Gold is plummeting... Glenn Beck likely on suicide watch...

[scheming daemons]

Personally, I am loving how all the apocalyptic freepers are taking a bath.

[baldguy]

1. He's the consummate con artist. Do you really think he keeps his wealth in gold?

[n2doc]

17. exactly

Only the rubes get fleeced. Next up-"Gold / Silver represent an incredible buying opportunity!"

[rurallib]

19. pretty sure Ron Paul does

couldn't happen to a nicer guy

[siligut]

67. Yes, but he is also a true believer

That way he can really put his heart into it. I would bet Glenn has some gold stashed back in his magic underwear drawer.

[Xipe Totec]

2. Link? nt

[Benton D Struckcheon]

3. See below

http://www.kitco.com/reports/KitcoNews20130415JW_am.html

[Xipe Totec]

24. Thanks! nt

[malaise]

4. Don't tease me please

[Poll_Blind]

5. Likely a good sign for the dollar! nt

PB

[Recursion]

13. Yeah, it's up against all commodities right now

Oil is sinking too. Good times for people who buy stuff. Less good times for people who own stuff.

[DFW]

27. Surprisingly not

The euro is still above $1.30, close to $1.31, at four week highs. Go figure.

[Richardo]

6. *I'd* watch that.

[sufrommich]

7. Glenn Beck and other right wing

radio hosts make their money shilling gold,not actually investing in it.

[Javaman]

15. +1 nt

[Wounded Bear]

60. Some of the LW hosts have the commercials, too....

[Hoyt]

8. He made his money lying to the stupid right wingers.

If gold drops for awhile, the dumbasses will just put more into guns.

[Lucky Luciano]

21. Gun Futures! How novel. nt

[FSogol]

40. LOL, He convinced his listeners to buy gold when the price was at an all-time high.

But, they'll blame the gubermint!

[BeHereNow]

69. Exactly- those of us who bought it cheap, years ago

Know this is all manipulation of the masses.
I've lost nothing. Quite the opposite.
BHN

[MineralMan]

9. Well, it will be interesting to see how much panic is out there.

The only gold I'm holding is the stuff in my wife's jewelry box and a cheap-ass wedding ring on my finger, and she's definitely not selling.

[1-Old-Man]

10. I've been saying for over a year that the only bubble out there was the Gold Bubble

and that sonObitch is going to pop.

[Recursion]

11. Oil is way down too; this is currency in general deflating

I think every commodity is pretty low right now.

[xtraxritical]

48. Not gas at the pump, wtf?

[Recursion]

53. There's very little relation.

Oil today won't be gas for months

[Helen Reddy]

12. I listen to progressive radio

out of Wisconsin as well as Chicago.

Not only is it boobs like Beck pimpin' gold, but I have heard Stephanie Miller, Thom Hartman as well as Big Eddie doing paid advertisments for gold.

The money must be good to do these ads.

[Auntie Bush]

14. Why, has Beck been advocating buying gold?

I hope he and all his minions have put ALL their money in gold which will roll right down the roof and into the gutter.

[yellowcanine]

16. Filing in my "Crying 'wolf' only works for a while.' Folder

Fear sells until it doesn't.

[cbdo2007]

18. Anyone who has been buying gold the past 5 years gets what they deserve.

[former9thward]

57. Well they have made a lot of money.

I have traded in and out of gold for many years. Made quite a bit.

[Armstead]

20. Hmmmmmm....I sold some old sterling silver last week....Great timing. I wonder if I got screwed

[rdking647]

23. silve is down over 2.50/oz just today.

its tanking harder than gold

[Armstead]

25. Selfishly, I'm wondering about last Wednesday and Thursday...Not that I sold very much

I was just selling a few pieces of old sterling flatware for a little bit of extra cash on a whim....But still i'm thinking "Just my luck"

[rdking647]

22. im looking at buying some

but strictly for a short term trade to take advantage of panic... certainly not as an investment

[Kelvin Mace]

26. Absolute evidence that GREED totally drives the economy

The panic selling is supposedly the result of China reporting 7.7% growth instead of the expected 8%. Only is a completely insane world can a a 7.7% economic expansion be considered "bad news".

This is also evidence that capitalism is pretty much a sanctified Ponzi scheme as practiced.

[rdking647]

31. i dont think thats the cause

i think its margin calls. people bought gold on margin. the collapse caught them off guard and they have to sell out. droping the price more and causing more margin calls.

[Kelvin Mace]

36. Agreed

Yet another reason to NEVER buy on margin.

But the economic news from China is also causing other howls of anguish from various financial idiots.

[BainsBane]

28. It's gone up so much

He's probably still okay, depending when he bought.

[1-Old-Man]

29. Prices and losses as of today

Gold is down over 13% in the last 6 months.

http://www.goldprice.org/spot-gold.html

[Ready4Change]

30. I've noted changes in the gold advertisements.

For a few years we've all seen those adds requesting to buy your gold. Within the last 6 months I've noticed them being mixed with OTHER adds offering to SELL you gold. If I had investing in gold, I would have already sold mine about 3 months ago.

[DesMoinesDem]

32. Gold is up about 450% since 2000. The DJIA is up around 25%.

[reformist2]

33. Gold plunging is actually a really bad sign for the global economy.

The entire recovery was based on this idea called "reflation" - like it or not, the idea was that the banks had to be made flush with cash in order to revive the economy. Rising gold prices were a sign that was working. Falling gold prices are a sign it's failing.

[Baitball Blogger]

37. Makes no sense,

Since the right-wingers were hording gold because they thought it would be a more reliable form of currency once the economy crashed.

[reformist2]

42. George Soros bet on gold as well, but recently changed his mind.

[sofa king]

52. Well that could be a clue right there, no?

The big guys are always smart enough to step out of something before it crashes, and whether it was there or not before, their movement creates inertia in the direction of a crash because of the volumes they unload.

There is also going to be a large movement away from the US dollar in petroleum purchases later this year, if I recall correctly. I wonder if there is a direct relationship between that and what is going on here.

[siligut]

38. Yes and the banks are using that cash to invest for themselves, they aren't lending it

The post above yours, says "Gold is up about 450% since 2000. The DJIA is up around 25%", looks about right to me and indicates gold was in a bubble, due to the RW pump. I wouldn't take it as an overall indicator of the economy.

[reformist2]

43. The right-wing nutters are not what moved gold up so much. It's mostly big speculators globally.

[siligut]

44. Yes, China's gold futures slumped

Gold Tumbles
Cosco Shipping fell 3.9 percent to 3.49 yuan, the lowest close since Dec. 6. The company reported a first-quarter loss of 45.1 million yuan, ($7.29 million), compared with a profit of 3.8 million yuan a year earlier.
Zijin Mining, China’s largest gold producer, dropped 5.6 percent to 3.20 yuan. Zhongjin Gold Co. (600489), the third biggest, slumped 6.7 percent to 12.93 yuan. Bullion for June delivery on the Shanghai Futures Exchange slumped by the 5 percent daily exchange limit. Spot gold fell 6.2 percent to $1,483 an ounce last week, the biggest drop since December 2011.
http://www.bloomberg.com/news/2013-04-15/china-s-stocks-decline-before-growth-industrial-output-data.html?cmpid=yhoo

China's poor showing has a good deal to do with our day-to-day showing in the market, gold isn't alone in its descent, though it is a stand-out.

Speculators take social data into account as well, I am sure you know that. Though they aren't hiding gold under their beds and in their bunkers the way the RW nutters are.

[Dreamer Tatum]

49. It's a symptom, not a cause.

China and India are not growing like planned, so their gold purchases are expected to slow, which means the forward supply of gold will
rise. Investors are unsure if the price will rise, so they are taking profits now.

It's really very simple if you take politics out of it.

[DCBob]

61. The value of gold is mostly tied to the strength of the US dollar.

and to the gloom and doom idiots who think gold will save their arses when the shit hits the fan.

[reformist2]

64. Oh wow, gold is *not* a left wing vs. right wing thing!

[DCBob]

66. you are right..

there are gloom and doom idiots on both sides.

[Loup Garou]

34. FReeper post: God is Making Gold Crash to Test Your Faith

[bemildred]

35. Yep, this looks like "capitulation". nt

[DirtyDawg]

39. Now if...

...the bottom would just fall out of the effin gun market - in other words if those damned AR -15s or Bushmasters, or whatever, were to all of a sudden not be worth a bucket of warm spit, all would be right with the world. Maybe if a 100% excise tax could be levied on their purchase it might put a hurt on em...as if.

[Dreamer Tatum]

41. Odd...I hear Schultz and Goldman shilling for gold, too.

Are they on suicide watch?

[SunSeeker]

45. Randi Rhodes and Thom Hartmann have done ads for gold too. A sponsor's a sponsor, I guess. nt

[PatrynXX]

46. yeah so dads freaking out about now

ie oh well ammo is worth more than gold anyway so time to stock up..

[formercia]

47. Beck flogs Gold to a bunch of heavily-armed preppers.

Gold falls.

What could possibly happen next?


Beck buys a Class VI armored limo?

Spends all of his days in the Bunker?

Grows eyes in the back of his head?

Time will tell....

[magic59]

50. Stocks will be next

that is even a bigger bubble waiting to pop or poop.

[Turbineguy]

51. My advice to the suicide watch:

Go eat a nice lunch.

[JPZenger]

54. Beck didn't sell gold, he sold overpriced gold coins

If Beck had gotten his listeners to buy gold at market prices over the last several years, it wouldn't have been so bad during most of the period. However, he didn't. Instead, he was selling gold coins that were way over-priced. Even if gold prices went up, his listeners would have been ripped off.

[efhmc]

55. So happy to see it going down. It really was a bubble, unless

you wear it. Then it is pretty.

[Orsino]

56. Beck may have a genuine emotional reaction...

...but it will not be seen or heard in public.

[Dawson Leery]

58. Precious metals prices have been falling for the past 6 months.

The PM market is one of the most volatile markets around.

I am not sorry to see the Beck cultists lose their shirt.

On the other side, the dollar is gaining strength.

[DCBob]

59. Wow, its down below $1400

Cant remember the last time it was that low. Great to see the gold loving cons sweat it!

[HomeboyHombre]

62. Hah! Maybe the Cons can eat their gold

like Midas.

[JHB]

63. Why would beck be on suicide watch? You don't think HE puts his money...

...into that, do you? He's just a salesman.

Why would someone who really believes in gold-hoarding take actions that would drive up the price?

[Bosonic]

65. Is it a causal link in a larger financial correction?

What Happened The Last Time We Saw Gold Drop Like This?

http://www.zerohedge.com/news/2013-04-15/what-happened-last-time-we-saw-gold-drop

[whatchamacallit]

68. Still 2X what I paid for it

[just1voice]

70. Gold, like crude oil and every single stock and bond is RIGGED, it's a fact

There are 6 big banks that run the markets and they run the markets via corruption on top of corruption. They have full government support, "laws" that enable them to play both sides of any market and soulless criminals running everything they do.

Anyone who thinks they is some actual free market still remaining is just as dumb as any "freeper".