Euro Gold Targets Record EUR1,072/oz On Risk Of Forced Greek Default And Eurozone Debt Contagion

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Tue, 05/10/2011 - 07:13 | 1258454 earnulf
earnulf's picture

OMG!   Where's the margin increases when Europe needs 'em!

Tue, 05/10/2011 - 08:39 | 1258655 Weisbrot
Weisbrot's picture

current government policy world wide - screw the masses to benefit the few

Tue, 05/10/2011 - 07:16 | 1258455 Cassandra Syndrome
Cassandra Syndrome's picture

Contagion Bitchez

Tue, 05/10/2011 - 07:16 | 1258460 chinaguy
chinaguy's picture

IMF is arranging 80-100 bln aid package to replace Greece’s existing bailout programme – Kathimerini reports

Tue, 05/10/2011 - 07:22 | 1258463 Ruffcut
Ruffcut's picture

Its like a bad rerun movie running in a loop.

Someone, please make it stop.

Tue, 05/10/2011 - 07:23 | 1258464 The Axe
The Axe's picture

Portugal and Greece are going to sell Gold to lower there soverign debt. Supply and new margin requirements will keep a lid on gold. Next stop 1450 not 1550

Tue, 05/10/2011 - 07:29 | 1258471 chinaguy
chinaguy's picture

Yes, except neither of them could sell enough to make any material impact on global supply.

Tue, 05/10/2011 - 07:40 | 1258489 Snidley Whipsnae
Snidley Whipsnae's picture

SE Asia, India, Mid East... All will Hoover up whatever gold that the small fry soverigns put on the market.

As a side bet... I will wager that none of a potential gold put on the market by any PIIG will be offered to China.

Tue, 05/10/2011 - 08:10 | 1258565 TwoShortPlanks
TwoShortPlanks's picture

I disagree, China needs to buy two things; more Gold and a healthy market to trade into in the buy the debt of your future buyers!

China will buy European debt.

Tue, 05/10/2011 - 08:27 | 1258608 Snidley Whipsnae
Snidley Whipsnae's picture

I don't know what you are disagreeing about. I don't doubt that China will buy more Euro debt.

China will not be offered any Euro gold sold by any PIIG...Just as China was not allowed to buy the 200 tons of gold sold by the IMF, although China wanted it. The IMF sold the gold to India.

The West is not going to offer China Western soverign gold unless the Euro is in desperate straits.

Tue, 05/10/2011 - 07:46 | 1258503 The Axe
The Axe's picture

of course I did top tick silver two Monday's ago, selling my American Eagles bot in 1989 for 5.80 in NY for 48.75..bitches  flag that  62,000 

Tue, 05/10/2011 - 07:57 | 1258523 Snidley Whipsnae
Snidley Whipsnae's picture

You sold silver and made a profit in dollars that the Fed prints at will and you feel good about your move?


Good luck getting back in when your fiat is worthless...

Tue, 05/10/2011 - 08:41 | 1258654 Urban Redneck
Urban Redneck's picture

If Portugal and Greece sell gold, as opposed to pledging it as collateral, it will be to their creditors, not on the open market.  Central banks will continue to be opportunistic net acquirers on the open market.

Tue, 05/10/2011 - 07:24 | 1258465 writingsonthewall
writingsonthewall's picture

Does anyone remember....back in the day.....when PM's (esp. silver) were being predicted to be $12 by christmas on the back of a margin increase induced slide?


Where are all those silver bears now? They were so confident - and now we're heading back up the charts again they have scattered like roaches fearing the light.

luckily we all know they're bullshitters and not one of them put their money where their big mouths lie. They think this is a bubble - they don't understand FIAT currency systems and their inevitable conclusion (collapse).


Ah the good 'ol days eh? - when the silver bugs of ZH had to bite their lips for....well it was a whole 2 days wasn't it?

Some crash - I'll go with that Jim Rogers bloke - there will be checks in the progress and rise of PM's - but these will be soon outdone by the continual rise and rise of the commodity markets - to the point where they appear to be mere blips in the rear view mirror.

Tue, 05/10/2011 - 07:43 | 1258494 topcallingtroll
topcallingtroll's picture

I put my money down four times and called it right three and posted it every time.

Sold Silver around 25 ....mistake, bought back in SAE a little at 31

Sold last box SAE again when buy offers hit 50.

Went all in ZSL at 13.69 and posted.

Covered after a 50 percent gain.....i aint stupid nor greedy.

Said to buy AGQ at the open 179.45 the day after SLV closed exactly on the 100 DMA.

sold same day for about a three percent gain.

Yesterday posted that strength and intermediate basing pattern suggested silver will go to forty.

Will have to reassess after that, but i suspect we will see a classic doyble top and consolidation in the high thirties later. But that is too far ahead to predict so i am going to reassess if silver hits forty.

Tue, 05/10/2011 - 07:46 | 1258502 Snidley Whipsnae
Snidley Whipsnae's picture

er...don't forget to pay uncle sugar. lol

While you were doing all that frantic buying/selling I was sitting on lots of physical PMs and still am.

I don't play silly trading games to make a 'profit' denominated in a fiat currency that I do not believe in.

Screw the fiatscos.

Tue, 05/10/2011 - 07:47 | 1258507 topcallingtroll
topcallingtroll's picture

Sadly all my silver was lost in a tragic boating accident.

As far as your claim above that the usa wont come out of this on top the game aint over yet! I dont hear no fat lady.

Tue, 05/10/2011 - 07:51 | 1258512 Snidley Whipsnae
Snidley Whipsnae's picture

The fat lady hasn't given voice cause the game is still on.

When the game ends do you want to be sitting in a paper chair or one made of PMs?

Tue, 05/10/2011 - 08:39 | 1258647 Long-John-Silver
Long-John-Silver's picture

I buried mine in the back yard. Unfortunately some one dug it up while I was away at work. It's all gone.

Tue, 05/10/2011 - 07:23 | 1258467 lumpenprole
lumpenprole's picture

paragraph 1-do you mean "less than .5% ABOVE"

"ultra lose" ?

I'm guessing you meant "ultra-loose"

These types of errors create as sophomoric, fringe impression.

Tue, 05/10/2011 - 07:30 | 1258478 topcallingtroll
topcallingtroll's picture

Unless tyler is a loudmouth iconoclast that got himself blacklisted from his industry, then he doesnt have time to spell check.

I should say "tylers" but there appears to be a main one.

Tue, 05/10/2011 - 07:35 | 1258485 Tortfeasor
Tortfeasor's picture

"create as sophomoric"? do you mean "create a sophomoric"?

Tue, 05/10/2011 - 08:01 | 1258529 gordengeko
gordengeko's picture

"These types of errors create as sophomoric, fringe impression."

Who gives a shit.  I mistype shit all the time if that means I have no credibility or appear as sophomoric (I graduated from a public HS with I think a 2.2 or less? I don't remember exactly because I used to fix report cards before computers were what they are today and profit handsomely every quarter) or inferior in intelligence then junk me and move on.  Does that tell you what I think of the education system?

Tue, 05/10/2011 - 07:30 | 1258472 topcallingtroll
topcallingtroll's picture

I have always said the usa will come out on top once this is all over.

The reports of america's death have been greatly exaggerated.

Tue, 05/10/2011 - 07:37 | 1258483 Snidley Whipsnae
Snidley Whipsnae's picture

...and I have always said that you are clueless... and I have been right...


Tue, 05/10/2011 - 07:52 | 1258509 topcallingtroll
topcallingtroll's picture


Opera aint over yet. Fat lady hasnt come out.

Tue, 05/10/2011 - 07:31 | 1258474 ivars
ivars's picture

A 30% correction was a bursting of a bubble, though its short term bubble, for sure. Less than 1 year, and silver will be back in 45 USD.

Tue, 05/10/2011 - 07:56 | 1258517 JimBowie1958
JimBowie1958's picture

Ivars, there is no way this was a bubble.

Production of silver products never declined, speculators never became 90% of the purchasers of silver, etc.

Prices ran up in the typical over-done pattern that prices usually take, then the market makers apparently hammered it down some, but it is resuming its climb.

None of that is behavior seen in a bubble.

Tue, 05/10/2011 - 08:01 | 1258533 Snidley Whipsnae
Snidley Whipsnae's picture

JB... the trolls are out in force like a swarm of gnats...

They can't differentiate a long term trend from a bubble...

As long as the central banks continue to print like crazy, the fundamentals have not changed and the long term trend in PMs remains intact...

Tue, 05/10/2011 - 08:07 | 1258549 topcallingtroll
topcallingtroll's picture

Completely agree long term trend intact.
We differ on the particular path it will follow and in a belief in a fiat repudiation.

Tue, 05/10/2011 - 11:40 | 1259336 JimBowie1958
JimBowie1958's picture

TCT, it seems that there are two very different groups arguing about silver here.

One trades in silver and is intending to make cash from it as it gyrates through the typical ebb and flow.

Another group is buying silver as a hedge against hyperinflation, and this group includes me.

I really dont care about a regression in silver prices as that simply enables me to buy more of it at a better price as I have little doubt about where it will be in a few years.

That doesnt make me stupid, nor you evil for disagreeing. It simply means we have different intentions.

Have fun.

Tue, 05/10/2011 - 11:39 | 1259323 JimBowie1958
JimBowie1958's picture

SW, I am not sure ivar is a troll, but I am new here, so you may be recalling past posts of his I am not aware of.

Seems that there is agood amount of polarization among the posters here. Maybe we could learn more from each other if we are more charitable in our presumptions regarding those who have come to conclusions we disagree with?

Just saying...

Tue, 05/10/2011 - 09:25 | 1258822 Stormdancer
Stormdancer's picture

Probably less than one month Ivars.  If you can't tell the difference between a bubble and a pretty normal correction of a very extended upleg in an ongoing secular bull market ...well...saposjoint is for saps....but we knew that already.  Go pimp your worthless drivel somewhere else.

Tue, 05/10/2011 - 07:32 | 1258481 Snidley Whipsnae
Snidley Whipsnae's picture

Euro monopoly money, US Dollar monopoly money, Japan Yen monopoly money, ad nauseum... It's all crap, colored paper, trash, and it's all going to burn.

PMs... The only real money.

If Greece and the other piigs need more monopoly money why don't they set up presses, as Ireland did, and print some colored paper in the flavor of their choice?

Why is the colored paper printed by some damn central bank worth more than identical colored paper printed by Greece?

Tue, 05/10/2011 - 07:46 | 1258499 Bazooka
Bazooka's picture


They behave exactly like the equities....they fall, rise, plunge like the equities. They move in near lock step with stocks.

Why didn't Silver and Gold rise in May of 2010 during the Greece financial crisis? they fell with stocks! Why didn't gold and silver rise during 2008 USA crisis? They plunged with stocks.

Point made

Tue, 05/10/2011 - 07:50 | 1258506 Snidley Whipsnae
Snidley Whipsnae's picture

"All paper will burn. Come, sit by me. We shall watch the bonfire together." - paraphrase of Another

There will be a single day of reckoning for PMs... That will be the day that fiats are recognized for what they are... trash.


Tue, 05/10/2011 - 07:53 | 1258516 nontaxpayer
nontaxpayer's picture

Gold only has to be reprised once in your life time - that's plenty enough. It'll either be stunning or spectacular.

Tue, 05/10/2011 - 08:00 | 1258540 topcallingtroll
topcallingtroll's picture

Gold is probably still in a long term uptrend.

Bethatasitmay, a fiat repudiation can be stopped by tight money.

Even in argentina after a fifty percent drop there was no repudiation of the peso, and that fifty percent drop was in a matter of a few weeks. Read ferfal about the details.

Tue, 05/10/2011 - 08:07 | 1258559 Snidley Whipsnae
Snidley Whipsnae's picture

"Bethatasitmay, a fiat repudiation can be stopped by tight money."

Once again you have opened your mouth and are clueless...


Ludwig von Mises 'Inflation can be pursued only so long as the public still does not believe it will continue. Once the people generally realize that the inflation will be continued on and on and that the value of the monetary unit will decline more and more, then the fate of the money is sealed. Only the belief, that the inflation will come to a stop, maintains the value of the notes.
Tue, 05/10/2011 - 08:16 | 1258581 AUD
AUD's picture

I may be wrong here but I believe Argentina was bailed out by the IMF & that was long before the USA started looking like it will need a bailout from the IMF.

Tue, 05/10/2011 - 08:12 | 1258577 Rynak
Rynak's picture

Even if this WERE true........ stocks can burn, metals don't. Point made.

Tue, 05/10/2011 - 08:11 | 1258566 ivars
ivars's picture

In few days silver will finish its correction to 30 or below . Do not make too much of a small hickup on the way down from 49,72 which started on April 25th. The drop has not ended-yet:


Similar hickup is happening in oil- it will last only few days before dipping lower, then resuming way up:

But silver is no oil. Who needs it? ( a joke, excuse me). In one year, silver price will be above 45 USD, no worries here.

Tue, 05/10/2011 - 08:14 | 1258576 Snidley Whipsnae
Snidley Whipsnae's picture

lol... and your crystal ball is in perfect working order?

Buy and hold physical PMs and avoid the rush when the paper printers hair is on fire.

Tue, 05/10/2011 - 08:14 | 1258583 Rynak
Rynak's picture

Ignore him.... just a known troll..... and a lazy slacker too.... just spamming the same 2 months old post for days now.

Tue, 05/10/2011 - 08:46 | 1258673 ivars
ivars's picture

The post is different but there is no need to change March 13th chart which was correct.

Tue, 05/10/2011 - 08:15 | 1258585 TwoShortPlanks
TwoShortPlanks's picture

So many Trolls, the pressure must be on big-time.

Tue, 05/10/2011 - 08:18 | 1258598 Snidley Whipsnae
Snidley Whipsnae's picture

The fat cat bankers take down of PMs was extremely short lived... So, the trolls are trotted out in force... yet again.

I have been buying gold/silver since 1968... Do the trolls really believe they can influence me or others like me?

BTW... I added PMs on the dip.... Thanks banksters and

Tue, 05/10/2011 - 09:03 | 1258726 Franken_Stein
Franken_Stein's picture


Yeah, let the Euro fall !

This is music to our ears, ehm, exports.


Tue, 05/10/2011 - 09:09 | 1258758 falak pema
falak pema's picture

yawol...but merkel doesn't want that at all...So there are two of the small of the Oligarchy...not east and west as of old...but top and Marx once said...bring me the smelling salts please! 

Tue, 05/10/2011 - 09:36 | 1258862 Franken_Stein
Franken_Stein's picture


At least Germany is creating and selling things of longlasting value and not empty promises written on a paper.


When was the last time you sat in a Mercedes or BMW or Porsche ?

When you hear that heavy door closing, making this distinct sound of "thump".

And then you are surrounded by silence. ;-)


You lean back in your leather chair, the fragrance of freshly produced plastic, polished wood and nappa leather getting into your nose.


The logical, easy to overlook and intuitive structure of instruments and displays.

And that 300 hp 6-cylinder diesel with 350 Nm, using only 5.0 l/km ~ 50 mpg.


Or what about that new 968 MW peak solar trough power plant that Solar Milennium is currently erecting in Blythe, California ?

That's a Blythe I like.


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