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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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SNB might have a pristine balance sheet, but Switzerland has two banks each of which holds assets equivalent to between 150% and 200% of Swiss GDP. Seems a touch risky in today's world.
Holding collapsing currencies can't be good for the books either.
Swiss paper is just another illusion. You cannot anchor a continent's worth of people endeavors in the paper tickets of a small land-locked country.
The Europeans would be better off flocking to the Philly.
I can't help but laugh at this post on Facebook. The topic is "How prepared are you for retirement"? Here is one person's misguided perception:
It's too risky not to have money in the stock market right now.What will you say you wish you had done when the Dow Jones Industrial Average (potentially) reaches 100,000 when you are in your 70s (in the 2040s)?
I peed on myself from laughing so hard.
Clue #1: Facebook
I peed on myself reading your comment. :>)
You guys are way too funny tonight! ....late to the party again ..... some of us still have to work.
Whipsaw!
they they are trying to work it again. things must really be getting hot in London and at the Comex.
well, sorry boyz, not only am i not selling, i'm putting in orders now for bullion.......
thanks for the discount.
they they are trying to work it again. things must really be getting hot in London and at the Comex.
well, sorry boyz, not only am i not selling, i'm putting in orders now for bullion.......
thanks for the discount.
I don't know if anybody really gives a shit what the fuck I say but here goes anyway.
The Evil Empire, upset that last Monday's takedown failed to produce the intended result, came back today with the exact same move, at the exact same time. Do not be surprised if they have a little more short-term success this week. In fact, in an attempt to ensure success, they will continue their interventions all the way down past 1225 this time. By sometime tomorrow or Wednesday, gold will trade all the way down to the 50-day MA, around $1220. At that point, things turn critical. If its enough to scare some weak hands, then you may get a serious rout down to 1200 and the technical damage on the weekly chart will be sufficient to keep gold penned in till Labor Day. However, after last week's action, I am optimistic that most longs are beginning to see through the manipulative powers of JPM et al. I suspect that anyone with the courage to start/add positions between 1220 and 1225 will be greatly rewarded. The move from there will blow through 1262 next time, set off all kinds of buy stops above 1265 and charge all the way to 1290 and then 1350.
The 1220 low that I predict is coming, probably within 36 hours, will be the last time you will be able to buy at that price for a long time to come, if ever.
But what do I know, I'm just a caveman...
Keep it coming.
And I won't ask how you get that big hat in a cave.
I like your clear and well reasoned projections. Time will tell if you have made the right call. The only problem I can see is that to respond to you I have to call you a Turd, which is not really what I wanted to do! So yes, some of us do "give a fuck" what you say. The more you get right, the more interesting it gets.
http://news.coinupdate.com/possible-run-on-comex-silver-inventories-may-...
There is a rout in the works. I would, however, like to hear the definition of "owned".
Do you mean "owed" or "owned"?
Seems some 90% of the ZH readers are gold bulls. Same in most other places. Maybe it's the right time for a contrarian. What goes up, may come down. And the moves are asymmetric.
You may be confusing the laws of physics with those of a lawless manipulated market.
Not the same thing since they act from different forces. Gravity and Greed don't mix.
I still remember crude close to $150. And what happened a moment later.
Bullish on gold IS a contrarian position right now. I can't get friends and family to buy gold no matter how loud I yell that inflation is coming with a vengeance.
And the volume of trades for GLD and PHYS are nothing compared to equities. When that flips (and it will), THEN selling gold might be a contrarian position.
And what if we get deflation caused by deleveraging instead of inflation?
I know what they're gonna do: They're going to close the physical gold market to anybody but banks. The average person will still be able to buy the ETF's, but not physical thru the Comex. Black Friday. Better buy physical NOW. Prolly the same with silver.
It's my opinion that Helicopter Ben Bernake will actually fling newly printed dollars out of a helicopter before he lets that happen.
And the politicians will cheer him on for doing so.
Somebody here posted they were buying platnium in case they call gold in???
What are you going to line up with a satchel of gold and hand it over for $50/oz because some bullshit government told you to do so? Fuck that. There is a reason people own guns and your scenario is one of them.
ATM,
Ditto............plus, it won't just be Gld/Slvr, it would be PM's period, ANY ASSET of value........includes your food, and anything else they decide to take.
As an example, on another forum, a long while back before "O",a dude was hit by an Agency.
When they came into his dwelling, they proceeded to throw shit everywhere, knock holes in walls, doors, etc.
The guy said, "Hey!!!!, you can't DO THAT!".
To which the retort was, "IF we want to, we can tear your whole fking house down".
And this was not about drugs.
ATM, you're probably referring to me. They want to confiscate gold?
1) I will go to the 2 coin shops I have bought from (or wherever) with 20% of my gold, keep the rest. I do not see silver and platinum being confiscated.
2) They come to my house for anything, I will decide whether to use my 9 mm or my 7.62 mm...
3) I have just started other preparations if TSHTF.
Links to topics discussed here today..............three men's take that's in the Biz.
http://jsmineset.com/
http://www.theaureport.com/pub/na/6656
http://www.theaureport.com/pub/na/6659
Gold Is Fiat, in Jan 2005 when the COMEX rules Changed Gold became Fiat, and Gold Could be Paper, Or more importantly Paper Could be Gold.
For most of our recorded history Man has strived to Make gold From lead, Straw, Whatever was at hand and now in January 2005 the COMEX has succeeded where Alchemists have failed in the past and we now have man made Gold. This BUBBLE TOO WILL BURST!!!!!!
Let's hear it for technology!
I was looking at the family gold just a few days ago. No paper, all metal.
My bubble is fine. I plan to stay in it until the air clears.
I'm waiting until they find a way to turn bullshit into silver. Then I'll have my congressman made into flatware.
Seems to me that if one keeps selling short something that is constantly rising in price - no matter whether one actually has the material or is a naked short - one must constantly keep expanding their number of short contracts as time goes by. Am I right?
No.
Where is that a@@hole master bates ? what a douche.
Shhhhh. If you say his name 5 times he re-appears.