Gold Takes Out All Limit Orders To Hit Fresh All Time High $1,307. Next Stop: $1,500?

Tyler Durden's picture

The Fed thinks it can destroy the dollar? Sure they can. Too bad fewer and fewer people actually give a rat's ass anymore. Gold just took out the $1,300 psychological barrier. Next stop, as predicted earlier today by BofA's Widmer: $1,500.

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aaronvelasquez's picture

Johnny Bravo?  Are you out there?

(crickets chirping)

JonNadler's picture

am right here Aaron, should I pull the trigger?

Dr. Richard Head's picture

Damn...I thought it was going to correct a bit today.  Had my apmex shopping cart stuffed with 17 oz.  Should have pulled the trigger. Got too greedy I guess. 

I love the fact that I can complain that the price didn't drop enough.  Beauty is in the eye of the beholder right? 

dlmaniac's picture

Did those POMO folks have a fat finger moment where they were supposed to pump S&P but pulled the triggers on AU and AG instead?

Dr. Richard Head's picture

HAHA.  Doubt it.

The President of our company took a bunch of us out to lunch yesterday and he said, "I just don't understand why the market is going up on all of this bad news.  It makes no sense."

I brought up the $6 billion (I believe that to be the number) of nearly daily injections through the primary dealers via the Fed's POMO.  The entire table became silent.  Was the silence because they didn’t understand what I was talking about and felt embarrassed or was it because my statement resonated with them?  Not entirely sure.

I just closed with, "This is exactly why I had you fire me so that I could close out my 401K and then hire me back.  There is only so long a lead balloon can levitate."

But the meal was delicious.

still kicking's picture

"But the meal was delicious"

I love the positive spin, made me laugh.

Sokhmate's picture

No. It's in the eye of the beheld.

Iam_Silverman's picture

"Beauty is in the eye of the beholder right? "

 

Or in the case of the anti-PM crowd: "beauty is in the hole of the behinder".

aaronvelasquez's picture

If you can fit the barrel in your mouth. 

But seriously, did you change your name AGAIN?  Is this your real name, now? 

mrgneiss's picture

No, you have it all wrong.  Our Jon Nadler is just a parody, or perhaps just a good natured real version.  JB was way more annoying!  If he was on this thread, he would have responded to almost everyone who said something positive about gold or negative about him, and instead of having about 35 posts, as of I write this, there would be double the amount.

unwashedmass's picture

nothing, jon, makes me happier to see you and JPM as roadkill today. nothin'

DoChenRollingBearing's picture

Of course not JonNadler!

Especially if you invite us to your place with all the chicks...

mrgneiss's picture

I think he had to quit school, sell everything he owned, and went to Asia to teach English.  He got that arrogant trader feeling after his big short-score in July, put a big short on at about 1265, and realized there was more to trading than Fib retracements.  He got a good lesson in something called "margin calls".

mrgneiss's picture

Backwardation - People now know better what this is due to Antal Fekete and FOFOA.

Well, today we have zero contango between the Sept and Oct contracts, one cent away from backwardation.  One day of it isn't that significant, but it bears watching.

http://tfc-charts.w2d.com/marketquotes/GC.html

MsCreant's picture

The Bears (on the economy that is) are, indeed, watching.

digitalhermit's picture

Forget $1500 - I'm looking for $1450/oz, the price that if reached will result in Johnny Bravo never posting on zerohedge again (according to him).

DarkMath's picture

    DarkMath:

Come in Johny Bravo, do you read me?
Come in Johny Bravo, do you read me?    
Bravo Three, Bravo Six. Send me a grid. Over.
        
    Johnny Bravo:

I can't, sir! We're pinned down! They're in the fucking trees!
        
    DarkMath:

Calm down, son. I'll get you a fire mission ASAP. Smoke'll be first.
        
    Johnny Bravo:

Lieutenant's dead, radio man's dead. I don't know where the map is.
They're all around us - hundreds! I can hear 'em talking gook.
        
    DarkMath:

OK, now spot that smoke and tell me where to shift. Calm down, son.
We'll get you out. Tell me where the rounds hit. Over.
Three Alpha Six, how about those rounds, son? Can you adjust fire? Over.
Three Alpha Six, if you can't talk, son, just key your handset twice. Over.
Shit!

NOTW777's picture

LOL that was fun; just added to PM miners across the board on that raid

JonNadler's picture

OH my, there will be a mass suicide at Kitco today. Am suicidal, can someone talk me out of it

DoChenRollingBearing's picture

Bummer everyone is taking delivery of physical!

Instead of suicide, just have a few drinks!

StychoKiller's picture

Pop a couple of "Defeatra" into that drink too! :>D

boricuadigm-shift's picture

:-) Monetization all over CBs around the world.  Its a no brainer investment/hedging/saving vehicle.

fredquimby's picture

I just luuuuuurve that chart

still kicking's picture

who else is a reliable gold dealer besides APMEX?  I like them but tired of paying sales tax as an OK resident.

tmosley's picture

tulving.com for large orders.

suissegoldcorp is another good one, from what I have heard, though I have not dealt with them personally.

Shameful's picture

Second on the tulving, best I've ordered from.  CMI (golddealer.com) replaced APMEX as my backup for smaller orders.  About the same premiums as APMEX and free shipping over 2k orders.  Does not have the selection or online ordering system that APMEX does though.  No Maple Leafs :(

ArrestBobRubin's picture

Bulliondirect.com has Leafs mate

seek's picture

I can second on both Tulving and CMI (certfiedmint.com), golddealer is cNi and I've never done business with them.

I have a 10-year history with CMI, never a problem, and I've used Tulving recently and recommended them to friends, and same deal, no problems. I really like that Tulving gives you per-coin spreads off spot as well, it makes figuring out buy/sell and what your stash is worth very easy.

Snidley Whipsnae's picture

No gold sales tax in Florida...Gainsville Coin. There are many, many others.

Gold was down to around 1284 overnight. Came back quickly. Go!

breezer1's picture

this one has good reviews from jeff at bullionbullscanada.com.

http://silvergoldbull.com/s/

SphincterSaysBernanke's picture

AllAmericanGold.com

The dudes from PatriotNewsHour

fiftybagger's picture

Eric and Joe are the best.  Please do yourself a favor and give them a listen, it will make your day.

 

http://patriotarchives.blogspot.com/

tpberg7's picture

Try Tulving.  www.tulving.com  Very reputable and best prices for quantity purchase.

DosZap's picture

You should not be PAYING sales tax on PM purchases over a $1000.00.

Is this a LAW for just Oklahoma?

Dr. Richard Head's picture

From my understanding, one pays sales taxes on PMs when purchased from a dealer located within the same state one resides.  Part of the reason my father won't take delivery of his as he doesn't want to pay the sales tax.  I have done my damndest to convince him the trade in fiat notes for the tax man will be WORTH the physical possession. 

still kicking's picture

Each state has the option to make purchases of PM exempt from sales tax or not, technically if you buy from an out of state vendor you would still owe use tax but there is no way for them to catch that unless you self report most of the time.  OK kicked around exempting those purchases but decided not to this time around. 

ArrestBobRubin's picture

Like Lone Star says: www.bulliondirect.com

I use 'em too, exclusively. I cannot find lower mark ups than here. They've been completely reliable, I'm a very happy customer.

Cyrano de Bivouac's picture

California Nuismatic Investments-but has minimum 2,000$ purchase order. Best prices for bullion that I've seen though.

Spartan's picture

We need Oil back over $100 then Central Bankers might actually start thinking about the consequences of their actions....

aurum's picture

are the PD's selling out and buying gold?

GoldbugVariation's picture

A chart I've previously posted (apologies for repost).  Speaks for itself.

http://img375.imageshack.us/img375/9421/gold5yeartriangle.jpg

Xedus129's picture

What happens at the end of the triangle???

Dr. Richard Head's picture

Depends on your perspective. JB would contend a massive drop at the end of the wedge.

If logical reasoning is your game then the fundamental currency race to debasement and the past ascending wedge breaks would conclude another substantial rise in gold.

Place your bets...