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...

 

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Fri, 04/12/2013 - 10:55 | 3440806 SeverinSlade
SeverinSlade's picture

As China, Russia, and various CBs quietly BTMFD.

Fri, 04/12/2013 - 10:57 | 3440830 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

Ditto, BTMFD

Fri, 04/12/2013 - 11:01 | 3440843 AllThatGlitters
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/

 

Fri, 04/12/2013 - 11:02 | 3440882 johnQpublic
johnQpublic's picture

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

Fri, 04/12/2013 - 11:04 | 3440905 Manthong
Manthong's picture

Ah..

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

Fri, 04/12/2013 - 11:06 | 3440915 Pladizow
Pladizow's picture

What would you not do to protect your printing press?

Fri, 04/12/2013 - 11:08 | 3440929 NoDebt
NoDebt's picture

What would you do for a Klondike bar?

Fri, 04/12/2013 - 11:08 | 3440944 GetZeeGold
GetZeeGold's picture

 

 

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

Fri, 04/12/2013 - 11:14 | 3440992 fonestar
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!!

Fri, 04/12/2013 - 11:17 | 3441015 Fukushima Sam
Fukushima Sam's picture

People selling paper gold to buy more stocks. Idiots.

Fri, 04/12/2013 - 11:23 | 3441031 BaBaBouy
BaBaBouy's picture

Looks Like ...

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

Fri, 04/12/2013 - 12:09 | 3441343 Harlequin001
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...

Fri, 04/12/2013 - 12:20 | 3441411 Lore
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.

Fri, 04/12/2013 - 12:23 | 3441421 Rubicon
Rubicon's picture

Sinclair said what??

Fri, 04/12/2013 - 13:07 | 3441677 Silver Bully
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.

Fri, 04/12/2013 - 13:21 | 3441748 James_Cole
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!

Fri, 04/12/2013 - 14:08 | 3441956 Imminent Crucible
Imminent Crucible's picture

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

Fri, 04/12/2013 - 14:10 | 3441957 BTFDemocracy
BTFDemocracy's picture

BTMFD? I need a new screen name.

Fri, 04/12/2013 - 14:36 | 3442089 robobbob
robobbob's picture

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

Fri, 04/12/2013 - 14:37 | 3442097 James_Cole
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. 

Fri, 04/12/2013 - 23:37 | 3443986 Scarlett
Scarlett's picture

TIER 1 ASSETT, IMBECILE

Fri, 04/12/2013 - 17:48 | 3443051 DosZap
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.

Fri, 04/12/2013 - 12:59 | 3441638 Bananamerican
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

Sat, 04/13/2013 - 13:48 | 3444786 Anasteus
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.

Fri, 04/12/2013 - 11:32 | 3441114 fonestar
fonestar's picture

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

Fri, 04/12/2013 - 12:14 | 3441370 syntaxterror
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.

Fri, 04/12/2013 - 15:41 | 3442394 debtor of last ...
debtor of last resort's picture

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

Fri, 04/12/2013 - 11:21 | 3441032 dick cheneys ghost
dick cheneys ghost's picture

spoken like a true Vinklevoss

Fri, 04/12/2013 - 12:01 | 3441271 silverserfer
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!

Fri, 04/12/2013 - 12:53 | 3441608 fonestar
fonestar's picture

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

Fri, 04/12/2013 - 14:49 | 3442152 silverserfer
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. 

Fri, 04/12/2013 - 15:46 | 3442418 fonestar
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!

Fri, 04/12/2013 - 16:16 | 3442573 Simplifiedfrisbee
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.

Sat, 04/13/2013 - 13:27 | 3444733 Anasteus
Anasteus's picture

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

Fri, 04/12/2013 - 15:53 | 3442462 JimBowie1958
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.

Fri, 04/12/2013 - 12:12 | 3441358 Opinionated Ass
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...

Fri, 04/12/2013 - 12:55 | 3441622 fonestar
fonestar's picture

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

Fri, 04/12/2013 - 14:30 | 3442060 akak
akak's picture

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

Fri, 04/12/2013 - 11:15 | 3441000 Divided States ...
Divided States of America's picture

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

Fri, 04/12/2013 - 11:17 | 3441014 EscapeKey
EscapeKey's picture

no, it won't.

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

Fri, 04/12/2013 - 11:16 | 3441010 BaBaBouy
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...

Fri, 04/12/2013 - 12:19 | 3441391 CoonT
CoonT's picture

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

Fri, 04/12/2013 - 11:09 | 3440956 McMolotov
McMolotov's picture

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

Fri, 04/12/2013 - 11:10 | 3440966 johnQpublic
johnQpublic's picture

what would you do oo oo

at the klon dike bar!

Fri, 04/12/2013 - 11:17 | 3441009 johnQpublic
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

Fri, 04/12/2013 - 11:40 | 3441147 fonestar
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.

Fri, 04/12/2013 - 12:07 | 3441330 francis_sawyer
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...

Fri, 04/12/2013 - 12:17 | 3441389 fonestar
fonestar's picture

Fonestar shall not desert you my child

Fri, 04/12/2013 - 12:46 | 3441571 francis_sawyer
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????

Fri, 04/12/2013 - 12:59 | 3441639 FEDbuster
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. 

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