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$1,190 Breached, John McClane Summoned To The Scene
At this point there is little sense in putting up any more gold charts. It is pretty clear what is happening: John McClane and Samuel L. Jackson are waiting for the next phone call with detailed instructions from Bernanke on how to short the dollar as the kleptocrats haul the 33 Liberty Street gold stash using garbage trucks.
And gold is now trader mania 101, from Dow Jones:
Futures traders are piling into gold futures markets around the world, lured by the luster of record-high prices in the precious metal.
Metals trading at CME Group Inc.'s (CME) Comex exchange, home to the benchmark gold futures contract, has surged 43.5% this month over October levels as participants ramp up activity and more international investors jump into the market, according to exchange officials.
Gold markets operated by NYSE Euronext (NYX), the Tokyo Commodity Exchange and the Thailand Futures Exchange have also registered a bump in trading over the past weeks.
"The product has more eyeballs on it," said Joseph Raia, CME's managing director of energy and metals. "We're seeing a lot more focus on that marketplace from all aspects of the trading community."
A conflagration of factors has driven up the price of gold in recent weeks, with February-dated contracts at Comex setting a fresh record of $1,189 a troy ounce around midday Wednesday.
Gold has soared as central banks, led by India, began building their gold reserves this month in a move to diversify away from a weakening dollar, while investors seek protection from potential inflation in a low interest rate environment.
Debate among Federal Reserve officials--highlighted in the minutes of the latest monetary policy meeting--over whether to intervene in asset price bubbles drove more activity in the market this week.
Meantime, recent buzz around the market has seen some wayward investors return.
"The crash in commodities markets last year really left a sour taste in a lot of commodities traders' mouths," said Rob Kurzatkowski, a futures analyst with optionsXpress (OXPS). "They were really hesitant to come back in the early portion of this year."
This especially is the case in gold, as the market has formed a base at the $1,000-an-ounce level. Traders were encouraged when the metal fell back from its mid-October highs but held around $1,025 in late October, Kurzatkowski said.
More international participants are entering the market as well. Raia said overnight trading in its metals products typically amounts to 15,000 contracts traded by the time he arrives at CME's New York offices in the morning, but lately that number has been around 70,000.
Gold's $1,000 milestone caught many investors' attention, but Raia said the late 2006 migration of Comex products to CME's Globex electronic trading platform has also helped build liquidity and made it easier for firms in Asia and other regions to trade.
CME's metals products last month accounted for about 2.2% of overall volume, with an average 239,000 contracts changing hands each day.
Metals made up only about 3% of CME's third-quarter revenue, but the contracts carry higher fees than other product groups, making them more profitable.
Other exchanges also are basking in gold's glow. NYSE Liffe US, which operates gold and silver markets, has seen a 20% rise in average daily volume from October to November.
Gold futures volume at the Tokyo Commodity Exchange has risen each of the last three months, with November trade on pace to top October levels. The Thailand Futures Exchange saw contract volume increase by more than ten times month-to-month, as open interest in its gold futures has nearly doubled from the beginning of the month to Tuesday.
Raia said CME is also looking to capture more of the gold trading that happens off-exchange after fallout from the credit crunch slowed trading in London's inter-bank gold market, which remains far larger than its on-exchange counterparts.
CME has introduced a gold forward contract to its ClearPort service, which clears such privately negotiated transactions, but Raia said that activity remains muted as banks work through technology issues.
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off topic - just discovered the existence of something called "flash cookies"
http://www.pcworld.com/article/170880/better_privacy_deletes_sneaky_flas...
Use FireFox!
Noscript: Only run active content websites you designate
https://addons.mozilla.org/en-US/firefox/addon/722
TACO: Targeted Advertising Cookie Opt-Out
https://addons.mozilla.org/en-US/firefox/addon/11073
Better Privacy: Block Flash-cookies (Local Shared Objects, LSO)
https://addons.mozilla.org/en-US/firefox/addon/6623
Thanks, FYI after installing those many sites don't display properly.
True, but for each of the applications, you can control which sites/files you trust. If you configure the app to trust a site, things will be fine.
Another recommended add-on is Adblock Plus:
https://addons.mozilla.org/en-US/firefox/addon/1865
On Topic:
This just in, an incredible story filled with intrigue and more insights into tungsten:
http://www.marketoracle.co.uk/Article15307.html
"Gold Mount St. Helens about to explode higher"
That story just made my night, you have to read it.
check"mate" or check"ben"..next move Ben...tick tack, tick tack....
Sitting On A Beach Earning 20 Percent. True, true.
The dollar is down big and the markets are not up much. I wonder if we are seeing the initial disconnect between falling dollar and rising equities?
Bingo.
Initial?
could very well be the inflection point.
i'm going to enjoy watching the whole thing crash. naturally, the pundits and MSM will all be saying "how come we didn't see this happening" "how could anybody think this could work"
All I can say is "the subprime crisis has been contained"
The money chasing equities will now be chasing gold. Not sure about HAL & Company, but the traders are headed for the next hot market. Might signal a top in stocks, at least temporarily
I read somewhere recently that it was a mistake to see a causal relationship between these variables (maybe I read it here ?) In any case, I agree. I think for the past while the ups and downs of the dxy have been a great indicator of where the market has been going. But ... what did my mother used to say .... "hell in a hand basket"
will someone please explain why they are purposely doing this????
US & China competitive devaluations.
http://www.guardian.co.uk/commentisfree/2009/mar/17/g20-globalrecession
In the 1930s, one country after another pushed down its exchange rate in a desperate effort to export its way out of depression. But each country's depreciation only aggravated the problems of its trading partners, who saw their own depressions deepen. Eventually even countries that valued currency stability were forced to respond in kind.
MsCreant posted this today.
http://www.cnbc.com/id/15840232?video=1336090735&play=1
Well, they missed that in this game of chicken, the EU and Japan are the ones going off the cliff.
Didn't the Fed down play the housing market collapse as a localized event too?
Thanks everyone..you guys all rock...x
Obviously you are not a golfer.
Nicely done.
I know I'm pretty much out of my ******* element! This is quite appropriate:
"Fleets of armored trucks piled with gold bars and coins have been streaming out of midtown Manhattan in one unexpected consequence of the gold craze."
http://online.wsj.com/article/SB125902295608261455.html#articleTabs%3Dar...
And I'm out.... ty for the free ride.
You having a nice day, Dolla? You feeling all right? Not to get too personal, but a greenback standing in the middle of Harlem wearing a sign that says "I hate Nigaz" has either got some serious fundamental issues, or not all his dogs are barking.
Holy crap. It's going to hit 1200 today.
"What did you do Ben?!? BEN!!!! What did you do!?!"
"Definately time for Whoppner..."
Like iron filings to a magnet, Gold has a very strong attraction to $1,200.
Oh look. Its yet ANOTHER gold article. What a surprise...Why don't you change the domain name to goldhedge.com.
sigh.
@Anon 142580 no, actually it's another Your Dollar Is Worthless Thanks To The Federal Reserve article.
Yep.
Isn't it interesting the way folks who missed the boat respond to a significant rise in gold prices? I'm sure you think the upcoming alt-A housing explosion has been "contained" as well.
Bernanke cares not.hell start to worry when the liquidity starts flowing into oil. Surely he views hold as a short term liquidity sponge Akin to excess reserves. The psychological indicator is obviated by the moral hazard breach stroke torrent. As usual equity will be last to know.
http://www.smh.com.au/ffximage/2008/03/07/GoldToilet_wideweb__470x314,0.jpg
Well, I read, a long time ago, that the best time to shut down the United States is during a holiday involving mass the dislocation of friends and family - that way, when all forms of mass transit are without power, without guidance, without fuel, etc it will be a very, very confusing time for the American populace.
Miles from home. Refugees in their own country.
Let me get this straight. All of these countries that have been holding US $ are now trading them for gold with the IMF. Why would the IMF accept US $ for gold if the US $ has no future?
Am I missing something here or do I smell a rat?
Waterdog: my point exactly...am I missing a an X in this equation???
find out who owns the IMF
FB: ok, who owns IMF??? ;-)
The USA has 16.77% of the voting rights. I think Japan is next highest at 6.02%.
http://www.imf.org/external/np/sec/memdir/members.htm#1
Chuck Norris.
imf=usa
IMF = NWO = Illuminati
killuminati all up in your body, the blow's like a twelve gauge shotty...feel me
I guess other people know, but I don't. I was just pointing out where the answer might come from.
The way I understand it, the IMF and World Bank were created by the Fed. But I could be way off.
You ZHer's make me sick! I feel infected by you. We have this all figured out. We're so confident that I'll even tell you about it...
Were going to make the IMF the new FED/World Central Bank. They will preform all the functions of your FED and then some. The best part of this arrangement is that the IMF will be governed, as it is now, by a disperse, less accountable authority. No need to worry about some creepy guy in the U.S. that managed to get past our extensive media control systems to spawn a potential threatening political / economic movement.
With the IMF as the fiat money controller, we'll reduce our risks while increasing secrecy. Under the new system, simultaneous failures of the media control system worldwide and simultaneous appearances of enlightened leaders would be required to threaten us. Were just going to kick the can UP one level. The masses will agree because it's progress.
I see many years of bumper crops as a result!
We were actually lucky enough to get B.S. Bernankes conversation with the IMF on tape...
http://www.youtube.com/watch?v=Z7BuQFUhsRM
He looks better without his beard. You could understand why he wanted to be someone important, like an actor!
Have you met Phil Grahm or Ben Dover?
Exactly. But you have to watch the divorcing structure. You see the IMF will tax the people DIRECTLY. They'll bypass all known forms of governmnt. It's the same scam with income tax but on a global scale. Income tax was a way to tax people directly and get people accustomed to that as a way to avoid states defecting. They'll have people in complete control of all the money. They've even got everyone so used to using money it just doesn't occur to them to do things without using money. That will give them the creep slippery slope system needed to slowly increase power over everything.
First they'll stage a couple tiffs between countries. Pump one full of cash and weapons and stick a power hungry dictator in there, let him beat up a few countries. The IMF will issue stern warnings and "economic" sanctions all while still flowing massive amounts of guns and weapons into the country. Those crisis will set up global outrage for more teeth in the IMF and reducing of each countries own armed forces. etc etc
Eventually you have a global economic controlling entity with massive armies and weaponry and bases all over the world. And the great thing about it is all you have to do is keep the EXACT same system we already have just change the flags and labels on all the US and European BASES!!!
Ya sense and sensibility is infectious isn't it. It's not like theres an infinite number of possibile motivations behind a very finite set of historical events. Hell it's almost like doing fourier transforms on a retarded child stuck in a dream of doing exactly what they want to without any opposition or concern for how it affects their fellow man. Cause.... well..... That's pretty much all there is to it. :)) Lies, deceptions, truths, the original signal decodes pretty need and tidy.
Classic story structure. Dune comes to mind...
You have to look at it like a game producer. You're losing subscribers to the old game. You rush to destroy the old game and quickly package a new game that has new graphics. New boss mobs, new treadmills all presenting a progress and faced paced action while going nowhere.
Que the IMF. Same old game same old bosses. Different graphics.
New armor new weapons, same useless trophies same stupid souvenirs.
http://www.youtube.com/watch?v=uQoYeMAS5qo
http://www.commodityonline.com/news/Know-all-about-IMF-gold-reserves-167...
slight of hand.......twist of fate?
The IMF turns around and loans the dollars to whoever. The main interest of the IMF is appearing to remain relevant since its original purpose has long since passed. They just want to justify their bloated staff and budget.
GLL>8.87
EUO>16.20
YCS>18.93
RHO>33.72
with Trailing Buy and Sell Stops...
@waterdog good question. What`s the IMF and where is the GOLD and $ coming from?
The IMF is a captured member of a financial oligarchy.
I recall watching a video with Niall Ferguson blasting Vampire Squid and IMF chair giving him the death beam...very telling indeed...;-(
Dem stinkin' skwidz best not mess with Niall. They will meet the wrath of an enraged Sqworl!! Sqworlz don't like skwid goo on their tasty treats!
;-)
I like gold, but this is the sixth article (so far) today on the subject. Plus I had the impulse to e-mail the gold chart to some friends of mine so we could have a laugh about the economic "recovery". The last time I had such an impusle was around $700 back in 2006. At the time, RobotTrader (in a former life as wndysrf) casually (and presciently) mentioned "the coming 100-point correction". This feels like we're either approaching another correction or the long-awaited crack-up boom, and I don't think enough people have removed their heads from their asses for the latter to happen.
Let's see if COMEX has enough gold to handle deliveries! Friday is the first day ... could get interesting ... $20 million ounces in contracts, 2 million in inventory. Would not take much to cause a slight problem.
I'm sure everything at CRIMEX is on the up and up, the last entity of truth...nah never mind.
BS China US compettetive devaluation. Who ever designed this plan,designed it for one purpose only;and that is to recover the money lost in the stock market.Come what may,big wigs were intent on getting back their money after they were taken by surprise last year. This has been projected by at least two(Shaefer,Rogers),and just like the subprime mortgage,the ones in power can not say "we didn't see it coming,or a one in a life time event". Any oil schock,or financial collapse takes place from now on,is completely the result of the current policies,and no one can say that "we didn't see it coming" any more. The dollar shouldn't be around last year's low,with the current account deficit almost cut in half. And we probably seeing the dawn of the currency crises that Jim Rogers forsaw long time ago.....
Why Russia wants the loonie.
http://www.theglobeandmail.com/report-on-business/why-russia-wants-the-l...
cover your dollar shorts boys
because......
Because I told you too
Hahahahahahah Ahhahahahahah!
(giggle, snort, gasp)
Hehehehehehe!
You can just be your own f@<ked up self in this place, can't cha'?
You were saying?
You were saying?
India - whose central bank recently bought half of the 400 tonnes of gold the International Monetary Fund had offered for sale - has indicated it may now buy the remaining 200 tonnes.
I called a few brokers for precious metals and one stated silver and gold coins are dramatic today with some large players buying out their complete inventory - the website said stock was in but he said the pace has been so strong that they haven't had time to update it yet and he was empty. The US mint has stopped producing a number of coins due to incredible demand.
"The crash in commodities markets last year really left a sour taste in a lot of commodities traders' mouths,"
Not sour enough...
1200 tonite?Currency FAIL monday?
Not just yet dear, but it is climbing.
1193.90
It's gonna be a busy holiday for Benny and the Jets.
I'm in love with RobotTraders 'Alexis'.
Honestly, it's love not lust.
Wait, aren't love and lust the same thing?
that scene of Bruce Willis was shot in front of the old 1-2-3 Subway station at West 72nd and Broadway. That telephone booth didn't exist before the shoot nor after. Also as they are driving towards the Park they drive one block east and one bloack west on 72nd which logically would put them back where they started.
On a side note I once worked for Chase in Int. Commodities Financing, 2nd shift and every night I had to take this giant disk of transactions down to the deepest vault in the bank. A special elevator that drops for about 6 minutes. I've seen the vault where they keep the gold, silver you name. Of course they have at least 5 guards 24/7.
jeez doesn't it get hot down there near the earth's core?
It gets very hot. That is why they had to replace the core of the gold bars with tungsten. Tungsten can take the heat.
until intellignet senior citizen selling gold to get CD at 0, its ain't bubble
LLA TIMES:
"The economy has nothing to do with it," he says. "Our average
customer is an intelligent senior citizen liquidating her assets to
turn it into [certificates of deposit] or give to their children.
Women come in with sterling silver sets that their daughters don't
want. Single earrings, dental gold, broken chains, broken romances . .
. we buy a lot of history. Maybe one out of 50 is there because they
can't pay the rent."
So what happens to gold when USD rallies and Dow tanks again ?
http://www.zerohedge.com/forum/market-outlook-0
there have to be massive Gold shorts getting their faces ripped off attm. At some point the short squeeze will be over. Which will provide a re-entry point for further run-ups.