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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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Case/Shiller home prices miss.
Not SA -0.5%
SA -0.7%
More owners go underwater. New round of foreclosures after the new year as people say screw it and opt for a merry retail christmas and drop the mortgage payments.
Home prices...hell they still have the RE and REIT MBS bubble fully inflated. Just imagine when that many $trillion bubble bursts.
Yeah... commercial has been silent too lately... kinda feels like swimming with jaws..
Where's that robotrader guy to say Gold is gonna crash soon.
wait till we get a 2-point dip on a 2-minute chart
Robo is with Johnny Bravo doing janitorial work for Geithner.
Go Mongol hordes!
"long euros/short gold" - hasn't this been the "Gartman letter" most frequent recommendation in last year-and-a-half? Willw e ever see Dennis on Fast Monkey ever again?
Gartman is douchebag. Made his bones 20 years ago. Now thinks he knows everything just because CNBS loves him.
A complete and total douchebag.
Gartman coughin up blood.
Gartman is long gold in euros i.e. long gold short euros vs dollars as he doesnt believe gold will go up in dollars
In any case he has been wrong pretty consistently, when gold hit $1160 he said he was waiting for a larger correction and 2 months later it was $1,400
Prechter and those Elliot wave idiots have also been consistently wrong, recently calling for $600 gold, the fundamentals are so strong who gives a shit about charts
Gold is the 800-Lb gorilla that will sit anywhere it damn well pleases, then take a crap on any chart (or chartmaker) that sez otherwise!
I just love it when a plan comes together...
im enjoying the PM show so far today, started around 2am pst over in the asian markets and has been on a rampage ever since... ah good times... didnt see the normal flooding on the market with worthless paper gold this morning like i usually do neither, lol..
can i get an over under on when JPM implodes? ;)
3 months
Hey, I have a good idea! Let's all buy silver coins at once and that will take down JPM and HSBC!!! And you can buy those coins on my website: maxkeiser.com
Sucker born every minute...
i love it when people make blanket statements without providing any facts to lend any sort of relevance to their counter claims
seen a lot of em lately
They might work as bus tokens!
i respect your position, but at least toss my a couple facts to back it up. its all i ask in any exchange in information
being a dismissive naysayer without any convictions to support ones stance is a luxury i cant afford.
thanks!
Grab yourself another six pack, Joe.
Joe, say it ain't so!
You really are a shmoe.
Just another Johnny Bravo.
Keep on losing your dough
as the Fed continues its POMO
and our money supply continues to grow
while the sheep just play with their Tivo
and every other electronic gizmo,
never realizing that they are really living in a sea-to-sea Gitmo.
You should become the attorney general. Too bad you're doing such a bang up job as the attorney private pyle.
Oro muchos Grande,big shit moves the yellow stuff.
Gold is a hedge against the recklessness of governments.
A vote of no confidence.
Gold "head and shoulders" non-confirmation article:
http://www.marketoracle.co.uk/Article24642.html
We are going back up to test the highs!
Though this changes every day, the open interest for the Dec 2010 contract for
5000 ounces of silver is 17,208 contracts.
ftp://ftp.cmegroup.com/pub/settle/stlcomex
That represents potential delivery of 86.04 million ounces of silver.
http://www.cmegroup.com/trading/energy/files/Silver_Stocks.xls
The above link (which also changes every day) says there are only 48.41 million
ounces of silver registered (for potential delivery) at the Comex warehouses.
(A similar situation also exists in gold too.)
The first notice for delivery is Tuesday, Nov 30th. The delivery dates are
during the entire month of December.
http://www.cmegroup.com/trading/metals/precious/silver_product_calendar_futures.\
html
If I interpret this situation correctly, the shorts need to come up with a lot
more silver (and gold) to deliver, or work out an agreement with the longs for
substitution, such SLV (or GLD) shares, or cash.
But technically, at this time, they may NOT have all the goods available unless
it is stored off site from the Comex warehouses.
There are 58.81 million ounces of silver additionally stored (eligible) at the
Comex, but they belong to various owners who have not requested that they be
offered for delivery against future contracts for silver.
This may mean the potential for a price spike.
Hi All, my first post on ZH, a PM trader... here is the news today, Silver followed Gold on the news in Asia and continuing now.... http://www.marketwatch.com/story/china-approves-gold-fund-of-funds-2010-11-30
If they are smart they will invest only in funds having audited bullion.
Are you hot?
All biker chics are hot. Even when they aren't.
Gold is cool.
Spitzer yesterday was all about his Euros...true this is a snapshot and his thesis could still play out, but it ain't looking good just this second.
Gold is hot.
Gold is heavy.
So, a question. For all you experienced Silver Buyers; What to buy, American Eagles, or Rounds? Opinions please, as I've been buying both...but rounds are of course usually a buck or 1.50 cheaper...
Thoughts?
RafterMan:
Physical is Physical:
American Silver Eagle's (ASE's) trade at a significant premium to some other forms of silver, such as "plain-old silver rounds", partly because there is some collector-premium priced in.
Silver is Silver, so my view is that ASE's are fine, as long as you're not paying through the nose to get them. They're bullion, and should be priced accordingly. I wouldn't bother with graded ASE's, since the price climbs to incorporate the cost of getting them 'slabbed'.
For someone just looking to acquire a position in physical silver, my advice would be:
Stick to even-weight (1 oz.,5 oz., 10oz. etc.), with clear content markings (Ex. 1 oz .999 Fine Silver).
Give me your email addie, if you have any questions, I'd be happy to help you out ~ (applies to everyone!)
Croesus, would like to send you my email but don't see how.
I buy eagles for gifts. For long term appreciation, I buy rounds and small bars. I figure that in an industrial panic (which is what I am expecting/betting on), premiums will synchronize, as industrial users don't care what form it is in, but only care about the purity.
I feel similarly to you. I buy 5 and 10 ounce bars mainly, but buy junk and Eagles for my TEOTWAWKI spend and barter bunker account. Lately though, junk has been selling at suck ridiculous prices I'm damn tempted to start selling it on E-Bay.
Don't forget about 90% circ. issues, fellas! You many need some smaller denomination silver coinage, for TEOTWAWKI.
I personally keep a stash of assorted pre 1964 for small purchases and trading if necessary. My primary stash is on 1oz maples because they have a 5CND face value giving me a bottom. Additional accumulation has been 10oz bars. I buy ASEs and 1oz rouds for gifts but not in bulk since they carry a heavy premium. If all you are looking for is to safeguard your wealth or leverage your current wealth into hyper inflated dollars later, bars are the best bet. If you are looking for an alternative currency, pre-1964s are the least expensive. Buy some 50 cent Kennedy's and morgan/liberty dollars. I would have at least $100 face value of each.
Premiums on dollars have gone through the roof lately. Halves too, but not so much. Dimes and quarters seem to be rapidly becoming a best buy.
At the rate things are going, dimes are soon to be worth five of today's fiatscos; not as though they won't be worth your time.
Definitely rounds or bars.
Who wants any "officially sanctioned government product" with a bunch of bogus mottos and self-proclaimed diety-faces like the Queen of England?
Also, anything that came from a government is somewhat easier to simply dictate "must be returned to government in exchange for fiat paper".
If somebody made chocolate coated silver rounds or bars, that would be perfect. They look pretty much worthless, but you can melt them down yourself as needed when you want to exchange them for real, physical goods.
It's all happening too fast. I was happy to accumulate on the sly.
gold at this level has more potential to crash than it is to go "parabolic"
Right, any minute now.
His in-depth analysis has prompted me to sell my holdings, immediately.
HAHA, yeah, ain't that the truth. I've been hearing that crap since 2001.
honestly, i wish it would. then i could really load up...
I would welcome it, sure love the feeling of buying at depressed levels...there is a certain price target and I'll want to get there as cheaply as I can...
Thank you for that detailed and insightful analysis of the gold market, Jon Nadler.
Now back to your cubbyhole in the basement of JPMorgan --- I'm sure your masters have MUCH more anti-gold agitprop work for you today!
If SLV takes out 27.28 on vol, we're going to recent highs easily, see 1hr chart.
We have a Swiss Stair formation taking shape on the 5min and 15min charts.
I had one of those, but it was wrecking my back, so I traded up to a Nordic Track.
Swiss Stair what in the heck is that, biker babe. big ass bike, do you drive it or is it a T O Y ?
got C O I N , silver/gold bitch.
Google 'Swiss Stair Formation'.. and ya, thats my bike, HD Sportster, thank you.
What's the matter Punzel, jealous?
Ding Ding Ding... we just took out 27.28 on the SLV on 1.3million shares on the 1min. woohoo.
You don't need no "expert networks" to foresee the certainty that is a rising Gold price; only look at things from outside "The Matrix".
Just buy Gold. It's the "insider trade" of the century.
The great thing is, gold is the insider trade for outsiders!
Sure feels fine when I take gold out of the system...none on anyone's balance sheet, a political statement on my behalf, I am just overwhelmed for words!
N00b here. Can someone point me to a reference or explain why there is such a premium on the silver market compared to the SLV price which is supposed to represent one ounce of silver.
Or is this just a demonstration of the physical / paper price difference?
EDIT: spot just blew up to 28.25 in the last 20 minutes
That's because SLV really represents two things... jack $hit and Jack just left town.
Seriously, check this link out and read up on some of Harvey's latests posts he explains a lot of things:
http://harveyorgan.blogspot.com/
This should explain it:
http://www.ibtimes.com/articles/20090715/gld-and-slv-legitimate-investme...
Basically, they're just phoney paper-mill schemes. SLV is run by JPM, holder of the largest concentrated short position in the silver market. Acting Custodian of SLV, is HSBC.
It is interesting to note, that both JPM and HSBC are on the receiving end of RICO lawsuits, for price manipulation in the silver market. . . . . .
Anyone putting money into SLV is begging to get hurt, in my opinion.
SLV is the bullion equivalent of getting rickrolled. (if ya don't know google it)
One day you will check your SLV shares and this is what you will see.
http://www.youtube.com/watch?v=dQw4w9WgXcQ
Where is Harry Wanker?
come on now, everyone who's surfing ZH knows that actual bullion supply is far smaller than all the contracts floating out there for it. even trolls like HW.
when people take the antagonistic perspective on PMs, they are either trolling for attention, or have some honest to goodness strange idea that somehow this hyper-fractional reserve system can continue forever to some degree or another.
if you make the economics aspect of the equation generic, everyone eventually realizes that the unsustainable cannot be sustained. and trolling can be fun for some.
You got it right here, """ is this just a demonstration of the physical / paper price difference """
Don't know if its been mentioned, what's been showing in Gold in past months is the opposite of what we saw for years. The Strength in the POG is seen mostly when the US/West Market opens...to me that's noteworthy and important...also underlines what's been said...that the US Big Money Players are turning in their Paper Dollars for Au
Thank you guys for the information. No one ever said that you cant be gracious or polite here.
TA for Idiots... TA doesnt apply given such vast manipulation. However, he´s my TA for pms ... charts show pms going up 8 years in a row and since there is no fundamental reason to expect a change in direction ... on the contrary ... my charts show that gold and silver are going up farther. That´s all you need to know.
In gold we trust.
In silver we trust.
In reality we trust.
In physical we trust.
We do not trust:
- fiat
- fake
- fraud
- fiction
- fantasy
- fractional reserve practices
Also banksters, government and predators-that-be.
I am a believer in PMs like many of you however I find it difficult to decipher genuine information from unadulterated gold buggery on ZH at the moment.
Isn't the fact that silver coins as an investment now ranks top 10 on Yahoo an example that the retail investors are about to take a sting? What is stopping the CME upping margin again and again and again? That sounds like a simple question but seriously what impact is that going to have on prices when you take the leverage out of the system? I guarantee Paulson, Soros and the like are not holding anywhere near as much physical as the average retail guy.
I am not as confident as many of you given the game is rigged in the favour of the US gov. I think those expecting GLD and SLV to make them gazillionaires may be a little early on this play and have to stomach some decent lurches lower before things take off.
Can anyone give me a genuine answer on this rather than trolling it as an anti gold bug comment? I value the objective opinions on ZH highly and hope they respond to this, cheers!
I'll offer some personal opinions.
As long as silver trends higher, there is nothing wrong with CME raising margin rates. There is huge leverage in most futures contracts. The leverage needs to be kept reasonable to attract speculators to provide liquidity for trades, which also promotes commissions.
The final price is what the longs are willing to pay in full for delivery of the goods.
If you take the leverage out of the system, the longs would just need to wait for a short to agree to the price for a transaction. So a potential transaction may take longer to make, and less commissions will be made as volume decreases.
The game is no longer rigged only in favor of the shorts (your term US gov). US government and bankster malfeasance is leading more people to distrust paper fiat money as a store of value. So more and more longs and minor speculators are taking advantage of the suppressed price and now want delivery of the physical. History has shown that artificial price lids on commodities often lead to much higher prices as demand builds up. Gold in the 1970's is a good example.
As long as the Federal Reserve is willing to QE the obscene amount of debt our government irresponsibly issues, it is inevitable that things requiring considerable effort to create will rise in value vs the dollar.
thanks for your comments and taking the time to write them for me.
One thing I can't reconcile though is that with the T's of $ in shorts being held by the large banks on behalf of the US Gov and other govs internationally, what incentive is there to limit margin cuts at the CME. Surely those who own and manage this exchange have more to lose than just the commissions on GLD and SLV if the metals are allowed to explode.
Further on the liquidity point, potential transactions "either" take longer to take place or just take place at a lower price/higher price depending on the urgency of the buyers/sellers. If there is a big paper unwind then prices will not just wait for new buyers in a less liquid environment they will drop quickly in leaps and bounds in flash crash style as the offers chew through the available bids.
If I am off the mark here then someone please call me on it and enlighten me, I just can't see PMs as one way traffic for the forseeable future.