in depletion mode. Look at South Africa. It was once the Saudia Arabia of gold. But not anymore, gold production has fallen off a cliff and is still declining fast there.

And as you alluded to with the destruction of fiats, everybody with wealth to protect is trying to protect it as fast as they can. This includes the really big money and big national and central bank players. But I don't believe the price of gold tops out when hyperinflation finishes running its course. I believe this is going to turn into a supply/demand game where first demand outstrips supply and then later on supply will fail to meet any kind of demand.

It is hard for me to believe I got really bullish on gold and silver around 2004 and yet we are still likely to see another 10 years at least of double digit gains. I have yet to see the price of gold double or triple in a single year, which had been my prediction for the year 2009 (made in 2007). But I still firmly believe those years are coming and soon.

[1970 silver art]

Despite the "smack down", gold "recovered" and is at about $1315. Looks like the smack down crew is not as effective as they used to be on bringing down gold and silver. When gold has a story to tell about what the gov't is doing to the $ and to its economy, then gold will tell that story to whomever will listen. The rising price is gold's way of telling people that all is not well with the U.S.

[osoab]

End of Q3 profit taking?


Good point - I hadn't thought of that.

...but then what - after they take their profits do they put their money back in again tomorrow after the price rises again tonight? :)


http://www.kitconet.com/images/sp_en_6.gif

Looks like someone is shoving back into the metals.

Platinum is having a nice evening

[JohnQPublic]

Palladium is near an all time high (not to mention gold just broke its own record again)! They're buying in Hong Kong and London tonight. LBMA collapsing?

We'll see what happens when COMEX opens.

[1970 silver art]

It will be interesting to see what happens to gold and silver prices since I believe that today is options expiration day. It might make for some volatility in the gold and silver markets. We will see.

[Silver Shield]

There will be one month in the near future where the move in PM's will literally silnce this forum.
Because you will then realize the life changing, generational wealth you know have and it will scare you that you even spoke about gold and silver to friends and family.

Most have only taken a passing interest in this possibility and should really put more thought in that inevitability.

What are you going to do when our paradigm collapses?