Gold becoming a cellar dweller

First topic message reminder :

I note that the price of gold has been continually falling in the past 5 months yet gold has been in very high demand from India..
With the demise of the gold price a lot of small gold miners will start feelin the pinch..

$1575.00 aussie mmm maybe time to reconcile ones position..

Is CASH king?

Obviously we all need a crystal ball..

I note a few people who keep telling me what they think their gold is worth--I dont have a problem with that I have a concern with individuals saying that its worth a lot more--My simple answer to those characters is to go out there and buy it--real simple and if u dont have the backing then talk is cheap..

My humble opinion would be, to sell your stash and convert it to cash and if u still want gold then buy gold bars from the Perth Mint ..otherwise sell it on flea bay --there seems to be a lot of confused individuals out there buying gold at even highly inflated prices coz its on auction--a lot of it is less than a gram..

So until gold finds its direction in life I feel its downward spiral will continue..

regards
oneday

wait for the chinese to buy gold now--next level of resistence should be around $1370.00 but we will wait and see..

Buying raw gold has come back to $38.00 per gram--for some people selling gold to retire is a cat and mouse game.
Mind u I can still remember when gold was a few hundred dollars an ounce..

So I dont think a new detector will help any one at the moment..

regards
oneday

dam!! thats a big move in the gold price, hope your right about that "level of resistance" oneday, Bit of a worry actually

I wouldn't be too worried, if the previous bear markets for gold are anything to go by then the price will bottom out at around $1240, historically they generally act the same every time and in the end it only dropped due to the big hedge funds jumping out of gold and back into stocks in the US......once one did it they all jumped on board.....come Monday we will know for sure if its in a bear market....people will either sell off worried or snap it up as a bargain....either way I just look at gold at $1000 an ounce ....if it goes below that again then ill start to worry

THE only trouble Carms is that a lot of producers will go broke at $1000 per ounce..

regards
oneday

If you check out the long term gold price chart, the lower base line would take the gold price to $ 1150 & still gold would be on the long term bull trend , so till thats busted thats the parameters the price could work in, il get alarmed if it smashes through that .
definately the world is deflating , US , europe & gold will reflect that .
albo
minister of gold price

really producers will go broke at $1000? I don't know anything about that side of things but if that's the case then how did they get by when it was below that a few years ago? or are you talking about new ventures that started to mine when the price was strong and if it goes below $1000 its not economical to mine that deposit anymore? I understand other things have gone up ie diesel, maybe wages? etc but i don't know if they have gone up that much in the past few years have they? ....

Hi Carms , where im at its copper & gold , mainly copper concentrate & the golds a bonus , even the lower cost producers in oz cost 800 to $1000 to make an oz of gold these days , mainly i see how the safety stuff has taken over , 20 years ago we would just go & do a simple job that took 1 hour.. can take 4 hours these days ... swp , take 5, jsa paper work & find someone authorised to sign them ,very inefficient ,but thats how its evolved these days due to legal stuff & Mango bat carbon taxes .. air con gas for instance & every mobile unit runs with this , has gone up 500 percent the store guy told me, all adds up. In indo , south america , new guinea theyd probly have it down to $500 an ounce.
rules & more rules .. lets see where it takes us

also the gold grade O/S can be much higher , even to the extent of in some places , companies which shall remain nameless ,itinerents break through cyclone fencing which surrounds the mine & dodge the security guys which are armed with assault rifles ..300 or so & go down declines & scratch up high grade ore . ...a certain geo told me they clear the mine & tear gas out these blokes once a week through the ventillation fans at the start of each swing .

can you imagine that caper going on in oz , no wonder the multi national biggest gold producers can get away with it elsewhere , no rules.

wow , I always like to ask when I don't know, I know the problems in PNG and other places where its common place for ex pats to be taken hostage etc etc etc ...didn't know they were raiding the mines ....I guess if I was in there situation I may do the same thing, a lot of these "locals" were screwed out of the land by these big multi nationals...deals done with the government and they don't see a cent etc ...not saying I support this kind of behaviour but we do have the same thing happening here although not to that degree....the amount of people I see going where they arnt supposed to knowing full well what they are doing is illegal and knowing full well where they are located on a map and tengraph etc ....there is even one bastard here targeting SPL's just because he thinks there is gold there "why would they peg it otherwise" he said. I almost punched him in the face and if it were my leases he was raiding he would prob end up down a shaft but unfortunately unless the lease holders catch him he will spend this season stealing other peoples gold(just like last season) he is even targeting one individual on purpose because he caught him on a lease last year and took his photo so now he is hitting any lease of this persons he can....not to mention all the old timers that continue to go back to old patches not caring who has a current lease on the place....sorry im ranting now and I think ive got off topic lol
Just pisses me off because lease holders and mining companys know this is happening and its making it harder to get permission and do the right thing etc

just to enlighten you about the cost of production..this is a mid tier producer in WA.

"Unit Costs for the Quarter
The net direct cash cost per ounce was $1,446 (1).
The total cash cost per ounce was $1,600 (2).
The total cost per ounce was $2,050 (3).
The unit costs are higher than expected mainly due to the lower than forecast produced ounces caused by mechanical issues at the #@%&#@#$ processing facility.
(1) Net direct cash cost: direct cash operating costs including inventory movements and excluding capitalised deferred mining expenditure.
(2) Total cash cost: net direct cash cost plus royalties and interest.
(3) Total cost: total cash cost plus depreciation, amortisation and expensed deferred mining expenditure."

when gold doesnt shine--and with these sorts of costs u just wont cut the grass no matter what --in my humble opinion.

Note the mechanical issues--like saying we lost millions due to the rain in the cyclone season--if companies cannot factor in downtime and schedule maintanence then spare me the bullshite--

regards
oneday

Shares in Australia’s biggest listed gold company, Newcrest, fell 7.5 per cent this morning to $18.26.
Here's how some of the other local gold miners are performing:
Kingsgate Consolidated: Down more than 12 per cent
Alacer Gold: Down more than 15 per cent
Evolution Mining: Down more than 8 per cent
Regis Resources: Down more than 10 per cent
Northern Star Resources: Down more than 11 per cent
Silver Lake Resources: down more than 11 per cent


Read more: http://www.smh.com.au/business/markets/gold-stocks-hammered-as-price-falls-20130415-2hurc.html#ixzz2QUmFuhhn

So let me get this straight.......
Gold is taken a beating because of the stock market trading in paper gold shares rather than in actual gold. If everyone wanted to convert those paper shares into gold it could never happen,because there isnt enough gold held to cover those shares?
Correct me if Im wrong,but if this is the case then its all because of the same crooks that brought the GFC to a town near you.
Or is it because the U.S wants to de-value gold (because they dont have any and fort knox is empty) to help keep their dollar as a world trade standard? The Chinese may have had plans for a gold based currency in the works.

albo wrote:also the gold grade O/S can be much higher , even to the extent of in some places , companies which shall remain nameless ,itinerents break through cyclone fencing which surrounds the mine & dodge the security guys which are armed with assault rifles ..300 or so & go down declines & scratch up high grade ore . ...a certain geo told me they clear the mine & tear gas out these blokes once a week through the ventillation fans at the start of each swing .

can you imagine that caper going on in oz , no wonder the multi national biggest gold producers can get away with it elsewhere , no rules.

I don't need to imagine it happening here in "Oz", 'cos it happened - about 3 years ago at Hill 50 in Mt Magnet. Over the pit side abseiling on ropes, hauled up a load of rich gold quartz and off on thier toes away with it. Not much different really to going on anyone's lease and using a detector is it? Only difference is a rope is not required.

Cat

Worried? About the gold price?? Me?

I'm not worried at all about the dropping gold price as I've got my disability pension to fall back on,,,,,,,,,,,,,




Cat

Yilgarn wrote:Shares in Australia’s biggest listed gold company, Newcrest, fell 7.5 per cent this morning to $18.26.
Here's how some of the other local gold miners are performing:
Kingsgate Consolidated: Down more than 12 per cent
Alacer Gold: Down more than 15 per cent
Evolution Mining: Down more than 8 per cent
Regis Resources: Down more than 10 per cent
Northern Star Resources: Down more than 11 per cent
Silver Lake Resources: down more than 11 per cent


Read more: http://www.smh.com.au/business/markets/gold-stocks-hammered-as-price-falls-20130415-2hurc.html#ixzz2QUmFuhhn

Starting to look like a good time to buy gold shares

Robert

Looking pretty sick now:

http://goldprice.com.au/

That's about a 20% slide in two weeks. Now that IS bad.

Real glad I don't this for a living. Been there done that, nearly went broke.

Cat

Thats it Carms i you are a struggling villiage person & dont get an ivite job & if you depend on hunting & gathering & that is your terratorial area & it gets buggered up by mining , it would be hard to just jump vlliage .
Cat , not sure about absailing but i was there , Percy pit i think 12 years ago & they did hit a purple patch, there was 2000 gramms / ton coming out for a week at one time, old deep lead it was , security every where , following trucks , camped up on the rom so i dont doubt it. As the pit went deeper you saw the old timers rabbit warrens appear , they were on to it, missed out the best part by the looks .
good yarn il check it out with some i know that are around... just for the memory bank

Gold Price... il stick with a $1300 in a month or so or less, then a final quick spike to the downside after that consolidates to $ 1150.. very bottom only for a short time ,wait for capitulation , then il be buying via IG round then , any other ideas?

Albo, forget 1300 in a month, its 1313 oz dollars now, big drop of 50 $ in the last hour or so. down 92$ tonight.

plus Kitco website is lagging, going into meltdown, must be mayhem in the markets right now.

spot gold down 127 us$...

http://www.goldprice.org/spot-gold.html

"Gold is now at its lowest price level in more than two years"...Link...Fear leads to panic selling

Wow , been busy mate , 1150 or so low later on 3 months is my call, weell have volatation no doubt between

Thats $ US by the way, thats what we have to use if you trade the markets.... currently $ 1365 US

US Market opens 10. 30 wa time .. might have to stock the fridge & check it out , thats London & Germany trading now ...im not working for 2 days , let the show begin

Think you lost out http://au.pfinance.yahoo.com/education/investing/article/-/16737432/billionaire-loses-300-million-in-one-day
He must of been really confident to have 85% of his assets invested in Gold

Hel be good in the long term Gringo , i havnt read the link , hes no doubt cashed his soon to be useless $US dollars & put it into phisical gold , so rich probly just play safe & not try and pick the bottom , thats all .

Ouch, Wouldn't like to be in his shoes Gringo,...oh wait...he's a Billionaire, um, retract that statement.

but think he might of lost again tonight...Quote, Gold dropped 4.1 percent on Friday, shaving about $328 million from his net worth on this bet alone.

im interested to see what Rhodium will be after platinum down 58$, now thats a wild Pony to ride.

It just goes to show though dont it, all the technical analysts spieling all their jargon about whats gonna happin then ...WAMMO...

ar pass..