Gold plummets as market sells off

[wingnutx]

NEW YORK (Reuters) -- U.S. gold futures sank nearly 3 percent in electronic trade after the end of open-outcry trading on Tuesday, as the stock markets tumbled and the benchmark Standard & Poor's 500 index dropped about 3 percent.

PANIC!!!

[The Rabbi]

It gets better.
www.thehousingbubbleblog.com/

Almost all asset classes have become terribly over-valued.  I think we are starting to see the beginning of a serious correction to the mean.
Cash is king.

[280plus]

AHHHHHH!!!   [Mr Crabs voice] Me beautiful money, gone,,,all gone... [/Mr Crabs voice] 

Actually silver hung in there pretty good given what the rest of the market is looking like. Too bad it's so late, mighta been a good day to do some buying. We'll see how it goes tomorrow.  

YEa Rabbi, nobody has to tell me the housing market is sucking wind, my empty wallet is a pretty good indicator. ~ 4 years ago I had 11 open permits on heat and A/C for new houses. Today I have one and it's almost finished.

[CAnnoneer]

Hopefully, Art and the Rabbi did not lose their shirts in the transaction. 3% in one day is high on the ouchmeter.

[The Rabbi]

Actually I'm short a gold stock so did fine with that one.  It won't just roll over and die tomorrow but I think we'll see some increased volatility.

[280plus]

I'm taking a serious look at adding to my UTX tomorrow but no decision till I see how things are going late in the day.

Given last year's 16+ % gains we all kinda knew a correction was coming, didn't we?

[Headless Thompson Gunner]

I wouldn't say that housing is "sucking wind".  Housing isn't really down in the grand scheme of things.  It's just that housing is no longer unreasonably, unjustifiably high.  Housing is right where it should be.

Same goes for gold, although a 3% dip isn't anything to lose sleep over.  It could just be an anomaly.

[Manedwolf]

Now, see? Guns ARE a good investment. They only appreciate in value no matter what. 

[Headless Thompson Gunner]

Ain't that the truth.  When was the last time you found a new gun that cost less now than in years past?

[The Rabbi]

Ain't that the truth.  When was the last time you found a new gun that cost less now than in years past?

By that logic cars ought to be a good investment.

If things get bad enough people will be selling off stuff to keep afloat.

[El Tejon]

Beginning of correction or one day jerk?

Never catch a falling knife say I.  Let it fall and bounce.

[280plus]

Compared to the 4 years ago around here (NE) it is, nobody seems to be building and they aren't selling very well either. I know of a couple right here in the neighborhood that have been on the market quite a while now. The spec guys have taken a beating around here last year or so too. I had a tough time getting paid on the last couple of spec houses I worked on. Thankfully, I DID get paid, but nowhere near on time. 

[280plus]

Tomorrow will tell if it was a correction or a knee jerk. We'll see...

[Headless Thompson Gunner]

If things get bad enough people will be selling off stuff to keep afloat.

Yup!  Not so good for them, but great for me. 

It's a good time to buy a house, and getting better every day.  This is good, because I might want to buy a house in the near future.

[zahc]

Does this mean that now is a good time to buy　gold?

[gunsmith]

buy!

[Stetson]

If things get bad enough people will be selling off stuff to keep afloat.

Yup!  Not so good for them, but great for me. 

It's a good time to buy a house, and getting better every day.  This is good, because I might want to buy a house in the near future.

Good thing it is a good time since we just bought one.  Signed the paper last wednesday

[Manedwolf]

If things get bad enough people will be selling off stuff to keep afloat.

Yup!  Not so good for them, but great for me. 

It's a good time to buy a house, and getting better every day.  This is good, because I might want to buy a house in the near future.

Good thing it is a good time since we just bought one.  Signed the paper last wednesday

Not here. It's ridiculous. A tiny box of a 1200sq/ft "starter house" or a small condo are about $250k. A decent house is $350-400k and up, and that's of the McMansion quality new (as in, trip and you'll fall through the sheetrock) or "needs work" older variety. Still a lot of correction needed.

The only people I hear saying "buy, buy!" are realtors.

[280plus]

Funny, why is it that if your the buyer the agent will tell you it's a "buyers market" and if you're a seller the agent will tell you it's a "sellers market".

Things that make you say hmmmm...

[Manedwolf]

Funny, why is it that if your the buyer the agent will tell you it's a "buyers market" and if you're a seller the agent will tell you it's a "sellers market".

Things that make you say hmmmm...

It's a "realtors want to close, unload the house and get their commission" market, as it always has been.

[280plus]

Ooooo, I just got a look at what the rest of my portfolio did. I got SU-LAMMED! 

I HATE when that happens! 

[280plus]

I just saw your reply maned. You mean like the time three sides of the sill on the house was totally rotted and the agent told me siding would fix it right up?   

 

[280plus]

Welp, my buddy Jim Cramer says we haven't bottomed yet, but probably within the next 2 days. I tend to agree...

I'll tell you what else, if UTX outperforms the market tomorrow, buy some! NOT A LOT, but some. 

[RJMcElwain]

The buy-zone is between 12,000 and 11,000. Probably in the middle of that range. Gold dropped because China, the last hold out for economic stability, just tightened their money supply to cool their economy.

This is a correction. Not a free fall. Start looking for stocks you'd like to own for a 2 or 3 years.

Bob

[Waitone]

We are long past due a solid correction.  The next few days will tell us if it is a correction or a poot.  Corrections deflate bubble and wring out speculation.