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And Gold Is Back To Record Highs

Submitted by Tyler Durden on 04/27/2011 13:01 -0400

Remeber when, oh yesterday, gold was plummeting and everyone knew, just knew, the rally was over? Well, you may want to save some one ply dollar paper yet. The market took a sniff at the FOMC statement, and the robotic consensus is: more QEasing. Oh yes, and gold is $4 away from all time highs.

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Wed, 04/27/2011 - 13:04 | 1212168 slow_roast

I'm wrapping my gold bars in USDs to make sure they don't get dinged.

Wed, 04/27/2011 - 13:07 | 1212196 AN0NYM0US

someone posted in other thread that Rosie has gone bullish (LOL)

If the bull market will end when the last grizzled bear comes out of his den and comes to the table, then hold onto your portfolio, because it may well be dinnertime.

David Rosenberg, the curmudgeonly senior strategist and economist at Gluskin Sheff in Toronto, told clients Wednesday in his daily newsletter that he’s finally given up his long-held position that the market is heading for a thud, if not an all-out crash.

Even as the major averages have risen 90 percent off their March 2009 lows, Rosenberg hasn’t been convinced, arguing that the economy is still too weak and investor sentiment way too giddy to justify such a relentless rally.

sorry for the CNBS link

http://www.cnbc.com/id/42782844

Wed, 04/27/2011 - 13:16 | 1212230 HelluvaEngineer

Only way to get people to pay for his newsletter, I suppose.

Wed, 04/27/2011 - 13:48 | 1212418 TruthInSunshine

OT (sorry), but important:

04-27 13:32: Talk in the Pit that Fed's Bernanke's asked for question submissions 2 days in advance to be vetted for the Press Conference

Even traders hate Bernanke. LULZ

Wed, 04/27/2011 - 14:02 | 1212247 SheepDog-One

Rosie goes stock bullish and buys the top of 90% run, sure sign next up is huge market crash.

Wed, 04/27/2011 - 13:19 | 1212251 Deep

as much as i respect his writings, if this is true, the guy is full of it just like the rest of them. What exactly has changed to change his mind. Oh well.

the guy has been dead wrong for 2 years on the market, and chances are he's gonna be dead wrong agian LOL LOL

Wed, 04/27/2011 - 14:08 | 1212552 taraxias

What's changed is that he came to the realization TheChairsatan's madness has no bounds. Continued liquidity injections from the FED continue to dwarf bad fundamentals. The equities markets now have become nothing more than an anti-dollar inflation hedge.

That's what's changed.

Wed, 04/27/2011 - 15:44 | 1213175 TruthInSunshine

Is that going to work as well as the 2007 Bernanke equity market 'put?'

Think about it.

Wed, 04/27/2011 - 15:49 | 1213208 malek

I read this as: he realized it will be QE 4eva, so in nominal terms prices will only move up.

Wed, 04/27/2011 - 13:09 | 1212205 nope-1004

Geeze.... who knew a bankrupt entity that owns a printing press would acknowledge defeat and stop printing?

/sarc

Wed, 04/27/2011 - 13:13 | 1212216 SheepDog-One

Better than bubble wrap and cheaper.

Wed, 04/27/2011 - 13:59 | 1212494 Hugh G Rection

last few minutes look very parabolic....

Hello again $47, and goodbye.

1523, 47.06

Wed, 04/27/2011 - 13:05 | 1212171 Atomizer

and silver will hit $50+.

Wed, 04/27/2011 - 13:09 | 1212210 SheepDog-One

The must be struggling mightily to keep that beachball submerged underwater. They got to let go of it sometime.

Wed, 04/27/2011 - 13:06 | 1212176 Dangertime

New gold highs, but not for silver. Even as the dollar hits a 3 year low.

Wed, 04/27/2011 - 13:05 | 1212183 Bastiat

Right. Please tell Blythe to stop hurting me.

Wed, 04/27/2011 - 13:10 | 1212199 SheepDog-One

Thanks Dangertime. Almost done loading up at $45. Local dealer had a bunch of scratch n dent he gave me a deal for $1 over.

Wed, 04/27/2011 - 13:12 | 1212218 nope-1004

I bought yesterday at $45.10. Didn't get a great deal on the % over spot, but glad to acquire more pSilver.

Wed, 04/27/2011 - 13:24 | 1212273 Long-John-Silver

I wiped out Apmex Industrial scratch and dent Silver at the same price. It's all they had for immediate delivery. I fear "Silver Delivery Not Possible" will soon be the prevalent message coming from dealers.

Wed, 04/27/2011 - 13:27 | 1212292 tmosley

Was that the "Their choice" bars or rounds?

Hehehe, if so, I know how much you bought, cause I didn't leave much :D

Wed, 04/27/2011 - 13:54 | 1212480 Long-John-Silver

this.....

http://www.apmex.com/Product/156/Generic_Silver_999_Fine___As_low_as_189...

Wed, 04/27/2011 - 15:09 | 1212943 tmosley

Yup.

In the past I've gotten some real stinkers when buying that stuff, but sometimes I get cool stuff that turns out to be numismatic, like Coke bars and Donald Duck 45th anniversary bars. Well worth the low premium, overall.

Wed, 04/27/2011 - 14:06 | 1212531 cowdiddly

I was bidding on small rounds on flea bay over the weekend to top off the tank to a round number. Bid 52 dollars on 217 autions only managed 7eagles and 2Libertads 0 Kokkaburras, Pandas or Maples. Those freakin people over ther have gone flat nuts. fell 8 ounces short of a round number. Oh well at least I got a few small ones before the blastoff, now Im just going to enjoy the ride.

Wed, 04/27/2011 - 13:19 | 1212246 ZeroPower

Exactly. Were are those proclaiming $50 silver wasn't a bubble?

At least, in such a short burst anyway. Lets get through the year with silver in the $40s and take it from there.

Wed, 04/27/2011 - 13:35 | 1212338 SheepDog-One

'Thru the YEAR with silver in the $40's?

AHH HA HA HA HAAAAA HAAA HA HA HAAAAA!!

Wed, 04/27/2011 - 13:20 | 1212258 lieutenantjohnchard

you and robottrader have one thing in common besides being lousy traders. you're good at changing the subject when you're getting creamed by the market.

Wed, 04/27/2011 - 13:24 | 1212290 Dangertime

Down 12k for the day on the puts, but still overall 13k in the green since I bought them.

Just need a little time for the correction to mature.

Wed, 04/27/2011 - 13:29 | 1212306 tmosley

Years from now, you will be saying the same thing, over and over, as your paper is stuck to your skin with urine and feces in your little cardboard "house" under the bridge.

Johnny Bravo will be right there with you.

Wed, 04/27/2011 - 14:00 | 1212515 long juan silver

and you will still be living with your mother in Lubbock. Broke.

Wed, 04/27/2011 - 15:08 | 1212956 tmosley

Christ, you are such a retard.

Wed, 04/27/2011 - 16:33 | 1213467 UninterestedObserver

A lying retard - he has been shorting silver since $42 and is making money as it makes new highs, simply amazing LOL.

Wed, 04/27/2011 - 13:36 | 1212345 lieutenantjohnchard

i'll tip my hat to you. that's a bold position. i think it's wrong, and you're doomed. but at least you put your money where your conviction is unlike robottrader who essentially is a coward trader, afraid to lose.

Wed, 04/27/2011 - 13:47 | 1212423 Dangertime

I definitely could be wrong, which would suck.

But still, we are entering the weak time of year for the metals, plus I highly doubt we will be doing QE3 given the extreme reaction to QE2. Add into that the probably debt ceiling fight coming up and I think we have a strong rational for a "whiff of deflation".

It may be that this parabola has one shot left in it, but I doubt it, and only a fool buys into a parabola.

Wed, 04/27/2011 - 13:56 | 1212477 tmosley

Enjoy your tax bill, you fucking loser.

Wed, 04/27/2011 - 14:02 | 1212486 SME MOFO

no real person posts this much of the same shit over and over for no reason, I'm fading you being an actual human with an independent existence from this board. and for the love of god at least learn your conic sections before you embarrass yourself any more

Wed, 04/27/2011 - 16:17 | 1213376 dogbreath

its different this time. the masses know now and have stopped drinking the kool aide

Wed, 04/27/2011 - 14:08 | 1212559 fuu

How did that $2 bounce off the LoD feel?

Wed, 04/27/2011 - 16:33 | 1213456 UninterestedObserver

up 13k - LOL you are pure bullshit

Wed, 04/27/2011 - 16:27 | 1213423 UninterestedObserver

And you lose money shorting silver everyday - good job.

Wed, 04/27/2011 - 13:06 | 1212184 Mercury

I'm hardly bearish on PMs but I think it burns off around...say...2:15.

Wed, 04/27/2011 - 13:07 | 1212187 cowdiddly

You have'nt jumped out of your trailer house window yet? DT

Wed, 04/27/2011 - 13:08 | 1212191 TruthInSunshine

All storehouses of real value thank the Benzebub ChairBeast.

I doubt that means, NFLX, also. Even JNJ doesn't like The Bernanke, anymore.

JNJ's CEO says not likely to see double digit profits again. Thanks, Bernankincide. LULZ

"I am The Ben Bernank. I am Jack's angry sphincter. And I am Shiva, destroyer of worlds."

04-27 12:46: Johnson & Johnson (JNJ) CEO says does not expect return to double digit profit in near future, does not rule it out over time

04-27 12:39: Fed repeats to keeps rates exceptionally low for an extended period, keeps Fed funds rate in 0 - 0.25% range

04-27 12:37: Fed says increases in energy, commodities has pushed up inflation recently, expects effects to be transitory

04-27 12:36: Fed says inflation has picked up in recent months, however the underlying inflation is subdued

Wed, 04/27/2011 - 13:09 | 1212194 Dan The Man

tell me i didn't just miss the correction

Wed, 04/27/2011 - 16:28 | 1213427 UninterestedObserver

Yeah that was it - they keep getting shorter and shallower

Wed, 04/27/2011 - 13:07 | 1212195 GetZeeGold

Oh.....so we're not doomed....cool.

Wed, 04/27/2011 - 13:10 | 1212200 brian0918

All this QEasing has me queasy! ;)

Wed, 04/27/2011 - 13:12 | 1212206 The Axe

sucker rally close below 1500 today...

Wed, 04/27/2011 - 13:09 | 1212208 deacon_blues

I'm starting to get good at this 'buying the dips' stuff!!

Wed, 04/27/2011 - 13:12 | 1212211 RobotTrader

AMZN, bitchez!!!

LOL......

Wed, 04/27/2011 - 13:14 | 1212223 SheepDog-One

Wheres the CHART! Too much signal interference in that locker youre stuffed into?

Wed, 04/27/2011 - 13:17 | 1212249 lieutenantjohnchard

still living vicariosly through the success and gains of other investors i see. too bad you don't own amzn. but hey ... mo, hd and vz are up a few pennies, trading in fact within the same $1 range. so you got that going for you. lol.

Wed, 04/27/2011 - 13:12 | 1212213 Long-John-Silver

We don't need a TEA Party.

We need a Guillotine Party.

Révolution LeBitchez!

Wed, 04/27/2011 - 13:11 | 1212217 lieutenantjohnchard

gentleman jim sinclair sends very warm regards to all the altruistic zh posters who are so very worried about their fellow man's potential to lose money holding silver and gold.

Wed, 04/27/2011 - 15:51 | 1213236 malek

+1650

Wed, 04/27/2011 - 13:12 | 1212221 Bazooka

Again, GOLD is acting EXACTLY the same as EQUITIES!!

Gold can't be a safe haven if it goes up and down in lock step with equities.

Wed, 04/27/2011 - 13:13 | 1212228 SheepDog-One

Gold has nothing to do with equity paper garbage, it has to do with currency paper garbage.

Wed, 04/27/2011 - 13:15 | 1212239 tmosley

You say that as if they were joined at the hip, rather than simply holding hands.

Wed, 04/27/2011 - 13:19 | 1212248 Kyron95131

golds value has been inversely proportionate to the value or shit FIAT currencies.

and they are all in a race to be the biggest looser...

Wed, 04/27/2011 - 13:20 | 1212253 Thorlyx

Look up Weimar in 1923. In hyperinflation everything goes up. 100% correlation. We are getting there. Grab anything.

In Germany they printed 100 Billion-Mark notes :

http://de.wikipedia.org/w/index.php?title=Datei:100-Billionen-Geldschein-2.jpg&filetimestamp=20100329160515

a German billion being in fact a US trillion.....

Wed, 04/27/2011 - 13:23 | 1212286 Long-John-Silver

Zimbabwe is a recent example

Wed, 04/27/2011 - 13:27 | 1212308 lieutenantjohnchard

i wasn't aware equities were up 10 straight years. news to me.

Wed, 04/27/2011 - 13:12 | 1212226 Thorlyx

Gold loves the smell of QE in the morning...

Wed, 04/27/2011 - 13:13 | 1212229 Dan The Man

my financial guru had a great thought at lunch today..at how cheap everything is getting.

I said "Huh?"

He said "This meal was 4 oz of silver, ten years ago...one ounce of gold 40 years ago. Today we both ate the same thing for 2 oz of silver. Dirt cheap!"

He's awesome.

Wed, 04/27/2011 - 13:22 | 1212259 trav7777

the meal is 10x the FRN cost of 30 years ago.

Wed, 04/27/2011 - 13:14 | 1212234 SheepDog-One

China got $2 trillion worth of US LOLlar debt stuffed into a super gun....FIRE!

Wed, 04/27/2011 - 13:17 | 1212237 Kyron95131

I have yet to see to even hear of anything being close to the radar of rectifying the economic armageddon...

The only thing people that are in positions of power are interested in doing is protecting the status quo which is a sure fire recipe for fiscal self-destruction.

Some would argue that tipping points has already come to pass, just a question of eating it now.

Wed, 04/27/2011 - 13:18 | 1212242 cubical

Doesn't the gold market know Dougie Kass already sold?

Wed, 04/27/2011 - 13:21 | 1212256 Silver Bug

If you are going to sell your gold and silver. You just have to ask yourself one question, before you do so. Has anything changed? I think we all know the answer is, no things have gotten a whole lot worse.

http://silverliberationarmy.blogspot.com/

Wed, 04/27/2011 - 13:20 | 1212261 km4

after's today's FOMC Stmt I'm convinced more than ever that Stockman is right.....

"This is not 1981,this is not 'morning again in America. We have drifted now for 30 years. We're now becoming the banana republic [of] finance, printing -- the Fed, these mad men who are out of control at the Fed are printing -- new money equal to 100% of the debt that we're issuing each month. This will not end well, it's going to end in a disaster."
David Stockman, Nov 2010

Wed, 04/27/2011 - 13:33 | 1212324 TruthInSunshine

+ 1 Banana for BenBubblesHPbernank

Wed, 04/27/2011 - 13:30 | 1212277 Threeggg

You just know, the FED/Bernank is going to say something to try and kick the metals in the shin. What it is I don't know but be ready to BTFD !

Wed, 04/27/2011 - 13:22 | 1212281 Cassandra Syndrome

Gold, that inanimate object of sanity that keeps us focused from Flying into the Cuckoo Nest.

Wed, 04/27/2011 - 13:25 | 1212282 SheepDog-One

When this USD world reserve currency clownshow implodes, it will probably take EVERYTHING down with it. After all, whats the 'value' of a silver coin when theyre shooting people for possessing silver coins?

Wed, 04/27/2011 - 13:28 | 1212298 Long-John-Silver

They won't be shooting people for Silver or Gold. They'll be shooting People for food.

Wed, 04/27/2011 - 13:36 | 1212359 SheepDog-One

Well that too. Im just saying all scenarios must be considered and planned for.

Wed, 04/27/2011 - 13:35 | 1212302 DavidC

To The Bernank ('I see no inflation') and his complacency in re-releasing last month's FOMC minutes (sorry, you mean there ARE differences?), I say what Tyler's e-mail said to me when I registered with Zero Hedge...

'Now you've done it'.

Only a matter of time before the US collapses.

DavidC

Wed, 04/27/2011 - 13:29 | 1212303 Silverhog

Fed’s long-term inflation outlook remains ‘stable.’ LOL somebody help off the floor.

Wed, 04/27/2011 - 13:30 | 1212310 RobotTrader

Yep, gold and SPY trading in exact lockstep.

Heh, you can buy ES futures and its almost the same as buying GLD.

Both making new highs as we speak.

Wed, 04/27/2011 - 13:34 | 1212346 long juan silver

How dare you suggest buying anything with leverage!

Wed, 04/27/2011 - 13:43 | 1212370 SheepDog-One

Yea Robo I can see how you'd come to that conclusion, gold is the same as stocks, knowing you're a full retard and all.

Wed, 04/27/2011 - 13:40 | 1212385 lieutenantjohnchard

wrong. gold was down yesterday. equities up. that's not lockstep. today gold up 1%, silver up 2% equities up .15%. again, not lock step.

plus, this morning you said gdx was getting monkey hammered. it's now up.

Wed, 04/27/2011 - 13:33 | 1212336 long juan silver

Fed Signals Intent to Complete Bond Buying

BY LUCA DI LEO, JON HILSENRATH AND TOM BARKLEY

http://online.wsj.com/article/SB10001424052748704099704576289030398644312.html?mod=rss_economy

The Federal Reserve signaled the end of its controversial $600 billion bondbuying program as planned, setting the stage for challenging decisions about whether to raise interest rates in the face of both high unemployment and looming threats of inflation.

The end of the Treasury buying program—which the Fed put in place in November to ease financial conditions—had been telegraphed by the U.S. central bank. The Fed made it a near certainty by saying in a statement at the end of a two day meeting that it "will complete" the purchases by the end of June.

That effectively marks the end ...

Wed, 04/27/2011 - 13:37 | 1212350 unky

wasnt the metals to sell off and the dollar to strengthen because of the bernank press conference ? what a fuck, the € almost hits 1.47$. at least this makes further metal investments not so painful like for you guys in the U.S.

Wed, 04/27/2011 - 13:43 | 1212387 SheepDog-One

Painful? I just bought a bunch at $46.

Wed, 04/27/2011 - 14:00 | 1212523 unky

well because of the € crisis last year i bought some gold which now is just barely over the price i paid last year... but the € is also just paper so... i keep holding the metals rather

Wed, 04/27/2011 - 13:38 | 1212374 AldoHux_IV

Anyone have better places to get the physical than tulving, apmex, gainsville coins, or kitco?

Wed, 04/27/2011 - 13:48 | 1212431 Long-John-Silver

Keep an eye on craigslist.......

silver eagle 1998 & 2011 - $47 (pell city)

http://gadsden.craigslist.org/clt/2346987008.html

Wed, 04/27/2011 - 14:25 | 1212664 Moe Howard

Provident is good to me. cheapest with personal check - lock in price, send them a check.

Wed, 04/27/2011 - 15:32 | 1213124 Race Car Driver

Excellent prices - nice folks:

http://www.providentmetals.com/bullion.html

Wed, 04/27/2011 - 13:44 | 1212389 tallen

BTFD in silver. Gold now over $1520.

Wed, 04/27/2011 - 13:47 | 1212409 Long-John-Silver

Buy the spike, tomorrow it will be the dip.

Wed, 04/27/2011 - 13:42 | 1212391 Long-John-Silver

Apmex just put the Industrial Scratch and Dent Silver buy block back up with 717 ounces available. This is for physical Silver for immediate delivery. It's ugly stuff but it is 999 bullion and they have it on hand to send it to you and that's all that is important.

Wed, 04/27/2011 - 13:47 | 1212408 SheepDog-One

I got 45 oz of scratch and dent stuff from local dealer, about all he had left! Got it for only $1 over.

Wed, 04/27/2011 - 13:54 | 1212488 AldoHux_IV

Thx

Wed, 04/27/2011 - 13:42 | 1212394 chistletoe

unky, really, its such an old saw ....

sell on the rumor, buy on the news!!!!

Wed, 04/27/2011 - 13:44 | 1212401 km4

FOMC Statement: No Change, "Economic recovery is proceeding at a moderate pace" is 100% proof positive that we no longer have free market capitalism and we no longer have a democracy

http://finance.yahoo.com/blogs/daily-ticker/david-stockman-crony-capital...

Wed, 04/27/2011 - 13:49 | 1212420 drink or die

Glad I picked up a couple more 100oz bards yesterday at the low point in the dip. Although if there is another dip, then I can buy more!

Wed, 04/27/2011 - 13:49 | 1212426 lieutenantjohnchard

we few, we happy few, we band of silver holders.

Wed, 04/27/2011 - 13:52 | 1212443 TruthInSunshine

I'm honestly starting to think we're headed for economic crash - basically a cliff dive.

I've been following the comments of the Corporatistas, and they're all waving red flags about commodity prices.

Let's see how much slack there is in the world for discretionary purchases given that BubblesBenzebub just fast tracked apeshit crazy pricing.

Wed, 04/27/2011 - 16:03 | 1213307 prole

Why bother with listening to current Benron speaches? I think it would be more fun and equally reality-based to watch classic Robert Mugabe speeches. When I say fun I mean "sad."

Wed, 04/27/2011 - 16:05 | 1213316 Phillips Capital

Who has two thumbs and loaded up on the dip last night in XAUUSD and XAGUSD?

*this guy*

mwahahahaha.

Wed, 04/27/2011 - 17:04 | 1213624 tmosley

Well done. I only loaded on (physical) on Sunday. Too bad Mathman was and is and always will be wrong. I would have loved to be able to buy more than twice as much as I did.

And Gold Is Back To Record Highs

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