GOLD CONTINUES TO PLUNGE.

[JEFF9K]

Gold continues its slide, down more than eleven percent today.

Its main cheerleaders, as an investment and as a hedge against inflation, have been libertarians, conservatives, right-wing pundits, and the advertisers that keep conservative talk on the air. Can anyone spell "schadenfreude?"

Will the slide continue?

What is gold really worth?

How low will it go?

[tridim]

1. And the rich gold dealers keep the profit!

Suckers.

They'll probably start buying it back when it bottoms out and sell it back to them again.

[firehorse]

2. I'm a self employed jewelry desiger competing with "made in china" and am glad its going down.

Also glad silver is going down. All the right wing nuts that bought gold and silver to hide under their mattress are going to be bummed, but I am not.

[Tender to the Bone]

3. I'm a gold buyer..

Fortunately, we don't have very much gold in our stock to smelt. Last purchase was around 1575.00/oz

I'm already looking into starting a business, getting out of gold and doing something else.

[hlthe2b]

4. what is it (gold) going for now? how much is silver?

[Tender to the Bone]

5. Gold is now at *checks*

Gold: 1328.72, down 172 today, a total of over $250 since friday

Silver is at: 22.17, down 6 today, a total of close to $10 since last two weeks.

[davidpdx]

9. Wow that is a drop

My wife kept telling me we should buy gold. I'm glad I don't listen to her on investment decisions.

[Jenoch]

11. If you were not a gold buyer,

but just an average investor, at what price would you buy gold with the assumption it was going to increase in value?

[Kablooie]

14. If I knew that I wouldn't be just an average investor.

[BobbyBoring]

16. I bought at $683.00 a few years ago

and advised my friends to do the same. I might unload now!

[Jenoch]

20. My dad has a lot of old silver coins.

I told him to sell when it was at $47. He still has it.

[Leslie Valley]

7. Apparently you've never listened to

Thom Hartmann, Randi Rhodes, Bill Press, Steph Miller and Ed Schultz.

They all pimp Goldline International. I suppose they have to eat too.

Fools and their money.

[pennylane100]

12. I did not know that liberals were also promoting it.

That is quite disappointing.

[Bluenorthwest]

18. It is not accurate. I have and will gladly question the methods and the ethics of

Hartman's 'do you own gold' fear mongering and I've told Thom it is why I don't listen to him. He did not promote or advertize Goldline or whatever Beck's thing is called. I don't know about the rest. Thom promoted a decent company using indecent verbiage.

[David Zephyr]

31. Yep.

It's made me sick for years.

We are in a massively global deflationary period. I expect Fox to peddle this shit, but not liberals.

Thank you for your forage to speak truth.

[DCBob]

8. Gold dropped to its lowest level in more than two years.

The gloom and doom RW idiots who think gold will save their arses when the shit hits the fan must be sweating bullets!

[Rozlee]

13. What? They actually thought gold would be worth anything after the Apocalypse?

They might've been able to brain a few zombies over the head with a gold brick here and there, but that's about it.

[sakabatou]

10. I knew it was only a matter of time before the bubble burst

[JEFF9K]

23. It

It couldn't have burst on a nicer group of guys!

[Kablooie]

15. Wonder what all the WE BUY GOLD places think of this?

[JEFF9K]

22. commercials

I haven't heard many of their commercials lately.

[BobbyBoring]

17. The sad thing is

Most places the "Cons" pimp for are the worst in the world to buy gold. You can get $20.00 worth of gold for $225.00 IF YOU HURRY!

Suckers all

[former9thward]

19. It is up today.

Heavy trading volume. Gold has been going up for 12 years. I expect this year to be no different. It will be worth more on Dec. 31st than it was on Jan. 1st.

[Warren DeMontague]

21. Wait until we start mining the asteroids.

[ShadowLiberal]

24. Gold has been a bubble waiting to burst

I've been saying for years "how much would gold drop in value if gold sellers stopped advertising it on TV".

Some people analyzed gold's price climb at least a year ago, and concluded it looked almost exactly like the 2008 housing bubble, roughly 2 years before it burst.

Plus, gold is something that if you buy it it's almost impossible to get a fair price on it. Go to a cash for gold place and they rip you off REALLY bad, some as little as 1/10th the value of your gold. And then where do you store the gold? If you let the people you buy it from store it you have to pay them an annual storage fee.

Stock or bonds and mutual funds are just much simpler and safer to invest in.

[JEFF9K]

25. A+

Excellent points!

[DFW]

26. "how much would gold drop in value if gold sellers stopped advertising it on TV?"

Answer--not at all.

The gold sold on TV is a drop in the bucket compared to the world market. Glenn Beck and Goldline make a fortune because they were selling gold coins for far more than they worth. While Goldline was selling French 20 franc coins at 80% or so over their intrinsic gold value, Heritage in Dallas was selling them at 5% over (maybe even to Goldline, who knows?)*. But big moves in the world price come from news like last week when Cyprus announced they would immediately sell ten metric tons of gold to plug their financial hole, and that Portugal and Italy were looking at the same solution.

Never EVER sell gold to one of those "we buy gold" places. They pay 50 cents on the dollar on a good day. Gold drops 30%? No biggie to them. They just drop their buy prices in tandem.

My Republican-run branch of Smith Barney bought me 1000 shares of Worldcom at $71 right around when W was declared President in 2000. Those are now worth zero. I never again gave them free reign. Not all stocks and bonds are safe.

Gold is fine IF you buy on market dips and sell high. Just like stocks, except gold won't drop to zero.

Bottom line is: know what you're doing, and know who you're doing it with. Or buy yourself a big mattress.

*on edit--I should have mentioned that the gold coin trading division of Heritage is 99% wholesale. The dealers and marketers often buy from them. They don't refuse retail individuals and are nice people, but they don't have the personnel to handle them. They won't turn you away if you show up on their doorstep (it helps if you're from Dallas), but they don't actively seek retail gold business.

[apnu]

29. Gold has been the haven of the conspiracy nut and anti-government, anti-tax crowd.

They think the government is in collusion with the markets and the banks and the fed, who's money isn't worth the paper its printed on are all in on a shell game and that the "real" economy is the precious metals. They think by putting their wealth in gold they're avoiding taxes, and prepared for the coming apocalypse (with new and fun race riots), and they're getting a seat at the table for the shadow economy they're convinced exists. So basically the libertarians.

But the end of days are not coming, there is no shadow economy the elites are involved in that's somehow in collusion with the Federal Government and the banks. The only shadow economy that exists is the one they're making for themselves out of their tinfoil hat theories.

Knowing all this and seeing gold prices skyrocket I knew it was a bubble. Sure there are legit speculators in the gold markets, and sure there's a legit reason for collecting, but most of the players in the game right now are these libertarian paranoid tools being lead about by Glenn Beck and the rest of the nut brigade.

[workinclasszero]

27. I love it!

All the Beck, Handjob and Limpballs zombies are getting taken to the cleaners BIGTIME!

Maybe they will have a few pennies left to give to the Alaskan Grifter half governor or their favorite Church of Ayn Rand mammon lovin preacher or the NRA terrorist org when the gold party is over! Lolololol!

SUCKERS!

[former9thward]

28. You do know gold has been going up ever since the OP was posted, don't you?

Gold is like any asset it never goes straight up. But it has been going up for 12 years now. It will be worth more on Dec. 31, 2013 than it was on Jan. 1, 2013.

[mainer]

30. Have to confess, your post made me buy gold

Seems like a good time.

[pa28]

32. Whenever a new bubble comes along somebody will say it's "different" this time.

Just like real estate in 2006, oil in 2008 and dutch tulips somewhere way back in the past. Gold could easily break new highs again just because speculators are playing football with it now and that's when the price fluctuates wildly.

The fact that some people out there get passionate to the point of bursting a blood vessel that Bernanke's insane pumping and/or Obama's spending is proof beyond any doubt that gold will go to 10k or 100k. Plug in any absurd number you want you know you are watching a speculation bubble.

People like that get burned eventually, that's the law and the hyperventilating gold bugs have already bought in so I'm guessing when it's all over gold will go back to $500. Gold is not special.

[jmowreader]

33. Gold is worth somewhere between $500-600/oz

Yes, gold used to be the basis of the world economy. And cars used to run on steam, and cigars used to cost a nickel, and Republicans used to not all be corrupt. Things change.

If you paid $1800 an ounce for gold because the economy was going to collapse under Obama you are a supreme idiot.