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It's 8:40 Am, Do You Know Where Your "Sell Gold" Order Is?

Tyler Durden's picture


It's that time of day again. For no good reason (aside from arguably a stronger EUR as BIS fills its boots) - and with stocks up - Gold and Silver have once again been Baumgartnered this morning down to three-week lows (and Gold under $1700 again - breaking below its 100DMA for the first time since 8/16).



The last time Gold fell this fast in 7 days, it bounced quite notably...


and if you needed a reason for why gold is plunging - see here - as 10Y goes 'special - and gold and Treasuries move tick for tick in a liquidation rotation...


Chart: Bloomberg

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Tue, 12/04/2012 - 09:59 | 3032133 RacerX
RacerX's picture

those guys have been hammering at SLV 32 for a while.

Tue, 12/04/2012 - 10:02 | 3032146 GetZeeGold
GetZeeGold's picture



Thank goodness those guys getting paid by the day from OWS finally have some new work.


I'm selling what again?

Tue, 12/04/2012 - 10:06 | 3032174 RacerX
RacerX's picture

these raids are getting more frequent and blatent. If there was a big trader trying to lighten their book--I can't see a reason for dumping right at 8:30 EST. I'm sure our regulators are on it. 

Tue, 12/04/2012 - 10:29 | 3032268 Beam Me Up Scotty
Beam Me Up Scotty's picture

They will get right on it after Peter North finishes blowing his load.

Tue, 12/04/2012 - 11:55 | 3032524 Papasmurf
Papasmurf's picture

Victoria Paris double top?

Tue, 12/04/2012 - 10:33 | 3032281 Againstthelie
Againstthelie's picture

I see this as a strong indication that on 12.12.12 Ben will come as Santa. Therefore they are manipulating the PMs down, otherwise these would easily reach 1800/35 and then the ATHs and indicating to the sheeple, that the King is naked...

If the FED would do nothing now, they would trick the sheeple into going long now and then smash them.

Just don't believe in the old myth of free markets any longer, understand what the intention of the manipulation is and use it to your advantage. It's great, thanks Ben and Mario!


Tue, 12/04/2012 - 10:38 | 3032297 Karlus
Karlus's picture

The contrarian would look at this and say, Ben has whispered to his bank buddies that he is putting QE4 on ice for now, and they are selling their Au....


You can look at it both ways.

Tue, 12/04/2012 - 10:40 | 3032308 MeanReversion
MeanReversion's picture

There WILL be more bond buying as Operation Twist is expiring and unemployment is still high.  The only question remaining is whether it will be sterilised or unsterilised.

Tue, 12/04/2012 - 11:11 | 3032400 Big Slick
Big Slick's picture

I bet against my favorite NFL team when they play on Sunday... that way I'm happy with either outcome.

While I think that drops in gold price such as these are anomalies, you need to consider why you are long gold.

IF it is as a hedge against a massive currency crisis, then a drop in gold might indicate lower risk of that crisis occuring - WHICH IS A GOOD THING.  This also highlights what your position should be as a % of your total book and your appetite for downside risk on gold. 

If the crisis is averted and we get back on track (mind you I think the likelihood of this outcome is LOW) then you lose 10-20% of your wealth and have some nice yellow metal to look at now and then.  You are sitting on 90-80% of nominal holdings and we are back to fat dumb and happy.

But if the crisis DOES occur, and you were patient enough to ride out these swings (and believe me you ain't seen nothing yet - Bernie has a lot of ammo) and buy on dips, and gold goes to $10k, then you are the genius you thought you were (as long as you are holidng physical and the lead to protect it)

Hold the line!


Tue, 12/04/2012 - 11:45 | 3032489 Panafrican Funk...
Panafrican Funktron Robot's picture

I get the feeling that everything is going to be a pretty boring (treasuries mostly flat, stocks also generally treading water, commodities takedown) in the run-up to Dec. 21st, which happens to be options expiration, and the predicted end of the world.  However, assuming we're all still alive and well, the 26th - 28th I think are going to be drastic selloffs in both stocks and treasuries, and drastic runups in commodities, esp. gold/silver.  I could be totally wrong there, but just thinking through the last time we had a legislative crisis of this type.  Regardless, happy for the discount on gold stacking as I prepare for my holiday giving.

Tue, 12/04/2012 - 14:46 | 3033114 FEDbuster
FEDbuster's picture

My pre-64 quarters are for when the guy raising chickens down the street wants a "real" quarter for a chicken and a dozen eggs.

Tue, 12/04/2012 - 15:19 | 3033219 Big Slick
Big Slick's picture

You mean he won't make change for a $10,000 coin??

I agree with you whole-heartedly.  'Junk silver' will be key.  Even a Silver Eagle will be unmanageable at $150/coin. 

Tue, 12/04/2012 - 16:24 | 3033391 dmger14
dmger14's picture

Got me some of that too.  Seems QE4 will be announced at the Dec. 12th FOMC, and with Chris Martenson posting an article specifically about this dip being gold manipulation (first article specifically pointing the finger so blatantly at manipulation), I bought some gold today.  Gotta figure the PMs will reflect QE4 before Dec. 12.  That;s the plan anyway.  If I am wrong, I am diversified and can sleep, though I'd be out about six figures if your proverbial 20% loss proves true.

Tue, 12/04/2012 - 17:13 | 3033540 Gift Whores
Gift Whores's picture

I buy gold (physical) because I have a harder time (psychological thing) spending it in that form.

When the monetary system as we know it ends, having physical gold on hand will be an added benefit.

Tue, 12/04/2012 - 11:26 | 3032441 Againstthelie
Againstthelie's picture

If you can tell me where the 45 bn. from OT2 for the long bond should come from, i could follow you...


Also it seems that JPM hasn't got Ben's memo: JPM wrote, that in 2013 already 90% of all new US debt will be monetized from the FED.

Tue, 12/04/2012 - 10:48 | 3032334 insanelysane
insanelysane's picture

This is a setup for buying.  Someone is peppering the market with bunches of fake sell trades to drive price down and then come in and buy.  Regulators are "hard" at work on porn.

Tue, 12/04/2012 - 11:28 | 3032449 Againstthelie
Againstthelie's picture

Bart Chilton is doing his best. Only four years from now we will have the result of his investigations! The Soviet regime was not that efficient!

Tue, 12/04/2012 - 10:07 | 3032183 JPM Hater001
JPM Hater001's picture

I have no idea what your selling.  I'm not selling.  Hey Doc E you selling?

Tue, 12/04/2012 - 10:33 | 3032282 Enslavethechild...
EnslavethechildrenforBen's picture


Tue, 12/04/2012 - 11:04 | 3032377 toady
toady's picture

I can get 2oz today if they can keep it below 17 for the next hour while I drive over to the coin shop.

Tue, 12/04/2012 - 14:18 | 3033003 Strider52
Strider52's picture

Right now it's 1692. If i had a million $$ just waiting for a good idea, I'd load up on Phyzz right now. I think it's a safe bet we'll see $1800 before Jan 1.

Tue, 12/04/2012 - 11:19 | 3032422 Stoploss
Stoploss's picture

Unbeknownst to me, after divorcing myself from the system, low and behold, i no longer have a "sell" button for gold, only three buy buttons. Thay are:

1. Buy Low

2. Buy lower

3. Buy lowest


Hey look, there is a "Buy Ammo" button right next to it!!!!

OK, gonna push that one, an see what happens.

Tue, 12/04/2012 - 14:50 | 3033124 FEDbuster
FEDbuster's picture

Lots of ammo and hi-cap magazines before AWB2 next year.

Tue, 12/04/2012 - 16:06 | 3033349 RockyRacoon
RockyRacoon's picture

Amazing how the mood changes...  Just picked up a half ounce AGE, 10 Johnson Matthey 1 oz silver ingots, and ordered a Archangel Sparta Pistol Grip Conversion Stock for my Ruger Mini-14.   Ah... life is good!

Tue, 12/04/2012 - 10:00 | 3032135 resurger
resurger's picture

Someone is trying to match his book

Tue, 12/04/2012 - 10:00 | 3032136 achmachat
achmachat's picture

Dear readers who still have loads of cash to invest and don't really know what to do with said cash:

NOW is the time to get as much physical real precious metals as you can.

Tue, 12/04/2012 - 10:08 | 3032189 JPM Hater001
JPM Hater001's picture

So was yesterday.

Every day is a good day...for silver.

Tue, 12/04/2012 - 10:29 | 3032269 resurger
resurger's picture

Black Friday, every time it's red

Tue, 12/04/2012 - 14:50 | 3033130 FEDbuster
FEDbuster's picture

I only buy silver on days that end with "y".

Tue, 12/04/2012 - 10:51 | 3032345 Anasteus
Anasteus's picture

Santa has come...

Tue, 12/04/2012 - 10:00 | 3032139 francis_sawyer
francis_sawyer's picture

Forrest Gump... "For no particular reason"...

Tue, 12/04/2012 - 11:46 | 3032493 Bay of Pigs
Bay of Pigs's picture

BNN: just blamed the selling on "investor frustration".


Tue, 12/04/2012 - 10:01 | 3032140 Dr. Engali
Dr. Engali's picture

I don't know where my sell gold order is ( I don't have one), but I know where my buy gold order is.

Tue, 12/04/2012 - 10:02 | 3032144 gold-is-not-dead
gold-is-not-dead's picture

shopping spree

Tue, 12/04/2012 - 10:02 | 3032148 Bagbalm
Bagbalm's picture

If this thing isn't adjusted daily it gets out of hand.

Tue, 12/04/2012 - 10:05 | 3032150 MeanReversion
MeanReversion's picture

You had stops triggered at the 1710 level overnight.  Gold appeared weak and you further selling this morning and then stops were blown at the 1700 level.  The sell-off was accompanied by selling in other risk assets so this was not like last week's drop which was independent of other asset classes.

Would expect weakness heading into non-farm payrolls.  If NFP disappoints, gold should react positively and to boot, you have the FOMC next week where they may announce more bond buying.

Less likely there conspiratorial selling in the past 24 hours and more likely that this is due to technicals.

Tue, 12/04/2012 - 10:11 | 3032205 NotApplicable
NotApplicable's picture

Reads like conspiratorial technicals to me.

Tue, 12/04/2012 - 10:03 | 3032151 timbo_em
timbo_em's picture

PMs have to be pushed down before Benny B reveals QE4 double eternity.

Tue, 12/04/2012 - 10:04 | 3032153 quasimodo
quasimodo's picture

Maybe it's just me, but it would appear that the more stories I am seeing in the MSM about the virtues of metals, the worse the price gets bitch slapped. 

Tue, 12/04/2012 - 10:06 | 3032170 aleph0
aleph0's picture

 WS are the Elite Socialists ... that is, until they run out of other people's money.


Tue, 12/04/2012 - 10:04 | 3032155 Quintus
Quintus's picture

Gee.  Short covering before the announcement of QE4 next week?

Look at the short sellers wriggling on their hooks, desperately trying to avoid the inevitable consequences of infinite money printing.

Just ignore these blatant, desperate attempts by the manipulators to save themselves.  The only way out for them is when the Comex futures contracts for gold and silver are declared in default and cash settled.  These antics might put that day off a little longer, but will not prevent it.

Tue, 12/04/2012 - 10:33 | 3032259 Everybodys All ...
Everybodys All American's picture

Bullard announced yesterday that he was for 25 bil / month monetizing rather than the 40-45 bil currently. That might be considered a contraction. Also, it looks to me like the fiscal cliff is going to happen as both sides figure they can't agree on anything different and lets be honest that is the best outcome politically for the president. Those forced spending cuts would mean that the Fed is not needed as much in the fiscal equation for the time being.

The out lier is the dollar but commodities are definitely weakening.

Tue, 12/04/2012 - 11:02 | 3032370 MeanReversion
MeanReversion's picture

Bullard is not a voting member until January and the committee is still dominated by dovish members who would happily buy more than $25 billion.

Tue, 12/04/2012 - 11:07 | 3032384 Everybodys All ...
Everybodys All American's picture

They are all dovish. The reality of their balance sheet predicament is starting to mount even on these morons. Why else would he make the statement of being in favor of less stimulus? I think you can tie the fiscal cliff outcome with their action. Bernanke has stated time and time again he has done alll he can do and it's time for Congress and the president to do their part. We shall see soon enough.

Tue, 12/04/2012 - 10:04 | 3032157 VonManstein
VonManstein's picture

Silver extremely resilient. Unprecedented.

To me i see this as preparation some big US data will miss big Wed Thur and Friday


Tue, 12/04/2012 - 10:06 | 3032176 fonzannoon
fonzannoon's picture

VonManstein data misses ensure the fed continues QE forever. That would be bullish. Data hits would be bearish because it ensures the fed would have to stop QE sooner than anticipa........BWAHAHAHA sorry I could not get that last part out with a straight face.

Tue, 12/04/2012 - 10:30 | 3032273 Boston
Boston's picture

Yes, but the sequence:

Data miss => silver falls due to its industrial use => Fed steps up its actions/rhetoric => silver rallies

So prepare to buy on any major dips.....to 30 or even lower.

Tue, 12/04/2012 - 10:05 | 3032159 SmallerGovNow2
SmallerGovNow2's picture

Backup the truck and BTFD...

Bought silver last time it went under $30 (at $28.58/oz).  Bring it so I can buy some more!!!!

Tue, 12/04/2012 - 10:15 | 3032220 azzhatter
azzhatter's picture

I'm still buying every week. The trivial changes from $28-$34 are meaningless in the big picture

Tue, 12/04/2012 - 11:08 | 3032387 fredquimby
fredquimby's picture

Hatzz off to that. I do the same. #BTFD

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