Morning Gold Fix: September 14 - Inches From New Record Highs

Tyler Durden's picture

Submitted by FMX Connect

October Gold settled at $1245.60 per 100 troy ounces on Monday, a net gain of of $.60 for the day.

gold was up an eye-brow raising $10.40 to $1256 per 100 troy ounces as
of 8:10 AM EST, this morning. The September U.S. dollar index was up
.044 to 82.23. October platinum was up $21.70 to $1571.60 per 50 troy
ounces. December silver was up 19.4 cents to $20.07.

For Market Prices Click Here

FMX Morning Newswire

Bloomberg (Reported 9/14/2010)

climbed in London as weaker German investor confidence stoked concern
the economic recovery is stalling and as yesterday’s decline in the
dollar boosted demand. Silver reached a 2 1/2-year high and palladium

The dollar was 0.3 percent higher
against the euro as a report showed German investor confidence fell
more than economists forecast to a 19-month low in September. The
greenback yesterday dropped 1.6 percent, the biggest decline in almost
two months. Gold, which typically moves inversely to the U.S. currency,
last week reached a two-month high of $1,262.45 an ounce and is trading 1
percent below a record.”
Gold Advances on Weaker German Confidence; Silver Climbs to 30-Month High

NS Futures (Reported 9/14/2010)

the bull camp might suggest that some of the overnight gains are the
result of lower gold production from Russia overnight, the market might
be garnering most of its lift from a return of macro economic
uncertainty. However, seeing Russian gold production for the first 7
months of 2010 declined by more than 3% is certainly supportive, but the
gold market recently hasn’t been overly interested in supply side

equity market in Asia were mixed, stock markets in Europe are generally
weaker this morning. U.S. stock indices have moved moderately lower
during the early Tuesday trade.”
Daily Metals Commentary 


Reuters (Reported 9/14/2010)

was set for its largest one-day rise this month on Tuesday, in line
with a pickup in other safe-haven assets as the U.S. dollar fell
broadly, while silver nudged at two-year highs.

used predominantly in autocatalysts, struck four-month highs as a
combination of fund buying and growing prospects for industrial demand
lifted prices.”
Gold Rises as Safe-Haven Bid Resurfaces

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unwashedmass's picture

harvey organ blogspot......he runs down the delivery situation at the Comex every day.

smoke is now pouring from the windows of the comex...particularly the silver floor.....

they are now THREE MONTHS BEHIND on silver deliveries.

sell silver? ya gotta be kidding. Next stop 23

Turd Ferguson's picture

No doubt that there are unlimited EE smackdowns coming. However, the continual appearance of the buyer(s) of significance on each dip is making the efforts futile.

Sudden Debt's picture

Last Friday there was also a hughe trading spike in copper.

Once Silver hist 23 anytime soon we'll see copper moving up big also.


Kaiser Sousa's picture

UW -

not sure why u got junked especially without the courtesy of a rebutal.  perhaps someone is annoyed with the spectacular rise of Silver - 1 of the only 2 forms of real money..

also, Harvey is a daily must read for understanding of what is taking place in the ongoing manipulation by the bankers...

Turd Ferguson's picture

Exactly, unwashed.

The headlines above crack me up; written by douchebags that absolutely no idea why gold is higher today. Gold is higher because silver is higher. Silver is higher because it is abundantly clear that the Crimex is out of silver and we are in the beginning stages of a "run" on that exchange.

Hmmm. "No silver? What? Holy cow!! Does that mean there's no gold, either?"

unwashedmass's picture

no one -- read the governments -- do not have silver reserves to bail them out. this silver crime in progress has been quite an operation for me, what is surprising is that....knowing this would eventually blow, and seeing what's been happening for the past year, you'd think these guys -- the bullion banks -- would have closed months ago, and been accumulating silver ... instead we have these things like last night...that pathetic push down on the metal at the close of equity trading....

and if you look at the COT numbers from last week, the bullion banks going "all in" on adding to their short. God knows, tho, Ben may have promised to print them up enough cash to get them out of this one. I mean, who cares, right? we just put it on the taxpayers' tab....

Turd Ferguson's picture

Right on, Mackdaddy. Proves their complicity.

The Evil Empire is "owned" by the Fed now. The will do their bidding, regardless of cost.

Au Member's picture

I'm quite sure it is the evil empire that owns the Fed.

Turd Ferguson's picture

But since the EE is now insolvent and beholden to the Fed for $ and legitimacy, the "owning" relationship has now been reversed.

Bendromeda Strain's picture

Mutually dependent for survival. All of them are still manipulated (on a macro scale) out of The City.

Pining for the Fjords's picture

OK, I'll put my tinfoil hat on and carry your thoughts 1 step further.  It has been speculated many times at ZH and other sites that several TBTF banks (JPM, HSBC, etc) have massive short positions in silver- to the degree that they manipulate the price, according to lore.  If these entities start to look like they're going to pull a Bear Stearns, well, that just wouldn't do in this day and age- economy on the ropes and elections around the corner and all.  So what would you do if you were TPTB?  Personally, I would order all those happy algos to engineer a stock market crash and drive the PM's down with the rest of the market as everyone was forced to get liquid.   Just sayin' 

Wonder if it is time for my epic short?  

Quintus's picture

Maybe they could knock down the price of paper metal, but NOBODY is going to sell you real gold for the $700 or so JPM and their accomplices would need to cover at, particularly if the stock markets are going to hell in a handcart at the same time.

All they'd achieve is to formally (and finally) separate the fraudulent paper markets from the physical 'Real' market.

taraxias's picture

The banks will do what the FED tells them to do. Without Ben's lending window intravenous they cease to exist. They won't and can't bite the hand that feeds them. And Ben has drawn a line in the sand at DOW 10,000 at least until the elections. I wouldn't be short yet, I think we're going sideways for a while.

I think it is also a fallacy to think that a crashing market will mean crashing PM's prices. It certainly wasn't the case when the markets were tanking during the Lehmans critical days.

Pining for the Fjords's picture

Good call, and I think you are right- but there is an implicit value judgement there that I find interesting.  If you are Ben, does the arbitrary (merely public psychology) value of DOW +10,000 outwiegh the consequences or PR hit from another massive shock to the financial system or a major bank going under again?  Depends on what you see as the lesser of two evils.

And I think you are right about gold rising when stocks fall, but it doesn't happen in real time-  I have gone long gold on huge down days in the market and been burned badly- in the short run, the need for liquidity outwieghs the flight to gold from stocks and it all drops...   longer term, I agree with you.

Quintus's picture

Indeed.  Silver's a small market, but it is very supply constrained and the Bullion Banks cannot fall back on leasing Silver from their Central Bank backers, because the CBs no longer have stockpiles of silver.  Furthermore industrial users of Silver represent a constant draw on supplies, and they cannot be bought off with cash settlement or shares in SLV; you can't make iPad circuit boards out FRNs.

The upcoming, very public, failure to deliver physical Silver will be the detonator that sets off a much bigger explosion in the gold market.


The_Euro_Sucks's picture

That is when the party starts. Does that also mean no copper, no oil, no food no..... It will be a sight when the herd starts moving out of paper and into the real deal.

Tarheel's picture

nice writeup TF. I've been in Gold but not Silver. Maybe I should add some.

Temporalist's picture

You should and make it fast!  Waiti for a dip if you can but by some physical quickly.

Charles Sumner Hamlin's picture

I see CNBC is going to run a show about the Federal Reserve:


Let's see of Gold can take out highs this week with the help of POMO.

unwashedmass's picture

oooo, a must watch. can't wait to see the propaganda about how the Fed works for us all....and "keeps the markets stable".....

if they try to send CDs of this to high schools nationwide, i'm marching down to my kid's school and demanding equal time ....where i will tell the kids EXACTLY WHO THE FED IS AND WHO OWNS THEM AND WHO THEY WORK FOR.....



ratava's picture

i think they sold a lot of paper gold yesterday to counter balance the hit to dollar value by official start of qe 2.0. lets watch it blow them up. my dollar shorts are doing swell.

Internet Tough Guy's picture

Let's see if they can smack it back down to 1245. Sooner or later that attempt will fail.

Turd Ferguson's picture

In an amazing coincidence, gold stops dead in it tracks at 1260...again.

However, no worries. I would suspect that, by Thursday, gold will blow through 1260 in such force that the EE won't be able to stop it. They will fall back and aggressively defend 1267.

taraxias's picture

But....but......but Johnny Bravo said his charts are showing a gold collapse.


Bendromeda Strain's picture

Then he ****** in his pants...

Au Member's picture

Maybe it's all a double bluff, JPM are acting like they are weak as piss to pull a sucker punch. Or my favourite is that Blythe Masters is just shit and her team are going down after raping the silver market for so long it is bleeding.

Au Member's picture

Going vertical now, loving it.

Turd Ferguson's picture

Holy shit 1266!

Found a lot of buy stops above 1260.

Gonna find quite a few more above 1267.

The_Euro_Sucks's picture

Oops 1268.53 will 1267 be breached this easy?

Ivanovich's picture

Sky rockets in flight....

John Bull's picture

Whoop Whoop...Gold you boring bitches!

spartan117's picture

What happened to FMX's comments from yesterday advising to prepare to SHORT the gold market?

I like today's posting where they are just quoting other resources versus adding any commentary of their own.  I'm not sure if this service is bullish on gold, bearish on gold, or just plain confused.


Bendromeda Strain's picture


I clicked on it to hear some of Liz's "deep Thawtes" on why her trading advice was wrong.

TooBearish's picture

swiss franc at par  - its all good

Dagny Taggart's picture

I'm gonna need oxygen.

unwashedmass's picture

1300 is the next stop

Turd Ferguson's picture

I'm looking for 1290 before heading to 1350 before Halloween.

unwashedmass's picture

some lovely gold stocks the ongoing crime, have been naked shorts into comas, are now starting to awake....



MNEAF (poster child of the silver-rape)


unwashedmass's picture

ooo, i was wrong about those stocks...i am a peasant, i should be buying AMZN now, not AUY or a gold stock.

sorry Ben, sorry Jamie.

unwashedmass's picture


tiny silver baby going nuts as the naked shorts cover.....



eat it boyz.

unwashedmass's picture


HUI has broken the 500 mark....well, well, well, maybe now we'll get some respect for stocks in the sector that have rock solid -- so to speak -- fundamentals......

and P/Es at rock bottom

and real earnings prospects....

unlike Benny Boy's favorite HFT stocks.

ZEITGEIST's picture comment from Johhny Braaaaaaaaaaaaaaaaaavo...or Robo Traaaaaaaaaaaader.....shocking..probably calling Bernanke and asking...Whaaaa  Haappind ???????

goldfreak's picture

we will miss you JonnyBarvo--good f***** riddance