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Title: Gold Poised for Worst Monthly Run in 11 Years on Europe
Source:
Bloomberg
URL Source: http://www.bloomberg.com/news/2012- ... -years-on-european-crisis.html
Published: May 31, 2012
Author: Debarati Roy and Maria Kolesnikova
Post Date: 2012-05-31 14:05:37 by Brian S
Keywords: None
Views: 2987
Comments: 4
Gold futures fell in New York, capping the longest monthly slump since 2000, as Europe’s worsening debt crisis and signs of a U.S. economic slowdown crimped demand for the precious metal.
Higher borrowing costs in Spain are putting pressure on Mariano Rajoy’s five month-old government to join Greece, Portugal and Ireland in seeking a rescue that would be the European Union’s biggest. First-time claims for U.S. jobless benefits rose by 10,000 to 383,000 last week, the Labor Department reported today. The Standard & Poor’s GSCI index of 24 raw materials fell as much as 1.2 percent and was headed for its biggest monthly drop since the recession in
“Gold is behaving like a classic commodity and declining along with the pack,” Adam Klopfenstein, a market strategist at Archer Financial Services Inc. in Chicago, said in a telephone interview. “It’s like the dead man walking.”
Gold futures for August delivery retreated 0.1 percent to $1,564.70 an ounce at 11 a.m. on the Comex in New York. Before today, the precious metal retreated 5.9 percent this month, heading for its biggest drop this year as the dollar rallied 5.4 percent.
“Though our long-term expectations for the gold price remain very positive, we believe there may still be downside risks if the U.S. dollar continues to remain strong,” said Daniel Briesemann, an analyst at Commerzbank AG in Frankfurt.
A fourth monthly decline for gold would be the longest run of losses since October 2000. Holdings in the bullion-backed exchange-traded products are set for a third monthly decline, data compiled by Bloomberg show.
“Investors don’t have the same strategic approach to gold as before,” Edel Tully, an analyst at UBS AG, said in a report today. “Much of the exposure to gold has been on an intra-day bias of late. The market is too highly correlated with risk for many participants’ liking.”
Silver futures for July delivery fell 1.4 percent to $27.585 an ounce on the Comex, extending the month’s loss to 11 percent. The metal’s third monthly loss will be the longest slump since 2008.
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Gold futures fell in New York, capping the longest monthly slump since 2000, as Europe’s worsening debt crisis and signs of a U.S. economic slowdown crimped demand for the precious metal.
LOL.
The banks are getting desperate to hold gold prices down, eh???
It won't matter.
The digital currency isn't worth the paper it's not printed on... When people realize the house of cards is collapsing, they'll run to dollars (because they're the best-looking horse in the glue factory), and as the dollar collapses (because there's ~$829 billion in physical currency, versus $59 TRILLION in digital currency- $14 digital dollars for every dollar of physical money), people will turn to traditional stores of value... like gold and silver.
The calculations, of course, ignore the $1.5 QUADRILLION of derivatives outstanding, where there's one dollar in physical currency for ever $1809.41 of gambling paper out there...
Bottome Line: We're DONE.
Your article simply tells me the banks are panicking.
Thanks for the laughs, you propagandist asshat.
LoonyMing: I brandish my ignorance like a crucifix at vampires.
Translation: IGNORANCE IS STRENGTH
'It's now very common to hear people say, "I'm rather offended by that", as if that gives them certain rights. It's no more than a whine. It has no meaning, it has no purpose, it has no reason to be respected as a phrase. "I'm offended by that." Well, so fucking what?' —Stephen Fry
#2. To: Brian S (#0)
.
LOL!
You gibbering libTURD ministry of TROOF asshat, we call this a BUYING opportunity.
The PM complex WILL continue to go down in price through the summer, maybe even into the early fall. It just depends on when the October surprise is pulled out by you RATS.
At the moment the system is TRYING to keep PM prices LOW through your messiah "king" obammy's coming loss in NOVEMBER. To fool FOOLS such as YOU moron that everything is jes fine.
After the election they'll let it float to it's true value in theses so called "dollars", they'll have to, because they are losing control. They are already running the presses 24/7 fool, and it's NOT enough.
In other words moron, GOLD and SILVER will always have some value, but YOUR FIAT "DOLLARS" certainly will NOT. In fact as we sit here, you can see the out of control PRINTING of fiat "money" is INFLATING the costs of everything for all of us you gibbering libTURD moron.
That you are incapable of understanding this simple fact is NOT surprising considering that the basic supply and demand relationship is WAY past your mental abilities to understand, you gibbering libTURD fool.
Inflation isn't "coming" fool, it's already HERE tool. After the coming national election it will get WAY worse WAY fast no matter who wins.
FOOL.
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
#3. To: Brian S, *Liberal Rehab Staff* (#0)
The metal’s third monthly loss will be the longest slump since 2008.
I'll give you a pack of Skittles for your gold teef!
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
#4. To: Capitalist Eric, Brian S (#1)
.
btw eric thanks for reminding me of brianna's real name.
I'll be sure to use it often.
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
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