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Silver Surges As Dow Hits New-er Record
Another day, another highest ever close for the Dow. However, away from the silliness of that index, the S&P scraped a small gain and the Nasdaq a small loss as volume and the day's range was its lowest in two weeks. Treasuries were weak, adding around 3-4bps on the day (10Y 1.94%), now up 10bps on the week - catching up to equities. The S&P was unable to get away from its VWAP today and churned as HYG (high-yield credit) closed red and VXX (vol) closed green in the face of equity's positive drift. Silver jumped 1.25% on the day (and Gold about half that) back over $29 in the face of USD strength (driven mostly by JPY weakness). It seemed today was a catch-up day for the rest of risk-assets as arbs dragged bonds and FX carry markets up towards equities. Spot VIX hardly moved from its 13.5% opening as it is quite clear protection of gains as opposed to adding is the name of the game here for now.
Trannies are down around 1% from their opening highs today but all the major US equity indices are clustered together +2.25% to 2.6% on the week...
VIX not playing along as it seems hedge your gains is the new normal...
as the S&P holds it up-trend channel...
Treasury yields have caught up to equities once again...
Silver (and Gold) gaining on the week...
even as the USD gains (on the back of JPY weakness)...
Charts: Bloomberg and Capital Context
Bonus Chart: Why not just take a year off from the epic roller-coaster of the 1980s precursor...
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Silver still below $30 is still somehow good?
There's so much "paper" falling on the floor. It's gonna take a major market reset to clear this mess the bernank has created.
It's going to keep surging tonight too as Asia comes online.
Watch Live: http://www.pmbull.com/silver-price/
For those in paper funds, they haven't collapsed yet, so enjoy your gap up tomorrow. Consider trading them in for some real metal now.
For those in physical, your stack appears to be a bit more shiny tonight!
"Surge?" wtf
For real action, see bitcoin @ over 40 bernanks
http://blockchain.info/charts/market-cap?showDataPoints=false×pan=a...
I prefer storing wealth in something real and tangible, not paper and certainly not digital bytes that nobody understands, or something that can disappear when the electricity grid fails, or when Obama pulls the plug on the Internet.
As for a recent surge in bitcoins, I don't invest while looking in the rear-view mirror. Silver could be starting its move, while bitcoins could be in the process of a blow-off top. Whatever they do in the short-term, I'm certain the precious metal will have longer staying power than some complicated invention of some computer nerds.
ZH-er Dr Paul Krugman must be shiteing in his pants!
Hey, Doc! +/- Saturday I will write a piece that will ruin yr day! LOL!
Paul Krugman is eat fake Sushi, now is uncontrollable anal discharge. Must attend doctor and send pants for laundered. Doctor employ nurse and dry cleaner is employ staff. Doctor, nurse, laundry man, and driver is all pay bills and purchase groceries. Economy is boom! If Paul Krugman eat more sushi, maybe is total fix economy, no!?
Good for you. Stay away from bitcoin then.
Bitcoin can be traded for drugs and porn anonymously away from drones and the Bernanker. Therefore demands a premium.
you use cash for that. not bitcoins.
The cops love confiscating cash during drug raids. Bitcoins, not so much.
Today a violent move took place, and I *wasn't* on the receiving end of it. This is good. I'll admit to having been reduced to cheering for any beating in my vicinity that doesn't have me as the target.
slaughterer: yes.
Anything above the $8 an ounce dollar cost average on my physical is just fine with me. Winning by attrition is never pretty but sometimes necessary. Fuck you Bernanke.
this is a deflation for most of us. whoever loses least wins.
Hi - Ho Silvar, awaaaaayyy!
Are you buying or holding?
The price will be surpressed
http://www.youtube.com/watch?v=-ndJi9-dHNk
Thanks, interesting video.
While it is too soon to say, silver and gold could have started today, one rebound. Silver reached the bottom of the price channel and started up (in SLV this is very clear). SLV faced its next resistance level at $ 30.00 approx .. GLD could drop a bit more, (although it would not be necessary) before bouncing. If you look at other indices as NUGT, appreciate the support level was successful. If so, we will see the start of a climb.
Yes and no. It's cheap, but not as cheap as it could be.
The problem is we really forgot what is real "surge" means.. Those f*ckers totally controlling Price of Silver and GOLD nowadays. It cannot just go up, while many attempts was made. What they are trying to achieve? Sell all Gold/Silver for cheap to Chinese, Russians, Indians, Koreans? It's just ridiculous watching how those idiots trashing Paper Gold during US session, so Chinese can get a SALE overnight paying $20+ Premium.. What is the point, f*ckers? I guess the are completely f*cking lost at this point, they don't even care.
Why no post on Rand Paul's filibuster?
There's an article about it on the Washington Post, and the fucktards posting comments make me want to pull my hair out. It amazes me how completely blind the Left is when it comes to Obama's destruction of civil liberties.
Republicans were the exact same with Bush, and I understand that Dems think the Pubes are now a bunch of hypocrites, but that doesn't give them the right to excuse Obama and Holder. They blasted Bush and the Republicans for far less. Tyranny is tyranny; it's not a goddamn team sport.
Cognitive dissonance, double-think, call it whatever you like, but the partisan sheep in this country will be the death of us all as they cheer on their own slaughter.
+1... I'll drink to that, Big Mc.
rand is a zionist tool just angling for a few tea-bagger votes
I haven't really been impressed with him in a while, but what I find most interesting is the Left's reaction to him standing up to Obama. They really can't handle it at all.
There's this whole "How dare he?!" vibe going on, and I guess it's somewhat amusing, but their slavish devotion to their party and president is ridiculous and borders on insane. Deep in their pea-sized brains, they know they'd be in the streets calling for blood if Bush and his AG acted like Obama and Holder.
Comparing Bush to Obama is idiocy.
Yes, they're both idiots.
So USH3 still getting slammed.. as it has for weeks and as has been very obvious to anyone that isn’t completely in awe of ben and believe market forces will assert themselves on the weaker party.
No one buys this shit other than the fed. There is no way to stop rates rsing other than blowing the market. Which is likely and will work for about a weak or two... then TSY will follow.
Its all over fro the US Imminently. Your president has made you the laughing stock of the world.. Europe, Russian and China are very aware of your weakness and are taking action between themselves.
I will tell you all again
US assets.. USD SPX NAS DJI USH3 are all in various stages of the same top. They are all going to get smoked this year
and 1.25% in Silver is not a surge. That would 10%, which is on the way
You referring to all those bilateral trade deals that don't require the USD for settlement? All those deals indicating the slow death of the USD's reserve currency status? And what that will mean for the Treasury market? It's considered bad form to point those things out, as it might undermine the public's confidence, and their belief in the story they're being told.
The public? Ha! Most of 'em can't even read a simple chart. They deserve what they get.
Dow down 50% against gold since last record Dow in October 2007
By Mark O'Byrne | March 6, 2013
In gold terms the DJIA has fallen from above 18 to 9.05 today and this clearly shows how the DJIA is not a good barometer for the health of an economy – especially one completely dependent on ultra-loose monetary policies.
Indeed, Rocky, and let's not forget that the Dow is a constantly redefined, cherry-picked metric which in NO way represents a stable, unchanging basket of major equities, as those companies that decline or go bankrupt are continually removed from the DJIA while newer, rising up-and-coming businesses replace them. To even talk about THE Dow is specious, as in fact there IS not, and never has been, any single "the Dow".
What would the value of the Dow be today if just GM, Kodak and CitiGroup, for example, were all still components of Dow, as they all were up to several years ago, and had not since been replaced by other, stronger companies?
Hey! Hey you! Stop trying to pull back the curtain mister!
Wrong column!
Ha. Right now the paper is hitting the floor, but when the reset comes in the form of surging interest rates, then we will see the bodies hit the floor. Or more like the pavement, as more bankers follow the lead of that Italian banker from Monti.
So now a few dimes is a surge? Really?
Anyone remember, madTV or SNL, "Lowered Expectations" ?
Is that the dating game we're playing now?
Unfortunately. The thing we have to watch for, according to Larry Edelson, is the $1527.00 price of gold. That was the last major low. We believe the DOW/S&P will eventually catch down to materials. If that occurs look for more gold/silver selling and look for that support at $1527 to be tested. If it breaks we could see a big move down. He thinks $1400 would be the bottom. I think 1475. I hope he is right. Right now it is something to watch for those of us sitting in the bleachers.
Gold is up on it's way to back over $1600
...and quite a ways beyond that.
Then you think the DOW is headed higher over the next few months. I dont. AND if I'm right then gold is dropping closer to 1500 then 1600.
None of us knows for sure. Unless you have a crystal ball. All I said is what I think and it gives me something to watch. I am not selling. But I am waiting to buy like the rest of us, so lets hope Larry is correct.
Even if you buy at 1600 at it does drop to 1400, then you still have not done anything wrong when gold eventually goes far past its long overdo inflation adjustment. Right now, I am a spectator in this market, so it will be an interesting time. Regardless of who turns out to be more correct.
I have a crystal ball and I can clearly see gold moving up sharply from here. Silver will do better over the short term though.
can you put your money where your balls are and make a wager?
I'll not take investment advice from someone who does not know the difference between then and than!
This is not a grammar/spelling post moron. If you were being graded on intellect, you would score in the retard level. Like I say to the other unwise asses, If you can not process a logical and thoughful response then just vote the person down if you disagree, otherwise shut your hole and allow others to post what they want regarding investment outlooks. You can disagree without being a wise ass. But since you have a deficiency in your pre-frontal cortex, you can not come up with a thoughtful response. You just blurt out your retarded thoughts and try to insult. You are a mental midget.
ANYTIME, ANYWHERE YOU COWARD.
gold up, dow DOWN, same time.
Just like last time - easily gold to 2400/oz with Dow to 11,000.
chart1
You forget history so easily. Glad I don't trade on your hunches
http://stockcharts.com/h-sc/ui?s=$GOLD&p=W&yr=3&mn=0&dy=0&id=p44148176766
http://scharts.co/YHCLcT
This isn't gold weakness, it's dollar strength. Or rather, it is Euro/GBP/JPY (i.e. USD Index) weakness. Gold's doing fine vs my home currency, the GBP.
Given that, just how far do you think the US government are going to allow the GBP, JPY and Euro to devalue vs the dollar before it starts chasing? Everyone wants to export their way to wealth.
This is what the consolidation phase/bull phase thing with gold is all about. Oh and a higher gold price is not a good thing for those of us who live in countries with devaluing currencies.
I disagree. Gold is being tested like never before. Huge selling from huge buyers. It will ultimately prevail, but this is the final big test to rinse out the cautious, but make no mistake, the metal has not been necessarily shaken, but it has been stirred.
For your thesis to be correct the selling would be limited to gold and silver. For my thesis to be correct you would see smilar patterns in otther commodities & currencies as well.
GLD & SLV:
http://chart.finance.yahoo.com/z?s=GLD&t=1y
http://chart.finance.yahoo.com/z?s=SLV&t=1y
GSG:
http://chart.finance.yahoo.com/z?s=GSG&t=1y
DBO:
http://chart.finance.yahoo.com/z?s=DBO&t=1y
And the cause: UUP
http://chart.finance.yahoo.com/z?s=UUP&t=1y
This is all about the USD, not gold or silver.
You might be correct. We will have to wait and see. I just do not see these commodities meeting back up with the DOW/S&P. I believe that the inverse will happen. If that occurs, gold and silver will be under pressure. If you are correct, then this rally will be sustained and I will be late to the party. I am usually on time, but that is usually.
I have an undeniable hunch. It is a gut call from my end. My hunches in a market such as this one have rarely not come through for me. Rarely though. I just don't trust the market fundamentals/technicals as much anymore. I only rely on my hunches when I feel a strong pull. I feel that pull and it is telling me Edelson is correct. It is just a call on our part, most times right, but sometimes wrong.
Thank you for the charts and your intelligent, thoughtful response.
these silly support/resistance assertions never work out.
They aren't inflection points, they have no dates.
We're already pushed lower than the normal bounds allow & it will be over very soon
http://flic.kr/p/dvDHf2
RITCHEZ, BITCHEZ!
Shittiest trading day in recent memory (and that's saying something, given most traders have taken to moonlighting at Panera). Pure dung of the absolute highest quality, manure so rich and refined that one could grow cacti in Minnesota (perhaps an alternate career choice vs. Panera?).
The propaganda has turned openly laughable.
On the popular major financial news networks, the recent decline in the so-called Gold price has prompted quite the parade of clowns on the ship of fools to trumpet nonsense.
The widely published and posted Gold price is dominated by futures contracts, and thus as corrupted as meaningless.
The entire global financial structure is crumbling before our eyes.
Raging Gold Bull & Disputed Propaganda
http://news.goldseek.com/GoldenJackass/1362603600.php
NEW GOLD TRADE SYSTEM
A new trade settlement system is coming, which works around the toxic USDollar.
While the United States slips inexorably into the Third World, with several key traits already showing in glaring style, the rest of the world will follow the Eastern lead.
The Chinese and Russians will show the way, with a hidden German hand, as the trade settlement is to be conducted with Gold Trade Notes based upon a core of gold, silver, and platinum.
If nations wish to be benefit from supply routes, they must acquire the Gold Trade Notes.
The entire system is ready for implementation, sure to shock the New York and London paper traders in the empty temples.
The paper IOU rubbish will no longer be accepted.
Great changes cometh, in a grand Paradigm Shift.
"Gold Trade Notes" - will they made out of actual gold? Will the "core" holdings be audited by both parties involved int he trade? Sounds great but if not, this is yet another I.O.U.
Has Roubini been back lately? He's always my favorite.
At this point any day in the green is good, with the amount of ammo the satanic asshole lickers in the gov't / banks are throwing at the metals. I am thinkingmore and more they are trying to contain them until the dow shits the bed, and then they can fall in sympathy before rebounding.
Either way anyone who thinks the price discovery in the metals is anything near normal had their brains fucked out.
That made me smile. Just thinking about the last time I had my brains fucked out, but yes, price discover cannot exist when you use "mark to fantasy" accounting.
Silverbugs have been wrong about everything since May 2011. Eat some crow now and keep stacking.
"Bagholders", right?
Silver Beaches.
Battering the **** out of sell side is what it is. When the whole thing crashes, wonder where the idiots gonna hide.
Algos run the markets now. Its not real, they can be programmed to do anything.
Can we please crash these markets and get onto a real recovery or whatever is next? I'm kinda bored reading the same stories. Thanks!
There is a flood of cash and short term bond money sitting in corporate accounts, hedge funds, pension funds and individual accounts at the present time. The Fed has been trying to encourage job producing capital investment of those funds for some time now by keeping interest rates low. Eventually the pressure of the bond bubble will have the effect the Fed and other central banks intend, and the World economy will surge forward, generating jobs for the working class, and great wealth for those who are invested in equities.
Ha!
Go long Billy Ray Harris.....dude is making $1000 a day........
It's going to make getting those bars in a week or so that much sweeter.
Gold Buggery.