Gold took a massive dump!

Originally Posted by parrothead

Below 1500 now and reports are saying that it won't go back. I have seen reports of 1400s this year and 1300s next year.

For you old timers, how much does this really effect the prices we see on MB for example? I'm sure a few of you guys have a pretty rough idea. If I'm getting 3.50 with gold at 1500.00 and it drops to 1400.00 what (on average) should I expect to see. I buy most of my scrap and I haven't seen a big drop in what I'm getting from the buyers.

If gold stays low (I don't think it will) I am sure we will see the amount of buyers start to dry up. Not sure on how big the prices will drop for ewaste. Funny thing now that gold has dropped, I almost have a box full enough to send out! LOL

Originally Posted by parrothead

Below 1500 now and reports are saying that it won't go back. I have seen reports of 1400s this year and 1300s next year.

This is typical of a fiat printing press economy that we live in... problem is traditionally when the stock market is surging like it is commodity prices take a hit as well. This time its different. While gold has taken a bit of a dip it has been doing this since jul of 2011. Cyprus may dump about 14 tons to fund its bailout. Keep the faith because when the bot traded stock market finally decides to take profits you will be glad you are a scrapper.

Originally Posted by auminer

Reports schmeports.

Anybody writing print for a financial news agency, website, blog, etc only needs to be a good bull$#!+ artist, not actually know anything.

For every report spouting doom, & gloom & $1300s next year, I'll find you one spouting gold $10,000 and copper $50 next year.

Granted, 1300 is more likely than 10,000, and copper at $50 is ludicrous, but it's no more likely that gold 1300 will happen than it is that 1700 will.

Anyone telling you that they have any absolute foreknowledge of the future price of any publicly & openly traded item is a boldfaced liar. Period.

The only people that really make money off these "reports" is the groups writing them. I think it's a great scam. You buy a stock/commodity THEN write a report on how great it is to induce others to buy the same AFTER you already have a position.

Originally Posted by parrothead

Below 1500 now and reports are saying that it won't go back. I have seen reports of 1400s this year and 1300s next year.

It would seem the 1300's are rapidly approaching. That report is a bit late to the party.

This could really roll up on itself. Margin calls and guy caught with their nose wide open......it can get ugly real fast in these markets. Look at the 2008 charts for some history. Stay frosty.

1352 as of this posting.

Now we can say that 1200's are fast approaching

In my opinion, the Fed is propping up the stock market by printing money and keeping interest rates low. All that extra cash will eventually always find it's way to the stock market. Once interest rates rise (When? who knows), you may see the the stock market take another dump and metal prices soar again. I'm not an expert at these sort of things, but I get the feeling the stock market gonna get a big hurt in the near future.

Originally Posted by Ewasted

trading down 25 points right now... woww

try 33... 1300 is in jeopardy tonight..

Prices will go back up. Stocks may take a big hit tomorrow after the terrorist attack today. Once that happens investors will be buying up more gold and precious metals. It does not take a whole lot with our fragile economy to shake things up. Just ride it out and work your butt off to get ahead right now you will be glad you did in the long run. You will see many PT scrappers and some yards in your area close that have large amounts in stock that can not afford to hold on and ride it out.

Originally Posted by pizious

In my opinion, the Fed is propping up the stock market by printing money and keeping interest rates low. All that extra cash will eventually always find it's way to the stock market. Once interest rates rise (When? who knows), you may see the the stock market take another dump and metal prices soar again. I'm not an expert at these sort of things, but I get the feeling the stock market gonna get a big hurt in the near future.

The fed is propping up the banks, which in turn get free money and buy up stock and commodities with it. Without that free money the whole banking system will pretty much implode, there are too many bad loans out there being counted as good. Look at what happened to Cypris, large banking sector making tons of money with low debt in the country, well they had invested in Greek bonds so when those were partially forgiven the banking sector implodes and so will the whole country long term (they now have debt they cannot repay because their only income is now gone with banking dead and tourism down). The US banks and the world in general is like that now, profit from loans and bets that will not turn out good long term and everybody fighting to not have to pull down the curtain taking the world economy down with it.

Interest rates will stay low because they have to. Go to the bank and see what they charge you for a loan (not free and they are very picky who they lend to now) then go see what interest they pay on your money (zip nada nothing). The US #1 world economy is realy in the ****ter except for a few sector being propped up with free money, we are expecting the Chinese #2 economy to prop up sales and they are cooling (and thats with major fudging to show a positive increase in GDP even with factories shutting down). #3 would be Europe and they are circling the drain so they won't be buying much, who is left to sell to? Who has extra cash to buy stuff? How will the debt get repaid?