On www.bloomberg.com this AM, the commentator stated that there were so many people worldwide turning in their gold jewelry for cash, that the POG will have a hard time going past 920.00 until all the scrap is sold. Dat's why you're stuck in this low trading range. So am I, but I'm in silver. Same thing there, too.
It is called a transfer of wealth from idiots that spend to much "the government will save me" types - to intelligent people that did not get a pretend "A" from the "Ivy League" and the idiots that follow them
920 will be history soon.
The bankers are holding the price down with computerized "paper trades."
They don't have enough gold in their vaults to even make the trades that they are making and everyone knows it.
If the community seen gold at 1500 or so they would know that things are much worst then they say..... the dollar and the Euro are going broke, bust etc and they are not alone.
Mass currency devaluation will over power these crooks very soon.
Gold is going higher, don't kid yourselves..... these people can't hold the price down forever.
Russia made a statement a while back saying that they know what's going on and they are considering raiding the Comex and getting their gold but guess what? It's not there!
Yeah, I'm sure that the sale of scrap gold is going to hold the price of gold down.
Does that seem reasonable to you?
If central bank sales consisting of tons of gold haven't held the price down, I don't see how sales of scrap gold can.
You are oblivious then... you know how much gold is sitting in peoples homes, especially those who are retired. You obviously don't live with a woman if u think one woman times 100 million couldn't have an impact. the guy at the mall here is packed everyday with people dumping their old jewelry for cash in these hard times.
Well then, flapjack, do you have a better answer? If so, please enlighten me. Financial TV cannels DO have an effect on investors. You did know that, didn't you? Even that jackass Kramer can affect markets.