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As Euro Tumbles, Gold Squeeze Gets Vicious
Someone with a long euros/short gold position was just carted out feet first. Our condolences to Blythe and the rest of the RICO defense crew. And yes, no expert networks foresaw or were consulted on this latest squeeze. If those ever louder rumors that a bank is standing for December delivery end up being true, today's move will be an appetizer to a 10-fold bigger move.
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oro putas
"oro, perras!" fits better. ;-)
Oro pendejos !
Just last Friday they were still trying to pain a HS pattern on gold chart, and now it's thrown out of window.
zolotoi suk!
Boze moje!
oro perras! plata tambien
Someone with a long gold in euros position was just carted out feet first
Shurely Shome Mishtake. Short gold in Euros, no?
probably a typo - in my humble opinion - but the important thing is the train already left the station...will now gain speed that's the question?
I'm thinking a close through 1385 will send it back to the highs of three weeks ago.
OPEN INTEREST COMEX REPORT
Gold open interest as of Monday morning is 59,412 contracts. This translates into 5.9 million ounces. The Comex gold inventory shows only 2.6 million ounces of gold registered and approved for delivery.
In silver, there are 17,208 open contracts. This translates into 86 million ounces. The Comex reports 48.5 million ounces available and approved for delivery.
What does this mean, in the context of the cartel being unable to force liquidate a majority of the open gold/silver positions? Everyone reading this can use their imagination and I'm not willing to predict how this will unfold, but right now the Comex has a problem.
I just wonder though:
1. Is China really popping this time?
2. Is Europe really collapsing too?
2. What effect will this have on commodities?
Lately my vote is yes this is it, and commodities will crash including gold. I've been wrong so far though.
If you think Gold is simply another commodity then I can see why you have been wrong so far.
You know another thing that worries me about gold is that I have read, and I have no way of verifying this, but the people at the top of the pyramid have tremendous amounts of gold in reserve. I wonder if that means anything.
I'd like to buy a bunch more silver right now, but am reluctant.
If people at the top of the pyramid have huge reserves of gold, does that make it a bad idea for us plebs at the bottom of the pyramid to aspire to owning some? Quite the contrary. What is it that the 'Elite' know that prompts them to buy and hold inter-generational stockpiles of gold?
all that gold at the top is worthless as long as paper has value. paper without value means blood in the street or what is called a buying opp.
Here's an interesting quote out of Ambrose Evans-Pritchard's latest article in the Guardian: (oops Telegraph, but you get the point)
"Germany cannot keep paying for bail-outs without going bankrupt itself," said Professor Wilhelm Hankel, of Frankfurt University. "This is frightening people. You cannot find a bank safe deposit box in Germany because every single one has already been taken and stuffed with gold and silver. It is like an underground Switzerland within our borders. People have terrible memories of 1948 and 1923 when they lost their savings."
To me this indicates Gold's direction is..... Sideways? Down? Up? Way up? Hummmm
Ambrose Evans-Pritchard writes for The telegraph which is where the quote is.
The ECB marks its gold holdings to market every 3 months on its international liquidity reserves side of its balance sheet. As the dollar falls, the ECB captures the loss on the gold side.
The Euro will retain value because of the floating gold concept, no blood in the streets, just a higher price of gold and a new reserve currency.
King Euro
The elite are moving to gold, that is where they are pushing the system. Just when the sheeple thought they had this bubble thing figured out, the elite create a fiat bubble with the intention of moving to gold.
+++++
Anyone who states:
1) gold is a commodity or
2) gold is a hedge against inflation
is nothing but an under-informed moron. Ignore these people.
If it were a commodity one could, indeed, eat it; and we all know that it's indigestible.
If it were a hedge against inflation, then we'd have to take another look at those Fed inflation numbers, eh?
It's a secret. It's a lusted after loved thing by the powers that be. Of course they pretend they don't want it so other people won't see thier lust. Gold is a 8 year old boy and the powers that be are michael jackson.
lol...Bohemian Grove must be Neverland.
What if I were to state:
1) Gold is a Currency.
2) Gold is Insurance
Always like hearing your thoughts, Turd !
gold is a commodity.
Yes, a very valuable and rare commodity, and the Ancient Metal of Kings, pure MONEY.
Nah, mary joe says it just ain't so.
Gold is clearly money. A "commodity" like oil is used and consumed. Gold is not really used (just locked up) and it is not consumed.
Bad money drives out good money. We are over saturated in bad money so the good money is very hidden. When the bad money collapses and has no more value then the good money will come out because people will need and want to use it.
And the hits just keep coming. +1392 . . . silver looking to take out 29. What a way to start December!
It kind of is... until it isn't, like Clark Kent:)
Klark Kent:
"I am the neatest thing that ever hit town. There isn't anything that could bring me down. I know I'm something it ain't easy to be; there isn't anyone who I'd rather be. Don't care if you wanna hang around...Don't care if you really wanna put me down... If you don't like my arrogance you can suck my socks!"
http://www.youtube.com/watch?v=K-auRE6zV5E
If China and Europe were falling apart wouldn't you prefer to store your assets into a vehicle with no counter-party risk?
I think he means that gold is up, when measured in euros. See a Brussels coin dealer site:
http://www.gold4ex.be/servlet/javaparser?pgm=lst_or_new&lg=uk
Hell,they are still well below what we are paying.
....and don't call gold in euros, shirley
RIP Leslie Nielsen
Huh? Why would longs in Euros be carted out feet first? Shouldn't that be "shorts"?
Maybe he was told they can't meet physical delivery of the metal?
Jesus H. Mother of god! Silver too!
hi FF
most likely a fad finger...
When Obama says something stupid http://www.youtube.com/watch?v=lUd-slJc-GY people cheer, here on ZH no1 falls for bullshit(even a typo)
When he makes a joke it's a law and when he makes a law it's a joke.
(Thanx Will Rogers)
Yeah,
For all 57 States = As usual Confused he thought he was running for some Arab shithole.
Although the true colors are still shining thru,he JUST named a anti firearm Nazi to the head post at BATFE(another Chi Town Thug).Contact you Senators and demand NO approval.
http://capwiz.com/gunowners/issues/alert/?alertid=20074511&PROCESS=Take+Action
The Euro is headed to US Dollar parity. Hence anyone long the Euro is losing money right about now. The same Einstein that went long the Euro was also short gold and is now suffering the slings and arrows of outrageous fortune.
suffering the slings and arrows of outrageous fortune
Well, it is a noble metal.
Oh very good
tmosley - because the Euro is crashing relative to the dollar (and gold).
I have austrian philharmonic gold coins which have a euro face value so everything is balanced.
If we are lucky the philharmonics will command a premium due to the added sentimental value of the Euro denomination should the currency self-destruct.
How about the Corona?
With or without lime?
Cheers to that Rocky but I meant the Austrian Corona.
@Bill +1...
Rocky - Corona alona. Who knows where that rind has been !
Righto! Save the limes for Jose Cuervo! :>D
That face value is exactly the tender (legal) that can be brought to bear on contracts in Austria.
Interesting that the Euro is weakening against the dollar and PMs are also up.
Nice to see gold go it's own way. Decouple is my word for the day.
Dude, don't just look at pm's vs. dollar, always look at them vs. all fiats. Truer big picture.
http://www.goldprice.org
Pm's will kick the bejeesus out of all fiats until they are all dead; just some will be eaten first
Nice to see you (and your friend) back on the scene.
If she was my friend I'd never leave the house nor turn on my computer.
Wish I had a pair o' friends like that....
Hey junker. Let men be men. WTF? I for one like being worshiped and worship my male too!
Your mind is hot. ;-)
Ever read Camille Paglia? (an author)
I have not spent enough time with it. I do know that Feminism has made important gains AND it is becoming an oppressive meta-narrative that is marginalizing many voices, feminine, masculine, and more. Absolutism is the problem.
@SW
"Decouple: can you say that? I knew you could."
-Mr.Rogers
I want to see the Euro fail for the main reason that it would show to the world that regional currency unions will not work. That way we won't get an Amero for example.
1400 here we come
Blythe you have to stop wearing short skirts sweetie !!
Actually their shorts are now longer as they are full of poo.
:-) nice one
LOL http://www.anlagegold24.de/s01.php?shopid=s01&cur=eur&sp=de&ag=1 1h ago they had 7000 'Silber Philharmoniker' now 377 !
Woah! Kinda like how i cleaned out my coin dealers inventory this afternoon lol he must be swearing now heh.
Thats JPM HSBC Soc Gen & RBS core positions being shroomed
Hell yea!
COMEX implosion!
FUCK YES!
DELIVERY TIME!!!!!
LET THE SHORT SQUEEZE COMENCE!
Ooooo and RoboT staggers back to his corner after a severe beatdown, coughin up blood...'cut me Mick, cut me! Im goin back in there'! Whatsa matta wit ya Rock! Dont ya know PM'll MOIDA ya if you get back in there!!
Flawed analogy - Roccy wins!
Not this time! Its Rocky 7!
This coon is not into fisticuffs. I'm a lover, not a fighter.
Vive le Difference!
Rocky 7 huh - So it was the ghost of Micky speaking.
IMF cuts gold sales. Declares it a reserve asset.
http://www.commodityonline.com/news/IMF-Oct-gold-sales-down-40-to-628-000-ounces-33931-3-1.html
Time to run gold up to a price where it can act as a counter to all that debt.
Excellent link, thanks, the way they chose to title the article is interesting.
Headline should say:
IMF Stops Selling Gold to Public so They Can Sell Gold to Central Banks Who Need it.
+ 1385
I hope to see a Thread devoted to detailing the status-quo of the IMF & SDR, because the absence of this being a Hot Topic Headline in the news only underscores just how relevant this is to what's going on, and will continue to get Hotter the longer its put off-limits from being brought out widely "In The News".
The Clock is running down. Any discussion that includes SDR's is meaningless now because the Expiration Date for what an SDR is, is upon us. I think the SDR will soon be history.
The only thing one could expect is that if there will be an SDR after 2010 ends, and we're just weeks away, is that it would Not be anything near what an SDR is now.
It could and should also be Noted that the 4 Currencies that make-up the existing SDR just happen to be the same using QE to the extreme. Wouldn't someone who was heading for official Bankruptcy in a month, expecting existing debt to be erased, yet somehow still had an active Credit Card, go out and keep running up the credit?
I'll just leave a paste I had posted on this before here, please note the dates. You see going by the way the IMF brought this out in the past, it would already have been put out and set to be effective 1/1/11, of course it hasn't been mentioned but this connects to the recent G-20 fiasco:
[[[ Anyone can figure out that the BRIC's, BRICets, the EastBloc is NOT going to accept SDR's as-is as a currency----its a joke to even consider ]]]
Basket of currencies determines the value of the SDRThe value of the SDR was initially defined as equivalent to 0.888671 grams of fine gold—which, at the time, was also equivalent to one U.S. dollar. [ =POG of $35/USD ]
After the collapse of the Bretton Woods system in 1973, however, the SDR was redefined as a basket of currencies, today consisting of the euro, Japanese yen, pound sterling, and U.S. dollar. The U.S. dollar-equivalent of the SDR is posted daily on the IMF’s website. It is calculated as the sum of specific amounts of the four basket currencies valued in U.S. dollars, on the basis of exchange rates quoted at noon each day in the London market.
The basket composition is reviewed every five years by the Executive Board to ensure that it reflects the relative importance of currencies in the world’s trading and financial systems. In the most recent review (in November 2005), the weights of the currencies in the SDR basket were revised based on the value of the exports of goods and services and the amount of reserves denominated in the respective currencies which were held by other members of the IMF.
These changes became effective on January 1, 2006. The next review will take place in late 2010. <<< wasn't done
==========================
IMF Members' Quotas and Voting Power, and IMF Board of GovernorsLast Updated: October 05, 2010
http://www.imf.org/external/np/sec/memdir/members.htm
[ if the same manner to calculate is to be used now ]
As a service to the users of SDRs, the Fund will project the currency amounts in the basket based on average exchange rates over the previous three months, beginning December 9, 2005, and update these projections every week for the remainder of the year and post them on the IMF's website (www.imf.org). As the currency amounts will be based on a moving average of exchange rates, they will tend to iterate toward the final effective amounts, thereby keeping users fully informed of the likely final currency amounts in the new basket that takes effect on January 1, 2006.
USD, EURO, YEN, GBP < the current SDR's, rhe 4 QE'ers, who wants them ?
I understand why they do this, but it's like using a slinky for measuring lumber! Por que?
Imagine shopping for groceries with Yen, Pound, USD or EUR banknotes in 2020. You will need bags of banknotes. SDR is just like a wheelbarrow of these currencies.
Imagine this wheelbarrow with a big "SDR" printed on it:
http://www.inmagine.com/pdv052/pdv052022-photo
On the front of the note, there shall be a picture of a wheelbarrow filled with banknotes of these types. The smaller denominations will show a plastic bag of banknotes. The big denominations will show a truck of banknotes. It is easier to bring the SDR than to bring the wheelbarrow. Hence people will opt for the SDR as it is more convenient in a hyperinflation environment.
"As good as a wheelbarrow of USD!"
I don't think Gold going up 12 in 40 minutes is a squeeze. If it was, watch out to te downside now that it is over. Won't last long.
Oh, Tworiver proclaims the gold move 'over'.
No, it just seems that that is a small move when judged against other moves and did not deserve school girl-like enthusiasm. If Gold was up 40, then you can hike your skirt and cheer. just sayin.
It is early yet. Cheerleaders are on the field but the team is still in the locker room.
Auburn University (AU) is 12 and 0 this year.
Interesting match up if Oregon in GREEN plays AU.
Teams are still in the locker room? Hmmm I see it as 4th quarter, :20 seconds left and Team Bankster/Fed is down by 12 touchdowns.
If the price of gold takes off from here like some say, then indeed, we are only getting started. Likewise, we are at the start of collapse. Even if you don't see everything breaking down in society, given the MBS stuff, off balance sheet derrivative bullshit, jobs going over seas, etc. you have to admit, the depression here is going to get a whole lot worse. Nah, we are just getting started.
University of Oregon school colors are green AND gold.
No, they are green and putrid yellow. Green for all the sweatshop cash Nike funnels to them, yellow for the pus oozing from infected nose-ring piercings. I hate the ducks.
a beaver fan?
which reminds me...whatever happened to plazidow's charming avatar?
I think he replaced it with a fractal that looks like a beaver.
What isn't lasting long is this last little consolidation in the metals. The primary driver of that market is just hitting the fat part of the torque curve. Think of this last dip as a gear shift.
Gold is at the pinnacle of the Right Shoulder of a volume-confirmed Head and Shoulders Top. If it breaks 1400 the pattern is negated, if it breaks 1310 the pattern is confirmed. Have a nice day.
yep, that's my read as well. There is a fair chance that the equities will crash and take gold down with it for a little while. But who knows.
Theres no real safety in equities or currency or metals, not unless those metals are firearms and used to can food. Thats what people will really need soon.
The vast majority of TA posted (on this site, and elsewhere), is never followed up upon.
Nah Harry follows up on his TA, by 'cntrl alt del' his previous days calls and reversing them. Easy.
Pearls cast before swine?
Just saying: the occasional nailed call no one expects any returns for, but if you expect someone to lay their dick on the line on a regular basis, you'd better be willing to show them some recompense when you profit from their acumen.
If it goes thru 1310 how much farther will it go?
It goes into the "buying opportunity" range.
I'm looking for a 50% retracement of the last move which would take it down to 1250 -1275.
Well, better keep looking then.
There is no head and shoulders pattern in Gold
http://www.commodityonline.com/news/There-is-no-head-and-shoulders-pattern-in-Gold-33922-3-1.html
Here is what a REAL H&S pattern looks like:
http://www.the-privateer.com/subs/goldcomm/gold%20jan%202008.gif
I think access to the graph is available for non-subscribers, not sure.
Point and Figure charting.
Nope, couldn't see it.. thanks though..
Yup. It's proprietary for subscribers. I'd get chewed out for publishing it.
Sure is a beaut.
H&S patterns mean nothing in this case because the manipulators can rig it any way they want, until they can't. BTW I fully expect SLV to crash within 90 days; thank you Max Keiser!!!
Waiting on delivery of silver I got my 92 year old mom in law to buy Friday. She'll want more.
Props!
Looking at how gold and silver coins seem to be flying off the shelves i wouldnt be surprised if the euro banks are already experiencing a stealth run.
I've added to my silver stash every week -
12-1/2 Lbs of 1920's Silver Libertys makes a nice paperweight!
Tyler:
Do you really think that JPM is involved in this latest jump or were you just goading them a bit for sport?
Turd? Turdie Ferguson? you're on.
Here I am. If you missed it, I would refer you back to this from yesterday:
http://tfmetalsreport.blogspot.com/2010/11/very-encouraging-day.html
I must admit that I originally typed 1385 for today but then I thought "gee, that's a little aggressive" so I went back and changed it to "1375-85". Admittedly chicken but a good call nonetheless. Let's see is we can close above 1385 today. With al the POMO coming this morning, we should. From there, we should be back to 1424 pretty quick. By Friday?
And one more thing...said yesterday, too, that the dead cat bounce in the USDX had about run its course at 81.50. If it does begin to roll over here, the "down$/upAu" algos will kick in, too.
Turd, What about these "head and shoulders" TA callers around here? Anything to add other than they don't know what the hell is going on at the COMEX and that the Big Shorts are boxed in/trapped?
Considering that I've been predicting for two weeks that the H&S topcallers would be out in force between 1365-85, I'm not too concerned about them. Check this out and note the date:
http://tfmetalsreport.blogspot.com/2010/11/all-that-glitters.html
Gold and silver are trading on extremely strong fundos only. TA is only helpful in recognizing spots where the Evil Empire will act. Period.
Is there a h&s top in gold priced in euro? In yen? How about in pounds? Gold is resuming its place as the one, true global currency. TA be damned.
Thanks Turd. The people who only look through USD eyes are missing that fundamental point. That is an ERROR in their TA analysis. It does not apply.
Using Fiat currencies to measure the price of Gold (or anything else, for that matter!) is like using a rubber ruler -- but they're the only measuring units available, so far as I know.
1383. It always seems to go down the same way. Gold wants to go somewhere. They successfully detain it tuesday and then it breaks them wednesday.
It's like benny doesn't mind owning you 40 bucks he just wants to be late paying it if he can't weasle out of the debt.
..."gold squeeze" sounds oddly warm and fuzzy.
I think of a bankster in the coils of a 30ft python.
I think of the retired banker who told me I was out of my league trading with the big boys.
This is the beginning of the 'Repatriation Trade'. Sellers of hot, tumbling asian equities, sellers of euro trash all coming home but dollar cash is trash thanks to QE forever. Allocate to gold. Add inflation fears into the mix of global currency uncertainty: gold fever.
The dollar looks like it will die much slower than the others.
Agreed. But die it will
Yep. But nobody trusts the Fed anymore. Plus it's an open secret that we're on the hook to bailout Europe via IMF and Fx swap lines or else their banks will domino ours.
It all points to another dollar tsunami with now evident inflationary risks to the moon
Robo Trader.....are you starting to "get it" yet? Insure your financial assets..that's if you have any left after your gold shorts
$9 billion now only buys -100 DOW points? The Q/E mania is over, RIP Bernanke.
not to worry, Bombs Away Ben will chase the rush all the way to rehab
Oh and we just retraced 61.8% of the retrace from the all time peak. Breakout.
If Gold can get past 1400, then 1450 will come very quickly indeed! 1390 will be the first hurdle, though.
1387.8 was a key Fib level.
http://finance.yahoo.com/news/Bond-Sales-Tumbling-in-Worst-bloomberg-339...
gold and silver order due today took 3 weeks for apmex to send..bought at highs but did not buy to trade..seems FEDand ECB know how to solve this mess..print more borrow more.. they can walk on water ..PM's the fear factor just hit the escalator in EU land
Orders will continue to take longer as dealers have trouble keeping up with demand. The typical 1.5 weeks is now closing in on a month.
BullionDirect ordered Friday and tracking shows Thursday delivery.
edit spelling