Why has value of gold, silver, platinum etc price gone down so far the past days

[TreasureHunters]

Is this normal? Will they go back up? Sorry I admit I am a newbie..

 

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[Jeffro]

The IMF announced they would sell 403 tons of gold. That'll do it for a bit.

 

[goldsworthy]

The IMF announced they would sell 403 tons of gold. That'll do it for a bit. The IMF gold was not sold into the open market! The IMF gold was sold to the government of China at a good discount. The IMF gold was placed into China's gold reserve.

 

[jim4silver]

The IMF announced they would sell 403 tons of gold. That'll do it for a bit. The IMF gold was not sold into the open market! The IMF gold was sold to the government of China at a good discount. The IMF gold was placed into China's gold reserve.

Do you have any links that say China bought that gold? I have read articles that speculate China will buy it, but have not seen anything that says it has been verified.

Jim

 

[nyiangelo]

Huh? I thought China was the worlds number #1 producer of Gold. Why would they buy it?

 

[nyiangelo]

Well never mind. Now that I look at the other side of my question I see. I would buy it too if I was the world's #1 producer to make the price go up.....

 

[Jeffro]

I always figured it was still S.Africa, but I see I was wrong- you're right China is now the leading producer of gold. Most likely the pricipal user as well. I found this site with charts- http://www.goldsheetlinks.com/production.htm

 

[Seamuss]

If it goes down then I'll buy before it goes back up. The dollar will fail to exist someday and I will be holding on to precious metals at that time. The back of the all might dollar says "In God We Trust" all others pay cash. Precious metals will have value when the dollar fails.

Don't get caught with your fanny hanging out in the wind. Have something of value in your possession, precious metals, real estate, economic survival skills.

 

[goldsworthy]

Has it realy "gone down?" Metal Bid Ask
Gold $1,056.50 $1,057.50 13.10
Silver $17.77 $17.82 0.31
Platinum $1,336.00 $1,346.00 19.30
Palladium $315.00 $320.00 5.00

Updated:10/8/2009 4:01:44 AM CST

 

[ivan salis]

china is turning its US treasury bonds it holds paid off by near worthless greenbacks into gold flooding the world exchange market with US dollars which will lessen the demand for us money on the world exchange markets --driving the dollar down and gold up --its fiscal warfare 101 --asian motto --"bussiness is WAR"

 

[goldsworthy]

My friends and family thought I was nuts for taking 45% of my life savings and buying gold and silver (THEY ARNT LAUGHING ANYMORE!). The trick now is to sell it all when the GOLD MANIA price top occurs. Then its off on a long and restful Princes cruise! I figure I will have to go on that cruise to make it hard for my family and friends to contact me to borrow money! LOL

 

[goldsworthy]

Tonight on eBay a number of the auctions I have been following have been bid up to foolish levels. Common 10 ounce silver bars that usually sell about for $1 an ounce over spot selling for a $2.50 premium over spot. Common post 1982 mint $5 gold commemoratives that usually sell for 4%-6% over melt were selling for up to 15% over melt. Perhaps some new buyers are rushing out to get their PMs. >>I have seen some exuberant bidding tonight. A 1986 $5 gold commemorative (Statue of Liberty) worth about $255 melt sold for $304.45 ($298.45 plus $6 shipping). A few other common $5 gold commemoratives were bid way beyond normal premiums. Perhaps some folks really had to get their first gold coin.
I have been checking the news acrossed the country and the gold price rise is showing up in them BIG TIME! (THE MAINIA BEGINS)