Good smackdown this morning!

[Neuro]

Today, this morning we had a good smackdown. More coming?
http://www.kitconet.com/images/sp_en_6.gif

[mamboni]

Today, this morning we had a good smackdown. More coming?
http://www.kitconet.com/images/sp_en_6.gif



The more they smack down, the more the Chinese will buy and buy and buy. Sit tight and enjoy the dance, 'cause it's always the same: one step back and two forward. ;D

[Twisted Titan]

Nadler, Gartman and Roubini are screaming in ecstacy

SEE SEE SEE I TOLD YA !!! I FRICKEN TOLD YA !!! ITS CRASHING ...........RUN FOR THE EXITS!!! RUNN

[MNeagle]

Oof, Gold



Ugly!
http://static.businessinsider.com/image/4d2346e0ccd1d5ff320b0000-575-365/chart.png

link (http://www.businessinsider.com/oof-gold-2011-1)

[mick silver]

when it drop 10 bucks a oz ........... then wake me and i will buy with both hands an both feet

[JohnQPublic]

Profit takers wanted to defer taxes from Jan. 15th (sell before new year) to April 15th. Good buying opportunity.

[JohnQPublic]

when it drop 10 bucks a oz ........... then wake me and i will buy with both hands an both feet


WAKE UP!

It (gold) has already dropped $30/ozt. Back-up the truck, Mick! ;)

[MNeagle]

I'm guessing Mick meant silver drops.

[Ares]

I'm planning on buying today. :-)

[MNeagle]

Gold’s mysterious drop
Commentary: No obvious catalyst for gold’s big Tuesday drop

http://ei.marketwatch.com/Multimedia/2010/11/09/Photos/MD/MW-AH179_gold_b_20101109153126_MD.jpg

CHAPEL HILL, N.C. (MarketWatch) — Sometimes, a security’s price will drop for no reason at all — it just happens.

It’s beginning to look as though that is what’s the case for gold, which has dropped nearly 3% so far on Tuesday.

That’s because the usual suspects have good alibis.

Consider what would normally be suspected to have caused a drop as big as gold’s today:

•News of an unexpectedly weaker economy, thereby reducing the potential for higher inflation and for gold’s appeal as an inflation hedge. No way. The economic news in fact shows a stronger economy, not a weaker one. Tuesday’s release of factory data for November, for example, showed a stronger-than-expected gain. Other things being equal, this news should have heightened the risk of inflation and helped gold, since the precious metal has been held back over the last year by worries about a deflation.

•A dramatically stronger dollar, causing gold’s dollar-denominated price to fall? Not really. The dollar /quotes/comstock/11j!i:dxy0 (DXY 79.40, +0.27, +0.34%) is only slightly stronger Tuesday on foreign-exchange markets — up 0.4% in midday New York trading. That can’t explain a nearly 3% drop in bullion.

•Sentiment among gold timers has been excessively exuberant, a condition that makes big drops likely. Again, no way. In fact, the gold timers are surprisingly subdued, given that bullion up until Tuesday was within shouting distance of a new all-time high. According to the Hulbert Financial Digest, the average recommended gold exposure among short-term gold timers currently is just 47% — meaning that, on average, they are keeping more than half their gold-oriented portfolios in cash.

No wonder that Adam Klopfenstein, senior market strategist at Lind Waldock, told MarketWatch’s Claudia Assis that “people are shooting first and asking questions later.”

http://www.marketwatch.com/story/no-obvious-culprits-in-golds-big-drop-2011-01-04?siteid=rss&rss=1

[Sparky]

I think large price drops like this occur when someone with a large position decides to take a handsome profit.

[Awoke]

Well, I bought back into my pool account.

After seeing that silver went over $31, I figure it's bound to come again soon.

[mick silver]

when it drop 10 bucks a oz ........... then wake me and i will buy with both hands an both feet


WAKE UP! your right it was silver ... but when gold drop a few hundred ill be there for that buy also

It (gold) has already dropped $30/ozt. Back-up the truck, Mick! ;)

[mick silver]

when it drop 10 bucks a oz ........... then wake me and i will buy with both hands an both feet


WAKE UP! your right it was silver ... but when gold drop a few hundred ill be there for that buy also

It (gold) has already dropped $30/ozt. Back-up the truck, Mick! ;)

i dont have to waste my funds chasing a buck or two . when the price is right i will buy hard

[Neuro]

I think large price drops like this occur when someone with a large position decides to take a handsome profit.
Or when a manipulating cartel of megabanks decide to go all in short to drive the price down...

[Sparky]

I think large price drops like this occur when someone with a large position decides to take a handsome profit.
Or when a manipulating cartel of megabanks decide to go all in short to drive the price down...


I'm sure some of this goes on, but I don't think that's what's going on here at this point. Gold and silver have had incredible gains; silver almost 90% in a year! Major pullbacks like this are expected and healthy in normal markets. It's normal for downward corrections to be swift and harsh, with no apparent causality.

[osoab]

I think large price drops like this occur when someone with a large position decides to take a handsome profit.
Or when a manipulating cartel of megabanks decide to go all in short to drive the price down...


I'm sure some of this goes on, but I don't think that's what's going on here at this point. Gold and silver have had incredible gains; silver almost 90% in a year! Major pullbacks like this are expected and healthy in normal markets. It's normal for downward corrections to be swift and harsh, with no apparent causality.


Is the bond action and the higher bucky moving the metals more today? Neither really budged in yesterday's selloff in commodities.