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Market Got You Down? Don't Worry, JPMorgan And The LBMA Are Here To Punish Gold And Rip Stocks
Gold at all time record highs? Goldman Sachs sending bankers to pitch a Radioschack LBO to gold? Can't have that - here comes the royal PM beatdown courtesy of Jamie Dimon's completely unflagrant gold plunge enforcement goons. Also, let's not forget - let's *not* forget, Dude - that keeping gold, a precious metal, for uh, domestic, you know, within the city - that (soon) aint (gonna be) legal either.
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No problem. I'll buy that dip.
Yep, me too.
let's not underestimate these guys. that was a violent move down and it took some heavy lifting. tomorow's potential headline "gold makes new high" is not good for business.
I didnt junk you. Care is needed, but IMO there's a lot of hedge fund managers think high inflation and distrust of fiat money is how this macro situation evolves in the end.
The G20 political clusterfuck has just increased the prevalance and strength of this view.
Payrolls could be scarily bad.
Only PMI's are signalling anything but recession.
So all in all, don't underestimate the strength of the bid for gold over this week. I am buying dips in gold, selling spikes in equity.
The bid for paper gold can always be overcome by printing more. The real bid is for physical takeoff and that is the problem for JPM. The lower they drive the paper price, the more physical has to be delivered to real buyers. Otherwise they would just smash it to $500 and be done.
Shirley, pay the man!
oh, i'm long term bullish on gold. gold won't default !!! in the short term u gotta watch out for the professional manipulators. they got juice. jus sayin.
Gold contracts will default. Physical won't.
Relax, today will be used as a marker (and today isn't over) for when mainstream recognizes that gold & silver are king. Let me share once again, as it is now beginning to happen, some things earlier posted over the last week:
The currency crash/unemployment wave kicks off beginning June 28, with markets shaking quaking event. The currency woes of July will build to a crisis point of insurmountable proportions by August 1, and the crushing economic reality will come shining through for all to see. This summer will be the absolute last peak in the markets structure, while this fall will be three months of vomiting. The summer debt explosions go to such heights as to create massive overwhelming hyper-inflation in Fall that sweeps across countries globally with such ferocity bringing down governments. Riots and mob unrest will become a regular news story as the currencies are shredded publicly and planetary panic to buy precious metals overwhelms the censors in the propaganda press. June 28 provides the flood word for the precious metals, as well as the floating away of silver from gold. New reorganized currencies will not gain support and will be laughed at when introduced. The metals, especially silver, will from June 28 onward express their own destiny separate from the currencies. - (halfpasthuman)
July 9-11 & July 18-20 Next tropical storms. (weatheraction dot com) Note he predicted the last tropical storm Alex to the day.
EL,
http://www.bloomberg.com/news/2010-06-28/etf-securities-gold-holdings-rise-to-a-record-10-billion-on-haven-demand.html
No way to run from this...........the JIG is up.
Europeans, are not as PM ignorant as the sheeple,( their ass has had a BEAT down before) as we have always had the MIGHTY Reserve Currency.
Same here. I was tempted to make a buy on Friday, but I'm glad I didn't now. We'll be heading to the coin shop today!
Pick me up a few ounces. I'll gladly pay you on Tuesday if you would give me the Gold today. :>)
http://www.youtube.com/watch?v=NJ6xBaZ92uA
Even better, I can pick you up a few ounces, get your payment on Tuesday, and then send you a picture of them to keep in your files. I promise I'll keep your stash separate from mine and safely tucked away.
Deal?
;)
Well played.
Sounds like you've taken some lessons from the big boys. I surrender to your superior intellect. :>)
BTW the pictures would still be more that the big boys give their suckers....er...buyers. Maybe you could corner this niche market. Leverage baby.
"Michelle's Gold Photography" or some such nonsense. Makes as much sense as anything I've read in the papers lately.
The nice thing is I'll only have to take one picture. I think Snapfish has a pretty steep discount for reprints...
me three, hurry up, it's going back up
me three, hurry up, it's going back up
New Financial Regulatory Reform and Gold
Notice the provision in the new financial regulatory reform (oxymoron?) bill relating to derivatives?
"Requires banks to spin off swaps operations into affiliates; can retain operations for interest-rate, foreign exchange swaps, and gold and silver swaps among others"
-WSJ, June 26-27, 2010
Easy to comprehend interest rate, to hedge day to day balance sheet and banking activities.
Easy to comprehend foreign-exchange, to hedge day to day activities.
Gold and silver? Since when are gold and silver any major day to day activities, aside from the LBMA members who are; BNS-ScotiaMocatta, Barclays, Deutsche Bank, Goldman, HSBC (USA), JP Morgan, Mitsui (Precious Metals), SocGen and UBS.
http://www.lbma.org.uk/assocn/mktmembs
Further, contemporaneous with the merger between ML and BoA, the Fed expanded the Discount Window regulations to permit borrowings from the Window on behalf of any eligible bank may be down-streamed to any affiliate.
Illicit any thoughts?
Like the Machine for Gold Manipulation Remains Intact.
No doubt it's sole purpose is to continue the manipulation. I'm still amazed how the various powers that be can speak out of one side of their mouths about the useless metals (Gold and Silver) and out of the other side use Gold and to a lessor extent Silver to build credibility into the system.
I've often wondered how the Fed maintains credibility about the useless Gold while (supposedly) maintaining lots of Gold in their vaults. Huh? Of course, they maintain credibility because everyone hopelessly attached and entangled by the system must believe in the system, since the only thing holding up the system is faith and belief, just like a man made religion.
If you have some gold at hand, dont you think that you might want to wait for the next stock market crash? I think that will be the last golden (excuse the pun) opportunity.
What's new, pussycat?
The longer you hold the stuff, the less you care about the daily noise. This is a PAPER price. The premium on the real metal can only get further and further divorced from this "price", to the point where it is next-to-impossible to find any.
More currency turmoil on the way down, please...let's have a rush to the physical metal.
"keeping gold, a precious metal... that (soon) aint (gonna be) legal either."
I still don't get this line...
Our money isn't officially backed by gold anymore.
I say they're going to call in everybody's washing machines this time...maybe their cars
It's a Big Lebowski reference. The original line had to do with weasels, specifically that that owning a weasel or ferret in California remains illegal.
Wow Tyler, working in a Big Lebowski reference. Huge props! +1!!
ok... i can dig that but you still hear non-Coen bros. references to this
The only thing I am certain of is that very few people expect what is coming.
"You people, you sit there...you're in for one helluva surprise!"
-Christopher Walken
Don't worry. The regulators are onto it. Oh hang on they are busy stuffing their pockets with money. Idiots they should try gold while its cheap.
I am actually liking this volumless meltup. Just what I like to see from an unhealthy market attempting to defy gravity and depressionary economic data this nation has not seen in year as if magic 10,000k not being breaches means we will not be in a depression. Truly laughable at this point.I can hear all the cash being burned by those who are not going to see unemployment checks in the coming months. This market is about to fall hard.
"that keeping gold, a precious metal, for uh, domestic, you know, within the city - that (soon) aint (gonna be) legal either. "
Out of my cold, dead, PM hidey holes!
do we have to write jamie a thank you note?
Another day at the CRIMEX.
What's this "illegal in the city". Anyhow's... at some point in time, at some point, there's probably gonna be a scramble for the stuff and you'll be happy to be an owner. I think this summer is the absolute peak of the current system and the very bottom will probably be the precious metals once again.
The Big Lebowski. Do I win a prize? I'll take one ounce of Gold, thank you.
Walter Sobchak: Also, let's not forget - let's NOT forget, Dude - that keeping wildlife, an amphibious rodent, for uh, domestic, you know, within the city - that aint legal either. The Dude: What are you, a fucking park ranger now? Walter Sobchak: No, I'm - The Dude: Who gives a shit about the marmot! -- from the movie "The Big Lebowski"Yes, that's $10 taken out in 2 minutes!! This chart resembles EUR or ES charts of recent days, does it not?
I find it interesting that so many of us here on ZH are fully aware of the now daily manipulations of the equity markets, yet so few believe in the daily manipulations of the much smaller gold market. If the Fed, through the Evil Empire, can lift the S&P almost daily by purchasing ES contracts during light volume, why is it so hard to believe that the Fed, through the exact same proxies, is doing the same thing on the short side in gold?
Many who don't "believe" in the manipulation of the Gold market are nothing but shills for the banksters.
Mr Turd, Mr Gekko
Compare the chart for today with the chart for last Monday. Same attack, same time, same impact.
Only about 7 dollars higher.
Exactly. Its as if we've stepped through a wormhole and gone back in time.
The response last week for the longs was very impressive.
The response this week is critical. If gold is allowed to roll over as The Empire desires, we could trace back below 1200 real fucking quick.
They don't want it breaking out to 1300 so instead they'll dick around with it till it breaks out to 1360.
Supreme court will let you keep your guns at least:
http://liveshots.blogs.foxnews.com/2010/06/28/high-courts-big-ruling-for...
keep your guns only as long as you're a corporation.
Hey, it only costs ~$400 to incorporate online.
Or, Until Kagan is IN.
She is a VIRULENT anti Gunner...........
When she get's confirmed(since she's ALL THAT), with her VAST and Expansive experience in Law,look for this to come up again, and be reversed.............making the 2nd null & void.
If we're still here, and in operation, that will mark the end of Nation USA................Civil War will be the order of the day.
Bank it.
Kagan will replace Stevens, whom I am guessing was one of the four minority votes on today's 2A decision.
Precisely! Kagan takes nothing from the table -- unfortunately, short of a "Road to Damascus" moment, she brings nothing to the table either.
Remember to keep any guns from your fallen enemies, as well. Which cops carry your favorite weapons?
Cops? Not my fear. The hungry mob of urban parasites adjusting to life without uncle sugar? Maybe.
BTW, guns are fantastic at shooting high velocity projectiles at delicious prey.
Like feral longpig.
If you please, what is the distinction between cops and a "hungry mob of urban parasites?"
Perfunctory donut joke has been excluded in deference to brevity and preservation of ethos. Nevertheless...
When Public Pensions fall into the dirt, along with State budgets, the Cops and Fire Depts will be leading the riots!
Just like in NOLA after Katrina...
Maybe the Justices will be out patrolling with the NG to keep them obeying the law and Constitution
Get some JPM! I just want Dimon to kick it into high gear and get gold down to 900 again. Surely there has to be some gold left at Ft. Knox they can lease out into the market...or maybe some gold foolish foreigners left at the Fed Reserve NY bank. If they were dumb enough to trust it to the Fed they deserve to have it leased into circulation.
...au may dip again, but not to 900. why? that would signal frn$ strength and frn$ strength is not the economic policy of the day. controlled devaluation is the order and controlled devaluation it shall be. 20-30 frn$ dips is about the extent you will see as the overall trend continues upward and onward.
mechanics and semantics are not the problem in understanding these machinations, but rather the inability of most of the financially savvy (and all of the non-financially savvy) people to let go of their paradigm of reality and step into the past...zB: admit that john law is alive and well in our markets and that we should run, not walk, to embrace true God created money for stores of wealth and exchange until the wretchedness is puked out of the system.
oh, and as for au confiscation...
http://www.youtube.com/watch?v=Rp6-wG5LLqE
Nah, the market's not manipulated, the SEC and CTFC say so...
DavidC
China doesn't give a damn what JPM does...They are busily buying up gold everywhere they can find it.
"Now China sources newly mined gold from the USA"
"We are now used to China sourcing huge volumes of metals from external sources to drive its industrial machine forwards, but the latest announcement from Coeur d’Alene Mines on its deal to have its gold concentrates purchased and processed by China’s largest gold producer suggests that precious metals are on China’s vast shopping list too."
http://www.resourceintelligence.net/now-china-sources-newly-mined-gold-from-the-usa/10045
China's apparent new strategy is to try to buy gold concentrate and gather before it hits the open market. This way it is a slight stealth purchase. I see more of this to come. Plus, CDE held back half the production, I am guessing, to entice China to come back to the table with an even better offer. China is paying in 7 days after it gets loaded on a ship. That is an unheard of payment time, AFAIK (as long three months with other refiners).
Let alone, they must gather all of their domestic production without making the full amount public knowledge. It is obvious they are looking to accumulate as much as possible, but not looking to show they are too eager at this point. If they ever start buying on the open market it is probably because they have already amassed a tonnage higher than even the USA's phantom cache and are looking to bring the price higher.
Patience. All it takes is patience...and gold/silver...and guns/ammo...and popcorn.
I for one appreciate the manipulations....love on sale merchandise....love taking delivery too....which by the way seems to get harder each month to get da boyz to choke up the real stuf...
Yep, it's a continuous carry trade between currencies, futures, options, stocks, bonds, commodities, and they're shifting directions and gears whenever the bottom is about to fall out in either one of them, killing shorts or longs in a matter of minutes, allowing them to take profits or losses induced by their manipulative trades. Net result is they always win. Perfect quarters. The number of linear ramp-ups, spikes and throughs in intra-day charts have become countless. Random walks? The intra-day manipulations become more blatant by the day... Actually this almost feels like July-August 2009.
Man, obvious intervention! It went from $1262 to $1248 in about 15 mins. That's about a buck a minute drop.
What, did we just find a major new vein with billions of ounces? A gold meteor crash into New Jersey? Did the Fermi team at the Large Hadryon Collider just turn Tungsten into gold?
I guess the JPM's didn't like the number 1260. Short it big, all-in boys.
It's sooooo goddamn obvious how the banksters are trying to keep a lid on Gold around the 1250 level.
It all seems to be running to equities...
Looks like Tesla expanded the size of their IPO today.
I was watching gold creep up and up to record high just as the Dow and others started to drop. Then the big flip. It was like someone woke up and said "There'll be none of this today when the G20 was so successful!"
The depression grinds on.
Edmund Phelps was just on Bloomberg saying the U.S. is now coming out of a mild depression and he can't see any way the double dip will happen.
Ahh what it must be like to live in an Ivory Tower away from all the little people and surrounded by sycophants.
Yeah, don't worry. Gold is safe. Deflation isn't coming. And even if we do see it, it won't affect gold since it's a currency. And even if it does impact gold, I was never there in that house with a knife.
Just wait until people need to spend/deispose their gold in order to attempt to maintain their standard of living and/or meet margin calls. You can say it'll be the preferred currency because it'll be the only thing liquid, and I'll say it'll get spend (i.e. sold) if it's the most liquid currency.
I don't have a Ph.D. in economics, so the Fed says you shouldn't listen to me. But as far as I know when things get sold, the value goes down (Except in Switzerland).
People have been selling their gold for years now to pay for debt and mortgages and car payments and health bills. That is why there are so many "We Buy Gold" advertisements. But as the consolidation completes the price is going higher and higher and the masses are being priced out more. Silver is the next big up it will pass $20 very soon. I thought it would be end of May and especially with gold hitting highs it would seem logical but...well there is no logic anymore.
ring around the rosie,
pocket full of posies,
ashes, ashes,
we all fall down...
Better:
[quote]
Commissars and pinstripe bosses roll the dice.
Anyway they fall, guess who gets to pay the price?
Money green, or proletarian gray.
Selling guns instead of food today.
So the kids they dance and shake their bones.
And the politicians throwing stones.
Singing ashes, ashes, all fall down.
Ashes, ashes, all fall down.
Heartless powers try to tell us what to think.
If the spirit's sleeping then the flesh is ink.
History's page will be neatly carved in stone.
The future's here, we are it, we are on our own.
On our own, on our own, we are on our own.
If the game is lost, then we're all the same.
No one left to place or take the blame.
We will leave this place an empty stone.
Or that shining ball of blue we call our home.
So the kids, they dance, they shake their bones.
And the politicians throwing stones.
Singing ashes, to ashes, all fall down.
Ashes, to ashes, all fall down.
[/quote] -- Grateful Dead
Margin calls...for what?
People will need to trade things for gold, sure. WTF is your point?
Similar price action occured mon-wed last week and all we got was a 40 handle move lower before reversing right back towards the highs. I generally don't like to scream about manipulation in gold because it has always traded like this(slow up, fast down) but this price action makes me scratch my head. GLD inflows continue day after day so there is solid retail demand, yet commercial "hedgers" keep fighting it. (clearly commercials are trying to speculate around their hedge book)
It looks like somone is dumping into the bid to tigger sell stops from retail and technical funds. Not to worry though, I'm sure the CFTC is all over it...
I guess this manipulation won't be obvious to Kitco/CNBC et al until premiums are $1000 over spot.
I can't thank the banksters enough for letting me buy the metal at these discounted prices day after day, after day...
THANK YOU SO MUCH, BANKSTERS.
Silver just went green and Gold is right behind. My goodness must be disbelief in manipulated pits.
He he boyz, might be game over!
My my... Didn't stay below $1250 long.
Here comes the second attack...
I see it!
Make the bad man stop.
It rubs the lotion on its skin. It does this whenever it's told
That's all you got assholes? Are you freakin' kidding me!? $20 down is the best you could do? It's PATHETIC. C'mon lets go down at lest $50 if not $100 - at least give me a respectable discount ye "masters of the universe".
Maybe the CTFC called them again. Something about intra-day trading limits.
Same fascist time, same fascist channel.
Whatever though; can't keep a good man down, ya know.
Whooo-weee, now that's power. I sure wish I could naked short with impunity...
Today's comex buyers: you demand delivery now, and we'll get this whole jig up.
SEC and CTFC are about as corrupt as any run of the mill mafia unit.
Well they need not worry as when the SHTF and the economy evaporates the hoards will be trying to find them as well as the banksters.
These guys are pussies... I remember back in the day when they used to be able to plunge it into the upper 1100s... LOL
HAHAHAHAA!!!
+1239
Is it me or are They starting to get into a bind trying to suppress gold simultaneous with keeping equities (and 'risk' currencies) rallying?
They got a nice li'l rally started in the 'risks' a couple times but it keeps getting kiboshed every time Dimon has to push gold back down.
Some marvelous stock rally when TLT and IEF are both up twice as great a percentage as SPY. Yield curve flattening by rates lowering: not what you see in a dynamic economy.
Gold now forming a reversal day from Friday.
But it's not real son, so it's BS.
I guess if it snaps back it has a chance, But two reversal days in a week is pretty heavy and I think we are likely to see prints below 1200 in the near to short term.
Doubtful. The quick snapbacks mean serious heavy longs are onto the Crimex game now.
SPY also setting up for test of 106. Euro going in the hole...
LOOK AT THEM GO!!!!!!!!!!!!!!!!!1
GO Jamie, GO JAMIE, Go Jamie!!!!
YEE HA!!!!!!!!!!!!!!!!!!!!!!!!!
Man, and I thought i got buzzed out when i didn't buy...thank you o lord JPM for the second buying opportunity!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GO JAMIE, GO JAMIE, GO JAMIE!!!!
do i hear a 1232????
Come on, cartel, you can do it!!!!
This is so sad ... the capital market is a shenanigan, 8-70 yrs old on ipads/ipods, nature's being destroyed ... Monday ... sigh ...
There are no free markets anymore whether it be gold, or equities, or bonds or anything else for that matter. The FED owns them all.
We are all living in Uncle Ben's world now and we'll continue to do so until the whole scam collapses. They'll do everything in their power to maintain the grand fiat money illusion. And when they realize they can no longer sustain the fraud, they'll take everything down with them.
This will not end well. End of story.
I find that the articles under the moniker "Tyler Durden" come from various authors, one of which is an obnoxious idealogue and wet behind the ears. He / she /it still labors under the delusion that the markets are somehow "fair" or have an obligation to represent "fair" value. The author doesn't yet internalize that "fair" is where you take the pigs to get slaughtered in the Summertime. That said, the reason J.P. Morgan can do what it is about to do is because all these investors in gold funds (or common equities for that matter but that's a dirty little secret so shhhhh) have a right to is the monetary value represented by their claim to the physical commodity even if that monetary value is unreasonably low because of egregious short selling into the commodity. Why do you think the common depository is called "cede?" Investors in these instruments have no, claim, right, title or interest to the commodity or to demand delivery. You guys don't seem to get that central fact. it's all paper with the name "Gold" stamped prominently at the top. Unless you are holding delivery bars or dore all you have is paper.
oh you're so right...there's NOBODY here on ZH who gets that physical gold is different from paper. Thank YOU so much for breaking this revelation
Hey Paul - I think the outrage you're hearing might actually be pointing & snickering.
WTF !!
3rd attack, wow
What I don't get is why they didn't do the smackdown in the normal 8AM timeslot.
Somebody in late from the Hamptons this morning?
Here is the best explanation to your query, from "Trader" Dan Norcini:
The fact is gold was sharply higher after the conclusion of the meaningless G20 summit which was nothing but a group of yakking heads talking to hear themselves saying something. Investors rightfully interpreted that as further confirmation that nothing serious was going to be done that would restore confidence towards paper currencies. They then bid the yellow metal higher which held its gains from overnight as it moved into New York trading and even added some. We are then to believe that investors had a sudden change of heart so much so that they immediately became convinced at mid-morning that gold was no longer worthy to be held but instead US paper Treasuries were much more to be desired? Based on what news, what report? Come on already – are there actually people out there who are so damn dense that they believe this nonsense? This is what an orchestrated takedown looks like, pure and simple.
This guy Norcini clearly doesn't trade gold futures any more since his last wipeout; after reading about your miraculous gold option daytrade, where your $15 OTM call option dropped almost $10 on a $20 gold move and after paying the .50 bid/offer, I'd guess that you too don't trade any more.
Trader Dan is far more credible than you!
Junked.
Imagine when direct deposit, delayed one or two weeks is no longer a satisfactory TRUST function for your already spent labor. The good ol' days, with the paymaster, delivering the envelope daily, weekly. So to increase the efficiency, payroll mechanics should be negotiated daily, and if hyper arrives, hourly? Along with automatic pay raises. LOL.
Now. Consider the legal standing of that Eagle, Maple, Philly where-ever you happen to be. Orderly transactions would still exist if you were paid at 'face' at a negotiated 'wage' daily. What would crumble, is the state, who maintains the catch-22 on their books (I'm sure for a reason). Tax receipts at face (these would be handled with paper) would be worthless. Therefore, circulating that which is defined as money in so many places cannot be allowed.
And straight 'edge' type events happen in the valuation mechanics of a substance that is not in short supply. The transient fourier components of the edge events become cumulative and adds to the future wave action.
Might not work out so well for them in the end though. Equities are not levitating at this point. People selling stocks to buy now on sale gold?
Now we know what was discussed in the halls at the G20 meeting...
wHEN THEY RIP THE STOCKS, POSITION TRADE PUTS, DEEP IN THE MONEY, A FEW MONTHS OUT. SELL TWO WEEKS BEFORE EXPIRATION.
+100 just for using "Dude" and Jamie Dimon in the same paragraph!