Quote:
Originally Posted by ADL Colin
gold = $710
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Try to buy some gold right now. Physical gold. It's nearly impossible to buy it anywhere near spot. Most major dealers now do not have any at all except in HUGE quantities (e.g bars costing aound $300,000).
The spot price of gold is being brought down by the paper gold markets (e.g. Comex). There is clearly some manipulation going on, banks and big hedge funds are having to free up cash so they are liquidating everything including their good investments like gold. You also have to look at the value of the dollar going up which will push the price of gold, priced in dollars, down also.
The spot price of gold in no way reflects the reality of the physical bullion market. The same is true of silver too.
I am buying up all the reasonably priced physical bullion I can find. I expect the price will snap back in the other direction before too long. If the price continues to decline I will just buy more. Assuming I can find it...
Gold simply can't go down much further. It's nearly at the price per ounce that it costs mines to produce it!
