Commodity Markets Tumble As Metals Plunge (gold below $600.)

[NVMojo]

CHICAGO (AP) - Several commodities markets, particularly precious metals, fell Tuesday as concerns about a slowdown in global growth and persistent strength in the dollar rattled investors.

Losses for gold started in Asia, when spot prices fell under $600 a troy ounce, and continued into the London and New York sessions.

"Gold's move below $600 toward the end of Asian trade set the tone for today with traders remaining firmly on the offer for the rest of the day," said analysts at TheBullionDesk.com.

In afternoon trading, August gold futures on the New York Mercantile Exchange were down $42.30 an ounce to $569.

more...

http://www.lasvegassun.com/sunbin/stories/invest-corp/2006/jun/13/061306803.html

[larrysh]

1. Still happy with

gold overall. Three years ago, I convinced my dad to add 7
American Double Eagles to my trust fund. He thought I was nuts.
I kept at him and he reluctantly bought $2800.00 worth (7 coins)
and added them to the trust. Those 7 are now worth $3,983.00, a 42% increase in just three years. Nice part about gold is you can go to the safe deposit box and hold it!!!! Did the same with 150 1964 Kennedy
Halves back when silver was 5.50 an ounce. It's all just rainy day money that (hopefully) will never be used....but hey, beats the stock market!

[liberalla]

2. Good time to buy!

I've been watching it drop, waiting... waiting... waiting... I'm just about ready to jump in.

Right now it's @ $550.50/ounce.

http://www.kitco.com/charts/livegold.html

[Matariki]

3. so you think it will go back up?

if so, what's your reasoning?

[Greyhound]

4. Don't panic we've seen this regularly for the last 5 years.

Last time was the new year. Au went from $480 to $575 in about 3 weeks, then pulled back to $540 before the next round. It will likely happen more slowly this time because it's summer and everything goes slowly in summer, thus the old saw "sell in May and go away".

[Bamboo]

7. Get it on,bang a gong,get it on.

Prices are increasing for everything from gold to gasoline,food,housing,health care,education and travel.Gold prices do not have circuit breakers to limit the downside but conversely do not limit the upside either.What has been bothering me recently is when I ask for a price from the auto mechanic or anyone else is the long pause they take sizing me up to see what they can get away with.They are leaving me gobsmacked which is a good way to describe this decade in general.

[liberalla]

8. yes, I think it will go up a lot more, but it's not a straight line.

It will be up and down, back and forth.

My confidence in gold is strong because the dollar is doing so poorly. If the dollar was strong and the economy was good (good being that the majority of Americans were benefiting, instead of just a tiny minority as it is now), I would be happy with dollars.

Dollars are sinking.

Here's an article that reflects my thinking.

Dollar on the Edge
http://www.unknowncountry.com/news/?id=5349

[Monk06]

5. You're right this is an unex pected buying opportunity ...........

At this point I would be looking into gold
exploration companies with good assets and
see how their share price is reacting.

If you see a stock you may have bought at
$1 plus down 20% take a position.

Gold is being pounded by the central banks
that are caught up in the dollar deflation
liquidity crunch. The economic fundamentals
favor gold as a hedge against too many dollars
chasing too much overvalued Wall St paper.

see http://www.321gold.com/editorials/sirchartsalot/dorsch061406.html

The bankers fear a de facto gold standard as investors flee fiat money.

The fact that they are predicting an end to the gold
bull three months before an election is no accident.

I predict gold rising again an pushing back through $700
in the early fall when the post election chickens
come home to roost.

[NVMojo]

6. I'm with Gary on this. Go for it. Go with exploration companies.