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Gold Surges On False Rumor Of ECB Fat Finger: Instead Of Buying PGB, A Confused Trichet Hits GCG

Tyler Durden's picture




 

Just kidding. More importantly, it now appears that the $1,400 barrier in spot gold will be breached shortly.

 

 

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Thu, 12/02/2010 - 12:32 | 771938 TWORIVER
TWORIVER's picture

Gold longs almost out of the woods.

Thu, 12/02/2010 - 12:41 | 771984 hugovanderbubble
hugovanderbubble's picture

And Silver,Palladium, Platinium...

 

Could be a reversal day¡¡¡¡

Thu, 12/02/2010 - 12:55 | 772047 hugovanderbubble
hugovanderbubble's picture

Short EUR/CHF till 1.18

Thu, 12/02/2010 - 13:01 | 772073 unwashedmass
unwashedmass's picture

 

seriously excellent day as JPM was not able to contain gold or silver. gold is now fighting to take the 1400, silver, 29

silver takes 29, its over....we go to 30 in a heartbeat.....

crash JPM buy silver NOW.....help us take the 29 mark

Thu, 12/02/2010 - 13:07 | 772097 hugovanderbubble
hugovanderbubble's picture

+1

Thu, 12/02/2010 - 13:27 | 772183 SRV - ES339
SRV - ES339's picture

For those not comfortable taking physical delivery (and it's a serious barrier), Sprott Physical Silver Trust (NYSE Arca: PSLV; TSX: PHS.U) is a safe (and IMHO effective) alternative (stored in Canadian mint with transparent 3rd party audit) is now open for business.

Thu, 12/02/2010 - 13:51 | 772306 SheepDog-One
SheepDog-One's picture

'Those not comfortable taking physical delivery'....I cant figure out what youre talking about. You mean some feel more comfortable buying something and letting market manipulators hold it? 

Thu, 12/02/2010 - 15:24 | 772776 goldsaver
goldsaver's picture

I could see the case of a 401k been converted to PM's with Sprott fund might make sense for those who do not want to pay the tax and penalties. Also, some people might end up with a fairly large safe worth of PMs if they take delivery and feel uncomfortable with the idea.

Me, I just have a big safe. And guns. And outside of my immediate family (wife and kids), no one knows what I have.

Thu, 12/02/2010 - 12:35 | 771953 Ragnarok
Ragnarok's picture

Christmas rally, HO HO HO.

Thu, 12/02/2010 - 12:48 | 772025 hugovanderbubble
hugovanderbubble's picture

Tyler and ZHmembers,

 

Place an eye to LONG VIX...20@area

 

Slowly adding VIX VXX...

 

Thu, 12/02/2010 - 12:57 | 772057 HelluvaEngineer
HelluvaEngineer's picture

Yup.  VXX hammered today.  Back to complacency for everyone.  Nothing can possibly go wrong.

Thu, 12/02/2010 - 12:35 | 771957 dlmaniac
dlmaniac's picture

Painting a right shoulder on gold chart is becoming difficult. They may switch to painting a double top instead once it hits 1415.

Thu, 12/02/2010 - 12:39 | 771967 Arius
Arius's picture

those fad fingers...always scary...thank God there is the Fed that will keep us safe...

Thu, 12/02/2010 - 13:37 | 772230 apberusdisvet
apberusdisvet's picture

The head and shoulder is now John Holmes at full erection

Thu, 12/02/2010 - 13:46 | 772277 Turd Ferguson
Thu, 12/02/2010 - 12:37 | 771963 Jason T
Jason T's picture

Have been long CEF quite heavily since May of 2009 in the 12's.  But recently added to SLV.  Long SLV since fall of 2008 when was mother of all gifts.

Am also long AOB which I like very much now.

 

Thu, 12/02/2010 - 12:46 | 772014 unwashedmass
unwashedmass's picture

 

SLV>>>> you are still giving aid and support to the enemy? hello....real silver people are in a genuine silver fund -- PSLV

Thu, 12/02/2010 - 12:53 | 772045 youngman
youngman's picture

CEF is approx 50% silver and 50% gold...you are good with CEF....get out of SLV

Thu, 12/02/2010 - 12:57 | 772056 Point Being
Point Being's picture

WTF is AOB?

Thu, 12/02/2010 - 12:58 | 772060 Point Being
Point Being's picture

WTF is AOB?

Thu, 12/02/2010 - 12:39 | 771968 Dagny Taggart
Dagny Taggart's picture

Who called that? Turd Ferguson rocks!

Thu, 12/02/2010 - 13:46 | 772278 Turd Ferguson
Turd Ferguson's picture

thanks

Thu, 12/02/2010 - 12:39 | 771973 GNH
GNH's picture

posted elsewhere, but...

Hong Kong gold market hit by sophisticated scam
Hong Kong goldsmiths have been sold hundreds of ounces of fake gold this year in one of the most sophisticated scams to hit the Chinese territory’s gold market in decades, the FT reports. Industry executives say the scam - while not massive and hitting only the retail sector - uncloaks the increasingly elaborate gold swindles perpetrated by criminals in Asia as bullion prices soar to record highs of $1,400 a troy ounce.

Thu, 12/02/2010 - 12:55 | 772049 DosZap
DosZap's picture

I find this exceptionally hard to believe.

Getting fake Gold buy Hong Kong Goldsmiths, is like beating China at running a surplus.

Also, sure would like to know what the fake gold came disguised as.

Thu, 12/02/2010 - 13:05 | 772089 GNH
GNH's picture

 

from the article...

At least 200 ounces of fake gold have been sold to Hong Kong jewelers and pawnshops, the Financial Times reported, citing a group of goldsmiths in the city.

Counterfeiters used a pure gold coating that masked a complex alloy with similar properties to real gold that was discovered by industry executives, the Financial Times reported. Bullion surged 27 percent this year and is set for a 10th annual gain as the dollar dropped and investors sought a store of value.

“This type of product was so high-tech,” Law said. “It should be very unusual. I don’t think there will be more cases.”

 

Thu, 12/02/2010 - 13:58 | 772336 sabra1
sabra1's picture

i bet it was benny!

Thu, 12/02/2010 - 13:59 | 772341 SheepDog-One
SheepDog-One's picture

Or maybe its very widespread.

Thu, 12/02/2010 - 13:10 | 772112 NotApplicable
NotApplicable's picture

In one case, executives discovered a pure gold coating that masked a complex alloy with similar properties to gold. The fake gold included a significant amount of bullion – about 51 per cent of the total – alloyed with seven other metals: osmium, iridium, ruthenium, copper, nickel, iron, and rhodium.

 

The complex nature of the fakes suggest they were produced by a metalsmith with sophisticated equipment and extensive knowledge of metallurgical engineering.

In other words, by some intellegence agency. Which one, I wonder?

 

 

Thu, 12/02/2010 - 12:39 | 771975 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

I look forward to hearing to the financial media report on this.

 

"The useless metal that only idiots would buy went up again today...  Coming up after the break we will talk about gold buyers as if they were retarded school children...."

Thu, 12/02/2010 - 13:08 | 772077 Hook Line and S...
Hook Line and Sphincter's picture

+1 short yellow bus

+ 69 occupants (doing the act of 69) with 1 driving fool

(thanks FWTTB, needed that laugh, that was hilarious)

Thu, 12/02/2010 - 13:13 | 772120 GoinFawr
GoinFawr's picture

++

Thu, 12/02/2010 - 12:41 | 771980 RobotTrader
RobotTrader's picture

I wish these dog stocks in my retirement account would start moving:

AU

GOLD

IAG

So far, I'm suffering from "Scroomers Remorse" by sitting on these instead of chasing the likes of CROX and KKD...

LOL....

Thu, 12/02/2010 - 12:56 | 772050 downrodeo
downrodeo's picture

So you don't like gold then?

Thu, 12/02/2010 - 13:03 | 772072 GoinFawr
GoinFawr's picture

Yet another desperate cry for help from Robotrader. It appears gender confusion is not his only neurosis; is there a PhD in the house?

No, no, not that kind.

Thu, 12/02/2010 - 13:11 | 772115 downrodeo
downrodeo's picture

RT, will you continue to post pictures of your temperament as gold rises? I want to see the photo at 1500 where you're dressed in sack-cloth while weeping and gnashing your teeth, mainly because I've never seen anyone gnash anything. Pretty please?

Thu, 12/02/2010 - 14:01 | 772355 PrDtR
PrDtR's picture

why the silver selloff???

Thu, 12/02/2010 - 14:22 | 772494 downrodeo
downrodeo's picture

I dunno, why the 50% increase since September? Why is anything anything?

Thu, 12/02/2010 - 14:32 | 772539 Dumb Money
Dumb Money's picture

haha +1

Thu, 12/02/2010 - 13:49 | 772298 Biosci
Biosci's picture

Not this kind, either.

Thu, 12/02/2010 - 13:14 | 772125 THE DORK OF CORK
THE DORK OF CORK's picture

Posted this on another ECB thread but it needs repeating as it sums ups the Euro debacle perfectly for me.

However Charlie has won not because he is a good boy but for having kept the golden ticket.

www.youtube.com/watch?v=F9gRzmCf1EI

 

 

Thu, 12/02/2010 - 13:41 | 772253 iota
iota's picture

Depends on where you get in fella, AU has seen me real nice for the past 6 to 9 months.

Obviously you didn't "Buy the fucking dips".

;)

Thu, 12/02/2010 - 14:01 | 772360 SheepDog-One
SheepDog-One's picture

Your stawks arent movin Robo? Aw thats a shame...maybe call Bernank see if he can turn a HFT on some of that crap.

Thu, 12/02/2010 - 12:41 | 771981 Zero Debt
Zero Debt's picture

Anybody got some good links about Platinum, Palladium and Rhodium?

Thu, 12/02/2010 - 12:43 | 771994 hugovanderbubble
hugovanderbubble's picture

ZeroDebt

Use

Kitco.com

London Metal Exchange

Comex

or

more easy

finviz.com

Thu, 12/02/2010 - 12:43 | 771998 TruthInSunshine
TruthInSunshine's picture

Gold and silver heading higher while massive POMO and ECB flooding operations are ongoing is all the proof anyone grounded in reality will ever need to see that the biggest threat to the elite is a growing willingness on the part of larger and larger %s of the population to divest from fiat currency.

This event is an economic and political lesson real time.

In fact, I think it can be credibly argued that Bernanke is accelerating and exacerbating the trend.

Will genuine Federal Reserve infighting, and maybe a mutiny that overthrows Bernanke and Bernakenomics, result?

"We'll see," says the Zen Master.

Thu, 12/02/2010 - 13:03 | 772079 DosZap
DosZap's picture

After finding out the Fed loaned out 9+Trillion to everybody and their dogs, on the sly.

And Americans are getting ready to get Franked yet again, anyone not holding a lot of PM's are fools.

We can throw the IMF 73 Billion, and we can loan to  UBS, and every other bank on the planet Trillions, and our taxes/losing wriote offs, are going thru the roof, because WE cannot afford the debt?.

New rope, and hangings are in order.IF we dont not shut the Fed down,WE ARE INSANE.

We can't do Americans UE, but we can bail out Ireland, and the EU.

 

Thu, 12/02/2010 - 12:45 | 772002 dojiman
dojiman's picture

santa is coming early mates..

Thu, 12/02/2010 - 12:45 | 772006 Hephasteus
Hephasteus's picture

And silver hits $29.00. Ouch.

Thu, 12/02/2010 - 13:28 | 772184 SilverRhino
SilverRhino's picture

Silver has breached $29 3 times today and something keeps pushing it down.  

 

Thu, 12/02/2010 - 13:36 | 772225 earnyermoney
earnyermoney's picture

As Turd would say, Blythe and her flying monkey brigade.

Thu, 12/02/2010 - 13:49 | 772299 apberusdisvet
apberusdisvet's picture

Gensler (dick in hand):

"But Jamie, we did everything you asked; looked the other way; raised margin; it's not our problem is you can't find any more silver."

Fri, 12/03/2010 - 02:51 | 774506 StychoKiller
StychoKiller's picture

Flying monkeys (from the "Wizard of Oz"), were called "Winkies", a mashup winged monkeys.  Someone should tell Mr. Ferguson.

Thu, 12/02/2010 - 13:47 | 772282 Turd Ferguson
Turd Ferguson's picture

give it a little while longer...29.40 just over the horizon

Thu, 12/02/2010 - 14:00 | 772350 sabra1
sabra1's picture

it was max keiser!

Thu, 12/02/2010 - 12:46 | 772012 TWORIVER
TWORIVER's picture

Keep your eyes on AAPL, already sucking a little wind now at 316.5. If it takes out 310 today and the mkt is going to open 300 points lower tomorrow

Thu, 12/02/2010 - 13:20 | 772146 fuu
fuu's picture

Uh which market are you watching right now? Apple is up 0.81 to 317.21. It would have to reverse AND drop 2%.

Thu, 12/02/2010 - 12:46 | 772016 qussl3
qussl3's picture

Margin shenanigans on the way.

Wont be surprised if they pull that crap over the weekend, effective on open lol.

Thu, 12/02/2010 - 12:57 | 772054 Iam Rich
Iam Rich's picture

That just means that physical goes on sale, buyers come in and take inventory out of the market, and the price makes a higher high 2 to 3 weeks layer.  Margin shenanigans are "buy the f'ing dip" opportunities.  Didn't you see this mornings video?

Thu, 12/02/2010 - 12:48 | 772032 The Aviator
The Aviator's picture

1 month and 12 days till Sinclairs' long promised $1650 for Gold. December should be fun...my money says it gets there

Thu, 12/02/2010 - 12:52 | 772042 lsbumblebee
lsbumblebee's picture

More like selling into the PM fix has ended.

Thu, 12/02/2010 - 13:01 | 772071 Xibalba
Xibalba's picture

Y'all ain't seen nuthin' yet! 

Thu, 12/02/2010 - 13:02 | 772076 Buttcathead
Buttcathead's picture

I aint buyin nuttin...  I'm bankrupt...

Thu, 12/02/2010 - 13:07 | 772100 DosZap
DosZap's picture

Charge some PM's.

MAX out any cards you have left, the Fed doesn't mind maxing us out x's 1,000,000,000.

Thu, 12/02/2010 - 13:12 | 772113 TruthInSunshine
TruthInSunshine's picture

People do realize that if enough of the sheeple wake up, it's game over for the Federal Reserve, right?

Nothing can stop the sort of revolution Keiser is advocating with his 'buy one silver coin' campaign.

Although his campaign focuses on JPM and its price-fixing racket, the campaign works the exact same way at writ large, as it would apply to central banks that are able to print (directly, or indirectly - by causing the treasury to print, as in the case of the U.S.) fiat currency.

This is Ben Bernanke's, Jean Claude Trichet's and every other central bankers' achilles heel and kryptonite.

 

And this is why I honestly expect governments to adopt some fairly radical barriers to purchasing alternate currency if this trend continues, lest they be neutered and shown as the naked swimmers they are as the tide continues to recede.

Thu, 12/02/2010 - 13:42 | 772260 Ben Fleeced
Ben Fleeced's picture

Hope sheet 925 for jewelry making helps.

Thu, 12/02/2010 - 13:12 | 772118 Mozzer
Mozzer's picture

i miss Johnny Bravo :(    ;)

Thu, 12/02/2010 - 13:19 | 772142 OpenEyes
OpenEyes's picture

I miss Chumbawumba!

Thu, 12/02/2010 - 13:22 | 772153 fuu
fuu's picture

Me too, bitches.

Thu, 12/02/2010 - 13:49 | 772294 Turd Ferguson
Turd Ferguson's picture

Anyone ever seen Johnny and Chumba together, in the same room?

Fri, 12/03/2010 - 01:35 | 774371 GoinFawr
GoinFawr's picture

Heh, those were fun threads.

Thu, 12/02/2010 - 13:59 | 772339 velobabe
velobabe's picture

i U S E 2 miss cheeky, no more.

Thu, 12/02/2010 - 13:20 | 772147 Johnlaw2012
Johnlaw2012's picture

Print more money Silver up.

 

Thu, 12/02/2010 - 13:30 | 772193 Joeman34
Joeman34's picture

crazy action in EUR/USD, looks like many trades done below market.  Anyone else seeing the same thing?  Weird thing is, I just had some way OTM calls I own as a hedge bought away from me right before the strange action...

Thu, 12/02/2010 - 13:36 | 772221 godgunsandgold
godgunsandgold's picture

PM's bitchez!

Thu, 12/02/2010 - 13:55 | 772324 Fernley Girl
Fernley Girl's picture

Just bought some Christmas silver rounds...$31.98 ea, Morgans $29.98.  3% surcharge for credit card, cheap flat rate, based on $ amount of purchase. Grandkids will not be pleased.  Merry Christmas JPM!

http://www.coin-rare.com/christmas-round.aspx

 

Thu, 12/02/2010 - 13:57 | 772332 SheepDog-One
SheepDog-One's picture

The Bernank certainly coughin up blood, no ones buying his stock rally or bonds, he can keep that BS churning to frothy foam all he likes Im buying silver.

Thu, 12/02/2010 - 13:57 | 772333 velobabe
velobabe's picture

Tyler, F A T fingers with GOLD rings on them.

Thu, 12/02/2010 - 14:01 | 772362 PrDtR
PrDtR's picture

why the silver selloff???

Thu, 12/02/2010 - 14:04 | 772381 PrDtR
PrDtR's picture

why the sudden drop in gold futures???

Thu, 12/02/2010 - 14:17 | 772457 lsbumblebee
lsbumblebee's picture

"Investors" just heard that the Philadelphia Fed wants to print more money. Obviously bad news for gold. Also, gold she is in a bauble, so "investors" want safe haven assets like stock in BAC.

Thu, 12/02/2010 - 15:11 | 772713 PrDtR
PrDtR's picture

hehe.. funny man..

Thu, 12/02/2010 - 14:11 | 772421 Glasgow Gary
Glasgow Gary's picture

This is very dangerous action. That smackdown from 1400 and 29, respectively, just a few minutes ago is exactly what you see before the monster move higher in commodity bull markets. 

GG

 

Thu, 12/02/2010 - 14:42 | 772552 PrDtR
PrDtR's picture

when do you know to get out???

when do you say, I was WRONG???

Thu, 12/02/2010 - 18:49 | 773568 Ms. Erable
Ms. Erable's picture

You get out when you take physical delivery.

Fri, 12/03/2010 - 01:19 | 774342 PrDtR
PrDtR's picture

hehe.. good one..

Thu, 12/02/2010 - 15:10 | 772567 PrDtR
PrDtR's picture

could sellers be "attracted" to a market order stop in futures???

Takin a Hurtin in the Jan11 contracts!

Thu, 12/02/2010 - 18:11 | 773426 Client 9
Client 9's picture

Sorry zombie flakes, but GOLD is down today.  It will keep falling to $1000/oz.

Thu, 12/02/2010 - 20:12 | 773761 SilverRhino
SilverRhino's picture

Put the fucking crack pipe down already.  

Fri, 12/03/2010 - 00:43 | 774277 lawrence1
lawrence1's picture

Brillian argument. Which special ed program did you fail asshole?

Fri, 12/03/2010 - 02:21 | 774457 Hephasteus
Hephasteus's picture

haha. The 80's needed a HUGE crash for the information technology revolution. It didn't happen. It was barely a long recession. Because things didn't go so well this crash has to be really big, really long and really painful.

Some say it won't work. That people won't tolerate it. That it's too much exposure to dangerous situations. Those people are probably right. In fact the information revolution may not even stick. It might all burn to the ground and you'll have to start over with retards because smart people won't lift a finger.

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