General Discussion

siligut

(12,272 posts)

44. Yes, China's gold futures slumped

Mon Apr 15, 2013, 11:31 AM

Apr 2013

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.

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Highlight:

Gold is plummeting... Glenn Beck likely on suicide watch... [View all] scheming daemons Apr 2013 OP

He's the consummate con artist. Do you really think he keeps his wealth in gold? baldguy Apr 2013 #1

exactly n2doc Apr 2013 #17

pretty sure Ron Paul does rurallib Apr 2013 #19

Yes, but he is also a true believer siligut Apr 2013 #67

Link? nt Xipe Totec Apr 2013 #2

See below Benton D Struckcheon Apr 2013 #3

Thanks! nt Xipe Totec Apr 2013 #24

Don't tease me please malaise Apr 2013 #4

Likely a good sign for the dollar! nt Poll_Blind Apr 2013 #5

Yeah, it's up against all commodities right now Recursion Apr 2013 #13

Surprisingly not DFW Apr 2013 #27

*I'd* watch that. Richardo Apr 2013 #6

Glenn Beck and other right wing sufrommich Apr 2013 #7

+1 nt Javaman Apr 2013 #15

Some of the LW hosts have the commercials, too.... Wounded Bear Apr 2013 #60

He made his money lying to the stupid right wingers. Hoyt Apr 2013 #8

Gun Futures! How novel. nt Lucky Luciano Apr 2013 #21

LOL, He convinced his listeners to buy gold when the price was at an all-time high. FSogol Apr 2013 #40

Exactly- those of us who bought it cheap, years ago BeHereNow Apr 2013 #69

Well, it will be interesting to see how much panic is out there. MineralMan Apr 2013 #9

I've been saying for over a year that the only bubble out there was the Gold Bubble 1-Old-Man Apr 2013 #10

Oil is way down too; this is currency in general deflating Recursion Apr 2013 #11

Not gas at the pump, wtf? xtraxritical Apr 2013 #48

There's very little relation. Recursion Apr 2013 #53

I listen to progressive radio Helen Reddy Apr 2013 #12

Why, has Beck been advocating buying gold? Auntie Bush Apr 2013 #14

Filing in my "Crying 'wolf' only works for a while.' Folder yellowcanine Apr 2013 #16

Anyone who has been buying gold the past 5 years gets what they deserve. cbdo2007 Apr 2013 #18

Well they have made a lot of money. former9thward Apr 2013 #57

Hmmmmmm....I sold some old sterling silver last week....Great timing. I wonder if I got screwed Armstead Apr 2013 #20

silve is down over 2.50/oz just today. rdking647 Apr 2013 #23

Selfishly, I'm wondering about last Wednesday and Thursday...Not that I sold very much Armstead Apr 2013 #25

im looking at buying some rdking647 Apr 2013 #22

Absolute evidence that GREED totally drives the economy Kelvin Mace Apr 2013 #26

i dont think thats the cause rdking647 Apr 2013 #31

Agreed Kelvin Mace Apr 2013 #36

It's gone up so much BainsBane Apr 2013 #28

Prices and losses as of today 1-Old-Man Apr 2013 #29

I've noted changes in the gold advertisements. Ready4Change Apr 2013 #30

Gold is up about 450% since 2000. The DJIA is up around 25%. DesMoinesDem Apr 2013 #32

Gold plunging is actually a really bad sign for the global economy. reformist2 Apr 2013 #33

Makes no sense, Baitball Blogger Apr 2013 #37

George Soros bet on gold as well, but recently changed his mind. reformist2 Apr 2013 #42

Well that could be a clue right there, no? sofa king Apr 2013 #52

Yes and the banks are using that cash to invest for themselves, they aren't lending it siligut Apr 2013 #38

The right-wing nutters are not what moved gold up so much. It's mostly big speculators globally. reformist2 Apr 2013 #43

Yes, China's gold futures slumped siligut Apr 2013 #44

It's a symptom, not a cause. Dreamer Tatum Apr 2013 #49

The value of gold is mostly tied to the strength of the US dollar. DCBob Apr 2013 #61

Oh wow, gold is *not* a left wing vs. right wing thing! reformist2 Apr 2013 #64

you are right.. DCBob Apr 2013 #66

FReeper post: God is Making Gold Crash to Test Your Faith Loup Garou Apr 2013 #34

Yep, this looks like "capitulation". nt bemildred Apr 2013 #35

Now if... DirtyDawg Apr 2013 #39

Odd...I hear Schultz and Goldman shilling for gold, too. Dreamer Tatum Apr 2013 #41

Randi Rhodes and Thom Hartmann have done ads for gold too. A sponsor's a sponsor, I guess. nt SunSeeker Apr 2013 #45

yeah so dads freaking out about now PatrynXX Apr 2013 #46

Beck flogs Gold to a bunch of heavily-armed preppers. formercia Apr 2013 #47

Stocks will be next magic59 Apr 2013 #50

My advice to the suicide watch: Turbineguy Apr 2013 #51

Beck didn't sell gold, he sold overpriced gold coins JPZenger Apr 2013 #54

So happy to see it going down. It really was a bubble, unless efhmc Apr 2013 #55

Beck may have a genuine emotional reaction... Orsino Apr 2013 #56

Precious metals prices have been falling for the past 6 months. Dawson Leery Apr 2013 #58

Wow, its down below $1400 DCBob Apr 2013 #59

Hah! Maybe the Cons can eat their gold HomeboyHombre Apr 2013 #62

Why would beck be on suicide watch? You don't think HE puts his money... JHB Apr 2013 #63

Is it a causal link in a larger financial correction? Bosonic Apr 2013 #65

Still 2X what I paid for it whatchamacallit Apr 2013 #68

Gold, like crude oil and every single stock and bond is RIGGED, it's a fact just1voice Apr 2013 #70