Proud of still alive, can see this kind of miracle situation in the market.

can...i manage to sell...

works for me...

153X!!!!!

This post has been edited by eXTaTine: Sep 26 2011, 02:52 PM

so what's the conclusion?

The title of this topic should change to 'Buying Gold As Investment V3 - $1200?, Gold drop brings worry and panic

why suddenly drop so much... panic selling?

Not sure will hit world record on 2008 or not, dropped USD 105 a day

This post has been edited by hongchai888: Sep 26 2011, 02:56 PM

Through phone or website?

Maybe their server in overloded.

Silver or gold? argghhhhh.... choice during sales sometime create headache....

weird...i feel happy see the price drop now...although i still got 10 gram stuck in my account to maintain it..hahaha....

Gold is traded against USD.

When USD depreciates, people get panic and worry.
When gold price drops, people get panic and worry.

One conclusion, it is human factor driven. It's prone to panic and worry.

From Reuters:

Mon Sep 26, 2011 2:40am EDT

* Gold tumbles more than 4 percent, silver 14 percent

* Gold, silver could see more weakness - technicals

* Coming Up: U.S. new home sales, August; 1400 GMT

(Adds comment, details; updates prices)

By Rujun Shen

SINGAPORE, Sept 26 (Reuters) - Spot gold fell by more than 4
percent and silver suffered its sharpest one-day loss in three
years, extending Friday's rout as invstors bolted for the
ultimate safe havens of cash and the dollar.

A debt crisis in the euro zone that could infect the global
economy is causing a widespread flight to safety that has
hammered commodity markets across the board.

Spot gold dropped to $1,582.69 an ounce, bringing
losses so far this month to 13 percent, the biggest decline
since the financial crisis in October 2008.

Cash silver lost 14 percent to an eight-month low of
$26.65, on course for the biggest daily drop in almost three
years.

"Many have highlighted the risks of gold being in overbought
territory, having gone up in a straight line in the past four
years," said Song Seng Wun, a regional economist at CIMB
Research in Singapore.

"With recessionary pressure piling up, flight to safety
means flight to really safe investments, and those are the U.S.
dollar and U.S. Treasuries."



U.S. gold futures GCcv1 fell 3.2 percent to $1,587.30 an
ounce, and U.S. silver SIcv1 tumbled 12 percent to $26.50.

The dollar, which has rallied nearly 6 percent so far this
year against a basket of currencies , touched a
seven-month high as investors fled risky assets to seek a safe
haven in the greenback.

"The dollar still has room to strengthen more in the short
term because the fear of crisis is not over," said Dominic
Schnider, head of commodity research of UBS Wealth Management in
Singapore.

A stronger dollar pressures gold as it becomes more
expensive for buyers holding other currencies.

European policymakers began working on new ways to stop
fallout from Greece's near-bankruptcy from inflicting more
damage on the world economy after stinging criticism for failing
to stem the debt crisis.

MARGIN INCREASE

Adding to the bearish sentiment, the CME Group raised margin
requirements on gold, silver and copper futures contracts on
Friday after market volatility rose dramatically in the past few
weeks, raising the cost of holding positions.

Speculators cut bullish bets in gold futures and options for
the sixth time in seven weeks in the week ended Sept. 20, as the
price of bullion continued to unravel from its record.


Spot gold fell 8.6 percent last week, its sharpest such drop
in more than 28 years.

"Retail punters are scared," said a Singapore-based trader.
"There is a big dollar buying frenzy now, which is dragging
everything down and people have to liquidate just like 2008."

In 2008, spot gold prices initially shot up after Lehman
Brothers' bankruptcy, but soon tumbled more than 25 percent
within two weeks in October.

Prices of other precious metals also tumbled. Spot platinum
dropped to a 13-month low of $1,504.68.

Spot palladium fell to an 11-month low of $608.99.


This post has been edited by ycs: Sep 26 2011, 03:01 PM

By the way, I've edited my post a bit and are highlighted in blue.

The conclusion is simple and pretty much straight forward. Time as we're living in now is probably bad already to some segment of people in our society and next year is going to be worse before the global economy would stage a rebound for the better. Take care.

This post has been edited by MOBAJOBG: Sep 26 2011, 03:32 PM

even UOB still sell high at 167..

If needed, those having physical gold from Poh Kong still can sell fast cos they are slow in adjusting the retail price.

same here.

This UOB is like that, when price increased, very fast update on their website, when price dropped they normally just ignore unless very much different

then ppl can sell before rugi? lol..

They might SELL high but BUY low.
Bank is not stupid.

UOB still at 167... grrrrrrrr

UOB also panic...