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And The Winner Is...
...Gold. The backtested model of shorting gold ahead of NFP has just broken. Margins calls coming in. JPM/Blythe Masters scrambles to prevent an all out rout as the $1,400+ stops are triggered.
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"Don't panic!" -- Blythe Masters (Aug 3, 2010)
to the Hourly Chart in Silver boys and girls... SLV needs to take out 28.38 on vol for us to get to the next level..
http://www.rallymonkey.com/video/kenindex.swf
edit: as fast as I could type it, it happened.. lol.
edit 2: next stop 28.71 weee.
SLV is crap -- read the prospectus.
As a day-trading vehicle in addtion to holding physical, its a no-brainer for liquidity, but i suppose some folks have no cash to trade? Excellent % return on your cash day trading it. But some folks prefer .5 CD's. Hellooo. I'll have some fun running up and down the Swiss Stair formations with the Hedgies to pass my day instead of trading hours for pesos.
You can happily day trade that POS until the fucker implodes as a lie that doesn't own the silver it says it does. Then what? It's liquid until it isn't and then you're fucked.
If you're a Swing Trader, that's a risk you take, as with any other asset class vehicle. IN the meantime, the trend is you friend. Risk is inherrant in trading. But some folks don't want to increase their cash holdings to purchase other necessities, now do they? Give me a break and go buy some koolaid.
If I want to trade silver I trade the Si contract. I read the SLV prospectus and that of GLD when they came out--I think they are a scam and won't participate at any level. I understand many use it as a trading proxy. I won't, that's all.
I`d say the winner was silver but i`m poor so what do I know.
What is not funny is the price of oil, which will hit the Big Ben and Big Barack straight into their foreheads soon...
$0.56 below $90/BBL :(
HERE IS YOUR DIP!!!!
$1404/$29.02
I wonder if we will see a double hammertime topped thors head and shoulders anvil?
there goes your living standard.
Blyth must be being banged in the broom closet and not on the real job.
Common, cum already girl, silver is leaving you behind.
and here i thought she was a vagitarian with that do
"Vagatarian", is that slang for lesbo, or you kain't spell wurth a shirt??
Hot Pandas
Screaming Eagles
Flaming Maple Leafs
Leaping Kruggerrands
Real money sez::::Apres merde, le deluge, bitchez
(apologies to Pere ubu and the Sun King)
I wish I had more silver! I can't afford gold
Get some fractional coins - I like 1/10 ounce philharmonics - they are cute little things.
with giant premiums that make one hesitate
Sure keep your 1ozs for core wealth preservation but in a situation where Gold is remonetised then going into your local coin shop or trading locally and expecting 5000 to 50000 a ounce may be a bit impractical.
A 1/10 ounce Gold coin can be simply a step up from a silver coin and yet still easily tradable in the above circumstances.
Common China, nows your chance, just buy a little more silver today and watch JPM bubble like a frog covered in salt.
Seems as if the same pattern as yesterday is forming in silver, Turd or any other, thoughts on a repeat shit the bed as yesterday??
As I see it, fwiw, yesterday was a shameless stop run (last ditch on this wimpy correction) . They knew what was coming then. Just my gut but I'm trading it and have been long Pms since 2003.
if there is going to be a repeat of yesterday it is in the next 15-30 minutes, i see 29.40 however too.
JPM et al., are getting whip-sawed by their own foolish paper game: They drive down the prices of PM's with paper, everyone else scoops up the physical, which drives the prices right back up! Rinse and repeat. LOL!!
Gold does appear to be the Daddy
http://www.kitco.com/images/live/t24_au_en_usoz_home.gif?random=0.531005...
On a % basis, Silver takes the cake by a long shot.
It's 10:47am ET.... gold $1408.30 silver $29.29
Dow down 10.25 pts
Euro up 1.08% agianst the dollar today
oil at $88.10
....and Blythe is still locked in the washroom, having lost her executive key down the drain while bending over
LOVE IT --- just bought more silver timber wolves, eagles and philharmonics from APMEX..............
Needs some bad news out of China. The AUD is too strong.
Who is this Blythe Masters woman? I been searching online for some history.. I always do this with these Execs who make a meteoric rise and happen to also be the architects of FWMDs .. Anyone know of any information on her before she joined chase and before she went to the 'Kings' skewl?
She's the head of JP Morgan commodities. She is also the creator of weapons of financial mass destruction aka. Credit Default Swaps. She's the one in charge of shorting the knickers out of silver.
http://www.bloomberg.com/news/2010-08-03/blythe-masters-says-don-t-panic-over-jpmorgan-commodities-loss-job-cuts.html
http://www.cnbc.com/id/15840232?video=1310002361
http://www.guardian.co.uk/business/2008/sep/20/wallstreet.banking
I love how so many people think that PM's going up is some type of victory for the little guy. Get real. The same banks shorting the stuff also happen to own 99% of the physical holdings as well. So say Comex goes belly up tomorrow and you make a few $Million on your stack; so what! The banks holding the real stacks will make Trillions (or more) and a tank of gas will cost you $50,000 to boot.
Economies were manipulated and controlled by the banks even when gold was the main standard of exchange. Who do you think will own all the mining stocks in the event of a currency collapse? Who do you think will dictate exchange rates and handling fees should gold re-enter the economy as a direct medium of exchange?
Who do you think will be there waiting in the Capitol hallways with a smile and a briefcase of bullion to sway some douche bag Senator or Congressperson?
"Economies were manipulated and controlled by the banks even when gold was the main standard of exchange"
But it was much more difficult to do, and couldn't be accomplished to anything close to the same degree as under our current fiat dispensing regimes, unless the PM standard was in fact only a facade employed to mask fractional prestidigitation, in which case: sure, but that isn't really a gold standard. (An even better setup would be 'freegold' IMHO). But just so you can be certain that I am not simply talking out of my ass, give me the opportunity to convince you with reason: to which era are you referring? I'd wager that whichever period in history you're recalling you're mistaken, and that in fact it is an example of a monetary system moving away from a PM backed currency, and trying to hide it.
"Who do you think will be there waiting in the Capitol hallways with a smile and a briefcase of bullion to sway some douche bag Senator or Congressperson?"
So you contend that because politicians can be corrupted there is no point in adopting sound money? Sorry, it doesn't follow. By that line of reasoning you might as well "Hold your head up high and blow your brains out" right now, as existence is apparently pointless.
"I love how so many people think that PM's going up is some type of victory for the little guy"
It has been a victory for the little guy; the little guy who bought PM's in the last decade despite all the misinformation about them distributed by the likes of you, that is.
Regards
I am a bit o negative today aren't I? No, I don’t think existence is pointless; I’m just really frustrated with the whole system. My main frustration is that, no matter what people do to protect themselves, there is always some little non-producing slime ball that has a "law" to pass to make sure other non-producing slime balls are provided for because they know the "IN" crowd.
I’ve been in precious metals for years. On paper it looks as though I did well with my precious metals investments but I know that the majority of those gains are because of depreciation in the dollar's buying power.
I don't think there will be a sound economy in the US until the treasury plants a size 10 trillion foot up the Federal Reserve Bank's rear end and begins issuing money debt free directly and takes control of the money supply. That and having a line item veto amendment to the Constitution would be my approach to trying to correct this mess; I'd probably "gone missing" quick style if I said such blasphemy on television.
The current system with the Fed is like trying to play monopoly with a spoiled little brat being the banker creating new "rules" on the fly out of thin air to make sure they win no matter what the rules say or how the game plays out: Oh wait: THAT IS THE FED'S POLICY!
I'm done ranting, until something else pisses me off again :)
heh, no worries. I was a bit harsh too; and I didn't think your previous post was 'junk' either. I fully understand your frustration, it is exactly that which pushed me into precious metals in the first place, because historically they've protected wealth against the institutional theft that is stressing you.
IE even in the unlikely scenario where gov'ts of the world suddenly decide to eviscerate their banking overlords by forcing some epic deflationary event manufactured via turning the clock back on 'mark to sky-pie' accounting requirements, here's how I see PM's performing:
Yes, in that circumstance they will go down nominally priced in fiat, but everything else will go down too, and much farther relative to PM's, when priced in FRN's. So even though you might not be able to obtain as many FRN's for your PM's (or other hard assets) as you can today, you'll still be able to get the same amount or more corn/wheat/oil/etc. than you can if you sold them right now. And yes, the paper bugs will laugh at you even though you will, in actuality, be better off than you are right now; you'll just have to take it. But keep in mind, your wealth hasn't really changed much, whereas their fortunes can turn 'on a dime'.
I just don't see this happening, however. Not unless these same banking interests can offload the majority of their currently 'marked to skypie' toxic 'assets' onto ... well, any sucker who will take them or they can force them onto. Problem is that as the world is rapidly getting wise to this pernicious scheme, the banksters are beginning to run out of suckers, but that doesn't stop the obligations on these yet-to-be-put-on-the-shoulders-of-the-plebs 'assets' from growing at an exponential rate. Which means that a massive deflationary event anytime soon leaves them holding a mighty Big Bag. So they are being painted into a corner. Sure, they sometimes seem to be winning the game, especially in the US where they practically have the entire governing body completely in their pockets (and so the US' military MIGHT), also with their attacks on the European Union. There they use individual countries' inability to devalue their currencies against them by creating a solvency crisis, and then ushering in the IMF to perform their tried and tested debt-slavery routine. But the rest of the world seems to actually be trying to extricate themselves (except mb Canada; but then, where do Mark Carney's loyalties really lie?) and there have been a fair number of success stories.
Ultimately, thanks to an unprecedented level of planet wide telecom capabilites (and righteous websites like this one), info travels too fast these days for the big lies to have a very long shelf life. Eyes are opening, and those enlightened are kicking the asses of their sheeple into high gear. More and more everyday are moving their wealth into hard assets or sound money. I see it as practically unstoppable.
"This is for the people of the Sun: It's comin' back around again..."
http://www.youtube.com/watch?v=C_YtCpC12Kg
Regards
Holy crap! Stop thinking like a wannabee scam artist!
YES. No kidding! By far the main reason to hold gold and silver is to protect the value of your savings, not "get rich" by screwing people over like the GoldmanShafts and JPM crowd. You should be satisfied being able to retain what you have earned. But we've done better than that, slightly, over the past 10 years, so be happy about that too.
You can also compare your situation to what would have happened if you did not convert your fiat toilet paper into gold and silver. You're way ahead, assuming you ignored the moron financial press and put most of your assets into gold and silver (not just 5% like those bought and paid-for liars suggest). We've been 90% to 99% in gold and silver for years, and I hope you have too.
Also, "right is right". Enjoy being on the side of rightness and reality.
"I love how so many people think that PM's going up is some type of victory for the little guy. Get real. The same banks shorting the stuff also happen to own 99% of the physical holdings as well."
Yeah? Readily-available figures suggest otherwise.
For example, about 15 thousand tons of gold are in private possession of people in India -- a great deal of it (perhaps 80%?) in the hands of very common people, i.e. poor people. That's about half of the officially-stated central bank holdings of the world.
Here's wiki's overview:
http://en.wikipedia.org/wiki/Gold_reserve
all the gold mined by the end of 2009 totaled 165,000 tonnes
[...snip...]
World gold holdings (2008)
(Source: World Gold Council)
Holding........... Percentage
Jewelry........... 52% [ca 85,000 tons]
Central banks.. 18% [ca 30,000 tons]
Investment..... 16% [ca 27,000 tons]
Industrial........ 12% [ca 20,000 tons]
Unaccounted..... 2%
total............ 100% [ca 165,000 tons]
..... note that jewelry -- at least half of which, and probably more, is in the hands of the world's common people -- exceeds the sum of all other holdings, and exceeds greatly the sum of bank and investor (rich people) or "TPTB" holdings: 52% vs. 34% (18+16=34). If gold were revalued as per FOFOA, suddenly the world's common people would have something close to the same wealth standing, in terms of gold, as the banks/rich/TPTB crowd.
The following comments by ANOTHER comes to mind. In India Gold chain snatching from women by petty theives is increasing exponentially.
Thoughts of ANOTHER: 1998
"The gold market is made up of a very broad spectrum of investors. At the very farthest ends of this spectrum lie the persons with the largest influence on the physical bullion. The super wealthy at one end and the "third world no ones" at the other. The middle is occupied, mostly, by the "investors with western thought". The far ends buy bullion. And they don't buy it as a gamble or a game! It is a way of life that has worked, through thick and thin, even before the West was "The West""
"One of the great money troubles facing the western currency system today is that many third world people are starting to put a "mind value" on real money, gold. These people don't know the true value of gold money but they know its worth a whole lot more than the world paper currency price now placed on it."
Great quotes, thanks! Yes, "mind value", or something like that. They KNOW, somehow. Funny, huh? And the really fascinating thing: what if Another/FOA/FOFOA's predictions come true? What if gold DOES go to $100K/ounce? What if a zillion formerly dirt-poor peasants suddenly are worth a quarter of a million bucks each, or whatever? The global social/political implications are mind-blowing. I don't think anyone in the gold community or the "FOFOA community" has yet appreciated the magnitude of this.
I just don't trust the allocation numbers. Has a worldwide team of auditors REALLY gone into a bunch of vaults and warehouses with scales and assay kits to truly verify what is out there or can we assume banks and major commodity investors will be honest about their gold holdings while lying about everything else? Gee, so nice to know that gold bugs won't get lied to while the rest of the world gets the shaft. How much of that tonnage is real and how much is paper shuffling gold leases? How much of that tonnage is gold futures contracts that haven't even been dug up yet?
The fact that Wikipedia is using information provided by the IMF makes me very skeptical about the veracity of the numbers quoted.
Wiki's numbers are from the World Gold Council, not the IMF. Yes, it is possible that the numbers are wrong. There are many ways to estimate where the bulk of the gold is, one of which being to pay close attention to flows, i.e. where gold is going (and has gone for years or decades). For example, we know that India has an enormous appetite for gold and that much of it is fashioned into jewelry and other small "retail" objects that are bought by a peasantry that believes in gold as savings. They don't believe in banks and paper money; they believe in gold, traditionally. They buy it, hold it, and then buy more, and when they die, they pass it on to their families. This has been going on for centuries. Hence, truly vast amounts of gold have been accumulated in the hands of very common people. And India is nnot unique in this respect, though it is most prominent. The Chinese peasantry appreciates gold also. It was limited to gold jewelry and art objects up until recently. But now the government has lifted its restrictions on gold bullion for investment purposes, so more gold is being sold as bars, coins, etc.
Bottom line: Poor, "ignorant" people around the world desire gold, buy it, and hold it... because they know value, and they (wisely) do not trust the paper hucksters. It is only us edumacated moderns who have rejected it. In any case, the net demand and purchasing of the underclasses, multiplied over decades or even centuries, adds up in a very big way. Mega-tons.
@ Smiley, It is true that some bankers are going to be relatively whole because of their gold ownership, but it will be a major blow to their credibility and their ability to leverage.
The saddest part of it all is this - the true producers of wealth are the working people of the world. If they simply saved in metals instead of paper, all the gold and silver in the world would be steadily re-distributed away from bankers in no time at all.
So people are enslaved by their own ignorance and failure to value what is valuable. If you own gold you aren't a little guy though because you don't think like one. You are on the road to financial indpendence and becoming your own central bank.
DD: "It is true that some bankers are going to be relatively whole because of their gold ownership, but it will be a major blow to their credibility and their ability to leverage."
Fewer bankers will be made whole than you might think. Remember massive leasing.
DD: "The saddest part of it all is this - the true producers of wealth are the working people of the world. If they simply saved in metals instead of paper, all the gold and silver in the world would be steadily re-distributed away from bankers in no time at all."
The heck of it is, it already HAS been re-distributed away from the bankers to a much greater extent than is commonly realized. The central banks went on a (stupid) gold-selling binge years ago... and this, combined with other gold-suppressing action, acted to hold gold prices artificially low for many years. The ignorant peasants of the world took the opportunity to buy gold at bargain prices, for years and years. Now they've got a lot of gold. A LOT.
DD: "So people are enslaved by their own ignorance and failure to value what is valuable."
Here here!
"If you own gold you aren't a little guy though because you don't think like one. You are on the road to financial indpendence and becoming your own central bank."
Here here!
........................
"Gold holders are truly rich. It is just that the world has not recognized it quite yet." -- Anon.
What do you think would happen if every predator in banking, financial companies and governments took every freaking cent, and every freaking ounce of gold, and left the country?
As long as we're left with a pure gold standard, the products we produce and exchange for gold, silver (and other real, physical goods) in 10 years would make us 1000 times richer than most people ever imagined possible. And I am not kidding one tiny bit.
Of course, I'm talking about zero government, zero central banking, zero "official" predators.
However, the facts are quite different. Probably 50% of gold is held by individuals. True, this is partly true because the predators in the central banks sold real [and paper] gold and silver to hold down their prices. Now, this might seem like "they lose" doing this, but that's far from the truth. By holding the perceived value of their absolutely worthless fiat, fake, fraud, fiction, fantasy debt-based toilet paper currency high (relative to gold and silver), they were able to buy up astronomical quantities of real goods with paper they print from thin air, predatory fractional reserve practices, buying politicians worldwide, and other financial scams.
Besides, I changed my mind. If any gold remains in fort knox or federal reserve banks, we should keep that and divide it between us when we kick out the predators.
London Town could not fight the tape, and with Blythe already jet setting to her underground lair, monie managers are left to scratch their heads this weekend as another week ends with gold ahead of all assets.
Whats happens to gold when they make currency electronic?
I would think it would have to collapse.
Do you think they will issue a new currency will the dollar polietly defaults?
Cash is king until it is fully removed from the system.
How is your intellectual bankruptcy proceeding progressing?
Good one!
The same thing that will happen when they build the cloud computer infrastructure. People will tell them to stick it up their ass and FUCK OFF.
Sorry, but Cyber-money is even LESS SUBSTANTIAL than Fiat-money!
The number of individuals, companies and countries starting to buy, sell and trade in gold and silver grows daily. Likewise, the number of companies and countries starting to denominate trade between their countries in local currencies instead of the dollar grows daily.
And you think this has no consequences until the final day the dollar falls over and vaporizes?
Yikes!
What is NFP?