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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » GOLD plunge wipes out 2 years gain

GOLD plunge wipes out 2 years gain

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1GOLD plunge wipes out 2 years gain  Empty GOLD plunge wipes out 2 years gain Sun Apr 14, 2013 11:03 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
125-ton sell-order sets gold price for plunge

Gold price suffered a massive decline of 5.6 per cent, or $87 per ounce, on Friday, crash-landing at a 22-month low of $1,477 per ounce.

GOLD plunge wipes out 2 years gain  Gold_2_year_o_s_usd.png?0

Reports suggest that a 4 million ounce (124.4 tonnes) sell-order, worth $6 billion at current prices, by a large investment bank spooked the markets and led to this decline.

For, Euro Zone’s troubled economy Cyprus is all set to add to that chaos by reportedly putting its €400 million (Dh1.93 billion) worth of gold on the block, in a bid to shore up its financial health. And if Cyprus does so, there is no reason why other Euro Zone economies in the same dire straits – Italy, Portugal, Spain, Hungary, Slovenia… there are plenty in line – won’t do it.

With this most recent plunge, gold has wiped off almost two years of gains for its loyal investors, with those who pledged their hard-earned money in the safe haven precious metal now in negative equity.


Normally there is a belief like this :

When Gold goes up Stocks go down
When Gold goes down stocks go up ( happened in 80s , 90s )
Is this true ?

News source:http://www.emirates247.com/markets/gold/bullion-bloodbath-125-ton-sell-order-sets-gold-price-for-plunge-2013-04-14-1.502385


---


ලංකාවේ මිලදී ගන්න අයගේ දැන ගැනීම සඳහා වත්මන් රන් මිල ගණන් මෙසේය:
අප්‍රේල් 13 ලෝක වෙළෙඳ පලේ මිල:
රන් අවුන්සයක් US$1477/-
1477 x 125.40 (xe.com) = රු 185,215.80
රන් අවුන්සයක ඇති ග්‍රෑම ගණන 31.10
ග්‍රෑමයක මිල = රු. 5955.49
පවුමේ කාසියක බර = ග්‍රෑම් 8
රන් පවුමක මිල = 5955.49 x 8 =රු. 47,643.00
(මෙම මිල කැරට් 24 රන් සඳහාය. 22 ට අඩු වේ නම් ඒ අනුව මිල අඩුවේ )
Approx. 47,673 /24 x 22 = 44,000/-
(without overheads)

--
Update 15th April 2013

Gold @ US$ 1350

24 C රන් පවුමක (New York) මිල = Rs. 43,400/-
22 C = 39,800/- approximately



Last edited by Chinwi on Tue Apr 16, 2013 6:53 am; edited 5 times in total

2GOLD plunge wipes out 2 years gain  Empty Re: GOLD plunge wipes out 2 years gain Sun Apr 14, 2013 11:17 pm

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Few weeks ago Vogue was selling 22k gold coins for Rs 49,500.00. Few months ago it was about 55,000

3GOLD plunge wipes out 2 years gain  Empty Re: GOLD plunge wipes out 2 years gain Sun Apr 14, 2013 11:21 pm

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@UKboy wrote:Few weeks ago Vogue was selling 22k gold coins for Rs 49,500.00. Few months ago it was about 55,000

any idea how much it will be on monday ukboy...gold is @ 1477$ Very Happy

4GOLD plunge wipes out 2 years gain  Empty Re: GOLD plunge wipes out 2 years gain Sun Apr 14, 2013 11:52 pm

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@traderathome wrote:
@UKboy wrote:Few weeks ago Vogue was selling 22k gold coins for Rs 49,500.00. Few months ago it was about 55,000

any idea how much it will be on monday ukboy...gold is @ 1477$ Very Happy

TAH,appoo I dont know how much it's gonna be on Monday. Rolling Eyes But I would avoid buy any for the time being but watch the situation.
Panic should create some opportunities in this field in coming months. I dont think these countries would sell their gold reserves on open markets.

It's a good hobby to buy a coin or two whenever you visit sri lanka Wink



5GOLD plunge wipes out 2 years gain  Empty Re: GOLD plunge wipes out 2 years gain Mon Apr 15, 2013 12:35 am

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
i think its a good buy @ current levels Very Happy
will buy for my wife and daughter from the abudhabi gold souk Rolling Eyes

6GOLD plunge wipes out 2 years gain  Empty Re: GOLD plunge wipes out 2 years gain Mon Apr 15, 2013 7:19 am

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
As for what I've heard, usually Gold prices are a little less in April-May months..

I donno the validity of the above as it was something I heard..

Hope someone can clarify this and whether its prudent to buy Gold at this price...

7GOLD plunge wipes out 2 years gain  Empty Re: GOLD plunge wipes out 2 years gain Mon Apr 15, 2013 9:06 am

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Gold was always used as a hedge against inflation, devaluation of currency in economic crisis.

Investor interest was at high during last few years due to uncertainties and economic debacles worldwide and its price rose to unexpected levels. Funds and Governments invested in Gold heavily.

Its future value will depend on this factor. I feel worst of the economic crisis is over now. Uncertainty is gone.

History says , when a crisis eased, other conventional investment like stocks, bonds and property become more attractive to the people.

It is an another long term cycle we should study.

8GOLD plunge wipes out 2 years gain  Empty Re: GOLD plunge wipes out 2 years gain Mon Apr 15, 2013 9:53 am

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
People always claim that they are cheated in buying gold not for investment purpose. They come to know the low quality of gold ( 18 instead of 22 or 22 instead of 24 ) at the time of pawning for quick money. Authorized gold retailers monitored by government do business in middle countries where you can buy genuine gold. Who are such retailers in Sri Lanka?
For knowledge purpose the measurement given above is appreciable. Please publish the measurement used for retail selling by sea street vendors.

9GOLD plunge wipes out 2 years gain  Empty Re: GOLD plunge wipes out 2 years gain Mon Apr 15, 2013 9:57 am

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@worthiness wrote:People always claim that they are cheated in buying gold not for investment purpose. They come to know the low quality of gold ( 18 instead of 22 or 22 instead of 24 ) at the time of pawning for quick money. Authorized gold retailers monitored by government do business in middle countries where you can buy genuine gold. Who are such retailers in Sri Lanka?
For knowledge purpose the measurement given above is appreciable. Please publish the measurement used for retail selling by sea street vendors.
Yes, you are absolutely correct.
We were laughed at when we visited one of the Gold Souks in Middle East and when they heard that it was from SL, they started looking at each other with a hidden / known smile.
As for the old Sinhala saying too, such people cannot be trusted. Shocked

10GOLD plunge wipes out 2 years gain  Empty Re: GOLD plunge wipes out 2 years gain Mon Apr 15, 2013 11:02 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@smallville wrote:As for what I've heard, usually Gold prices are a little less in April-May months..

I donno the validity of the above as it was something I heard..

Hope someone can clarify this and whether its prudent to buy Gold at this price...

Read this link, give some idea.
http://www.bloomberg.com/news/2013-04-08/soros-says-gold-no-longer-haven-after-euro-crisis-scmp-says.html

11GOLD plunge wipes out 2 years gain  Empty Re: GOLD plunge wipes out 2 years gain Mon Apr 15, 2013 3:02 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@worthiness wrote:People always claim that they are cheated in buying gold not for investment purpose. They come to know the low quality of gold ( 18 instead of 22 or 22 instead of 24 ) at the time of pawning for quick money. Authorized gold retailers monitored by government do business in middle countries where you can buy genuine gold. Who are such retailers in Sri Lanka?
For knowledge purpose the measurement given above is appreciable. Please publish the measurement used for retail selling by sea street vendors.

You cannot trust or assure about our vendors for 100% purity when you buy crafted items from them . Usually they add little more Cu to Gold than required when making 22 from 24.

If you buy for investment it is better to collect certified 24C gold. I do not
know the places in Sri Lanka.
Some rich people go places like Dubai to buy Gold at more cheaper prices. There are reputed places for certified Gold, some are outside Gold souk area.


GOLD plunge wipes out 2 years gain  14608097_1

GOLD plunge wipes out 2 years gain  $T2eC16dHJGwE9n%29yUsLgBRF!uMqeIg~~60_57

GOLD plunge wipes out 2 years gain  1-gram-chipgold

GOLD plunge wipes out 2 years gain  Ngc_certified_gold_genuine_holder

Note: If you try to pawn these certified sealed gold in banks in SL they cut open the seal to check them.

12GOLD plunge wipes out 2 years gain  Empty Re: GOLD plunge wipes out 2 years gain Mon Apr 15, 2013 3:25 pm

Light of Hope


Vice President - Equity Analytics
Vice President - Equity Analytics
Well small, this is not because of the usual trend. We could call it even panic, after news that some CB's, specially Cyprus CB is going to sell their gold. I wouldn't recommend to buy now, Gold has entered a bear period and it could last for some time (even years), there could be trading opportunities here and there but not good for an investment.

@smallville wrote:As for what I've heard, usually Gold prices are a little less in April-May months..

I donno the validity of the above as it was something I heard..

Hope someone can clarify this and whether its prudent to buy Gold at this price...

13GOLD plunge wipes out 2 years gain  Empty Re: GOLD plunge wipes out 2 years gain Mon Apr 15, 2013 3:31 pm

Light of Hope


Vice President - Equity Analytics
Vice President - Equity Analytics
You could buy from the Bank of Ceylon and even vouge and swarnamahal. I'm sure you can find it cheaper else where

@Chinwi wrote:

If you buy for investment it is better to collect certified 24C gold. I do not
know the places in Sri Lanka.
Some rich people go places like Dubai to buy Gold at more cheaper prices. There are reputed places for certified Gold, some are outside Gold souk area.

14GOLD plunge wipes out 2 years gain  Empty Re: GOLD plunge wipes out 2 years gain Mon Apr 15, 2013 3:44 pm

troy

troy
Moderator
Moderator
BOC has their own gold shop and its 100% guaranteed

15GOLD plunge wipes out 2 years gain  Empty Re: GOLD plunge wipes out 2 years gain Mon Apr 15, 2013 4:27 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@ light of hope & Troy,

Thanks.

BTW, I am not buying Gold at this moment. Smile

Raining is continuing. At this moment I think drought affected Hydro-power is valuable than Gold. !

Somehow gold is probably the best long term investment if you can get it when bottom out.

16GOLD plunge wipes out 2 years gain  Empty Re: GOLD plunge wipes out 2 years gain Mon Apr 15, 2013 5:30 pm

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@chinwi

Considerable drop in coming weeks may push equity investors exit & invest in gold. It will be an impact on current stability in share market. What you guys think of?

17GOLD plunge wipes out 2 years gain  Empty Re: GOLD plunge wipes out 2 years gain Mon Apr 15, 2013 5:42 pm

SRIAS


Manager - Equity Analytics
Manager - Equity Analytics
History proves there is never a bad time to buy gold. However gold is still cheap and will continue to be undervalued for another year or two I'm sure... but not forever.

View the history of the gold price http://www.bullionbypost.co.uk...
There's quite a lot of manipulation going on at the moment, but "is it time to buy": then the answer is yes, if you don't own any then buy some.

If you own a little, then think about buying some more. Steer clear of electronic and own your physical would be the sensible option - as they say: if you don't hold it you don't own it.

18GOLD plunge wipes out 2 years gain  Empty Re: GOLD plunge wipes out 2 years gain Mon Apr 15, 2013 5:49 pm

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
http://forum.srilankaequity.com/t26620-commodity-market-in-sl?highlight=commodity

Generally about the commodity. No exception to Gold.

19GOLD plunge wipes out 2 years gain  Empty Re: GOLD plunge wipes out 2 years gain Mon Apr 15, 2013 6:14 pm

kukumarx


Manager - Equity Analytics
Manager - Equity Analytics
@troy wrote:BOC has their own gold shop and its 100% guaranteed

I called them and got prices about 2 weeks ago. At that time, they were selling at about a 6% premium to the market. And you need to have a BOC account.

They don't have sovereigns but have 7.7gm coins. You will get a receipt. So it can officially be shown as an investment in your wealth declaration.

They do not buy back so when you need to convert it to cash again, you will have to sell to the market and thus you will lose on the 6% premium.

You can buy original British minted sovereigns at market rate (from reputed jewelers) but not in mint condition . But you wont get a receipt.



Last edited by kukumarx on Mon Apr 15, 2013 6:16 pm; edited 1 time in total (Reason for editing : for clarity)

20GOLD plunge wipes out 2 years gain  Empty Re: GOLD plunge wipes out 2 years gain Tue Apr 16, 2013 7:40 am

Light of Hope


Vice President - Equity Analytics
Vice President - Equity Analytics
Cabba on Bloomberg, talking about gold prices (my foot). He is saying CB will look at this opportunity seriously to increase their gold reserves. Another loan for this ???

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