Gold Breaks Out (Again) - $1,250 Breach Imminent

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Wed, 05/12/2010 - 12:58 | 346544 Hx3
Hx3's picture

To da Moon Norton! WOOT

Wed, 05/12/2010 - 13:19 | 346643 Janice
Janice's picture

Hull breach is imminent Captain Pickard.

Wed, 05/12/2010 - 15:28 | 347211 john_connor
john_connor's picture

I think everyone should start bartering in gold via your preferred online market place, e.g. craigslist or ebay.  If they don't allow asking for gold payment in the heading line, just write in the description that you will accept payment in gold only.  If enough people start doing this, well, you get the picture.

 

Wed, 05/12/2010 - 15:59 | 347298 Bananamerican
Bananamerican's picture

"unlike stocks, when just the liquidity rebatealgos churn ultra high volume on ultra bankrupt companies"

 

OH SNAP! Oh noze you di'int say DAT!!!!!!

Wed, 05/12/2010 - 12:58 | 346546 Turd Ferguson
Turd Ferguson's picture

MoASS!!!!!!!!!

Wed, 05/12/2010 - 12:59 | 346547 spartan117
spartan117's picture

My first post.  Gold, bitches!

Wed, 05/12/2010 - 13:01 | 346556 e_goldstein
e_goldstein's picture

"Gold, bitches!" indeed.

Wed, 05/12/2010 - 13:12 | 346595 Howard_Beale
Howard_Beale's picture

The Zazzle ZH approved fundraiser store was conceived two weeks ago when a comment was posted that a "Kill the Squid" T-Shirt was needed. In a flash of inspiration, I decided to make it and have the funds go to ZH.

So for those of you that haven't perused the store, have a gander.  New items are put up every day. So go and take a look. Window-shop--GOLD BITCHES! with an American Eagle mugs available. http://www.zazzle.com/gold_bitches_mug-168356129095817545

www.zazzle.com/Howard_Beale

Wed, 05/12/2010 - 13:16 | 346624 schoolsout
schoolsout's picture

let me replenish my FRN stash and I will gladly purchase some things

 

Great stuff, Howard...first time I actually looked at the site

Wed, 05/12/2010 - 13:20 | 346650 Crab Cake
Crab Cake's picture

Howard, I have not purchased my shirt yet.  I know accountability in the age of the internet is problematic, but I give you my word to support the 'Hedge and your efforts as soon as I am financially able. 

Thank you for your service, and keep up the good work.

Wed, 05/12/2010 - 13:25 | 346676 WaterWings
WaterWings's picture

+1

Wed, 05/12/2010 - 14:03 | 346847 Howard_Beale
Howard_Beale's picture

Thanks CC....!

Wed, 05/12/2010 - 13:23 | 346664 e_goldstein
e_goldstein's picture

bought a "timmay" mug from you last week for a friend of mine.  fun stuff.

Wed, 05/12/2010 - 13:57 | 346827 waterdog
waterdog's picture

Great stuff Beale, I be putting in my order tonight for shirts and a few of the bumper sticker.

Beale, I am in Florida and it is hot as hell down here for the next 5 months. Need white caps with 'no bailout' symbol and other symbols that will fit. White tees will sell better here, dark in the fall.

 

 

Wed, 05/12/2010 - 14:46 | 346845 Howard_Beale
Howard_Beale's picture

I'll get on the white shirts...have it ready in the cue. And I'll get that hat up for you too.

Hat and T-Shirt are up!

here's the hat:

 http://www.zazzle.com/enough_no_more_bailouts_hat-148878416916549266

shirt:

http://www.zazzle.com/no_more_bailouts_tshirt-235585063508826009

Thu, 05/13/2010 - 01:15 | 348467 abalone
abalone's picture

How about Bernanke with a ZH insignia gold chain around his neck

Wed, 05/12/2010 - 14:48 | 347058 Problem Is
Problem Is's picture

"Gold, bitches!" indeed."

You Mean, Golden Bitches?
Like the overly tanned overly stacked blondes in oh so many Robo picture posts?

Or you mean the yellow medal that gives Bernank-ster and
Timmay G that constipated look...

Wed, 05/12/2010 - 13:14 | 346607 MarketTruth
MarketTruth's picture
Welcome aboard:

1st RULE: You do not talk about FIGHT CLUB.

2nd RULE: You DO NOT talk about FIGHT CLUB.

3rd RULE: If someone says "stop" or goes limp, taps out the fight is over.

4th RULE: Only two guys to a fight.

5th RULE: One fight at a time.

6th RULE: No shirts, no shoes.

7th RULE: Fights will go on as long as they have to.

8th RULE: If this is your first night at FIGHT CLUB, you HAVE to fight.

Wed, 05/12/2010 - 13:26 | 346680 WaterWings
WaterWings's picture

9th RULE: If you have bitch-tits you can keep your shirt on.

Wed, 05/12/2010 - 14:06 | 346860 faustian bargain
faustian bargain's picture

Unless you're actually, uh, not male.

Wed, 05/12/2010 - 14:23 | 346945 WaterWings
WaterWings's picture

Maybe velobabe wants to fight! Tie both of my hands behind my back!

Wed, 05/12/2010 - 14:23 | 346950 Gordon_Gekko
Gordon_Gekko's picture

+1

Wed, 05/12/2010 - 14:50 | 347070 Problem Is
Problem Is's picture

10th RULE: You laugh when GOLD laughs.

11th RULE: You laugh when Bennie Bernak-ster cries like he has bitch tits.

Wed, 05/12/2010 - 13:16 | 346622 JJ McApe
JJ McApe's picture

GOLD BITCHEZZZ!!!

Wed, 05/12/2010 - 13:20 | 346646 Janice
Janice's picture

Yea, but we says bitchez 'round here.

Wed, 05/12/2010 - 14:22 | 346939 Hulk
Hulk's picture

Gold Biatchies!

Wed, 05/12/2010 - 22:38 | 348239 A Nanny Moose
A Nanny Moose's picture

beyotchez

Wed, 05/12/2010 - 13:55 | 346725 Grifter
Grifter's picture

But did you bring Noble Team with you?  ;-)

Wed, 05/12/2010 - 13:51 | 346805 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

If you could fight anyone who would you fight?

Wed, 05/12/2010 - 14:24 | 346953 Hulk
Hulk's picture

The yipster. dollar to donuts he's probably 4'9"

Wed, 05/12/2010 - 14:53 | 347080 Problem Is
Problem Is's picture

"If you could fight anyone who would you fight?"

TIMMAY G!
"His ass is a wad of cookie dough..."

Wed, 05/12/2010 - 15:32 | 347232 Johnny Bravo
Johnny Bravo's picture

I'd like a crack at perchprism.

Wed, 05/12/2010 - 16:02 | 347310 Bananamerican
Bananamerican's picture

no diggety......Lloyd

Wed, 05/12/2010 - 13:03 | 346563 Popo
Popo's picture

It's important to keep in mind though, that Bernanke *will* make war on gold very soon.

The questions are:

When?

How?

And will he be successful in the short or long term?

Wed, 05/12/2010 - 13:07 | 346580 jkruffin
jkruffin's picture

If Bennie decides to attack Gold, then just switch to Silver and shut JP Morgan Chase out of business,  simple.

Wed, 05/12/2010 - 13:15 | 346614 Howard_Beale
Howard_Beale's picture

IMHO it is safe to own both metals long term. Until the storm is over (say a few years) there may be large price fluctations but when the global fiatsco ends, the holders of the PM's will have the goods.

Wed, 05/12/2010 - 13:09 | 346591 BobPaulson
BobPaulson's picture

Yes, yes, please Ben, take a run at gold. I want another buy opportunity. 

Wed, 05/12/2010 - 13:17 | 346627 Howard_Beale
Howard_Beale's picture

I'm with you. Give me that buying opportunity..hard to buy right now with gold bulls at an all time high of 96%.

Wed, 05/12/2010 - 13:09 | 346594 tmosley
tmosley's picture

Not really.  It was always Bernanke's intention to devalue the dollar against gold, because he thinks that is one of the things that got us out of the great depression.  He is fundamentally wrong on that, but he won't believe he is wrong under any circumstances.  He will always think that he just didn't devalue it enough.

Wed, 05/12/2010 - 13:11 | 346601 hedgeless_horseman
hedgeless_horseman's picture

Already been happening.

EVERYONE relies on the same "reported" price.

Short term, partially.  Long term, no.

 

Wed, 05/12/2010 - 13:16 | 346619 Misthos
Misthos's picture

Attacking gold would be monetary suicide. Which Central Bank dumps their gold first?  And wouldn't there be another Central Bank (Russia, RBI, PBoC) that would scoop it up thereby increasing their arsenal?

The US *doesn't* want China, India, or Russia accumulating too much gold, too fast.  Otherwise they could be more influential in creating a new int'l reserve currency - to the detriment of the US.

 

Wed, 05/12/2010 - 13:18 | 346638 Howard_Beale
Howard_Beale's picture

Attacking gold does not mean any Central Bank would dump their gold...that is a ludicrous thought. It's not for trading or profit that CB's own gold. It's not a trade.

Wed, 05/12/2010 - 19:52 | 347928 harveywalbinger
harveywalbinger's picture

Monetary suicide for whom?  How does it hurt them to have JPM continue to add to the enormous short position or accelerate the attack?   They own our ass.  If there is a run on physical PMs, the'll shut off the market channels & they always have the option to confiscate gold.  It's been done before under similar circumstances...  

The Central Bank (in our case the Federal Reserve  Bank), may be headquartered within the USA, but certainly does not shares the interests of the citizens of the USA.  

If  you believe the central bank gives a shit about maintaining the US dollar reserve currency status, you are mistaken.  I would even go as far as to say the central bank is totally bent on destroying the dollar & are gleeful at the thought of a new reserve currency.  And the current crop of critters are all in on it.  

The central banking system is a sovereign entity.  The sovereign to rule all sovereigns.  I suspect the Central Bank considers the US to be nothing more than a temporary leading actor in a long running play (and the poor guy happens to be nearing the end of his run at the top)...  

Wed, 05/12/2010 - 13:19 | 346645 bada boom
bada boom's picture

I don't think the central banks really care about the price of gold unless it threatens their fiat currency. 

 

To do that, people will have to be able to use it at the supermarket.

 

On the contrary, I think they would prefer people to buy gold versus buying oil, copper, and other commodities.

 

Gold is a harmless outlet for their inflation. 

Wed, 05/12/2010 - 13:45 | 346779 Popo
Popo's picture

Greenspan openly admitted that he cared very much about the price of gold -- but his reasoning was that it was a confidence metric for the USD. (Which is sound reasoning, imho).

If Bernanke shares the same point of view, he must be watching with increasing concern.

I think there is almost certainly a smackdown coming. Will it work? Not in the long run, no. But I do think it will shake weak hands, especially those who bought in here.

My bet is that the old goldbug truism "Sell in May, and go away" is as true as ever. I can't tell you the number of times I've seen gold run in May and June only to collapse during the summer months, and rebound in the Fall. (This timing, btw, would also inversely correlate to what I think equities will likely do over the next few months: rise sharply over the summer, and tank in the fall)

Wed, 05/12/2010 - 14:13 | 346889 faustian bargain
faustian bargain's picture

I dunno...the record seems kindof spotty on the sell-in-may thing. Maybe I'm not reading the chart right:

http://www.kitco.com/LFgif/au1825nyb.gif

Wed, 05/12/2010 - 16:34 | 347385 bada boom
bada boom's picture

That metric doesn't apply when all the central banks are inflating.

Currently, the usd has risen with gold because of euro inflation.

 

Wed, 05/12/2010 - 13:23 | 346660 Turd Ferguson
Turd Ferguson's picture

Here's what I'm expecting any moment now:

 

"To fund our European obligations, the IMF hereby announces an emergency sale of 500 metric tonnes of gold. In order to expedite this process, we will accept offers as low as $1100/ounce. Thank you. Good day."

Wed, 05/12/2010 - 13:37 | 346742 tmosley
tmosley's picture

Someone would happily buy every ounce of that, and then the price would go right back up.

5000 tons might be enough to keep the price down, but 500 could be absorbed just by private demand.

Wed, 05/12/2010 - 17:12 | 347496 Cow
Cow's picture

IMF: "and of course we don't actually deliver gold, we make an entry on our official book, (aka "official gold book") that says you own it. 

You have to send us real dollars though.  Have a nice day"

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