2011年9月24日 星期六

Gold Plunges More Than $100 as Investors Sell

www.bloomberg.com

Gold fell, capping the biggest two- day plunge since 1983, on investor sales following routs in global equity and commodity markets.

More than $3.4 trillion has been erased from equity values this week, sending a global measure of shares into a bear market, on concern that governments are running out of tools to avert a recession. The Standard & Poor’s GSCI Index of 24 commodities fell to a nine-month low today. Gold has dropped 15 percent since reaching a record $1,923.70 an ounce on Sept. 6.

“Gold has become the source of liquidity for global margin calls,” said Michael A. Gayed, the chief investment strategist at Pension Partners LLC. “Also, deflationary pressures are acting on gold.”

Gold futures for December delivery fell $101.90, or 5.9 percent, to settle at $1,639.80 at 1:51 p.m. on the Comex in New York, the biggest decline since March 2008. In two days, the metal dropped 9.3 percent, the most since February 1983. The weekly decline of 9.6 percent also was the most since that year.

“It’s difficult to say at what level this liquidation will stop,” Frank Lesh, a trader at FuturePath Trading in Chicago, said in a telephone interview. “Slowing growth has created pressure on gold and commodities from the deflation angle.”

“We are seeing a flight to cash because 2008 is still very fresh in people’s minds,” Marshall Berol, a co-portfolio manager of the Encompass Fund in San Francisco, said in a telephone interview.

In October 2008, gold prices tumbled 18 percent as the most-severe slump since the Great Depression spurred losses in global equity and commodity markets. The metal jumped 23 percent in the next two months.

“We view the correction in gold as being temporary and similar to initial losses suffered in 2008,” Suki Cooper, an analyst at Barclays Capital in New York, said in a report.

10 則留言:

Vinona The Great 提到...

Occasionally they make you scared, really scared, so you will not buy physical gold/silver. it happens all the time.

if you could go back to 2008 to buy gold when gold dropped US200 to about $US700, when all the newspaper were chanting "Cash is King" , wouldn't you want to buy as much gold as your spare money has?

what has changed anyway? has the debt/deficit in US got better? have they found other way than printing money to inflat the problem away?
no, nothing, absolutely nothing! the US dollar is as doomed as two days ago!

as long as you have spare money, it is a great opportunity to buy.

Lisa 提到...

回Vinona the Great,
正是啦 :)

CS 提到...

東洋,10安士澳洲龍$4800,我見有人買了兩個。1 kg $13000。老闆話唔再入1安士龍。
吉祥,售完
地下鋪,有5個1安士龍買了3個$550 each

D人放番d,澳洲2安士coin出來,和放番macau 1安士彩色生肖幣,成$1000至$1500,貴!

報告完畢

Lisa 提到...

謝謝CS的報價 :)

singwin 提到...

Vinona, I totally agree with you. When the Titanic sinks, the front of the ship (Euro) drops more and everyone rush to the back of the ship(the dollar). And people forget physical metal is the only life boat.

Master NLP 提到...

Lisa,點睇E段新聞:

保險箱失60萬元金器 追討兩年無寸進

http://orientaldaily.on.cc/cnt/news/20110923/00176_037.html?pubdate=20110923

Lisa 提到...

回nlpsonia,
個個保險箱是兩個人聯名的, 而一位是老人家, 所以好難定論是否有人自己取走 ?

honson 提到...

Thx CS report

鬍鬚仔 提到...

e~我今日四點幾都有行好旺角,見亞伯有個澳洲龍標價 700 喎.

Lisa 提到...

阿伯有見地 XD !