First Bitcoin, Now Gold: All Alternative Currencies Must Be Crushed

Tyler Durden's picture

Gold prices just entered a bear market. Down 21% from their mid-2011 highs. Today's drop is the largest since 2/29/12 - LTRO2 and takes the price of the barbarous relic back to July 2011 lows. Silver is also seeing its biggest down-day since LTRO2 as it tests 2012 lows. Must. Destroy. All alternative currencies.

A bad day for commodities...

 

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
SeverinSlade's picture

As China, Russia, and various CBs quietly BTMFD.

AllThatGlitters's picture

Karmas a bitch after all the smack I talked on Bitcoin! LOL.

Oh well. There's always next week!

Live Silver Chart continues to plummet:  http://www.pmbull.com/silver-price/

 

johnQpublic's picture

the only way this doesnt work out well for me is if someone has finally figured out alchemy

Manthong's picture

Ah..

So this is what “Whatever it takes” looks like.

Pladizow's picture

What would you not do to protect your printing press?

NoDebt's picture

What would you do for a Klondike bar?

GetZeeGold's picture

 

 

Blue Light special.....if you didn't have any real money.....now is your chance.

fonestar's picture

OMG!!  Bitcoin is "crushed", "destroyed", "anhilated", "popped", etc, etc... (to the point where it is still much higher than January).

Oh well, I guess we can always go back to mailing each other gold bars.  Delivery is pretty quick and if you need to make change?  Well, there's a criminal banking branch near you!!

Fukushima Sam's picture

People selling paper gold to buy more stocks. Idiots.

BaBaBouy's picture

Looks Like ...

ECONOMY Is Fucked. How Will They Gloss That ???

Harlequin001's picture

It must be costing the Fed et al an absolute fucking fortune hitting the pms almost every day like this. There's no way they can keep this up. They can do it for so long and then they have to let it blow just like they did from $680 all the way up to $1900.

I remember the last time they beat it down to $700, repeatedly they went through every level of resistance all the way from $1000+ till everyone was concentrated at long term support at $716, everyone, and Merril's computer just like Goldmans' knew it.

Then bugger me if it didn't pop down past $700 just long enough for Golman et al to clear out its muppet stock at support (which is very short term for a computer, like milliseconds) before bouncing back to $825 in a matter of seconds, literally about 60. That was the clearout hit that was and so is this. It's gonna bleed but the bounce will be huge if you can hang on to your stash... The last one started at 700 and went to 1900, this one starts at 1600 and goes to ..where? I wouldn't mind betting that $3000 is easily on the cards this time and maybe $100-150 for silver...

It's hard to be sure of anything in a manipulated world unless of course, you have a seat on the board of the Fed...

Lore's picture

This is something more. This smacks of outright desperation.

Somebody has REALLY, REALLY messed up somehow, and they need the market to cough up physical FAST.

NEXT WEEK COULD BE INTERESTING.

Silver Bully's picture

'Sinclair said what??'

 

-He said do nothing. Absolutely nothing.

-If you haven't bought on margin, you have nothing to worry about.

Disclaimer: I bought gold sub $1200 and silver sub $16 a few years ago. I'm not sweating, and nor should anyone else who hasn't done anything stupid.

James_Cole's picture

I bought gold sub $1200 and silver sub $16 a few years ago. I'm not sweating, and nor should anyone else who hasn't done anything stupid.

WGC report showed a weakening PHYS market, yet no one on here would believe it.

If you bought at $1200 great, but you've lost out on highs above $1900 if you didn't sell. PMs should be bought and sold seasonally. But no, better to just hold forever and never take profit - great investment strategy!

Imminent Crucible's picture

Looks like you didn't get the Carmen Reinhardt memo.

BTFDemocracy's picture

BTMFD? I need a new screen name.

robobbob's picture

depends if you are investing or insuring. 2 completely different activities.

James_Cole's picture

depends if you are investing or insuring. 2 completely different activities.

Should be thought of as the same thing on a personal level. 

DosZap's picture

Rubicon

Sinclair said what??

He said as things get into the SHTF stage to be prepared for 2-$300.00 an hour/days swings in Au.

No surprises here.

Bananamerican's picture


A rising gold price blurts the unpleasant truth that a national currency is being poorly managed and that its purchasing power is being inflated.

This reality is made clear by former Federal Reserve Chairman Paul Volcker. Commenting in his memoirs about the soaring gold price in the years immediately following the end of the gold standard in 1971, he notes: "Joint intervention in gold sales to prevent a steep rise in the price of gold, however, was not undertaken. That was a mistake."

an oldie but a goodie

Anasteus's picture

It is costing the Fed et al nothing as they create digits out of thin air. However, they can't do it for so long as the physical supply is drying up; in fact, the lower price the more physical buying takes place. Once there is no gold available, the spot price becomes irrelevant. So, if the FED et al miss the point it will cost them everything.

fonestar's picture

I don't know anyone buying stocks.  But that seems to be the illusion they are trying to push.

syntaxterror's picture

80% of the trades are made by high frequency traders and the average hold time, if you want to call it that, is less than a second. Going long on a stock now means owning it for 2 minutes.

So, unless you hang out with high frequency traders, you probably won't meet anyone that buys stocks. LOL.

debtor of last resort's picture

There are no stocks. Only subprime stocks. Everyone should own stocks.

silverserfer's picture

yes, buy a volitole unbacked digital currency to trads for another unbacked currenct that can be traded in the same manner brilliant idea dipshit!

fonestar's picture

Your brain is backed by nothing.  Not redeemable for gold, tungsten or original thought.

silverserfer's picture

that's odd my brain tells me that you're quite butthurt and have to stand while you type. What a sad place you must be in to be a bitcoin supporter. My condolences. 

fonestar's picture

You're right.  All of us in the Bitcoin community finds themselves devestated and butthurt since Bitcoin took a 60% hit in terms of FRN.  The guys on #bitcoin-dev are giving up disheartened.  MtGox is closing up and so is btc-e.com and localbitcoins.  All of the nodes are dropping like flies.  Bitcoin could have been great but now it is all over!  All in ruins!  Those DDOS attacks killed the whole damn thing!  We were so stupid to believe this could have ever worked out!

Simplifiedfrisbee's picture

I can see the liking in the concept of bitcoin, although not as proven and wise as gold and silver. But this game, once a person participates within it(even the bums do), is not meant for speculation. I could give a thought to the FRN price of bitcoin, gold, and silver or I could give a fart less what FRNs are trading for pms. When I came on to ZH, I learned this is not for the weak. Step up and be ready or sit down and wait patiently, but don't panic. Be men and be women. Don't be so easily shifted as the chess masters would like.

Anasteus's picture

What are you talking about, dude? Everything is running properly, all sites are up and functional.

JimBowie1958's picture

I dont think anyone is butthurt except for the speculators who dove in to PTC just  like the have in PMs and drove the prices way up speculating further rise. Then when they realized that their advisor was mistaken, they then panicked and dumped.

Dude, 8 years ago silver over $20 would have been a wet dream. Same goes for BTC going over $70 last March 1.

I doubt both have not found those prices as a new floor to trading them.

The central bank bastards are going after EVERYONE, but even after their ham-handed attacks, anything other than fiat looks pretty damned good to me.

Opinionated Ass's picture

Oh well, I guess we can always go back to mailing each other gold bars.

Bill brokers and dealers in exchange bitchez. If it worked in 1849 it'll work in 2049. Or now.

"Now by far the greater part of all their purchases are made without the transmission from country to country, or from merchant to merchant, of a single ounce of silver or gold, or without the money of the state being used, in their vast transactions. They are all liquidated by bill brokers and dealers in exchange." http://davidmhart.com/liberty/EnglishClassicalLiberals/TheEconomist/Hodg...

fonestar's picture

Enjoy your trip back to 1849.  Be sure to send a postcard.

akak's picture

Spoken like a true geeksquad trendsucking doofus without an iota of historical knowledge or appreciation.

Divided States of America's picture

It will be the fuckin Dow's turn next week....its call rotation

EscapeKey's picture

no, it won't.

bernanke stands ready to buy equities (and bonds) in ANY quantity, should either of those drop.

BaBaBouy's picture

These Fuckers Whill Stop At Nothing ...

First The False CYPRUS Sale Bullshit From Rotters ...

Now The Comp BOTS Are All Cranking Sells...

CoonT's picture

Here's to waiting on the sideline's, cash in hand :) :) :)

McMolotov's picture

Just realized "Klondike Bar" would be a great name for a lesbian tavern in the Yukon.

johnQpublic's picture

what would you do oo oo

at the klon dike bar!

johnQpublic's picture

at apmex :

how is it the price of gold is falling, but the price of the coins i'm watching are going up?

 

try it and keep hitting refresh

fonestar's picture

Smart people are getting out of paper and into the phyzz.  That's what I would expect to see right before things really blow up... falling gold prices.

francis_sawyer's picture

'That's what I would expect to see right before things really blow up'

~~~

fonestar [THE GREAT] has spoken...

Other great prophecies from this market Titan...

"Ill be buying the dip [bitcoin] at $500"

~~~

The skateboard shop is conveniently located next to the Lambo dealer...

fonestar's picture

Fonestar shall not desert you my child

francis_sawyer's picture

Got any good tips on when I should transplant my Roma tomatoes, what the pH levels of the soil I need to produce the best artichokes, the PSI I need in my valves for optimal water pressure & irrigation, the energy it'll take to lift "x" foot pounds of water from my well, what chains I should use to lift an engine block, what knife I should use to skin, what knife I should use to bone, how to raise or lower the humidity in a food cellar, how long I have to age wood, where I should safely store 100lb propane tanks, how to keep wild rabbits [or any other animal, insect, fungus, or bacteria] off my produce, what the heat differential of a Hugelculture bed will produce, what are the best caliber/accuracy definitions for various distances, how to tie knots...

Anything?... Anything at all????

FEDbuster's picture

Rolls of pre-65 quarters should be under $200 FRNs this weekend at the local swap meet, yummy!   Bought 1K rounds of 7.62x39 HP last week for $400. delivered.  Getting going in the garden this week, fruit trees are blooming.  Life is good.

BTW did the Bernak announce an end to QE3?  When he stops printing a trillion FRNs a year, I'll slow down on my FRN to physical silver and other hard asset conversion.