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Second Gold Price Intervention In An Hour
There is smoke rising from the windows of the LBMA as the 270 Park boys have rarely been so busy creating gold short contracts out of thin air and selling them to all willing manipulators. Gold now down $22 after second major leg down on no news, and in fact as ML reiterates its $1,500 PT for gold by the end of 2011. In the meantime, the CHF is rising. The paper cartel is doing all it can to present the Swissie as the last ditch reserve currency. For now, it is succeeding. And as the SNB's balance sheet is pristine, at least compared to that of the US, UK and the ECB, and further considering that the only major asset class is accumulated EURs from all that intervention (now over), think what will happen to the CHF when the SNB decides to offload its €200 billion in EURs...
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Da Boyz trying to paint a double top.
Exactly. And it may work for a day or two.
But there is no such thing as a triple-top so, when 1265 fails later this week or next, gold will zoom to 1290 and then 1350.
Look, I'm not trying to sound like I've got it all figured out (I'm a firm believer in the blind-squirrel-occassionally-finding-a-nut theory), but it is possible to make money in gold because the fucking Evil Empire is so fucking predictable.
I sold, this morning the August 1275 call at 21. I just bought it back at 12.1.
Watch how The Empire acts. Predict where they will intervene. Make $ by playing along.
AAHAHAHAHAHAHAHHA they don't even try to hide it!!! wow!
Awesome. It's called snowballing your enemies, as your earnings accumulate until you're finally big enough to take 'em out, also with the help of other snowballers.
Interesting thought though... what if this creates a feedback in trading patterns?
OMG, what if the manipulators stopped last week and now the dips are actually just created by snowballers?
Bouncing on EUR/USD 1.2241 just love it!
Let's crush the Euro!
Hehe -- she said 'bouncing.'
Impressive. You were listening enough to catch one word. I forgot what we were talking about...
bouncing indeed Pam
Cheap shot!
Shoot me again...
Please change your avitar - It offends me!
Don't make an ass of yourself.
And it's "avatar".
You two would make a nice couple (or a complete woman).
Don't junk me, bro! ...I mean ladies.
Pladizow,
Speaking on behalf of Pamela Anderson Avatar, go fuck yourself!
Me thinks Plad was joking
Me thinks Rocky was as well.
Saying "don't make an ass out of yourself" to an "ass" avatar?
All I see is South American fruit...
I fucking hate your avatar.
After much research, I now know where the source of this avatar is.
And yes, that makes me a sick puppy.
I find your avatar offensive.
"I like a view but I like to sit with my back turned to it." Getrude Stein
I fucking hate your avatar and I figured out how to get adblock to just block your obnoxious avatar and pamela andersons.
I like!
and here we are at one o'clock, and they just tried again.....things must really be getting rough at JPM....
how soon are we going to see leapers?
Todays T-Bill auction MUST look good... new day, same shit !
Time to buy !
thank you sir, can I have another?
o happy day! thank you jamie for the discount!!!!!
o happy day! thank you jamie for the discount!!!!!
FX having a schizophrenic day.
EUR went cliff diving, but most of the other 'risks' sagged mildly and that's about it.
Some kind of weird 'decoupling' going on here, in more than just equities. Or at least it looks that way to my young, inexperienced eyes.
ETA shit, sorry, meant to comment this on the decoupling thread.
On the way to Bank of NovaScotia here in Edmonton.
I sincerely hope you buy online from Scotiamocatta, as opposed to the ransom the local Scotia bank branches actually charge for metal.
I compared prices at Scotiamocatta and Royal Bank and RBC is way cheaper. Did not check with any other banks because I have accounts at those 2.
(whisper)
Caught the bottom
Please don't kill me
Please don't kill me
Please don't kill me
Me too - patience pays off. Thanks to the banks !
lol: $1500 by August 15.
I thought the SEC were the only ones to steam up their windows.
Sooner or later the scam will finish.
Gold upside from here: 10^10%.
Up 'n' down, up 'n' down...
You'd think they could be a little more clever, eh?
Being able to set your watch by this crap is a little obvious.
Talk about catching your falling knife, this one is point up.
TLT , RockyRacoon
Yeah, who cares (other than traders) if the price gets taken down $10 or $20 and oz?
I am a holder and buyer of gold and see it tunning to at least $1500 and quite possibly MUCH higher ($3000? $5000? fofoa's $55,000?).
But, I am just a guy watching from the sidelines, buying gold when I get some money
...
Gold fans REALLY SHOULD go and take fofoa.blogspot.com 's Poll. A or B. Do the right thing. I did!
...
By the way, I just tried the "absolute value" answer for the Captcha. Did not work.
Would not surprise me if they continue to hammer it until they hit stops. This is their last chance to buy as the real market moves to Asia and out of their control.
I love the smell of desperation in the morning...
Okay boyz and girls here is the scoop:
Load up and if there is more down days, reload.
Happy days are ahead
If I get any more happy days, I think I'm gonna be a headline...
Oracle, may I ask what is to become of silver?
Silver has more volatile potential in a smaller market that can be squeezed with less leverage and will likely see much greater gains than gold. But will silver lead or follow? Currently, it seems to be following under the radar. If it leads, then the best bet is to trade into silver now, wait for silver to overtake gold (in terms of the ratio), then trade into gold before they both stabilize. To turn the trade of the millennium (gold) into two trades (gold and silver), timing will be everything. Thanks in advance.
As everyone knows, silver being a much smaller market can be manipulated easier. If two brothers were able to corner the market until the PTB's change the accounting rules, then JPM and frats can do it easily.
The mantra of control silver to control gold vis a vis the ratio still works.
However, if silver gets away from them and they get squeezed, yes the ratio will skyrocket, thus silver potential under these circumstances are huge. I play 20% silver 80% gold
Cheers mate
Interesting. It seems many are still heavy on gold and light on silver even though they know that silver is undervalued compared to gold. This tells me that gold bugs are indeed under some sort of mild frenzy spell that blinds them to rational discussion. Sweet. I'll keep buying silver.
If you are buying physical silver, you can not get hurt. But think portability.
You can carry $3MM or more in gold in a brief case.
You can only cary $50K or so of silver in the same briefcase. Big difference
Gold is wealth, silver is money - spend it, don't lug it.
Cheater. You're using today's dollars. It's quite possible an ounce of each could be worth the same at some point in the next few years.
Ounce for ounce, we're about 150:1 silver to gold.
I'm expecting even better performance from silver than gold for a lot of reasons. But I'm expecting gold to take off and drag silver behind it until silver passes it by. Kind of like when they used to launch the X-15 from a B-52.
thesapein,
I'm not the Oracle but I'll give you my take on it. Its all a question of who seizes the silver initiative first. The government operative bank in charge of using silver as a lever to keep gold down is well known and they constantly use that lever to put a drag on gold.
Silver is far more rare than gold and is both a monetary metal and an irreplacable technological and industrial metal which is dwindling in above ground supply even as new applications keep comming on line. The long term future of silver is clear.
In the short term it keeps getting raided by certain monetary authorities who would like to keep the Summers approach to managing economic perceptions via gold in action.
And yet, there is silver, needing only a few billion in capital to remove most of the physical silver from the COMEX and the London Precious Metals markets and in turn lever Gold strongly.
So its really a question of when someone other than the US and UK bullion banks to understand the relation of silver to gold and decide to use the off take of physical silver as a lever for gold.
There are many entities and or groups of entities capable of doing this. Its just a question of when this begins to occur. I would argue sooner than later.
I like both Au and Ag, but I am totally in love with Pt!
I have a lot more wealth in gold, but more oz in silver.
So if either silver or gold explodes up, well hurray!
I keep the platinum in case they call in the gold at least I have some wealth in another PM.
The Cohen mint sells Rhodium bars/coins, though at a sizable markup if I remember right.
Edit: never mind that, now I'm reading several threads about how they take your order (and money) and then don't bother shipping anything.
Anyway, when the great theft occurs, I'm sure it'll include all metals. These are the criminals who "can't" fix an oil spill or defend the borders, but they can figure out every possible angle to make sure not one red cent escapes the tax/inflation net.
So the G20 agreed to let the boyz run over gold. Who says there are no international agreements worked out at these meetings?
Your posts are awesome this morning. Well done.
I figured it all out. The new iPhone4 app called "DumpAu" just went online.
1.7 million people can't be wrong can they? (sarcasm)
Apple iPhone 4 Debuts, Antenna Problems Persist?"It also seems that many of those buying new iPhone 4 handsets were repeat customers. Piper Jaffray's Gene Munster says that 77 percent of iPhone 4s were sold to upgraders who already owned a previous version of the iPhone."
http://cellphones.about.com/b/2010/06/28/apple-iphone-4-debuts-antenna-p...
Why do you bring this up here? Is it related to gold? The economy at all? How is this a "lighter note?"
It's fun to watch successful (uppity) black guys fall... re-enforces the stereotype... for those in that camp.
Seeing as his comment will soon be deleted for reaching 20 junks, i will repost the main point of his comment:
I personally thank those of you who post something just before it gets junked out. It enlightens the thread better for those of us who arrive late to a thread.
+ $1225
...
Personally I think the Tylers ought to:
1) raise it to 40 or 50 junks
2) give a physical address so those of us who are old and paranoid can donate!
Because if Mike Vick and his buddies have to pawn their jewlery for attorney fees the supply/demand of physical will be affected?
Read Drugging America: A Trojan Horse by Rodney Stich on www.scribd.com
jackass
Sorry, had to junk ya. It's a relevancy thingie. Maybe it's just me.
On a lighter note, fuck you troll.
My, struck a never did he?
Fuck you more, prick.
Hours later it's still 3-3? Somebody break this junk tie so we can go home!
Nice analysis. Could you let me know when the SNB starts dumping those Euros.
Tough Guy,
My thinking was along those lines, that perhaps G20 meeting announcements on austerity may impact Gold pricing.
you may be right, let's see if any news to that effect comes out. Austerity is not good for gold in the short-term
What is the current half life of a gold smackdown?
This is a good point.
I suspect the half-lifes will get shorter and shorter...sort of like the EUR interventions of last month. It's going to be very interesting to watch the rest of this week, especially heading into a three-day weekend. If the bulls can rally again this week, just like last week, 1265 will not serve as a barrier again.
Intervention? Maybe... GC - first leg sell off happened right at R1, blasted down through the daily pivot and nearly hit S1. Retraced to the daily pivot and sold off to nearly S2. It has now retraced to yesterday's low and looking to selloff again. We'll see though. Looks like the work of professional traders to me. Not sure if they're hired guns for the gold haters or just the big boys taking advantage of the retail investors...
"Professional traders"...hmmm...perhaps you refer to the trained monkeys who have been taught to obey "technicals".
That's pretty funny.
Again:
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?
Turd,
Although you probably saw this I thought I'd post it. Adrian Douglas explains exactly what is going on in the gold/silver derivatives market. It is indeed getting harder for JPM and others to pull this off.
http://www.gata.org/node/8771
Nice to see your avatar up.
Thanks BoP... nice link (I missed that one)!
BoP: I hadn't seen that yet, so thanks. AD makes his points, as usual.
Sadly, there really is no way to stop the manipulation. TPTB know that their very survival is at stake so they will stop at nothing to win.
I'm convinced the only way...only way...to end the charade is mass demand for physical. And again, sadly, we that know the truth do not have the capital to "piss in the tall wheat with the Big Dogs". To break the bank (no pun intended) it will take a determined effort by a player of equal size and I just don't see it happening, not yet, anyway. We will remain "Luke", fighting the "Evil Empire" for the foreseeable future.
I'll keep adding my personal demand for physical.
I always like your posts Turd.
Thanks, looking forward to reading.
These guys also report periodically on gold derivatives:
http://www.goldensextant.com/
But Turdster, for me that's exactly the point.
I know they're screwing with the market and I know where they're going with it. So for me anyway, it's just a matter of hopping on the caboose when nobody's looking and enjoying the ride.
I'm not bold enough or obsessive enough to do anything but buy on the dips and holding all the real stuff I can get. These asshats playing the market make it both fun and profitable.
If they weren't gaming gold and silver, I never would have been able to afford to buy any.
Lie back and think of England!
yeehah! just itchin' for some more gold buffaloes! there was a time when every pullback was a source of dismay. not any more. bring it on LBMA!
The EuroSwissie is oversold on weekly, daily and hourly charts - it's not unreasonable to think there might be a correction.
Also, Wednesday is quarter end, I wouldn't be surprised in the least to see stocks rally.
DavidC
Here's an informative video, OT, a bit...............but shows where we're going.
The Weimar, and Zimbabwe parts are sobering.
http://montanasoundmoney.org/parksvideo.html
Shit like this never gets old. I love a good laugh at lunch.
The fact that you really believe this is where the US is heading is quite comical.
You're right. I'll never happen here. This time it will be different.
What else is there to know?
Intervention! And the proof is a mere $20 move in gold? *chuckle*
Yeah, that's all they could smack it. Must be panic in the pits.
This is a gift. It's apparent that every time gold hits a new high, you get a 10-20 dollar retracement. So easy to work the GC futures contracts up and down. 100 ticks a day will satisfy most needs (even if it is with fiat bux).
Tit for tat, maybe, after the G20?
Shoot, it's only a gift for those skimming the bottoms if they know the timing. This price action the week after options expired, who would've thought?
Here's an old article that might explain today's drop in Au:
http://www.businessinsider.com/gold-threatened-by-etf-overhang-2010-3
That's nice, but the author does not mention what might cause the unwind.
Perhaps no obvious factor came to mind?
Or, perhaps, he was unwilling to list pros/cons on the matter.
Hey all you ZHers out there in money land, we have a special dedication to JPM and Co. from yours truely.
"Shot through the heart, but you're too late. You give love a bad name!"
LOL! That takes me back...
PS: I think that's, 'and you're to blame'. Rhymes with 'name' dontchano.
Fits your point even better that way. ;-)
Nice, JimiJohn. Here's my midday diversion.
http://shine.yahoo.com/channel/beauty/the-kardashian-sisters-in-their-bi...
Those are fake.
And what's with the Posh/Paris sunnies? So utterly 2008 darling.
Harrrumph!!!
You're just jealous because Aussie land is in the middle of winter. Think warm thoughts my friend. :>)
awww...between my amazing husband and the angry, scintillating, yet strangely comforting company on this blog, what I got to be hating on ol' Kimmy for! :-D Bless her AND her 2-year-old designer shades.
Anyways...I was just kidding! I think poor Turd might've mistaken me for a guy, and you KNOW what happens when you try the ol' jock talk to a CHICK!
meeeeyoww
You were nice. Every single sister is covering her ass, and I don't mean hedging.
hahahaha
You know? After one of our exchanges I went to see if I could change my screenname to CharlotTheHarlot, but no dice!
Besides. How often does one get such a nice setup to slag off not one but THREE rich bitches in a single comment... :-P (Never did like those sunnies even when they WERE nouveau!)
You CAN change your avatar and that might be the way to go.
Get some avatar fashion tips from Missy.
I hear pastels are in this season, with the appropriate accessories.
"I hear pastels are in this season, with the appropriate accessories."
hmmm. Ren & Rocky's Fashion Faux Pas.
I can see it. Tyler? I gotta article idea...one of those regular feature things!
You have to pay us more than whatever Cognitive Dissonance gets, though.
(PS: Dammit. I *did* change my avatar to make sure it was a girl...! sigh..back to the drawing board.)
Contributors get to post images!
That could be a real bonus for the Fashion Patrol.
PS: That's a girl? Maybe we need to work on your self-esteem?
Try this one: Renfield
You mean posting images like this? Nice.
Someone's been paying me? :>)
Those checks or electronic fund transfers must have been intercepted because I ain't seen nutin' except the occasional angry person and many kind and considerate people. Which is ample compensation in my book.
Rocks & Cogni, I am inspired...I will make it a project!
But dammit Cogni. I was all set to demand that Tyler pay us DOUBLE what you got. Then Rocks could figure out our annual bonuses. Once in November and then in March. You were gonna be The Benchmark, or Industry Average, or something.
Although, I guess when QE 2.0 (or is it 3.0) hits, no matter what anyone gets paid it'll all come down to the same amount. ;-)
Don't use me as the benchmark unless you're using me to set the low. :>)
The maiden doth protest too much!
sans culottes, & ass covering, sisters†
Gee, as many Global-Macro funds and Paulson and Burbank and Einhorn and many CTAs are all long gold, it never occurred to you that some of these guys just might be lightening up ahead of Q2 end? Were you not suspicious of the near-all-time-highs early on paper-thin volume? My advice to you: don't even try trading gold futures, as futures trading is too hard for you; instead try something easier like writing a blog.
Is that supposed to make sense?
+1000
A gem of insight among an endless see of newbies smelling conspiracies among every 1% price move to the downside. Hilarious.
It's actually mostly the old-timers and gold bugs who smell conspiracies because they're fond of the days that never were.
Us noobs look at the same picture and just wonder what else is new. GATA is right, but duh. The Fed is stupid, but not that stupid. Of course they do whatever they can to regulate the markets.
Where did you grow up? Disneyland?
And again:
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?
The sad part is there is not one market left that is not being manipulated. So much for the free markets idea.
+1000000000000000000000000000000000000000000000000
Infuriating I agree. But manipulation never survives and is always broken. Right now in Gold and Silver the play is to buy after a takedown. Buy low and sell high. Live with it and use it.
Markets have been manipulated since day 1. All the crying and whining here won't change that.
I thought you just said the opposite above.
"A gem of insight among an endless see of newbies smelling conspiracies among every 1% price move to the downside. Hilarious."
So which one is it? Manipulation, which must be done through conspiracy because it's technically illegal, or no conspiracy? Or can you reconcile these apparently conflicting points of view differently? For example, are you saying there is a conspiracy in Gold but not during this no news price plunges?
Just asking because your views don't make sense to me. But I'm willing to listen.
He's on my "suspected Scumbag insider" list already.
Consult a dictionary on "conspire" derived from Latin (Roman) con-spiro similar to Roman con-iuro; it takes two or more to conspire, so one CTA or small hedge fund could very easily have precipitated today's sell-off without conspiring. On another matter, I doubt very much about any concern at all on the part of Fed or treasury in manipulating Gold price.
That is a possibility but I seriously doubt that's what happened today. You probably don't follow the price movements of gold and silver (COMEX), as your answer would not make any sense if you did. Those of us who have done that for many years know what the hell is going in this market. We now have some stronger hands and good company due to the work of people like Turk, Embry, GATA and ZH, among others.
And again:
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?
That's not entirely true. I was over at the local meat market on the weekend. They're mostly on the up and up. 'Cept when the butcher puts his thumb on the scale.
I hope they push it down.
I will buy some physical gold tonight! What
They are doing is forcing people who want gold to
buy physical gold. They are not as smart as they think.
Good luck and good trading
Dave
Attaboy, Dave! Time to go s-h-o-p-p-i-n-g !
I'm looking to doing a little silver sniping on eBay. Lots with retracted bids are a guy's best friend. Find a few and snipe with a bid just a shade less than the high bid. Use esnipe.com to place your bids a few seconds before it closes. The high bids will retract and leave you high bidder. Yeehaw.
+ $18 something Rocky!
I don't "do" ebay, your suggestion may be of great use to others.
Money coming to me soon, I will go shopping as well!
eBay can be fun if you find a good seller. I buy ASEs and junk halves, quarters, and dimes on eBay. Anything else is a crap shoot and not as good for the ultimate use as a trade medium. I have enough gold to hold me for now. The plan is to sell off when the prices are right, or hold if the societal indicators turn down.
as fascist paul volcker told gata's bill murphy, "gold is the enemy" of the fascist state and the evil empire will do everything in its power to destroy gold....gold, unfortunately for the sociopath fraud quack economists, is invincible....
the assholes can illegalize it, short it, demonize it but it is the only valid money in existence....its permanent and severe backwardation is the death knell of the fiat and its fascist power brokers....
these gs lead price declines are buying opportunities....
fuck the fed, volcker, and obama
Silver is money too. Gold for the kings and nations, silver for the common man.
It's been said before, but worth repeating:
Gold the money of kings.
Silver the money of merchants.
Debt the money of slaves.
Nice. Ii like it a lot.
Barter is the money of peasants
None of us likes to think of himself as common. Try again.
At least let us be known as the lumpen proletariat. Now that has a nice ring to it.
My proletariat is lumpy,
That much is true,
But what is a common person to do?
I'm extremely glad you decided to begin contributing comments here on ZH. I love your wit and perspective.
Message to free market capitalist
and democracy lovers,
fuck you!
Lloyd and Jamie
Forgive my repetition but eventually the deeper pocketed long term value players will learn what the Giant Bullion Banks know and use every day to keep Gold Down.
1. Silver is a massive Lever on Gold
2. Silver is a Tiny Market (far more rare than Gold)
3. The Silver Price is Controlled By Paper until
4. Investors start taking delivery instead of rolling
5. Silver is massively supressed (at 1/6th its inflation adjusted high)
6. To move gold dramatically higher, take delivery of silver on every raid by JP
Relative to most things, it would not take much cash to take a majority of the physical silver off the market.
Duff.
If this can be backed up( I know the Silver Mkt is infinitely smaller than Gold), approx 22 Tons a year..........
So, if your thesis is correct,(I do not know how many members/hits this site gets, but if everyone would buy physical, say just a 100/500ozs..........
That would (should be a definte kick in the ass).I would be down, if we got some other back up.
My money is this site get's a million hits a day, easy...........
Done just that DosZap
+ $18 something.
Lots of good comments here again today.
But we need to have some haters or trolls come by for entertainment value!
This is getting ridiculous. It's 45°C outside. They tweaked the thermometer so it says it's a nice cool 20°C. You ain't sweating. That's no sunburn. That dark spot on your forehead is not getting bigger. Everything is fine. Go ahead, this time take your afternoon nap without putting any sunscreen on.
a lotta :< goin on. I just pushed my GDX position. Who else is a buyer instead of a talker? The stocks are on the verge of a massive breakout even if the metal itself is being manipulated.
You trade GDX? And you say who/what is being manipulated?
Got a good mirror handy?
Don't confuse GDX with GLD. GDX is a passively managed etf of gold miners. I have no doubt that it (or its underlying components) suffers from naked shorting, but it is not a phony-warehouse-receipt-bullion-scam like GLD and most of the other bullion etfs out there.
Personally I prefer GDXJ (its younger brother focused on juniors). I think it has way more upside.
You have my best wishes. Whatever blows your skirt up.
Next you'll be quoting to me how the miners did so well during the Great Depression.
Heard it.
It was because the real thing was illegal. Not much other reason.
"Whatever blows your skirt up."
I don't wear one...but I'm sure your husband does. Douche bag.
Sorry. My mistake. The Coon blushes with embarrassment.
Ahh - but it was still a great line - thanks.