Gold Under $1700

Had to tweak you S&L for your pumping of gold on this site a couple of days ago.
What did you buy in at?
It will probably head back up at some point.....

Sept. 23, 2011, 11:16 a.m. EDT
Gold trades under $1,700, loses 4%
Silver plunges 10%; copper also lower as global selloff continues

SHARE: MORE Email Print Comment 302 By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold futures slid below $1,700 an ounce on Friday, losing more than 4% as turmoil in global financial markets continued and investors rushed to sell metals positions to raise cash.

Gold for December delivery GC1Z -5.39% lost $70.40, or 4%, to trade at $1,670.40 an ounce on the Comex division of the New York Mercantile Exchange.

A close at these levels would be gold’s lowest since early August. Gold lost 3.7% in Thursday’s session, the first full trading day after the Federal Reserve announced a plan to swap $400 billion in debt to try to help the U.S. economy.

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Central banks need to take action
If the G-20 doesn't take action to restore investor confidence soon, deleveraging will continue and markets remain volatile.

Many investors deemed the plan insufficient and reacted by dumping stocks, commodities and other assets perceived as riskier as they dashed for cash and Treasurys.

“We had further liquidation related to margin selling from yesterday,” said Jim Steel, precious metals analyst with HSBC in New York. “The currency markets are still pressuring gold ... and funds have been going more into Treasurys and the U.S. dollar.”

Friday’s metals selloff extended to December silver SI1Z -14.07% , trading down $3.77, or 10%, to $32.81 an ounce, and December copper HG1Z -6.11% , which shed 14 cents, or 4.2%, to $3.34 a pound.

The losses came as finance ministers and central bankers of the Group of 20 most developed economies said Thursday they would coordinate action in a bid to stop Europe’s financial crisis.

European officials pledged to “increase the flexibility” of the region’s bailout fund and to “maximize its impact” to prevent contagion. Read more about the G-20 pledge.

The selloff also came amid speculation that Greece is readying for a default and that Greek bondholders would be looking at a 50% haircut in an “orderly” default, Greek newspapers reported Friday.

Gold and other metals failed to catch any safe-haven interest from the reports, however.

“Gold has gotten so much safe-haven buying, this is just a significant correction,” Steel said, adding that stabilization could come around the $1,650-an-ounce level.