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Is Gold Set To Hit $1,200 Within 24 Hours?
Early spot gold action indicates something is afoot in the gold market. Hitting an absolute record of $1,164 mere minutes ago, the momentum chasing algo funds are now in the picture, set to do to gold what they have been doing to the S&P futures and the SPY day after day for months now: if little volume will cause a move, look for the momentum chasers to crawl out of the woodwork. Yet the key factor determining today's gold price: Comex gold option expiration later today. Over the past several weeks, speculators have accumulated a 3 million ounce option position with a $1,200 strike. With gold flying on the tiniest gust of speculative mania, the possibility that we may see a 1,200 handle on gold seems less and less improbable.
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Gold has been the wrong price for years.
Everyone was too desperate not to miss the other bubbles, so took their eye off the ball.
The gold price is just correcting itself just now. It has a long way to go before it is over-priced. In the decade of trouble we have coming to us, gold and silver will be the only anchors we can trust. (and maybe the Bank of Mauritius)
Ha ha.
Long woodstoves, fish hooks, sinkers and rambo knives.
Eat my dust.
Has anyone noticed the non-confirmation of this euro rally vs. any of the other "risk currency" tells? AUD/JPY, AUD/USD and NZD/USD have barely budged while Euro is on a rip and camped at 85+ on the RSI.
Completely unrelated thought but does the Fed have any benefit by fanning the gold flame to lay claim that the value of gold in Ft. Knox now supports the dollar...........
Maybe the Canadian Mint is looking to replace it's umm Lost Gold.
http://www.gata.org/node/8069
Which means central banks are yanking the yellow stuff out of every building it can to cover it's shorts.
Oh no. The "Federal Reserve Note" people have come to the thread. Yeah right. A total meltdown of the credit markets, with the world trying to price in zero economic activity in the US, with the dollar probably going both up and down in very sharp moves and then a serious problem with USTreasuries--and then people will want FRN?
Sure.
My friends the balance sheet of the US is already in play. OK? So in the meltdown, the balance sheet of the US will be even more in play. If people are willing to accept FRN under those conditions, then they'll be willing to accept yap stones as well. No one, and I mean no one, will be looking for dollars or FRN to pay back loans or service debt because the entire social action of servicing one's debt will end. You will be in your house, and you will say "Go ahead, try and pull me out and everyone else on the street. No? I thought so. No let me go back to tending my root vegetables."
Federal Reserve Notes. Pshaw!.
The fact is, the FRN is still the world's reserve currency and there isn't enough gold to replace it and no other currency is looking sharper. Japan has 200% debt to GDP ratio, EU is right around same. The Yuan is a joke because China is a joke. No matter how bad you think the US is, everyone else is in worse shape. So there you go.
I would avoid gold at all costs. It's ridiculously priced and it will crash back down, the same as tulip bulbs. Unlike tulip bulbs, gold probably has a natural baseline value, but it is not $1200/oz. At least, not for very long. It's your funeral, not mine.
just keep telling yourself that.
What in God's name is happening with bond futures right now?!?!
They have all tanked @ the open of electronic trading. Is this correct or is my platform (ToS) wrong?
TIA
AHAHAHAHAHAHAAAHHHHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAAAAAHHHAHAHA!!!!!!
Insane outburst of diabolical mirth or were you referring to a specific post?
Diabolical mirth signifying a truckload of "I told you so's", among other things.
GG loves it when he's right.
I mean, like, you know, when has he been wrong?
Hey, I like gold as much as everybody but doesn't anybody here watch FOX News Channel. Good grief. I swear that every other commercial is from some fly-by-night operation SELLING gold. The only name I have recognized so far is Investment Rarities in Minneapolis, and I wouldn't touch that shop with a barge pole.
I have yet to see a commercial offering to buy gold.
Been here before too many times starting with January, 1980.
Gold is overdone, needs a rest, and time to build a base to launch an assault on $1,400 - $1,500.
I'm getting used to this,
don't fight the tape
don't fight the FED
and one day the dollar is going to shoot up
then say your prayers and take cover
YAAAAAWN....
if they manage to jack the market, driving equities down, pm's down dollar&treasuries up. thats just an opportunity to get more pm's per dollar. all the money I have made in the last 10 months has been in silver. once they sell treasuries, and scoop the available gold, it will be back to dollar destruction, but the equities wont recover fully. gold and silver will. theres not enough silver for everyone on earth to have 1 oz 95% of all silver ever mined, has been used up. and we have been using more than the world output for many years. in 1940 there was 5 times more silver than gold, now theres 5 times more gold do the math, a small demand increase will suck it all up in a week. thats why JPM is vigorously shorting the stuff. if you think gold is hard to deliver, watch what happens to silver, its almost a rare earth mineral.
New gold act out of the question, however, I think they will declare force majeure on electronic/physical settle positions in the near future.
They have to, I really can't see any other way out of this giant goldsucking reverse death spiral.
That is the reason my gold positions are physical.
wasn't it madonna who said LETS GET PHYSICAL
No, it was übermilf Olivia Newton John who caused me many a wet night when I was a teenager.
http://www.youtube.com/watch?v=ow1gS3m1ckM
Sorry Orca to make you have some more dreams. This is a live performance.
There is some stuff out there on the net that says she is a lesbian.
Thanks MsCreant and Jim! I don't care if she's a lesbian, you can't feel the difference. tonight my girlfriend will play Olivia and I'll try to be an acceptable John Travolta, in "Grease - the X-rated version"
Anyway, there is something on topic I want to share with you. I have no clue where gold is headed, however here in Europe we have a product called "turbo" (by ABN Amro, now RBS), which has synthetic long and short versions of thousands of equities, forex pairs, commodities, indexes etc. There are 4 turbo shorts out now, with strikes 1185-1230-1284-1499. These are reset monthly (down with shorts, up with longs)The fifth was 1130 and is history. Although this bank is not a major player, what is interesting is that they somehow manage to identify countless levels on all sorts of stuff, and it is in their interest to have these levels stopped out. Also, since we are in uncharted territory, it is convenient to see where their levels interest is situated. If they are correct with the remaining 4 short positions we are in for a hell of a spike.
Paging Robert Prechter....paging Robert Prechter....we have a "few"...umm...how do I put this...umm..."dissatisfied" EW customers waiting for you at the front desk, although if I were you I'd jump out the window right now and go to some undisclosed location for a loooooong time.
I'm a short-term EW trader, and I think Prechter's call for a correction of gold to ~600 is off base also. He thinks we're in a B corrective wave. But the fundamentals behind this move seems to support that we're in a long-term impulse. You could feel the real support behind gold back when gold was testing 900 in July (and at many other times).
Prechter sent Shedlock ahead on a mission to find an "undisclosed location" they can share.
ROTFL!
well what the fuck did you expect with the price of gold with it being in severe and permanent backwardation??
we are watching the final gasps of free civilization.....it's all over....it's not coming back - ever......
and to the fucktards who think there is a gold bubble - you are so stupid i wouldn't care to refute the imbecility...
buying gold at 1200 usd is buying below market....
Crude and a bit rude, but then the truth always is, is it not/
Touche.
the name of the game from now on is "squeeze".
Dollar - silver, shorts - longs
.
I can tell you the more secured squeeze will be VIX shorts...........
Quacks like a duck.......couldn't this be what a currency collapse looks like?
Someone should ask JPM how the Silver Short program is going! Maybe this is too expensive for a bailed-out bank, anymore....
I love comments on gold threads. I have read some really helpful things over the past couple of years. With this knowledge, I can be a long strong hand.
Knowing the history of gold and crashes is what has calmed me down about it. This is like the mafia, every few years, they go to the mats to clean out the trash. Gold cleans out the trash. Gold is the enforcer. With this perspective I see gold as revolution. Gold is the big "fuck you." Gold sez "Death to the Fed (the institution)." Gold sez, "Get real." Gold is the physical, obdurate, kick-able reality that can be empirically confirmed or denied. Derivative$ of derivative$ most certainly are not. The dollar is the original derivative (hehe).
Silver sez all these things too, but she does it in gold's shadow. Gold stomps its way up. When she is sure, she comes out and plays.
Gold doesn't always go up, but gold always is... that is all I need to know.
Welcome to the true value hardware store. Gold buys different flashlights than castle of illusion dollars do.
Bricks and slippers. One lines the stairway to heaven, the other makes the travelling easier on those fleet feet as they flee paper IOUs.
They took our dollar down
Jaime Dimon tapped for Treasury????? Although he is a bankster. He also hate Vampire Squid...let the games begin...
Ron Paul on CNBC, how the heck did he get in Congress?
I thought they had an 3 part test to keep guys like him out.
a. He fails the intellegence test (he has some)
b. He fails the integrity test (he has some)
c. A lie detector (he doesn't do it every time he opens his mouth)
somebody junked your comment. i wonder why the Ron Paul hater doesn't come out and say something about it?
I hereby junk that junking!
Yeah, I was about to say: "Junked? I knew I smelled unwiped butts lurking around here!"
But, about your points: Mr. Paul has backed himself into a corner. He has spent years developing a reputation for straight talk and no lies. So, his dilemma is that he can't lie - unless he wants to see his fanbase drop by 99.9% overnight. No, he will stay the course.
It would almost seem his is the candle on the hill for millions. The soul of our dying Nation counts upon him for guidance.
seems like the " ( )"'s are damning with VerY faint praise
2009 gold year high = 2000 gold year low 252 * 1.20^9 = 1300
This may be one of the smartest posts I've seen about gold
in the last 10 years.
http://www.sliderontheblack.com/gold-silver-stocks/december-gold-hits-an...
"It’s become a broken record for gold…
Another new high.
Another new high.
Another new high.
Why?
Because this isn’t Howard Ruff’s, Jim Sinclair’s,
and Doug Casey’s gold bull any more.
It’s John Paulson’s, Paul Tudor Jones’, and
David Einhorn’s gold bull.
And gold's not hitting new highs because of imminent bank
holidays, predictions of a Comex failure, or tungsten
filled gold bars, here's why gold's hitting new highs..."
Very interesting comments on the video from James Rickards.
Michael Cerulean
apparently this guy begs to differ:
http://www.marketwatch.com/story/gold-to-fall-under-1000-by-year-end-for...
So, if Julian Jessop is right he gets his 15 minutes of fame. If he's wrong he gets a gig as a regular commentator on CNBC's Kudlow show. Just look at how many times Don Luskin gets to be a featured (octo-box) guest.
If you are the largest holder of a thing in the world...you would either want it to increase in value thus increasing your wealth, or want it to decrease in value thus decreasing your wealth. So if the USA holds more physical gold than any other nation on the planet...what do we suppose the gubmint wants to happen???? They want the price of gold to go up, but they can't say so specifically because it will tick off China and there will be an overnight crash of the dollar. That would create so much turmoil as to possibly result in a revolution. However, if it can happen slowly then the USA wealth increases and those holding our dollars decreases (relative to the USA's)while Joe 6-pack gets cooked so slowly that he does not notice it.
And what exactly is the government going to do with all that 'wealth'?
"The largest holder of gold in the world"
According to who, themselves, lol.
I tend to believe the amount they hold is of similar order of magnitude to the claimed holdings. I still think they're short and some of their claimed physical is paper, but if too much of their reserves were actually loaned out, it would hugely contort the supply. Obviously that's what has been behind keeping the price down - but it comes down to how short they are on physical.
Bernanke got it under control - sleep well....everything will be allright - just leave it to us. u dont need insurance and buy gold. come to my sell your jewellry party.
Loved the screening math question! kudos!