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

Tyler Durden's picture


And another economic fail, this time an attempt from Ireland to bury bad news on a royal wedding, later afternoon Friday:

  • Ireland revises 2011 GDP growth to +0.8% from +1.7%; 2012 to +2.5% from 3.2%
  • Irish govt revises 2013 deficit forecast to 7.2% from 5.8%; 2012 to 4.7% from 2.8%.
  • Ireland revises 2011 debt/GDP forecast to 111% from 98.6%; 2012 to 116% from 102%

Which only means more stimulus. And since fiscal is out of the question (austerity remember, duh) it means monetary. Which means gold surges to $1,566.


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Fri, 04/29/2011 - 14:16 | 1221406 Johnson Sandwich
Johnson Sandwich's picture

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
Johnson Sandwich's picture

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
randocalrissian's picture

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
morkov's picture

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
Pool Shark's picture


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
Idiot Savant's picture

A two percent gain is "bat shit crazy"?

Fri, 04/29/2011 - 15:18 | 1221741 tmosley
tmosley's picture

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
tiger7905's picture

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
Ray1968's picture

Anyone have an idea why PSLV is dragging??

Fri, 04/29/2011 - 14:56 | 1221651 riley martini
riley martini's picture

 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
Rainyday_man's picture

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
JPDG's picture

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
Hugh G Rection's picture

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
SilverRhino's picture

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
Zero Govt's picture

$47.73 ...and probably further to go too... no worries BTFD at $46.80

Fri, 04/29/2011 - 14:19 | 1221412 slow_roast
slow_roast's picture


Fri, 04/29/2011 - 18:51 | 1222491 Tail Dogging The Wag
Tail Dogging The Wag's picture

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
Re-Discovery's picture

"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?"

Fri, 04/29/2011 - 14:29 | 1221473 TooBearish
TooBearish's picture

Large HF selling SI , Buying GC

Fri, 04/29/2011 - 14:33 | 1221510 Internet Tough Guy
Internet Tough Guy's picture

When the next real price inflation begins, silver and every other hard asset will indeed, rise in price. But, for it to become the "poor man's gold" that bridges the wealth gap, silver buyers will have to reconcile a major value rise in gold first. The result of the breakup of paper gold leverage. Only then will gold at the gate of the great inflation race,,, a race that, at best, silver follows gold!
FOA, 2001

Fri, 04/29/2011 - 14:43 | 1221552 ml8ml8
ml8ml8's picture

Perhaps with silver up so much in the past several week relative to gold, someone is playing the spread, or perhaps unwinding one.

Fri, 04/29/2011 - 14:56 | 1221590 Re-Discovery
Re-Discovery's picture

Very plausible scenario.  Or its just time for Silver to take a much deserved rest.  Noticing that miners are behaving well at end of day while the physical is not.  Could be back to inverse correlation there OR could be people waking up to latent value in silver miners.

Fri, 04/29/2011 - 17:25 | 1222199 ViewfromUnderth...
ViewfromUndertheBridge's picture


with silver manipulation in retreat many large gold holders either added silver or smaller ones rotated a portion from gold to silver and now with such a quick return they cannot help themselves and are rotating back.

silver consolidation at these levels is a good thing 

Fri, 04/29/2011 - 15:13 | 1221719 h4rdware
h4rdware's picture

Whatever the immediate reason, it boils down to elastic ratio syndrome.

i.e. it's just gold's turn.


When gold is rocketing, nibble silver.

When silver is rocketing, nibble gold.

When they are both rocketing, nibble the nobles.

(buy the rotating dip)


Fri, 04/29/2011 - 15:59 | 1221928 Zedge Hero
Zedge Hero's picture

To me its the 100% increase in 8 months while gold is at 18% increase in the same time.  I traded some silver for gold yesterday at 33.5 to 1 at the local shop because lets face they are both great but silver is on a drunken sailor tear here and is due a little break. Either way the dollar is weak, but I do plan on trading my gold for silver if it goes back to 35-30 enviroment.

Fri, 04/29/2011 - 16:41 | 1222047 Fred C Dobbs
Fred C Dobbs's picture

My friend asked about trading silver for gold at our local coin dealer.  They said they would only buy the silver and sell the gold using federal reserve notes and would do no direct trading.  Did your trading involve money?

Sat, 04/30/2011 - 23:15 | 1224884 GoinFawr
GoinFawr's picture

only where required by law. And we all obey the law, no matter how outdated, unjust or paternal, right?

It must suck to live in fear; people who do'll believe frickin' anything.

Fri, 04/29/2011 - 18:05 | 1222354 Re-Discovery
Re-Discovery's picture

Has it been 8 months?  Time sure flies when you're having fun.

Fri, 04/29/2011 - 14:22 | 1221427 gunsmoke011
gunsmoke011's picture

Probably time for another margin maintenance hike

Fri, 04/29/2011 - 14:22 | 1221430 bania
bania's picture

Hot air out of Bernanke's mouth, gold caught in the updraft

Fri, 04/29/2011 - 14:25 | 1221453 Atomizer
Atomizer's picture

He certainly is a wind bag.

Fri, 04/29/2011 - 14:23 | 1221435 legal eagle
legal eagle's picture

And the CHF is looking good.  Best move I ever made was leaving my saving in CH in CHF and PM.

Sat, 04/30/2011 - 19:52 | 1224624 technovelist
technovelist's picture

Yep, me too.

Fri, 04/29/2011 - 14:24 | 1221439 Bazooka
Bazooka's picture


I will be convinced that Gold is safe haven when equities crash and Gold separates it's congruence in movement from it and soars.


When EU Defaults, USD will Soar!

Fri, 04/29/2011 - 14:29 | 1221475 LawsofPhysics
LawsofPhysics's picture

So, using your logic, the yuan will soar when the U.S. defaults?

I guess my question is, do you think there is still some action in various carry trades ahead of the coming trade wars?

Fri, 04/29/2011 - 14:31 | 1221496 LawsofPhysics
LawsofPhysics's picture

If so, then will the Russian Rouble be a good carry trade after EURO collapse but before ultimate dollar destruction?

Fri, 04/29/2011 - 14:34 | 1221511 mspgrandi
mspgrandi's picture

One of the best posts I have read for a long time....

ATM there is only one trade on Short $ Long everything else..... Surely everything is a safe haven at the moment...

Also any non Us investor who is long Gold but hasnt hedged the $ exposure.... this trade is not making money at all...


gold will collapse as soon as the first margin calls on stocks will be made


Fri, 04/29/2011 - 14:52 | 1221619 cossack55
cossack55's picture

Could very well occur. There are tens of thousands of people waiting to pickup some cheaper gold, there are tens of millions waiting to pickup some cheaper silver.  The end game remains the same.  Never lose sight of the end game.

Fri, 04/29/2011 - 15:31 | 1221821 Canucklehead
Canucklehead's picture

Don't forget that the central banks may well dump "some" gold/silver when the equity margin calls start coming in.  Think of what that would do to bonds, Treasuries, and the USD.  Properly managed, you may start a stampede going in the "wrong" direction.

Just remember, while you are waiting with arms outstretched for that manna from heaven, keep an eye out for any defecating birds flying overhead...

Fri, 04/29/2011 - 14:46 | 1221570 ml8ml8
ml8ml8's picture

+1.  Anyone buying PM at these levels must consider that inflationary sentiment may be peaking and that sentiment in PM is at an time extreme.  Let's see, parabolic price move, extreme sentiment, could a top in PM be near?


Did I just say that out loud or was that my inner monologue?

Fri, 04/29/2011 - 14:54 | 1221616 ivana
ivana's picture

certainly hope so. full of damn greenbacks (now you can all have a good laugh!)
dare to predict another month of similar bla bla USD collapse movements and than strong reversal with PIG default.

Fri, 04/29/2011 - 14:55 | 1221643 redpill
redpill's picture

As I recall gold did just fine during the Japanese tragedy.  In fact that is a great example as to why gold has replaced the US dollar as a safe haven between 2008 and 2011.

With MENA erupting in violence, the EU on the brink of dissolution, and Japan in tatters, the USD should already have been skyrocketing.  But it didn't.  Gold did instead.  Your thesis has been proven incorrect already.

An EU default will mean even more of a pouring into gold as faith in paper currencies and the sovereign debt instruments denominated in those currencies is lost.  There will be a rush to find something with more intrinsic, historical value.  And the USD ain't it.

Fri, 04/29/2011 - 15:07 | 1221680 ivana
ivana's picture

can agree with you but time span btw our thoughts is very different. Currencies, especially USD are weapons in this war which will continue longer. Gold is not.
Gold is sign of peace, stability and will not come yet unfortunatelly. Any gold standard btw souvereigns also mean end of fiat and even end of corrupt "democracy" as we know it today. That means that printing presses are off ... I am afraid that we should wait years for that to see.
And there's real danger gold might get confiscated just before "the end of war".
But before, phisical PMs will rule (with corrections)

Fri, 04/29/2011 - 15:41 | 1221751 GoinFawr
GoinFawr's picture

You nailed it Red, "evidence of the ol' glazzies". Japan's crisis, plus many other things, indicate the exact opposite of the outdated rote big Balooka and his ilk are incessantly swallowing, then regurgitating. They need to eat a slice of humble pie, and the longer they wait the worse it's gonna taste.

These 'Last Year's Men' can't perceive the death of a financial hegemony even as its grim reaper walks right up and repeatedly slaps them in the face. All they can hear is 'USA! USA! USA! USA!' drowning out any faculties for reasoning they might have left after a lifetime of conditioning.

Disillusionment bitchez!

Fri, 04/29/2011 - 15:13 | 1221715 packman
packman's picture

I will be convinced that Gold is safe haven when equities crash and Gold separates it's congruence in movement from it and soars.

Good strategy.  You can look at Zimbabwe for a lesson on how to time that move.

(in other words - what makes you think they will ever separate? and that equities will ever crash, at least in nominal terms?)

We may never see the DJI below 12,000 again, ever.  But that doesn't mean they won't have crashed at some point.

Yes they're both moving "up", but that doesn't mean they're moving in congruence.  Look under the hood some.


Sat, 04/30/2011 - 06:40 | 1223526 Absinthe Minded
Absinthe Minded's picture

I hope you're correct then I can buy the fuckin' big dip.

Fri, 04/29/2011 - 14:21 | 1221444 Re-Discovery
Re-Discovery's picture

(Irish Accent)

Awwwwww, Hell!  Somebody's going to have to go back and get a shitload of dimes!

Fri, 04/29/2011 - 14:22 | 1221447 Cdad
Cdad's picture

And not a word breathed about this or the upcoming hair styling of the Euro banks on the MSM.  Go figure?

Fri, 04/29/2011 - 14:26 | 1221450 Dapper Dan
Dapper Dan's picture

 Subvert the new dominant economic paradigm!


(bumper stickers will be issued)

Fri, 04/29/2011 - 14:31 | 1221482 SWRichmond
SWRichmond's picture

You'll get pulled over by a cop when he sees the word "subvert."  He will have questions by the time he gets to your window.

Fri, 04/29/2011 - 15:34 | 1221837 Dapper Dan
Dapper Dan's picture

I am counting on the cop not understanding 3 of the bigger words on that sticker,  offenses are directed at mostly younger cops,  trained prior to the  introduction of the Stanford-Binet application I.Q. test in the early 1990's,   after all,  we don't wan't bunch of critical thinkers on the state payrolls.

Fri, 04/29/2011 - 14:23 | 1221454 Vincent Vega
Vincent Vega's picture

Not sure why but I'm having flashbacks to when Bear and Lehman collapsed. Anybody else have a funny feeling that when we wake up on Monday the news will be that the USA has filed bankruptcy and will be merged with _______?

Fri, 04/29/2011 - 14:47 | 1221589 sabra1
sabra1's picture


Fri, 04/29/2011 - 14:53 | 1221629 cossack55
cossack55's picture

The Kingdom?

Fri, 04/29/2011 - 16:18 | 1221989 Steelpulse
Steelpulse's picture

lol. Was thinking the same thing, but being in the UK and monday being a bank holiday, I was wondering what the news will be here on tuesday!

Fri, 04/29/2011 - 14:27 | 1221459 LawsofPhysics
LawsofPhysics's picture

And yet the markets continue to ignore and retain today's POMO gains.  Have those shorts ready to go in 3...2...1...

Fri, 04/29/2011 - 14:24 | 1221460 Bazooka
Bazooka's picture

Overlay the 60 minute charts of Gold Futures with SPX.....near exact movements.

Move that out to daily...ditto!

Move that out to weekly...ditto!

Had gold diverged away from equities during 2008 crash and soared I'd also buy Gold but this did not happen. Nor will it happen because Precious metals it's in the same market as equities as a commodity.

Fri, 04/29/2011 - 14:32 | 1221502 Ray1968
Ray1968's picture

Both are moving in sync with expectations of QE3.

Fri, 04/29/2011 - 14:35 | 1221508 Dr. No
Dr. No's picture

In a recession/depression cash is king.  In the event of soverign default, I would expect the fiat (cash in your hand) to gain in value. 

Fri, 04/29/2011 - 15:59 | 1221936 disabledvet
disabledvet's picture

logically and empirically i would think the opposite is absolute truth, however i like to agree with you so i will.  Upon what basis does "cash" maintain it's value if the US in actuality "defaults"?  And i use the term "actuality" because the US along with all other sovereigns "default" all the time so we would need to define this word very explicitly.

Fri, 04/29/2011 - 16:37 | 1222029 Dr. No
Dr. No's picture

(my definition) default = when borrower does not pay the note (or a reduced amount).  If the US gov decided it was not going to pay some of its debts (or all), balance sheets across the world would shrivle since they all list treasuries as assets.  With shrinking assets, loans would be called.  Businesses would need to pay bills.  People would need to buy bread.  CASH would be king.  "But the US defaulted and the full faith and credit is tarnished" some would say, so the dollar should be trash.  I agree its tarnished, but I still need to buy bread.  In the absence of other means of exchange, I will use dollars. Biggest reason of all to support the dollar: 40 percent of people in the the US have to pay their taxes in USD.  The government doesnt accept euros or PMs.  They accept dollars.  This is a $1.5T per year demand for FRN wither you like it or not.  Ask the english the value of a piece of wood when the government demands taxes to be paid in said medium.  It immediatly has value.


EDIT: by 40% of people in the US, I mean about only 40% of people in the US pay taxes from last I heard.

Fri, 04/29/2011 - 14:46 | 1221580 DosZap
DosZap's picture


Do you not think folks WILL not be caught stupid,and flat footed this TIME?.

Everyone (nearly) dumped their wagons, when they should have been backing up the U Hauls.

A lot of smarter folks will not be as stupid this time.

What was a disaster in '08,is going to look like a picnic this trip around.

Fri, 04/29/2011 - 14:56 | 1221617 Internet Tough Guy
Internet Tough Guy's picture

So you overlaid the price of paper gold with paper stocks and found a correlation. What happens if the paper price goes away? Hint: use the price of physical gold from 2008.

Fri, 04/29/2011 - 16:50 | 1222058 tmosley
tmosley's picture

Uh huh, but what happens when the COMEX defaults, and that paper price goes to zero?

2008 was an aberration.  We here were all lucky, as it has given us several more years to prepare.  If this thing had hit in 2008, I would have been quite fucked, with my tiny stash of numismatic crap silver.  Now I've got lots of silver, some gold, nice, arable land, lots of stored food, solar power, pretty much all you could ask for for this type of situation.

I still hope it doesn't happen in some ways.  In the same way I don't want to throw up.  Even though I know it will feel better afterwards.  I just HATE throwing up, just like I HATE experiencing economic collapse.

Fri, 04/29/2011 - 14:27 | 1221462 qussl3
qussl3's picture

The euro is up on this?


Fri, 04/29/2011 - 14:33 | 1221490 Tail Dogging The Wag
Tail Dogging The Wag's picture

sure it's up! there are uglier contestants at the pageant.

Fri, 04/29/2011 - 14:28 | 1221479 THE DORK OF CORK
THE DORK OF CORK's picture

Ehhh - we can handle this........ such a small country , such a huge debt - looks like we will rock the foundations of the New Holy Roman Empire.

Fri, 04/29/2011 - 14:30 | 1221480 mynhair
mynhair's picture

One day, a limit down on King LOLlar will be required.....

Fri, 04/29/2011 - 16:09 | 1221955 disabledvet
disabledvet's picture

i thought "inflation and humongous unemployment" were incompatible?  but here i read "surging unemployment has occurred in tandem with surging consumer prices."  NOT to say that's going to happen in the USA.

Fri, 04/29/2011 - 14:38 | 1221532 mspgrandi
mspgrandi's picture

US Companies are doing well... exporting like motherf+ckers.... actually not even exporting anymore... they have manufacturers business abroad that sell in foreign currency they are still making the same 1 euro profit per piece they were doing 20 months ago... yet ... they can write it in the books as 1.5 dollars profit ....


lots of people are making money in the market... short $ long everything else.... we will see who get caught when this trade peak and turn


Fri, 04/29/2011 - 14:39 | 1221539 mspgrandi
mspgrandi's picture

why is silver flatlining? on a normal day it will be well pass $50 today... all my intraday leveraged longs still sitting there in the book ... :-(

Fri, 04/29/2011 - 14:42 | 1221543 CrashisOptimistic
CrashisOptimistic's picture

Oil poised for $114.

There is no fix for this other than depopulating . . . everywhere.

Fri, 04/29/2011 - 14:41 | 1221555 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

The revised numbers still lead me to believe that they are smoking Lucky Charms in Dublin ...

Fri, 04/29/2011 - 14:47 | 1221561 mogul rider
mogul rider's picture

I'm glad thus far that I flipped from silver at 49 bucks to gold a few hours later. It just seemed too wierd to see gold sit for 6 months while silver went nuclear. Gold I thought needed to catch up, it would seem that this is case. I still have my core silver which we never sell. (EVER! eberhards, scotias, krugs, maples and eagles). What is very apparent to me is that this is a trading market.

Specs have turned this amarket from one of insurance to spec. Caution is definitely in order around this sector. I got out of my trading silver position becuase I had a 49 dolar target that`s all. I hit my target and sold. Have your own targets and pull the trigger. Or be long but be clear about what your goals are here.

But again, going from physical to physical clearly is the way to play this market. I went to momentary toilet paper to enact it cause there isn`t a mechanism to this except int he paper ETF market which is for fools.

Anyway happy hunting to all


May the bitchez find you long -no pun intended

Fri, 04/29/2011 - 15:10 | 1221697 tarsubil
tarsubil's picture

Time to flip back.

Fri, 04/29/2011 - 14:42 | 1221563 Silver Bug
Silver Bug's picture

Never let a good distraction goto waste. Sorry, but the Gold and Silver Vigilantes arn't that stupid.

Fri, 04/29/2011 - 14:46 | 1221568 pirea
pirea's picture

Why the PM stocks do not keep up with the metals the last few days (weeks)?


Fri, 04/29/2011 - 14:52 | 1221603 DosZap
DosZap's picture

Fear of Nationalization.

Fri, 04/29/2011 - 17:38 | 1222243 Calmyourself
Calmyourself's picture

Exactly, I laugh everytime one of the trolls waxes eloquent on why junior miners are not rising with silver.. Because Governments don't come to your safe deposit box and take your silver, I hope..

Fri, 04/29/2011 - 14:51 | 1221611 legal eagle
legal eagle's picture

Please, dont take attention away from the wedding of the century, please, snor, go back to the parading celebs and banking business as usual

Fri, 04/29/2011 - 14:54 | 1221621 goldfreak
goldfreak's picture

anybody seen CIGA Robot?

Fri, 04/29/2011 - 14:56 | 1221637 ejhickey
ejhickey's picture

anyone remember Dougie Kass's prediction on CNBC "Fast Money" in December 2010, hat Gold would fall by $200-$300 in 2011 and that the rise in Gold was over?  Time for him to go on FM again and talk down Gold so we can get to $1650 by the end of May.

Fri, 04/29/2011 - 18:35 | 1222441 AN0NYM0US
AN0NYM0US's picture

Dougie is sort of like an old version of Ritholtz; shills all day and then he eats what he kills. Having said that and judging by his dump in Palm Beach he's done okay (definitely C list) but  it is PB and if that's the kind of scene you're into more power to him.

Fri, 04/29/2011 - 15:02 | 1221672 Commander Cody
Commander Cody's picture

Will gold get to $1570 by the time I head home to get shitfaced?

Fri, 04/29/2011 - 15:12 | 1221710 Papaneuf
Papaneuf's picture

silly goldbugs....errrr

Gold & Silver Bitches!!

Fri, 04/29/2011 - 15:10 | 1221712 Otherspeoplesmoney
Otherspeoplesmoney's picture

Can't seem to find the source.  Given the size of Irish debt this is more significant than Greece.

Fri, 04/29/2011 - 15:27 | 1221795 legal eagle
legal eagle's picture

silver taking a shit right now

Fri, 04/29/2011 - 15:32 | 1221822 gwar5
gwar5's picture

Go Ireland, beat the dogs before they bite you first....

I hope Ireland pulls an Iceland and tells them to go fock themselves with a pint of Guinness. Print your own, you don't need the EU or the Euro-trash. 


Fri, 04/29/2011 - 15:34 | 1221836 legal eagle
legal eagle's picture

Why the populations go along with bailing out the bank bondholders is just bewildering to me.  Give the government a credit card and they will certainly abuse it.

Fri, 04/29/2011 - 18:14 | 1222381 honestann
honestann's picture

I think the answer is clear.

In Iceland where they were given a chance to vote on the question, they said "drop dead" to the banksters and refused to take on the bankster debt.

Every since (everywhere else) the predators-that-be prevent the population from having the choice... the bankster predators-that-be bribe the government predators-that-be to agree to bail them out without taxpayer input or choice.

People everywhere need to learn to say HELL NO.

The best way to do that is convert all paper assets into real, physical gold and silver in our own paws and refuse to play the loser game of fiat, fake, fraud, fiction, fantasy, fractional-reserve paper asset ponzi schemes promoted by all predators-that-be and virtually everyone in the predator-class.

JUST SAY NO... and switch to 100% physical assets.

Fri, 04/29/2011 - 19:13 | 1222544 slewie the pi-rat
slewie the pi-rat's picture

hey, ann!  you say JUST SAY NO... and switch to 100% physical assets.

let me add:  JUST SAY YES...and switch to physical.  take your choice!

Fri, 04/29/2011 - 20:29 | 1222768 honestann
honestann's picture

Yes?  Yes to "pay to bail out the banksters"?  Really?

Fri, 04/29/2011 - 23:37 | 1223159 mhjhnsn
mhjhnsn's picture

I dunno... monetary stimulus means the ECB, and the Germans might just tell 'em to stuff it.  It's not like Ireland controls its own currency.

Some bad reports from Spain and Portugal, maybe it's do or die time for the euro.

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