Gold sinks below $1500

 

Gold has taken three sharp declines this morning: once around 5 AM ET, again around 8:15, and then again around 10:30.

Despite weaker than expected retail sales figures and plummeting consumer confidence in the United States, it's down 4.5%, trading near $1494 per ounce. (Silver is also getting slammed – it's fallen 5.4 percent this morning.)

The shiny yellow metal hasn't traded below $1500 since July 2011.

Meanwhile, oil is getting whacked for the second straight day. It's off 3 percent.

The chart below show's this morning's action in the gold market.

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Cyprus forced to sell gold - guess who is buying and why the price is doing this now.

What will happen when bigger ones will be forced to do the same thing : price 0?

 

Hope no one was long

Pava posted this the other day

Comex Gold Inventories Collapse By Largest Amount On Record | Bull Market Thinking

in one of the dooms emails around a yr ago - they said governments would soon demand there gold back, cant remember exactly why now

but from what i can remember - it might of been because of the fact that the real gold stored does nt anywhere nr match the reported amounts held or is just paper gold

and plus no-one wants to get back the fake gold the US hold

(750,000 fake Gold bars made during the Clinton regime / presidency)

and when they did demand it back - Gold would tumble

seems lots of these doom emails are now becoming reality

(except the ones that said long Gold)

Still major support on the Monthly chart at approx 1450 and even stronger at 1330

although don't think i'll bother longing

 

It seems like conversion from money on accounts to gold is taking place - no wonder after what happened and after what they were talking can happen again somewhere else. And with Cyprus forced to sell what it has, no wonder that they are not willing to pay more but are pushing prices down.

Someone knows more than us and they are already 10 steps ahead of us - I am not sure that what happened on Cyprus (the gold sell of) is not happening already on some more places but without letting us know

 

Totally agree that something is definitely afoot, and the peasants are not to know until after the event

with Markets reaching major resistances and all time highs

Gold being taken back by Governments for no apparent reason and huge sums of cash being withdrawn, not seen since 2007

it certainly seems to point to a market shock event

not that i'm a scare monger

maybe best off in the bunker for the next few months

although looking forward to Sell in May again

 

not totally related...but shows how much trust we can put in government: Story of American Diplomat's Death in Afghanistan Changes | The Weekly Standard

P.S.: not all gold that shines:) very true

 

is paper gold better than real gold?:) My Blog

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