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Gold And Silver Are 'Not' Selling Off (Yet)

Tyler Durden's picture


It's that time of day. Commodities exchanges are opening. And yet, today has a different feel to it. For some strange indiscernible reason, the incessant offer on gold and silver that appears every morning for most of the recent weeks has yet to appear. Did the central bankers get busted? Are too many people aware of the manipulation? Did a 3% drop in China spook them back at the margin? Who knows - its early yet...



Chart: Bloomberg


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Thu, 02/21/2013 - 10:01 | 3262896 Martdin
Martdin's picture

Out for trouble, are we?

Thu, 02/21/2013 - 10:04 | 3262923 Sudden Debt
Sudden Debt's picture

Dark side always comes, when least expected

Thu, 02/21/2013 - 10:11 | 3262964 JPM Hater001
JPM Hater001's picture

"It's always darkest just before it goes pitch black." - Demotivationals

Thu, 02/21/2013 - 10:24 | 3263024 Pladizow
Pladizow's picture

SSSHHHHH, dont jinx it!

Thu, 02/21/2013 - 10:45 | 3263101 flacon
flacon's picture

Here is Peter Schiff's take on it:


Gold Pullback Explained

Thu, 02/21/2013 - 11:09 | 3263191 Irelevant
Irelevant's picture

Schiff is right, for more reasons than he can think of :).

Here, in the EU, if you want to buy physical you pay VAT on all purchases. However, at the local joint where I get physical the price is exactly the same as 2 weeks ago! LOL! 60.88$/gram.

Thu, 02/21/2013 - 11:10 | 3263194 Dr Paul Krugman
Dr Paul Krugman's picture

Funny that anyone would think this is 'somebody' out there who wants to manipulate the system when the system is highly governed by judicial bodies such as FINRA, the SEC, and the Fed.

Maybe it isn't manipulation.  Maybe investors have had enough of holding onto an investment that doesn't pay dividends and has no growth.

Investing in gold is like putting rocks in your pants and then going for a swim.  Why would you do that?  I don't know.

In fact, it takes money out of good investments and puts them into bad investments - that can hurt finance.  Really, we may want to outlaw owning gold due to the fact that owning gold hurts the economy.

Thu, 02/21/2013 - 11:15 | 3263217 Dolar in a vortex
Dolar in a vortex's picture

Forget the sarcasm tag?

"Highly governed by judicial bodies ....."

That's what gave this away as a joke.

Thu, 02/21/2013 - 11:22 | 3263255 BigJim
BigJim's picture

You guys are all to US-centric. Have a look at the 'price' of gold in €, or Yen, or £.

Thu, 02/21/2013 - 11:28 | 3263289 Irelevant
Irelevant's picture

Gold centric, we will look at the price of $, E, yen in gold. Golds value is constant.

Thu, 02/21/2013 - 11:24 | 3263261 Dr Paul Krugman
Dr Paul Krugman's picture

It isn't a joke, it is a fact.  The SEC and FINRA are the highest regulated bodies in America, more highly regulated than the medical industry, and if there was the blatant manipulation all of you assume there is, these bodies would have already put an end to it, like they did with Bernie Madoff and the LTMC scandal.

Thu, 02/21/2013 - 11:27 | 3263283 Doubleguns
Doubleguns's picture

Contract expiration Monday, almost there so the manipulation slows.

Thu, 02/21/2013 - 11:46 | 3263364 ebworthen
ebworthen's picture

Dear Dr. Krugman,

What about Jon Corzine?

Madoff is a guppy compared to that Great White Shark eating farmers and retirees with the help of J.P. Morgan Chase.


Thu, 02/21/2013 - 11:51 | 3263404 Dr Paul Krugman
Dr Paul Krugman's picture

If the Hon. Jon Corzine had done anything wrong, then how did Congress find no fault of him?

Thu, 02/21/2013 - 11:54 | 3263416 ebworthen
ebworthen's picture

Because they are all so honorable I suppose.

(I see your sarcasm, and I raise)

Thu, 02/21/2013 - 13:48 | 3263932 RiotActing
RiotActing's picture

Is this guy really this fucking stupid?

Thu, 02/21/2013 - 13:54 | 3263963 Againstthelie
Againstthelie's picture

No this is not stupidity, this is Dr. Paul Krugman. Show some respect!

Thu, 02/21/2013 - 14:01 | 3263997 RiotActing
RiotActing's picture

Doh, my mistake! Mr. Platinum Coin, please continue how the regulators are going to save us all....

Thu, 02/21/2013 - 13:52 | 3263956 Againstthelie
Againstthelie's picture

Hilarious. Have been laughing tears.

Hope to read more comments from you, Paul. ;)


Thu, 02/21/2013 - 13:59 | 3263987 silverserfer
silverserfer's picture

the jaded sarc troll s on this site are a dangerous group as for the few here  that "get it" are outnumbered by 50 genuinly smart people who are just starting to "get it" but read the comments as genuine and decide to pop another blue pill back in their mouth.

Thu, 02/21/2013 - 12:33 | 3263620 Bicycle Repairman
Bicycle Repairman's picture

"The SEC and FINRA are the highest regulated bodies in America"

LOL.  Regulation?  How did Basel II work out?

Regulation is there to be gamed.  I know.  I've done it.

Thu, 02/21/2013 - 11:21 | 3263249 RockRiver
RockRiver's picture

I like this. This is amusing.

Thu, 02/21/2013 - 11:42 | 3263351 ebworthen
ebworthen's picture

Dear Dr. Krugman,

I have some gold for your pants pockets, as long as you go for a swim over the Marianas Trench.

Thu, 02/21/2013 - 12:23 | 3263584 BigJim
BigJim's picture

What's wrong with tungsten? The fish will never know the difference.

Thu, 02/21/2013 - 19:40 | 3265261 Long_Xau
Long_Xau's picture

I agree. Although it is not nice to call a PhD. you don't personally know a fish.

Thu, 02/21/2013 - 12:31 | 3263613 The Continental
The Continental's picture

Are those rocks in your pants or are you happy to see me?

Obviously, you keep your rocks in your head.

Thu, 02/21/2013 - 13:21 | 3263824 MFLTucson
MFLTucson's picture

Sorry Partner, we dont trust any American agency to govern anything but the best interests of the courrpt banking cartel!

Thu, 02/21/2013 - 14:19 | 3263888 Kirk2NCC1701
Kirk2NCC1701's picture

My dear man, you're (conveniently) overlooking a small thing... called Facts and Preponderance of Evidence that is consistent with manipulation and counter to your, er, 'thesis'.

I don't know how much experience you have with professional trading, but Mr. Spock tells me that if a Fund Manager wanted to reduce his PM exposure, he would not "dump" his PM holdings.  Especially 20 minutes before the trading starts.  That requires some serious "string pulling" on the inside.  Rather, he'd sell a bit at a time, to prevent excessive price dips and to maximize his income.  He'd also vary the time of day, to cover his trail, lest someone see a pattern and "front run" him.  Even so, the typical exposure to real (primary) wealth in PMs in a mutual fund is miniscule, compared to its galactic exposure to fiat (tertiary) wealth.  Funds managers selling off are therefore not the Usual Suspects (with Motive, Means and Opportunity) that we are looking for in this CSI episode.  Last night's ZG article covers this nicely.

My dear man, all these facts are so obvious and blatant, that if you cannot or will not deal with them, then (a) any rational and objective person will question your agenda, (b) the Nobel Committee should ask you to give back your "Swedish Central Banker Prize" (Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel), and (c) your Alma Mater should take back your degrees.  It is that obvious and blatant.  Hold it... what am I saying... given how zealously you are running interference for the network of CB's, they will probably award you with a second prize.  ;-)

Of course, you could then go for a 3rd "Central bank prize" (Sveriges Riksbank Prize), by providing Starfleet with a thesis on how the Clingon and Vulcan integration into the New Galactic Order aka The Federation of Planets (the grown-up version of the earth's NWO) has increased the GDP (Galactic Debt Product) via its FRB (Fractional Reserve Banking), and created billions of trillions of New FRN's (New Federation Reserve Notes) in the Galaxy.  Hint:  The New FRNs are "sound as a pound", as they are anchored in a basket of real assets:  Dilithium Crystals (warp-drive energy source) and Latinum (precious metal).  The New BIS (Bank of Interstellar Settlement), located on planet Yerushalayim, handles all settlements of Federation and NGO currencies.  One Bank to rule them all, so to speak.

Let's chat and co-author:  My knowledge, and your central bank connections and branding expertise.  Kirk out.

Thu, 02/21/2013 - 14:12 | 3264015 knukles
knukles's picture

Outlaw it?
As in dictatorial powers?

I hereby suggest that you, sir, should be imprisoned in a gulag, far, far away as a risk to the economy and mankind.

What in God's name do you think gives you the right to decree upon others that in which they may or may not invest?

You are an atheistic, statist, fascist, sir.
By that very statement, a self-confessed danger to the freedoms of mankind.


Thu, 02/21/2013 - 17:28 | 3264852 thorgodofthunder
thorgodofthunder's picture

Absolutely correct.  The irony is that it doesn't really matter to 99% of the morons who haunt this forum because those fools have only invested their life savings, ie between $5000-$10000 in gold so they're all broke anyway.  Like I've been telling people since the stupid run up, the modern e-economy of the world has no use for rocks when we can wire billions anywhere on earth in seconds. 

As jewellery I think gold is worth about $1100 per oz they say.

Thu, 02/21/2013 - 11:27 | 3263280 auric1234
auric1234's picture

You have it wrong. Investment gold is exempted from VAT in all the EU since Y2K. You still pay VAT when buying silver though.


Thu, 02/21/2013 - 11:31 | 3263306 Irelevant
Irelevant's picture

Not around here. You pay VAT on all gold purchases, except when acquired as a financial investment. So if you want to buy bars from a jewler, or a pawn shop, you will pay VAT. How many banks in the EU sell physical gold? Can you name one? Only banks will sell VAT free gold in the EU. And they don`t.

If you are talking about paper gold I guess you can`t tax the paper of bankers :)

Thu, 02/21/2013 - 11:40 | 3263344 auric1234
auric1234's picture

No, it's European Comission mandate. It applies to all of the EU, including UK.

And yes I mean gold, not paper.


Thu, 02/21/2013 - 11:59 | 3263461 Acet
Acet's picture

As a buyer of physical gold (even though its hydrophilic qualities mean I keep loosing it in unfortunate boating accidents) I can confirm this: no VAT on Gold coins or Gold bars for investment.

Furthermore, at least in the UK there is no Capital Gains Tax on Gold as long as its in the form of Coins which are legal tender in the UK (the most common are Soveriegns and Britannias). Different countries have different rules when it comes to Capital Gains Tax on Gold.

You only pay VAT on Gold if you plan on making jewelery with it (note that the stated reason why coin sellers are forced to report purchases above a certain value is exactly to catch jewelery makers that are trying not to pay VAT).

Thu, 02/21/2013 - 11:51 | 3263402 Stuntgirl
Stuntgirl's picture

Irelevant, I'm in the EU and I'm buying bullion from regular stores (coins and bars) VAT free.

Investment grade gold is defined as 99.5% purity or higher, so in theory if you buy a 900 purity coin you'd have to pay VAT, but shops still offer it VAT free.

I AM seeing some shops misinform their clients, and add a "VAT" to their product which is just a premium they keep themselves.

VAT is always applicable on silver, except some countries have reduced VAT for silver coins. In those countries, andorra silver coinbars and cook island coinbars (1Kilo "coins") are popular.

If you are paying more than 5% over spot for gold, do a little web vendor research in Europe. Esp German sellers. (avoid swiss).

Thu, 02/21/2013 - 11:50 | 3263401 Acet
Acet's picture

Only for Silver.

There is no VAT for Gold.

Thu, 02/21/2013 - 13:05 | 3263758 debtor of last ...
debtor of last resort's picture

Only for 'industrial' silver (bars), not for coins and not for so called coin bars.

Thu, 02/21/2013 - 19:09 | 3265146 thisandthat
thisandthat's picture

HAHAHAHA - are you fucking serious, or do you even know where Europe is (hint: not Jupiter)?

If there's something that characterizes gold (bullion) market in Europe (Earth) is that it pays no taxes (as in zero, nada, 0% VAT), as opposed to silver, btw, which pays regular VAT, at around 20+% (unless it's actual currency, such as Andorra coinbars, which pays 7% VAT).

Go troll elsewhere.

Thu, 02/21/2013 - 10:16 | 3262975 The Thunder Child
The Thunder Child's picture

The buying pressure at these levels is ENORMOUS, strong longs are calm and unwaivering in their commitment. Just about everyone including me is putting an order in today and if they force the manipulation any more they will force a seperation of the paper and physical price.

Thu, 02/21/2013 - 10:20 | 3263002 SafelyGraze
SafelyGraze's picture

until the longs are out of dry powder

the question for printers is how to keep the dry powder out of the control of the longs

Thu, 02/21/2013 - 10:31 | 3263037 augustusgloop
augustusgloop's picture

except 'longs' & 'shorts' are just paper market words. somewhere in India some woman will have a gold chain put on her as a store of wealth. in some safe in hong kong someone is craving another bar. in some basement of some house in idaho a stacker is, well, stacking. and while vlad wrestles with siberian tigers, his finance ministers are bringing bullion back to mother russia by the traincar. 


let the printers flood.

Thu, 02/21/2013 - 10:42 | 3263089 fuu
fuu's picture

No margins no cry.

Thu, 02/21/2013 - 10:50 | 3263117 francis_sawyer
francis_sawyer's picture

how right you are... That was easy, wan'nt it?

Thu, 02/21/2013 - 10:51 | 3263118 francis_sawyer
francis_sawyer's picture


Thu, 02/21/2013 - 10:22 | 3263013 ArgentoFisico
ArgentoFisico's picture

came on! take silver to 10 euro! i want to buy a monsterbox for 5.000!

Thu, 02/21/2013 - 10:34 | 3263034 BLOTTO
BLOTTO's picture



No longs have exited because they know - 'what is what' and they just strut...and add to stack.


And if anything...(hopefully)...

New inspired souls that have awoken from their slumber join the assault on TPTB and begin their physical PM collection.


I would think its fair to say for us physical hoarders - their are more entering the game - then exiting. And those already in the game...are adding...

Lets get baked and smile.

Thu, 02/21/2013 - 10:21 | 3263003 q99x2
q99x2's picture

I fear ear hair in the rear wheel well.

Thu, 02/21/2013 - 12:02 | 3263480 Silver Bully
Silver Bully's picture

'Dark side always comes, when least expected'


Thu, 02/21/2013 - 10:16 | 3262988 LawsofPhysics
LawsofPhysics's picture

Wake me when the price in fiat drops below $300 and ounce and 12$ and ounce.  This is the dollar cost average on my gold and silver holdings.  Store of value and preservation of purchasing power bitches, nothing more.  One should only be a long term investor only if one expects to stick around for quite a while.

Thu, 02/21/2013 - 10:21 | 3263007 GetZeeGold
GetZeeGold's picture



Tell me the truth long was I in that coma.

Thu, 02/21/2013 - 11:10 | 3263195 SamuelMaverick
SamuelMaverick's picture

Yeah, and the price of a gallon of gas will be 79 cents / gallon and milk will be 90 cents / gallon.  TPTB really depend on the stupid emotions of the gold community.   This is called a buying opportunity.

Thu, 02/21/2013 - 10:01 | 3262900 Chupacabra-322
Chupacabra-322's picture

Yup, the Criminals got busted. 

Thu, 02/21/2013 - 10:05 | 3262931 GetZeeGold
GetZeeGold's picture



"I know it was you, Fredo."

Thu, 02/21/2013 - 10:23 | 3263018 Fredo Corleone
Fredo Corleone's picture

You know, I found out afterwards that Johnny Ola actually worked for Goldman. Never trust those guys.

Thu, 02/21/2013 - 10:13 | 3262977 unwashedmass
unwashedmass's picture


by whom?  the government, the Fed, they are all in on it. so who is going to bust 'em? 

Thu, 02/21/2013 - 10:19 | 3263000 Mad Mohel
Mad Mohel's picture


Thu, 02/21/2013 - 10:01 | 3262901 Dr. Richard Head
Dr. Richard Head's picture

Come to think of it, Bernanke is really the orginator of Slam Dancing.

Thu, 02/21/2013 - 10:01 | 3262902 mdtrader
mdtrader's picture

It's time for USD/Yen to get crushed now. 85 here we come as people sell their winners to pay for pain elsewhere.  :-)

Thu, 02/21/2013 - 10:01 | 3262903 new game
new game's picture

should rebound after fear trade abates.

dollar strong as headwind

new range being established?

extra cash awaiting confirmation...

rather pay a little more with tailwind.

Thu, 02/21/2013 - 10:02 | 3262906 eigenvalue
eigenvalue's picture

Don't worry. The selling will come. Gold and silver will be pummelled until they become arsewipe...


Thu, 02/21/2013 - 10:25 | 3263029 homersimpson
homersimpson's picture

If you can wipe gold with your arse, you have bigger problems to worry about than posting silly comments on ZH.

Thu, 02/21/2013 - 10:41 | 3263085 CvlDobd
CvlDobd's picture

Brian Wesbury tried some @zerohedge shit talking yesterday on Twitter regarding gold. That would generally be considered a positive for us stackers.

Thu, 02/21/2013 - 10:59 | 3263147 tmosley
tmosley's picture

*PAPER gold and silver


Thu, 02/21/2013 - 10:02 | 3262907 rogeliokh
rogeliokh's picture

Looks like they'll start doing it just about now..

Those f*ckers never get tired spending freshly printed money.

Thu, 02/21/2013 - 10:02 | 3262908 JustObserving
JustObserving's picture

Give it a few minutes.  This fraud is eternal.

Thu, 02/21/2013 - 10:07 | 3262952 Boston
Boston's picture

I hope so. I was really looking forward to my order for Maples to be filled at 1550.

Thu, 02/21/2013 - 10:53 | 3263112 somethingisrotten
somethingisrotten's picture

I gave in and bought my first batch of Maples yesterday at 1622.  I have a few razor cuts, but they will heal fast once they feel those beautiful coins.  My next order will be if they reach 1562.

Thu, 02/21/2013 - 10:02 | 3262909 Croesus
Croesus's picture

Since THEY say:

1. It's a barbarous relic.

2. It has no real value.

3. The top is in.

4. You can't eat it.

That sort of proves to me, all the reason I need to accumulate more of it. Just like a woman, watch what they DO, not what they SAY.

If it has no value, why are central banks buying it?

Why does the BoE and the Fed have to put on 'dog-and-pony' shows such as BS Audits and Inspections by the queen?

Why are they so desperate to hammer the price down?

Governments here, there, and everywhere have been lying to us little people since the dawn of time. That being the case, what rational mind would believe they're telling us the truth about Gold?


'Nuf Said.

Thu, 02/21/2013 - 10:18 | 3262996 MissCellany
MissCellany's picture

Excellent points. And...if it has no value, why do central banks like the Bundesbank want it back in their own vaults?

Thu, 02/21/2013 - 11:10 | 3263193 Captain Benny
Captain Benny's picture

The bernank says its a German tradition.....

Thu, 02/21/2013 - 11:26 | 3263276 BigJim
BigJim's picture

I'm going to miss Ben. 'The Yellen' just doesn't have the same ring to it.

If she's as expansionary as The Bernanke - yes, it is possible - then we'll have to think up a new name for her... given the effect further printing will have on the price of our favorite shiny, I elect we call her 'Ol' Yeller' in its honor.

Thu, 02/21/2013 - 10:22 | 3263014 Mad Mohel
Mad Mohel's picture

It's a game of three-card monte, except the back alley dealers have more integrity.

Thu, 02/21/2013 - 10:40 | 3263067 eclectic syncretist
eclectic syncretist's picture

Additional points to consider.

1.  The daily knockdowns are so brazenly manipulative that they smell of a sense of desperation on the part of the manipulators.  The either don't care that you know or they want you to know that they are trying to beat it down on a regular basis.

2.  It is possible that taxpayer or client funds are being used for the takedowns, while the manipulators are quietly acumulating for themselves.

3.  At some point the takedowns will stop working, whereupon a turnaround could be sudden and sharp.  Forget currency wars and consider the prospect of a foreign central bank stepping in to buy up the smackdowns and then take delivery of physical.

4. Call:put volume ratio for SLV jan 2014 was 7:1 yesterday

Thu, 02/21/2013 - 10:55 | 3263134 a growing concern
a growing concern's picture

Why did JPM pay $300 million for a building in London to house it?

Thu, 02/21/2013 - 11:12 | 3263205 Captain Benny
Captain Benny's picture

Because Unlimited rehypothecation is illegal everywhere else.

Thu, 02/21/2013 - 11:29 | 3263292 BigJim
BigJim's picture

because they have to store the IOU's somewhere safe.

Thu, 02/21/2013 - 10:03 | 3262911 billwilson
billwilson's picture

9-9:30 am seems to be a daily source of weakness .... and today here it comes again.

Thu, 02/21/2013 - 10:08 | 3262954 new game
new game's picture

fear is swirling amongst the mush brains...

shalom leading the charge to the edge of the cliff.


Thu, 02/21/2013 - 10:04 | 3262912 SilverDoctors
SilverDoctors's picture

.20 drop just kicked off.  Monday is options expiration in gold and silver, so the raids might not end for a few more days.
Eric Sprott says those standing for March delivery just might take the cartel to their knees!

Thu, 02/21/2013 - 10:05 | 3262929 Stuart
Stuart's picture

The house IS the Casino. 

Thu, 02/21/2013 - 10:07 | 3262947 EscapeKey
EscapeKey's picture

No drop today? Surely this criminal behaviour (lack of drop) should be investigated and those reponsible go to jail.

Thu, 02/21/2013 - 10:07 | 3262949 eigenvalue
eigenvalue's picture

People have been saying this for years. It's waiting for Godot. The cartel will never be defeated in your life time.

Thu, 02/21/2013 - 10:16 | 3262986 Raymond Reason
Raymond Reason's picture

Not by us, but give them enough rope...

Thu, 02/21/2013 - 11:16 | 3263223 SamuelMaverick
SamuelMaverick's picture

It is not about defeating the cartel. It is about pre positioning yourself in gold and silver for the time when the cartel decides to take the long side. Fuck trying to time when it will happen, and relax.

Thu, 02/21/2013 - 11:33 | 3263318 BigJim
BigJim's picture

+1 for "People have been saying this for years."

-2 for "The cartel will never be defeated in your life time." - how the fuck would you know, Nazihamsterineinembraunenhemd?

Thu, 02/21/2013 - 10:21 | 3263010 new game
new game's picture

are you forgetting about corzine - delivery of what? ask Gerald how that worked out.

fuck the futures-take phys. delivery now-better yet go get it...

Thu, 02/21/2013 - 10:03 | 3262914 Sandy15
Sandy15's picture

Inflation was rearing it's ugly head, so The Bernack had to slam it down for days to keep inflation under control............  Go buy gas or food you moron Bernack!!!  INFLATION is happening and has been for four years..............


Think I'll print my own to pay my bills since he is killing my savings account with low interest rates.....

Thu, 02/21/2013 - 10:04 | 3262921 unwashedmass
unwashedmass's picture

They are so far out on the paper edge now, maybe even they are dizzy. 

Thu, 02/21/2013 - 10:04 | 3262922 mrdenis
mrdenis's picture

Must be this headline that has Gold & Silver with a bid ......Corzine could be banned from trading ....

Thu, 02/21/2013 - 10:21 | 3263008 toys for tits
toys for tits's picture

From mrdenis' link:

“The NFA has issued 134 lifetime bans since 2008,” Koutoulas said. “Corzine has done more damage to the industry than all of them combined.”


He can't trade from jail, can he?

Thu, 02/21/2013 - 11:34 | 3263325 BigJim
BigJim's picture

His ass for cigarettes?

Thu, 02/21/2013 - 10:07 | 3262932 francis_sawyer
francis_sawyer's picture

There was a chart gap on $SLV from back in August... That gap is filled now ~ I'd guess it prints a few more days around this number to fnally put it in the rear view mirror... [Chart gap at the about the same level back in January 2012]...

Thu, 02/21/2013 - 10:12 | 3262971 new game
new game's picture


yes sir and awaiting for follow thru. to add phys silv incrementally 20/oz tubes, but as stated not to previous levels.

adding the sign of taurus after talking to smith and confirmed by cz of usa...

Thu, 02/21/2013 - 10:45 | 3263027 francis_sawyer
francis_sawyer's picture

Those chart gaps stick out like sore thumbs... There was another [somewhat] of a gap at this same level when $SLV crossed under [in May 2012]... The bottom line is there's not a lot of PAINT at this level... My guess is that when it gapped up at this point back in August, they decided to let it run through the elections & January opex... Then, I'd guess when it got to its peak during that timeframe, they banged PUTS [for Feb]... & when that option hits, they'll sell the contracts [to themselves], putting paper profits on their ledgers & phyzz in their pockets...

We're here a few days early, so I guess a little tape painting for a few days... All in all I'd consider this move bullish for phyzz holders... [These levels may be the low for the year]... Assuming it passes this 'paint test' ~ I'd give about 1:1 odds that it hits $50 again this year [as well as a maybe 1 in 4 chance that it hits $80 in 2014]...

Thu, 02/21/2013 - 10:55 | 3263131 new game
new game's picture

i will go the conservative valuation route-follows inflation of gas and food (primarly) unless a swan arrives...

my caution to add slowly is based on fed policy and painting to a corner. this knee jerk tellecasts moves paper dramtic, creating these add opps...

Thu, 02/21/2013 - 11:50 | 3263346 francis_sawyer
francis_sawyer's picture

They're trying to control something that they have zero hopes [in the long run] of ever controlling... The best thing, I believe, that they will have moderate success in accomplishing is to create a scenario whereby people become bored & distracted... May 2011 until now has been exactly that sort of period [especially in light of the fact that they've been able to 'walk the S&P up' during the same timeframe...


I'm fairly that a very fast price ris is capable of occurring [again], whereby, it goes so fast, Joe Public never really gets on board... It would be followed by yet another, long, threshing out, period... In any case ~ if I'm correct about this... TECHNICALLY ~ both $50 & $80 are possible targets...


You say you like to use "food & gas" metrics... I don't disagree, but when it comes to those two things, POLITICS plays a huge role... The only 'political' matter of consequence [in theUS ~ from now until 2017] would be the 2014 mid term elections... For an incumbent in office to retain support, it's the 'TRENDING' feature that's important... So basically, from here, we have around 20 months until the 2014 mid-term elections... You'd want INFLATION [lol ~ I use that term loosely], to be perceived to be going DOWN is at least the last 6 months of that... Which means, from today, you have 14 months to 'allow' inflation to get outta hand, get everybody freaking out... &, of course, to have our 'savior in chief' to concoct a new plan to put the genie back in the bottle just in the nick of time...

How lucky we are to have brilliant minds at the timone...

Thu, 02/21/2013 - 10:05 | 3262934 astoriajoe
astoriajoe's picture

they did so well yesterday the boss gave them the morning off?

Thu, 02/21/2013 - 10:40 | 3263077 PowerzThatB
PowerzThatB's picture

Money never sleeps Bud Fox

Thu, 02/21/2013 - 10:05 | 3262935 VonManstein
VonManstein's picture

it is no coincidence that Gold Silver are printing reversal candles at the same time as equities. First stage of pump and dump approaching completion.

We get a bigger dip from here ES then spike violently up and destroy all bears then the top will be in.

Metals are botoming obviosuly and will begin to move higher with the USD and then as USD reverse.. very soon 82? ... metals and stocks will launch higher..

Then ES will start topping and metals will just keep running.

Something like that anyway

Thu, 02/21/2013 - 10:05 | 3262936 Central Wanker
Central Wanker's picture

Volume is quite high, but it doesn't have too much effect on the price. Too many buyers waiting for the naked shorts?

Thu, 02/21/2013 - 10:53 | 3263126 toady
toady's picture

Yes. Just about EVERYBODY is looking to buy. Too many buyers.

Thu, 02/21/2013 - 10:06 | 3262938 Cognitive Dissonance
Cognitive Dissonance's picture

Mission Accomplished. PM's beaten down. Time to activate buy programs.

Thu, 02/21/2013 - 10:58 | 3263145 kralizec
kralizec's picture

I'm stacking as fast as I can, Captain!  The cargo hold canna take any more!  But, I do have an idea that might just work!  - Scotty  ;)


Thu, 02/21/2013 - 10:06 | 3262946 Confundido
Confundido's picture

Wait till 10:30am

Thu, 02/21/2013 - 11:29 | 3263294 Greshams Law
Greshams Law's picture

Wow. You were right. Look at it go.

Thu, 02/21/2013 - 11:44 | 3263353 SillySalesmanQu...
SillySalesmanQuestion's picture

The only green arrows on the board...oooops forgot the VIX.

Thu, 02/21/2013 - 10:07 | 3262951 Lost Wages
Lost Wages's picture

The silver chart has looked like a battle royale at times. I've watched the price hold relatively steady for minutes at a time while the volume skyrockets. Lots of back & forth.

Thu, 02/21/2013 - 10:08 | 3262955 Mugatu
Mugatu's picture

I have been riding this downmove with DUST, but I think we are due for a 1-3 day move back up to 1580-1590.  Its time to suck in premature BTFD'ers.  Once they have done that, they will resume their fraudulent game.

Thu, 02/21/2013 - 10:10 | 3262965 LoneStarHog
LoneStarHog's picture

It has already been manipulated down to exactly where it needs to be for next week's COMEX Expiry.

Thu, 02/21/2013 - 10:12 | 3262974 orangegeek
orangegeek's picture

Euro markets are down (at the moment) 1.5-2%.  US Dollar is up.  Other big four currencies are down - exception JPY.


US Dollar remains key.


If USD continues to climb, there will be downward pressure on indexes and commodities.

Thu, 02/21/2013 - 10:14 | 3262982 trollin4sukrz
trollin4sukrz's picture

damn.. I want it to go to 6 bux again so I can afford one.. ounce.. *sigh*

Thu, 02/21/2013 - 10:16 | 3262987 TahoeBilly2012
TahoeBilly2012's picture

"Luke, join me on the dark are my son Luke..."

Thu, 02/21/2013 - 10:17 | 3262990 new game
new game's picture

the coffee, the chat, the fun it is when "one can honesttly say I don't really give a flying fuck"...

whatever happens happens and i'll deal with it.

Thu, 02/21/2013 - 10:17 | 3262994 Kaiser Sousa
Kaiser Sousa's picture

all i know is that on last weeks phony paper price stomp by the bitch ass sociopaths bankers i added another 20 Sunshine Minting Comp. shiny rounds to the collectives stack...

and again yesterday which my dealer who is in the biz not just for the profit but for "the cause"...he even let me lock in yesterdays phony paper price and pick up and pay next Friday....



Thu, 02/21/2013 - 10:42 | 3263090 Seasmoke
Seasmoke's picture

Guess he thinks the price will continue to drop.

Thu, 02/21/2013 - 10:57 | 3263138 Kaiser Sousa
Kaiser Sousa's picture

not sure if that was meant to be sarcastic or an affront....dont matter man...

it will be bought until its true intrinsic value is realized...and unlike the dollar at zero, its far north of that....cheers

Thu, 02/21/2013 - 10:21 | 3263009 CDNX fan
CDNX fan's picture

Stackers of the world - UNITE! The evil banksters are playing games designed to have us switch our stacks to NFLX and GOOG.

Revolt is nigh!

Thu, 02/21/2013 - 12:56 | 3263701 eclectic syncretist
eclectic syncretist's picture

I'm buying!  I'm buying!

Sorry, I always get a bit giddy when I get more silver.  After that I just feel better. 

first it's this

then it's this

Thu, 02/21/2013 - 10:24 | 3263023 Oldwood
Oldwood's picture

Follow my lead, NOT. As a conservative in pretty much everything I do, I will never invest in something until everyone else has already done it. Yep, thats right, I always buy at the top of the market, and yes, you guessed it, sell at the bottom. I finally broke down and bought twenty silver eagles at a gun show a few weeks ago at $35/each. I'll take the blame...I crashed the silver market. As I'm soo tired of watching this mess continue I'm considering getting into the stock market in a big way. Yes I know I will crash the damn thing and lose everything, but I can't wait anymore. I'll likely end up losing it all waiting anyway. I know a lot of others here feel the same way. If you would help me cover some of my loses in this kamikazi attempt, It would be appreciated!

Thu, 02/21/2013 - 10:40 | 3263076 lakecity55
lakecity55's picture

Hmmmm, I wonder if you got the Ag I traded at the gun show for a product.

Thu, 02/21/2013 - 11:05 | 3263180 toady
toady's picture

When I worked at T I knew a guy who did that. The stock shot up to 90, 95, and he bought in big. "It can only go up from here!"

Then,every day, if it was down he sold some, if it was up he bought.

Three months later T was 30-40 something and he was out a couple hundredK..

They still call him ol' buy high, sell low Billy.

Thu, 02/21/2013 - 10:25 | 3263028 buzzsaw99
buzzsaw99's picture

It's only manipulation on the down days. :roll:

Thu, 02/21/2013 - 11:25 | 3263271 Confundido
Confundido's picture

Well, why on earth would it also only take place at 8:20 am ET? Over to you...

Thu, 02/21/2013 - 10:26 | 3263030 lakecity55
lakecity55's picture

We should have a livecam of the Comex or something. This is more exciting than Doner.

Thu, 02/21/2013 - 10:26 | 3263036 azzhatter
azzhatter's picture

I don't even pay attention to the pricing in the markets. I just keep buying and stacking. How do you explain something where demand is going up and price is falling? Fuck these manipulative pricks. I know my shiny stuff will always have value. Can you say that about green little pieces of Bernanke printed toilet paper? FUCK YOU Bernanke

Thu, 02/21/2013 - 10:28 | 3263043 Downtoolong
Downtoolong's picture

Got to check the mail for subpoenas first.

Thu, 02/21/2013 - 10:33 | 3263055 Moe Howard
Moe Howard's picture

The central bank known as "Moe Howard" has been BTFD.
However, dry powder is running low.

Thu, 02/21/2013 - 11:14 | 3263212 toady
toady's picture

Just the opposite here Mr. Howard. I've been stocking in ammo & dry goods, and saving for a couple months. I may be able to get 4 oz with a little more downward motion.

Nyuk nyuk nyuk.

Thu, 02/21/2013 - 10:36 | 3263063 astoriajoe
astoriajoe's picture

I saw this sign the other day in a local jewelry shop window in Chinatown.

Stackers Welcome



Thu, 02/21/2013 - 10:39 | 3263072 hedgelessWhoresMan
hedgelessWhoresMan's picture

Maybe there's a sequester deal in the works.

Thu, 02/21/2013 - 10:43 | 3263094 slackrabbit
slackrabbit's picture

I think these guys are realsing that for them its about their jobs, for us its about liberty.

Sorry Ben but as you've proably figured out by now, we wont back down!




Thu, 02/21/2013 - 11:09 | 3263096 Caveman93
Caveman93's picture

<<<< High School Diploma Only

<<<< Formally Educated College Graduate


Simply put, this is selling massive amounts of paper to manipulate the prices to a discount on physical. Then, the TBTF nations of the world as well as the TBTF central banks can purchase massive amounts of physical right before the SHTF. Hold fast.

Thu, 02/21/2013 - 10:44 | 3263100 larz
larz's picture

I am disappointed I cant buy at any lower prices than this CB's really do suck they are WORTHLESS

Thu, 02/21/2013 - 13:04 | 3263754 eclectic syncretist
eclectic syncretist's picture

Yeah, then we could all buy proportionally more. 

Thu, 02/21/2013 - 10:48 | 3263106 paddy0761
paddy0761's picture

With options expiry on Monday, expect GLD to close sub 160 and SLV to close sub 30. That is pretty much a given. It is all that is required to inflict maximum option pain - they have provided themselves a nice, safe buffer at current prices. The criminals are having a bit of fun running the stops beforehand. PM sector sentiment is as bad as I can remember, and I've been around quite a few years. The longs have not only thrown in the towel, they've thrown in the chair, the bucket and the trainer.

Thu, 02/21/2013 - 10:52 | 3263125 Irelevant
Irelevant's picture

Are you talking about the masochists that trade in these crooked markets? You are talking about paper gold, for us its not a paper play, its a physical play. We know they can print GLD certificates, can they print physical gold?

"Think that I a fool, because I trade gold for thousands US an oz.?
You will think much on this in the future." -ANOTHER

Date: Sat Oct 18 1997 21:04

The Deal:

We ( an oil state ) now value gold in trade far higher than currencies. We are willing to use gold as a partial payment for the future use of "all oil" and value it at $1,000 US. ( only a small amount of oil is in this deal ) And take a very small amount of gold out of circulation each month using its present commodity price.

If the world price can be maintained in the $300s it would be a small price for the west to pay for cheap oil and monetary stability.

The battle is now between CBs trying to keep gold in the $300s and the "others" buying it up. In effect the governments are selling gold in any form to "KEEP IT" being used as 'REAL MONEY" in oil deals! Some people know this, that is why they aren't trading it,, they are buying it.

Not all oil producers can take advantage of this deal as it is done "where noone can see". And, they know not what has happened for gold does not change in price! But I tell you, gold has been moved and its price has changed in terms of oil! For the monthly amount to be taken off the market has changed from $10 in gold ( valued at $1,000 ) /per barrel to the current $30 in gold /per barrel still valued at $1,000! Much of this gold was in the form of deals in London to launder its movement. Because of some Asians, these deals are no longer being rolled over as paper!

Thu, 02/21/2013 - 10:49 | 3263113 TahoeBilly2012
TahoeBilly2012's picture

50 cents a day (silver drop) keeps the default away!

Thu, 02/21/2013 - 10:55 | 3263135 kchrisc
kchrisc's picture

They are pushing gold and silver down in prep for the bombing of Iran.

They will then ride the wave up, then sell and use the "profits" to control and push it back down post-bombing.

They can't afford for the canaries, gold and silver, to get loose in the coal mine.


Thu, 02/21/2013 - 15:22 | 3264262 The Heart
The Heart's picture

"They are pushing gold and silver down in prep for the bombing of Iran."

Now how would you know that? Do you work for Odigo?

It seems that the really smart people know that after the puppet apartheid regime does something horrible in Iran, having all the gold in the world will not do any good in a world where there is nothing left to trade the gold for. What does irradiated gold sell for anyways?

Thu, 02/21/2013 - 11:47 | 3263379 Hongcha
Hongcha's picture

I covered everything this A.M. to get back to even for the year:

Covered SPY short;

Sold long gold, sold long silver.

I have no idea what is going to happen next.  My best visibility is at the Au and Ag window and alas, although I believe in both sectors I also think the bottom is not in and the great support line will be breached with gusto to run the many juicy stops there.

Thu, 02/21/2013 - 11:59 | 3263465 Bansters-in-my-...
Bansters-in-my- feces's picture

Silver Lease Rates 12:36 Am Feb 21 2013 Change 1M -0.2983% -0.3400 2M -0.2545% -0.3100 3M -0.2109% -0.3000 6M -0.0371% -0.2800 1Y 0.2585% -0.2900

Lease Rates 8:30 am Feb 21 2013 Change 1M 0.0417% +0.0000 2M 0.0550% -0.0005 3M 0.0881% -0.0010 6M 0.2414% -0.0015 1Y 0.5460% -0.0025

Watch your asses in silver,the lease rates went negative in the middle of the night so the night bankers could load up on cheap (payed to take) silver. The bottom chart is latter and if you missed the midnight chart you would not know the silver lease rates had went negative bigtime over night and back up in the morning.


Thu, 02/21/2013 - 12:02 | 3263479 Montezuma
Montezuma's picture

What is this? When Soros says he is dumping goal price blummet... Still got it I see?

Thu, 02/21/2013 - 12:04 | 3263489 Bansters-in-my-...
Bansters-in-my- feces's picture

thats a NEGATIVE  -0.3400 % on the one month lease rate for silver on the lease rate data on my last post.

Think anyone took them up on it....?

Thu, 02/21/2013 - 12:07 | 3263504 pan
pan's picture

Come on Blythe.  I want to buy more!

Thu, 02/21/2013 - 12:16 | 3263552 earnulf
earnulf's picture

So let's see, Silver and gold have increased in value from $4 and $300 to $28 and $1600.   Over the same period, the cost of gas has gone from $1 to $4, bread from 45 cents to $2.50 and minimum wage from 2.35 to 7.25.

What used to take two hours of work to purchase an ounce of silver, now takes four hours.   Or to put it another way, my ounce of silver gets four hours of work where it used to get two.

That silver ounce now buys 11 loaves of bread instead of 8 and 7 gallons of gas instead of 4.

Yep, there's your "wealth retention" along with one hell of a dividend!    Got Physical?

Thu, 02/21/2013 - 12:18 | 3263568 Silversinner
Silversinner's picture

                counterparty risk:

Stocks       company goes broke,printing of shares,marketcrash,

                exchange rate,dilution of underlying  currency,legal

                problems,bad management,boycott,political risk.

Bonds        gouvernment goes broke.rising intrest rate,dilution

                 of currency,tax

Real estate  natural disaster,tax,divorce

Real estate

with mortgage    rising intrest rate,not being able to pay mortgage(jobless)

Gold          theft

We all know how to hedge against theft and that transfers the

risk of theft to the risk of dying; the one wich can not be hedged.


Thu, 02/21/2013 - 12:31 | 3263614 jtlien
jtlien's picture

Uncle Ben is sitting on a pile of gold plated tungsten bars that have been resold as gold ten times over.

He printed up some fiat so that he can finance some paper gold short sellers and thier chain of paper derivatives streching to the end of the earth.    Now that the price is lower he can possibly convince some real gold holders to cough some up at these prices.   Good luck with that.

If I were the German Fin Min I watching this show, I would get on the horn and demand the real McCoy now.

Thu, 02/21/2013 - 12:34 | 3263621 Dre4dwolf
Dre4dwolf's picture

People are probably selling their paper off and buying the physical metal , makes sense seeing how the mint is completely out of silver, the SLV and SPOT PRICE is completely different at this point.

Thu, 02/21/2013 - 13:04 | 3263746 resurger
resurger's picture


Thanks for keeping an eye on this  ZH

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