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Gold Tumbles Below $1200 In Welcome Sign For Global Contagion

Joseph

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#1
Gold Tumbles Below $1200 In Welcome Sign For Global Contagion

by Tyler Durden
Mon, 08/13/2018 - 08:25
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For the first time since March 2017, spot gold is trading back below $1,200 as a surge in the dollar seems to be overwhelming any potential safe-haven flows into the barbarous relic.


Bloomberg believes this is a positive sign for global contagion fears as unlike in past crises, for instance Greece - gold and the dollar are not rising together.
If the waves from Turkey's crisis really were expected to knock over dominoes in South Africa and Mexico, as well as banks in the euro zone, the yellow metal could easily have risen alongside the dollar, as it did when Greece nearly blew up back in 2010.
Spot gold is now at its lowest level since Jan 2017...

As the dollar breaks out...

Some desk chatter is that spot gold is weakening due to Turkey dumping the reserve asset to support its currency, but there is no news to confirm that.

https://www.zerohedge.com/news/2018-08-13/gold-tumbles-below-1200-welcome-sign-global-contagion
 

97guns

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I’m not a collector, I’m a buyer for protection/insurance purposes, I buy with the same amount of FRNs every month so I am getting a discount. It’s just a matter of time before the currency problem spills over from emerging markets to developed markets and us. I haven’t trusted the banksters since 2008 and I trust them a whole lot less today
 

michael59

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I have been waiting for this not for any particular reason but I kind of knew it would happen. There is a bunch of speculation but I think it is in paper because metal just does not move that fast. So lets sit back and analyze what low paper vers strong dollar means in a strong economy. I think it only means one thing dollars flow to gold. So where are the dollars coming from? They arn't saved dollars so they have to be speculation dollars aka already invested somewhere in stocks aka wall street/banks. This means me and you are out of the loop already and can only enjoy the price while these dimwits try to out do each other.
 

nickndfl

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#5
Gold looks cheap here. I wonder if the low price is being engineered to speed up Venezuela's liquidation sale?
 

Irons

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#6
Sovereigns under $300!!!!

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GOLDZILLA

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#7
Haven't bought in a few years -- maybe its time.
 

michael59

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#8
get the metal....whipe ur ass with the paper....hey-metal like a rock or a stick --- u can smear it around till it dries and then use it again..paper? yeah....dam if'n I go there this thread is going to get grody....