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

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Tue, 09/14/2010 - 09:49 | 580423 Turd Ferguson
Turd Ferguson's picture

1269.20 high

1268 last

Tue, 09/14/2010 - 10:43 | 580583 unwashedmass
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!!!!!

Tue, 09/14/2010 - 12:22 | 580906 BlackChicken
BlackChicken's picture

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

Tue, 09/14/2010 - 14:03 | 581231 DoChenRollingBearing
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.

Tue, 09/14/2010 - 10:42 | 580584 unwashedmass
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!!!!!

Tue, 09/14/2010 - 10:47 | 580596 unwashedmass
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

Tue, 09/14/2010 - 10:49 | 580600 Upswaller
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...

Tue, 09/14/2010 - 12:06 | 580839 thesapein
thesapein's picture

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

Tue, 09/14/2010 - 14:14 | 581264 TraderTimm
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.

 

Tue, 09/14/2010 - 19:19 | 581982 thesapein
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. 

Tue, 09/14/2010 - 09:49 | 580427 Ragnarok
Ragnarok's picture

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

 

http://harveyorgan.blogspot.com/

Tue, 09/14/2010 - 09:53 | 580438 JLee2027
JLee2027's picture

Boom!

This might be the beginning of the big one.

Tue, 09/14/2010 - 10:36 | 580558 Ragnarok
Ragnarok's picture

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

Tue, 09/14/2010 - 11:34 | 580740 CrockettAlmanac.com
CrockettAlmanac.com's picture

Paradise by the Dashboard Light

Tue, 09/14/2010 - 11:53 | 580805 mrgneiss
Tue, 09/14/2010 - 11:06 | 580650 Turd Ferguson
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

Tue, 09/14/2010 - 11:59 | 580819 DavidC
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

Tue, 09/14/2010 - 09:49 | 580428 TheGreatPonzi
TheGreatPonzi's picture

I have 1268.68 as a record.

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

Tue, 09/14/2010 - 09:54 | 580441 JLee2027
JLee2027's picture

Market forces always win in the end. 

Tue, 09/14/2010 - 09:51 | 580434 Pining for the ...
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.  

Tue, 09/14/2010 - 09:53 | 580439 schoolsout
schoolsout's picture

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

Tue, 09/14/2010 - 09:53 | 580437 Jack
Jack's picture

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

Tue, 09/14/2010 - 09:56 | 580444 Ragnarok
Ragnarok's picture

Slow and steady wins the race.

Tue, 09/14/2010 - 10:23 | 580519 SWRichmond
SWRichmond's picture

Or, in this case: buy, take delivery, and hold.

Tue, 09/14/2010 - 14:04 | 581236 DoChenRollingBearing
DoChenRollingBearing's picture

+ $1265

Tue, 09/14/2010 - 14:23 | 581290 Hulk
Hulk's picture

+ $1272

Tue, 09/14/2010 - 11:05 | 580647 CrockettAlmanac.com
CrockettAlmanac.com's picture

The game is afoot.

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

Tue, 09/14/2010 - 09:53 | 580440 NOTW777
NOTW777's picture

beautiful

Tue, 09/14/2010 - 09:57 | 580445 lizzy36
lizzy36's picture

Mazel Tov to JP.

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

Tue, 09/14/2010 - 10:00 | 580454 Tyler Durden
Tyler Durden's picture

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

Tue, 09/14/2010 - 09:58 | 580449 NOTW777
NOTW777's picture

beautiful

Tue, 09/14/2010 - 10:00 | 580451 taraxias
taraxias's picture

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

Tue, 09/14/2010 - 10:03 | 580463 Rick64
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.

Tue, 09/14/2010 - 10:15 | 580488 doomandbloom
doomandbloom's picture

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

Tue, 09/14/2010 - 10:40 | 580568 Turd Ferguson
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.

Tue, 09/14/2010 - 11:03 | 580640 Dantzler
Dantzler's picture

Don't dis CU on account of one loser!

Besides, we used to call it SkiYou.

Tue, 09/14/2010 - 11:08 | 580655 Turd Ferguson
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.

Tue, 09/14/2010 - 11:35 | 580748 Dantzler
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.

 

Tue, 09/14/2010 - 11:06 | 580652 Rick64
Rick64's picture

I think fascination is the wrong word for it.

Tue, 09/14/2010 - 11:08 | 580658 Turd Ferguson
Turd Ferguson's picture

Pre-occupation, then.

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

Tue, 09/14/2010 - 11:12 | 580665 JLee2027
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.

Tue, 09/14/2010 - 11:25 | 580693 Turd Ferguson
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.

Tue, 09/14/2010 - 11:27 | 580718 JLee2027
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.

Tue, 09/14/2010 - 11:38 | 580757 CrockettAlmanac.com
CrockettAlmanac.com's picture

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

All Revved Up with No Place to Go.

Tue, 09/14/2010 - 11:51 | 580797 JLee2027
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.

Tue, 09/14/2010 - 12:01 | 580831 mrgneiss
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.

Tue, 09/14/2010 - 10:03 | 580465 BobPaulson
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.

Tue, 09/14/2010 - 10:07 | 580474 breezer1
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.

Tue, 09/14/2010 - 10:00 | 580453 aurum
aurum's picture

cheers!

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