itsnotme90
Minister (2k+ posts)
This is the thread i posted on 18 february 2013 & it was around 1600 that time & now its drop from 1580 to 1386 in 3 days till now 12 GMT. Admin plz dont merge these two threads as they are two different things.
http://www.siasat.pk/forum/showthre...ou-see-Gold-prices-Heading-in-2013-Up-or-Down
http://www.cnbc.com/id/100640665
Gartman on Gold: We’ve Never Ever Seen Anything Like It
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Published: Monday, 15 Apr 2013 | 1:04 AM ET
By: Ansuya Harjani , Matt Clinch
Article Continues Below
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Gartman: Major Sell Off in Oil & Gold
A look at what's driving down the prices of crude and the precious metal recently, with Dennis Gartman, The Gartman Letter.
Gold prices broke below $1,400 on Monday, as investors dumped shares of gold miners on worries over their profitability as the yellow metal hit its lowest level since March 2011.
"We've traded gold for nearly four decades and we've never… ever… ever… seen anything like what we've witnessed in the past two trading sessions," Dennis Gartman, the editor of The Gartman Letter said in a note on Monday.
"We fear that when N.Y. opens hours from now, and when the public sees the damage done to their accounts, there will be one more violent sum of selling that hopefully shall clear the decks. However, we cannot be certain that that is true and the 'true believers' in gold are clearly under duress."
Gold mining shares around the world were battered, with shares of Australian-listed Kingsgate Consolidated, a gold producer and exploration company, and miner Beadell Resources plunging 15 percent, while Newcrest Mining, which operates gold and copper mines, tumbled more than 8 percent.
(Read More: Has China's Economy Hit a 'Dead End'?)
Gold producers in China and the U.K. also fell sharply. Shanghai-listed Zhongjin Gold fell 6.5 percent, while Zhaojin Mining tumbled more than 9 percent in Hong Kong. In the U.K., Randgold Resources fell 7.2 percent, while Lonmin and Kazakmys were both down over 6 percent.
Analysts at Citigroup also sounded a bearish tone on Monday, pointing out in a note that the firm now had a "sell" rating on all U.K. silver and gold miners, except one.
"As you get closer to the cash cost production for gold, which is around $1,200 an ounce, people get nervous," Jonathan Barratt, founder of Barratt's Bulletin told CNBC.
But Barratt added that he believes this is a "significant overreaction" and offers a good entry point for investors. "For the amount of money that's going into the system, you have to take a longer term view that stimulus will support gold prices," he said.
Gold miners have struggled to find favor with investors over the past year, due to their declining profitability in the face of rapidly escalating operational costs and poor performance of the precious metal.
http://www.siasat.pk/forum/showthre...ou-see-Gold-prices-Heading-in-2013-Up-or-Down
http://www.cnbc.com/id/100640665
Gartman on Gold: We’ve Never Ever Seen Anything Like It
Text Size
Published: Monday, 15 Apr 2013 | 1:04 AM ET
By: Ansuya Harjani , Matt Clinch
Article Continues Below
Gartman: Major Sell Off in Oil & Gold
A look at what's driving down the prices of crude and the precious metal recently, with Dennis Gartman, The Gartman Letter.
Gold prices broke below $1,400 on Monday, as investors dumped shares of gold miners on worries over their profitability as the yellow metal hit its lowest level since March 2011.
"We've traded gold for nearly four decades and we've never… ever… ever… seen anything like what we've witnessed in the past two trading sessions," Dennis Gartman, the editor of The Gartman Letter said in a note on Monday.
"We fear that when N.Y. opens hours from now, and when the public sees the damage done to their accounts, there will be one more violent sum of selling that hopefully shall clear the decks. However, we cannot be certain that that is true and the 'true believers' in gold are clearly under duress."
Gold mining shares around the world were battered, with shares of Australian-listed Kingsgate Consolidated, a gold producer and exploration company, and miner Beadell Resources plunging 15 percent, while Newcrest Mining, which operates gold and copper mines, tumbled more than 8 percent.
(Read More: Has China's Economy Hit a 'Dead End'?)
Gold producers in China and the U.K. also fell sharply. Shanghai-listed Zhongjin Gold fell 6.5 percent, while Zhaojin Mining tumbled more than 9 percent in Hong Kong. In the U.K., Randgold Resources fell 7.2 percent, while Lonmin and Kazakmys were both down over 6 percent.
Analysts at Citigroup also sounded a bearish tone on Monday, pointing out in a note that the firm now had a "sell" rating on all U.K. silver and gold miners, except one.
"As you get closer to the cash cost production for gold, which is around $1,200 an ounce, people get nervous," Jonathan Barratt, founder of Barratt's Bulletin told CNBC.
But Barratt added that he believes this is a "significant overreaction" and offers a good entry point for investors. "For the amount of money that's going into the system, you have to take a longer term view that stimulus will support gold prices," he said.
Gold miners have struggled to find favor with investors over the past year, due to their declining profitability in the face of rapidly escalating operational costs and poor performance of the precious metal.
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