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Gold Explodes On S&P Downgrade Warning
Who would have thunk that the one beneficiary of an insolvent US (with both bonds and stock futures plunging) would be gold. Oh wait...
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Oh yeah!
We're so close to going past $1500, once it breaks then up up up we go!
Futures down big, flash crash 2 would be nice.
I think I just exploded!
feel the burn, jamie, feel the burn.
"Burn, baby, burn!
Bernanke inferno!
Burn, baby, burn!
Burn that mama down..."
Burn indeed...."fighting fire with fire....''
http://www.youtube.com/watch?v=xNnAvTTaJjMThe day is not over... Check out silver...
Blythe laid a negative $1 smackdown on Ag in the span of thirty minutes. Un-frickin-believable!
Could it be the Chinese? Raising their reserve for the 4th time, this year? Or that the Fed effective has a license to hike rates (channel through S&P... there is just NO WAY that the treasury/Fed/White House did not know about this "outlook" in advance.)
Pretty smart though, getting the beated stepchild (S&P, Moody and even Goldman) to do the dirty job for them.
It is all politics, if gasoline is above 4.5 over the summer, Obama won't get elected in 2012 and it's not like anybody from Republican party and/or Tea Party really wants the job...
Zerohedge server through EasyDNS must be swamped... Sorry for the dupes.
(BTW, I highly doubt Blythe or JPM is stupid enough to short any of these naked... at a minum, some of of spread hedge must be used...)
All this breaking JPM is a fool's errand... they can always shift the loan-loss provisions/reserves to make it look like they are making money.
Did you know, JPM/Chase/WAMU/Bear has *not* lost money any quarter? since at least 2005? Even though the "crisis"? What fundamentals? It is all balance sheet accounting tricks...
Something is truly significant by this move though , it will be very hard for Fed to do a QE3.. and that is something that is already implicit accepted by the WH/Fed/Treasury.
"Something is truly significant by this move though , it will be very hard for Fed to do a QE3.."
Good thinking! That ought to knock stocks down by 5%, once it sinks in by the end of the month.
Looking at charts on Netdania. Euro popped on the news. Yen popped. Gold and Silver popped.
DXY -- no change. Still in a range and trending up.
How can that be?
DXY on Netdania is not live, it has a 15min delay in quote. Same is true for some other instruments such as some index futures...
Flight to safety and liquidity.
Dollar did take a hit but has not given up all of last night's gains.
It just takes a few words like:
"The US will need to fund itself"
or
"MONETISATION BITCHEZ!!"
AND POOF!
LET'S ALSO NOT FORGET TO BLAME BUSH! (he's not around anyway...)
Sorry this flight to safety has the TSA raping it in the bathroom.
in your pants?!?
$2500 gold by December
*****BREAKING NEWS*****
Joe Biden email to Obama: "Yo, Yo, my name is Joe - My pants are low and my boxers show."
*****WHITE HOUSE MOVES TO DEFCON 5*****
Wakanda: Bernanke, Wall St, a good chunk of Dems and Repubs should be hung from lamp posts for what they are doing to America.
GOD DAMN SELLOUTS to the very principles of freedom and liberty!! Sadly like Alex Jones I think we will see a prison planet with those few in charge having everything while the rest of us get to live in tents and work in sweatshop low wage conditions.
I'm hoping the US waits until at least a while after a COMEX default to default on their debt. I want to have time to switch from silver to gold I'm thinking the time to switch may come much faster than I expected it to.
I am the only one gives a rat's what you think but that's because I'm low on toilet paper.
Next you'll be telling us you "accidently a whole coca cola bottle".
Might I suggest you actually learn how to form a complete thought prior to your next post?
Gee T, you waited long enough to do that..
What are you talking about?
Yeah, I largely agree. In the medium term, as the downturn hits the economy, industrial demand for silver should reduce, which will free up additional silver for the investment market.
I don't think we've seen the peak yet, though.
+100
+1 I have already started do that, but just a little at a time. There is no way will I hit it perfect.
All I can do is laugh at that big spike that looks like a middle finger to the global banksters!
Excerpted from Al-Jazeera:
[/quote]
The White House, which needs to continue increasing borrowing to finance immediate fiscal shortfalls, has warned of financial "Armageddon" if congress refuses to raise the $14.29 trillion cap.
The limit will be reached by mid-May and politicians must act or see the US default on its debt.
Republicans are demanding more budget cuts before they agree to increase the debt ceiling.
"House Republicans will only move forward on the president's request to increase the debt limit if it is accompanied by serious reforms that immediately reduce federal spending and end the culture of debt in Washington," Eric Cantor, Republican majority leader in the House of Representatives, said.
[/quote]
Bwahahahahaha!
Yet the AAA rating remains...ROFL.
AAA stands for: Anonymous Alcoholist Accountingtricks
This looks to be a day full of 'off the lows' for the rah-rah squad on CNBC.
holy fuck
Faber put it best today: "Don't put all your money into gold, but be your own central bank. Gradually accumulate your own physical reserves of it. And store it outside of US"
Riiiigggghhhhhttttt.....
Outside of the US-- That'll do you a lot of good when you need it.
Black market is a bitch when the financial system collapses.
Initially, you are better off with cigs and liquor. Gold won't be usable at the start of TEOTWAKI until the market develops for it.
I think Cigs are BS. Nobody needs cigs or liquor. Who really wants to want to trade with addicts when TSHTF? Now if you that is the last thing you need then go at it but first things like food and candles and batteries and TP for my bunghole and matches, etc. seem much more important than luxury items...although liquor at least has a few uses.
The rubes get the job done in this country.
Here's a story my ole daddy told me. He was a marine ww2. While on Hawaii, he bought hooch with every paycheck and stored it in his stuff. When they stormed Mindanao or somewhere near there, there were a lot of guys killed and morale was low. They needed to get camp set up. The guy in charge couldn't get supplies or anything. Daddy O went to the officer and said to put him in charge, he could get the job done. The guy said go ahead. First thing, DaddyO called the supplies guy and said what he needed. The guy said, why should I give you anything. Daddy O said, I got hooch. He said, "You got hooch? What'dya need?"
They took a truck or two and got what they needed.
Chocolate can go just as far, and sure liquor in war time that's a no brainer. But people can make liquor at home in a still if they choose to. Ever see Hogan's Heroes or The Great Escape? Anyhow the point was trade anything but cigarettes and liquor are luxury items not necessities. And fewer people smoke with more knowledge of the negative health aspects than during WWII when they used to have news reports sponsored by Camels...the brand most doctors choose.
Gold can't spill and won't get destroyed by water or fire. Also you might hear "I don't smoke" or "I don't drink" but you won't ever hear "I don't like real money especially when it's too shiney."
I'm long toliet paper.
I'm all for the liquor but cigs get very stale and that aint good.
If they're all that's around, any real smoker will pay good money for cigs with fungus growing on 'em.
Outside of the US
does that mean the rubes are toast?
Ya GATA link for that interview? TIA.
Nah man, hate to say it but it's the damned CNBC :)
Investing in gold
http://video.cnbc.com/gallery/?video=1886291685
Btw, there are headlines like this already: 'Treasury: S&P underestimates ability to cut debt'
xD
I just finished reading "The Four Ends of the Greek Hyperinflation of 1941-1946", and three noteworthy items were that unsustainable deficits were involved (dur!), gold sales led to intermediate stabilization of the Drachma, and that press releases and equivalent were used to manipulate expectations of inflation despite not actually changing fiscal policy.
Well recommended.
http://www.amazon.co.uk/Hyperinflation-1941-1946-Studies-European-History/dp/8772895829/ref=sr_1_1?ie=UTF8&s=books&qid=1303133384&sr=8-1
Cheers for that ^
Btw, something to muse about too (i've only recently found about this)
Money: De Gaulle v. the Dollar
Friday, Feb. 12, 1965http://www.time.com/time/magazine/article/0,9171,840572,00.html
”There can be no other criterion, no other standard than gold. Yes, gold which never changes, which can be shaped into ingots, bars, coins, which has no nationality and which is eternally and universally accepted as the unalterable fiduciary value par excellence.”
- Charles De Gaulle, First French President
But you just summed it up so well, I think I'll keep my cash.
Remember the video of the e-trade baby losing it all that was posted a few days ago?...I'll bet there's plenty of people living that right now:-)
Yes, I wonder how Bernanke's short put portfolio is looking right now?
rigged crap everywhere. No sense of trading this. parabolic up parabolic flash crash down, parabolic up, parabolic down, parabolic up........
And we start all over again. Jesse Livermore loved this, my liver doesn't.
weeeeeeeeeeeeeeeeeeeeeeeeeeeee...................................................
Methinks I'm gonna spew.............................
Trader Dan's comment about hedgies getting eaten when the miners explode is truly prophetic and a clear udnerstanding of what is about to happen.
Yo hedgies! Best not be the last bitchez in the room
let me tell you a little secret only a few of us know: the trend for silver and gold is UP SINCE YEARS!!
I'll tell ya a better secret,, When your granddaddy had a gleam in his eye, my granddaddy was buying gold mines.When we back up the bus, we back it up to where they pour it.
How's that for a li'l secret
So ya I get it
Mr. Denninger, what is your opinion of this gold and silver thingy?
And where's Prechter and his EW analysis?
$1500 Bitchez...
Just for having the temerity to question Karl "Iron Fist" Denninger and the deflationary prisoners in his MarketTicker gulag, er, I mean forum, I BAN YOU!!!
Get the Party started...
We might soon find out just how much gold is in Fort Knox!
There's only one thing that will prise the gold from the greedy fingers of government, a government bond crisis.
So if gold and silver make us millionaires, does that mean we can secure our spot as middle class?lol
+1. let's hope so.
Just jump in the dumpster behind the Bank and pull out a few million dollars. You can burn it to stay warm this coming winter.
When they said AAA remains... they must have meant the automobile association...
dollar finally is turning back
Best looking horse in the glue factory.
I think Max Keiser called it the "Leper with the most fingers." He may have borrowed that from someone else.
Just the beginning all. Hard to believe with a worthless relic in a bubble and worth nothing that it would move higher. Not buying dollars guys? UnAmerican. :)
And I only have 50% of physical towards my goal. So much for the next dump.
We're off to see the wizard, the wonderful wizard of Odd.
lmfao
infact the dx is in tankage
I recommend another 2 Trillion $ stimulus that will lead to shovel ready jobs being created. This will lead to a lower gold price.
Just keep paying down debt. At some point interest rates will rocket.
"Gold... Oh you nuggety little gem, how you continue to surprize me..."
-said with a Will Farrel accent
my Dr. said Mylanta
Where have the 'anti-commoditists' gone?
Probably all seething and preparing lines about "who listens to ratings agencies anyway blah blah blah"
...Ratings agencies are like real estate agents - everyone listens to them intently when they overprice your house - but nobody wants to know when their valuation is below your expectations....then you find one who will give you a good valuation (foolishly thinking valuation = sales price)
The real question remains - "Do gold bears shit in the woods?"
What about robottrader - surely he has the answers?
I voted for commodities before i voted against it.
Then changed my mind a while back and went long again.
I still say when we all have shit stains in our underwear about the inflation monster it will be time to sell and go liquid.
End of qe2 might be perfect timing. A tired inflation trade meets an excuse to sell.
But you told other people to sell,you were a chicken shit.You told people they were going to lose everything by being invested in PM's.You had no conviction in your own opinion.If you had balls you would have sold and just shut up.You are a shill.
Comeon oddjob you know the anti-pm crew always is altruistic and only has the best interests of others in mind. They are always only trying to protect someone from the big mistake of thinking real money has any place in the world when paper is where it's at for them.
They are all the same. They want to say "I told ya so" and be right one time in their lives but their reason is purely egotistical, and completely wrong.
The rabid and disingenuous poster "WatchDawg" spent over 100 comments in the silver "StickSave" thread trying to do both things --- "save us" from the inevitable crash in the price of silver, and vainly (in both senses of the word) trying to prove himself right even after inserting foot in mouth multiple times.
Don't they teach any originality in troll school?
You should be rich buy now buying silver on leverage from $18.. whats up?
Can't see anything stopping gold's rise except a balanced US budget and not more QE.
Perpetual Upward Spiral of Silver (PUSS) :-)
http://www.spartacus-news.com/2011/04/squeeze-on-comex-just-got-tighter-gold.html
Unusual for Gold to beat Silver!
Perpetual Upward Spiral of Silver Yields. There, fixed it...
very funny!!
ben just jumped out the window heading for the second star on right and on to never never land..weeeeeeee
Tim-kerbell is right by his side...quick everyone press the enter key three times on treasury purchases if you want Tim-kerbell to live! (Awww...so sad no takers. Poor Tim-kerbell).
And thus a few more top callers fall by the wayside..Who wants to step up to the plate next and remove there credibilty?
I do.
Sell in may and go away.
All risk trades fall in favor of being liquid as qe2 ends.
You've already demonstrated your wrong calls. You just don't have the decency to leave like the other idiots.
Eur & usd both being choreographed down by same banksters.
Yahoo Finance just changed their headline for Citigroup... from something along the lines of "Citigroup earnings up x%"... until the market tanked and now its "Citigroup profit falls 32% on weak revenue".
F'ing morons don't know which way to spin the story...
Market is bat shit crazy right now...this might be the Big One?
I still say it tops out no later than early june when qe2 stops.
When we all have shit stains in our underwear because we are scared out of our minds about inflation, few of us will be brave enough to sell risk and go liquid.
Pants filled.
You shat too early. Hold it in a bit longer.
Gone liquid?
Hmm, a big rush to physical on the news then? No, just the latest darling of the paper pushers.
here in australia its only a $2 spike
Welcome Your next president:
http://www.youtube.com/watch?v=C5cZWRx_AMs
Technical objective for gold out of this formation of the last year is $1975. For silver it is $65<. Grab your hats, we're going for a ride.
I believe we will see a pull back from here mid May. Then June onwards up up and away.
Got lucky yesterday night and was able to get a couple rolls of 90% silver quarter for UNDER spot, including shipping....
FYI: at $43 an ounce spot silver the value of the metal in a roll of 40 silver quarters is $311. If can buy at that price or less incl. S&H you are much better off than paying spot +10% or more at places like APMEX.
How does that make you feel to buy $10 worth of quarters for $311? Have wages gone up 31x since 1964? Schmuck.
um.... idiot yourself, there is over 7 ounces of pure silver in that roll, but i guess thats too much math for you to handle.
He's still hung up on fiat face value. Perhaps some day he'll take the red pill and wake up to reality.
Hmm, trolls promised pm pricing tied to stocks. Stock selloff = pm selloff.
How little they understand...
you spoke too soon there Hulk
dow off 230, silver off .63
GOLD
04/18/2011
10:14
1487.10
1488.10
+0.70
+0.05%
1479.50
1498.80
SILVER
04/18/2011
10:14
42.42
42.44
-0.63
-1.46%
42.39
43.58
PLATINUM
04/18/2011
10:14
1780.00
1788.00
-9.00
-0.50%
1772.00
1833.00
PALLADIUM
04/18/2011
10:12
746.00
752.00
-19.00
-2.48%
741.00
758.00
Helpful tip: hold down the Shift key when tapping Enter with lists like this.
So
you
can
do
this.
I can't wait to hear that talking dildo Steve Liesman try to minimize the significance of this.
Gold is up 0.8% on the day. Explodes? LMFAO!!!!!
Up $15 in a few seconds is an explosion, yes.
Well considering it's circuit breakered and it reached it's breaker instantly ya.
It's like when elephants finally get fed up with the circus and go on a rampage but they got it surrounded by a swat team with tranquilizer darts.
You just don't know if it was going to simply knock it's trainer down or if it was going to go full ape shit and stomp people till it was killed.
ALL CLEAR SIGNALS OF DEFLATION!!!
GREACE UP THOSE PRESSES AND PRINT MORE MONEY BEN!!
and print a extra few billion to fund Obama's campaign so he gets another 4 years SO HE CAN MAKE ME FEEL RICH!!
Decaf is not that bad, you know; the modern brands taste pretty good, and it might relieve some of the "pressure".
looks as if s&p finally caught up with the rest of us living in the reality based world.
we few. we happy few, we band of silver brothers.
As Dorothy said so long ago, "Come stroll with me down the yellow brick road, wearing our silver slippers"!
Elton John, Honkey Cat
When I look back, the bubble market green,
tried to pan for gold while they're pissin' in my stream,
lookin for the answers, tryin' to make a dime,
but then I saw those wall street lights, honey they're all blind.
Ben sacked the paperback
higher prices for my goods,
but we'll print the next phase,
cuz we have, red dow days and ah,
Oh oh oh oh, whoa change is gonna do us good.
I like the possibilities of this, new words to familiar tunes; a good one here.
Maybe ZH can be a place to build the songs and then leave for the viri to feed on.
I'm expecting to see $5 a day swings in Silver and $50 - $100 swings a day in Gold
Dollar up, blink, dollar down; now we're swingin'!
Simply love gold here, and longer term like silver (not as much), but would like to say i've added some SLV puts this morning, the May 41s.
What the F- just happened to Silver
Overnight i had a terrific gain only to be awakened by alerts to a loss!
Re entered later in morning on pullback and was able to hold on "barely" while more selling pushed prices against my stop..
When the dust had settled, the surge around 0930 brought me some nice gains I was not going to give up!
This IS a TRADING situation.. need to NOT fall in love with silver unless you own physical.. playing w/ futures .. better to sweep $$$ off the table. Don't forget to convert those $$$ into something more stable if you have no need to spend it.
Mh
Gold and silver down on negative outlook for the US? Logical in a non-free market environment. And who is John Galt?
Silver Explodes Downward on the day. LMFAO!!!!!!
The euro is down twice that much, so I still make a 1% gain today :)
This is also a reaction on the call activity. All this good news today will make silver double by the end of this year.
Oracle.
I'll check back on this comment later today.
Rate spike expectation~
can anyone one explain how the mining shares have sold off for the last two sessions . when gold and silver are at 52 week highs??? its confusing
Politics? If you can't take down the targets (Gold/silver) then take down their supports?
They are going with the Dow. It must be manipulation, trying to trigger the stops, then buy at the lows. We've all been warned of a wild ride. I'm losing too but not selling. This is too volatile, might not be able to get back in.
digging a mine requires a lot of energy - oil. basically the higher oil goes the more of a drain it is on the miners to extract the product. also, many hedge funds are shorting the miners, and going long the physical.
Miners, in general, lead precious metals. They have been signaling a final correction in PM's for the past few sessions. I suggest you learn about cycle theory, as it has been incredibly good at tracking the movements in markets of late, in spite of Fed/bank manipulations (only serve to stretch cycles out further).
This is a final correction cycle that will happen, exogenous events or not, before the final leg of the current C-wave kicks in — and exhausts itself in the next few weeks. Then, we're in for a multi-month drop in the metals (D-wave), and bounce-back (A-wave) to start the whole cycle off again. Don't confuse cycle theory with Elliot Wave theory.
The current moves are basically because the Wall Streeters and D.C.ers, whilst living in their world of 'perceptions', still buys every sales pitch delivered by the TBTF's and the PTB. At some point they will realize that it is all meant to manipulate them. So, the dollar suddenly gets stronger on the usual drivel about the EU self-destructing. In the meantime, S&P downgrades the outlook for the U.S. but the market takes it as a performance indicator and the markets slide and oil is down. If this is a ploy to make QE3 palatable then I think there is not a single person amongst the Wall Streeters and D.C.ers that can think for themselves as QE3 would only make the U.S. financial situation worse. I think this is as much about taking down commodities as it is about anything else.
...and, of course, the dollar is up to 75.8...on the great news of S&P downgrade.
They are talking about Gold on Bloomberg TV now. They mentioned that the OI is 5x greater than the gold in inventory for Comex. The even quoted Kyle Bass and the UTx endowment doubling their gold and the quote of his “I look at gold as just another currency that they can’t print any more of” pointing out that taking delivery of the physical is where people are rushing to.
pm's just turned around again and are shooting up..the war is on the miners will end the day green..blythe and benare losing it the oscillations in the markets is head spinning
John Hathaway of Tocqueville Gold Fund is on Bloomberg now too discussing the UT gold and that other pensions and endowments are late to the game and gold is still underowned. He will be on for a while still. Great guy to listen to. Here is a link to a recent speech:
http://www.youtube.com/watch?v=B5X5Eh6qYiE&feature=player_profilepage
Just like last week? Taken down on Monday.....all gained back by Friday?
Gold will close at new record high today.
the banking cartel shifted their algorithms with smaller but more frequent takedown sequences to take down the PM markets on Mondays rather than Fridays ... its psyops at work
It's a cute little blip, but as far as gold volatility goes, we ain't seen nothin' yet.
Last night I had pretty much made up my mind to make another trip into town to the coin dealer today and buy another handful of silver Maple Leafs and a few of the 1/10 and 1/4 oz. gold coins as well.
Events this morning have convinced me to buy more to add to my little hoard. And if there is a pullback I will buy more again.
Either way I am buying more.
'COPPER has ignored the recent equity bounce. Daily and weekly are not bullish' ~ March 31, 2011.
'When the sell off does occur, it won’t be pretty. As mentioned earlier, this market behaviour is similar to 2007 / 2008' ~ April 6, 2011.
'DOW/S&P500 is tracking sideways once again suggesting that short covering rally has lost momentum' ~ April 7, 2011.
http://stockmarket618.wordpress.com
Wowee! That means Gold is up almost a whole percent this year. It shore is purdy.
Great info, for 1099 Forms.
What, who, when.
http://everhedge.blogspot.com/2011/04/selling-gold-selling-silver-privacy-irs.html
That was quick, thanks for sharing this critical info ;-)