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Meanwhile In Gold, Silver, FX, And European Bond Markets...
As the financial media breathes a sigh of relief and asset-gatherers can go back to their business of commission-taking, proven right once again that at first blush (because US equities are higher) Cyprus has been saved and the world is safe once again to extend risk wherever you wish; it appears something less than exuberance is occurring elsewhere. Spanish stocks (and Italian and Spanish bonds) are losing ground fast this morning; the USD is notably bid with EURUSD now below Friday's close; Gold and Silver are tumbling; Swiss 2Y rates remain at zero; and S&P 500 futures are at exactly the same place they were when the 'deal' was announced last night.
Charts: Bloomberg
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Sinclair said what about the gold price?
I think he said, "It's hard for Wall Street to margin call stuff stashed under the floor boards of your shed." Paraphrasing here...
PROMO Code: GOLD Save 3%; This week only.
today opex on gold--circle the calendar each month as a buy day-sell before jobs number or next opex day
I just unloaded some filthy fiat at the GOLD sale...
http://finance.yahoo.com/blogs/daily-ticker/texas-may-start-hoarding-gol...
So having your possessions actually in your possession is hoarding? My how the language has changed since I was in school.
Is there a chart of gold or silver vs. bitcoin? (still waiting for bankers to produce CDS on bitcoin)
They have to hit it hard to show how everyone is happy about Cyprus and all is well in the world of finance. Everyone loves Fiat money and hates gold and silver.
Dang... get with the program. Steal people's money out of their accounts and it shows how happy people are to have money in the bank and not in some worthless piece of metal.
Now that Cyprus is "solved", which country is next in the queue to be "solved"? After all, the EU is a circus that opens a new show in a new city/country every week.
Mommy, Mommy, look the circus is in town! Whooppeeee!!!
Ain't that some shit?
I remember he said we wouldn't see $1600 again. BUT we have $1600 once again. He is proved to be a snakeoil charlatan.
But he has nice dogs!
Given the amount of falsehoods and outright lies out of Bernanke's mouth, I wonder what you consider him, but it must be pretty bad.
A chartalan is at least human. Bernanke is not a human. I consider him to be at most a maggot.
Sounds to me somebody bought at $1900 and $50. Sour grapes?
Anyone buying physical should stop watching the daily algo paper action.
“It’s obvious that the intention of the paper market for gold is to collapse the price under $1,600. The buyer of this market has been the physical buyer. The transition we are going through is, who is the arbiter of price, paper or physical?
The worst thing that could happen to the paper shorts is that, yes, they do get it through $1,600 (on the downside), but barely. Gold may trade to $1,575 to $1,580 in that event, but gold will immediately come back through $1,600 and all the way through the $1,800 level. This action would be the beginning of the end of the paper market controlling the price of gold.”
wow... he could be dead on. Gold back up to $1598.
March 25, 2013
Sinclair added this regarding gold: “It’s obvious that the intention of the paper market for gold is to collapse the price under $1,600. The buyer of this market has been the physical buyer. The transition we are going through is, who is the arbiter of price, paper or physical?
The worst thing that could happen to the paper shorts is that, yes, they do get it through $1,600 (on the downside), but barely. Gold may trade to $1,575 to $1,580 in that event, but gold will immediately come back through $1,600 and all the way through the $1,800 level. This action would be the beginning of the end of the paper market controlling the price of gold.”
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/25_Si...
today is option expiry. talk to us about this after two o'clock
what is stunning is the amount of paper being sold -- in sheer desperation -- to keep gold and silver down.
You have to wonder who has been paid off at the CTFC to look the other way at this one, cause when this one blows, its gonna make the whale look like a minnow.
thursday is first notice and markets close friday
Oh my god!!! Sinclair is an eternal idiot because gold has dropped below $1600, by 6-10 bucks. The fucking ADD society we have is fucking ridiculous.
Yup I thought that was a poor short term call from Sinclair when I read it.
I told a couple of my colleagues that it would have to take off with some conviction towards $1700 for that to be the case.
The fact is gold and silver are range bound at the moment and have been stuck in a side ways consolidation for a while now.
You don't have to be a rocket scientist to draw a couple lines on a chart to see this is the case.
"The worst thing that could happen to the paper shorts is that, yes, they do get it through $1,600 (on the downside), but barely. Gold may trade to $1,575 to $1,580 in that event, but gold will immediately come back through $1,600 " -JS
sinclair is a devotee of notorious Indian guru Satya Sai Baba who he anonymously qoutes on his website under the initials SSB. sinclair supposedly witnessed Sai Baba miraculously produce a gold watch out of a pile of ashes. sound familiar? sinclair has donated untold millions to Sai Baba's private city and airport in India. Sai Baba is an alleged poedophile part of an international ring of the same headquarteded in Denmark. purportedly sinclair's wife was relieved of an excruciating fatal illness by the guru "arranging" her death in a car accident on her visit to India. sinclair is an unabashed admirer of the communist oligarchs of the PRC which has heavily invested in Tanzania the site and location of sinclair's Tanzanian Royalty Exploration. gold mining and exploration in Africa has routinely resorted to expropriation of small scale miners claims and murder, often burying them alive in their own crude mining shafts. sinclair made upwards of $11 million dollars in the exponential rise of gold in the 1979 parabolic top, selling right at the top before the market crashed in the following months. some attribute this to his savvy sense of market timing. others attribute his windfall to insider information, the same kind of trading that was responsible for the sale of untold tons of gold bullion to the Saudis before the gold market imploded entailing the loss of billions by the house of Saud.
Banksters handbook
Rule one.....in a crisis.....always sell down gold....and pray.
Why in the world are precious metals stumbling? Did the fucking assholes in Spain take their money and invest in fucking solar panels? Fucking real estate?
Possibly because some russians have to sell theirs to raise cash.
I am hearing reports that oligarchs all over the world are digging up their gold and dumping it in the garbage because.....well just because.
Everyone can we please stop looking and whining about the price of gold? Who exactly is telling you the price of gold? Bankers? Your TV?
Change the way you think.
Amen to that.
Folks who hold phiz gold that think its value is determined by the price of paper ain't holding it for the real nor right reasons.
if you dont like gold people , and this iaint aimed at you spentCart, then keep your money in a bank! feel safe now?
The closest thing we have as arbitrage for physical is the premium you pay for it over paper and/or spot.
It's gone from $0 on the buy side and $50 on the sell side to $50 on the buy side and $100 on the sell side just in the last 5 years.
Seems to me that even an economist could spot the culprit...
Hey Fonz - At what price did you get into Gold? $600..$1200...$1500? There was a number that you paid...Based ON? PAPER PRICE! Why, all of a sudden does it NOT matter?? Until all Bankers are taken out of the picture - Paper is the price. You talk about it breaking through 1600 to 1800...Is that not the paper price?? Quit practicing Obama double speak. Watch Gold get blow torched down to $900 an ounce and convince your balls from shrinking to raisins that paper price doesn't matter.
The paper price manipulation supports "buy physical gold at any price". It is logically consistent to point this out. If it goes down to $500/ounce, this again just further supports "buy physical gold at any price". Gold at $250/ounce, same thing.
Those of us with strong hands look at these depressed prices simply as opportunities to buy moar.
Welcome to the new reality where HFT creates the reality you want. If they can sell a year's worth of production in a few minutes, they have complete control of every market. There is no regulation in US markets as the investigation of silver manipulation runs into its fifth year.
The market this morning has acted like someone knows about a real boogeyman coming down the pike when most people are being told "all is fixed". I've been looking for what form of boogeyman but so far nada. Someone knows something.
Is that you Jim?
http://www.marketoracle.co.uk/Article39630.html
"Well over a year ago I attempted to map out how euro-zone financial armageddon might play out for the UK that would start with a Bank Holiday that would keep getting extended until the Government had worked out the mechanisms for stealing your savings. The big difference between the UK and euro-zone members is that the UK can and would print an unlimited amount of currency to prevent nominal loss to depositors Cyprus style, the consequences of which would be a collapse in sterling and resulting very high inflation whereas that option has not been available to the likes of Cyprus by virtue of having the Euro so it is forced to outright steal depositor funds."
http://www.telegraph.co.uk/news/politics/ukip/9950083/Ukip-urges-Brits-t...
There is going to be a big flight of money and that flight of money won’t just be from Cyprus, it will be from the other eurozone countries, too. There are 750,000 British people who own properties, or who live, many of them in retirement, down in Spain.
My prediction:
Liquidity dries up fast once its apparent there are bank runs in progress. Once that monster picks up momemtum it'll get ugly.
--Lao Tzu, 6th Century BC Chinese Poet
Lao Tzu a poet? Really? That cracks me up.
But now that I've thought about it, it is probably a standard procedure for academics on the left to label anyone who offers timeless insight not directly compatible with their ideology as "poets", and it pisses me off (not laughing any longer).
Yeah, no shit. There is an entire religion/way of life based on Lao Tzu's teachings, and said adherents tend to be some pretty awesome human beings.
I guess he's a poet in the way Jesus is a storyteller I guess?
They make them more affordable for poor depositors, just to make them a bit happier.
Bitcoin.
It's just like gold, but can't be lost in tragic boating accidents!
Correct, ...just EMPs, blackouts, ISP outages, and backdoors..
http://www.activistpost.com/2013/03/bitcoin-zerocoin-privacy-extension-t...
When I see BITCON offered at my local gas station, bakery, restaurant and fruit stand ill believe in it.
By the time Bitcoin is offered at your fruit stand or gas station, 99% of population wont be able to afford a Bitcoin, since 1 Bitcoin will be near the value of 1kg of gold.
There will only be ~21,000,000 bitcoins ever issued.
People will be using Micro Bitcoins.
No gas station will ever accept your Bitcoin for a gallon of gas. Period. They'll accept your credit card, because it's backed by the bank. Bitcoins are backed by nothing but 1s and 0s.
Unless JPM buys up the Bitcoin opperation, it will never be used for trade outside of those who are already Bit-bugs.
I'm glad you noted this, even though you left out the part that "the bank" is also backed by nothing but 1s and 0s. The key thing is that the gas station owner will accept payment in whatever currency the mafia tells him to. We do have some pockets in the US where you can use gold or silver for gas, which shows that the mafia control is not universal. There are some bricks and mortar coffee houses/head shops that accept Bitcoin, which again shows that the mafia control is not universal. We'll see what happens, the mafia will probably become even more violent here pretty soon.
Because in europe crisis is solved and in the US "Payrolls Vault" according to bloomberg. Because in North Dakota (population 690,000), the economy is booming: “The economy is on the rebound,” said the president of the West Fargo, North Dakota-based heavy-construction company. “We have some projects in our backlog.”
All eCONomies are really local and will become increasingly more so as centralization continues to fail around the globe. Get your tribe in order.
If the majority of people who were invested in GLD and SLV are getting wiser and getting rid of those paper vehicles to buy physical bullion, doesn't this automatically drive down the price of "paper" and thus the physical bullion for a while?
isn't this ultra-win situation a kind of arbitrage?
It is actually pretty smart to do something similar to this:
Ex.
1. Buy $100K worth of phys
2. Sell $100K worth of at the money weekly calls in GLD, every week. Theta burn, fully ass protected.
The crash of precious metals will continue until they become arsewipe.
They'd better get serious about it. I don't think -0.91% is going to cut it.
being a bit cheeky here but isnt wiping out deposits in order to cut leverage in fact a deflationary move in the system as a whole.. so shouldnt that put pressure on prices of paper assets..??? and most clowns do view gold these days as a paper asset after all..
You are onto something good sir, and you have stated the likely reason "why" (in addition to the usual manipulation) there has been significant weakness in paper gold. I'm looking at it similarly to a "Dr. Copper" indicator for where the S&P is headed going into April earnings. I think we're flat on the year in equities by mid May. Reversion is a motherfucker.
Yeah because digital money seems to work so well.
Mate, I have been offering bearish comments on gold for you since last Friday. But gold and silver still look tenuous. You seem to have broken the charm.
I agree that I accidentally pissed you off and mushed the whole thing. I now have to rely on fundamentals, and so I really screwed the pooch.
I've been bearish on Cyrus bank accounts since last Friday....do I win something?
yeah, first prize is a Cadallic Eldorado. Second, a set of steak knives. Third prize is you're fired.
Who is Cyrus?
I think it's Miley Cyrus's second cousin.
Wake me when the price drops below the dollar cost average of $300 and ounce on my physical gold holdings troll. Funny thing is, I have never had any trouble exchanginging a coin for anything of real value. I guess it all depends on what you consider "long term" or a "safe store of value". Oh well, an ounce is an ounce is an ounce.
Hey, who hid the can of Troll Off spray?
Precious metals are turning into eigenvalue!!!! Surely some mistake.
Is ABN Amro open yet?
Hmmm, €20 Billion is ALOT of Gold, isnt it, Uncle Vlad, Xi?
When a bank defaults on all of its gold storage contracts, the CBs need to attack. Nothing is worse than James Turk being right again. Physical longs appreciate the opportunity.
I believe futures in pm expire this week?
Yes Expiry today, what a surprise!
I usually go on vacation for OpEx but I just had to see what would happen today.
So far.....pretty normal really.
You could almost time your watch by options expiry take downs.
So predictible.
Save your fiat for expiry dates and then BTFD, easy discounted buying.
yes. so the show will continue until 1:30PM courtesy of the CTFC. they are all out on a porn break.
NY and London knocking down EUR/USD right now
Patching up bursted seams and pipes in a sinking submarine does not mean you're in a good boat.
I've gone eurish bears.
ok so here are the catalysts for this weeks market moves,
today- cyprus bailout, we should see dow go up like 400
tues- an asteroid will not hit the earth- that should be good for 500 dow pts
wed- the earth will not end- that should be good for 300 dow pts
thursday- the sun comes up- dow up 1000 pts going into long weekend
its like the market takes a non factor and makes it seem so positive when something happens, but if something negative happens, ignore it totally.
I just hope gold in $ terms stays around 1600. Not much lower. The despair is palpable though with these paper selloffs. One wonders if we'll ever see the highs of 2011 again. And yet it is impossible for me to sell my bullion except in some emergency. It's too damn beautiful. And I'll pass it to my heirs. The game goes on, though, with the Fed and banks manipulating everything, with a dysfunctional DC, and Obama kissing ass in Israel to no good end.
Gold and Silver are tumbling; Swiss 2Y rates remain at zero; and S&P 500 futures are at exactly the same place they were when the 'deal' was announced last night.
No surprise! These fucking bank gangsters and lying politicians are the same on both sides of the pond. A little glue, some additional debt that cant be repaid and some new confetti and things are as good as new except of course they have fixed nothing. No different then the orchastrated sham in US markets. DOW 20,000 very possible despite the crashing economy liquidy abound is the new game at the Casino..
At least some in the MSM are recognizing the importance of Cyprus. From Der Spiegel:
Euro Bailouts: Savers Be Warned - Your Money's Not Safe
Nothing is safe from being seized by the state, no savings account, but also no house or apartment. The Germans experienced this after World War II, when they were charged an extra real estate tax in the form of compulsory mortgages. Governments have even banned the possession of gold during currency crises, forcing citizens to exchange the precious metal for the national currency.
http://www.spiegel.de/international/europe/commentary-on-impact-of-euro-...
Molon Labe muther fuckers...
New world record - only took 4 days for the world to get comfortable with governments confiscating deposits for the "greater good"...time to move your PMs out of your deposit boxes in Europe....
It was time when Switzerland pegged their currency to €
The whole fucking weekend was engineered for the ramp a thon in equities and the smack down in PM's. Fuck you troika...
NEOSERF I have a 6 acre smallholding in mountains in Spain. I'll go and fetch zee gold from anywhere in Europe on your behalf, dig a hole on my property, and hide it for you. No rehypothecating, I promise. Maybe teensy weenie haircut if gold price soars.
What is it about mountain smallholdings in Spain and burying gold there? You would not believe how popular this is becoming.
Let this sink in. Let people realized what has happened this weekend. The smiles will wear off. Just be patient. And I could not be more comfortable with all my gold, silver, and PM holdings as I am this morning. Devalue the dollar, close a bank, we are ready here. This is a long term position for us. Do you really have any interest in buying home builders, banks, NFLX, AMZN or CMG? Not changing one position and This is just the beginning.
If wave 5 = wave 1 plus wave 3, then 1370 is the target. (by August 8)
good analysis...
So the EUR/USD erases all the gains, while the S&P drops only 2.5 points? Fukin ridiculous.
1370. I will take that bet, since I see 1,900. before then.
So, today we learned that Eurocrats can move quickly when their franchise is threatened.
Bi-polar market.
Don't CRIMEX gold options expire today? Must be a lot of $1,600 strikes.
More paper selling, who fucking cares?
I do. And I am sure that everybody else who can still afford to buy 1-ounce gold coins cares.
who knows how long this will still be possible?
OT/
Look at this you tube video on carbon emissions in NY :
New York City's greenhouse gas emissions as one-ton spheres of carbon dioxide gas - YouTube
Who farted?
Just took a look in the safe ... same number of ounces as last time I looked. What's the excitement about?
Here comes the 3:30 ramp. Oh wait, is it too early for that?
No, the paper price of the metals is discovered in the futures market. The GLD and the SLV are merely ETF's the follow the paper price of the metals discovered in the futures markets, yet have to price discovery mechanism what so ever.
Geee, I must be learning something. This time, I completely blew off the headlines coming out of Cyprus for the past week or two and fast forwarded to this morning, where lo and behold, another one of these European "bailouts" has occurred.
Talk about nine lives.
I'll believe it when I see the dead cat.
meanwhile, I'll check back in another month.
"I have never had any trouble exchanginging a coin for anything of real value." AND THAT COIN'S VALUE HAS A BASIS THAT DETERMINES WHAT AND HOW MUCH! OH THAT'S RIGHT - ITS THE PAPER PRICE THAT DICTATES THE WHAT AND HOW MUCH.
GEEEEEEZ!!!!
RUSSIA HE NOT HAPPY. RUSSIA HE SELLING EURO. RUSSIA HE WANT HURT EUROPE BIG TIME
Fuck yous USA PPT and your Exchange Stabilization Fund....Fuck Yous.!
Ps....the price of my gold didn't go down.
I am in NYC today and 90% of the people in the big department stores are Russian and Chinese...where are the American shoppers? If it is tourism that is driving the retail in NYC, why is nobody happy? The sales staff are really quite nice (Am I actually in New York?) and how they can put up with these huge fat rude Russian babushka's I will never quite understand. We need an angry black man to tune up the Russian bitch and put her in her place. Unfortunately, the Russki's are buying up Harlem so they don't dare utter a peep. Can you imagine?