Sooooo, how's that gold doing today
The bear market in gold intensified Monday with frenzied selling knocking the yellow metal down more than 9% and below the key $1,400-per-ounce level.
Investors' trashing of gold Monday follows a 5% plunge Friday. Gold closed down $140.40 for the day, settling at $1,361 an ounce, according to CME Group. That's a loss of 9.35%, worst one-day percentage decline since 1983.
Earlier in the day it fell as low as $1,355.
Gold, often viewed as a haven in tough times and a hedge against inflation, is down more than $527 from its all-time high of $1,888.70 on Aug. 22, 2011.
That 28% drop from its all-time high puts gold deeply in bear market territory. It is gold's worst bear market drop since a 39% plunge Jan. 2, 1996, through Aug. 25, 1999, according to Bespoke Investment Group. The average gold bear market has sliced nearly 32% off gold's price, according to Bespoke.
MARKETS ON FRIDAY: Stocks close lower after a banner week
On Monday, a slowdown in Chinese economic growth added to doubts about the strength of the world economy and raised the specter of a deflationary environment taking hold. It also raised fears that Chinese consumers, who are big buyers of gold jewelry, would buy less.
Rich Suttmeier, chief market strategist at ValueEngine.com, suspects the selling is also being fueled by selling by big investors, such as hedge funds and pension funds, that are looking to stem their losses as well as reduce exposure to a hard asset. Hedge funds typically use leverage, or borrowed money, to boost their profit potential. But it also forces selling when prices drop sharply and they are asked by lenders to put up more collateral.
In recent years, an increasing number of investors, big and small, have started to treat gold as a key "asset class" in their asset allocation, and have upped their stakes in gold as a result.
Suttmeier says the heavy selling has the feel of a bubble bursting, adding that rumored selling by the nation of Cyprus to meet obligations to European financiers is intensifying the downdraft.
Even retail investors are getting caught in the downdraft. The SPDR Gold Shares exchange traded fund, the most popular ETF, has also suffered a drop of almost 8% today.
The bigger-than-expected first-quarter slowdown in China has investors worried more about deflation than inflation at the moment. And given that gold is viewed as an inflation hedge, investors are selling gold more aggressively, says Chris Blasi of Neptune Global Holdings, a precious metals trading and research firm.
"Where is the bottom? I don't know. The selloff could go on another day or two," says Blasi.
Another big factor driving the selling is the fact that traders were watching the key $1,520 level on Friday, and when gold sank below that line in the sand, many investors decided it was time to get out, says Gary Kaltbaum, president of Kaltbaum Capital Management.
"Gold was a very over-owned and a very big bull market and when it broke support, the masses got out," says Katlbaum. "When the big money guys own a boatload of stuff, and are all watching the same number, when support breaks, I call it the 'give up, we are done' response."
Analysts attributed last week's plunge to investors who fear gold won't be the safe haven it has been when inflation spikes, the economy deteriorates or the sale of gold to raise cash skyrockets.
As recently as mid-September, gold prices were flying above $1,800 an ounce.
The yellow metal has now hit a two-year low amid concerns that a 12-year bull run for the commodity has come to an end.
Oil prices were also seeing steep declines on Monday. Crude prices were down nearly $3 a barrel to $88.21 per barrel.
i forgot to mention in 2006 corey introduced a guy to a propoolplayer i wont mention for golf match.
corey knows this guy is a progolfer and corey bets on this guy.
said poolplayer trust corey and corey says u can win .they play for huge stakes 60,000. corey bets on progolfer for 1000 while between 5 poolplayers we lost 60,000. i know for a fact i was lied to myself and lost 2500.
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Sooooo, how's that gold doing today
Yall must be right he is the very over-flowing cup of human kindness. I can't imagine him doing anything wrong. Now he owes yall a beer for being the political piglets that you probably are. The true rating of John's antics were answered here in the pole so I realize that people know he is a drama queen - no matter how many of his little oinkers he has to defend him in acting like a coward.
Here is one of John Schmidts best lines when he knows he has made you angry with his verbal slander "if he hits me who wins the money"? I know he is a coward who makes friends based on what he can gain from them in a monetary sort of way he nothing more than a small time con who is good at kissn'up to people who have $. Some day he may learn the hard way that when he starts the drama - just cause he's getting beat' the individual receiving his verbal slander may not be as nice as I was. I had something to lose so I did not hit him but I did warn him not to call me that name again or he might wake up on the westcoast. He was intelligent enough to know at that point - had he repeated his remark that I would have done some damage to him right there - i did not care about the money as much as he did. So even though he is a true coward - he is at least smart enough to know when to shut his mouth so that he does not have to get ***** slapped for throwing chalk,arguing about a jump cue rule, and verbval slander. The people who saw his act and heard the things he said while in the face of adversity are cowards also for defending him.
Keep calling "us" political piglets and you might find yourself b!tch slapped a few times. Do you realize how crazy and JEALOUS you sound?
http://www.youtube.com/watch?v=sez8O6je0xk <-------For you
Yall must be right he is the very over-flowing cup of human kindness. I can't imagine him doing anything wrong. Now he owes yall a beer for being the political piglets that you probably are. The true rating of John's antics were answered here in the pole so I realize that people know he is a drama queen - no matter how many of his little oinkers he has to defend him in acting like a coward.
Here is one of John Schmidts best lines when he knows he has made you angry with his verbal slander "if he hits me who wins the money"? I know he is a coward who makes friends based on what he can gain from them in a monetary sort of way he nothing more than a small time con who is good at kissn'up to people who have $. Some day he may learn the hard way that when he starts the drama - just cause he's getting beat' the individual receiving his verbal slander may not be as nice as I was. I had something to lose so I did not hit him but I did warn him not to call me that name again or he might wake up on the westcoast. He was intelligent enough to know at that point - had he repeated his remark that I would have done some damage to him right there - i did not care about the money as much as he did. So even though he is a true coward - he is at least smart enough to know when to shut his mouth so that he does not have to get ***** slapped for throwing chalk,arguing about a jump cue rule, and verbval slander. The people who saw his act and heard the things he said while in the face of adversity are cowards also for defending him.
Keep calling "us" political piglets and you might find yourself b!tch slapped a few times. Do you realize how crazy and JEALOUS you sound?
http://www.youtube.com/watch?v=sez8O6je0xk <-------For you
I have met John a couple of times and I have never witnessed a more friendly pro than John. I have come to the conclusion John is a helluva lot nicer in person than on this forum.
A pro on AZ gets put on the defensive quick
CJ is sharper than most pros under fire when it comes to the public
As always.... Mostly jmo
i try so hard to like every pro pool player out there because i am in awe of the things you guys can do on the table, but, you make it so hard to like you when you post on here.
let it go or go to california and play john or fight him. get it over with. put yourself in the same room as him and have a fistfull of cash and a plain old fist and make sure by the end of it your using one or the other.
this stuff is just old.
I don't have time to look at your little has-been utube social media BS - Easy E I think a guy like u might be surprised how well I am prepared to defend myself in a physical contest. So I hear yoursome big bullet head that is a tough guy - so what there are plenty of your kind out there. John called me names in our last match-up that are fighting words maybe since you feel the need to defend John you could convince him to quit being a little name calling coward when he's losing - or even tell him that he could win a ton of cash if he can get there in a physical contest. Ohh and before you respond know that I love you. It's funny how Schmidt talks as if he might actually have enough sand in him to defend his statements in the boxing ring, the reality is he is nothing more than a coward who cries like a little ***** when losing.