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Gold Surges To Two Weak High As $1,400 Level Exposes Many To Pin Risk

Tyler Durden's picture


Considering our level of nervousness following an uninterrupted battery of gold endorsements by Cramer, we felt much better when a week ago Doug Kass decided to bash gold based on his half-reading of Howard Marks' latest letter. To be sure, we assumed that this merely opens the way for yet another year end rally to all time highs, in line with the prediction by John Embry from two days earlier. And it may happen just yet: gold has surged by $8 in just the last 8 minutes and appears to be on track to surpass the $1420s record highs on short notice.

As FMX Connect shows, the pin interest in the January gold options which expire today, is highest on the put side at $1,400 which may explain why holding this level may be critical for the market makers seeing to make profits on OTM expiration.


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Tue, 12/28/2010 - 09:37 | 833051 10044
10044's picture

Reverse H/S completely visible 1372 support

Tue, 12/28/2010 - 10:13 | 833125 Turd Ferguson
Turd Ferguson's picture

I wrote about this possibility last Friday. To save duplication of effort, a link is posted below.

Take a look at these weekly charts. If the pattern holds, these next three weeks should be rather exciting:

Tue, 12/28/2010 - 10:23 | 833159 Spalding_Smailes
Spalding_Smailes's picture

Dead cat bounce ... :-)

Turd, just buy AIG or JPM. Ride the wave.

Tue, 12/28/2010 - 10:42 | 833194 Pladizow
Pladizow's picture

So deal then? - I'll give you my processed cotton pulp and you give me your gold!

How does it feel to have the value of a lifetimes worth of your labor, reproduced thousands of times over, in miliseconds by the Fed and given to the people that Fucked us all?

Tue, 12/28/2010 - 10:47 | 833217 Caviar Emptor
Caviar Emptor's picture


Tue, 12/28/2010 - 15:16 | 833977 Turd Ferguson
Turd Ferguson's picture

After today's action, please be sure to read this:

Tue, 12/28/2010 - 11:10 | 833297 Snidley Whipsnae
Snidley Whipsnae's picture

+10 to the tenth...

Tue, 12/28/2010 - 11:16 | 833322 Jay Gould Esq.
Jay Gould Esq.'s picture


Tue, 12/28/2010 - 11:42 | 833422 blindman
blindman's picture

Gee, You Can't Make This Stuff Up


Donnerstag, 23. Dezember 2010 10:23 .... ..

"Max Keiser

Max Keiser is a former stock and options trader on Wall Street, founder and former CEO of the Hollywood Stock Exchange, and the host of the “Keiser Report“/“On the Edge“ (see for more at:

“As I pointed out a few years ago when John Poindexter wanted to launch PAM (Policy Analysis Market) that would allow the Pentagon to 'make a market' on how many people they were killing in the 'war on terror' they started - and cash in on side derivative bets - there is no stopping market fundamentalists and their unholy quest to annihilate themselves and others for a quick profit. Remember, brokers working in the Twin Towers were buying put options on airline stocks the day they killed themselves.“ii

"William K. Black

Bill Black is a former banking regulator, author of “The Best Way To Rob A Bank Is To Own One,“ and an associate professor of economics and law at the University of Missouri-Kansas City.

“It's not only destructive, it's useless -- it cannot add any value to society. It's worthy of the last years of the Roman Empire in terms of depravity and coarsening of life and rspect for people.“

I personally was reminded yesterday also on this statement by Marshall Auerback from a year ago:

“If the sociopaths who created this crisis are the best that the financial community can find, it would be better to shut down the western financial system as we know it rather than to keep them in charge.“iii

Shut it down."

Tue, 12/28/2010 - 10:50 | 833219 HarryWanqer
HarryWanqer's picture

Agreed. I don't see how these price levels in gold are sustainable.

Tue, 12/28/2010 - 10:54 | 833236 Temporalist
Temporalist's picture

You wouldn't see your nose in front of your face if your masters didn't tell you it was there first.

Tue, 12/28/2010 - 11:22 | 833251 Cognitive Dissonance
Cognitive Dissonance's picture

Wanqer.......too funny.

Gold price levels would be sustainable if only the Fed supported PMs like they support the stock market.

Tue, 12/28/2010 - 13:26 | 833717 Problem Is
Problem Is's picture

Wanqer... LOL
Now I can tell whether you are talking about Wanker Timmay or Wanqer Harry...

Tue, 12/28/2010 - 11:00 | 833252 Pladizow
Pladizow's picture

How can you not see how?

At least four TRILLION additional dollars have been magically conjured into existence (plus all the other global currencies in which gold is priced), yet the supply of gold, at best remains constant.

But then you probably didnt see at $250/oz 350, 450, 550, 650, 750, 850, 950, 1050, 1050, 1150, 1250, 1350 .....................

Tue, 12/28/2010 - 11:38 | 833398 ejmoosa
ejmoosa's picture

Yet how many trillions of dollars were wiped out of existence with the plunge in home prices?


Certainly that has negated some of the effect of the trillions in additional dollars injected?

Tue, 12/28/2010 - 11:42 | 833414 Pladizow
Pladizow's picture

The canary is looking pale.

Gold is sounding a very loud alarm - ignore it at your own peril!

Tue, 12/28/2010 - 13:25 | 833711 doggings
doggings's picture

the canary was getting excited here, it's hanging upside down off it's perch by one leg now.

"it is an ex-canary.."  :)

Tue, 12/28/2010 - 15:54 | 834086 akak
akak's picture

Yet how dollars were wiped out of existence with the plunge in home prices?

Ah, another misled disciple of Deflationary Denninger!

Actually, NO dollars were "wiped out of existence" when overinflated house prices crashed, as HOUSES ARE NOT MONEY!  God, how many times are you deflationary flat-earthers going to make that fundamentally incorrect and frankly idiotic assumption already?

Tue, 12/28/2010 - 20:02 | 834717 StychoKiller
StychoKiller's picture

Tell it to those trapped in underwater mortgages.

Tue, 12/28/2010 - 18:12 | 834487 Drachma
Drachma's picture

Shadow banking liabilities bitchez!

Tue, 12/28/2010 - 11:10 | 833287 Snidley Whipsnae
Snidley Whipsnae's picture

Harry, you 'just don't see' anything. period.

Where are all those that proclaimed 'gold is trading sideways'? Now that expiry is near it seems to be stepping lively, no?

Tue, 12/28/2010 - 11:22 | 833350 Cognitive Dissonance
Cognitive Dissonance's picture

This is Wanqer.

We have been Wanqered. :>)

Tue, 12/28/2010 - 11:26 | 833361 Snidley Whipsnae
Snidley Whipsnae's picture

Wanqered...I like it! :)

Is he/she a Brit?

Tue, 12/28/2010 - 11:28 | 833365 Pladizow
Pladizow's picture

Its Hairy Wanker - Not Harry Wanger.

Tue, 12/28/2010 - 11:39 | 833408 Turd Ferguson
Turd Ferguson's picture

Harry just can't help himself. NFLX and AAPL are that which are unsustainable.

Btw, how many you realize that silver has yet to close above $30? (post 1980)

We traded above 30 two days straight three weeks ago but closed at 29.74 and 29.78. Watch for a close above 29.78 today or later this week as your sign that the next UP leg is beginning. More here:

Tue, 12/28/2010 - 12:54 | 833653 Temporalist
Tue, 12/28/2010 - 13:09 | 833671 Bay of Pigs
Bay of Pigs's picture

The education continues Turd. I will say it again, silver is cheap at these levels. $50 is the next and last barrier to crack (nominal terms, not real), and then its.....BLUE SKY. Triple digits is not a crazy or outlandish forecast. 


Tue, 12/28/2010 - 15:16 | 833964 Turd Ferguson
Turd Ferguson's picture

<double post>

Tue, 12/28/2010 - 11:37 | 833394 Temporalist
Temporalist's picture

Damnit!  Foiled again by those meddling kids!

And I was all set to tell the Wanker about AAPL:

Apple Sued For Giving User Info To Ad Networks

Tue, 12/28/2010 - 11:46 | 833431 Cognitive Dissonance
Cognitive Dissonance's picture

I'm sure somewhere along the line Apple users agreed to this abuse. You know what I'm talking about. When you install their software or buy one of their products, there's that "consumer agreement" disclosure that runs 50 pages that you never read but always agree to.

Tue, 12/28/2010 - 11:52 | 833452 Temporalist
Temporalist's picture

I have never purchased one of their products.  I don't like overpaying for my zombification.

Tue, 12/28/2010 - 12:44 | 833628 Cognitive Dissonance
Cognitive Dissonance's picture


Zombification on the cheap. That makes you a smart shopper.

Tue, 12/28/2010 - 12:09 | 833502 Freddie
Freddie's picture

It is not that gold is going up - it is the dollar becoming more and more worthless.  Thank The Ben Bernank.

Where does Tyler attract these idiots? Last night it was the Al Gore Global Warming moonbeam zombies.  Geez.

Tue, 12/28/2010 - 12:27 | 833569 rosiescenario
rosiescenario's picture

Absolutely correct...lets look at food and fuel prices in $$ versus gold....did gold really "go up"??


IMHO you need to own the mining companies producing gold and silver to actually "make money" on this...they have leverage. Owning the metal itself just gets you even.

Tue, 12/28/2010 - 12:29 | 833577 66Sexy
66Sexy's picture

go short then.

Tue, 12/28/2010 - 12:43 | 833627 Astute Investor
Astute Investor's picture

Agreed. I don't see how these price levels in gold are sustainable.

Let me fix it for you.  "I don't see how these price levels in small, home discretionary items are sustainable."

Tue, 12/28/2010 - 13:43 | 833742 The Profit Prophet
The Profit Prophet's picture

Do you mean the dildos Wanger sells?....agreed.

Tue, 12/28/2010 - 13:43 | 833743 The Profit Prophet
The Profit Prophet's picture


Tue, 12/28/2010 - 15:05 | 833932 saulysw
saulysw's picture

DP = Duplicate Post or DP = Double Penetration ?

Tue, 12/28/2010 - 16:40 | 834197 TeMpTeK
TeMpTeK's picture

What do u mean?... $1400 is the new $140

Tue, 12/28/2010 - 12:21 | 833550 66Sexy
66Sexy's picture

just close your eyes and buy something, throw darts at a dart board, it dont really matter what..

just not shorts...

money is coming in from china and it need a place to rest; because if asset appreciation slows they dont want to sit in CD's where they get an extra .25 interest rate now.

liquid assets and cash. that means avoid heavy debt based assets and stick with stocks, metals, tangibles.... because the hyperinflationary depression is coming as gas prices rise and confidence plummets.

great for wall street... not so good for the average american on a fixed income who only have a house as an "asset".


Tue, 12/28/2010 - 14:27 | 833829 DosZap
DosZap's picture


Right on.

China,India,Russia, all the PacRims are dumping dollars as fast as they can for Gld/Slvr hand over fist, and hard assets.

Anything but HOLD FRN's.

While nero is jet setting kissing ass, the Asians are getting value for shit, and when the payday hits, the Bernank, will shite himself.

No more QE's?,wait till the Chinese TBills and Bond FRN's come home to Roost.

Also, as usual, one step ahead,they have/are in the latter stages of Carrier Busters,one shot one kill.

Why build them, worry about them when you can sink them at the push of a launch code.

Tue, 12/28/2010 - 12:24 | 833558 The Count
The Count's picture

call me stupid, no problem, but i refuse to participate in any fabricated, brainless & bogus rally like AIG.

Tue, 12/28/2010 - 12:59 | 833634 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I recomend you begin to read my blog, Turd's blog, and that you put down the lifesize pic of Robo and roll up your sleeves.  With skill a trader can make cash, but what will you do with that cash when silver is $500 per?  You should read the article I posted last night about how we would see a huge bounce today.

For example I think SLW is priced well here, at $37, and I think it will only take two or three days to get the price to $46.  The move may have started already.  Today's price action saw SLW move bottom to top with high velocity.  If Tomorrow and Wednesday can play out, we could be at $46 soon.

The Next Move for Miners:

Tue, 12/28/2010 - 13:25 | 833712 NewThor
NewThor's picture

What will I do with Cash?


That sir, is a dumb question.


I will load up my wheelbarrow and take it for a spin, baby!


Go Long Wheelbarrows Bitchez!!!!


Tue, 12/28/2010 - 13:27 | 833720 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Never get between a man and his wheelbarrow.

Tue, 12/28/2010 - 13:35 | 833730 NewThor
NewThor's picture

Don't make fun.

My wheelbarrow has an Onstar system, shiny phat rims and two dvd players in

Tue, 12/28/2010 - 14:34 | 833855 Mariposa de Oro
Mariposa de Oro's picture


What about little gold colored, fuzzy dice hanging off the handles?


Tue, 12/28/2010 - 18:39 | 834554 Dollar Damocles
Dollar Damocles's picture

Where is Johnny Bravo anyway?  He was more interesting...

Tue, 12/28/2010 - 15:14 | 833967 Turd Ferguson
Turd Ferguson's picture

After today's action, I fell this new update is very important:

Tue, 12/28/2010 - 12:09 | 833499 I need more cowbell
I need more cowbell's picture
Cafferty Faucher LLP Files Class Action Lawsuit against JPMorgan and HSBC Alleging Manipulation of Silver Bar Financial Products

CHICAGO--(BUSINESS WIRE)--Cafferty Faucher LLP ( filed a lawsuit on behalf of a class that includes purchasers and sellers of the iShares Silver Trust (NYSE-Arca “SLV”) and the ETF Securities Ltd. Silver Trust (NYSE-Arca “SIVR”) during the period March 1, 2008 through the present.

The lawsuit alleges that JPMorgan, the custodian of silver backing SLV securities and the sub-custodian of silver backing SIVR securities, and HSBC, the custodian of silver backing the SIVR securities, manipulated and suppressed the price of silver bar financial products, including SLV and SIVR, in violation of Section 9 of the Securities Exchange Act.

If you purchased or sold the iShares Silver Trust ETF (NYSE-Arca “SLV”) or the ETF Securities Silver Trust (NYSE-Arca “SIVR”) securities during the period March 1, 2008 through the present, you may move the Court to serve as lead plaintiff within 60 days. The lawsuit, Case No. 1:10-cv-07768, was filed in the Northern District of Illinois on December 7, 2010 and is currently assigned to the Honorable Charles R. Norgle, Sr.

The case is also brought on behalf of investors who purchased or sold CME Group Inc’s “COMEX” silver futures or options contracts which are traded electronically through the Chicago-based “GLOBEX” platform and through COMEX. On behalf of these investors, the lawsuit alleges violations of the anti-manipulation provisions of the Commodity Exchange Act.

In addition to the claims under the anti-manipulation provisions of the Securities Exchange Act and the Commodity Exchange Act, the lawsuit also alleges that defendants violated federal antitrust law.

Cafferty Faucher LLP (, with offices in Chicago, Philadelphia and Ann Arbor, Michigan, is a national litigation firm that represents investors, businesses and consumers who have been injured by illegal marketplace practices. Firm contact information is available at the above website. The firm has recovered tens of billions of dollars for its clients in cases targeting illegal acts and practices in a variety of industries including securities, commodities, insurance, pharmaceuticals, banking services, medical, high-tech, food and beverage, construction materials, and many others. Combined, the firm’s attorneys have hundreds of years of experience working to recover losses on behalf of clients.

Tue, 12/28/2010 - 14:34 | 833858 DosZap
DosZap's picture

Great, as the bloodsuckers took 80% of Cu, and now have moved to offshore banks, to do the same shit to Slvr yet again.

What a racket.

Wed, 12/29/2010 - 14:00 | 835988 silver is money
silver is money's picture

GCG1 to 1450 before the year end!

Tue, 12/28/2010 - 09:42 | 833055 Haywood Jablowme
Haywood Jablowme's picture

me likey...

Tue, 12/28/2010 - 09:45 | 833059 SheepDog-One
SheepDog-One's picture

As Rainbow trader projectile vomits blood.

Tue, 12/28/2010 - 09:50 | 833073 Internet Tough Guy
Internet Tough Guy's picture

When will robo apologize to Jim Sinclair? Only $250 more and robo is history.

Tue, 12/28/2010 - 09:57 | 833091 Arius
Arius's picture

only 250? is that all? well, tough guy w/ all due respect thats quit a hike given the fact that GS and JPM can short the hell out of paper...basically limitless if you got Gensler and the rest of the crew in your own pocket

Tue, 12/28/2010 - 09:59 | 833098 Cognitive Dissonance
Cognitive Dissonance's picture

The CFTC says the precious metals markets are not manipulated. So I don't know what the hell you're talking about.

Tue, 12/28/2010 - 10:13 | 833127 Hephasteus
Hephasteus's picture


Tue, 12/28/2010 - 10:13 | 833128 Turd Ferguson
Turd Ferguson's picture

Must be just another conspiracy theorist.


Tue, 12/28/2010 - 10:25 | 833148 Arius
Arius's picture

CD - sorry/apologize, if by any chance i am doubting (even remotely) CFTC - rest assured that was not my intention... :-)

- good going Mr. F !

Tue, 12/28/2010 - 10:26 | 833168 Snidley Whipsnae
Snidley Whipsnae's picture

I have no faith in the CFTC and the Fed cannot print a 'limitless amount of fiat' without destroying the which case gold will be in permanent backwardation in dollars...not dissimilar to what happened recently in Zimbabwe.

Gold will win this stare down vs the fiat dollar printer...because it always has and this time is not different.

Tue, 12/28/2010 - 10:30 | 833184 Hephasteus
Hephasteus's picture

It's going to be draw a line in the sand and dare people to cross it as people trample and sprint across it. If the banks had to deal with schadenfruede it wouldn't get us anywhere. They are going to be dealing with pure goddamn spite and evil. The kind that comes from getting fucked over till you jump off a cliff.

Tue, 12/28/2010 - 10:34 | 833192 Snidley Whipsnae
Snidley Whipsnae's picture

Agree totally, Hep. If they draw a line they best run like hell to get away from the tsunami of folks stampedeing across their line. lol

The more they print the more people will lose faith in their product...meanwhile, gold is gold.

Tue, 12/28/2010 - 11:26 | 833362 steve from virginia
steve from virginia's picture

Look ... the banks own the Fed. they are its beneficiaries. They tell Bernanke what to do, it's that simple.

Bernanke can print as long as the money goes to the banks and other finance 'friends' of the banks. If Bernanke appears to be printing too much or monetizing too much the banks yank his chain. The reason the Fed doesn't monetize ALL the Treasury debt is because the banks rely on Treasury vigorish @ $300b per year.

Bernanke is manipulating PMs all right; upward. He's trying to kill the dollar, remember. Problem is he cannot do this and get out of line with his owners, the banks. The banks are on both sides of this deal and the 'banks' here include China. This is why JPM has a 'gigantic' short position in metals. The banks aren't stupid, they have all the controls and  can gain unlimited. zero- cost loans from their client.

Bernanke's nightmare is the price of crude. A high price that reflects a truly devalued dollar -- $150/barrel -- is far past the level that annihilates the US economy and not just for a little while but permanently. Something about too much debt or insolvency overhangs or 'Wile E. Coyote' moments ...

Bernanke is no fool but he is constrained by 'natural' limits.

Tue, 12/28/2010 - 13:57 | 833763 Hephasteus
Hephasteus's picture

You think this technical bullshit strategy bullshit is what is important?

Fuck that. I'll tell you what is important. 12/12/2012. You dumb motherfuckers forgot that we agreed to lock our hatred behind a door and do it your way.

Open sesame bitch.


Tue, 12/28/2010 - 10:31 | 833186 Cognitive Dissonance
Cognitive Dissonance's picture

I'm an obedient and mindless zombie that never questions long as you stoke my terrible fear of a bloody splattered and scattered death first with staged terrorist attacks such as the recent Portland Patsy or the Times Square Bomber.

"What's that you say, do what to my neighbor? Yes sir, right away sir. Oh....BTW sir that Camry parked across the street is acting suspicious. It's dripping oil and Toyotas never do that."

Tue, 12/28/2010 - 10:40 | 833206 Hephasteus
Hephasteus's picture

Don't forget the Fort Dicks (Dixx -sic) fuckjob. Where people were found guilty of wanting to buy more than a couple AK-47's because some FBI fucknut was going to sell them for 250 bucks. The guys wouldn't even buy rpg's or anything big or dangerous. Disgraces of fucking justice these people are.

Tue, 12/28/2010 - 14:49 | 833900 DosZap
DosZap's picture

No such thing as a $250.00 AK 47.(at least not in the USA)

Maybe $10,000 w/Fed Papers.

AK47's are Full Auto(as I am sure u know), you must mean a semi auto clone, that may look like an AK.

(The MSM,loves to lie like SOB's(and are ignorant ), of what any weapon really is.

We have to scare the sheeple, AND keep the agencies well funded.

Tue, 12/28/2010 - 10:40 | 833209 Arius
Arius's picture

here is smt to start your day in a good mood...

Tue, 12/28/2010 - 10:50 | 833221 Cognitive Dissonance
Cognitive Dissonance's picture


"Be sure to arrive at the airport at least three days in advance."

Sounds about right to me. Papers please. I said "please" so show me your GD papers.....NOW.

Tue, 12/28/2010 - 09:46 | 833066 Xibalba
Xibalba's picture

The IMF is done supplying the market....SAFE has to buy in the open markets now....JPM screwed....will FED cover that short? 

Tue, 12/28/2010 - 10:15 | 833133 MarketTruth
MarketTruth's picture

The IMF 'supplied' unallocated paper gold, and this is why China and others who would DEMAND physical delivery were not interested in the IMF's paper gold.

Tue, 12/28/2010 - 10:41 | 833211 Snidley Whipsnae
Snidley Whipsnae's picture

For years SAFE has had an army of agents in the field purchasing gold. This is news?

SAFE also has the captive output of Chinese gold production from Chinese mines...either number 1 or 2 producer in the world, depending on the source of info.

Truth is, we know about as much about Chinese gold holdings as we do US gold holdings.

But, we certainly know that China is adding to their stockpile of gold as fast as possible and that no central banks have been willing to part with gold recently.


Tue, 12/28/2010 - 14:55 | 833912 DosZap
DosZap's picture


Don't forget Silver, they are pushing their middle,upper classes to buy both as fast, as as often as they can.

They are smart, they know what has value, and what is shit.

After all, they invented gunpowder.

Tue, 12/28/2010 - 16:13 | 834135 GoinFawr
GoinFawr's picture

And matches, and the man-flying kite, and pasta too; so I've heard.

Tue, 12/28/2010 - 09:46 | 833067 Genzero
Genzero's picture

Weak? Freudian slip.

Tue, 12/28/2010 - 09:49 | 833074 Xibalba
Xibalba's picture


Tue, 12/28/2010 - 09:54 | 833080 snowball777
snowball777's picture

Punish precious-putting putzes painfully please.

Tue, 12/28/2010 - 10:04 | 833107 velobabe
velobabe's picture

pink penis, pretty please.

purple balls = pink penis†

Tue, 12/28/2010 - 10:09 | 833119 snowball777
snowball777's picture

That would qualify, but we leave finding Blythe's balls as an exercise for the reader.

Tue, 12/28/2010 - 10:17 | 833136 Cognitive Dissonance
Cognitive Dissonance's picture

I found them.........along with her spares. She numbers them for easy tracking.

Tue, 12/28/2010 - 10:29 | 833181 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture


Tue, 12/28/2010 - 10:37 | 833203 bigdumbnugly
bigdumbnugly's picture

funny, i was picturing something along the lines of two bowling balls and an upright pin, but in retrospect i guess they would harder to manipulate.  the neutered cftc would probably show no interest anyway.

Tue, 12/28/2010 - 10:55 | 833239 Cognitive Dissonance
Cognitive Dissonance's picture

Blythe's boys cleaning them for her. Anything more than 10 times is playing with them.

Tue, 12/28/2010 - 11:45 | 833427 velobabe
velobabe's picture

they are wearing purple shirts, snowbally†

Tue, 12/28/2010 - 14:36 | 833859 NewThor
NewThor's picture

Jesus works for Blythe?

Sorry. Just like GM or AIG, I don't buy it.

Tue, 12/28/2010 - 21:50 | 834885 bigdumbnugly
bigdumbnugly's picture


just got in from the day's doings and saw that.  too funny.

Tue, 12/28/2010 - 09:54 | 833082 Silver_Hoarder
Silver_Hoarder's picture

Silver and gold are going to recapture this year's record highs, and this time it's going to stay there!  Happy New Year Bitchez!

Tue, 12/28/2010 - 12:27 | 833574 DoChenRollingBearing
DoChenRollingBearing's picture



Happy New Year to all ZH bitchez!

Tue, 12/28/2010 - 09:54 | 833087 uranian
uranian's picture

new record high in £ at 905.77, record highs in € imminent.


Gold, bitchezzzzzzz!

Tue, 12/28/2010 - 09:55 | 833088 THE DORK OF CORK
THE DORK OF CORK's picture

Shit, I was preparing to buy another couple of ounces in the New Year.... inertia will cost me more currency I suspect.

Tue, 12/28/2010 - 10:01 | 833100 BurningFuld
BurningFuld's picture


You have an opinion on the likelihood of Ireland hanging on to the Euro?  How are things looking over there?

Tue, 12/28/2010 - 11:48 | 833443 THE DORK OF CORK
THE DORK OF CORK's picture

From a purely numbers perspective it is impossible but the ECB may decide to give us enough Euros to buy enough spuds to fill our stomachs - it could be over tomorrow or in a decade , we are just a plaything of the CBs.

Tue, 12/28/2010 - 10:15 | 833130 snowball777
snowball777's picture

If said currency is being debased faster than the appreciation in prices, then you're still coming out ahead mate; just pretend you're making a killing by turning in manure to the authorities.

Tue, 12/28/2010 - 10:15 | 833134 UnRealized Reality
UnRealized Reality's picture

Are you kidding me. Gold is up against ALL currencies.

Tue, 12/28/2010 - 10:28 | 833178 JonNadler
JonNadler's picture

ha ha

that's like saying is gold ready to go over 1300? quite possibly

you're end is near my dear Robot


just keep posting nicely-breasted women and keep the goldbugs distracted, away from

Tue, 12/28/2010 - 10:50 | 833222 Caviar Emptor
Caviar Emptor's picture

The news today is bearish for boob-flation

Tue, 12/28/2010 - 12:34 | 833596 DoChenRollingBearing
DoChenRollingBearing's picture

Ahh JonNadler, stuck between JPM and kitco, having to shill out negative news re gold to the masses.

I hope that you have to spend less time there at JPM, CogDis up-thread there had some nasty looking pictures of parts of Blythe.   Eeeewwww!  Glad I don't live in NYC, I might have to share an elevator with her...

Tue, 12/28/2010 - 10:55 | 833241 ConfederateH
ConfederateH's picture

Gold is down almost 10% from its high in May against the Swiss franc, and it is basically unchanged today.  Gold is up today mostly because the dollar is down.

Tue, 12/28/2010 - 11:18 | 833326 Snidley Whipsnae
Snidley Whipsnae's picture

Thank you Sherlock... I suppose it didn't occur to you that we are very close to expiry?

Tue, 12/28/2010 - 12:37 | 833608 Pool Shark
Pool Shark's picture

Uh, no...

Gold is currently at all-time highs in Euros.

And, btw: gold is up despite a stronger US$ this morning...

Tue, 12/28/2010 - 13:34 | 833728 Strider52
Strider52's picture

Not according to Kitco's home page; it's up primarily due to buying.

  Still waiting for my two-bagger when it hits $1440.

Tue, 12/28/2010 - 15:11 | 833946 DosZap
DosZap's picture

Well,it's sitting on 80.41, now.

Where did No Nads put it..........LOL

Tue, 12/28/2010 - 11:15 | 833321 Mr. Majestic
Mr. Majestic's picture

Robo was a gold bug before he wasn't.I suspect he's playing devils advocate just to get a rise out of some of you, while secretly he's accumulated a pile of gold that would make Smog jealous.

Tue, 12/28/2010 - 11:17 | 833324 Mr. Majestic
Mr. Majestic's picture

Robo was a gold bug before he wasn't.I suspect he's playing devils advocate just to get a rise out of some of you, while secretly he's accumulated a pile of gold that would make Smog jealous.

Tue, 12/28/2010 - 16:21 | 834159 GoinFawr
GoinFawr's picture


Tue, 12/28/2010 - 19:54 | 834703 LudwigVon
LudwigVon's picture

In my readings, Robo is a momentum trader takin the koolaide as it is being served.

Then he takes his earnings and buys PMs. Not a Johnny Bravo.

Just make sure to TAKE the earnings, timing can bite you...

Think about what equities you would be comfortable being stuck in (ie not STD, JPM) the equity market WILL dive a few times in 2011, and Ben will re-inflate it.

Either (difficult & accurate) timing of the equity market or buy and hold what captures the re-inflation POMO cycle better, PM's, PM equities and commodities.

Tue, 12/28/2010 - 17:24 | 834349 Al Gorerhythm
Al Gorerhythm's picture

Ah, there you are RT. Was wondering when you would raise your ugly head. How are your calls going for you? Your call for gold to crash IF the DOW crashes going well? You have the hide of an elephant, shameless, to keep submitting on this site about gold. Whenever your calls go against you about the price of gold (always), you dump some semi-supportive article about it, as exoneration over your calls. Tomorrow you will post a negative gold article as usual.

You sir, are a troll and a shill, a Jon Nadless brayer.

Wed, 12/29/2010 - 02:04 | 834755 GoinFawr
GoinFawr's picture


Tue, 12/28/2010 - 10:04 | 833111 ciscokid
Tue, 12/28/2010 - 10:17 | 833137 VeloSpade
VeloSpade's picture

Show me the yellow love Mr. Ben Bukkake boy.

Tue, 12/28/2010 - 10:17 | 833139 johnnymustardseed
johnnymustardseed's picture

That a way! A fiery horse with the speed of light, a cloud of dust and a hearty "Hi Ho Silver!"

Tue, 12/28/2010 - 10:21 | 833150 wiskeyrunner
wiskeyrunner's picture

How about that gap open in VIX yesterday. This happens on Mondays as the stock indexes continue higher. This helps reduce alarm bells. Most of these indicators are completely useless. The use to mean something but have just become another toll for stock manipulation.

Tue, 12/28/2010 - 10:25 | 833169 tmosley
tmosley's picture

We've had quite a bit of consolidation at this point just off of the highs.  I wouldn't be surprised to see new highs here.  

Tue, 12/28/2010 - 10:27 | 833180 BumpSkool
BumpSkool's picture

"the pin interest in the January gold options which expire today, is highest on the put side at $1,400 which may explain why holding this level may be critical for the market makers seeing to make profits on OTM expiration."

This displays a lack of understanding of how option market making works. MMs trade strike, not puts or calls. Puts ARE calls/calls ARE puts, when you are a market maker, because you are a vol. trader. Max P+L is at the short strike upon expiry... The volume is there because the public has (naked) interest there and the MMs are short it. The MMs want it to die at 1400 on expiry. Whether the interest is put interest or call interest in immaterial... it is the strike interest that matters. This article implies that a higher market will run the puts OTM, thereby generating profit for the MMs. Incorrect.

Tue, 12/28/2010 - 11:02 | 833263 chinaguy
chinaguy's picture

 +1 thanks

Tue, 12/28/2010 - 10:34 | 833190 Misean
Misean's picture

I saw this take off in Asia last night. Don't like the move one bit. I wouldn't be surprised to see a rather significant pull back through January. 

Which, come to think of it, I do like. I like sales...

Tue, 12/28/2010 - 10:53 | 833227 Snidley Whipsnae
Snidley Whipsnae's picture

What's not to like? If you are on the short side I understand your concern. If you are long or holding physical what's the problem?

I would not be short the gold freight train unless I had the Fed printing money for me to gamble with... Like > The Morgue and their new off shore banking buddies.

If the Fed is audited the trials might garner as much attention as did those at Nuremburg after WW2.

Tue, 12/28/2010 - 10:45 | 833216 Caviar Emptor
Caviar Emptor's picture

Biflation insurance, bitchez!

Tue, 12/28/2010 - 10:56 | 833243 Temporalist
Temporalist's picture
Class action against Morgan, HSBC specifies silver manipulation mechanism

Tue, 12/28/2010 - 10:56 | 833246 Blah Blah Blah
Blah Blah Blah's picture

Wall Street bulls like banks, main street dissidents like PMs - go long both!

Tue, 12/28/2010 - 10:59 | 833254 ljag
ljag's picture

I've got bulging discs from lugging monster boxes around yet my brain dead family thinks I am just deformed. Any elixirs out there?......for my family not my discs?

Tue, 12/28/2010 - 11:14 | 833317 Snidley Whipsnae
Snidley Whipsnae's picture

Elixir? Why not a little egg nog? Or, a good dose of J&B on ice?

Tue, 12/28/2010 - 18:27 | 834525 Al Gorerhythm
Al Gorerhythm's picture

The times, they are a-changing.

Well, tickle my ass with a feather! I couldn't believe it!

Yesterday, I had a couple and their son come to me about investing in precious metals. They called and asked if they could come over for lunch to discuss it. I agreed but only on the understanding that there would be a lot of "conspiracy" information to cover but I would not get into circular discussions about my new found (10 year) understandings about it all. All doubts about my points of view would be left to them to dispute in their own time. They agreed and I spent the afternoon dumping as much as they could absorb, on them.

It took all afternoon to get the story across, which was divided between the questions "What is Money, what does it represent and where does it comes from? and how much false facsimiles of it have been created, (on and off balance sheet). It was very satisfying to see the expression change on their faces from scepticism to anger over that issue alone.

Having established my "Mona Lisa/$" concept of supply and demand and how it relates to value (ie more MLs doesn't equate to increased value), I introduced them to other facet of the story; Precious Metals and their link to property rights, how to use them for savings and investment, when one gets in and out of PMs under fiat systems. There will be a time to encumber it (never sell) and there will be times to protect your savings, such as now.

They almost ran out the door to make phone calls to buy but I warned them of due dilligance and that my reasons for being all in in the PMs were mine alone and would be different from theirs.

This was the first interaction, in over 10 years of evangelistic tub thumping, where the listeners left with a different point of view to ponder and one where I wasn't unilaterally labeled a kook.

I've got nothing to sell except information about Liberty and property rights. I try my best to avoid supporting my politics by massaging my ego with tales of paper profits. To discuss paper profits is a reasonable approach with those who think it money but that is not the crux of my reasons for going back to PMs.

Keep up with your efforts. Unfortunately, they will only come to you when they lose their savings. In our consumer society, they will not come to you about losing their liberty. That went a long time ago and having been inculcated with the proposition that socialism through the destruction of property rights equates to freedom, they will only realise too late that they have been enslaved.

Tue, 12/28/2010 - 11:24 | 833354 Temporalist
Temporalist's picture

Richard Russell - We Will Have an Upside Explosion in Gold

Tue, 12/28/2010 - 11:33 | 833379 Snidley Whipsnae
Snidley Whipsnae's picture

I read it earlier from a link at Jesse's.

I like this video from Jim Sinclair...talking to a group of military brass and reporters.

Second half of the talk is about gold's role as plan B for the Fed/dollar. This is a keeper...

"Rethinking The Future International Security Environment" 


Tue, 12/28/2010 - 11:34 | 833388 Temporalist
Temporalist's picture

That is Jim Rickards...but yes that is a great video; I'd say a must watch for anyone that has any doubt about gold's role in the "new normal."

Tue, 12/28/2010 - 17:26 | 834356 Snidley Whipsnae
Snidley Whipsnae's picture

Right you are. My bad. I was trying to type while putting together a new computer chair. lol

This chair is made in Spain...or so the tag says.

Tue, 12/28/2010 - 12:26 | 833559 High Plains Drifter
High Plains Drifter's picture

Basically ,imho, anytime the military gets involved in this scenerio where they are having seminars and gaming about what if this or that happens, in a economic sense, they are just planning on how they are going to try and deal with us. It doesn't have anything to do with any other country. Just like NASA. NASA never was about space exploration. Its real mission was always about controlling people on earth.

Tue, 12/28/2010 - 15:06 | 833939 blindman
blindman's picture

thanks for this link.


Tue, 12/28/2010 - 17:30 | 834373 Snidley Whipsnae
Snidley Whipsnae's picture

You are most welcome. Pass it on to friends, etc, if you have the opportunity.

Rickards has been around a long time and is very respected by the military and gov. I don't believe that he would speculate that gold is going to be used in 'Plan B' unless he had some good information/reason.

Wed, 12/29/2010 - 04:00 | 835238 zero-g
zero-g's picture

I enjoyed the video as well. The only real red flags were that he was actually using the US CPI inflation #s and that he assumed we have all the gold that the gov says. I thought that really odd for someone obviously so smart, maybe he can't openly call those numbers fraudulent when he mainly is dealing with military and gov. people.

Tue, 12/28/2010 - 18:19 | 834508 velobabe
velobabe's picture

thanks for this link, cupcakes.

best couple of hours learning, learning and more learning. what a communicator, mr rickards is with truth and logic and human nature. thanks again. i understand so much more now, with his history lessons as well.

Tue, 12/28/2010 - 15:18 | 833987 DosZap
DosZap's picture

He mispoke on the Indian Bank, they bought 200 Tons @$1045.0oz.

( they had best hope they took delivery).

Tue, 12/28/2010 - 11:29 | 833371 Silversinner
Silversinner's picture

Think some of the investment public will

start asking their so called moneymanagers why

their is no gold in their porfollio inspite

a bull market lasting ten years so far.

(window dressing?!)

With chinese new year around the corner

we should have a nice bull run coming

4-6 weeks.

In the long run I just think ounces is what

really counts.The ones whom will be wise

enough to exchange ass much of these

false paper promisis for real money

as possible.Nowdays I' am more concerned

about the value of my labour then I am

of the value of my PM's.

Tue, 12/28/2010 - 11:58 | 833450 sbenard
sbenard's picture

It's not just gold, either. Commodities are exploding this morning! Corn and soybeans are hitting new 2010 highs. Sugar just hit a fresh 29-year high. Cotton, after being limit down yesterday, just erased all its losses from that limit down move. Beef is hitting fresh 2010 highs. Coffee is setting new 2010 highs. The commodity indexes are hitting highs approaching those of 2008. Copper hit a new high this morning, too! The NYBOT CCI is hitting a new high above that of 2008.

Tue, 12/28/2010 - 12:09 | 833505 Drag Racer
Drag Racer's picture

no doubt, wheat.. and sugar is just way too sweet.

silver 30.05

Tue, 12/28/2010 - 13:21 | 833708 Drag Racer
Drag Racer's picture


Tue, 12/28/2010 - 12:14 | 833519 Mozzer
Mozzer's picture

i miss Johnny Bravo :)

Tue, 12/28/2010 - 13:16 | 833700 spartan117
spartan117's picture

Johnny changed his name to Spalding_Smailes and toned down his rhetoric. 

Tue, 12/28/2010 - 16:26 | 834174 GoinFawr
GoinFawr's picture

Unfortunately there is nothing he or anyone else can do about toning down his stupid.

Tue, 12/28/2010 - 16:50 | 834230 JonNadler
JonNadler's picture

Jonny is right here baby

Tue, 12/28/2010 - 16:59 | 834255 Johrny Bravo
Johrny Bravo's picture

I gotch your Johnny right here bub...

Tue, 12/28/2010 - 16:58 | 834249 Johrny Bravo
Johrny Bravo's picture

Did not!

Buried canned ham and Goled to $200 Bitchez!

Tue, 12/28/2010 - 16:58 | 834246 Johrny Bravo
Johrny Bravo's picture

I miss myself too!

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