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Gold Surges To Fresh All Time Record Of Just Under $1,290
While this move in gold is not unexpected, we are a little confused by just how Mr. Gross knows that the Fed has in fact reduced its economic growth forecast for 2010 from 3.25% to 2.25%? Last time we checked this was NOT anywhere in the public record.
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Bravo!
Physical Delivery M'Fers!
I'm sorry, but didn't you mean...
Physical Delivery Bitchez...!
i'm more confused about how you can claim "there is no QE 2"? the gold market is calling you a liar.
Huh? Not the way I see it, gold and the bond yields are calling the FED liars.
i think that's what he was saying too.
wow Viva Viagra...gold and silver went 'boing'!
Everyone at JPM just had to change their underwear.
+1 million!
Update: Artists rendering of JPM desk: http://j.mp/bX7Blm
omg. can't. breathe. laugh. too. hard.
+ a mill to you as well, genius link!!!
JPM - The Winds of Shit - http://www.youtube.com/watch?v=OQufxG1GcAk
We could see 1,300 before the end of the month. Or even the end of the week. The PMs heard something in the Fedspeak that said "more printing".
That's nothing. You're going to see 1150 SPX in 2 minutes.
Maybe not.
1147 and then fell. Now negative for the day again.
Before beer thirty at the CBOT
Update: Boing, boing!
Where are my dips to buy? They don't last as long as they used to.
Mistress Cleo?
Flash orgasm? What was that in trhe S&P?
It will be fun to see if this can hold through the afternoon. If so, I'd expect pretty heavy overnight Asian/European buying. Maybe still hit 1300 by 8:00 EDT tomorrow?
it would'nt surprise me at all. your gold calls have been 'spot on ' recently. well done.
Thank you. If even one person has noticed, I feel appreciated.
jesus man...
I've noticed, too. I look for your posts on the PM threads.
Ditto.
+1300
And there I was thinking; "You just can't polish a turd", only to be proven wrong. Keep calling them, Turd.
1286.65 ....
Turd when are you seeing the possibility of a pullback? Got a real solid chunk of cash working its way though the bank system and only getting it Monday and looking to make a buy, physical of course.
I'll toss my opinion your way while waiting on Turd.
Whenever I get money, I just go and buy the stuff. Sure, I check the price, but, it really does not matter, I just go and buy it. I expect to buy some more soon, as I have money working its way to me as well.
That was my plan to be honest but open for opinions. Monday being op ex day I was/am hopeful the boys at JPM would do me a solid and take the price down so I can back the truck up.
DoChen's got it right. When you're long physical, the day to day machinations of the Evil Empire become amusements. Its fun to watch them attempt to contain gold like its 1994 or 1999 or 2009, for that matter. They are losing! No...wait...more accurately, they have lost!
That said, since the Fed still bids them to keep the rise slow and steady, gold is still going to see setbacks and prolonged setbacks that become corrections. See July for the latest example.
Once gold broke 1245 last month, you knew that the EE would defend 1265. Which they did. Once that fell, 1290 was my next target. The EE actually set up shop at 1285. You can clearly see their footprints on the 15-minute and 30-minute charts.
1300 will be a "psychological barrier". I'm quite confident that level will be obtained overnight tonight. You'll probably wake up tomorrow with spot at or over 1300. The EE will do their regular 8:00 beatdown and attempt to paint some resistance. It won't work. The EE will try to keep a lid on things through expiry on Monday but its gonna be tough for them.
I've been calling for 1350 by Halloween, even during the dark days of July. I'm pretty sure we'll see that number before 10/31, most likely now before 10/1. We'll get a pullback but I'm highly confident that gold will trade to 1500 before 12/10/10.
And one last thing. In the short-term, expect some kind of bullshit propoganda from the IMF or the ECB. Announcements of gold "sales" used to do the trick for a quick 5% downdraft. They're in for a rude awakening but it doesn't mean they won't go back to their old bag of tricks.
It is indeed a dilemma. And I presume that in the US as in the UK, that lowest margins for physical at any point in time, require a bulk purchase, rendering drip-drip purchases uneconomic in principle.
My own timing has been lousy. I got caught out a couple of times by what seemed to be the beginnings of a parabolic run, only to suffer immediate smack-downs or currency swings. Time always turns them profitable in the end, but the same money would have secured more ounces if timing had been better.
When the graph seems to go up vertically, we like to imagine JPM boyz running around the office panicking, but the smackdown always comes. Talk of 1300, 1350, 1500 etc, is always by implication, the highpoint before the next smackdown.
On the other hand, highs to dips lately have only been about $70 or so, so I would agree with Turd, just go for it. You got it easy in fact as you don't have the roller-coaster effect of currency swings; the UK price this year reached £858 before falling to about £760 (a dip of about $150), and now about £825, still well short of the sterling high.
I often find myself contemplating the 2008 silver smackdown from $21 to $9. This is testimony to the power of da boyz; and this is exactly the message they want to send out. If silver goes to $23 or beyond, I suspect that it may yet suffer pullbacks to under $18 again, even if only briefly, and whether they have any stock or not. Even though ultimately futile, it is life or death for the EE, and they will find a way. They will lose control long term, but for the time being, they are still the 800 lb gorilla in the room.
TD check the ZN 10 year it got really really fucked up at 2:15
eur/usd explodes. dollar smashed.
fxxx me, EUR/USD 1.324
Yen near 85. Total carnage.
You ain't kidding. The dollar is getting crushed.
Race to the bottom, bitchez!
So many conspiracy theories; so little time to explore them all. The parallel universe has arrived; everything turns to gold upon uttering the magic words: "fiat is dead, long live PMs"
To me the FED announcement should simply read-
We're the FED, the economy sucks and our printing fest hasnt worked at all, but we can print up some more money I guess.
Yep, Benito Bernanke couldn't have said it any better.
I'm a bankster, but I can make change, if I have to, I guess.
(with apologies to Red Green!)
why is the market rallying....whats so great in this announcement?
Nothing. Its a disaster. 700 DOW points since Sept 1 have been pumped into this market due to 'certain massive QE comin'. Id watch out if I was long somethings going to break down big time here soon.
you mean we cant have it both ways?
Free money
It's called delusional stasis.
Just the dollar getting killed.
It's a non-announcement. There isn't anything significantly different.
i'm not an economist. my (un)educated guess is
"they" pump the markets coz that's what most people
watch as an indicator of the state of the economy.
granted, more and more people are wising up ....
i love watching confidence being lost.
A rally led by fear will be far greater than one led by greed.
This is what we have yet to see in gold.
good distinction. i love watch this crap. heh.
While this move in gold is not unexpected, we are a little confused by just how Mr. Gross knows that the Fed has in fact reduced its economic growth forecast for 2010 from 3.25% to 2.25%? Last time we checked this was NOT anywhere in the public record.
That's because Mr Gross's number is on Mr Bernanke's speed dial. As for the rest of us, we'll have to wait for the Bloomberg article quoting "high level FED officials" to find out in a few weeks.Bloomberg: 'GDP Growth unexpectedly lower for 2010 due to unexpected sucking sound formerly known as the US consumer'
Wait, I thought the guys at the bank said no...
It was an 'under the table' agreement
Sometimes even the hucksters and shills speak truth, usually inadvertently. I'm sure if questioned he'll say the research department came to this conclusion blah blah blah.
We've know for a long time that there are "the insiders" and then there is everyone else. Gross is "an insider" and it has just been confirmed by his own mouth, as if anyone needed confirmation.
indeed.
does *anyone* believe that these PDs are buying this QE2 Fed garbage without agreeing to some 'special attention'?
the Fed is a cornered cat...
i may not like it much, but it doesn't surprise me at all.
I was supposed to buy weakness tomorrow, but it is becoming increasingly difficult. But hey, if it pops to $5k+, few bucks here or there won't matter...
+1
$1275 looks soooo cheap right now.
To the moon, Alice, to the moon!
Cramer makes me want to scream
The dollar value has just massively dropped, in gold like in euros. This is a bloodbath for Americans.
There. It bounced partway back already. Fed is ON IT.
Well, call them and tell them to get back on the USD/Yen - it's plunging. All that intervention... for nothing. What was it, $15bn, and it bought the BoJ less than a week of 2% upside?
I find it absolutely insane anyone even attempts to manipulate the FX markets - I struggle to recall even one success. Although, true to form, that moron "American Patriot" on the marketwatch boards seems to think they're always succesful. But then, he DOES drink Bernanke kool-aid.
American Patriot is Jon Nadler. I haven't read MarketWatch since discovering ZH and will never go back.
I've been duking it out w/ that fuckwad on MW for nearly 3 years... I had my first name banned about a year back for arguing w/ him - of course, he wasn't kicked out while I was. I had that account for three years, so I signed on again w/ a slightly different name and I still make sure everyone knows the guy's a fuckwad.
Then I discovered ZH and now I hardly go to that fucked up sensor-ridden site. In the words of Kenny Power - fuck those guys.
Cheers
Here is a comment/post from akak yesterday about this psyop pro:
Thanks for the re-posting by akak. I've never been a Nadler reader but I jumped over to the newest post by Nadler and was just astounded at the denial in his piece. It's embarrassing, and I don't even have a handle on his perspective.
http://www.kitco.com/ind/nadler/sep212010.html
Anytime Rocky, just remember to thank akak as it is his work/contribution.
Here is a link to the original thread: http://www.zerohedge.com/article/gold-surges-fresh-all-time-high-stocks-priced-gold-are-now-down-only-1265-ytd
He deserves kudos for wading thru all the Nadler crap. I need to go take a shower.
The rush to 1300 is on!!!
it's not every day you see a straight up line in gold. Makes me happy!
Full on bull parade at cnbs
I can't wait to see them get their ass handed to them. And they will it is not if but when.
'We're the FED, and we print fiat money and thats all we know how to do'. Enjoy the collapse.
Gold:Dow 1:1 @5,000
201?
10:1
This just in from my local newspaper:
Manitoba Theater Company pulls back curtain on theatre’s magical worldI'm gonna get so junked, and although I'm long the stuff, I'm now hedging... Prepared to take the public lashing if wrong.
holy f*ck are you brave.
Junked ya! Just kidding. Hell if I owned a bunch Id hedge it too I dont trust anything.
Well wouldn't the best hedge for a raw long physical play be shorting GLD? And also get you exposure if GLD is empty or doing accounting tricks like many believe?
I would rather short SLV.
Im long gold, Golden Sabres that is. Im going with the non precious metals hybrids these days lead, copper, brass, propellants.
Remington's Golden Sabers are old technology. Get some of these:
http://www.speer-ammo.com/products/golddot.aspx
Thanks for reminding to add more to my shopping list for the gun show this weekend...
What do you mean? You are long and staying long? Long and hedging? Wasn't sure what you expected to get lashed for...we usually just save that for ought and ought bulltards with no discussion on the risk or logic.
I feel I have to explain my actions to fellow ZH:ers, looking at all assets excluding the dollar, they have gone very far (at least short term). I expect a rapid turnaround in the dollar (gonna get junked for that one), a precipice fall in the euro, longs everywhere (don't know about stocks - don't care about them anymore) might get there squeezing for once.
you've got guts. kewl.
add me to the 'junk' pile as well, but only because this sort of volatility goes both ways.
generally i'm very long PMs. very short USD. just playing the noise on this one.
Gah! Did Blythe Masters take the boys out to happy hour or something?
Two for one lap dances at Scores.
Bernanke guilty of a regFD violation!
Please forgive a stupid question. Why do some assets like stocks rally while physicals like wheat, corn , etc. are going down with the dollar. Is it the confusion between inflation and deflation? I understand, I think, the move of gold, but it seems various market are in direct opposition in terms of response
Patience, grasshoppah.
Look at the weekly charts, not the 5-minute charts.
I'm not sure how smart my answer will be, but here's what I see - stocks are perceived by the public as a barometer for the improving economy (just after Obama claimed such on TV) while they do not look at commodities that way. So the theory goes, the FED is injecting money directly into the stock market through "primary dealers" (connected banks?) as propoganda.
As an aside, the powers that be must believe in an inverse form of the socionomic theory behind Elliot Wave analysis - that social mood drives the stock market, not news or announcements. It seems the government might have a vested interest in turning this around, back on the public, forcing their social mood higher with the market they see on the news.
Simple really... QE II will go directly to stocks, will not pass go, and will not collect...
Depends on whenever they want to use a good ol market crash to panic the people again. It IS coming, we just dont know when.
I love bottle rockets, especially on Kitco Gold charts.
Congratulations to the Fed.
We are now well on our way to having SIMULTANEOUS bubbles in equities, bonds, precious metals and commodities.
Oh and by the way, if you are one of the poor souls who doesn't own any of the above, but still needs to EAT, you are totally f**ked.
Blowout top
dehydrated confidence cole slaw...
The gold market figured out that I start my job tomorrow and that I'm going to start taking chunks of it off of the table again. Crash! at least for a few paychecks!
"The inevitable and rapid deterioration in government finances will almost certainly trigger a new wave of demand for gold. This demand is not yet understood by those market professionals who assume that rising prices will generate sufficient supply from profit takers. This is usually true in other markets, but the buyers of gold today are mostly hoarders, and hoarders tend to buy more on rising prices as their earlier fears appear to be vindicated. So the difficulty for those who want to put a lid on this market is that rising prices will lead to accelerating demand."
Alasdair Macleod - Finance and Economics blog...
"There can be only one"
- Connor Macleod ( Scottish Clansmen)
One currency that is.
I never bought so close to an all time high as yestarday. I painted the tape with a smile on my face. Haha fuckers.
interesting that the market seems to be moving in lock step with gold....gld and dow both up like .45% in fact dow is up .45 gold only .42
wwill this change to gold's favor? seems like both are doing well
Those fools can't sell their imaginary gold fast enough to keep the price down.
We need more days like this where PM's outperform everything.
so glad i bought at 350 and 7 respectively
Most days, the pricks on the Evil Empire PM desks are pounding martinis and hookers by 2:30. Today, they had to be marched back to their posts to help vigorously defend the 1285 level. So far, not so good for them.
Fuck em. Its great fun to know that every, single paper short contract ever created by an Evil Empire minion is currently underwater!
1289.05!
Underwater minions bitchez!
Excellent point
ah spoke too soon perhaps.
I think Nixon telegraphed this whole damn stunt when he went on Laugh-In and spoke:
"SOCK IT TO ME"
They didn't call him Tricky Dick for nothing you know.
Did we ever bail out that Afgan bank?
Amazing how Johhny shithead Bravo and Robo dumb ass Trader disappeared from all these posts the last 2 weeks..may the Fed follow them into the long quiet night...off the deep end of a pier...
Noted that too, ZEIT.
I think Johnny is over on Mish's blog.
Right after he left here, he mentioned in Mish's comments that even if we were right about everything (gold) the govt would never let us win so we were back to being stupid.
He is the James Taggart of econ blogs. A second rate pretender who believes he is close to power and revels in the chance to inform us of this fact over and over again. "Right and Wrong" (in any sense of those terms) was never on his mind which is why he couldn't sustain more than a few exhanges on any topic without resorting to some bizzare contortions (money has no value unless it is compelled by the state? really?)
I used to like Mish, but lost a lot of respect when a) he started using borderline abusive words when he was arguing hyperinflation, and b) failed to show up when Gonzola Lira called him out.
Either you walk the walk, or you're all talk, and Mish was outed as all talk.
All your surges are belong to us, make your time!
heh
CKF
Larry Summers leaving Whitehouse,November.Bloomberg.
rats... ships... heh
What a coincidence! Bender Bending Rodriguez is currently looking for a job in looting!
$1292, bitchez.
$21.02 Bitchettes.
Yahoo! finance STILL hasnt shown the spike in gold!
What is a Yahoo!? Oh yeah, that prehistoric site.
http://www.kitco.com/charts/
http://tfc-charts.w2d.com/marketquotes/GC.html
http://finviz.com/futures_charts.ashx?t=ALL&p=m5
http://www.netdania.com/Products/live-streaming-currency-rates-foreign-e...
http://www.bloomberg.com/markets/commodities/futures/
http://www.livecharts.co.uk/MarketCharts/dow.php
http://finviz.com/map.ashx?t=sec
I fucking knew it was gonna go vertical.
I went short at 1280, jumped out at 1273 to wait on the FOMC and then I wake up to see it at 1288. Don't get up at 4am, it's bad for your equity.
1292.6 on the DEC contract...
am officially an idiot
am officially an idiot
Yes you are Jon you incompetent know-nothing fuckwad shill-serving spin artist. Now get back to work giving blow-jobs to the Kitco metals-pool holders who are seeking alternatives after they realized they couldn't take delivery of any material!
The bullion bank shortsters are bent over as prices double-penetrate 1,300 and 21 FeRNs.
Wonder if the move will hurt JPM's earnings...
Poor guys either the have to inflate thier paychecks themselves or their dates. They don't have enough hot air to do both.
...understand that the default position of the government and the Fed is to create inflation rather than deflation, because, from their perspective at least, it is almost impossible to tax people if their standard of living is going up due to falling prices -- Jim Rickards, August 2010.
Looks like Gold and Silver have slipped from their leashes and are running loose in the streets, barking and growling at banksters everywhere:
$1294+ and $21+ respectively as I type this!