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(Reuters)   Gold hits lowest price since 2009. That sound you heard was Glenn Beck shiatting his pants   (reuters.com) divider line 69
    More: Interesting, SPDR Gold Trust, investments, spot prices, gold bar, year to date, U.S. Federal Reserve, ETF, underwear  
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1808 clicks; posted to Business » on 16 May 2013 at 9:39 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-05-16 08:31:49 AM
Beck made his dough, subbs.
 
2013-05-16 09:13:41 AM
Remember, when you buy from Goldline, you aren't just buying the cold, but its collectable value!
 
2013-05-16 09:14:02 AM
Not lowest price since 2009 but longest losing streak since 2009.  Lowest price in a month.  Still...HAR HAR!
 
2013-05-16 09:25:45 AM
Meanwhile, Tulip bulb prices are holding stable, slightly up.
 
2013-05-16 09:25:47 AM
Doesn't Beck do that regularly?
 
2013-05-16 09:28:07 AM

I_Am_Weasel: Doesn't Beck do that regularly?


And cries each time.
 
2013-05-16 09:40:44 AM

OtherBrotherDarryl: Not lowest price since 2009 but longest losing streak since 2009.  Lowest price in a month.  Still...HAR HAR!


Depends. If they're using some closing price or fixing price, it could be the lowest since 2009. I think gold hit 1330s and bounced back in the same day.
 
2013-05-16 09:45:31 AM
So GB isn't brainless, he just keeps it in his pants.
 
2013-05-16 09:47:06 AM

neversubmit: So GB isn't brainless, he just keeps it in his pants.


Except for that one time in 1990.
 
2013-05-16 09:48:06 AM
Based on the Fox News I've been subjected to on the TVs in the gym, apparently silver is the hot commodity these days. I'd say they average one ad for it per commercial break.
 
2013-05-16 09:49:20 AM
crasstalk.com
 
2013-05-16 09:52:25 AM
Still $1k/oz more than it was last time I bought any. Woo.
 
2013-05-16 10:06:37 AM
Gold investments have their purpose, but, like real estate, tech stocks or anything else, if somebody is telling you it's only going to keep going up, and you believe them, you're going to get burned eventually.

/ 99% of successful investing is nothing more complicated than exercising a modicum of basic common sense
// the other 1% is not trying to be Gordon Gekko
 
2013-05-16 10:09:58 AM

skozlaw: Gold investments have their purpose, but, like real estate, tech stocks or anything else, if somebody is telling you it's only going to keep going up, and you believe them, you're going to get burned eventually.


HOW'D I GET BURNED? HOW'D I GET BURNED?
 
2013-05-16 10:17:26 AM
Glenn Beck shiatting his pants?
I thought maybe this was a K-Mart commercial
 
2013-05-16 10:21:27 AM

RexTalionis: Remember, when you buy from Goldline, you aren't just buying the cold, but its collectable value!


That's even better because collectible basically means old. And well you can't stop time and these "collectibles" get older and more valueable every day. No where to go but up.
 
2013-05-16 10:24:31 AM
Subby knows nothing but what Bloomberg tells him/her.

There is a crisis brewing related to rehypothecation of gold by NY and London bankers and Asian demand for physical gold for jewelery and investment.  Stockpiles in the bankers' vaults have plummeted.

Good luck getting much of any actual gold in your hand at these prices.
 
2013-05-16 10:27:00 AM
Glen Beck is what you might call an "actor".  His publicly espoused positions are chosen to maximize viewership.
 
2013-05-16 10:39:01 AM
That's because Real Patriots are going with Bitcoin to be completely free of the Fed's meddling.
 
2013-05-16 10:53:19 AM
It doesn't help that John Paulson, the one-trick pony who bet his second trick on goldhyperflationexplosion and who spent the last quarter yammering about how he's certain gold would rebound, has just revealed in his first Q filing to have been paring gold miners out of his hedge fund portfolio while betting on its rebound.  That's further rattled markets.

While one could argue that gold miners will be hurt by the recent tumble (and they will) if you were truly long on gold then why wouldn't you stay in?  Isn't the bad news already priced in to gold miners?  Why sell miners and hold gold if you're long on gold?

I'm thinking malice, but this sounds more like arrogance running headfirst into reality.  His ego won't let him sell his gold after he's spent the past three years writing op-eds about $2500 gold.
 
2013-05-16 11:05:26 AM

dynomutt: There is a crisis brewing related to rehypothecation of gold by NY and London bankers and Asian demand for physical gold for jewelery and investment. Stockpiles in the bankers' vaults have plummeted.


I'm sure you have reams and reams and reams of evidence for that doomsday claim and I'll just wait patiently while you present it.

/ versus, you know, the common sense explanation: big investors are selling it off as their confidence in the dollar they were hedging against to begin with rises
 
2013-05-16 11:10:19 AM

skozlaw: dynomutt: There is a crisis brewing related to rehypothecation of gold by NY and London bankers and Asian demand for physical gold for jewelery and investment. Stockpiles in the bankers' vaults have plummeted.

I'm sure you have reams and reams and reams of evidence for that doomsday claim and I'll just wait patiently while you present it.

/ versus, you know, the common sense explanation: big investors are selling it off as their confidence in the dollar they were hedging against to begin with rises


So, replace gold with something else arbitrarily over-valued, like diamonds.
 
2013-05-16 11:13:12 AM
That would assume that Beck didn't realize he was helping Rupert Murdock jack up the price of gold so that the conservative elite could bilk the Teabaggers for even more money.
 
2013-05-16 11:18:48 AM
Gold goes up, gold goes down.  You can't explain that.
 
2013-05-16 11:19:11 AM

skozlaw: dynomutt: There is a crisis brewing related to rehypothecation of gold by NY and London bankers and Asian demand for physical gold for jewelery and investment. Stockpiles in the bankers' vaults have plummeted.

I'm sure you have reams and reams and reams of evidence for that doomsday claim and I'll just wait patiently while you present it.

/ versus, you know, the common sense explanation: big investors are selling it off as their confidence in the dollar they were hedging against to begin with rises


There has been a surge in gold jewelry buying in HK and India (world's largest consumer).  Not bars or bouillon mind you, but  opportunistic consumer buying based on the belief that current prices are a good deal.  This is clearly problematic.

1.  The people who bought last week at $1450 are pissed to see it at $1350 today.  That's going to create deflationary pressure.  Why buy today when it's cheaper tomorrow?  (note:  you will see a pitfall of the gold standard in action in how it puts deflationary pressure on consumer activity.  Imagine if everything in the store was cheaper tomorrow.  Why would you buy today?)
2.  This will create additional pressure on gold by lowering its perceived value in the eyes of the consumer.
3.  This increases pressure on investors who begin to further capitulate.

The average cost to produce an oz of gold is $1211.  The price can fall (and in the case of every other bubble always will fall) below that.  There will be a time to get back into gold.  It don't think it's right now.  Even if it was from a fundamentals standpoint the market is clearly blowing in the other direction.
 
2013-05-16 11:28:30 AM
No guts no gloreeeeeeeyyyyy!
 
2013-05-16 11:31:58 AM
"The average cost to produce an oz of gold is $1211.  The price can fall (and in the case of every other bubble always will fall) below that.  There will be a time to get back into gold.  It don't think it's right now.  Even if it was from a fundamentals standpoint the market is clearly blowing in the other direction. "

 what's the expense in production? purification? labor?
 
2013-05-16 11:34:30 AM

simplicimus: "The average cost to produce an oz of gold is $1211.  The price can fall (and in the case of every other bubble always will fall) below that.  There will be a time to get back into gold.  It don't think it's right now.  Even if it was from a fundamentals standpoint the market is clearly blowing in the other direction. "

 what's the expense in production? purification? labor?


That's all-inclusive.

Last month, metals consultant Thomson Reuters GFMS estimated that by its proprietary all-in costs measure, which includes operating costs and other costs such as administration, the average cost-per-ounce across the gold mining industry was $1211 an ounce in 2012.

I've heard it both lower and higher.  I've heard the most efficient can do it around $800 (which makes you wonder why anyone buys shares of the least efficient).
 
2013-05-16 11:37:06 AM
Rhino horn is the new gold.
 
2013-05-16 11:50:49 AM
Glenn Beck profits either way.  It is the people who enthusiastically let him lie to them that are screwed.
 
2013-05-16 11:58:58 AM
Can someone give me a real rational reason why gold holds so much value? Apocalypse happens govt fails, you have millions in gold?   I honestly dont get why it is worth so much
 
2013-05-16 12:01:43 PM

dynomutt: Subby knows nothing but what Bloomberg tells him/her.

There is a crisis brewing related to rehypothecation of gold by NY and London bankers and Asian demand for physical gold for jewelery and investment.  Stockpiles in the bankers' vaults have plummeted.

Good luck getting much of any actual gold in your hand at these prices.


You do know that no matter what the price of gold is, you can't buy a few grams or ounces at the spot price right?

Well, I can. I have a connection.
 
2013-05-16 12:04:34 PM
Glenn isn't worried yet. He'll just tell his viewers that the price drop is a liberal lie and it will go right back up, real soon now.
 
2013-05-16 12:10:31 PM
Its not just gold, the whole commodity index is in a major bear market.
 
2013-05-16 12:18:37 PM

cfreak: Glenn isn't worried yet. He'll just tell his viewers that the price drop is a liberal lie and it will go right back up, real soon now.


And if it keeps dropping, it's because of a liberal plot by Soros et al.

Did you lose half your retirement fund? Those damn dirty progressives strike again!
 
2013-05-16 12:32:51 PM

impaler: cfreak: Glenn isn't worried yet. He'll just tell his viewers that the price drop is a liberal lie and it will go right back up, real soon now.

And if it keeps dropping, it's because of a liberal plot by Soros et al.

Did you lose half your retirement fund? Those damn dirty progressives strike again!


It is wrong to laugh thinking about the poor Beck fellatiators that fell for the "Convert your 401(k) into a Gold Backed 401(k)" adverts?
 
2013-05-16 12:36:28 PM

WillofJ2: Can someone give me a real rational reason why gold holds so much value? Apocalypse happens govt fails, you have millions in gold?   I honestly dont get why it is worth so much


Well also even if gold does become worth a lot in an apocalypse what are you going to spend it on that you couldn't buy now? And wouldn't spending it on something after an apocalypse put a giant target on your head for someone to kill you and take all your gold?
 
2013-05-16 12:38:53 PM

xria: WillofJ2: Can someone give me a real rational reason why gold holds so much value? Apocalypse happens govt fails, you have millions in gold?   I honestly dont get why it is worth so much

Well also even if gold does become worth a lot in an apocalypse what are you going to spend it on that you couldn't buy now? And wouldn't spending it on something after an apocalypse put a giant target on your head for someone to kill you and take all your gold?


Assuming I'm not going to pay $1300 for a loaf of bread, what do I get my change in?
 
2013-05-16 12:47:31 PM
All of the demand for physical is nowhere near enough to offset the drop in paper demand.  The creation of the big gold ETFs a few years ago really drove up prices.  Now the big players are walking away from the ETFs and no amount of demand for physical will offset that.

Buying silver actually makes more sense, it's used heavily in the automotive and solar industries, which are both booming.
 
2013-05-16 12:55:36 PM

basemetal: Beck made his dough, subbs.


I'm hoping Beck was smart enough not to be paid in "gold shares" or whatever scam was buying ad time from him were selling. If  Scarface taught us nothing else, it was "don't get high off your own supply".

Well, not really "hoping" but "assuming", though if I'm wrong I'd have to laugh for hours.
 
2013-05-16 12:57:19 PM

unlikely: Still $1k/oz more than it was last time I bought any. Woo.


Do you have gold bars in a bank somewhere or just an account with some sketchy online service that says you have the equivalent of  X amount of gold in an account somewhere you'd never get to see?
 
2013-05-16 12:59:10 PM

dynomutt: Subby knows nothing but what Bloomberg tells him/her.

There is a crisis brewing related to rehypothecation of gold by NY and London bankers and Asian demand for physical gold for jewelery and investment.  Stockpiles in the bankers' vaults have plummeted.

Good luck getting much of any actual gold in your hand at these prices.


Hello bubble that will be bursting in the future (only question is when)
 
2013-05-16 12:59:29 PM

Incontinent_dog_and_monkey_rodeo: All of the demand for physical is nowhere near enough to offset the drop in paper demand.  The creation of the big gold ETFs a few years ago really drove up prices.  Now the big players are walking away from the ETFs and no amount of demand for physical will offset that.

Buying silver actually makes more sense, it's used heavily in the automotive and solar industries, which are both booming.


Yup.  I'd go into Silver, Platinum, and/or Palladium before Gold.  I recall reading a story in the National Geographic a year or two ago that said that of all the gold that is dug up and refined each year, maybe 15% is used in industry.  A decent portion of the rest of the article was more anthropological, about how the chemical nature of gold means it doesn't tarnish so ancient cultures thought it had mystical powers, and how that sort of thinking is echoed in the way people value gold today.
 
2013-05-16 01:01:44 PM
Wait till the gold bugs find out a pound of gold is 12 oz.
 
2013-05-16 01:02:35 PM

GiantRex: Based on the Fox News I've been subjected to on the TVs in the gym, apparently silver is the hot commodity these days. I'd say they average one ad for it per commercial break.


And, oddly enough, while the ads make a big deal over how much silver was used in the past, no mention is made that a lot of that was for photographic film, whose market has very much dried up.
 
2013-05-16 01:14:28 PM
media.npr.org

Gold, you say?
 
2013-05-16 01:19:59 PM

dynomutt: Subby knows nothing but what Bloomberg tells him/her.

There is a crisis brewing related to rehypothecation of gold by NY and London bankers and Asian demand for physical gold for jewelery and investment.  Stockpiles in the bankers' vaults have plummeted.

Good luck getting much of any actual gold in your hand at these prices.


I gotta admit to Poe's law on this one -- I'm pretty sure I read almost word for word the exact same thing back in the 80s. (maybe it was the 70s).
 
2013-05-16 01:36:28 PM

I_Am_Weasel: Doesn't Beck do that regularly?


You're thinking of Ted "Chickenhawk" Nugent
 
2013-05-16 01:39:24 PM
Here's what I don't get. Many of these end of days prepper nuts are also stock piling gold.

By what logic is a small piece of shiny metal worth ANYTHING when basic needs like food, water, shelter, and porn are not being met. If a stranger approached them in their bunker and said "Hey buddy, I'll give you this SHINY GOLD COIN for some food would they really part with their food? !?!?!?

I just don't see how gold would have any value in the doomsday prepper future.

Stock pile whiskey, or guns, or bullets, or medicine, or food. But GOLD?!?!?!?  WTF!?!?
 
2013-05-16 01:40:26 PM
THANKS OBAMA.
 
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