GOLD still sliding--await more unemployment

geez I note the aussie dollar at 92cents and the gold price under 1400 ($1,296US)  and on a downward slide again...this is goin to hurt any good gold miner in Australia.

that would see a gram worth about $35 at the coal face.

At the mines dept. yesterday and noticed an increase in forfeitures and talking to the girls at the front counter its the quietest its
been for 7 years, so if anyone is looking to nail a bit of ground that they think may add a twinkle to their eye, then keep an eye out
and be ready to wack a few pegs in the ground.

noticed that platinum has etched higher than gold..

regards
oneday

i can confirm this as i work as a chef in a motel,obviously cooking for the miners.
there has been a huge decline which is almost a mirror image of the decline in the gold price,last year i could hardly catch a break
easily over 100 a night.......be lucky to do 50 now......and its going down again.......fook!

The companies and those who work in the mines thort it would last forever.  It's a cycle and a lot of people have forgotten it only happened a few short years ago.
It was big news here in the West papers.  Mines closing down or in mothballs and mine workers laid off who gambled on keeping their big wages, over extended themselves and ended up having to sell off houses and cars to survive.  Loosing everything and having to start again.
But it goes good for us little folk.

geez your a hard nut cliff--if i was facing virtual ruin i would be heading bush

regards
oneday

Maybe I am a hard nut or maybe not.  I'm only stating the fact that there are some people who relied to heavily on the mining industry for their income and they have  come or will come a cropper again.
Should I worry about it, NO.  It's not my problem.
The mining companies sucked these people in with big money and if ya took it, then ya took ya chances.    
I've been there and done it and I've got a friend who works in the gold mining industry now who is worried about it.
Should I worry about it, NO.  I got my own problems.

"gold could be facing its biggest fall since 1981" so say some bullion dealers

mmm might have to keep my day job for a while longer..

regards
oneday

No wonder when we have Barnett not giving a shite about blowing 250 - 500 mil
on old coal powered power stations and what else has been swept under his rug ?

protest season might one day come to Perth in a big way--I'm certainly over Federal politics--dog eat dog--if I had someone causing so much discontent in a party then end their membership--how hard is that--

God help us especially the miners relying on the gold price to remain viable.

she dipped into the $1300's today and it isn't looking any good for the rest of the month.
All of a sudden we have one of the weakest currencies in the world--mmm

regards
oneday

Gold is down, why are we in a panic  ?  it always comes back eventually.  It's a f**king cycle, get used to it.

if it keeps going it will loose 50%--that's one hell of a cycle..
cant remember gold doing that before--think a few put options might be called in then that's when the shite hits the fan--especially when they cant supply..

regards
oneday

Ive said it before and I'll say it again.  When Peter Costello was Federal Treasurer, he said.  The world economy does not need gold.
It was the reason he sold off most of Australia"s gold reserves (its on record).  If I remember correctly, the price of gold in Australia at the time was about $500 an  ounce.
Lets hope, it goes higher.  But it is a cycle, it will go higher again one day, we just have to wait for it.

its dived under $1390 aussie things have to get worst before they get any inclining of a slow recovery..

The bottom line may be $800 aussie..

with the yanks putting a stop to their stimulus package thus they have stopped printing money thus their dollar is strengthening against all currencies..

regards
oneday

geez now we r lookin to see if-sorry when it will dip into the $1200's--Friday I reckon

shes a free fall unfortunately

and another gold mining company has hit the wall--apex minerals
just shows that these companies have not taken the drastic measures to reel in expenditure--especially FIFO to eastern states.

Hundred grand a year for 6 months work--they should try to b in small business and they will soon come back to earth, same as the board of directors--its a different matter when they have to fork money out of their own pockets to pay the overheads..

My theory is if u want to work in the west then move here and be part of the best place on earth..
places like Laverton and leo would be on a boom..

regards
oneday

Hmmmm, I'm thinking the price of houses and land might drop a bit in certain areas and time to get in.

dropped another 41 dollars us this morning.

Bignuggs wrote:Hmmmm, I'm thinking the price of houses and land might drop a bit in certain areas and time to get in.

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I say unlucky that some big mines may shut for good.
They had it good for long enough. The smart employees saved their cash while the stupid ones p*ssed it up the wall and bought too many new toys.
It could be a great opportunity for the small scale push and detect miners to get some juicy ground to work.
On the other side of the coin.....the bigger companies might sell out to chinese miners who will bring in their own workers for a lose-lose for Australia.
Glad I got out when the price was at $1440......

gold hit $1196US
down $181 for the month...
down $370---23% for the year...
it doesn't want to get any better befor it gets any worst..
There are no stops in place to stop a commodity falling of the proverbial cliff..

regards
oneday