Gold prices tumble

[jdk123]

Can't help but think the historic rise of gold over last few years has contributed to the increase in Rolex prices. Will be interesting to see what happens to Rolex prices in the future as gold tumbles. Discuss.

http://www.bbc.co.uk/news/business-22151474

[Launch Mini]

There is not enough gold in a Rolex to have a significant impact on pricing, based on gold content.
Even a President, I would only expect a few hundred dollars vs the tens our thousands for the list price.

[wantonebad]

Originally Posted by jdk123

Can't help but think the historic rise of gold over last few years has contributed to the increase in Rolex prices. Will be interesting to see what happens to Rolex prices in the future as gold tumbles. Discuss.

http://www.bbc.co.uk/news/business-22151474

What, Like a price decrease? It will never happen, never!

Rolex charges more for gold pieces but I'm not convinced it's because they see it as increase in intrinsic value, they just see it as costing slightly more to make and that will never change. Unless SS suddenly becomes scarce

[RolexDivers]

Gold prices tumbling is a sign that economy is getting better, isn't it??

It was getting way way overpriced at $1700 an ounce...

[bayerische]

Well, the old saying... "you can't eat gold".

[77T]

The spot prices are dropping - and the buy prie for scrap is dropping, too.

But I haven't seen the dealers dropping their "ask" coin/bullion prices yet...

[scottIN]

I backed the truck up last week on silver & am getting screwed now. Oh well. It was long term anyway...

[andromeda160]

gold isn't overpriced in my opinion, cypress is broke thats why there getting rid of massive ammounts of gold. market will be flooded shortly and gold will rebound. My opinion at least.

[wantonebad]

Originally Posted by andromeda160

gold isn't overpriced in my opinion, cypress is broke thats why there getting rid of massive ammounts of gold. market will be flooded shortly and gold will rebound. My opinion at least.

Tend to agree that the market is flooded currently, people have been selling. Long term it's still a solid investment IMHO.

[andromeda160]

Originally Posted by wantonebad

Tend to agree that the market is flooded currently, people have been selling. Long term it's still a solid investment IMHO.

it seems like everytime this happens with precious metals, the market drops, and they end up rebounding stronger than before. like in 1980 when gold was $1000/oz and silver was $40/oz. It took 25-30 years to rebound but silver hit 50 and gold hit 1800. probably going to take a dip and do the same thing. and I think the way the economy starts rebounding is going to determine how fast it happens again.


I mean in strong markets it dosn't make sense to keep money in precious metals.

but between electronics and an ever increasing luxury market full of gold everything, and the fact that we cant mine it super efficiently makes for the price of it to be high. and the US still owes more money than I ever see us being able to pay back. which I feel is going to cause some serious problems with the value of our currency. Thats why I invest any extra disposable income into silver and gold. It's definatley the buyers market right now though, which hasn't been the case for the past few years.

[bayerische]

Originally Posted by andromeda160

gold isn't overpriced in my opinion, cypress is broke thats why there getting rid of massive ammounts of gold. market will be flooded shortly and gold will rebound. My opinion at least.

Cyprus is really a "micro-country", so the whole thing is overblown.

[tinger]

Man, gold is so scary..
Down $200 in 2 days. This equates to $20,000 for 1 contract.

[wantonebad]

Originally Posted by bayerische

Cyprus is really a "micro-country", so the whole thing is overblown.

Cyprus or not there are a lot of people selling and that's why the price has fallen.

[Frosty]

Buy low, sell high, it is an age old story! It is time to buy some gold for a rainy day.

[gulfstream69xr7]

Cyprus is really a "micro-country", so the whole thing is overblown.

I bet there are quite a few Russians with Cyprus bank accounts who might disagree.

[andromeda160]

Originally Posted by bayerische

Cyprus is really a "micro-country", so the whole thing is overblown.

Micro country or not, 10 tonnes of gold is a ton to put on market at once. not to mention if a country is selling 75% of its gold, others might think its a good time to hop off the gold bandwagon as well.

well I guess theres 171,000 tonnes ever mined, 136,000 aren't away for investment purposes so cypress is only selling .00000762% of the worlds available gold. so its really not as big of a deal as you were saying, but I don't think its "strong markets" why people are selling.

[wantonebad]

Originally Posted by andromeda160

I don't think its "strong markets" why people are selling.

Again, I tend to agree with you!

[HRV]

I will be watching with interest

[HL65]

Very good read if you want factual info to base an opinion on:

http://www.zerohedge.com/news/2013-0...ced-sale-comex

[BarkMaster]

Originally Posted by SteelerFan65

Very good read if you want factual info to base opinion on:

http://www.zerohedge.com/news/2013-0...ced-sale-comex

[MichaelB_Can]

Originally Posted by 77T

The spot prices are dropping - and the buy prie for scrap is dropping, too.

But I haven't seen the dealers dropping their "ask" coin/bullion prices yet...

The dealers may have paid $1600 an Oz , hard to sell at $1300 . They have to clean out old stock.


Mike B , Canada ⌚

[Demosthene]

Originally Posted by bayerische

Well, the old saying... "you can't eat gold".

I disagree
http://blogs.wsj.com/wealth/2009/01/...e-to-eat-gold/

[Kaylesdad]

Large holders manipulating the market to cover short positions and force all "weak hands" into selling before equities and currencies tank as a consequence of loose monetary policy and money printing. Then gold (and silver) rallies and yet again another transfer of wealth has taken place If you can, use this as an opportunity to be on the same side of the trade as the people trying to convince you that gold is a bad option right now. Buy buy buy.

[wantonebad]

Originally Posted by bayerische

Well, the old saying... "you can't eat gold".

[MilgaussMan1]

remember when rome fell? someone stole all the gold. the same is starting in the 21st century?

[scottIN]

And if anyone is interested, there's a pretty good app from Kitco for spot prices on precious metals.

http://applications.kitco.com/suppor...e_support.html

[77T]

Originally Posted by wantonebad

And it freshens your breath!