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The Gold And Silver Morning Takedown Is Back

Tyler Durden's picture




 

It's been a few days since the once ubiquitous morning take-down in precious metals showed its face but this morning with the USD leaking only modestly higher and Treasuries notably bid, gold and silver are gapping down in a hurry. Gold (-2%) is back to the May 2012 lows (within $10 of July 2011 (pre-QE2) levels and silver (-3%) is testing down to recent lows also. Other commodities (like Oil and Copper) are also in pain this morning...

 

Gold in EUR is its lowest since October 2011.

and Oil and copper are joining the party...

 

and this flight FROM safety as bonds are bid...

 

Charts: Bloomberg

 

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Fri, 04/12/2013 - 08:28 | 3440081 GetZeeGold
GetZeeGold's picture

 

 

Please thank your grandkids for us - Ben Shalom

Fri, 04/12/2013 - 08:35 | 3440114 Ghordius
Ghordius's picture

I'm giving special thanks to Ms Blythe Masters for the shopping opportunity, today

oh, and a rant: before another analyst of Bank of America starts again about banning the EUR 500 notes, please explain to me why there still are USD notes circulating with denominations of 500, 1'000 and even... 10'000

fact is they are legal tender, but whenever an US megabank cashes them in, they are sent to the US Treasury... for destruction

another fine example about how US megabanks and the US Treasury "work together"

Fri, 04/12/2013 - 08:38 | 3440120 TeamDepends
TeamDepends's picture

How many hundred million "ounces" do you think she dumped on the market this morning?

Fri, 04/12/2013 - 08:39 | 3440139 Max Hunter
Max Hunter's picture

Uncle Ben,  Please take silver down to $26.25 today so I can get 100% in and watch it take off like a rocket.  Thanks again!

Fri, 04/12/2013 - 08:55 | 3440180 greased up deaf guy
greased up deaf guy's picture

play their game... buy agq puts on any spike, sell on the somewhat predictable monkeyhammer mornings, buy more physical at a cheaper price with the proceeds, sleep well. lather, rinse, repeat.

Fri, 04/12/2013 - 09:09 | 3440264 Max Hunter
Max Hunter's picture

been doing it.. Long Long term calls.. and puts with less than 14 days on any spike.. giddy up..

Fri, 04/12/2013 - 09:16 | 3440299 greased up deaf guy
greased up deaf guy's picture

well done, max. i won't claim to be making a lot doing it, but it's satisfying knowing i'm not being "taken" and it's cheaper than going to vegas. lol

Fri, 04/12/2013 - 09:25 | 3440332 Max Hunter
Max Hunter's picture

Same here.. I haven't been doing as well on E/U and DOW options but seem to do better with silver for some reason..  After bitcoin shot up to 250.. I just started feeling giddy about my Silver calls.. Especially since I have a long.. long time on them..  I knew TPTB were not going to let Silver take off just yet.. not without hitting the long term support closer to 26.. There is going to be some fireworks down there.. by the way.. I have all of my physical.. averaged 18.00/oz..   Now i'm just throwing a few bennybucks at the paper market playing technicals.. gearing up for the big move up..

Fri, 04/12/2013 - 09:45 | 3440434 BigJim
BigJim's picture

I'm tapped out for any more outright purchases, sadly. But if the Gold/Silver ratio keeps climbing I might sell some of the former to buy the latter. I've done quite well in terms of ounces of both, nipping in and out when it seems the pendulum has swung one way or another too far.

But I haven't been very scientific about it. Has anyone got any strategies they'd like to share?

Fri, 04/12/2013 - 09:53 | 3440468 toys for tits
toys for tits's picture

Regarding those >$100 US notes that get destroyed.  They are rare, as many merchants shy away from $100 notes.

If a banker were to come across one, he would do well to post it on ebay for a collector as they are bringing a premium.

http://www.ebay.com/csc/Paper-Money-US-/3412/i.html?_from=R40&_nkw=1000+...

Fri, 04/12/2013 - 12:09 | 3441327 Pinto Currency
Pinto Currency's picture

 

Perfect Friday morning for price manipulation.

Asia closed for weekend squeezing them out of a physical response.

That manipulation is required speaks volumes.

Fri, 04/12/2013 - 12:38 | 3441512 mr_T
mr_T's picture

Wow what a take down. Broke major support.

Eric King must of dropped a tweenkie today.. Spin time..

I still feel safer hold my phyz than paper in the bank... Believe or not im not sweating. I will buy more now.

Some big negative news must be coming soon to take such measures these last weeks.. This is huge intervention...LIBOR style...

Fri, 04/12/2013 - 09:24 | 3440333 strannick
strannick's picture

Anatomy of a gold takedown.

1. Take gold and silver from Comex.

2. Get Goldman to bad mouth gold.

3. Dump Comex gold on market to run stops.

4. Take for granted Bart Chilton and CFTC will see no evil

Fri, 04/12/2013 - 09:41 | 3440378 Alexandre Stavisky
Alexandre Stavisky's picture

  Thin air money spent between Japan and USA monetary operations DAILY $7 Billion.  How much gold is that? Around 125 TONS per DAY.

In other words in three months of J-USA monetisation/asset purchases over 8,000 TONS equivalent of gold is created and spent.

500+ years of balance of trade settled in Gold.  Now settling in highly dilutional fiat?  YIKES!

How many tons Gold in order to accomodate 24 months of J-USA deficit entitlement spending/asset purchases/open full throttle monetisation?

240*2*$7 billion=3.36 trillion.  And in Gold?  Greater than 61,500 tons. 

But stocks, bonds, and other commodities will protect investors from devaluation. Buy Bitcoin, facebook, JCPenny, and banks.

 

Fri, 04/12/2013 - 09:44 | 3440420 caconhma
caconhma's picture

This is all Zionist Banking Mafia (ZBM) swindle. Banks do not need bailouts. FED and ECB can just write off all their bad loans and derivatives but they have another objective.

 

Their goal is by creating crises, destroying both EU and US economies, and impoverishing and starving people to create their New Zionist Banking International (since their Bolshevik Communism International did not work too well) also known as the New World Order.

 

Fri, 04/12/2013 - 09:46 | 3440430 RockyRacoon
RockyRacoon's picture

...meanwhile, in the real world, premiums on actual sales silver are still rising:

http://d1w116sruyx1mf.cloudfront.net/ee-assets/gsd/yesterday/US90_Silver...

Fri, 04/12/2013 - 10:36 | 3440695 FranSix
FranSix's picture

It looks like bail-in provisions are being used to eviscerate ETFs, starting with the GLD.  GLD printed lower than Dec. 2011, which is a terrible sign.  I would call this selective deflation.

Looks like just now the gold price went lower than the Dec. 2011 low, so that means no hyperinflation.

Fri, 04/12/2013 - 18:28 | 3443157 monkeyshine
monkeyshine's picture

I'm looking for an entry point and like you had low $26's as a target entry (which I almost pulled trigger on last week) but in all seriousness not I'm not sure if $26 has just turned from support to resistance. 

Fri, 04/12/2013 - 08:41 | 3440146 Ghordius
Ghordius's picture

the documentation might weigh a few ounces... if printed out

Fri, 04/12/2013 - 08:43 | 3440147 GetZeeGold
GetZeeGold's picture

 

 

It was just a keystroke.....no heavy lifting was required.

Fri, 04/12/2013 - 10:15 | 3440578 Odin
Odin's picture

Oooo Blythe is frisky this morning... Time to bust out the gold plated mega dildo...

Fri, 04/12/2013 - 10:33 | 3440688 TeamDepends
TeamDepends's picture

Oh no, this is a platinum day.

Fri, 04/12/2013 - 09:10 | 3440246 new game
new game's picture

well cyprus is putting up 10 tons, yea tons, up for sale.  italy, portugal, and spain may follow suite.

incredible stuff, gold as a bailout to the bankster in charge.  i can't make this shit up...

blythe doesn't need to short anything, just supply overwelm-temporary of course.

think 1475 is the majic number and 25.50 for silver.

hope beepe has something to say or it is really hopeless for the europeans.

appears a flood of gold to hit the market to bail out these desparate for cash countries.

Fri, 04/12/2013 - 09:21 | 3440320 Croesus
Croesus's picture

This is the fallacy of it all:

"Bail out to the banks, payable in Gold" (citing your post, new game)


Translation:

The Bank wants Gold instead of Paper.


Market Response:

They're selling, Gold must be in a bubble.

 

 

Fri, 04/12/2013 - 11:29 | 3441095 Mythic
Mythic's picture

LBMA trades more than 1500 tons of gold per day.  What is 10 tons from Cyrpus going to do to the market?  And that 10 tons probably bypassed the LBMA and went straight to ze Germans.

Fri, 04/12/2013 - 12:15 | 3441373 akak
akak's picture

Correction: LBMA trades more than 1500 tons of (almost infinitely rehypothecated) PAPER gold per day. 

Those 10 tons of physical, non-rehypothecated gold from Cyprus might be vastly more important right now to the sociopaths' paper game than you give them credit for.

Fri, 04/12/2013 - 10:33 | 3440673 GoldForCash
GoldForCash's picture

How many hundred million "ounces" do you think she dumped on the market this morning?

Probally around 2 TWO GRAMS....that's all paper weighs. BUT MIGHT WEIGH UP TO 3 THREE GRAMS Wwith all those numbers of fiat silver printed on it,
....

Fri, 04/12/2013 - 08:39 | 3440143 WmMcK
WmMcK's picture

I'm keeping my $500's - hence the avatar.

Those 1000 CHF look good, too.

And lots of PM -- all in Davy Jones' locker for storage, of course.

Let's ride.

Fri, 04/12/2013 - 08:43 | 3440152 Ghordius
Ghordius's picture

oh, the old 1'000 CHF notes were even more beautiful, with a huge ant on them

Fri, 04/12/2013 - 08:43 | 3440151 Boston
Boston's picture

 

Just entered my limit orders:

 

1,500 for au

26.50 for ag

 

Please Blythe, please, push it down a little more!

 

Fri, 04/12/2013 - 08:54 | 3440188 DeadFred
DeadFred's picture

IMHO if gold drops that much below 1525 I would wait until it finishes its drop. 1525 has held for a long time and if it breaks I can't see why it turn around at 1500.

Fri, 04/12/2013 - 09:00 | 3440234 Boston
Boston's picture

Oh not to worry, my limit orders below 1500 will be 2x - 5x the size of my order at 1500. 

I'm simply scaling in, just in case the price doesn't fall far below 1500. And since I'm not buying the au for a trade, but for a long-term hold, I don't care about nailing the bottom; I care about increasing my total holdings and lowering my average price.

Sadly, this will be the exact opposite of what the typical paper and/or leveraged long will be doing----panicking and selling out the more the price falls.

 

Fri, 04/12/2013 - 10:22 | 3440236 francis_sawyer
francis_sawyer's picture

Who really cares?

~~~

Bitcoin peaked at $266... A 90% retracement would be $26.6

I'm looking for a $26.6 print on Ag just for the LULZ...

Disclaimer ^^^^^ That's does not mean I'm BUYING at 'xyz' price... I buy when there's spare cash floating around... Fuck these paper prices... Run 'em to fucking zero for all I care... I can't wait to be able to walk into a coin store and buy all the pre-65 junk silver they have at face value...

I'm sure they'll have TONS of inventory on hand because there will have been a mad rush of wannabe 'Winklepusses' selling Mercury dimes to catch falling virtual falling knives...

Update: Fuck you 'junking' bitchez... Ag just hit a LOW print of $26.65...

Fri, 04/12/2013 - 10:32 | 3440681 DosZap
DosZap's picture

Now we know why the COMEX was hit so hard, they dumped it into the phyzzzzzzzzzz mkt, and used it for this takedown.

Fri, 04/12/2013 - 10:34 | 3440689 Another-Ex-RPI-Man
Another-Ex-RPI-Man's picture

Ahhhh, the BoA Analyst on banning the 500 Eur.
Question: What would make any guy that is a criminal (or money laundrer) go by himself into a bank and identify himself as an active criminal or money laundrer? How stupid is this assumption?

If such a bill would come into effect, what would happen would be that millions of notes would be in possession of university students, poor people and so on. And then what? Arrest all of them. People don't think!

Fri, 04/12/2013 - 08:38 | 3440123 SeverinSlade
SeverinSlade's picture

First they took down Bitcoin and now they're back to slamming PMs down.

Oh well.  We should all be thanking them for cheap gold and silver.  I'm sure the Chinese, Russians, and other CBs are.

Fri, 04/12/2013 - 10:14 | 3440574 Againstthelie
Againstthelie's picture

Yes, they definately are afraid of bitcoin... :D

Fri, 04/12/2013 - 09:03 | 3440243 rogeliokh
rogeliokh's picture

Is the FED printing GOLD futures certificates alone with the Dollars now?.
What is the leverage? 1 Physical Gold oz to 10000000000000 Paper Gold oz?
Freaking criminals!

Fri, 04/12/2013 - 08:30 | 3440084 mdtrader
mdtrader's picture

Technical bear market for gold. 20% off the top. At time when there is more money printing than ever. It makes no sense, but that's par for the course these days.

Fri, 04/12/2013 - 08:38 | 3440107 ParkAveFlasher
ParkAveFlasher's picture

So, since I am ignorant, was it a bear market in 2008?  The price decreased by some 30% over six months or so.  Then what happened?

Fri, 04/12/2013 - 08:43 | 3440160 Bearwagon
Bearwagon's picture

I'd judge that a cyclical bear in a secular bull, but who am I to tell you ....

Fri, 04/12/2013 - 09:14 | 3440276 francis_sawyer
francis_sawyer's picture

Haven't any of you dopes learned anything?

~~~

There is no 'free market'... There is no 'price discovery'... The paper price of ANYTHING is what they want it to be...

Technical Trader: "Oh well, a 20% correction is blah blah is an indication of a bear market"... BWAHAHAHAHAHAHAHAAHAHA!...

Fucking BAC stock dropped to $2.00 back in '08... What's more fucking 'technical bear market' than that... Next thing you know, Obozo is on the teleprompter talking about "profit to earnings ratios"... When you're finally broke, they'll offer you a loan... If you can't repay the loan, they'll print up more money for themselves, put the losses onto a 'bad bank' balance sheet & send you a tax bill for it so that THE COLLECTIVE pays for it...

It's all one big fat joke designed to steal your money [which I hope you don't save in joobux]...

Fri, 04/12/2013 - 09:21 | 3440316 new game
new game's picture

.

Fri, 04/12/2013 - 09:20 | 3440319 Bearwagon
Bearwagon's picture

I mentioned it in another thread on another day: Proudly out of every market for more than 15 years. That means that I've learned a lot, namely to stay out of a "market" which I can't comprehend anymore. Of course there is no free market, no price discovery, and it's all a big joke.

Fri, 04/12/2013 - 10:09 | 3440361 francis_sawyer
francis_sawyer's picture

Same "technical" gurus who use the '20% correction = BEAR MARKET' baloney, could probably say that 'DOW & S&P are hitting ALL TIME HIGHS on a daily basis'

~~~

BULL Market folks... Jump right in with 100:1 leverage [water's fine]...

Might as well be using darts & Super Bowl indices...

~~~

Let's take silver to ZERO bitches!!... Perfect... It'll take about 10 seconds to drain every godamned ounce of Ag out of warehouses & bury it in the backyard...

So at that point, where will there be any silver to make solar panels... Better yet ~ electronics which are necessary to keep bitcoins alive... Fucking CENTRAL PLANNING at its finest...

Fri, 04/12/2013 - 08:33 | 3440108 LawsofPhysics
LawsofPhysics's picture

paper gold versus physical gold.  Don't look a gift horse in the mouth.  The price in fiat was under $400 less than ten years ago.  Go ahead, let them take it down and have dry powder at the ready.  The real fireworks won't start until deliveries stop.

Fri, 04/12/2013 - 08:34 | 3440113 GetZeeGold
GetZeeGold's picture

 

 

They already have stopped.....ask Germany.

Fri, 04/12/2013 - 08:45 | 3440163 Bearwagon
Bearwagon's picture

Lead time for delivery just a measly seven years ....  ;-)

Fri, 04/12/2013 - 10:36 | 3440702 GoldForCash
GoldForCash's picture

Lead time for delivery just a measly seven years ....  ;-)

Takes that long to dig that much up out of the ground....

Fri, 04/12/2013 - 11:48 | 3441185 GoldForCash
GoldForCash's picture

Lead time for delivery just a measly seven years ....  ;-)

Takes that long to dig that much up out of the ground....

Fri, 04/12/2013 - 08:37 | 3440124 Mr. Magoo
Mr. Magoo's picture

If you really want to know what is going on, watch the latest vid from Greg hunter with Dr. Paul Craig Roberts regarding manipulation with naked shorts. As for me I will continue to buy as will the Chinese and Russians. When all the physical is gone what in the world will they do with all the paper ETF,s Oh I know "WIPE THEIR ASS"

Fri, 04/12/2013 - 08:29 | 3440085 Jayda1850
Jayda1850's picture

TPTB took down bitcoin in a flash, time to focus on the more credible alternative currencies. 

Fri, 04/12/2013 - 08:40 | 3440136 dick cheneys ghost
dick cheneys ghost's picture

bit-ponzi now @$60.00................where is CH1

Fri, 04/12/2013 - 09:59 | 3440488 francis_sawyer
francis_sawyer's picture

hands in bloody bandages from catching falling knives... Can't use the keyboard...

Fri, 04/12/2013 - 09:08 | 3440266 Temporalist
Temporalist's picture

Yes but gold and silver are "original currencies" not "alternative" as that can only be applied to everything that followed them.

Fri, 04/12/2013 - 09:22 | 3440329 Jayda1850
Jayda1850's picture

I think rocks and shells would have to have the "original currencies" moniker, if we're being technical about it.

Fri, 04/12/2013 - 09:11 | 3440277 ChanceIs
ChanceIs's picture

Max Keiser is a little less sanguine about BitCoin these days.  That is to say he doesn't mention it anymore.  He was boasting about the million he had made shortly after Cyprus imploded.

That is not o say that I don't like Max.  He does a great service to society.  He does go over the top too often for his own good.

Fri, 04/12/2013 - 08:30 | 3440087 Antifederalist
Antifederalist's picture

Paper gold is down........blah,blah,blah

There, fixed it for ya.

Fri, 04/12/2013 - 08:31 | 3440089 Charles Nelson ...
Charles Nelson Reilly's picture

These cocksuckers will stop at nothing. The fucking Chinese are just sitting back and blatantly laughing at us and they get these bargain prices.

Fri, 04/12/2013 - 08:37 | 3440125 eigenvalue
eigenvalue's picture

Today may end flat despite the morning smash.

Fri, 04/12/2013 - 08:37 | 3440127 somecallmetimmah
somecallmetimmah's picture

They're bargain prices for anyone with the foresight to stack, Chuck.  Don't worry about the Chinese.  They (and we) have enough problems of their own, that we dno't need to look outside our own borders.

Manipulated?  Of course, but who cares?  Buy!  It's Friday.  Consider this a pre-weekend gift!

Someday the "wheels" will come off this crap-wagon.  And when they do, we'll bless the day we were able to buy cheap bullion.

Fri, 04/12/2013 - 08:57 | 3440209 Acet
Acet's picture

Anybody selling the actual metal at paper prices is a fool (and that includes Miners, which probably explains why their stocks are underperforming).

Fri, 04/12/2013 - 09:09 | 3440268 Temporalist
Temporalist's picture

CNR everytime I see your avatar and name I laugh

Fri, 04/12/2013 - 08:29 | 3440091 the not so migh...
the not so mighty maximiza's picture

buying opportunity if you have a place to store it, guard it and keep it safe.

Fri, 04/12/2013 - 08:31 | 3440092 Killer the Buzzard
Killer the Buzzard's picture

Wish I could load the boat, but I'm tapped out cuz I thought all the other takedowns were the bottom.  Semen gurgling mother-fuckers at the Fed.

Fri, 04/12/2013 - 08:31 | 3440093 LawsofPhysics
LawsofPhysics's picture

One of the most dependable shorts around, like Ocean Pacific use to be, anyone remember OP shorts?

Fri, 04/12/2013 - 08:36 | 3440116 WmMcK
WmMcK's picture

Loved OP and Ron Jon clothing.

I had a black tee with a glow-in-the-dark fish on it for many years.

Wish I could still find / fit into one.

Maybe I need to get on the Kyle Bass diet ...

Fri, 04/12/2013 - 09:13 | 3440291 zapdude
zapdude's picture

Sounds like the same vintage as the Rude Dog T-shirts and Bugle Boy jeans (when they were awesome in Middle School).

Fri, 04/12/2013 - 10:01 | 3440503 francis_sawyer
francis_sawyer's picture

Vans ~ Off the Wall

Fri, 04/12/2013 - 08:31 | 3440094 Paper CRUSHer
Paper CRUSHer's picture

Same shit different day.

Anway,since many of you no doubt who watch CNBC with volume on MUTE i've put this in case ya missed yesterday's interesting, rather hilarious Tom "gold report" O' Brian giving it all in the 10 minute gold discussion on Bloomberger......

'The era when safehavens are no longern safe'..........

Four familiar guests: Tangent Capital Markets James Rickards, Author of "The Gold Report" Tom O'Brien, Holland & Company's Michael Holland and Merk Investment's Axel Merk discuss their investment strategies on Bloomberg Television's "Street Smart."

http://www.bloomberg.com/video/the-era-when-safe-havens-are-no-longer-safe-g89TAqpiT0yA7mRqpxHR1g.html

Fri, 04/12/2013 - 08:45 | 3440162 graspAU
graspAU's picture

I heard an interview maybe 2 days ago saying that the world has a new safe haven which is US Equities. I about fell on the floor laughing. I belive this was on Bloomberg.

Fri, 04/12/2013 - 09:21 | 3440327 Al Huxley
Al Huxley's picture

These guys need to impart their wisdom to the Chinese, Russians, Indians, and all the other global creditors before they buy out the Comex and GLD inventories.  Because while they seem pretty happy to BUY at the paper price the traitorous bastards at the bullion banks are establishing, I'm pretty sure they won't be so willing to play along once they've bought ALL if it.

Fri, 04/12/2013 - 08:31 | 3440097 curious1
curious1's picture

& ass n' pee?

Fri, 04/12/2013 - 08:31 | 3440098 swissaustrian
swissaustrian's picture

If 1525 doesn't hold, watch out. It's judgement day today.

Fri, 04/12/2013 - 08:39 | 3440130 fonzannoon
fonzannoon's picture

I am actively rooting for gold to continue to tank and I mean that with sincerity. My only real question is, is that article the other day regarding comex inventories being depleted at a massive pace correct, and is it still continuing. I believe this is paper starting to seperate.

Fri, 04/12/2013 - 09:28 | 3440341 Croesus
Croesus's picture

@ Fonz:

You may find this one interesting:

http://www.sprott.com/markets-at-a-glance/do-western-central-banks-have-...

Also, if you want to follow Comex, check out Harvey Organ:

http://harveyorgan.blogspot.com/

 

 

Fri, 04/12/2013 - 09:26 | 3440342 eclectic syncretist
eclectic syncretist's picture

Fonz, you can check the daily comex warehouse inventory data here;

http://www.cmegroup.com/trading/energy/nymex-delivery-notices.html

Comex won't chart the daily data for you, but you can find these charts on the web.  24hrgold has a good one for registered Comex silver.

http://www.24hgold.com/english/interactive_chart.aspx?title=COMEX%20WARE...

 

Fri, 04/12/2013 - 08:40 | 3440141 ParkAveFlasher
ParkAveFlasher's picture

I was thinking groundhog day.

Fri, 04/12/2013 - 08:45 | 3440164 Boston
Boston's picture

And if 26 doesn't hold for Ag, look out below. We could be looking at a once-in-a-decade clearance sale, with prices falling to or even below 20. 

Which just means that I'll be backing up the truck and buying every bit of physical I can get my hands on.....

Fri, 04/12/2013 - 08:32 | 3440099 agent default
agent default's picture

These patterns are not normal.  Going by the physical market sales figures, the price action looks stranger and stranger every day.  Is there something ZH is on to here?  There is much tongue in cheek mocking of the situation coming from Tyler.

Fri, 04/12/2013 - 09:35 | 3440369 Jam Akin
Jam Akin's picture

I'm thinking the recent Goldman recommendation to short gold is a new sort of double entendre based on the coming implosion of the paper market for gold.  Short paper for the muppets, long physical for the house account.

Fri, 04/12/2013 - 08:30 | 3440100 holdbuysell
holdbuysell's picture

APMEX junk silver premiums are ~$3.80.

Fri, 04/12/2013 - 10:04 | 3440510 BeerBrewer09
BeerBrewer09's picture

I was at a coin show on April 6th. Only 3 dealers of 50+ had any junk silver ready to sell in $10 face value quantity or more.

1 guy had 3 $50 face value bags of dimes and 1 $50 face value bag of quarters. I bought all of his Maples (18) for $30.50 each and told him I would stroll around and return to buy some junk silver. Well, I got back to his case and he was sold out an hour later.

1 guy had some tubes of $10 face value quarters for $22x face, but it wasn't much, and I was looking for halves anyway.

The last dealer who had junk talked to me quite a bit about the junk silver situation. He said that most of the other dealers there would take all of his junk silver at $21x face value if he didn't sell out during the show. He sold me 56 franklin halves at $10.50 each (21x face) because I bought so many. He was quoting everyone else at $22x face to make a bit more. The person in front of me in line bought all of the guy's morgan and peace dollars right away.

My theory: High silver prices caused the sheep to sell their junk silver to dealers to make quick cash. Lower silver prices have caused anyone who still has junk silver they want to sell to hold on to it. There are more buyers than sellers, just look at Craigslist to see how many people are paying cash for ANY bullion on the spot. Most of the low hanging fruit has been picked from the sheeple, IMHO.

Fri, 04/12/2013 - 08:32 | 3440102 lickspitler
lickspitler's picture

bitcoins suck ! Silver sucks so hard it's using it's appendix as a bonnet for my bell end .

Increment Bitchez

Fri, 04/12/2013 - 08:33 | 3440106 curious1
curious1's picture

Ass n pee fahive 100?

Fri, 04/12/2013 - 08:32 | 3440109 firstdivision
firstdivision's picture

Everyone is selling to buy Spot natty.  Never mind the compression on the NG fwds.

Fri, 04/12/2013 - 08:32 | 3440110 orangegeek
orangegeek's picture

And US Dollar is climbing. 

 

http://bullandbearmash.com/chart/spot-silver-daily-overlaid-with-us-doll...

 

Silver overlay with USD.

Fri, 04/12/2013 - 08:33 | 3440111 Silverhog
Silverhog's picture

Wow, another Silver smash. Surprise, surprise. Yawn. 

Fri, 04/12/2013 - 08:36 | 3440121 Debugas
Debugas's picture

the sellers - what are they buying instead ? T-bills ?

Fri, 04/12/2013 - 08:40 | 3440137 somecallmetimmah
somecallmetimmah's picture

Crack.

Fri, 04/12/2013 - 08:38 | 3440129 hankwil74
hankwil74's picture

Let me guess the advice from all the ZH readers... BTFD.  Same advice at $1900, $1850, $1800, $1750, $1700, $1650, $1600, and $1550

Fri, 04/12/2013 - 10:52 | 3440788 hankwil74
hankwil74's picture

another $30 lower from the open. Let me guess.... BTFD

Fri, 04/12/2013 - 11:12 | 3440982 auric1234
auric1234's picture

I bet you'll be laughing when the price is $0 but there is none for sale, right?

 

Fri, 04/12/2013 - 12:29 | 3441465 Stuntgirl
Stuntgirl's picture

Yep. My usual online seller has been having "IT problems" for the past 3 hours, and can't accept an order. Quelle surprise!

Fri, 04/12/2013 - 08:39 | 3440131 I Am Not a Copp...
I Am Not a Copper Top's picture

It's a stop run on the paper.  Nothing more. 

Fri, 04/12/2013 - 08:39 | 3440135 Popthestock
Popthestock's picture

Hopefully now the stupid goldbugs, will sell their useless gold and get into stocks. I mean, you need to leave the sinking ship people. I told you gold will go DOWN MASSIVELY. during the next 4-6 months it will go under 1000. 

Fri, 04/12/2013 - 08:41 | 3440149 somecallmetimmah
somecallmetimmah's picture

Yeah, if they have any brains, "sell low, buy high", right?

Fri, 04/12/2013 - 08:44 | 3440155 Popthestock
Popthestock's picture

Depends when you bought. if you bought low then SELL!!! if you bought high, SELL before you loose to much. Stupid gold buggers, they thought that gold would make them rich haha.

Fri, 04/12/2013 - 08:58 | 3440215 Jayda1850
Jayda1850's picture

you have goldbugs confused with bitcoinbugs. we dont own gold thinking it will make us money, we own gold so we can keep the money we have.

Fri, 04/12/2013 - 08:58 | 3440219 somecallmetimmah
somecallmetimmah's picture

I love you because you're so dumb!

Fri, 04/12/2013 - 08:58 | 3440222 Debugas
Debugas's picture

it does not matter what price you bought at. All that matters is what the future price will be

Fri, 04/12/2013 - 09:32 | 3440358 brucyy
brucyy's picture

Come on man , i trade paper and stocks to sustain a modest life , but gold is NOT for screaming booya and giving it your best shot with the latest direxion 14x etf , it's about protecting your capital. Sure it looks bearish near term , and it's probably gonna test 1300's or whatever.

Sure , there won't be any paper bulls left in this market , but if you think it will mean the end , you're in for a surprise. 

Fri, 04/12/2013 - 08:57 | 3440206 JPMorgan
JPMorgan's picture

In your fucking dreams pal I'm buying more.

Fri, 04/12/2013 - 08:39 | 3440140 MFLTucson
MFLTucson's picture

Yes, buy dollars and US bonds or Dow stocks they are all great investments, not something finite like Gold or Silver.  What a pile of shit we have become, nothing is real and no one tells the truth.   Love this Jewsih mob, this is precisly what they did in Weimar Germany.  

Fri, 04/12/2013 - 08:41 | 3440150 Racer
Racer's picture

But if you want to take delivery of physical, UK gold and silver dealer is sold out.... yet again

Fri, 04/12/2013 - 08:46 | 3440167 hankwil74
hankwil74's picture

until the COMEX runs out, it's not a problem

Fri, 04/12/2013 - 08:51 | 3440179 scatterbrains
scatterbrains's picture

maybe that's the point. If comex truely is tapped out they're gonna need to drive the gold paper price down to $300 so they can settle for cash like the fine print says.

these niggas off the hooks  lol

Fri, 04/12/2013 - 08:55 | 3440204 hankwil74
hankwil74's picture

Who is saying that the COMEX is tapped out?  I took delivery of a gold contract last month... was not an issue.  Any report of a shortage is way overblown.

Fri, 04/12/2013 - 08:59 | 3440221 fijisailor
fijisailor's picture

Ah so you're the source of that big COMEX drawdown?

Fri, 04/12/2013 - 09:32 | 3440366 Quinvarius
Quinvarius's picture

Why did they let you live?

Fri, 04/12/2013 - 08:57 | 3440217 agent default
agent default's picture

If it is up to the issuer to settle for cash, then what the fuck are they selling and how does it relate to the actual price of anything?  We have institutionalized fraud up and down the system.

Fri, 04/12/2013 - 08:43 | 3440156 Hongcha
Hongcha's picture

That multi-year support line at say GLD 150 is being carefully broken.  This is the line GS is looking at.  Next stop GLD 144.

$1,500 is also a nice target for a stop run.

This should have been fairly clear for paper traders; there should be no weeping or gnashing of teeth, this is an ugly game and GS knows how to play and has the means.

You just stand back and let it drop.

I am talking about trading the paper here.

Fri, 04/12/2013 - 08:44 | 3440158 fuu
fuu's picture

$44 and widening.

Fri, 04/12/2013 - 08:46 | 3440165 Chief Falling Knife
Chief Falling Knife's picture

So... Copper DOWN almost 11% in the last 2 months.. while S&P UP roughly 6% in the same time period.. wtf

Fri, 04/12/2013 - 08:53 | 3440183 fijisailor
fijisailor's picture

Yeah.  I guess that means Dr.  Copper is stupid now.  /sarcasm

Fri, 04/12/2013 - 09:06 | 3440254 Chief Falling Knife
Chief Falling Knife's picture

I'm more perplexed by this 'market' everyday... I'm also perplexed as to why I get a red arrow for pointing out another in a long line of this 'markets' absurdities.  I guess everyone has an opinion, to each his own.

Fri, 04/12/2013 - 09:11 | 3440281 fijisailor
fijisailor's picture

Just ask our fearless leaders.  All you have to do is "believe" and it will come true.

Fri, 04/12/2013 - 09:15 | 3440295 Temporalist
Temporalist's picture

Don't look at your up/down arrows there are serial junkers who just go to every comment and click down.  You'll get used to it.

Fri, 04/12/2013 - 11:24 | 3441047 RockyRacoon
RockyRacoon's picture

I gave ya one just for grins.   The blog bots are busy today!  Keep on truckin'.

Fri, 04/12/2013 - 09:05 | 3440247 Acet
Acet's picture

Well, you see, this modern economy is all about the value of ideas that don't really need to be transformed into concrete products, so no raw materials are used but the S&P is up because of all those bullshit^H^H^H^H^H^H^H^H idea rich companies.

That or the stock market is a complete fabrication and manipulated up the wazoo ...

 

Fri, 04/12/2013 - 08:46 | 3440166 Silverhog
Silverhog's picture

I just checked on my little stash. Looks safe and happy in it's box. Maybe I will sell some in a year or two. 

Fri, 04/12/2013 - 08:52 | 3440181 Popthestock
Popthestock's picture

What about your face, does it looks happy? Sell now, come on. dont be stupid. you thought gold was gonna make you rich, you made a mistake. take it like a man, forget your own pride, and sell the rock.

Fri, 04/12/2013 - 09:02 | 3440241 somecallmetimmah
somecallmetimmah's picture

Don't hate him.  He's not as dumb as you are.

Fri, 04/12/2013 - 09:06 | 3440249 IridiumRebel
IridiumRebel's picture

People keep gold for the long haul. They do not switch it out daily like you do to your multiple boyfriends and their dicks at the fudge packing factory.

Fri, 04/12/2013 - 09:53 | 3440467 Al Huxley
Al Huxley's picture

Why do you care whether people sell their gold or not?  Oh I get it, just being an asshole.  OK, if that's your thing, I guess have a good time.

Fri, 04/12/2013 - 11:24 | 3441064 RockyRacoon
RockyRacoon's picture

Codependency.  It's the national pastime.  Everybody wants a piece of your life to control.

 

Fri, 04/12/2013 - 08:48 | 3440170 Popthestock
Popthestock's picture

The gold buggers have not been so loud today, have they haha. 

Fri, 04/12/2013 - 09:00 | 3440228 somecallmetimmah
somecallmetimmah's picture

Never stops the morons though, does it?

Fri, 04/12/2013 - 10:09 | 3440535 Odin
Odin's picture

You gotta love these hired trolls... They should really start hiring intelligent ones though, this guy sounds like he barely made it through American grade school...

Fri, 04/12/2013 - 11:05 | 3440922 Zwelgje
Zwelgje's picture

Intelligent people have self-respect.

Fri, 04/12/2013 - 12:21 | 3441417 akak
akak's picture

This PoopTheStock is only a garden-variety troll.  Quite lame, no rational arguments, no facts, can never get past two sentences per post.  Best to just ignore him.

Fri, 04/12/2013 - 10:12 | 3440536 Odin
Odin's picture

Ag for life bitchez

Fri, 04/12/2013 - 09:14 | 3440286 Croesus
Croesus's picture

Why argue with idiots? They'll only drag you down to their level, and beat you with experience.

Days like this do not worry me in the least. The bottom line is, that as long as DotGov/Fedco believes they can solve the problem of "Too Much Debt" by creating "Moar Debt" the long term trend in Gold will stay intact.

Bernanke, zapping the Wall St. Corpse with his QE Defibrillator does not bring the real economy back to life. The only things holding the show together now, are Fed QE, media propaganda, and the blind faith of the masses.

What are the odds that the DotGov will start behaving responsibly with "money"?

What are the odds that the 100M US citizens not participating in the labor force will suddenly all find good jobs, that pay a decent wage?

What are the chances that the Fed will end QE any time soon?

The trend is your friend, and the trend tells me that "moar of the same will not produce different results"...i.e. "The same actions/forces/policies that drove Gold's 'price' from $280 to $1900, will continue to drive Gold's 'price' for the foreseeable future."


 

 

Fri, 04/12/2013 - 09:35 | 3440382 Quinvarius
Quinvarius's picture

You are crazy if you are passing up this opportunity.  Wait until the Benankecoin bubble implodes.  Then you will understand why gold is used as a reserve asset at every central bank on the planet.

Fri, 04/12/2013 - 09:56 | 3440476 Croesus
Croesus's picture

@ Quinvarius:

+1,000!!

"Bernankecoin".......LMFAO. I'm going to call it that from now on.

Fri, 04/12/2013 - 09:45 | 3440437 Charles Nelson ...
Charles Nelson Reilly's picture

Hey look at me, I'm Popthestock... ZH attention whore.  for a share of AAPL I'll let you bang my hideous wife who treats me like shit.  I come on here to feel better about my shitty life.

 

Fri, 04/12/2013 - 08:49 | 3440176 Clowns on Acid
Clowns on Acid's picture

So lets see here....The immoral short fingered vulgarians at the Fed and treasury have bought all the bonds, are pumping the equities, pushing down PMs......well the only thing left to buy , given the inflationary aspects of their immoral money printing is food...

Long Corn, wheat, Beans..?

If they start to manipualte the price of the food commodities.... then we are reallly run by a Politburo.....

Fri, 04/12/2013 - 08:58 | 3440214 Debugas
Debugas's picture

manipulating food commodities causes riots like in Egypt so it is much more dangerous game

Fri, 04/12/2013 - 09:43 | 3440422 somecallmetimmah
somecallmetimmah's picture

Coming soon, to a country near you.

Fri, 04/12/2013 - 08:51 | 3440177 Jim B
Jim B's picture

The morning gold "FIXING"....

Fri, 04/12/2013 - 11:53 | 3440178 fuu
fuu's picture

At least it's off the lows...-40 later...

Fri, 04/12/2013 - 08:54 | 3440187 mutty
mutty's picture

double posting dickhead.

 

Fri, 04/12/2013 - 08:55 | 3440207 Popthestock
Popthestock's picture

So what are you trying to tell us?

Fri, 04/12/2013 - 09:27 | 3440346 oddjob
oddjob's picture

Do you have a mouse in your pocket?

Fri, 04/12/2013 - 08:55 | 3440192 mutty
mutty's picture

This time is different because of my emotional attachment to the asset class.

This reminds me of the dot com stock message boards. The first lesson: Don't fall in love with any asset class. it'll rip your guts out. The 2nd lesson: price and fundementals don't even live on the same planet. The 3rd lesson: It's usually a sucker move to knife-catch against a strong trend.

 

Fri, 04/12/2013 - 08:56 | 3440199 fijisailor
fijisailor's picture

This is just a leading indicator for stocks

Fri, 04/12/2013 - 08:57 | 3440210 Silverhog
Silverhog's picture

I surprised the junkers are up this early. Usually the lazy fuckers don't get out of bed until noon. 

Fri, 04/12/2013 - 09:43 | 3440416 francis_sawyer
francis_sawyer's picture

Got 2 Get up "Early in the Morning" [says the Gap Band], to become the next 'Winklestein'...

Fri, 04/12/2013 - 09:53 | 3440469 fuu
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