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Gold futures fall below $800 an ounce in early Asian trading

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  • #1

    Gold futures fall below $800 an ounce in early Asian trading

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    Last update: 9:50 p.m. EDT Aug. 14, 2008Comments: 2
    HONG KONG (MarketWatch) -- Gold futures slid below $800 an ounce in Asian trading Friday, extending a 2% decline in U.S. trading Thursday. Gold for December delivery tumbled $14.80 to $799.70 an ounce in electronic trading in late Tokyo morning hours. It touched a low of $793.70 earlier in the session. The U.S. dollar strengthened against leading currencies Thursday, particularly against the euro, after data showed the euro zone economy contracted 0.2% in the second quarter.
    Steady, steady... This is preparation for the announcement for the next wave of loan losses.
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  • #2
    Re: Gold futures fall below $800 an ounce in early Asian trading

    Originally posted by Sapiens View Post
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    Steady, steady... This is preparation for the announcement for the next wave of loan losses.
    It wouldn't be any fun if it just kept going up, anyway:eek:.

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    • #3
      Re: Gold futures fall below $800 an ounce in early Asian trading

      silver is at $12.80!!

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      • #4
        Re: Gold futures fall below $800 an ounce in early Asian trading

        Originally posted by grapejelly View Post
        silver is at $12.80!!
        holy crap... gold bounced off the itulip 780 number from here published when gold was at 844...




        No wonder the market is anxious! Something like 94% of gold investors in the market today are either Fearful or Ambivalent. That's the good news. The bad news is that it's probably going to get worse before it gets better. Here's our correction case based on our precious update in March were we explained that a $200 correction from $974 was expected. That takes us to call it $780 in this correction, more or less.

        comment...
        akrowne
        Senior iTuliper
        		Join Date: Jul 2006
        Posts: 160


        Re: People are sentimental, markets are not
        If gold gets to $780, that will be something else... because $780 is just about the marginal cost of production at this point. Spot silver is arguably under
        its marginal cost of production (in the $17s).

        I am buying!
        who here thinks it will hold or keep going down?

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        • #5
          Re: Gold futures fall below $800 an ounce in early Asian trading

          Guys, gold is super volatile. Get over it.

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