Gold, lost its Glister?

Generali

Down about 15% from a couple of weeks ago. The rout is on.

The problem, as you are doubtless aware, is that when the price of an asset falls this fast, people that have bought on credit face 'margin calls', that is they need to keep up the value of their deposit. If they can't or won't put in more money then the bank will sell the asset to mitigate losses. That can exacerbate falls.

If the price of an asset can double it can halve.

michaels

'Pause for breath'
'Buying opportunity'
'La la la I have my fingers in my ears and can't hear what you are saying'

Conrad

Personally I'd rather have a steady reliable income yield where capital growth is merely an added bonus rather than the aim of the game.

Generali

https://twitter.com/TheStalwart/status/323733955838889985

Time to stop referring to Bitcoin as digital gold, but rather gold as physical Bitcoin.

Generali

Should update through your day with luck:

HAMISH_MCTAVISH

The crash in precious metals continues.

(and it's a bloodbath out there today)

Generali

HAMISH_MCTAVISH wrote: »

The crash in precious metals continues.

(and it's a bloodbath out there today)

I don't think there's any mechanism for suspending trading in gold like there is in shares so no way to take stock or to halt the momentum.

I wonder where the bottom is.

michael1983l

Gold is only worth as much as the idiot is willing to pay for it. Aside from its use in electronics and chemistry, Gold is pretty much a vanity product. I can't say I have much sympathy for those that thought they would invest and get a fast buck out of Gold.

HAMISH_MCTAVISH

Generali wrote: »

I don't think there's any mechanism for suspending trading in gold like there is in shares so no way to take stock or to halt the momentum.

Yep.

And clearly there's almost nobody willing to get on the other side of a trade yet.

I wonder where the bottom is.

Eventually around the $350 per oz mark.

But I expect it will take many years to fall that far.

Still too many [STRIKE]goldbugs[/STRIKE] greater fools out there willing to be separated from their hard earned money in order to stack up piles of useless shiny things.

IronWolf

If you read the goldbug websites, they are blaming it on a conspiracy by the government and banks to keep fiat money afloat.

Plenty of goldbugs are throwing in the towel though. Gotta feel sorry for these people that say their wife is furious at them for losing so much of their life savings...