Gold Price drop

Discussion in 'Bullion Investing' started by tibor, Aug 11, 2020.

  1. tibor

    tibor Well-Known Member

    Am I seeing that right? Gold down $100.
     
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  3. Santinidollar

    Santinidollar Supporter! Supporter

    You got it right. $106 the last time I looked. Silver is down $4.
     
  4. CoinCorgi

    CoinCorgi Derp, derp, derp!

  5. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    That is why roller coasters are so much fun!
     
  6. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    Honestly, I am somewhat relieved to see the gold/silver slide. The rapid rise has been so unrealistic and has negatively affected my collecting budget and coin availability. I have never been in this for short term gain. I hope this is signals a normalization of things ahead.
     
    GoldFinger1969 likes this.
  7. Collecting Nut

    Collecting Nut Borderline Hoarder

    It's about time. It needed a price correction. To continue an upward streak every day is insane. Give it time and it will continue up. Nothing's changed in the world that I know of. If you want it to go up, pray for a war.
     
  8. desertgem

    desertgem MODERATOR Senior Errer Collecktor Moderator

    Naw, the bullion dealers will take a few days to get it up a percent or so and then knock it down for a second wipeout where they can replenish their supplies and then drive it up with November "comments" and then the final wipeout to make their year complete.

    Every 4 years !
     
  9. Santinidollar

    Santinidollar Supporter! Supporter

    Price drop or not, this was a good day — at least for me — to unload ETF shares at a nice profit. Tax-free, at least for now, since it was in an IRA.
     
    Last edited: Aug 11, 2020
  10. fretboard

    fretboard Defender of Old Coinage!

    Absolutely, I thought the correction was coming last week but again I was wrong. :inpain: The price may go down quite a bit more but that's okay, most gold collectors know it's part of the bigger picture! :D
     
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  11. Collecting Nut

    Collecting Nut Borderline Hoarder

    Smart investors recognize what has happened and this is an across the board correction. It will stop before going back up to new highs.
     
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  12. fretboard

    fretboard Defender of Old Coinage!

    No war required, it's a correction that needed to happen, nothing more! The price will start going up again, real soon! My guess, I don't have one this time! grin.gif
     
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  13. medoraman

    medoraman Supporter! Supporter

    Profit taking IMHO. Any major market movement will pause at times for those who wish to lock in gains. I don't see a major end to cheap money anytime soon, so do not think this is the beginning of the end for prices.
     
  14. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Today's drop was the 27th largest percentage drop ever for gold.

    Mere bag of shells, as The Great One used to say.:D
     
  15. tennbjj

    tennbjj New Member

    Agreed. I figured the profit taking would happen first thing Monday after the weekend, but wasnt surprised at all yesterday
     
  16. CoinCorgi

    CoinCorgi Derp, derp, derp!

    I believe you.
     
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  17. fretboard

    fretboard Defender of Old Coinage!

    The price drop is practically a non-issue to me. Today's price is still a tad higher than the historical price of $1921.17 that was broken not long ago! ;) Gold is still king of the mountain to me! grin.gif
     
    GoldFinger1969 likes this.
  18. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    Agreed. The bulk of my gold was purchased before the 21st century. It’s all gravy to me.
     
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  19. fretboard

    fretboard Defender of Old Coinage!

    Or as they used to say in my old neighborhood many years ago, "ain't no thang!" laughhard.gif
     
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  20. Collecting Nut

    Collecting Nut Borderline Hoarder

    I know, it was the comment so resoponded to that made me say that. This is nothing more than a needed price correction and probably some profit taking as well. It went back up today.
     
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  21. fretboard

    fretboard Defender of Old Coinage!

    Yep, seems to be floating around the same level pretty steady, that's a good sign!
     
    GoldFinger1969 likes this.
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