Full Version: $1026 An Ounce!
Well it is!
I'll 'ave an 'enry!
Seriously, this is going to completely ***k the quant funds when Europe opens in a few hours. Unless there is some major intervention between London and NY opening there is just going to be massive selling. I think that the drops in Asia today have been nominal waiting to see the big impact in London.
By the way the pound has been acting seriously strangely today, the FX market has been leading all major market news since the big sell off in January. COULD THERE BE SOME BIG NEWS TO HIT A UK BANK TODAY??? We will see in a few hours.
Seriously, this is going to completely ***k the quant funds when Europe opens in a few hours. Unless there is some major intervention between London and NY opening there is just going to be massive selling. I think that the drops in Asia today have been nominal waiting to see the big impact in London.
By the way the pound has been acting seriously strangely today, the FX market has been leading all major market news since the big sell off in January. COULD THERE BE SOME BIG NEWS TO HIT A UK BANK TODAY??? We will see in a few hours.
It's rare I go and check the gold/silver charts... I did in the early hours and was unsure if it was an error or something.
Silver also seems to have broken into $21 territory today.
Silver also seems to have broken into $21 territory today.
Gold down a wee bit at 1001.7 at close of business today. Silver also down a wee bit at around 19.9875.
After all the money lost on the Bear Stearns buy-out, and the consequent dunking of every major index, I'm astonished. Precious metals have normally taken quite a battering in the 48 hours following recent major financial incidents as long positions were sold to cover losses. Not this time; barely a burp 'n' fart in the prices - gold still over $1000 and silver still over $20. Wow.
I think this PM bull market is about to gather some serious momentum.
After all the money lost on the Bear Stearns buy-out, and the consequent dunking of every major index, I'm astonished. Precious metals have normally taken quite a battering in the 48 hours following recent major financial incidents as long positions were sold to cover losses. Not this time; barely a burp 'n' fart in the prices - gold still over $1000 and silver still over $20. Wow.
I think this PM bull market is about to gather some serious momentum.
QUOTE (THEBIGMAN @ Mar 18 2008, 09:58 PM) 
Gold down a wee bit at 1001.7 at close of business today. Silver also down a wee bit at around 19.9875.
After all the money lost on the Bear Stearns buy-out, and the consequent dunking of every major index, I'm astonished. Precious metals have normally taken quite a battering in the 48 hours following recent major financial incidents as long positions were sold to cover losses. Not this time; barely a burp 'n' fart in the prices - gold still over $1000 and silver still over $20. Wow.
I think this PM bull market is about to gather some serious momentum.
After all the money lost on the Bear Stearns buy-out, and the consequent dunking of every major index, I'm astonished. Precious metals have normally taken quite a battering in the 48 hours following recent major financial incidents as long positions were sold to cover losses. Not this time; barely a burp 'n' fart in the prices - gold still over $1000 and silver still over $20. Wow.
I think this PM bull market is about to gather some serious momentum.
Erm, sorry but you're wrong there. Gold very quickly plummeted to $980's. Standing at 981.7 now, and has not recovered.
http://www.chron.com/disp/story.mpl/ap/business/5630096.html
QUOTE (Marcos Scriven @ Mar 18 2008, 10:22 PM)
Erm, sorry but you're wrong there. Gold very quickly plummeted to $980's. Standing at 981.7 now, and has not recovered.
http://www.chron.com/disp/story.mpl/ap/business/5630096.html
http://www.chron.com/disp/story.mpl/ap/business/5630096.html
Yep but its not 600 or 800 as some had forecast. When the inflationary implications filter through to the market and the PPT are put back on their leash I think it will soar again
I wish it was $800!
QUOTE (Errol @ Mar 18 2008, 10:40 PM)
I wish it was $800!
would you go on a buying frenzy?
QUOTE (Marcos Scriven @ Mar 18 2008, 10:22 PM)
Erm, sorry but you're wrong there. Gold very quickly plummeted to $980's. Standing at 981.7 now, and has not recovered.
http://www.chron.com/disp/story.mpl/ap/business/5630096.html
http://www.chron.com/disp/story.mpl/ap/business/5630096.html
Yeah, I was quoting closing prices from the ETFs that track spot prices (possibly not the wisest thing to do) - presumably there is a lag between the ETF and the underlying asset price. Looks like the sell-off is well under way now though. Must see if I can stump up some spare lolly, $200bn of Fed-sponsored
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