Anyone else notice the price of Gold dropping?

[Rockdiamond]

I think about 10% in a few days?
It's at $1369 as I write this.....it was well over $1500 a few days back.....

 

[sha4000]

I think about 10% in a few days?
It's at $1369 as I write this.....it was well over $1500 a few days back.....

I have been paying attention to this also. I'm wondering when/if this will be reflected in the price of gold jewelry especially since I'm looking for engagement and wedding bands.

 

[GemFever]

I heard NPR mention it. I cheered I want more custom-made gold jewelry that I can afford!

 

[Rockdiamond]

The "spill down" to typical custom made jewelry is not all that great.
Labor is a large component of many custom made pieces.
If the piece is very heavy, there'll be a larger impact as gold fluctuates.

 

[canuk-gal]

HI:

I think a few 24k pieces have my name on them.....

cheers--Sharon

 

[chrono]

We will not see the drop in price of jewellery as their excuse is that they bought high (before the drop) and cannot absorb the loss. Strangely enough, when the price goes up, jewellers' pricing goes up overnight as well.

 

[Draco]

Just like gas. Quick to rise, slow to fall.

 

[focusr3]

I'm a little mad about it. I'm was getting ready to sell some gold but now i have to wait.

 

[Harpertoo]

See the 5yr chart...ugly.
May not help retail jewelry, but everyone will sure get less for scrap.

 

[Rockdiamond]

A big hit for the scrap market- buyers and sellers alike.
47th street will look quite different....for the last few years the hawkers had gotten so aggressive trying to get people to sell anything made from gold.
( you don't really need those teeth, do you?)
Dealers are surely going to be far more cautious buying.

 

[canuk-gal]

We will not see the drop in price of jewellery as their excuse is that they bought high (before the drop) and cannot absorb the loss. Strangely enough, when the price goes up, jewellers' pricing goes up overnight as well.

I hear ya. But what if I have not yet placed my order for new pieces---I think I will benefit.....

cheers--Sharon

 

[Harpertoo]

A big hit for the scrap market- buyers and sellers alike.
47th street will look quite different....for the last few years the hawkers had gotten so aggressive trying to get people to sell anything made from gold.
( you don't really need those teeth, do you?)
Dealers are surely going to be far more cautious buying.

I doubt many of the buyers were not hedging their physical purchases. They have a built in margin. And if they were not hedging, they were speculating and won't be doing it long. I found those pop-up gold buyer businesses kind of grim. Like the house flippers from the housing boom.

 

[Laila619]

We will not see the drop in price of jewellery as their excuse is that they bought high (before the drop) and cannot absorb the loss. Strangely enough, when the price goes up, jewellers' pricing goes up overnight as well.

So annoying!

 

[AprilBaby]

I doubt the consumer will see the drop reflected in the prices at all.

 

[heididdl]

according to the New York times gold will continue to drop till below 1200 by the end of the year. When the economy and stock market is up gold traditionally goes down. That being said I travel around the country and buy gold on a traveling road show. We basically pay the same today as we did two years ago when gold was at 1800. We hold on to the gold since we are a big company and this way we can pass the benefit to those from whom we buy gold.

If you are ready to sell scrap gold you should go to several places and find the place that gives you the best price and you feel comfortable selling to.

If you have questions about what you are getting offered I would be happy to tell you if you are receiving a fair quote.

 

[Agneau]

We will not see the drop in price of jewellery as their excuse is that they bought high (before the drop) and cannot absorb the loss. Strangely enough, when the price goes up, jewellers' pricing goes up overnight as well.

My thoughts exactly, Chrono. You wrote it much better than I could. I've thought about this idea quite a bit. Pisses me off, if I may say so.

 

[diamondloveaffair]

I feel bad for the investors and traders. a sudden drop of 25% in prices over a couple of days is bound to leave heart attacks.