Spot Gold Surges To Fresh All Time Record Of $1,266

Tyler Durden's picture

Congratulations to longs. Also, small caps in the gold space have exploded.

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Turd Ferguson's picture

1269.20 high

1268 last

unwashedmass's picture

 

ya think the naked shorts in the small cap gold stocks are beginning to panic? this wasn't supposed to ever happen...

they were supposed to get these stocks down to zero, cause no one wants gold or silver, right?

hi BEN! hi JAMIE!!!! HI CTFC!!!!!

BlackChicken's picture

Don't forget to say HI to Johnny Bravo...LOL.

DoChenRollingBearing's picture

Hi to JB as well.  I will read the below comments, but I saw another newer gold thread above, so will likely visit there more as they day evolves.

unwashedmass's picture

 

ya think the naked shorts in the small cap gold stocks are beginning to panic? this wasn't supposed to ever happen...

they were supposed to get these stocks down to zero, cause no one wants gold or silver, right?

hi BEN! hi JAMIE!!!! HI CTFC!!!!!

unwashedmass's picture

here's a baby silver where the naked shorts are wetting themselves....

FVITF.....

this one was supposed to go to zero

and then, who can forget...NXG

Upswaller's picture

Bit of a newbie here, but isn't this most likely the PTB openly testing markets?  Are the wheels finally falling off?

 

http://www.bloomberg.com/news/2010-09-14/cme-says-test-orders-were-inadv...

thesapein's picture

Wow, if they openly admit that they can accidentally move markets...

TraderTimm's picture

I know a guy who worked at that exchange for years. It is basically impossible to cross non-production orders into a live system unless you INTEND TO TRADE. They have two segregated systems, he tells me, that are clearly isolated from each other. Being a major exchange, they aren't strangers to having PRODUCTION and QA systems on separate networks - so orders won't "cross" if they are testing, for example, an injector (code that produces flow for testing quote systems and the like).

The claim that they aren't busting trades, but it was a "mistake" is a big red flag. If on one hand everything they claim is right, then that means the Globex system has systemic flaws that need to addressed. On the other hand, it means you can just pop some orders in with your HFT algo and not give a damn.

I leave you to pick which is which.

 

thesapein's picture

That sounds more like it. And who's to say that they weren't attempting to move the metals down? I missed the part where they said the tests were designed to move things up. I'll bet they just failed and even got caught doing so. Double whammy. 

Ragnarok's picture

We need to start following silver as well on this blog.

 

http://harveyorgan.blogspot.com/

JLee2027's picture

Boom!

This might be the beginning of the big one.

Ragnarok's picture

Maybe not the big one, but a lot of warning lights just lit up on the dashboard.

Turd Ferguson's picture

Looks like ole Vince is about as sharp as Liz. Not much confidence in their firm.

http://www.zerohedge.com/article/morning-gold-fix-september-13

DavidC's picture

My stock market trading might have been crap over the last year and a bit but I've been long gold since $330 and silver since $9 so I'm pleased by this!

DavidC

TheGreatPonzi's picture

I have 1268.68 as a record.

The cartel is beginning to panic, JPM is preparing a massive attack.

JLee2027's picture

Market forces always win in the end. 

Pining for the Fjords's picture

Dear god.   Is this finally it?

Screw work, I'm sitting here all day.  And don't bother me,  I've got the game on.  

schoolsout's picture

I've got to hit the road for a few hours today...kind of sucks...

Jack's picture

The game is afoot.  Although I've been feeling like "it's soon" for the last year...so who knows.

Ragnarok's picture

Slow and steady wins the race.

CrockettAlmanac.com's picture

The game is afoot.

I don't mind starting with a foot but it's hardly the whole game.

lizzy36's picture

Mazel Tov to JP.

At least one part of his thesis is working.....for today.

Tyler Durden's picture

His Gold fund is under $800MM in AUM. Everything else is around $30 billion.

taraxias's picture

Has anyone seen Johnny Bravo.......eeeer, sorry, I forgot he's over at Mish's blog doing the deflation kumbaya.

Rick64's picture

 I dread the day when he graduates from high school then he will be here everytime gold drops a couple of dollars.

doomandbloom's picture

He will stop posting when gold hits $1450...( sad day it will be, not)

Turd Ferguson's picture

You guys have to give up your fascination with Johnny Jizzpants. He's just an idiot, hemp-smoking, sandal-wearing, granola-eating student at sCUm.

Just ignore him. He'll go away. Like any precocious child, he craves your attention.

In the meantime, the dollar is sinking like a stone. That, combined with the silver supply squeeze, is sending gold much, much higher in the short term.

Dantzler's picture

Don't dis CU on account of one loser!

Besides, we used to call it SkiYou.

Turd Ferguson's picture

If you've ever attended a football game at Folsom Field as an opposing fan, you'll be quick to label the state as entirely populated with assholes.

Dantzler's picture

Never was much of a football fan--more of an anti-social geek mountain biker that prefered the foothills. My first and last time at Folsom was for graduation.

I enjoy your comments, Turd.

 

Rick64's picture

I think fascination is the wrong word for it.

Turd Ferguson's picture

Pre-occupation, then.

At any rate, he should be ignored until he goes away.

JLee2027's picture

That, combined with the silver supply squeeze, is sending gold much, much higher in the short term.

If there truly is a silver supply squeeze it's just going to get far far worse with a rising price. Panic will soon set in among the industrial users - they'll buy everything they can and hoard.  $100 an ounce here we come.

Turd Ferguson's picture

maybe. Keep checking Harvey Organ every night.

Also, getting very close to backwardation in the silver pit. Only $0.015 spread between Oct and Dec contracts.

JLee2027's picture

I do.  And I pull the silver inventory daily and peek before HO posts them. The Silver registered of 53 million ounces is crap. Most of that is leased from customers, double-counted,etc. I think they stopped being honest long ago. Why lease anything from customers if you have silver in stock?  

I agree with Harvey. I think they're on the edge.

CrockettAlmanac.com's picture

I agree with Harvey. I think they're on the edge.

All Revved Up with No Place to Go.

JLee2027's picture

Also, getting very close to backwardation in the silver pit. Only $0.015 spread between Oct and Dec contracts.

Thank you. This is VERY interesting.

mrgneiss's picture

I agree with your post about the leases, JLee.  As AgAuPM detailed in his blog, comex leased over 2Moz last week and it went out right away, why would they do that if the 50+Moz in their registered inventory was available.  Either they have it but no one is willing to part with it as these prices - or it isn't there.

BobPaulson's picture

His call of gold at 1100 hasn't quite materialized yet I see. Of course bulls and bears alike can always say their predictions are a bit early and still yet to come to pass.

breezer1's picture

nothing to do with inflation or deflation. its primordial fear when in our bones we know the lights are going out. the more they throw at this the bigger the explosion.