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First Bitcoin, Now Gold: All Alternative Currencies Must Be Crushed
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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it's because the market now believes that bankrupt central banks will sell their gold to pay debts rather than default on their bonds as they should.
these countries will be forced to liquidate their real wealth in order to keep bond holders whole.
Everything taking it on the chin today folks. Of course, equities will get their 3:00pm ramp. Gold?...not so much.
Jackboot in the guts.
"Looking good, Billy Ray!"
"Feeling good, Louis"
Its more like in the movie "Pappion" with Dustan Hoffman.....where he sticks his head out of his solitary cell door and asks.."how do I look?"
Papillon (Butterfly). Great movie.
One period time in Greenspan era, Gold price kept falling against more and more dollars. You know what happened later in 2008-2009. Stay thirsty my friends.
A single human being is pretty intelligent.
The stupidity of humanity is mindboggling.
The world is run on the fiat of an ultra broke country whose only able to pay its bills due to crazy low rates. Aren't rates supposed to rise when lending to extremely risky borrowers? But rates are at rock bottom even though the debt is $17T. But tack on the NPV of the unfunded liability like a normal company legally must do, the debt is more like $100T. Tack on contingent liabilities (backing of Fannie / Freddie / FHA / Sallie / FDIC / basically the entire banking system because the banks are now more like GSE's with those that run them basically government employees finding a loophole of ridiculously high compensation) and tack on another many $T.
Consider revenues are only $2.4T. The US brings in $2.4T and owes well over $100T and growing. That's like a person making $24,000 / year owing well over $1M only being able to pay the min by borrowing more. Clearly someone making $24,000 can't ever pay off a credit card bill of over $1M, especially considering that they can't even come close to stopping using their credit card and continuing to pile on the bills just to get by and the credit card company is still offering this borrower 1.8% rates for 10 yrs. Riskier borrowers are supposed to have higher rates. Is this really so hard to understand?
there has never in the past been monetary expansion like that we have seen over the past few years since the implementation of Quantitative Easing programmes. Economic theory will tell us that the more money that is added into the supply, the greater the fall should be in the value of the underlying currency being printed.
Now even if there was in reality relatively little control exerted over the gold price in the late 20th Century and the first few years of the current one, the game has changed dramatically. The degree of money printing by the authorities has been such that there really is a clear and present danger of total currency value collapse and resultant hyperinflation. Some economists see this as inevitable.
Under these circumstances the only way of perhaps warding off hyperinflation is by convincing everyone that there isn’t a problem in the first place. Hyperinflation kicks in when people lose all confidence in their currency – if you can maintain the belief that all is right with the world and inflation doesn’t exist, nor will it to any serious extent in the future, then maybe it will never happen. At least that seems to be the theory that the Ben Bernankes of this world are working on and it is indeed a very dangerous policy. It just can’t go on ad infinitum. Sooner or later the dam will burst and most people will have absolutely no protection against the economic collapse that will result. Think Weimar Republic, Think Zimbabwe. Think Argentina. Yes people survive but any wealth most of them have accumulated will be wiped out – certainly any cash savings will be.
i know i'm not the only 1, but there looks like a growing gap between paper and fizz.
i ordered some fizz this week, it was upwards in the vig, and supply at my favorite dealer is slacking.
i think it's time to grab everything possible fizz wise asap, but just imho.
+ 1
eBay / 24hgold.com widget shows about 12% difference now.
24hgold.com, at the bottome of their home page.
(Step Five completed yesterday...)
Thanx, DCRB, did not know about the widget.
Money printers just in the USA spent the equivalent of 70 metric tonnes of gold today alone. When you are ramping that much thin air money you can support or deny any sector you wish. Physical alternative currencies are the only ones which will be isolated from the global EMP coming. However with free money to suppress TPTB can certainly make their own crushes from time to time.
Look ahead five or ten years. Globally at least another 25-75 trillion $$USA will be created while the wealth structure is in severe decline, money velocity in severe decline.
"Ave Imperator,
morituri te salutant". You are witnessing the largest empire in the world fighting for its life. It's a smash and grab world now. There are the wealthy due to proximity to power/purse, the wealthy by hard-won endeavour, and the poor. The poor don't mind because having nothing, no need to preserve. The corrupt believe in the conjuring process and early alerts to preserve and extend. The truly rich no longer trust the system whether financial instrument or currency or interest rates.
The sale or purchase of real gold is irrlevant to the market price as we have seen time after time...the price is whatever TPTB want to make it with infinite fiat.
Central banks buying record amounts but the gold price going down.
No they have no need to sell real gold to supress prices.
Setting up to revisit 2007/2008 all over again. Does the term batten down the hatches mean anything to anyone? It does not matter what the "fundamentals" show or the "government stats" show. All that matters is what lurks in the dark shadows in the markets. Now it is all about liquidity and if you didn't get the hint from Apple, the proverbial canary in the coal mine, then your not paying attention. Those that still say buy the dip are not in step as the new mantra will be sell the rallies. BTFD will play right into "their" hands as "they" will gladly sell. Only when the very dumb money start selling the rallies will BTFD be the smart play again. That may take awhile. What is it that Game Theory teaches us, "he who exits first, exits best".
There she blows. 1498. 1494, 1491
Lotta bleeding hands around here
It was always bad Karma to stamp on Bitcoin, when its function to take power away from the banksters.
Fuck karma! - All karma is, is revenge.
Maybe this is teaching us something.
(Conspiracy Theory: TPTB DDoSing BTC exchanges wednesday, and selling off GLD and SLV paper Friday? - Seems to close to be natural.)
BTC is a mimicker of unregulated PMs, and that's that. If you BTC bashers can't get that through your skull, then I feel sorry for you.
I didn't bash it.
i know. I wasn't talking about you Abstraction. ;)
Ah .pD
RebelDevil:
"BTC is a mimicker of unregulated PMs, and that's that."
Porn is a mimicker of sex. I prefer sex.
This is a BIG danger signal going into the weekend with the North Korea situation.
Aside from a panic about the USD, perhaps something else is in the works.
10:1 something happens overseas this weekend or on Monday, the 15th
April 15th is a significant date for North Korea. It is the birthdate of Kim Il Sung, the "Eternal President."
Lil Kim must demonstrate his might.
Did your Outlook calendar just notify you to send a b-day card or something?
yes, something is brewing
My first thought was: "It's friday! Someone's fucking with the system again."
I'd say someone's fucking with the "market", but lets be honest, we ain't had us one of those for a while.
Think a minute...who do you suppose is taking the other side of these gold and silver trades...hmmm...
Selling to pay the tax man Monday?
Thats simple. They're stocking up for the boat-ride back to Faterland.... in just under seven years.
dupe
Well, it ain't real till it hits the local coin store, it'd take a week. We'll see.(physical of course)
is the market pricing a rip-off of cyprus needing to sell gold?
how much physical gold has changed hands during the zell-out? zero or as much as would be implied by the price drop? in other words, this is the paper price of gold from sales of gold derivative contracts and etf's priced on non-delieverable gold contracts that are settled in cash.
(goes back to rubbing shiny bits bought at 800 :>)
my guess is the correction of the parabolic blow-off has a "theoretical" floor at 1200 but the upside is ummm..c. 6,000 to .6,500 by the end of this decade.
an ounce of gold won't buy you more than one loaf (1,000 loaves) of bread or one giorgio armani suit in 8 years than it does now, but you will need a lot more fiat dollars to buy a thousand loaves of bread or armani suit (5 times as many!).
Will this be the fastest ZH article to collect 200 comments...?
When Goldman had a call on Crude oil at $200, initially oil went up.
Do not despair, normal correction, Gold needs a good old retracement.
There is no whiff of a a chance that teh US will have positive real interest rates in the forseable future.
The only thing that matters is real rates, those are negative. The price is an illusion unless you are leveraged.
When the Treasuries are priced at fair value, I will sell my Gold.
Yeah and they did call teh crude oil spike of '07 so,,,,,
Thanks Max Keiser for pushing Silver at almost $50 and Bitcoin at $260!
The centrally planned market thuggery is a tell. It's not what's coming, it what's here:
http://www.youtube.com/watch?v=EoEWQvShDt0
Crush the prices before sovereigns like Cyprus have to liquidate.
Don't they know that bouncing the rubble only strengthens our will to resist?
Cyprus selling...they said that report was wrong, they are not selling.
And in anycase you wont see an country's gold hit the market...it will be snaffled up by some central bank quick smart. But I doubt any country is going to liquidate its gold no matter what...unless of course the bankers and politicians are all bankster owned.
I don't think there is any doubt about "ownership", LMAO:
"Rothschild Family Conspiracy Documentary Puppet Masters, The Worlds only Trillionaires - "Give me control of a nation's money and I care not who makes the laws." "We shall have World Government, whether or not we like it. The only question is whether World Government will be achieved by conquest or consent." ~ Rothschild
'As of the year 2000, there were seven countries without a Rothschild-owned Central Bank:
Afghanistan, Iraq, Sudan, Libya, Cuba, North Korea, Iran
Then along came the convenient terror of 9-11 and soon Iraq and Afghanistan had been added to the list, leaving only five countries without a Central Bank owned by the Rothschild Family:
Sudan, Libya, Cuba, North Korea, Iran
The only countries left in 2013 without a Central Bank owned by the Rothschild Family are:
Cuba, North Korea, Iran.
http://blogdogcicle.blogspot.com/2013/04/the-rothschild-family-puppet-masters.html
Finally - capitulation setting in for both gold and bitcoins. We've seen both markets in this position before...
The 2009 gold market sold of 34% before bottoming. Looking for something similar here.
Bitcoins went from 33 to 4. Looking for something similar there...
I've been long both for a long, long time.
I bought some a couple of years ago at 1490. This is really looking like the time to buy again.
I am going to make a KILLING on the bounce back :)))
To those of You who can't get bullion: i can get You any amount you whish. The catch: only bulk orders, 20 ounces or more
Why would anyone sell real gold now?
well, producers :) not me ......
I'm looking for 25 more ounces. Help a ZH brother out.
no sweat... do you take 12 kilo bars?
No I prefer one ounce coins if possible.
oh yes, and i bought my gold at 840
What a coincidence: precious metals killed the day JPM reports its earnings.
Big payday for the computers that state what it's worth.....New processors all around!
Fed Notes are debt, and they are wealth confiscation instruments.
The congress is acting outside their authority and has committed treason. they never had the authority to contract out the issuance of currency to a private company that charges interest for issuing our currency
And of course all the CFTC are on their knees sucking their bankster owners as usual.
Is there a more worthless office than the CFTC whose function it is to enable uninterupted market corruption.
BTC crashed ? It depends on the time span! If you got on BTC yesterday yes. If you got on last year you will still WAY above.
But wait. Where are the circuit breakers?
Hack into the BIS mail and fax servers, windows file servers, and extranet, and you will find your answers to the gold price problem...
Stopped in at a local coin shop yesterday. First time in this one and the cute girl behind the counter asked me what I was looking for(lol my dirty old mind wanted to say something but..) and I said silver and gold bullion and she said "well we don't have much on hand, had a big run yesterday". She was right, they only had a few silver eagles and some sub 1oz gold coins.
And how much did they want for one of the eagles?
I didn't even ask, here in Nevada they charge sales tax on coins so I only by bars or rounds and they didn't have any.
Sales tax on them?
Damn, that's communist!
Fuckers.
This really has me puzzled...why the big drop???? I though gold holders were strong hands....who is selling in this market with all that is going on in the world....paper is printed every day...billions of it...that is the base of golds value...not some ETF....what are they buying ....stocks????...but maybe i am underestimating the strength of the HFT´s computers to drop a stock....anyway to me this is very wierd...and we will read next month that Asia imported record amounts of hard metal....????
NAKED PAPER SHORT SELLING, COURTESY JPM AND GS...
<--- don't give a fuck
<--- give a fuck
LMAO...This site is f**king hilarious
just curious....
perhaps the smart money is exiting the paper gold market for paper money market before the average joe fully understands that 'gld' is a promise to present something real in the future upon demand, even though they who promise to deliver, don't have it now, and can't keep their promise in the future (counterparty risk).
as opposed to taking actual delivery now, as many here do for safety reasons...
?
perhaps this is real price discovery occuring for paper in its 'gld' form.
which may be the tip of price discovery iceberg of paper assets called...well... other 'real' things....
massive deflation in the face of real demand (or lack thereof) finally crushing the fantasy league of self promoting speculators...
The most likely explanation is something bad like cyprus is going to happen this weekend.
Isn't the Troika meeting today?
The EU financial ministers are meeting....
If the dow has its regular totally unjustified ramp up finish at the close then I'll definitely be watching the weekend's news with interest.
so, if i am pickin up what you're layin down...
cyprus bad news = flight to safety, stronger dollar = bad for gold prices ?
me misinterpreting you?
thanks for your response.
They always release bad news at the weekend when the markets are closed and nobody's watching tv news. Any bad news events that would cause gold prices to rise and the dow to tumble are pre-empted by a friday crush of gold and boost to the dow. Then sunday night when the gold markets open in asia, gold and silver both spike and are within minutes further crushed. You can watch that with kitco around 4pm est. It doesn't mean anything bad will happen but given the totally effed state of the world nothing will surprise me on a daily basis. Bitcoin's takedown was very well staged.
thanks,
certainly am aware of the bad news weekend syndrome.
i'll keep an eye on kitco and see how it goes.
the longer and steeper the paper gold fall continues, then that would suggest a fundamental change in how paper gold's value is perceived. as it looks for bitcoin. or the jgb's...
meanwhile, i am off for a day hike.
:)
Bought a monster box of silver eagles during the dip in the middle of last week when spot prices were still 'spot plus $2.59). Spot silver down almost a dollar now, but it's now 'spot plus $3.99'. Monster boxes are UP in price over last week - if you are buying PHYZZ - and if you can find them.
These games could only happen when the US Mint is unable to meet demand. There are enough reputable dealers who would NOT jack up their 'spot plus' prices -- if they could get delivery from the US Mint. So buy 'em if you can find 'em - without getting ripped by 'spot plus'.
There's no telling how many monster boxes will head for the river bottom over the coming weeks.
This could get ugly. This would be a great time if your in paper gold assets to admit your wrong and leave the building before things get really interesting. Alot of hot money can come out of Gold very quickly and you have many ppl like J.P. Morgan and Goldman going short to make sure the bubble bursts fast.
Except that there is very little hot money left on the long side in gold. Have a look at the COTs. All the hot money is leveraged short.
IMAGINE THE SQUEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEZE !
Now we know thy Barrick sold off so hard this week.
What's the problem? Take it down you fuckers until it goes negative and you pay me to haul gold and silver away....Yippee Ki Yay, bitchez.....
No kidding. Any day I can buy Morgans for <20$ has got be "Friday".
hmmmmm!!!!!
http://www.igindex.co.uk/spread-betting/bitcoin-binary-bets.html
bitcoin = 74 bucks?
sheesh, i hope there aren't too many people bent over trying to pull up their pants!
https://mtgox.com/
All you that are in disbelief understand this one thing: The whole Western System is one big crime syndicate now - govts, banks, wall-street, media, regulatory bodies, etc. Their empire is being threatened and is dying and so they have declared war on their enemies/alternatives as a last-ditch effort to save it. You always fight the hardest when you are about to be killed - and this is exactly what is going on now - we are witnessing big history here - the entire Western monetary-financial-governmental system in its death throes. To be overwhelmed and overcome, conquered by the new Eastern system about to be born.
The criminals have to bail out of their massive naked shorts in silver & gold and the only way to do that and survive is to, by all means, all desparate means, drive the price down. This only hastens the removal of physical from all inventories. When that happens we will have The Big Kahuna Singularity Event. And it will arrive very soon.
Popcorn time.
I agree with you..the Comex has seen some very big movements the last month.....GLD too..that is London based.....I think in a month or two we will see huge shipments to Asia....they will have the hard metal..we will still play with the paper...but as the toilet flushes....countries will want their gold in their back yard...soon I believe we will see delivery problems between countries...and then things will get tense....demanding delivery of something they do not have...then we will see governments passing laws making gold and silver illegal to own or something like that....I agree the Western world is dying....and they ...TPTB ..will do everything to save themselves...including stealing what you have...
They can't steal what they don't know about and you can always slide it under the table to your heirs with Ben and his merry men none the wiser.
They'll only criminalize gold. Silver is not used by CBs any more. No sovereign is demanding their silver back from the NY Fed for example. They'll only have the time & effort & resources & most importantly the motivation to go after the gold, especially at a 55:1 ratio. Now if the ratio was 10:1 maybe they would care/think its worthwhile. Does anyone pick up pennies or even nickels anymore? I walk by dimes.
I check dimes for the date... '64 and earlier.
True, they are still circulating. I just found a '64 quarter, yesterday. I was a happy camper. :)
Semper fi -- Not so fast there, my friend. Silver is the money of the masses. If silver wasn't taken out first (cf. "The Crime of 1873"), the criminal bankers wouldn't even have a shot at the kind of dicking around with metals they're trying to pull off today. Silver was/is the more threatening of the two, now neutralized. Gold has got to be suppressed to keep silver down.
Gold is the money of kings, jah? Silver the money of merchants (or noblemen [or whatever]). Barter the money of peasants. Debt the money of slaves.
The merchant class may preserve their wealth in gold, but they transact in silver... figuratively speaking. They are the group that minimizes the friction between rich and poor. They are who we today call the middle class.
The crooks at the top are going after them now, the middle class. It's a stupid move, and cannot end well. But that's another story. My point is that the importance of silver has been obscured for so long that it now eludes even an avid metalhead, such as yourself, in these modern times.
Disrespect the power of silver at your peril.
Peace.
.
+1
You may well be right, but please do not think for one second that the power elites and their comrades and cronies will throw in the towel.
No way. They will introduce draconain new rules/laws, theft/confiscation of private wealth and do "whatever is necessary" to retain power and control over the system that provides them with all the trappings.
This could ultimately get very nasty. People will need to stand up and be counted.
That is what is known as bold-faced Stalinist-collectivist tyranny. At that point when they come for my metals the only one I'm going to give to them is all of my lead. And when the survivors kill me they will have lost the ability to find my other metals. Live free or die my man.
When it comes down to that you need to bring the battle to them.
I'd rather get shot dead if it came to that than give them my gold (which actually was stolen last week).
Anyway, I'd rather a squirrel dig it up and strengthen his nest than these bolsheviks get it.
Eat Lead, Bit-Chez!
+1 Best post of the day right there...
The pigfuckers won't go down without a fight.... burn baby burn
Can't believe the price drop
+/- $100 days are soon to arrive
+/- $100 days are soon to arrive
Mr.Sinclair said a while back, before this Opera was over to think nothing of UP & DOWN $2-$300.00 days.
$82.27 and widdening.
"Must. Destroy. All alternative currencies."
Dr. copper is down, due to a poor economy. It seems to me that gold and silver are also pointing to a poor economy.
It seems an idiotic thing to weaken the economy, just to destroy all alternative currencies.
"It seems an idiotic thing to weaken the economy, just to destroy all alternative currencies."
They don't care...
1504 and climbing. It will be at 1515 by close if not higher. You can lay out all the charts and speak you want. That used to mean something. It does not now. Everyone knows what all of this means.
1507
Yo Dr. Downvote......eat a dick. Get a life. Instead of staying here downvoting everyone, why don't you go back to trying to get hired. I do not come down to the french fryer and knock the basket out of your hands.......
Bennie Shalom.......quit downvoting. We know it's you.
You will not alter the ZH mantra:
"Keep Stackin'!"
1kg of silver when it was close 32 netted me 720 Euro from deutsche bank.
Via ebay, now it is hovering 26, 1kg still gets me 720 Euro (after deducting Ebay's fees)
So, it is bad, but not that bad, providing your physical is rock solid physical.
With current prices for PMs there will be major supply shortages at PM dealers this weekend and next week.
Note to self: Build bulletproof kiosk.
The coin shop I go to just has a coupla big ass dogs lyin around the shop...
~~~
IT WORKS...
Cashing in some bonds Monday for stackin silver...
You laugh but as I have been saying, the price of that hunk of metal in your safe is only as "safe" as the government wants it to be. The whole game here is consumer confidence. If gold starts to rise, it will be considered either a rising inflation or fear indicator by the public. Clearly, the banks are not lending, markets aren't getting better and the government has a vested interest in having the price of PMs at most stable, at worst declining. Nothing has any price determination any more. Land, stocks, house prices, gold, bitcoin...you name it, your government has purloined it so that even the term "value" is unknowable at this time.
The U.S. government and the Federal Reserve may have infinitely deep pockets and infinite military backing, but I guarantee you one thing: THEY'RE NOT MAGICIANS! End of story. Their actions WILL have consequences...
All they have to do is stop mentioning gold on the boob tube and the sheep will forget there is such a thing.
Mm boobs...
Great timing for the weekend news cycle.
The talking morons on the tube (which I no longer have...f u Comcast) are gonna be slobbering.
May coming up. You know what they say.
Metal premiums are going apeshit it this continues.
GLTA
Every market out there is manipulated, ponzied, and scammed by the Central Bank Cabal. An unelected, supersecret, lying, and thieving band of ex-Goldman thugs runs and controls the world.
Fuck em all.
Wish I could mark you up twice to compensate for the twat who marked you down.
well bros, i'm long physical & short paper gold :)))))
In this corner,
The undisputed all time value holding, king of wealth since forever, the metallic finite metal preferred by anyone with a brain........ GOLD!!!!!!!
In the other corner
The lie of all lies, the infinite printing press, the Dead on Arrival leech of value, FIAT!!!!!!!!!!!!!!!
Oh and they come out and FIAT is dancing - dancing - dancing. The FIAT annoucers are screaming that FIAT has won and gold is dead. The FIAT annoucers are saying the battle is over. Gold is dead! Gold is dead! Gold is dead!
Gold looks up and steps to the center of the ring. He states to the people of Cyprus would you rather have FIAT or gold. He states to the people of Greece would you rather have FIAT or gold. He states to the people of Europe would you rather have FIAT or gold. He states is there anyone - anywhere - not being forced to take FIAT who would rather have FIAT or gold. What about the bankers who produce the FIAT what is your choice?
Well then, someone call me when we have a real fight.
BUY MOAR!!!!
Thank you EscapeKey! I welcome your sober rational words and comments. These friggin trash for brains comments regarding everything from Bitcoins to Stocks, VS this purposeful destruction of PM leads me to believe that noone gets this move!!
We've seen the Fed do what they want and needed to the equity markets. The level of manipulation is embarrassing and shameful. But now they are turning up the heat with their free billions to destroy bastions of wealth all over the world in order to save their fake fiat shit from PM's that reveal the fraud in their paper network. We all talk like we are to sophisticated to have our money looted out of a bank - But not one ZH'r recognizes that Ben just reached in their gun safe, safety deposit box,, or hole in their backyard and helped himself to a giant portion of their PM money - And you did nothing but post your cute and witty comments about buying more!!! BWAHAHAHAHAHAHA Now, that's a fawkin bagholder mentality!!
Now Bennie has crushed the price, he can go on a buying spree himself; after all, those Germans may not wait until the Mali or Syrian Au is delivered..............
I love averaging down, and I hate averaging up. So this is working out just fine....
Ah. It looks like the phantom "-1" git has been let out of his cage today.
No sweat. I have the day off today, so I'll give everyone a +1 for sh*ts & giggles. :)
Fucking Hasbara.
Its a good day to buy
bitchez
Are you implying that there's ever a bad day? Faulty premise I dare say. Carry on good sir, it's only Fiats we're exchanging.
This is the kind of day I have my lawyer call immigration to haul off my coolies and I close the mine, BTD with the payroll I just saved and hit the bottle. The rest of the time its muppet season. You some kinda muppet lover, boy? Those damn muppets are bleeding the life out of this once great nation. Your muppet has no regard for human life, not even of his own. For this reason I want to impress upon you the need for extreme watchfulness. The enemy may come individually, or in strength. He may even appear in the form of our own troops. But however we must stop him. We must not allow him to gain entrance to this base. Now, I'm going to give you THREE SIMPLE rules: First, trust NO one, whatever his uniform or rank, unless he is known to you personally; Second, anyone or anything that approaches within 200 yards of the perimeter is to be FIRED UPON; Third, if in doubt, shoot first then ask questions later. I would sooner accept a few casualties through accidents rather than losing the entire base and its personnel through carelessness. Today, the nation is counting on us. We're not going to let them down. Good luck to you all. Now, where's that bottle?
Keep an eye on the close today. Sub 1525 and she's all over for GC futures. Bears got a lot to prove from here today.
any chance that precious metals were bid way above where they fundamentally belong? and an overdue correction now occurring? looking at a window of 5-10 years.
As in, any chance Gold has already pre-priced inflation? I dare say your suggestion is falling on deaf ears around here.......
No, it means the dollar is in demand because the Yen is being crushed and people in Euro banks are afraid of deposit confiscation.
Therefore, the price of Gold in dollars is down, but the dollar is in the dog house anyway long term so it is a buying opportunity for PM's.
looked at the 5 year chart for gold at monex
http://www.monex.com/prods/gold.html
what a run-up. and it predates the current yen/euro mess. still think fundamentals are out of whack, but your comment is spot-on, and would sit on top of the fundamental picture.
The concept of "the fundamentals for gold" is a null. Gold has no fundamentals, because gold has no "supply vs. demand" in the usual sense. Other commodities are consumed, and price is a function of production vs. consumption. Gold stock remains essentially unchanged; what fluctuates is demand, so it ain't the stock, it's the flow.
The question is not "How much gold is available?" The question is "How much gold will convert from stock to flow at this price?"
The desperation of the western central bankers to seize real gold--whether from Libya or Greece or Cyprus or the bottom of your farm pond--is a testament to how little real physical gold is available at these prices. But you can have all the paper gold you want.
"Aurum Delenda Est!"
neither matter nor gold can be created or destroyed!
"Veni, vedi, manipulati"
It's only the paper price, no worries.
Unfortunately paper price correlates to physical... still.
Ounce today, ounce tomorrow.
Looks like I am going to have to go back and get a shitload of silver dimes for the fourth time in two weeks.
Right on brother. I bought toward the end of March and then said "Dafuq?" when price came down. I sunk one of my larger orders to date too, but you know what? I MIGHT JUST HAVE TO DO IT AGAIN.
Also, speaking on the phone to the guy at Scottsdale he said that they've been having trouble getting Maples in. Make of that what you will (dead serious).
Edit: phone convo was Wednesday. I don't know how supply can be harder to come by yet price is being manipulated down. Aren't others on here also having the same conversations with their local dealers?
THe US mint is on pace to sell 50-60 million 1oz silver eagles this year (record is 39M in 2011)
http://www.usmint.gov/mint_programs/american_eagles/index.cfm?action=sal...
Meanwhile, Comex has 41M oz of silver registered.
http://www.cmegroup.com/trading/energy/nymex-delivery-notices.html
Do the math.
Anyone who's not scooping up physical with both hands is NUTS...
I'm not seeing silve eagles much cheaper at all today. Still north of 31 at Gainsville and 34 and up elsewhere.
Sounds like somebody has a nice arbitrage going.....why be on the wrong side of this one?
Yeah, APMEX has not lowered their over spot much at all, I'll wait until it is more reasonable.
They usually wait a couple of days before adjusting their over spot % so they can take some profit on panic buyers on the headline.
@3441626: APMEX has not but Texas Precious Metals has. APMEX premiums suck in comparison with Texas Precious Metals.