Gold, Silver Plunge In Sympathy With Popexit

Tyler Durden's picture


The precious metals market appears to have found a size seller this morning. Despite record breaking demand for physical coins from the Mint, gold and silver prices hit an air pocket around 8amET but had been sold all day in Europe. We humbly suggest that his Holiness spread out his retirement selling... of course we saw a similar gap last Tuesday and Thursday as Europe's risk-asset markets continue to slide (and perhaps collateral margin calls come due). Of course, the more important questions remain: which TBTF bank will the pope end up as vice-chairman in, and which ex-Goldman Managing Director/Partner will be the next head of the Vatican bank... and incidentally Catholic Church (it appears a Canadian is front-runner, rather coincidental given Carney's recent appointment).


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Mon, 02/11/2013 - 09:49 | 3232806 donpaulo
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Mon, 02/11/2013 - 10:15 | 3232906 MillionDollarBonus_
MillionDollarBonus_'s picture

I just cringe when I see goldbug and silverbug lemmings get destroyed time after time in these markets. Why don't they learn? Leveraged stock investors are sitting on huge gains from last year, when doomer goldbugs were screaming from the rooftops about “the end of the world” and “financial Armageddon”. Gold and silver are obvious bubbles. There is no reason for a shiny piece of metal to product double digit returns when it produces absolutely no income and is abundant in all its industrial utilities.

Mon, 02/11/2013 - 10:18 | 3232919 LawsofPhysics
LawsofPhysics's picture

Isn't funny how an ounce of either gold or silver still purchases the same amount of just about any given commodity (you know those things you need to survive) as they did almost 100 years ago?  Bubble?  I think not.

Mon, 02/11/2013 - 10:20 | 3232924 FEDbuster
FEDbuster's picture

Wonder if China and Russia will cash in their gold to buy some Amazon and Netflixs calls?

Mon, 02/11/2013 - 10:22 | 3232940 LawsofPhysics
LawsofPhysics's picture

"Wonder if China and Russia will cash in their gold to buy Alaska" - FIXED.

Mon, 02/11/2013 - 10:38 | 3233034 redpill
redpill's picture

Damnit Ratzinger, you could have issued the "buy gold" decree before you checked out.

Mon, 02/11/2013 - 10:50 | 3233096 espirit
espirit's picture

7 - 17 - 27 - 37 - 47

Ho-Hum, still rangebound.

Mon, 02/11/2013 - 10:56 | 3233126 EscapeKey
EscapeKey's picture

It's a little known fact that Russia only buys investments that Sarah Palin can see from her house.

Mon, 02/11/2013 - 10:58 | 3233136 GetZeeGold
GetZeeGold's picture



Dude....that election was over 4 years ago.....let it go.

Mon, 02/11/2013 - 11:07 | 3233180 EscapeKey
EscapeKey's picture

Who said I cared about the election?

Anyway, the internet never forgets.

Mon, 02/11/2013 - 12:16 | 3233526 mick_richfield
mick_richfield's picture

Never forgets what ?

Mon, 02/11/2013 - 10:51 | 3233106 One World Mafia
One World Mafia's picture

The banks the Fed injects $$$ into are buying up the stock market, not including miner stocks, so the bubble is growing in non miner stocks.  It is being done to present the illusion of recovery and to one day short and pop the bubble.

Mon, 02/11/2013 - 11:25 | 3233254 One World Mafia
One World Mafia's picture

Wash, rinse, repeat.  How many times have we been thru this?

Mon, 02/11/2013 - 12:47 | 3233659 espirit
espirit's picture

Comex reduces margin requirements, Pm's have a volume seller and dip, sovereigns rush in, retail gets some...

Wash, rinse, repeat. 

Mon, 02/11/2013 - 12:39 | 3233630 Bansters-in-my-...
Bansters-in-my- feces's picture

Hi MDB..... Eat shit you fuck tard.

Hope you get what ya need,I sure would give it to ya.

I can dream.

Mon, 02/11/2013 - 12:53 | 3233676 Meat Hammer
Meat Hammer's picture

I don't know why you guys feed the troll.  If you don't engage it. it will go away.

Mon, 02/11/2013 - 15:38 | 3234302 Banjo
Banjo's picture

So far my gold has been plunging from about $900 to $1650.

I hope it keeps "plunging" like this.

Mon, 02/11/2013 - 10:58 | 3233125 Mugatu
Mugatu's picture

Please spare us all the BTFD talk.  I own gold but expected prices to drop to $1500 weeks ago.  You don't buy the fucking dip - you really want to buy the fucking bottom (or near it).  A real dip in gold is a drop below $1500.  To protect myself, weeks ago I bought DUST which is a 3x bear gold mining ETF  - and guess what?  For a small investment, I have more than offset my losses in gold.  Its a great way to hedge gold.  Lets face it, as equities rise in their ponzi scheme finish gold will fall.  The IRA masses will sell their gold and gold derivatives because it is not rising like their paper equities.  Come Summer this will all change, but until then gold brethen, you better hedge your ass off.

Mon, 02/11/2013 - 11:02 | 3233163 tango
tango's picture

The clueless (Miillion Dollar Idiot) still looks upon gold as an investment and not a hedge.  I view PM as insurance in case something goes wrong.  And it's hard to beat gold's record of higher returns year after year (making MD's remark about folks taking a bath even more perplexing).  But PM is NOT for growth investment.   If that comes, fine, but the object is a hedge.  Even Cramer says at least 10% of everyone's portfolio should be PM. 

Mon, 02/11/2013 - 11:08 | 3233184 EscapeKey
EscapeKey's picture

Yup. My gold is safely stored away, and won't be accessed unless absolutely necessary.

It's literally a systemic risk hedge.

Mon, 02/11/2013 - 11:14 | 3233209 Whiteshadowmovement
Whiteshadowmovement's picture

"Even Cramer says at least 10% of everyone's portfolio should be PM."


wow, and that ladies and gents is all you ever need to know...

Mon, 02/11/2013 - 11:41 | 3233343 RockyRacoon
RockyRacoon's picture

Cramer suggests owning the ETFs.  How is that PMs?

Mon, 02/11/2013 - 12:38 | 3233627 Raymond Reason
Raymond Reason's picture

Who is buying the dip, besides us gold bugs and the BRICS? 

My guess is the dynastic family houses are steadily vacuuming up any gold that they haven't already outright stolen for prices that are a steal.  When the inevitable default happens at the bullion banks, there will be a fiat crash, and a demand for some kind of hard currency, but guess what, the vaults are empty....most likely stolen by secretive vatican bank.  The old families will save the day, and loan gold back to the sovereign (at interest, and many multiples of procured value).  Of course, they will give the sovereign very generous terms, allowing payback of interest and principal in a new partially backed currency managed through a central private clearinghouse, on whose board their agents must sit. 

Our only hope is that Putin poisons them all, and we can all farm for Moscow.  :p

Mon, 02/11/2013 - 12:58 | 3233694 Meat Hammer
Meat Hammer's picture

BTFD simply means, "Hey guys, the dollar doesn't suck as bad as the other fiats today, so go trade a bunch for some gold because in a few days the dollar will suck more but your gold won't"  We're not trying to get rich on PMs; we're trying to use them to not go broke.

Mon, 02/11/2013 - 14:18 | 3233986 Panafrican Funk...
Panafrican Funktron Robot's picture

I would suggest SVXY is probably the better hedge against a gold holding.  Volatility manipulation is how the gravy really gets made in the managed market meltup/gold suppression.   

Mon, 02/11/2013 - 09:54 | 3232807 GetZeeGold
GetZeeGold's picture



Print money......short PMs......rinse and repeat.


Finally some welfare for me.....and China, Russia, Iran, get the picture. Wealth redistribution on steroids.


Thanks Ben Shalom!

Mon, 02/11/2013 - 10:38 | 3233035 a growing concern
a growing concern's picture

I hear Geithner has some newfound time on his hands, and I have no doubt he could get down with the pedophilia aspect. I'd say he's a lock for pope... Pope Weasel I.

Mon, 02/11/2013 - 11:27 | 3233262 DeadFred
DeadFred's picture

Angelo Scola at 8:1 is my pick. A rising star with a track record of edging out favorites for new appointments, seen by some as the only man who can turn the tide on the destruction of European culture and last but not least a member of the Congregation for the Doctrine of the Faith (formerly known as The Inquistion). Wikipedia already has him updated as a contender for pope while the others I looked at are laggards in that respect. Downside is I see no Goldman ties, but how many would advertise connections to the darkside.

Mon, 02/11/2013 - 13:38 | 3233816 FEDbuster
FEDbuster's picture

or maybe Angelo Mozilo?  He is not doing anything, they never threw him in jail and he has lots of "friends" in high places.  Maybe WB7 can give us a preview of what this might look like?

Mon, 02/11/2013 - 09:52 | 3232813 new game
new game's picture

JMFO - too many bulls in the closet...

sentiment = sell

only to buy at ult manipulated


still fighting the fed?

Mon, 02/11/2013 - 10:04 | 3232861 EscapeKey
EscapeKey's picture

huh? open interest is nowhere near its peak.

all the focus is on an ever-pumped equities market, with such "bargains" as 1,000+ P/E ratio companies such as Facebook and LinkedIn. Oh, and Amazon who HAD a P/E ratio of 3,400 before they went negative.

but obviously, that's not a bubble. it's only a bubble when precious metals rise.

Mon, 02/11/2013 - 10:07 | 3232862 LongSoupLine
LongSoupLine's picture

too many bulls?  fucking stupid.


This is a fucking paper game by the big dick eating players...nothing more.


Fuck yes I'm still fighting the fucking Fed asshole...every fucking time I buy physical on these fucking crooked paper bid stuffs in the shit eating premarket.


Fuck you Bernannke, Gensler, Blythe and all you other metals manipulating fuckers.  fucking die pricks.



Mon, 02/11/2013 - 10:22 | 3232937 Kaiser Sousa
Kaiser Sousa's picture

and a good fucking morning to you too soup...

just keep stacking homeboy...i hope this latest bullshit paper price slam continues until my dealer opens this morning....we r winning player...just hold on..........

Mon, 02/11/2013 - 13:36 | 3233830 FEDbuster
FEDbuster's picture

I wish there was a paper ammunition market that they could push the price down and supply up.

Mon, 02/11/2013 - 10:40 | 3233042 Hippocratic Oaf
Hippocratic Oaf's picture

You forgot a fuck you to Jamie 'squid' Dimon

Mon, 02/11/2013 - 10:50 | 3233097 GetZeeGold
GetZeeGold's picture



So noted in the record.

Mon, 02/11/2013 - 12:20 | 3233551 mick_richfield
mick_richfield's picture

I agree, and it's hard to see an argument against this.

In a world where all markets are controlled by the Powers, the *only* risk is systemic risk, so the only meaningful hedge is a hedge against systemic risk.

Fighting the Fed is the only way to hedge.


Mon, 02/11/2013 - 14:43 | 3234074 Panafrican Funk...
Panafrican Funktron Robot's picture

A correct and not easily discerned truth.  I play both sides of this, but I'm at 50% money (gold), 50% fiat gambling.  And I in no way consider myself a "goldbug".  I'm just not a fucking idiot, which the obfuscation has made most of us.  

Mon, 02/11/2013 - 09:53 | 3232817 Lost Wages
Lost Wages's picture

It's options expiration week.

Looking forward to meeting Pope Pedophile the Third. (Pretty sure that is the next guy's name.)

Mon, 02/11/2013 - 09:57 | 3232835 reload
reload's picture

oil sold off hard also....

Mon, 02/11/2013 - 10:52 | 3233111 espirit
espirit's picture

...and cattle?  Er, ass?

Mon, 02/11/2013 - 10:13 | 3232899 I am more equal...
I am more equal than others's picture

Excuse me, that is Pope Bendadick Pedophilic the Turd Tamper

Mon, 02/11/2013 - 10:13 | 3232819 LawsofPhysics
LawsofPhysics's picture

Vatican selling it's PMs.  They have considerable holdings.  The real reason the Pope is stepping down.  End game getting nearer, everything being done to save the fiat (debt) is money regime.  Now more than ever, everyone needs to take delivery.   Germany selling PMs as well, cover by many already.  Must...  defend... fiat...

Mon, 02/11/2013 - 10:37 | 3233020 Non Passaran
Non Passaran's picture

So what if the Pope is stepping down? One steps down, ten are willing to take his place!

Mon, 02/11/2013 - 10:41 | 3233053 Ghordius
Ghordius's picture

its a PopExit, you see? some are still waiting for other exits

Mon, 02/11/2013 - 10:05 | 3232820 krispkritter
krispkritter's picture

OT: Don't Shoot! I'm not Dorner! bumper stickers:

Next we'll need a rooftop sign that says "Don’t DRONE me I’m NOT DORNER!!"

This country is getting downright scary...but if silver goes back under $30 I'm buying another 'boat load'...

Mon, 02/11/2013 - 10:14 | 3232901 EscapeKey
EscapeKey's picture

Anyone caught with that is bound to get 5 years of job security through Corrections Corp of America.

Mon, 02/11/2013 - 09:54 | 3232821 Wile-E-Coyote
Wile-E-Coyote's picture

I'm off to buy more physical Silver.

F*** Y** Blythe.

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