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Flight To Golden Safety
It's amazing what a little reminder that an ever more fragile ponzi system is constantly on the verge of total collapse will do to the price of tungsten (or closest equivalent) flight to safety.
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options bitchez!
even as the dollar rallies gold up
I spotted that beginning a little while back. Interesting turn of events.
And gold is up twice the % that the $ is up. A very, very positive development, indeed.
The old safe haven is the new safe haven.
I like it a lot when both the dollar and gold (in $ terms) both go up.
:)
Harry Wanger shows up this morning with whiplash neck brace....tough out there ol chap! Not too good yet for the 'snap back rally' in bubble equities.
Meanwhile, JohnnyBravo remains on full (intellectual) life support in the ICU, after being mercilessly attacked by an unknown assailant wielding a solid gold club, who beat him senseless while repeating the mysterious phrase "HERE'S your buried canned ham, BITCH!"
Hey Akak, do you ever visit Kitco? Check out this just posted:
"We only have some preliminary information right now, but thought it would be good to get it out ASAP.About a month ago we got a report of strange 100oz Engelhard silver bars. They were underweight, and owner thought that they might have just been shaved, but then was concerned that they might be filled with lead. He had received them from a supplier in China.
It turns out that the dimensions are off (the bar is only 21mm thick, versus the 27mm of a standard Engelhard extruded 100oz silver bar; it is also a bit wider). The sides are not tapered, like a real one (where the length and width on the top of the bar are longer than on the bottom, because of the slanted sides). The bottom has some pitting on it. The weight is low, at around 2,800g (versus 3110+g).
We got a sample today, and tested it with an ultrasonic thickness gauge. It tested as definitely not being silver, and likely being lead (a velocity of sound of 2,250m/s rather than silver's 3,650m/s). Putting the bar in a plastic bag and tapping it with a hammer produced a 'clunk' type of sound, rather than a ringing sound.
These may soon appear on the popular auction site, if they haven't made it there yet.
We hope to provide more details (including pictures and such) soon, but I wanted to give people a quick heads-up."
Courtesy: About Ag, Kitco forum member
Hey mrgneiss, I do not really go into the Kitco forums any longer (after having been banned by that thin-skinned power freak Ynot2k), but that is interesting info to note. I have always been at least vaguely uneasy with the idea of owning 100 oz. bars for precisely that reason, although to be honest even 10 oz. bars would not be hard to fake either, especially given the many fake coins (= or < than 1 ounce in weight) emanating out of China in the first place.
By the way, are you the poster who lives in Hawaii?
I've found the aforementioned poster on kitco to be of questionable provenance and credibility. He/she seems to parrot the memes of the IRS/Fed/Goldman Sachs, and I would not be shocked if this is a bogus attempt at poisoning the well. This is the ONLY poster on Kitco who repeatedly defends the new 1099 law hidden in the Obamacare bill which would result in you paying taxes even if you sold a 1/2 GAE or tube of SAEs. This is all, of course, IMHO.
My first thought, too, upon reading it.
Any regular commentator receiving a counterfeit bar or coin would immediately spread the word on this and other blogs. Given the numbers currently buying all types of silver from dealers all over the planet, you'd think there would have been at least one credible first-hand report on here. Also, any dealer selling counterfeit would be immediately out of business. I call BS.
What's the cause of this? Rumours of Bernanke's re-appointment?
LMFAO...
As I now have > 50% invested in PMs, I was thinking of some volunteer work... as Ben's body guard... Ben is the gift that keeps on giving (and giving back just seems like the right thing to do).
p.s. three hours before options expiry... those Asian metal boys do play hardball, don't they. All together now... "eat those shorts JPM!"
What time is Options Expiry?
1:30 Chicago
As a point of clarification, Dec10 futures expire at 1:30 EST.
Dec10 options continue to trade on the Globex until 4:15 EST.
I'm as happy as any about the performance of the PMs, but I don't think the bullion banks are doing anything to stop this run. They're short-to-long ratio is only 2:1 based on last Friday's COTs, typically it will get up to around 3:1 before a big reversal. I wouldn't be surprised if they're actually helping to drive this current run, beating up all the 'top callers' and sucking them back in at higher prices.
Combo- Irish bank run and North Korea sending missiles south.
Sweet. Let's get this baby back where she belongs. Me thinks now might be the time for PM to really shine!
due to what annoucement/news was this spike in gold?
i thought on option expiry they manipulate it downward?
Indeed. They've no doubt tried all morning, but failed.
Expiry, bitches!
Turn on TV
dont have a TV here...
Let's see what happens after the PM Fix and London closes. It is generally at this time that the goon squad hits the metals.
Right on schedule...Anymore FUCKING questions?
Gold makes it's biggest gains after november expiry. Then crashes somehow in january feburary or march. It's always the most parabolic during this time of the year.
Uhhh, just the fact that the Korean War has turned back into a shooting war.
I'm no expert but I think not. More likely it's just another stage in the ongoing drama. If NKorea really wanted to attack they would probably just open up with a full shelling of Seoul and not give SKorea a better opportunity to respond. NKorea would likely still lose any engagement but only a great fool would do a slow escalating attack here.
Overall I agree. But I've learned in my old(er) age that the world is full of great fools.
This is why gold isn't up $100 or $1000 today.
But still, this is now a shooting war, as both sides are now shooting at each other. It is not a long jump to shelling Seoul or nuking Pyongyang from here. It could happen today if this is allowed to escalate.
errrr ... technically, they're both only lobbing artillery shells onto a deserted island. Just making lots of noise to distract attention from elsewhere.
Now, where is the magician's other hand?
Not quite sure, but I'm feeling some pressure in my anal track. And it isn't time for my prostate exam. :>)
onto a deserted island
On that you would be incorrect.
http://en.wikipedia.org/wiki/Yeonpyeong
From reuters:
Photographs from Yeongyeong island, just 120 km (75 miles) west of Seoul, showed columns of smoke rising from buildings. Two soldiers were killed in the attack, 17 wounded. Three civilians were also hurt.
Right, and I guess those burning villages were just props.
"Well, you honor, technically, I didn't shoot him, I merely used a mechanical device to trigger a fast chemical reaction which propelled a small piece of lead out of said device. That lead just happened to hit the victim in the back of the head. It was just bad luck on his part that he happened to be standing there."
I'm no expert but I think not. More likely it's just another stage in the ongoing drama. If NKorea really wanted to attack they would probably just open up with a full shelling of Seoul and not give SKorea a better opportunity to respond. NKorea would likely still lose any engagement but only a great fool would do a slow escalating attack here.
You're making the (IMO false) assumption that NK's attack is motivated by military and not politicial strategy.
Military is just a continuation of politics, read Clausewitz On War. And certainly getting your ass handed to you in a war is a good way to lose power.
Again I'm no expert but if NKorea has any hope of a mil victory the move must be sudden, swift and decisive. A slow escalation will mean they will certainly lose. Now I'm having to assume that the military leaders in NKorea (and China) know how bad their position is logisticaly and must have already realized this. The only chance of victory lies in breaking SKorea before the US could mount a significant amount of forces in the region. I had a friend who served in SKorea a few years back and he says basically they are there to get Americans riled up if the NKoreans come over because they would not be able to stop them.
It's more than a flight to safety.
This time there's the real fear of a currency disaster. Today marks the inflection point of loss of confidence in the Euro. If the Euro collapses, that would in turn drag down the entire global banking structure, US included.
Currencies everywhere are suspect since the dollar's attractiveness as a safe haven is tarnished and a new systemic banking crisis would generate huge money printing.
No where to run, no where to hide but GOLD!!!!!!!!!!!!!!!!!!!!
"Today marks the inflection point of loss of confidence in the Euro."
Ummm.... what's so special about today? The EU and Euro were in worse shape back in May.
Sorry, I forgot, today is always the beginning of the end here at ZH!
I'm glad to hear there are still plenty of complacent 'Idiot Savants' out there. THat's what sets up a panic. The countries that need bailing out are getting bigger and bigger. The dirtiest secret of all? Germany's debt/GDP ranking is right under Portugal's and just above Malta and the UK. They also just announced a record deficit. The doo doo is deep.
I'm not complacent at all, I'm just tired of all the drama queens around here. If you're going to make a sensational statement, you should back it up.
Back on topic, this "spike" in gold is less than a 1.5% change. Wake me up when there are daily 5-10% changes.
That would be well and good if the folks who say the top is in for a similar fall in gold would go away.
The coverage ratios in the regional Landesbanks is absolutely microscopic, one reason there is no room for Grecian relief payments. The lower buck means a lower yuan and that hurts the mfg. sector which is built on landesbank loans.
No, this is the middle of the beginning of the end. We'll reach the end of the beginning of the end when the remainder of the EU periphery goes the noble IGs. We will reach the middle of the end when the core nations of the EU are effected. The end of the end will come when the US falls.
Well done T.
Wait until the US agrees with S. Korea's request to bring back the nukes.
Then you'll see gold go parabolic.
Buy steel bitchez.
buy concrete. about 12 foot thick.
I'm waiting for what delivery looks like later this week. Could be a real knee slapping comedy.
You might receive an impressive collection of the Emperor's New Krugerrands.
Very impressive to see Gold rally even when the dollar is also rallying.
That signals general loss of confidence in all currencies, which goes along the fear of an associated financial crisis. If there's a banking crisis due to EUro meltdown, the Fed will print in logarithms
Not impressive CD, rather disturbing! Not a good outcome, I fear!
Long Dong Silver was both impressive and disturbing. The terms are not mutually exclusive. :>)
For those not familar with the term I give you the Wiki version.
http://en.wikipedia.org/wiki/Long_Dong_Silver
Lol. Harry Reems and Linda Lovelace.
Being 45 I know about this "story" CD, yet in regard to PMs I am still learning, something's gotta give here, if PMs were to put in another leg up, they will need a more substantial, meaningful correction, otherwise just noise and sideways action! maybe I am totally wrong but I do this for a living and it was/still is quite a decent one! Own all the goodies but do not exaggerate, have stops/puts in place, do not really like today's action! Always enjoying your comments, happy thanks bubba!
I trade PMs too! Traded some fiat for some Silver Eagles this week.
It's disturbing that people think that it's disturbing that people are leaving the worst money that mankind has devised in the history of the world. THAT is what is disturbing.
We are going to do what our parents generation, our grandparents generation and our great grandparents generation refused to do: KILL THE BANKS!
Moments like this are rare and it's up to us to man-up, and take the fight to the enemy! We won't whine and say "it's disturbing" or "I'm scared". We are real men and we will take back what THEY have stolen from us.
Suit yourself "flacon" but be careful what you wish for! Them silly, "Unintended", consequences!
we had this all spring long during the greece crisis.
Another mini spike just happened, now $1,376
Reports of explosions in London.
http://www.businessinsider.com/explosions-mi6-2010-11
LBMA participants exploding with rage at the thought of delivery?
Update: It appears it is all clear now, with a controlled explosion of a bike being the aforementioned explosion.
It's just the authorities blowing shit up again.
Somebody's pissed about that $40 million wedding.
All I know is the more I have in 100g gold, krugers and silver eagles the better I sleep.
We're witnessing a Minsky/Wile E. Coyote moment in the global matrix, bitchez.
Smart money doesn't want to be holding ANYTHING but Gold over the long Holiday.
Too much risk.
Good point about the long holidays.
Thanks. It is a real concern for large portfolios. The long weekend and illiquid holiday markets only compound the risk.
Korean War is on again.
Korean War is on again.
I think Korea is only half the story. Eurozone on the ropes and wobbling is the the other. Nightmares of a systemic event are back on the table in a real way. Signs of growing political instability in Europe and elsewhere are rising
While I'm getting used to slightly sensationalized charts here at ZH (so easy to control scale to make a spikelet a PARABOLIC SPIKE), but this does really feel like an inflection point (got to admit there have been a few that fizzled).
But tension in the Koreas, "controlled" explosions near the MI5 in London.... any other hot-spots?
Tick tick....
Up tick!
ORI
http://aadivaahan.wordpress.com
Mi6
:)
BBC: Update: It appears it is all clear now, with a controlled explosion of a bike being the aforementioned explosion.
Thanks. Did I just make a hybrid out of a Roadway and an intelligence(not) agency?
I think I did!
;-)
ORI
just waiting for the PM fix
SPX
Uncle Ben! Uncle Ben!
http://99ercharts.blogspot.com/2010/11/spx_23.html
http://www.zerohedge.com/forum/99er-charts
Blimey!, i was bringing my gold home on my bicycle, and they blew it up! what'll i tell mamma?
If you've got the other basics covered, gold makes a nice pillow.
I would be watching out for gold here. as All Ords and Bovespa tracing out tops that look a lot like the gold chart. Head and shoulders all around. if Gold fails to hold 1345 today, its going to get ugly fast. I'll take a stand against here at 1375 vs 1390 stop. Have a good one.
OH NOES ATTACK OF THE TECHNICAL ANALYST.
Does anyone seriously subscribe to TA any longer? Really?
T/A on the day world war breaks out, bank runs go parabolic in Europe, and the dollar has been abandoned as reserve currency. Something they all said could NEVER happen...ever. Gold, bitchez!
http://www.goldman-sachs.ch/filedb/ef01f79dc3f56b9c59a0ec58ccb2f020d240d...
the certificates ending tomorrow enabled the investor to profit from the rising price of the undelying gold.
Now the new ones starting Nov 10 2010 and ending May 12 2012 advertise profit by way of falling prices.The eventual hard support seems to be at around 800-900.
I like PMs but i ave a sentiment 2011 is going to see big drops.
From 2012 and forth starts the parabola.
> I like PMs but i ave a sentiment 2011 is going to see big drops
FOFOA predicts a huge drop after the paper gold market collapses. Then a period where no one knows the price of gold. Then gold emerges as FREEGOLD (which would be the equivalent of $54,000 in today's dollars buying power).
Gold "price" is going to be meaningless because things in the real world will be priced to gold. It's like saying "What is the price of a dollar?". The correct response to that question is "Null Pointer Exception".
I am always happy to see FOFOA mentioned here at ZH. He is the most interesting gold observer out there, and I think (but do not KNOW) he will be right. Freegold!
I am also always happy to see both the US$ and gold up.
Null pointer exception? How about "NaN"? (Not a Number!)
Wrong site, buddy. We don't buy that crap from the Squid or anybody else. You debase the currency, gold goes up. End of analysis.
This is the same guy that said last Friday:
by TWORIVERon Fri, 11/19/2010 - 09:50
#740876
Gold (1345) silver (26.5) and Oil (81.5) are all going to tank very hard today. Let the junkings begin!
Gold closed at 1354 on Friday. Some tanking!!
Just some minor dyslexia! Those numbers are really 5431, 56.2 and 518! :>D
Whenever there's trouble people immediately reach out for barbarous relics like gold, guns and grub.
May the best most well prepared barbarians win....worst case scenario, bitchez!
GOld back to 1400 today?
Hey Jamie Dimon...GOT SILVER? Bwaaa ha ha ha haaaaa!!
Keep an eye on the Dec10 USDX. 79.60 is the high from last week. 79.51 last.
Double top or move to 81?
My "guesstimate" Turd: massive dollar rally in the making!
False rally.
This is like a guy falling out of a plane with no parachute. As he approaches the ground, he throws a hammer as hard as he can at the ground to try to lose velocity.
He, and the hammer, both go splat all the same.
Ags tanking but not metals.
Irish Debts crisis, Chinese tighting, worldwide stock crashes and Korean tension...
US tried hard to rescue Dollar and crash Gold/Silver, laying down the foundation for next round of intensive treasure sales events.
Also QE2 600Bi fresh money can buy resource stocks at cheap for another round of resource hikes. Careful! dollar and gold both up now, but soon only dollar up and gold back down.
How much did Bennie pay Kim Jong Il to start this fracas?
Hey Silver, maybe he paid Myung-bak?
Anything is possible, you know. In fact, Myung-bak is the higher probability answer to this question.
ORI
http://aadivaahan.wordpress.com
Either is a possibility but someone is being paid to create the diversion.
Myung-bak? Are they related to the MoTeeSuhs or the Ho'deDohs?
W's are money!
me thinks, if the elite and tptb and all the bankesters are all one, couldn't they have bought up or hoarded all the Gold and silver when it was too low and then now do all this stuff to economy when you have lost faith in them ,make you buy/spend your hard owned money
dupe