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So Much For That Gold Correction: Gold Surges As European Euphoria Wears Off, Euro Tumbles
Some unpleasant developments for the 'Risk On' crowd have emerged in the past few hours, after gold and silver have both surged, with gold once again approaching recent all time highs, and is now once again at $1,605/oz. And the worse news is that after yesterday's bazooka bailout, the EURUSD is again in tumble mode. What else will Europe pull out of its hat? Was this the most shortlived "rescue" in history? We certainly would not be surprised, as it conforms to our understanding that the halflife of central bank interventions is getting shorter and shorter. And with the USDJPY expect yet another pronouncement from Noda how the Yen's moves are "one sided"... yet the BOJ will do absolutely nothing about it. Simply said the world is getting habituated to central planning rescues. That said, expect another tumble in gold following an imminent announcement of a debt ceiling deal. After that, the euphoria will be about 1 hour, 2 tops, at which point the reality of a global economic contraction will once again have to be faced only this time coupled with [X] trillions in fiscal cuts over the next several years. And that will be it for the upside catalysts.
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http://www.youtube.com/watch?v=2Dj9v9s9buk
Bernanke was right people holding gold due tradition
tradition in solid asset and not to €swapsssss and $quantitativesssss
He might be trying to get the public to put a veil of ''tradition'' on the $.
Look around, he isn't that far from his goal.
Reminds me of that song from "Fiddler on the Roof". "Tradition!"
Oh yeah. We need to bring some END GAME to this situation. It just keeps limping on and on and on. It's like Groundhog day cept the acting's alot worse :|
'END GAME' well all over the news is warnings of nuke power plant insider terror attacks, (nevermind how known world terrorists got nuke powerplant jobs) and DHS/FEMA film here is warning Blacks and Hispanics to watch out for Whitey planting bombs literally all over america. Damn white devils!
?FEMA Partners with Homeland Security on Psyops Campaign? - YouTube
I have a feeling something is gonna happen on the 10th anniversary of 9/11. Involving a Nukes. Iran to be blamed. To happen either in US or Isreal, either successful or "discovered" in the nick of time with enough evidence to lay some blame and get some bombs dropped.
Hope I'm wrong.
more like 11/11/11 marking the top since the 666.
I have the same feeling. Either that or I have been reading too much Freemasonry.
Anyway, regarding Gold... Don't say I did not say I told you so.
Silver up past 40.02 for now. Since the Senate's Reid managed to slap the debt plan out the window inviting a US Default... it's time to boogie! (That is so 80's)
Napolitano is a piece of work, isn't she?
Useless as hair on an egg. She's there because she does what she is told, and nothing more. Kinda like Holder and the others.
She's there because as a democratic, "woman" governor of AZ, she backed Barry over Hillary when the primary race was too close to call. The promise was made to move her into a cabinet position in the WH, if Barry won. Now she can demonize white, "anti-big government" men as much as she wants. She's even got the balls to demonize veterans, too.
They all suck. The lot of them. They're all beholden to Da Boyz, and it's all just kabuki for us plebes.
It's all about trust, and not just counterparty risk. I'm talking about fundamental trust that Barry on down give a single shit about us. You'd have to be crazy to trust any of them. Even the Supreme Court has lost necessary respect and trust after years of rulings that place corporations over people. They all suck. Let it blow up and let's start over.
Mother of the Amerikan Stasi.
She or he, not really sure.
You mean MR. Napolitano. And yes, Mr. Janet Napolitano is.
YEs, she is a peice of work.
Squealing like a mama on the fence post. (If you dont get the reference, watch Cold Mountain)
Two words.
Concealed Carry.
yes maybe but please!!!!! don't get your concealed carry permit!. I talk to guys here in my state all the time about that ....So many all happy hey look I got my conceal carry permit...wow really???? you got fingerprinted went through a background check and listed with your local sherriff's office...sorry but how dumb is that?
There are many more creative ways to secure firerms under the radar.
Actualy it is the only legal way to get to carry as long as the Legislature says so. Last year we worked on that, they said so. However there were several next legaslative session who will be either up for reelection or identified as being particularly opponets of guns.
We do conceal carry and only a few know about it, usually family. They think we are crazy to carry. Well, we will see.
The Law is not the problem in our area, generally Permit holders are given some room to run just like the the ones in Blue do.
Open carry is a right.
Concealed carry is a privilege ...therefore licensed.
LOL! Thanks for that.
Is that called correlation or causation?
And just like that, the Grande Ball is over? LULZ!
Amazing how all these 'bankrupt' nations (USA, Europe, Japan, et al) seem to have a limitless pot of money when it comes to manipulating the various 'markets'...
... you know what fellas... i'm beginning to think it's all bulls**t and fake and this whole world of economy and finance is nothing but a confidence trick to keep us enslaved in the system.
Correct. That is why holding PMs is so important.
Economic law and world history suggests that this game cannot last indefinitely.
Eventually the currency is destroyed via rampant inflation when central banks totally lose control of their manipulative practices.
damn manipulators. getcha everytime.
Even basic math.
It really is an insult to ones self to even keep looking at this crap...endless pots of money to keep dipping into, but you make an error on a bill payment and youre probably going to jail.
Yes. Universal default was widely practiced, if I remember correctly, on credit cards. Made a late payment on one card? The IR's on all your cards jump up.
Two sets of rules. Same as it ever was.
+1776
George Carlin coulda told you that a few years ago.
Really? It seemed clear to me you were on to them a long time ago Funky.
The Euro is tumbling?
How long have we heard that bullshit.
Tyler Durden is full of shit.
Nevertheless, he has the best blog in the world.
I've been here since it was a blogspot site.
Anyway, so long.
And God bless all you Marxist cocksuckers.
http://geraldcelente.proboards.com
Me thinks he missed the whole point of ZH.
What that door!
Perhaps I have, brother.
But--as a crazy born-again Christian--I don't like counting my gold and silver to prove that Bernanke is an asshole.
I'm into this shit because I know there's no freedom without a viable currency.
But I'm not into wealth.
Eat the rich to feed the poor.
I'm a Marxist cocksucker.
So fuck you. Fuck your mother.
And fuck the horse you rode in on.
http://geraldcelente.proboards.com
Wow..., a lesser man might take that personal.
And speaking of born again, perhaps you need to be re-born again (or would that be born again again?).
Texas Gunslinger has a friend!
I'm a Marxist potty-mouth. --wsmith
Who needs God when you can have heaven on earth with Marxism. Where the will of benevolent wise democratically elected rulers see to the people's every need. Followed finally by rulers and people alike joyously tossing away the state as a worn out shoe in one last move to...utopia(heaven).
You let us know how that works out for ya. We'll be over heeere.
Such language from a purported christian!
You sound exactly like my psychotic brother. Is that you, Bill? Seems you have the emotional developement level of a child. "Terrible 2's" perhaps?
I'm calling bullshit. You can be a marxist, or a Christian, but not both. They are mutually exclusive, in the most profound way.
Well, for this moment anyway. In this brave new world all news has a lifespan of an hour tops. By noon the Euro will probably bust thru 1.46.
Don't let the door hit you in the ass.
Well after 3 weeks we can all say see ya!
No shit, the guy's profile says he has been a member for exectly three weeks a six days. Piss off already.
He's seeking attention and getting it. Ignore him.
Bye.
http://www.youtube.com/watch?v=MBfYQOSSPqc
How could Wsmith have been with ZH for as long as you says and still remain so ignorant? Was that sarcasim?
Anyone with any brains would know this is not a blog supporting Marxism, or any "ism" for that matter.
Probably drunk, it's 5:00 somewhere.
http://www.netdania.com/Products/live-streaming-currency-exchange-rates/...|ms_dla&name=Gold,%20spot%20%28EUR%29
+20€/oz today
Fundamentalzzzz still the same, buy physical
Here's an interesting observation. Places that are buying Gold (eg. Kitco) are pretty much advertising the spot rate now. It always used to be about ~$20 less per once. Conclusion: Physical price is creeping upwards past paper price.
huh? you mean on 1oz coins?
Are you retarded?
If the ECB is going to inflate its way out of trouble it's gotta expect the value of its obligations to fall.
Gold and silver will tumble after debt ceiling deal is reached? Seems counterintuitive, no?
Not really. Buy the rumor, sell the news.
Of course. It means the dollar has been saved. Like the Euro was saved yesterday. But as Tyler said, the half-life of interventions is getting shorter.
Gold will rally on the ceiling deal as it will inevitably include more printing and feeble cuts.
Actually, I am hoping that the opposite is true, seeing as how I need to make my monthly purchase. But if there is any logic to the universe at all, you should be right.
that's what i figure but somehow everywhere in the media (incl. ZH) people expect PMs to sell off on the lifting of the debt ceiling. I don't get their logic.
yawn. A nice FUBM going on today, as Turd would say.
It's transitory
But gold isn't money and you can't eat it.
And we all know CB's and their stability pledge are all knowing, all seeing, all doing.
You can eat corn dogs though, Im buying the corn dog machine I just saw on CNBC.
Got CORN ?
hoping for a chance to get in under 44
Good call.
And you can buy that soda machine that cramer keeps flogging and you can have your own CNBC food cart :)
While I might call it a cart, calling what's on it "food" is just crazy talk.
corn dogs
are not money...
yet...
LOL
...it's a circus tradition.
There's going to be a lot of people living on corn dogs by the time this is over. What's the gold/corn dog ratio, like 1:1000?
The pain you feel while digesting your gold and silver is just transitory.
No sign on Bloomjerk of this headline
"Gold Advances, Euro Tumbles, as latest EU duct taped effort exposed as Ponzi Scheme"
OPEX next tues for G&S.....if they cant take em down before then,,,game over
A couple days ago I heard there was a huge gold call position, at 1600 strike, going into OPEX -- if they are taking delivery price doesn't matter.
then necessary for TPTB to keep below 1600 til opex
Certainly making the effort; but again if they are taking delivery it doesn't matter.
I think Tyler's right.....kneejerk reaction to debt ceiling deal, opex and daily stochastics very stretched......looking to buy the dip !!!
Wouldn't surprise me.
euro tumble? nah its just squaring going to the weekend, i think specs are just anticipating the timing of next downgrade (formality, maybe 7pm GMT on past form), other than that we could see another run up if wall st decides to have a stab...its a mixed bag today, risk is still tepidly on the table. More blood required before this turns into a sell off…im a bit more concerned with eur/chf - but if you're day trading moments like this is where the risk reward lies.
I still think gold is more dangerous then silver.
When the ponzi explodes, every nation will harvest as much gold as possible. So robbing their citizens will be included.
Gold will once be again be forbidden to be owned in a few years.
I've often wondered about this myself. The key difference between 1933 and today is that back when FDR initially stole the people's gold, there was still a gold standard. The dollar was convertible into gold/silver if I'm remembering my history correctly.
Now that we're using fiat paper and gold no longer is considered 'money', there would need to be some pretty interesting contortionism from TPTB when confiscating PMs in a world where they are not only NOT considered money, but are 'legally' prohibited from being used as such by us peasants.
Not saying they won't come up with something, just saying it will be an interesting show.
It takes only a few signatures to change that way of thinking.
In Azia, China it was forbidden to own gold untill 2003.
In Europe, it was forbidden to arround 2000.
It's not that far in History to change it back.
I think they would use a more sophisticated means of confiscation today. Probably a 70% capital gains. And if you can't prove your cost, they'll impose one for you.
Still, a lot of problems here for them. It's why they hate these PMs so much.
Get yourself better informed on this topic, and you can stop your needless worrying.
Here's a couple of links to get you started:
FOFOA: Confiscation Anatomy - A Different View
FOFOA: Confiscation Anatomy – Part 2
Maybe yes, maybe no. The difference today is that there are no gold coins in circulation that they need to pry out of the citizens hands. Also very few of the general public posesses gold, but you can rest assured the Boyzz do.
So what I'm saying is I don't see the necessity to make it illegal this time as we saw in the past. Last time they collected all the gold and said it was irrelevant. This time they would be placing themselves in an illogical position, saying gold is important and we are putting everyone on a gold standard, but surrender your gold to us.
Banking works on subterfuge and illusions. They don't want a confrontation with you, they want you to go to sleep. They would take your gold by force this time, but they don't have to this time and it would wreck their smooth transition. They plan on being written into history as the "heroes" who saved the system, not the villains.
They don't have to take it away.
They just ban the sale of gold.
You can only sell your gold to a government agency.
If that happens, it's the end of the line SD.
If that happens, it's the end of the line SD.
thought I would correct your typo sir
easiest solution to confiscate gold, initiate a "trade your gold for foodstamps" program
Just another day in paradise!
So tired of people calling end game. I'll tell when end game is gonna be and what it will look like. A debt jubilee will be declared when the banks are owners of enough real estate to revalue their sheets. At this moment, Regions is the largest land owner in the Florida Pan Handle.
There may be some diversion to justify a force majuer, then we all become surfs.
As Turd says...prepare accordingly.
I am living the dream!
I am The Chief
and Fortress is the largest holder of tax certificates in FL. Pay up, RF, or lose it.
Yeah but who wants to live in Florida after peak oil? A/C will cost a fortune.
Chief, St. Joe is the largest landholder in the panhandle by far. Regions? No way.
It's easy to pull a 1 min chart and make anything look like it is surging/tumbling. The gold and silver surge, is still within the ranges set in the past several days. I think it would be more accurate to say, gold and silver moved quickly toward the top of their consolidation ranges. It is the polar opposite of say the move from 1610 to 1580 was a complete collapse of gold prices. Both are inaccurate.
agreed. though you gotta admit that the 1600 level has taken on significance this week. It's been like turning yr head sideways to watch a tennis match with the 1600 line acting as the net.
Well, perhaps like $1500 as well but soon enough we'll see "big figures" passed like telephone poles.
I completely agree. When big figures fall in the scope of 15min and 1 hour bars, your opportunity to get in at reasonable levels is g-o-n-e!
we may see traders try to get the counterparty risk off before the international clown competitionz, this weekend.
goldCore's morning dump calls yest's action in europe "bailout euphoria"
coming soon to a clown car near you---look out! it's coming right at us!
i need to wake up! this is turning into a nightmare: a clown car carreening around with chairsatan driving, prez0, timmah, and the congo "leadership" out the windows and sunroof, and me trying to run from it in---clown shoes!
Gaaaahhhhhhhhaaaa!!!
Gold dropping only $10 during the last 4 days of the Greek bailout charade tells me the metal buyers may be seeing right past the transitory benefits of the transitory default plan: my screens show impending coil breakouts pointing to $1650 and $43-45. Or somewhere up there, and always subject to the morning raid.
Great lines from this post:
I would like to add that what constitutes a tumble in gold is also undergoing a change. There is also a half life to the central banks ability to knock gold down, and especially in their ability to keep gold down. I think that indicates how close we are to End Game. I believe the cartels and insiders are starting to backstab each other and are buying way more than they agreed upon. How long before this leads to panic buying? It's anyone's guess.
Another observation is that the central banks double crossing each other would lead to gold recovering from these tumbles quicker than we have seen in the past, as the crooks all want to be the first to double cross each other. I think we have seen that in the price action of late.
+1
Hmm, good time to buy a ZH tee :)
That didn't take long..
FRAU MERKEL ???
How long will the Germans put up with this nation destroyer ???
i'm old school---msZ U---so i'll believe it when it happens. the bailout and the euphoria. yeah, people are getting condtioned to the drama and the emotional roller-coaster rides and the clown shows.
they'll do what the banksters and big money want them to do, b/c they grasp neither reality nor economics, so must be "advised" on how to "avoid failure" and "borrow the money to pay vinnie"...from vinny?
slewie thinks TBTF = practically hopeless, economically. time to tear down the engines that need an overhaul?
joe hill's grandson recently passed away; another inexplicable brain tumor? not sure, but this is what is on his tombstone:
All Things Considered
I Would
Rather Be Working
Expect a late day debt-ceiling deal announcement, in time to get equities in the green long enough to enable CNBC to declare "all is well" ahead of the weekend.
The tripwires on gold's ascension to its true value are running out...
yes I heard Becky's replacement this monring mocking the Greek "restricted default" saying something like ...I'm paaraphrasing now " Look all the predictions were the sky would fall if Greece defaults something bad would happen to us...we are still here nothing happen to us and everyone is ok" with her snarky laughter
CORRECTION: The only difference between 1933 and now is that America was on a 'Gold Standard'? First off genius, it's not 1933 and now, it is 1931. In 1931 Europe was forced off of the 'PHONY' Sterling Gold Standard, not off of a 'Classic' Gold Standard, there is a huge difference. What FDR did was out-right theft that gave him a $3 billion dollar slush fund to bribe and influence world governments that was beyond the reach of Congress.
Today, Europe is being forced off of the Euro fiat standard with no underpinning monetary system for it to retreat to other than a return to individual currencies like the Mark and Franc and Drachma et al. This deterioration in 1931 occurred over the summer months when the markets are not so engaged, but deteriorate it did until Europe and England were in shambles.
Again, it was the dollar that served as the reserve currency as the world besieged the US Treasury's gold window until then New York FRB President (defacto FRB Chairsatan) was forced to raise rates to abate the run on American gold.
Thus ended the Sterling Phony Gold Standard and with it the common currency that allowed for a more seamless trading system, and what was left of world trade that had all ready been destroyed by said Sterling Phony Gold Standard went into the proverbial 'drink' and the growing world recession/depression began to take on a whole new low and meaning.
This brings us to, today. And as the EU takes its nose dive the world will look the America and the FRB (Federal Reserve Bank, I'll not dignify it as the 'FED') to rescue Europe, which we have and will continue to do compliments of the Great American Sucker,...er,... TAXPAYER.
At least until it swamps the dollar whose day is coming to an end at which point the Great Kleptocracy will create a 'New' and 'Improved' return to what will be a new 'Phony' Gold Standard and people like yourself and the rest of the Sheople will think they have scored a 'Victory' because you, and they, have never taken the time to understand or think through the difference between the pure unadulterated 'BULLSHIT' of a 'Phony' Gold Standard and a 'True & Classic' Gold Standard; and our Oligarch's will proceed to Skull Fuck America again in a whole new way.
Of course it won't be quite that easy because with the destruction of the EURO and Dollar comes a new Revolution,... actually, "The New American Revolution", which makes things a bit more complicated in ways you cannot comprehend.
However, my intention is to uncomplicate this and share with all American's what our options are and 'Front-Run' the Revolution and take back America from these rascals. Stay tuned, it will be out within the next 60 days. In the meantime keep reading and see if you can figure it out before then. Good Luck.
Fred's Bifurcate Law of Economic Independence
http://www.fredoneverything.net/Disengagement.shtml
Hey uncle, thanks for the link that was a good read.
I've been reading Fred a long time and the tone of this post was such that at first I thought his site had been hacked.
Hey ,a little off topic but still precious metals related.
Kitco precious metals site tells the specs on the silver eagles they are selling.
theThe American Silver Eagle, an official bullion coin of the United States was first released by the U.S. Mint in 1986. Bearing the motifs of a handsome eagle and Lady Liberty, the coin celebrates the eternal American values of freedom, pride and dignity. Alloyed for wear-resistance and durability, the coin's weight and content are guaranteed by the Government of the United States .
I love the part about celebrating LIBERTY,PRIDE and DIGNITY....
Too Funny.......
Just thought you's might need a good laugh today.
Aww be quiet, we know those words are only lures for the Public who are dreamers and willing to hand over the money for 20 minutes of joy joy. I caught a satellite home selling network selling Proof ASE for 99.99 and they kept repeating those words.
Disgusting.
sometimes the language used on ZH, ugh. in the fireign currency markets the way the us ran up the euro yesterday on hft related crap I'd seel my euros the macd daily is still going up, which is the indicator that really counts in this sphere
August 2 and 11/11/11
Great grunting and clashing of tusks going into the CME Si and GC close as the piggies fight to hold their OPEX targets of 1600 and 40. I heard about 22K open 1600 strike GC calls the other day vs less than a tenth that number for puts. I hope they take delivery.
Bump bump bump... nothing but big boys trying to assert authority with belly.
It'll take off and no one will be able to hold on too long on the way up.
I like to see them take delivery too. Nothing like a frigging armored truck and machine gun gaurds pulling into the subdivision at midday full of unemployed people to zero on in one particular gold buyer. heh.
Not likely to be going to a subdivision . . .
They're not piggies that is too kind.
I hope they get their tounges stuck in the meat grinder if people decide to take delivery.
Has anyone noticed that 1600 is 40 squared? Those have been the prices for gold and silver for basically the whole week. Maybe we'll see $2500 gold the next time we get $50 silver.
I'm thinking $2,500 gold would give us $75 to $100 silver.
2500?
At least 125 silver but not much more than 180.
I junked you for not understanding the nuances of the Ag-Au relationship. Au does not equal Ag^2.
Gold and silver are in a multi year bull market. But there are other inflation edges that could perform well in the future.
Deepcaster speaks about undervalued agri - stocks here
Has anyone an hint of what companies he is talking about?