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The Precious Metals Morning Slam Is Right On Schedule
As noted yesterday, the paper precious metal 'slamdown' window remains open for another two hours as Gold trades under $1600 and Silver below $29. In other news, US Mint reported February physical gold and silver sales through yesterday have already surpassed the 2012 February total.
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Traders don't care. They will play the levels. Rather any of them turn into a major pivot is another story. The levels I mention, if hit, will bounce regardless of sales slumps etc. Amount of bounce is unknown, timely fast option plays would be in order.
http://www.silverdoctors.com/comex-sets-all-time-volume-record-for-silve...
I set my watch to it!
I couldn't care less what happens to silver in the short term. We're living in a time period that history has seen before - 21 times as a matter of fact. Currency debasement always ends bad. So here's why you should not be concerned about silver (unless you're a day trader and deserve to get burned). Here's why:
Be patient and enjoy your life.
First and third points go together. The money supply has in fact been increased, but money velocity has gone down considerably. If all the extra cash the Fed has printed starts moving through the system, we will need wheelbarrows instead of wallets.
Has the money supply started to move?
Business Loans Flood the Market Banks Put Their Liquidity to Work, but Added Competition Puts Pressure on Rates and Elevates Riskhttp://online.wsj.com/article/SB10001424127887324449104578314140876408204.html
This is fucking ridiculous. We are surrounded by thieves and murderers.
Absolute fucking dick in your ass corruption...
I am fucking buying more, more, more all the fucking way down.
Fuck you Gensler, Blythe, Chilton, the rest of the CFTC, CME, CONex, HSBC and all of JPM. You fucking retarded pricks can take all that fucking paper and stuff it so far up your fucking asses that everyone will think your a fucking pinata and beat your fucking crooked fucking heads in with fucking bats you pieces of fucking stinking dog shit. Fuck off assholes.
You're my favorite poster.
I like the new angry LongSoupLine.
Definitely enjoy the daily blast of profanity from you.
Additional terms for your consideration to expand the vitriolic vocabulary:
Dickhole, cockbite, cockstain, assmonger, schmegma-shrimping sodomite.
I know you will put such terms to excellent use.
I will close with saying that I would call Blythe a cunt, but she lacks the depth and warmth.
Hey!
Actually theyre trying to help us to buy more for these prices before its too late!
(maybe also for themselves as I heard somewhere)
because:
silver before = silver after
gold before = gold after
fiat before x fiat after
Before backwardation kicks in in full fame.
It really is hard to fathom selling gold when interest rates are pinned at 0 and Bernanke is printing 85 bil per month.
Where's MillionDolarBonus? I miss his comments...
he will be around soon, after he pulls his head out of krugmans ass!
Slaughterer is filling in for him this morning.
Watchout for the headfake tomorrow, bitchez.
The message is plain. PM holders won't get paid unless and until the system collapses. Maybe never. You'll stay within the system or get ass-fucked.
"Crash" PMs by 50% and see if the general public ever returns to them. They are fucking the metals market in the asshole sideways.
Find another way to play currency devaluation. Stop stacking. It's over.
Good morning debt slave, how are you today?
I have no debt, fucktard.
But you still have the debt slave mentality, and as you said, you're ready to take it in your ass sideways. Fag.
I'm not getting ass-fucked. I'm in the system. You metalheads are getting ass-fucked and are the slaves. Slaves to an idea whose time is never coming.
Dickhead.
But at least you love your country...LOLOLOLOLOLOLOLOLOL!!!
Wormer's dropped the big one. It's over.
Was it over when the Germans bombed Pearl Harbor? Hell No!! It's not over until we say it is!!!
Senator Blutarsky
"Nothing is over!" - John Rambo, U.S. Army (retired)
Have they stopped printing? You know they have not. Is printing into infinity sustainable? I don't think so.
It really is that easy for me. They can do short term impression management, that is all they have. Will I know what to do correctly when the time comes? Can't say for sure I will. I am sure it is not time to get out of PMs unless you think you will need the cash soon. If so then jump out now because I think it can go low before it goes up again. I am not in debt, I can afford to wait.
My thoughts exactly. For those of us already sitting on stacks and stacks, this is a good time to do nothing. Better to even stop watching the "market" for a while.
If they kick the can another 20 years? Then what? If they drive everyone from the metals market and stain it for generations? Then what?
You've underestimated these guys.
If they kick the can for another 20 years, then I will have cool Christmas presents to give to my kids & their grandkids.
I stack as a hedge against inflation and fiat devaluation. I would like to up the % higher towards the 1/4 or 1/3 of assets that Marc Faber suggests. I have lots of dry powder just waiting. I am happy.
"If they kick the can for another 20 years, then I will have cool Christmas presents to give to my kids & their grandkids."
They may convert the gifts to what they really wanted.
"I stack as a hedge against inflation and fiat devaluation."
I would suggest finding another hedge.
"I would like to up the % higher towards the 1/4 or 1/3 of assets that Marc Faber suggests."
What will the other 2/3 to 3/4 assets consist of?
"I have lots of dry powder just waiting."
What is the "dry powder earning now? My guess is that opportunity cost and inflation is eating it up
"I am happy."
Are you on soma?
I'd rather get ass-fucked waiting for the system to collapse than to participate in the system. In the meantime, I can laugh my ass off as more U.S. soldiers die pointless deaths overseas. LOLOLOLOL...bring it on, "Land of the Free"... :-)
Gold is so despised that the coin/bullion dealer that i have used until recently will NO LONGER take credit card orders on bullion,but still WILL for the sterling coins and 14 kt gold coins.
Key words .....HAVE USED until recently.
No longer.
If TBTF is running scared, why not crash the price, and buy up all the Paper GLD, SLV plus Pt and Pd? That way, they can cover delivery if they secretly bought up most of the paper held by Serfs.
Well if this market is heading to S&P sub 1000 eventually like we all believe Gold & Silver are going to dip with it even if it is only temporary.
What a load of crap.
When DOW / SP500 correction gathers momentum I expect:
UP ~ USD, various USDXXX currencies, VIX Index.
DOWN ~ EURUSD, AUDUSD, NZDUSD, GOLD, SILVER , Base metals like COPPER etc, CRUDE OIL
http://trader618.com
sarcasmmode................I am selling silver and investing all the big cash money in my new herbalife distributorship.......sarcasmmode off. wish me luck
Fun times.
Those mining shares are really tempting in another 10-15% decline.
IF this is correct, this may well be a low point and the game is almost over.
http://www.silverdoctors.com/comex-sets-all-time-volume-record-for-silve...
Unless they start raising margins all over again, after slashing them more recently). Of course, the game might have been to beef up the participants, so they can deliver a knockout punch at some point. Crazy time for PMs with even some 'refiners' (gold buyers) offering $14+ over spot for 24 carat Gold. Now that's what I call backwardation.
http://www.hattongardenrefinery.com/forms-user-info/
Slashing margins helped the shorts as well.
Just makes me laugh when an ounce of silver is less than 3 WalMart T-shirts.
Thanks for the rollback discounce!
How is BTFDs working out for all the ZH sheep out here?
The question is how will all it work out in the end. Unless you think something has changed.
It'll be great... all the ZH sheep who bought at $36, $34, $32, $30 and soon to be $28 and then $26 can celebrate when it rallies back to $29.75
Presumably you know something that the central banks don't since they are the primary hoarders of physical metal lately. But let me ask you this, why is price going down and yet at the same time demand is going up? The US mint is but one example here, there are several others.
Methinks your point has newtered the troll.
Bless you!
People with brains measure their PM holdings in ounces, not dollars. What don't you get?
Do tell us about all the sheep who BTFD @ $10 $12 $14 $18 $20 $26 $28 $28 $28......?
We're just fine, thanks. Some people woke up before this domain was registered.
What a sale on miners. And nothing has changed. Amazing to watch.
If I could offer a suggestion, don't buy until the PSLV NAV premium is 0 or negative.
Everyone here has it all wrong. It is out of the Goodness of the Bankers heart that we get this last chance to convert out worthless fiat money into that which has no counterparty risk and which moth and rust have no effect upon. (thieves around here get a free .308 round, so I left the thieving part out)
Patience, patience, patience Bitchez, we are going to win this one...
Has anyone ever put thought into a scenario that the government would step in that will send prices back down to pre-run pricing? We know TBTF banks now have protected status by our government AND The Fed, regardless of "paper positioning" by these said protected banks.
ZH does have some great coverage on some issues, but I question the "bug" posts. You still can't use it in a general mainstream sense (i.e. pay groceries) with gold/silver. Some who bought a lot pre-run have cashed a lot in since.
I don't know which way or the other this pans out, and I do in fact hold some physical. I only question threads like this for discussion rather than reading the constant: "Buy more!", "It's Cheap!", "It will be worth a lot more later!" This of course puts some of these posts on ZH into tin-foil hat/ultra-doomer territory with some of the zealotry. The fact of the matter is no one does in fact know what will happen, fundamentals be damned, especially if The United States Government intervenes and dashes your plans of $10k/oz. gold right?
This has been going on for a long time, chances are it can go a lot longer than most posters think, minus their own hubris or confirmation bias.
The government and the Fed have limited power and they are both on the ropes now. Being up against the exponential function, on several different fronts (debt, energy), is a loser's game.
Unlike the 80's, the PM market is now a world market and the physical is headed west to east, along with being repatriated.
The paper games will conclude badly , as fraud always comes to a disastrous end
The paper games will conclude badly
Many (if not most) will be "MFGlobaled".
It all depends on your perspective. PM's, from my perspective, are not investments.......they are insurance. All the major central banks are devaluing their respective currencies as fast as they can get away with. I am confident that I will be very relieved to have my meager amount of gold and silver on hand at some point in the not too distant future. I expected the prices to drop in January and when they did not, I bought gold and silver near the highs. Sigh. However, now that the prices are dropping, I will buy more. I greatly prefer to have physical objects with historically inherent value sitting in my safe, as opposed to intangible assets of dubious value located God knows where. I BTFD when it comes to PM's. It is, at least for now, still a free country (USA) so do as you like.
I'll assume you're serious, and not just trolling, and point you at this chart -
http://stockcharts.com/h-sc/ui?s=$GOLD&p=D&st=2000-02-20&en=198-01-01&id=p18382759044
Look at the points where RSI was below 30 and CCI(100) around -200. What happened to the price after that? And then, ask yourself 'what's changed in the fundamental environment that I should expect this time to be different? Is sovereign debt under control? Have govts stopped debasing their currencies?'
"Has anyone ever put thought into a scenario that the government would step in that will send prices back down to pre-run pricing?...The fact of the matter is no one does in fact know what will happen, fundamentals be damned, especially if The United States Government intervenes and dashes your plans of $10k/oz. gold right?"
Well, if (as you obviously believe) the U.S. government is all-powerful--that is, if the U.S. government can just "step in" and make the price of gold magically go wherever it wants--then why wouldn't the U.S. government just step in and solve all our economic problems? In other words, instead of wasting its time trying to keep the price of gold down, why doesn't the U.S. government just wave its magic wand and make the unemployment rate go to zero, the inflation rate go to zero, the national debt go to zero, and give everyone a million dollars? Problem solved, right? Or am I missing something?
I just ordered 10 rolls of 2013 Silver Maple Leafs for $31.90 each.
And the game today is that Bernanke and company who bought the entire 30 year auction yesterday will slow down the QE and the martins will buy our debt! Hahahahahahhha sure I believe these bankers!!
US Dollar is climbing. It stands to reason that Gold and Silver priced in US Dollars would fall.
http://bullandbearmash.com/chart/dollar-daily-continues-climb-euro-conti...
What's interesting is the Euro, GBP, CDN and JPY are heading down sharply too.
I got a paper cut, so it stands to reason I would bleed profusely from the nose, mouth ears and anus.
What is interesting is how someone would try to explain daily, consistently timed bootfucking of metals as anything other than overt criminality.
http://www.24hgold.com/english/news-gold-silver-the-great-gold-deception...
Slashing margins helped the shorts as well.
...but would an incredibly high number of shorts, slashing the price herald 5 margin increases, in a blink of an eye?
BTW regarding my previous market crash ideas, we are just on hold. AGAIN. Waiting on stupid fucking budget bullshit. They come out with good news watch out. I'll laugh if we get another temp extension that shit's getting old. Stay on your toes.
Demand may be dropping in China. I mean, this drop is just precipitious.
This is hilarious to watch--the more they slam it down, the more people want it. And they know it...
So why dont you buy right now?
I just did...
Me too!
Mee three...
Did my part. Bought me some more shiny silver eagles.
Gold supply crunch forecast:
http://www.telegraph.co.uk/finance/personalfinance/investing/gold/9879738/Gold-faces-global-supply-crunch.html
and silver? I forget the percentage of silver produced as a byproduct of Cu mining but it's large. Slowing economies => reduced Cu demand and production . . . and of course there are no known significant stockpiles.
I believe 70% comes from base metal mining all in. If I recall correctly, the biggest singular producer of silver was that polish copper mining outfit KGHM in recent years - the same one that HSBC recently secured 876 moolyon dollars worth of silver from. I would love a lockup in silver supply, then they could try to make water filters and electronics and solar panels out of paper.
At this point, the asshole bleaching fucktards in the government / regulators offices / banks may as well shoot us all 10 times burn the fucking place down. Fuck this market, and fuck the charade we live in. I'll give mad max 2.0 a try because the honey boo boo, nuke iran, welcome to the recovery, Jim Cramer's 6 stocks in 60 seconds bullshit is leaving an increasingly sour taste in my gaping fucking maw.
Happy whatever fucking day it is everyone.
Thanks for the numbers: +10 for you -- at least 7 of those for "asshole bleaching fucktards" and 2 more for general verbal exhuberance.
ZHEDGE should save all these rants and have an annual rant contests, winners get T shirts or something...
but but they said gold is always up
ZHers gold eaters!
Do you know where your children are ? Each and every shiny glowing one of them.
I went skinny dipping one night and mistook my 2 monster boxes for water wings. I fukkin lost it all and almost drown. Boy did I learn my lesson.
My coin dealer pretty reliably tracks the spot price (+7% premium) but watching their website right now, the price hasn't moved from where it was when spot was 28.90. At least for now, they're not buying this latest downspike as anything other than transitory.
I am trying not to give a fuck about this paper BS. I have no debts, own a lovely home in the best town in the US, and bought most of my 450 oz phyzz at 700 or so. But it still hate to see this shit, this slam, like never before. I really fucking despise the the FED, the banks, and would gladly leave if I could.Even if in dollar terms gold crashes, I still have the satisfaction of not playing in these crooked, manipulated markets.
"I still have the satisfaction of not playing in these crooked, manipulated markets."
^^Right there^^
Fuck them. Hard. Ugly. Abusive.
In every war there are sacrifices made. Get out of the markets, get out of debt, buy as little as possible. Quit over eating, get fit, stop being a consumer, be a citizen. Refuse to fucking play, grind this thing to a halt.
FUCKING A MsCreant !!!
(I never really understood exactly what "fucking a" means, but understand the sentiment quite well)
Urban legend says it comes from WWII; a soldier named Kilroy, first initial A., was assigned to inspect bridges to make sure they weren't rigged. To verify said inspections, he painted "A. Kilroy was here" on the bridge afterward.
Upon encountering a bridge, a unit leader would look for Kilroy's mark. It became common to tell the rest of the regiment "Fucking A. Kilroy was here".
Or so I heard.
Ms Creant, your sexual orientation is strange... can you give us a demonstration?
Leave her alone. Her and Hulk have a thing after the reset.
Trying a little SLV, GLD now.
Is this what Obama meant when he told the Russian President he could do more after the election??
That has potential to be a short-term bottom. We'll see if 28.41 holds, but it has the signs that it could. Maybe it will head back to the downtrend line.
And, btw, the last three full trading days in silver have been some of the highest volume days since August. I'm sure there's a lot of new shorts playing the breakdown and chasing momentum, but there's probably a lot of big money longs liquidating too. Not likely they're selling at $29 to get back in anytime soon. We'll get a bounce soon (hopefully now), but it's not likely to be long-lived. I bet in the coming months silver will start to form a descending wedge, using $26 as the bottom and the downtrend line as the top until one way breaks. And if it's down it will be a capitulation move that takes us to $19. But there's a lot that needs to happen before that. The commercials look in firm control of this market right now.
I might add before someone shoots me that I still believe in the physical story as the right play for the long-term end game, mostly because the US will eventually default, but it could get ugly first, and the silver bitchez crowd should at least suffer with some doubt and uncertainty. Nothing is that sure.
Paul Coghlan is doing a free webinar in a couple hours covering all the techincals on this slamdown.. 1pm EST
https://www1.gotomeeting.com/register/662247945No price discovery until an "event". For the mean time, as I have mentioned to you Hedgies out there, they shock market sectors for money to run from one commodity to another sector of the market, cat herding if you will.
FEAR AND GREED RUN THE MARKET. BERNANKI NOT WHITHSTANDING.
Look at this 5 year gold chart Bitchez.
http://www.kitco.com/charts/popup/au1825nyb.html
$709 low in late 08, right in the heart of the financial crisis.
We have rode this ride before...
Sale! Sale! Sale!
I love sales on tangible money.
You are crazy if you are not getting physical on this dip. Markets move on easy money and easy credit. Gold gets added buying from bad money and bad debt. Plus, you can review the COT and see this is the dumb money paper traders in the most massive paper short position ever.
What's the COT?
I call $16.50 by summer.
Fuck it, if it is going to dip, fucking dip so I can pick up some more physical and not feel so bad about a 20% move from when I bought last.
During a price decline, there's no way to predict the bottom; the info you need will be available one or two weeks too late.
The best policy is to divide your purchase over several days.
Dont' worry about your short-term losses in the meantime.
The UK is now talking of printing another £50bn that should drive down the gold price. Hmnn!
Where are all the GOLD DEATH CROSS SPELLS DOOM FOR DOOMSAYERS, S&P 500 GOING TO ROCKET posts? I surely recall the inverse posts ad nauseum a few months ago.
Zerohedge rubbish.
I love this market, I really do! Just closed out my RGR position, that I bought into much lower, and re-bought SIL at a bargain price today. With this and a similiar post-Sandy Hook SWHC trade, I'm up 20% this year measured in SIL shares. Did I say I love this market?!
You may need an RPG position.
The Bernank Knows:
1. You can't have individuals cashing out of their 401k's and buying PM's, not right before you engineer a financial collapse! That doesn't accomplish the goal.
2. Equities can be ramped up and PM's squelched with the 85 billion created monthly out of thin air. Control of the market is easy cheesy because the average JQ Consumer's posterior is in a sling. And the remaining muppets will jump on board because of the "Happy Days are Here Again" illusion created.
The circling water is picking up momentum !!
Enjoy the ride !!
If you're not prepared, it's nobody's fault but your own !
Didn't a country who likes beer recently ask a banking cartel who prints "money" for some gold? And now metals are falling in price? I wonder why? It is a mystery!
I just want to state that I think Battlefield Earth was a pretty damn good movie.
Nobody buys today because it will be cheaper tomorrow. We're hooped.
Some nice customizable charts here, moving averages, MACD, etc.:
http://goldprice.org/live-gold-price.html
Left click on "Studies" in the top menu to get the good stuff.
Today GLD puked 20.77 tonnes (1.57% of its inventory), contrary to conventional wisdom, in past times this has been very bullish for gold