$15 Trillion US National Debt ‘Supercommittee’ Impasse To Support Gold

Tyler Durden's picture

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paarsons's picture

Fuck gold and silver in the ass.

Like you cunts are gonna get rich.

Let's just hope we can have a sound currency in the future.

http://fucklloydblankfein.blogspot.com

clymer's picture

Gold acts as a sound currency because it is money.

http://www.blogcdn.com/www.dailyfinance.com/media/2010/06/gold-ten-year-...

Go back to sleep, now junior. Let the adults chat for a bit, eh?

 

bernorange's picture

Looks like some people have forgotten tradition.

Long-John-Silver's picture

Tuesday is comex expiry. This happens every other month. If you were not such a dumb ass you could easily make money from the obvious manipulation which has been happening for the past 10 years. This game never changes. The prices drop starting the week before expiry. You buy into this manipulation while the manipulators are screwing the idiots trading on the comex. The Chinese run in and buy all the physical Gold and Silver they can get their hands on at this time too. After expiry is over the manipulation stops and due to the Chinese removing physical Gold and Silver from the markets the 100 to 1 paper to physical leverage is grossly imbalanced that puts the Shorts in a bind. Inevitably the price of Gold and Silver not only regain the manipulated losses and move higher in price due to Chinese buying and hoarding. It's obvious to anyone that cares to simply look at it over the past 10 years. You buy the dips and sell a month later when it will be higher. Take the profit and buy physical metals. Then buy into the next manipulated dip and play the game again. After a few years of this you retire wealthy on your massive Gold and Silver hoard.

Wardley's picture

You maybe right for September 23, which is quite obvious.  But how do you explain te past few months, such as July 22, May 24.

It is not a "pattern" we are talking about here.

 

William113's picture

Maybe your a little confused. You mean RICHER.

Tsunami Wave's picture

Gold and Silver shooting downward today.. is there another margin hike and more coordinated naked short selling going on like April & end of September?

topcallingtroll's picture

I keep telling you guys gold will go up as soon as I sell. I am not ready to sell yet. Maybe next year.

LuKOsro's picture

Just another shake-up to clear some weak hands. Stay put.

MFL8240's picture

Sure why not, it is one of the few trades they can corner and make money at.  

The Limerick King's picture

 

 

The Super Committee has failed

And banks will soon need to be bailed

They can't break away

From their moral decay

I can't wait for these pricks to be jailed

MFL8240's picture

The article makes sense why is anyone selling Gold at this time?  This whole market is out of wack and I believe a collapse is right around the corner.  Where is the mulsim you people put in office?  Of course at the most trying times he is off on another vacation or gollfing.  This man is a leader?  What a fucking joke!

topcallingtroll's picture

Oh god how I hate mulsims.
Always golfing and having a good time..

writingsonthewall's picture

Yeah I suppose when it finally dawns on you that your system is corrupting itself and never actually worked properly - you can always rely on racism to get you out of having to admit you're wrong.

Potemkin Village Idiot's picture

It's what you ask a Canadian bartender for if they happen to be out of LaBatt's or Moosehead...

ltsgt1's picture

Muslims are benevolent protectors of women. They make sure no harm will come to their women by keeping them caged and veiled.

chances's picture

Gold is overbought, NY Gold low today? 

writingsonthewall's picture

It's going to be a 'fun packed' day today.

 

Jefferies already 7% in pre-trade - Someone demand a new exposure statement!

 

Is this what a market looks like when it finally realises that "Europe won't be paying all of it's debts back (again)"?

 

Irish 10yr yields (remember them?) - up 6% today alone.

 

Scarily the French German spread has gone 404 on us! (it's probably a hacker)

 

http://www.bloomberg.com/quote/.FRAGER10:IND/chart

 

The yield fluctuations between 'safe-ish' and 'totally unsafe' is impressive.

 

 

Kina's picture

Gold up slightly in AUD.

ArgyBargy's picture

You mean AUD is weakening against the USD . . . happens every time the PM's get smacked down

Golden Boy's picture

Does anyone else see the huge ascending triangle in the dollar index? Very bearish for the usd. Basically the whole move from the 200 dma has been a huge headfake.

Smiddywesson's picture

You can't deflate the Euro and USD if one doesn't cooperate and goes in one direction.  They are playing tag with the Euro and the USD, first one drops, then the other.  Tag, you're it.

youngman's picture

Options expiry is tomorrow night...so the banks will raid it today and tomorrow...they can´t have anyone take demand...

eddiebe's picture

As long as the vast majority of people keep grubbing for the fiat, TPTB can paint any chart in any way they want. All analysis is meaningless.

Smiddywesson's picture

Not completely meaningless.  Technical analysis still allows you to measure the action and figure out the scam.  Sure it can still be used to lure you in and trap you, but if you avoid the sheep, you avoid the wolves too.

fonzanoon's picture

I wonder how many negative articles goldcore has written about the future price of gold.

JustObserving's picture

Congress cannot agree on  $1.2 trillion budget cuts  over 10 years while debt grows at over $2 trillion a year and unfunded liabilities at $6.5 trillion a year for a total growth rate of $8.7 trillion a year per usdebtclock.org ($34.8 trillion growth in 4 years).

There is no way to avoid massive inflation now. Yet gold and silver are down sharply today. It is a bizzaro world. Or a highly manipulated one.

TeamDepends's picture

A barrel of chimps on cognac could do what the supercommittee is doing at probably half the cost.

kito's picture

any time the lemmings call for gold to be higher, look for it to wind up lower..........

Smiddywesson's picture

any time the lemmings call for gold to be higher, look for it to wind up lower..........

Yes, that is half of the story.  You are correct, and will remain correct, until it's too late to cash in your fiat for gold.  Unfortunately, I don't have perfect timing, so I have to keep some of my wealth in physical. 

Green for you.

overmedicatedundersexed's picture

supercomm was a way for congress to avoid blame for the cuts..then the committee realized they would get the blame (planned) so they wrote the manditory cuts in ..no agreement= manditory cuts where no one of our brave reps can have the finger of blame pointed at them!!

will not enforce war powers acts or budget cuts - congress is worthless and powerless..dictatorship is the way the USA goes very shortly if not already.

R Paul we hardly knew yee.

FutureShock's picture

Will EU banks/countries liquidate gold holding for cash? Of course they don't have enough but sell some and hold some to start over?  This expectation or implemetation could drop the price for a while or a long while no?  If I was China I would make a loan with the gold in my vault.

 

Gief Gold Plox's picture

"Last week’s 3.5% fall (in USD) created negative short term technicals"

Oh puhh-lease. I've been into this game for just under six months and even I've already learned that technicals mean shit in this intervention driven, volume-less levitation casino of what is almost totally but not completely unlike what we used to refer to as "a market". We're just trying to catch waves the big boys make are making.

PulauHantu29's picture

Why are all the Central Banks buying gold by the tons then?

devo's picture

PMs will skyrocket later this week.

fireeater294's picture

boy, i sure hope they do. taking a couple hits while drinking and buying... i gotta lay off the vodka redbull...

 

Stuck on Zero's picture

The supercommittee was bound to fail.  It was packed with statists.  The goal of this gang is to grow government and get rich in the process.

BlackVoid's picture

All these big banks recommending gold does not feel right.

hunglow's picture

Au needs support? 

holycrooks's picture

Hooray, SUPER CON-SHITTING, Dow is shitting everyboday' face today.

KingOfMilwaukee's picture

I really wish ZH would stop predicting new highs for gold. Literally every time they do, it keeps dropping. When it peaked at 1913, they predicted 2000 within "days" and instead it dropped 250. Then, when it was a dollar from 1800 they predicted 2000 and it responded by dropping 180 now. And today they are cheering it to 1875 and of course it id down below 1700. I love this place but when it comes to gold, ZH is an inverse indicator.

Clearly bank issues are causing deflation fears, as also evidenced by all commodities dropping lately. If the EU fails, gold will drop just like it did in 2008 where it dropped 28% from its peak. Gold will rocket once people stop believing in the dollar, and even though it does not deserve it, people still think of it as a safe haven more than gold, and gold will suffer by comparison just like 2008 as long as that belief exists, regardless of whether it is warranted. When people give up on the dollar then gold will explode but we are a LOT further from that time wise than people think.

Taffy Lewis's picture

A couple of quick newbie questions:

1. Gold is 1692 USD at this moment. Between now and tomorrow night, when (US eastern standard time) will be the best time to buy?

2. I am going to buy a couple of 1/2 gold coins for my wife's upcoming birthday & Christmas presents. She is Thai and I want something "popular" that will have value when we move back to Thailand in a couple of years. I am looking at two '2012 1/2 oz Gold Lunar Year of the Dragon' from the Perth mint. Is this a good choice? I am looking at something from Asia.

3. I know many here complain about APMEX being a ripoff, but it has always been good to me and I don't mind paying extra for peace of mind and something that's always been delivered to my front 100% of the time. Their price now is $966 for one 1/2 oz coin paying with credit card. A good or okay deal?

Any comments are appreciated and thanks in advance.

cynicalskeptic's picture

Options expiration tomorrow, 'Super Congress' has failed, Europe continues to fall apart  - so..... MOPE dictates a major slam down on alternative safe havens (eg gold and silver) Current prices are PLAYING WITH PAPER  It's all about APPEARANCES.  AMke the $US look good - or the alternatives look BAD.

This has become all so predictable........   with US markets closed Thursday we could see a real zoomy rebound after today's raid.  So BUY THE DIP if you have the fiat available.  

 

PHYSICAL is the only form that matters -  supplemented with ammo and alcohol......(NOT to be used together)