Gold And Silver Reach New Record Nominal Highs – Little Coverage, Bearish And Superficial Analysis

Tyler Durden's picture

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aVian's picture

tptb dont want the sheep to protect their wealth, poor sheep are good sheep

umop episdn's picture

But debtor sheep are even better sheep!

Long-John-Silver's picture

I'll take my Sheep with a side order of debt slavery. Do you have any Moody's debt rating sauce?

camoes's picture

I like my sheep with Apple sauce and ordered by Opentable using Salesforce.com

Can I eat it with my silver fork & knife and drink with my golden cup?

jesusonline's picture

I know it’s faux pas to talk about CNBC and link CNBC stuff, but you have to watch it. Yesterday Kudlow had a segment “Ditching Dollars” about that BRICS meeting the other day, setting up swap lines, etc. (A "cabal" of countries, including Brazil, Russia, India and China, could be pushing to have the dollar replaced as the world's reserve currency…”)


http://video.cnbc.com/gallery/?video=3000016751

Three guests and Kudlow. And one of the guests – Lutnick from Cantor – really stole it.

Toward the end of it (about 11:40)

Kudlow: You told me this is going to end and it may not end well (money-printing)

Lutnick: Of course it's not going to end well.

Kudlow: I want it to end well. that's why i prefer currency stability with king dollar tied to gold

Lutnick ....Ready? here is what we did last time. when the japanese owned all our debt. the rest of the world owned all our debt. what did we do??...

Kudlow: What did we do?

Lutnick shouts out victorious: We inflated it away!!! And calmed down the cost! (it was like like yes, we did it! America!!!)

Kudlow: Oh my God… Oh Christ…

But Lutnick’s not letting him go, keen to hammer his king dollar fantasies: You watch it happen again. this is the same movie. inflate it away.”

Kudlow has that face like you just ruined my whole program man

That was fucking hilarious, I’m telling you, I couldn’t stop laughing xD

Waterman Jim's picture

I'm calling it the "worldo". When anyone starts talkin' one world currency, I think to myself, and sometimes reply..

Worldo Bitchez!

mark mchugh's picture

Trademark that shit, Jim!

I think you're on to something.

Bananamerican's picture

i prefer "the Mark™"....

it's a beastly good name.

video's already gone

FIAT_FixItAgainTony's picture

amazing how these videos disappear isn't it?  NOT!

Cdad's picture

 

Lutnick's comments last night on Kudlow....ug.  What an utter scum bag.  I've said it often...we cannot recover from this economic breakdown until guys like him are gone.  Capital will not form again in the hands of such men.  It's funny...these guys have been trying for three years to establish fund flows...and yet they do not have enough sense not to go on air and say such things as Lutnick said last night...and it is because this is the very nature of the men we are dealing with.

The criminal banking crew in this nation is entirely comfortable destroying the value of the US dollar and crushing saving interest rates as their primary highway of return on capital in equity markets.  You have just seen one of the syndicate members say so.

Tyler...you should probably post up that Kudlow video...I think a lot of folk would enjoy/puke watching it.

Additional:

The clip makes your case for PMs...although I think all commodities will probably come off hard today.

 

jesusonline's picture

Thumbs up for saying like it is, Cdad :)

You have just seen one of the syndicate members say so.

Indeed. And it was amusing to see Kudlow choking on it - whoah man, don't let that best known secret out in the open like that!

Cdad's picture

It continues to confound...why the lay offs in the financial services sector have not begun.  If you look at it from a fund flow perspective, or from its ever shrinking representation within the S&P...this whole group needs massive reductions in people.  After all, with no loans going out into an broken economy, and real fund flows into equities but a trickle, what are all these bankers doing all day?

Answer:  destroying dollars, Ponzi trading treasuries, and writing bogus earnings opinions on plague-like banks such as Blight of America bank.

Enough already!  100,000 financial services firings, please.  We already have too many useless people in the country.

 

Infinite QE's picture

Let's remember Lutnick on 9/11. He just happened to take that day to take his kid to school and was "late" for work. Then he came on CNBC saying how he ran to a pay phone after the event, cut in front of everyone so he could tell his daughter he was ok. World class scumbag.

Pants McPants's picture

A standing ovation for honesty, please.

Debtless's picture

Wealth preservation - now coming into its own. The rhetoric is just noise.

saulysw's picture

"Gold and silver have reached new all time and 31 year record highs in trading in London this morning. Silver is particularly strong and the euro particularly week on sovereign debt contagion concerns."

 

Week => Weak

saulysw's picture

You know, as soon as ZH mentions the metals are doing well, they nose dive. Seriously.

Idiot Savant's picture

By nose dive, do you mean a one or two percent correction? Metals haven't taken a nose dive since 2008.

RockyRacoon's picture

Are you suggesting correlation or coincidence?   What's the point here?

If correlation then all Tyler has to do is post anti-gold articles and the metal will go stratospheric.    There is the distinct possibility that one can spend too much time on one website.

Cash_is_Trash's picture

What's today beat-down of choice?

Margin hikes?

Goldman disfavor?

Fed hawkish talk?

Let it float, let it float...

LoneStarHog's picture

"Bearish sentiment abounds and we have seen a lot of profit taking this week." - This is BULLSHIT! ... The Open Interest has been going UP. ... This is NOT PROFIT TAKING ... It is JP Morgan SHORTING ALL BUYERS!

Goddamn it, Tyler, post information from a CREDIBLE SOURCE!

Client 9's picture

Remove crude oil from the global economy tomorrow and we can't fly, drive, ship or heat our homes.

Remove wheat from the global economy tomorrow and we starve.

Remove iron ore from the global economy tomorrow and we can't build anything.

Remove gold and silver from the global economy tomorrow and.............

?

Quintus's picture

One of the few places you can park your money where the Banksters can't dilute it away, steal it, default on it, charge you for 'Managing' it or lend it to some deadbeat who won't pay it back is removed.

Client 9's picture

Same can be said for TIPS and prime rental property. Both much easier to value due to yield.

If Au and Ag vanish tomorrow world barely misses a beat.

Quintus's picture

Yeah.  TIPS.  That's funny.  The person who owes you money will tell you the inflation rate that they use to calculate the amount of interest they will pay you.  I don't see any flaw in that.  

Prime rental property.  Yup.  Rock solid.  There's no way the Government could increase taxes on your properties or anything like that.  Are you serious?  

MachoMan's picture

I wouldn't worry about property taxes (in the medium-long term) so much as increases to the tax rate for passive income...

Bicycle Repairman's picture

"Same can be said for TIPS and prime rental property."

You can't eat those, either.  LOL.

fockewulf190's picture

If silver were to disappear, the next Ipad to come out is going to be made out of cotton and used for female hygiene purposes.

 

Kegfreak's picture

You beat me to it!  I blame time zones.  The size of most electronics would be a lot bigger at the very least.  My Droid already takes up my whole pocket.  I don't wanna look like Gordon Geko with that big ass brick!

Crisismode's picture

Remove crude oil and . . . . we can't fly?? Boo hoo! No more feel-ups from TSA! We can't drive? Get a bicycle. We can't ship? Get a sailboat. We can't heat our homes? Get a woodstove.

Remove wheat? Eat what you grow in your garden.

We can't build? Fell your own trees and build a log cabin.

Remove Gold & Silver? Wipe your butt with fiat paper, if that's all you own, because in about 5 years you are going to be living like all of the above.

Client 9's picture

You blithely and ignorantly depict a world that regressed centuries in every conceived walk of life. Medicine, technology, mass farming, transportation etc.

Your feudal society probably results in a global plague that wipes billion of hungry, sick and hopeless spirits from the Earth.

Thanks for highlighting the lunacy of the gold and silver trade. I couldn't have done it better myself.

overmedicatedundersexed's picture

"In another dig at the dollar, the development banks of the five BRICS nations agreed to establish mutual credit lines denominated in their local currencies, not the U.S. currency.

The head of China Development Bank (CDB), Chen Yuan, said he was prepared to lend up to 10 billion yuan to fellow BRICS, and his Russian counterpart said he was looking to borrow the yuan equivalent of at least $500 million via CDB.

"We think this will undoubtedly broaden the opportunities for Russian companies to diversify their loans," Vladimir Dmitriev, the chairman of VEB, Russia's state development bank, told reporters."

if you are not with us (Brics) you are not with us..why PM's are moving  &the FRN is weak and heading for new historic lows..

BTFD if there ever is one.

Bananamerican's picture

btfd once more, with feeling, for old time's sake

dynomutt's picture

Remove gold and you can't make gold-plated monster cables that are priced higher per ounce than gold.

 

Remove silver and you can't make any modern consumer electronics nearly as well.

tmosley's picture

Uhh, that's the point.  People can buy up gold and silver and drive their prices into the stratosphere without hurting ANYONE.  You can't do that with the dollar, because you will be diluted out quickly.  You can try it with financial machinations, but then you lose everything when your counterparty collapses, as in 2008 (or the taxpayer gets ripped off to make you whole).

Morons like you don't understand the purpose of gold or silver.  That is why you will find yourself impoverished in the coming years.

prole's picture

Uh, he won't be impoverished ever because he has got a government paycheck coming in. Mubarak's goons keep getting paid until Mubarak is out. Then they probably still keep getting paid.

savagegoose's picture

sell it will be worth a fortune

RockyRacoon's picture

Remove gold and silver from the global economy tomorrow and.............

A substitute will be found immediately for gold.   Nothing known today meets the criteria that gold offers, but second best will do.   As for silver, there would be hell to pay since its industrial and health care uses are astounding.  It's back to the drawingboard for you.

GIANTKILR's picture

I bought mine a while back. I wish I had bought more. It's just common sense that metals are going to keep going up. It's the only true wealth. Paper is paper and they have printed a ton of it.

Translational Lift's picture

"Paper is paper and they have printed a ton of it."

Actually it's too expensive to print that much fiat......they just keep adding X's & O's.........

GIANTKILR's picture

I bought mine a while back. I wish I had bought more. It's just common sense that metals are going to keep going up. It's the only true wealth. Paper is paper and they have printed a ton of it.

GIANTKILR's picture

I bought mine a while back. I wish I had bought more. It's just common sense that metals are going to keep going up. It's the only true wealth. Paper is paper and they have printed a ton of it.

GIANTKILR's picture

I bought mine a while back. I wish I had bought more. It's just common sense that metals are going to keep going up. It's the only true wealth. Paper is paper and they have printed a ton of it.

GIANTKILR's picture

I bought mine a while back. I wish I had bought more. It's just common sense that metals are going to keep going up. It's the only true wealth. Paper is paper and they have printed a ton of it.

GIANTKILR's picture

I bought mine a while back. I wish I had bought more. It's just common sense that metals are going to keep going up. It's the only true wealth. Paper is paper and they have printed a ton of it.

GIANTKILR's picture

I bought mine a while back. I wish I had bought more. It's just common sense that metals are going to keep going up. It's the only true wealth. Paper is paper and they have printed a ton of it.

GIANTKILR's picture

I bought mine a while back. I wish I had bought more. It's just common sense that metals are going to keep going up. It's the only true wealth. Paper is paper and they have printed a ton of it.