Gold price smashed

Never thought gold could fall so much so quickly with no one huge event having seemed to have happened.

Was Cyprus selling their gold such a big factor. Was it not expected that Cyprus might raise money by selling gold reserves and then other countries might follow suit.

Since you said please, I'll explain and it's quite simple really.

The market mechanism that determines the price of gold (COMEX, GLOBEX, LME, etc.) treats gold as ......FIAT.

I've said it many times before on these forums, and I'll say it again, gold is an end game play. Buy physical without leverage (if you can't touch it, you don't own it), put it away, and wait for this ponzi house of cards to collapse. If all this madness that has taken place recently is any indication (the confiscation of deposits, the so called bail-in option, fast becoming policy everywhere, the German "wise-men" advocating wealth taxes to bail-out the failing financial system, the Japanese going full retard and now the unprecedented and blatant PMs take-down), that day is a lot closer than most people think.

Something wicked lies ahead.

I always thought gold prices went up the worse state the ecoonomy was in and fell when the economy was going well. Never factored in gold would get smashed while the economy is still s crewed.

Whats your opinion Melly on where the gold price is going over the short term. Is it going to keep falling like timber.

I've read some analyst predictions earlier today that have gold going down all they way to $750 giving reasons such as technical supports breached (one after the other actually), confidence in gold as a safe-heaven is now lost, gold has now entered a bear market, we're entering a deflationary collapse, etc, etc.

I will stick to my original prediction that gold under no scenario goes below $1,000 for a lot of reasons but none better than at that price the "fail to delivers" will break COMEX. Those who conspired to orchestrate this historic take-down, which really started back when the Swiss put a ceiling on the franc and culminated in putting the exclamation point on it the last couple of days, know that (more paper gold was dumped on the market in a couple of hours during this take-down than the entire COMEX physical gold bullion inventory for all market participants).

Short term, I think support will show up at $1,250 but who knows anymore. The money cartel will stop at nothing to protect their power.......the ability to create fiat money out of thin air.

At a personal level, I couldn't give a f/k where it ends up short term for the reasons I've explained over and over again on this forum.

Maybe this bloke has liquidated some of this wardrobe.

http://www.bbc.co.uk/news/magazine-21994873

Check out Alex Elder's comments at 41.00 onwards.

http://www.youtube.com/watch?v=6LSLCTmtmuA

Gold back up.

Mele was correct in saying no chance of it going near the 12
$1250 mark.

That was correct

I'm not convinced the carnage is done yet.

Ok fair play.

Honest question.

In ur opinion how low do u think the price will fall.

And how long will the recovery take.

There's still nowhere that's safe really. They made it illegal to own gold in America in 1933(Executive Order 6102). What's to stop them doing this again?
THEY have records of your purchases & storage. If you have lots of it in a safe at home your family could be held hostage. If you store it somewhere, you are paying for the privilege and THEY could get their greedy mits on it.
Given that money is not safe in a bank, is it any safer in stocks/bonds/funds/whatever in an ISA or pension? I presume not.

Personally I think there will be 1 last boom which could and most likely will last 5-15 years and after that its carnage time for the economy.

U can't built an economy on nothing. It's bound to fail.

Mele at what price would u buy.

Surly bullion is vault is better than buying physical ownership

I think we are likely to see another leg down before the price bottoms.

Like I said, there's strong support at $1,250. If that's breached then $1,220 and $1,200. IF AND ONLY IF, from a technical analysis standpoint (wave 4 correction within a major wave III), the $1,030 level is breached (highly unlikely in my view) THEN GOLD WOULD BE IN A BEAR MARKET. You have to be a complete idiot to post gold has entered a bare market now with the technicals they way they are and the fundamentals still very strong. Either that, or you are regurgitating things you read somewhere but don't understand. Draw your own conclusions.

I think everyone knows who I'm talking about.  

Having said all that, I would be a buyer at $1,250, physical only and without leverage.

Gold is an end game play. And the closer we get to the end, I suspect daily up/down moves of $100 will be the norm. Anyone getting involved in gold should be aware and ready for that. If you don't view gold this way, and don't have the stomach for that, then gold is not for you.

See problem with physical gold mele as UNO is hard to buy.

Eg on bullion vault u cud have bought at £26 a gram.

1g in physical gold is £30 a gram

Do you own gold or digits on a screen wih bullion vault?