Gold falls on rumour | Bangkok Post: business

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Gold prices dive on rumour

Published: 21 Feb 2013 at 16.11
Online news: News

Gold prices were heavily down on a rumour that central banks in many countries would lower their gold holdings, Gold Traders Association president Jitti Tangsithpakdi said on Thursday.

Mr Jitti said gold prices were down as much as 550 baht per baht-weight on Wednesday’s close. The gold price stood at US$1,560 per ounce this morning.

The Gold Traders Association this morning announced buying prices of 21,724.28 baht per baht-weight for gold adornaments and 22,050 baht per baht-weight for gold ingots.

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christhai
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Discussion 9 : 22 Feb 2013 at 16.509
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This is the "Back side" of IT Tec , "The madness of the machine" !!
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christhai
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Discussion 8 : 22 Feb 2013 at 16.498
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This is the "Back side" of IT Tec , "The madness of the machine" !!
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jpk
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Discussion 7 : 21 Feb 2013 at 23.047
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Not a good time to buy gold. If you have it, hold on to it, it's a long term investment.

I sold mine when it was 27,000 Baht an ounce. I'll buy again when it hits 16,000 Baht an ounce in September.

It has nothing to do with countries selling off their gold reserves. It has everything to do with market glut and miners selling off their increased yields.
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snap
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Discussion 6 : 21 Feb 2013 at 20.126
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Looks to me like an ideal time to buy. I guess it will drop some more and then the bankers and powers that be that manipulate this wild market will dive back in again. The fundamentals haven't changed. The western powers are bust. Interest rates are lousy in the west. The US and europe are hemorrhaging cash. Europe is still a basket case. The pound is going down river. Inflation in china is rampant. No one in india or china or the east ever trusts their banks. It's a wild ride, but I just can't believe the gold ticket is over quite yet. When the US stops rolling the printing presses and interest rates rise then I'll sell.
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oldexp
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Discussion 5 : 21 Feb 2013 at 20.115
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I wonder who started this rumor.
My guesses: the FED or the Chinese.
Centralbanks sure not, as they are all buying gold and even asking for the gold being repatriated (Germans)
The FED and it's banker friends are placing (uncovered) shorts on gold and silver for years already to keep its prices low.
The Chinese are happy they can exchange their US$-non values into gold.
It's all about debt.
G20 said: there will be no currency war. Now the war has started.
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Worzel
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Discussion 4 : 21 Feb 2013 at 19.484
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Disc 3 Sirron - global demand for physical gold is massive and sharply increasing. People with surplus cash (no money is lost it is transferred to what some naively call the 1%) are literally struggling to spend it on safe assets. Cash is becoming a very unsafe store of wealth as all central banks are printing money to keep their economies moving.

Cash rich people are causing real assets like prime real estate, artwork, wine, historic ferrai's etc, gold and silver to increase in value.

Gold and sliver have been money for 5,000 years, unbacked paper money on the other hand has always failed.
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sirron
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Discussion 3 : 21 Feb 2013 at 19.033
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Gold prices were heavily down on a rumour that central banks in many countries would lower their gold holdings, Gold Traders Association president Jitti Tangsithpakdi said on Thursday afternoon.

Just what are these "central banks" going to do with the gold they allegedly no longer want to "hold".
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Worzel
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Discussion 2 : 21 Feb 2013 at 18.492
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This appears to be a deliberate take down as QE moves from being backed by bonds to being backed by gold.

The world is nowhere near resolving its monetary crisis at all. There will be more QE, in fact it never stops month on month.

By the dip.
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borrocks
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Discussion 1 : 21 Feb 2013 at 16.591
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LOL you cant beat a good rumour,,,and people will believe this ///// Russia China India and more are just a few placing huge orders
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