Second Friday Night Economic Bomb Sends Gold Surging To $1,566 As Ireland Slashes Outlook

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Fri, 04/29/2011 - 14:16 | 1221406 Johnson Sandwich
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Bernanke must've uttered a few more words, because gold is going up!

Silver and gold, bitchez!

Fri, 04/29/2011 - 14:21 | 1221437 sabra1
sabra1's picture

does the Bernank talk in his sleep?

Fri, 04/29/2011 - 14:22 | 1221445 sabra1
sabra1's picture

guess i'll have to ask Timmy!

Fri, 04/29/2011 - 14:29 | 1221485 Johnson Sandwich
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Apparently the Bernank speaks in his sleep too...  guess he dreams about dirty things like gold and holds impure thoughts, eg. silver.

Fri, 04/29/2011 - 15:34 | 1221830 randocalrissian
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He only talks in his sleep when someone has recently pulled the string coming out of his back.

Fri, 04/29/2011 - 21:52 | 1222965 morkov
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does he have to?

Fri, 04/29/2011 - 14:25 | 1221465 knukles
knukles's picture

Next big propellant for gold....
Back to the "is there enough for good delivery" question.  Remember, that theme started in the gold pits long before the silver run in earnest began.  In large part jacked up by the JPM short theme... is there enough silver to make delivery.

Used to be the same meme in the gold market.
Just wait till it returns with a vengeance.

Fri, 04/29/2011 - 14:25 | 1221467 SWRichmond
SWRichmond's picture

Is this what they mean by "a buyer in size"?

Fri, 04/29/2011 - 14:40 | 1221519 redpill
redpill's picture

There has to be something more going on here, with silver sitting pat and gold going absolutely bat shit crazy, there has to be a rumor of something big in the gold market specifically.

Fri, 04/29/2011 - 14:40 | 1221550 Pool Shark
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May not be about just gold.

Silver flat, and base metals are all off too (even with the weaker dollar).

Sounds like it might be something a bit more 'macro-economic'...


Fri, 04/29/2011 - 15:10 | 1221713 Idiot Savant
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A two percent gain is "bat shit crazy"?

Fri, 04/29/2011 - 15:18 | 1221741 tmosley
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Gold rarely goes up more than 1% per day.  

Fri, 04/29/2011 - 15:52 | 1221903 redpill
redpill's picture

Over the span of a couple hours?  God damn right it is.  Hell on a daily basis a 2%+ gain in London PM fix has only happened one other time this year, on Feb 4.

Fri, 04/29/2011 - 17:20 | 1222176 tiger7905
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Looks like silver backwardation is coming to an end also and eliminated if you only look at 2013 contracts.

Fri, 04/29/2011 - 14:38 | 1221521 Ray1968
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Anyone have an idea why PSLV is dragging??

Fri, 04/29/2011 - 14:56 | 1221651 riley martini
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 PSVL sells at a 17 % premium to NAV you can sell PSLV paper and buy the metal at a 17 % discoount of paper .

Sat, 04/30/2011 - 08:36 | 1223611 Rainyday_man
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17%- 22% premium over NAV is the least of your worries - look out if Sprott liquidates his 26%

of the funds shares.... WSJ:


Fri, 04/29/2011 - 14:56 | 1221652 JPDG
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Not sure about PSLV, but no doubt the J.P Morgue are doing their magic at price manipulation because... *looks at calendar* 

Oh yeah, options expiry is tomorrow.  Huh, go figure?

Fri, 04/29/2011 - 15:05 | 1221674 Zero Govt
Zero Govt's picture

too much 'rolloercoaster action' last week (10% down, then 8% up) ...investors are knackered and need a f'n breather!

....but if my nose is correct it's about to explode judging by the triangle its been forming the past 4 hours out Gold, Silver surfer on 'Mission Catch-Up'

Fri, 04/29/2011 - 15:24 | 1221755 Zero Govt
Zero Govt's picture

'There She Blows' ...........Err, Downwards!!

...Silver down 1.25% in 5 minutes gotta love a rough ride

Fri, 04/29/2011 - 15:00 | 1221660 Hugh G Rection
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Meanwhile silver is hovering above $48 after 2 margin increases in 48hrs.


C'mon douchebags, just increase it to 100% and when the realization hits that you can no longer monkey hammer Ag into submission...then, accept your shame and commit seppuku with silver filet knife.

Fri, 04/29/2011 - 15:22 | 1221766 SilverRhino
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And silver drops by .50 back to 48.00 .... yep, this market is ALL about fundamentals.


Fri, 04/29/2011 - 15:29 | 1221794 Zero Govt
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$47.73 ...and probably further to go too... no worries BTFD at $46.80

Fri, 04/29/2011 - 14:19 | 1221412 slow_roast
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Fri, 04/29/2011 - 18:51 | 1222491 Tail Dogging The Wag
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Gee, last time I checked the Swiss National Bank held huge reserves of US Dollars... those pillars are being eroded by hyperinflation hungry termites. Why sell USD to buy CHF? green confetti for more colorful confetti. Thanks, but no thanks.

Fri, 04/29/2011 - 14:20 | 1221418 gkm
gkm's picture 

Benzabob's (tm) handywork.

Fri, 04/29/2011 - 14:18 | 1221419 mind_imminst
mind_imminst's picture

No doubt this is extremely positive for stocks!!! Everything is positive for stocks nowadays. Good news, bad news, no news, whatever. I know the markets can remain irrational for longer than an investor can remain solvent, but it is getting just wierd. I know emerging markets are helping things out, but the western world collapsing has got to mean something, no?

Fri, 04/29/2011 - 14:22 | 1221431 Dr. No
Dr. No's picture

Well, looking from a different perspective, stocks are not fiat.  Therefore they have a slightly higher chance of not being worth zero.

Fri, 04/29/2011 - 14:28 | 1221470 SWRichmond
SWRichmond's picture

You can't wipe your ass with stocks!  Oh wait, yes you can!

Fri, 04/29/2011 - 14:35 | 1221506 gkm
gkm's picture

Yes but what exactly is a company worth with no intrinsic hedge against hyperinflation?  Thankfully there's SNAP.

I saw a clip from Crammer the other day where he "explained" that there is no inflation because if there were stocks wouldn't do well in that environment.  He's right (for once).  Except there is one locale where stocks went up 60% per week.  They didn't have inflation there either.  If you guessed Zimbabwe, you get a gold bar (with the low payment of $150k).  Inflation and hyperinflation aren't the same thing.

Fri, 04/29/2011 - 15:31 | 1221805 disabledvet
disabledvet's picture

indeed.  "in a hyper-inflation stocks up 60% in a week!"

Fri, 04/29/2011 - 14:27 | 1221458 Arius
Arius's picture

what collapse? an optimist...we always come out okay...just another blimp in the road...

Fri, 04/29/2011 - 16:24 | 1221999 RichardENixon
RichardENixon's picture

I think it's called "The Hindenburg"

Fri, 04/29/2011 - 15:25 | 1221772 scatterbrains
scatterbrains's picture

Bernanks stock pumping is important so that we can skim off the proceeds and buy physical gold/silver.  I bet he didn't expect that his stock pumping would serve to amplify the upward movement in gold..   my visual has Dr Bernakenstien spinning the ship's wheel on the titanic while unknowingly his friend Mr Morgue is caught in the rudder being stretch to oblivian as an iceburg approaches dead ahead.

Fri, 04/29/2011 - 14:18 | 1221420 takeaction
takeaction's picture

Another crazy week...and weekend ahead.

Fri, 04/29/2011 - 14:18 | 1221421 lolmao500
lolmao500's picture

While silver has not broken 50$... ridiculous.

Fri, 04/29/2011 - 14:26 | 1221468 Re-Discovery
Re-Discovery's picture

Silver's mad at you.  I mean, she gives and she gives and she gives and this is the thanks she gets?

"Stop looking at Gold.  I know you were looking at her.  And right in front of me.  You ALWAYS look at other precious metals.  What, am I not good enough for you?  I bet some other guy will think I'm good enough!"


Fri, 04/29/2011 - 14:37 | 1221515 6_7_42
6_7_42's picture

+ lol

Fri, 04/29/2011 - 14:47 | 1221583's picture

But just look at the gams on gold!

Fri, 04/29/2011 - 15:02 | 1221671 Hugh G Rection
Hugh G Rection's picture

If you'd go down on me once in awhile maybe I wouldn't have to look at gold.

Fri, 04/29/2011 - 15:27 | 1221783 Re-Discovery
Re-Discovery's picture

"Sorry, buddy, I'm Silver.  I don't have to go down on anybody!  Someone will always spend money on me.  If that's what you're into, go get Gold.  I'm sure she'll go down on you.  She'll probably just lay there.  I mean, everybody's had her. "

Fri, 04/29/2011 - 15:49 | 1221894 Re-Discovery
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"Ok, I'll go down on you.  But just this once!"

Fri, 04/29/2011 - 18:20 | 1222398 J in Vegas
J in Vegas's picture

+69 haha!

Fri, 04/29/2011 - 14:42 | 1221560 gunsmoke011
gunsmoke011's picture

I guess after raising margin by 20% in a single week - the CME has decided to take the gloves off and turn a blind eye to JPM writing future FTD paper shorts as fast as their robo signers can write them.

Fri, 04/29/2011 - 14:21 | 1221425 MsCreant
MsCreant's picture

So why is silver flat lining it when gold is taking off like this?

Fri, 04/29/2011 - 14:23 | 1221438 Dreadker
Dreadker's picture

So we can all buy a bunch of it!  It has faith in us and is giving us all a breather then it'll sprint after is mate gold ;-)

Fri, 04/29/2011 - 14:23 | 1221440 Tail Dogging The Wag
Tail Dogging The Wag's picture

in times like these I shut my mouth and btfd.

Fri, 04/29/2011 - 14:23 | 1221451 Dr. No
Dr. No's picture

Silver is a commodity for consumption and for speculation.  Gold is for central banks.  They dont have to move lockstep and silver is much more volatile.

Fri, 04/29/2011 - 14:42 | 1221547 DosZap
DosZap's picture

So is Plat, and it's $1875.00

Fri, 04/29/2011 - 15:40 | 1221851 disabledvet
disabledvet's picture

Did i just get a "yes" out of "Dr. No?"

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