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Gold, Silver In Asian Liquidation Mode As China Growth Slows More
UPDATE: Spot Gold $1426 (from $1564 highs Friday)
As Asia opens to the bloodbath that occurred in precious metals on Friday in the US, it would appear that more than a few traders got the 'tap on the shoulder'. Shanghai futures are limit-down and spot gold and silver prices are plunging once again as we suspect forced margin-calls and the raising of cash (to cover extreme variation margin - or capital reserves) needed in JGB positions, as we explained here. Liquidation is certainly the theme of the evening - investors are selling JGBs (6th day in a row of multiple-sigma moves in long-dated Japanese bonds 30Y +56bps off its post-BoJ lows at 1.60%!), selling Japanese stocks (Nikkei -128 pts, second biggest down day post-BoJ), selling US Treasuries (futures down), selling gold and silver (gold spot down over $100 from Friday's highs), and despite selling JPY early (retracing 30% of the weakness post-BoJ), JPY is practically unchanged (jerking lower only on the US futures open and Asian equity open) - it seems Mrs.Watanabe is struggling and unwinding some her excessively short JPY and long NKY positions.
Gold down over $100 from Friday's highs...
Which takes spot gold back to the 38.2% Fib retracement of the most recent low to high swing...
Tokyo COMEX Gold -9.2% (limit down) - looks like a giant post-BoJ roundtrip...
Silver ugly too...
Another day, another 4-sigma move in JGBs...
and post the China data...
- GDP Miss
- Retail Sales Miss
- Industrial Production Miss
- Fixed Asset Investment Miss
which stands in the face of the 'survey-driven' PMI data...
... everything is red - JGBs down, Japanese stocks down, US Stocks down, US Treasuries down, Gold and Silver down, Copper down, Oil down, Rubber futures limit down
Charts: Bloomberg
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My local coin shop was out of all government issued one ounce coins, 10 ounce and 100 ounce bars. I saw the last 32 Maples Leafs leave the store. They only had one ounce silver rounds and they were leaving too. That shop will be out of all silver early Tuesday when they open again. There is no silver for them to sell and the price keeps going down.
in the coming weeks we will find out true bottom for the gold and silver prices.
From that point on it can be taken as an ancor point for the future analysis and decisions making
I'll see you boys at the 830AM smackdown. I got a date with Zoland tomorrow at 5PM. Keep the sale going Ben, you Satanic Ass Monkey.
What is happening moar and moar is, many see what the heck is going on.
http://www.infowars.com/assault-on-gold-update/
http://silverdoctors.com/something-big-is-collapsing-out-of-the-publics-...
"We're dumping it all, T bonds/bills, Fannie Mae, commercial paper, we want it all sold. Fed funds, Euro dollars borrow what you can... bullion, grab what you can get"
The Fed will buy it all. Communism! Seriously, has anyone noticed that gold has been positively correlated with the 10 year yield lately? Previously it was negative.
Wassup?
It's a quote from the movie Rollover. Watch the clip, especially the part where the banker calls his wife to get their money out of the system.
http://www.youtube.com/watch?v=GPYLJoq_40Y
Should I stay or should I go now ...
I doubled my money on bitcoin on Friday. Bought at $69 at lunchtime and sold one for $114.50 in the pub that evening.
Cheers!
Useful:
http://www.paulcraigroberts.org/2013/04/13/assault-on-gold-update-paul-c...
I came up with the same general figure as Steve from Virginia, around $1350 for Gold on this leg down. Margin Calls are a Bitch. Did well on my shorts though after Cyprus.
http://www.doomsteaddiner.org/blog/2013/04/14/whither-gold/
RE
Bloomberg says the fucking YEN is a haven? Pure lunacy, pure propaganda, pure BIG LIE desperation.
Trying to order another 500g (32oz) bar. Dealer not returning my calls.
The big dealers are selling only gold today, no other metals are anywhere to be found. Delivery time about 7 days all across the board.
Private sellers have all but pulled down all the classifieds regarding selling. Everyone is only buying.
Hope you USA guys and gals get to pickup atleast a little bit of phys before it all goes to hell.
I'm in Portugal!
Got delivery of 500+250 within 10 days, 1% over spot still.
Good on ya mate! We're currently at about 4% over spot.
NEW LOWS! $23.525 / $1401.
THE SKY IS FALLING. THE SKY IS FALLING!
JUST BROKE 24
F/U MONEY CHANGERS
F/U MONEX
QUIT THE RIGGED GAME,
ENJOY LIFE WHILE YOU CAN
I FEEL A BENDER COMING ON
AND FOR YOU LISTENING PLEASURE
https://www.youtube.com/watch?feature=player_detailpage&v=QBxbWkf4z-E
IT SPEAKS VOLUMES
SILVER MARKET SHOULD BE HALTED , INVESTIGATED AND SPRAYED WITH FLOURIDE, I MEAN RAT POISON!
Yousa, yousa, yousa!
Huh? ... Margin problem... This'll be ... interesting ...
Think I need to go pick up some physical gold & silver. :)
where have all the PM flowers gone?
Black week end for gold bugs.
Are we into bitcoin rollercoaster or is this a great PM reset?
SELL SELL SELL!
http://www.youtube.com/watch?v=wDI6SEIzwNM
is a class action law suit on the pm markets possible? any one?
You have to protest with your little friends.
Well, some good news.
The Connecticut gun law may not be valid after all, thus saving a lot of jobs.
http://www.wfsb.com/video?autoStart=true&topVideoCatNo=default&clipId=87...
The jobs will be there regardless when the manufacturers move to another state...in fact, they may even add jobs because they aren't in a liberal hellhole anymore. I think I speak for all gun owners when I say "Fuck Connecticut."
Yes you do.
The global economic recovery is proceeding wonderfully !
If the boys at the CBs want to take some piss out of the markets, in their ever so subtle way, it looks like "go away in May" will be in full force.
The selling in gold and silver, and WTI busting into the 80s, is not selling it's a massacre. Hello George Custer.
DOW green by 4pm ? Or do they let it slide ...
or should we go straight to lynching
Here's a link to a terrific Seeking Alpha article, posted a day or two ago, "Is gold foreshadowing a stock market implosion?" The author draws a parallel to gold's decline in 2008 in advance of the decline in stocks. He thinks gold-selling is a sign that big financial institutions are in dire straits.
http://seekingalpha.com/article/1339951-is-gold-foreshadowing-a-stock-ma...
Yes.
BTW as stocks go off a cliff, people are going to be looking for safety.
That means US Treasuries to start with, and after that, they'll be looking at gold, but that depends on how sane the US Government is looking.
Deflation, bitches! Back to 1 to 1 with the S&P 500 Index at 1000.
I listened to Mako, he called it. Steve in Virginia. Except he hates cars so that means he hates America.
just went under 1400
The NY Fed and their corrupt cohorts are attempting that greatest wealth theft in history, no matter their principle motive.
Trying to get people to dump their physical gold and silver, not realising its future value in world that is bankrupt and in a catastrophic global financial crisis having destruction, implosion or hyper printing as its only choices.
When you see things like these extremely desperate actions, TPTB coordinating entities global for the purpose of taking down gold and silver... you know if this is what they fear so so much then you should never be without it.
I am not holding gold and silver for today's world, but for what may come. And when I see things like this past two days I know that I am right.
When you can print an infinite amount of fiat you can sell an infinite amount of invisible gold but not get your hands on one real ounce. The want people trapped in fiat, in USD and they want gold under their control. Gold is the ultimate solution to corrupt governments and countries as the US, Europe...
pure bs.... gold is doing what all commodities are doing..... if it was only gold could argue such crap, but its not, oil dropping like a rock is pretty clear sign of economic slowdown... less your arguing they are doing same to gold silver platinum copper oil etc.... Here is reality for all the Crazies on here that dont understand economics.... SHORT TERM RISK = DEFLATION... LONG TERM RISK = INFLATION, but there are sooo many problems in the world that are going to cause deflation before the inflation hits, that its best to buy on the fucking dip... and dip means major correction like what is happening now, so buy gold but get it at fair prices...
Wow... BUY STOCKS!!!
Err I mean, buy stAcks!
$1392..?? WTF?
WE'RE ABOUT TO REACH ATROCITY STAGE. GOD, THE MONEY CHANGERS HAVE RUN AMOK
HOW Can this SHIT BE A LEGAL OR EVEN A MARKET?
I cannot think of a single gold analyst who foresaw this. FOFOA has been hinting at it, but even he refuses to read charts or give predictions.
None of the people who have been speaking about manipulation predicted this. They all said we were at a bottom and buy buy buy.
To the best of my knowledge, nobody at zerohedge said anything about this possibility.
Meanwhile Max Keiser was pimping bitcoin before it imploded.
Something serious is going down.
search for my posts been talking about it for a while now (getting lots of -1's every time I did). gold peddlers want gold high and to go higher. have to look at the big picture and not just one isolated action. big picture is that banks were never fixed and printing was just plugging holes to give banks time to stabilize and not creating inflation, hence gold (the inflation hedge) was run up too high by historical standards.
Just normal market conditions .... nothing to see here .... move along !
Well, it's logical because analcysts aren't responsible for the price, but only the consensus they create by fooling people by making them believe. Only insiders can really forsee, but non will tell!
I'm well aware, but certainly missing the point about Max pimping Bitcoin. Are you hinting about Gold/Silver?
$23 / $1385.
I'm calling the bottom here now, this is beyond ridiculous.
[Edit] just hit 22.92. Wow I was wrong fast.
lol.... reminds me of the movie braveheart... I have been waiting a few years for this pull back to buy more, will hold.... hold..... hold... buying in 1100 range, might get lucky and see 1000.... oil dropping pretty steadily too, pretty good sign of recession, thats going to really hammer the world economy and prices will drop pretty substantially, then ben will ctrl p till the button wears out to re-re-re inflate the bubbles, and the gold I pick up will go back up and will make a few bucks (picked it up last time at 800, would love it to go back there to get some more... 700 would be even better!)
sorry for those that bought in last couple years when gold was a bit bubbly.... just hold it for a few years will go back up, but sucks to buy high and hold, buy low and stack :)
wow $1386 &2307
Spot gold monthly was telling back in February.
http://bullandbearmash.com/chart/monthly-gold-falls-5-wave-3-started/
Wow. AU 1394 and AG 23.28. And still dropping. Margin calls up the wazoo today.
I'm staring at monthly charts since the 25.70-26.00 support level for silver has been decimated, along with the 1520 area in gold...
Where does it go to now? 18-19 for silver?? There looks to be solid support for gold in the low 1200s.. but... really?
crazy... i COULD believe it.. except S&P futures are currently barely down half of a percent.. and the DOW will probably end the day green..
I officially have no clue.
Have to ask yourself why is it so important to take down gold and silver is an such obviously corrupt manner?
Why is it so importatant to the Fed and their owners to destroy gold and silver.
Like asking in a war, why it is so important for the enemy to want to take your guns..
Watch and enjoy the painful death of money and capitalism. If you are frightened by watching the spot price of gold instead youre doing something wrong - and probably did.
What the fuck should we do now? BTFD comes to mind, but... Currently loaded on physical and miners. Some cash. Selling here seems insane, and 2008 makes me think I should keep waiting, but same logic says sell. Really busy work week too, didn't need this shit. Aghr.
Unless you're really really in need of cash, which you say you have some of, don't sell into this market. Oh wait! Hell, sell it to me at spot :)
You're right... I don't need to liquidate. Just painful to see miners get crushed and dozens of K in valuation vanish from my portfolio. My physical, I don't really think about in the same way.
Tbh, the chaps saying "buy the fucking dip" or "you're not losing a thing, your money still weighs the same", well guess what, I bought the shit at 1600 and it's fucking hurting to know I can get it at below 1400. I'd love to see some updates on buy/sell physical ratios and actual delivery. I see the physical and paper market are drifting apart and that could threaten the whole paper market if people realise paper price and physical price are a whole different ball game. I can only hope they realign as prices stabilise, because you really do not want the paper market to blow up. That would be the global financial crisis squared.
And tbh, I'm also worried about the economy. I've got a job and a family to feed. This kind of market break-up reminds me of the past (ongoing) crisis. Got company projects in the pipeline, investments and nervous business partners. This is the last thing I need.
IM WRONG COME AND KILL ME,PLEASE ,
and the money is going into Italian and Spanish Bonds ! unreal
something big, very big is going down.
A total, complete contraction of all credit. That means no more loans to the public. Zip. Nada. Money will be real, real tight.
Wonder what my chances are of getting 1,000 oz gold at the curret price? LoL
Zero.
Don't know what it is they are selling, but it aint gold.
I get paid Thursday and will be buying more gold. It looks like it might be time to borrow from the 401k too.
I would buy some silver but as stated previously here it was almost all gone Saturday. Tulving is just about out of silver too.
Manipulated smash to effectuate massive wealth transfer, or deflationary event preceding hyperinflation? Or something else at work here?
Please vote/chime in...
Wealth transfer, smash PM's, flush people out of gold and the elites can snap it up cheap.
I would love to know which.. I really can't tell - but I don't like the smell of it.
Is this the decoupling of the paper and physical markets....it will be if no physical gold can be bought at anywhere near this level.
Take delivery at one cheap price to resell at the physical price... is this what is to come....except will you get delivery.....
There is a gold mine in Helena, Montana where you can purchase freshly mined gold; take immediate delivery, and you only have to pay the current spot gold price.
If you can pay cash for that gold and remain anonymous, take a bus or hitch-hike (don't let your vehicle license plates be recorded on security cameras) and buy all that you can carry home.
THIS ISNT A CORRECTION THIS IS ROBBERY!
Ok, so if the case here is that Ackman was long Ag/Au, I guess that Icahn takes the whole thing a bit too far...
As you get older, you realize how much of the world really is determined by bullshit like that. Bad part is, it gets embeded and nobody knows why certain things are done certain ways after a couple of generations.
"Mommy why do they make poor people wear silver?" ... "Nobody knows for sure, but there were once two trolls named Ike and Ack, and they loved each other very much, untill one day ..."
Forget Korea .... this is the war ! Hoarding gold is good company in your bomb shelter ! Keep the faith .... we will prevail ! I will give Anthony Bourdain an ounce of gold if he can hold down half a dozen, room temperature, mature Baloot (beaks and feathers) on Piers Morgan ! He only ate a little piece about the size of a dandruff flake !
The 8:30 smackdown is going to be fucking epic!!
Panic selling of gold and silver
multi-year lows, exceptionally high trading volume on the futures markets
On paper, a good 1,140 tons of gold thus changed hands in just one day – more than the total annual gold demand of India or China.
http://homment.com/gold-panic-selling
Anecdotal: Here in the UK my 2 favourite LCSs (well, more of an online business with visitable premises attached) were closed on sat/sun with 'sorry..due to price volatility & high demand.. closed' type messages on their sites.
This morning, monday GMT, open but email orders only, " due to exceptionally high demand" - they usually have a phone-in service as well.
Only new stock is re-priced to anything near current spot (one shop 'fixes' price early AM - but this is already $55 over current spot) - older stock unchanged at spot price 1-3 weeks ago.
I have no idea about any selling (they buy retail & wholesale, so people 'off the street' go in to sell) activity, but as they're not re-pricing used coins/bars, it would seem like they're not getting much retial stock in.
Purely anecdotal of course, but I get the feeling that the price movement is having the opposite effect to what 'common sense' would predict - i.e. the average physical holder isn't selling but seeing this as
a vindication of our economic trajectory & buying more.
I'm hanging fire a day or two before I consider buying more - as I can never time these things anyway!
Gold will drop to $750 an ounce. Where is silver going to bottom out at?
Face value of junk silver.
Word.
They'll switch back from the more costly copper, nickel and zinc.
Industrial uses of silver will be abandoned due to the complete lack of profitability of silver mining.
So, do you think we will see a return to the U.S. minting coins containing silver?
They have already made the move secretly under the codename "Chips" so as to confuse the fuck out of the sane.
"Gold will drop to $750 an ounce. Where is silver going to bottom out at?"
The bottom of my fucking lawn...
I'm seriously thinking about cashing in my chips and paying off my debt. I wanted to short the next correction and have been waiting for 2 years. But man, what the hell can we expect after seeing this?
Do it. Sell it all. Bail.
What we can expect is central bankers have overcome thousands of years of human experience with gold via a mere 5 years of maniacal money printing.
Sell. Post your sell price for posterity.
I'm not selling my PMs you dumbfuck. Gold and Silver are not chips. They are wealth. Big difference.
The reality is materializing for anyone holding a piece of paper that entittles them not to gold, but to absolutely nothing. They are trying in desparation to get anything in return for their paper. This has nothing to do with physical. Reality's a bitch.
I find this very suspicious when just last week Comex Gold Inventories Collapse By Largest Amount Ever, did they panic and call BEN?? http://news.goldseek.com/GoldSeek/1365538557.php
Perhaps it became clear that the Comex was going to get busted, and the banks decided to bust it for themselves rather than letting someone else take delivery.
+1 Never let a crisis go to waste
I'm not smart enough to figure out what to make of those charts. Shouldn't the price action in gold have been completely opposite of what it's doing now on news of a Comex gold stockpile collapse?
I love this shit.
Gold is the gold-standard for the utterly detached madness of central bankers/money printers/Keynesians.
This started in 1971.
Don't believe for a second that history has yet spoken on this baseless fiat bullshit experiment.
So they have to reduce the amount of paper gold out there by 100/1 its real backing....?
I thought I had seen it all. I was wrong!
In retrospect should we have seen it coming? Hard to say.
All I can think of is this: this is a big fucking deal. Bigger than any political or economic event for the last 70 years. This is about changing the financial architecture of the whole world.
They aren't going to go down without a fight.
Of course we saw this coming. In the boom and bust cycles, there is a period of credit contraction. When this happens, money is tight, the dollar gets strong, and gold collapses. Happens every time.
Listen to what you're saying.
Gold already corrected from 1900 and was showing pretty good support 1500-1600.
The Fed is creating trillions of dollars and has stated, openly, that they will print however much it takes to generate their inflation and unemployment targets.
Real interest rates are negative.
So just who is liquidating gold for these "scarce" dollars? And why not liquidate stocks or bonds?
Margins are being called on all the short stops. People have to get money from somewhere to cover them and gold is (was) the easiest to liquidate. There were a shit heap (SHIT HEAP) of stops at 1430 approx and when it started to capitulate last Friday, perfect time for weekend to put the squeeze on people, panic ensued as money was tight and hard to get quick. Now you get this..
I believe the Cyprus crisis played a massive part as they were made to sell 400 million of gold as part of their 'deal'. That had a massive impact in terms of turning the gold trend, or, accelerating it down, I should say.
The bankers are going to make a killing. What do you think happened to all that money Bernanke has been giving his buddies? They are sitting on trillions of dollars in cash, and with everything collapsing, and the dollar strong, they will buy up assets left and right at a penny on the dollar. This is a part of the boom and bust cycles that we have seen time, and time again. The bankers make money during the boom; now they are going to make a killing during the bust. People will be selling family heirlooms for food.
And sadly, not 1 in 10,000 have the slightest idea of the tectonic plates rearranging beneath them...
If a gold standard is threatening to come from the east or where ever, what better way to flush people out of their gold, or in this case, their claim to gold, than to panic the market and mop it up. What better way for the elites to prepare themselves for a new currency, or produce a new currency. When the dust settles and the masses have been relieved of their gold, it is then when people realise that gold is the only thing of real value in this world, the very thing they scrambled to get rid of in a state of fear and panic. Seems pretty well orchestrated to me. Throw in the massive distraction of North Korean day of incredible significance. All seems just too coincidental. We are being super scammed.
Hold your fire, don't jump in yet .... Gold and silver prices are recovering just a bit, but get ready for another HUGE gap down heading into the CRIMEX opening at 8:30 ...... I would not be surprised to see $1,220 Gold and $22 silver today. jPM has a lot of shorts to cover, so they have to drive the price into the freaking ground before they cover. Didn't you see their earnings last week? JPM's earnings sucked, and this is their last big lever left to pull, and of course as the bank for the Fed Big Ben is more than happy to oblige their personal bankers JPM.
"get ready for another HUGE gap down heading into the CRIMEX opening at 8:30"
I suspect there'll be so much profit-taking by the huge short interest that a bounce to $1450+ is more likely in the immediate future. If such profit-taking doesn't hld the line at $1400 for the next week, a real crisis is likely at hand for stocks.
The stock market will crash next. The U.S. dollar will become "God". Prices on everything (except food) will continue to fall, and the bankers will start buying up everything at a penny on the dollar with all that cash Bernanke gave them.
How long will they live?
Bison 26.70
http://www.apmex.com/Product/74377/2013_1_oz_Silver_Canadian_Wildlife_Se...
Okay, just made my biggest physical buy since October 2008. Time to sleep :-)
Like a flock of starlings.
Not the smartest birds, but they benefit from always traveling by flock, with sudden group-wide movements (and those caught under their wing often have quite a cleanup on their hands). Then they land, scour the ground for worms for 2-minutes with herky-jerky motions, their speckled underbellies shining through, but can be scared away en masse with a simple clap of the hands. Strange, annoying creatures.
Oh, Look: it appears they're headed south.
That is so weird, the price is dropping and yet I still have the same amount of silver and gold?
Just come back from my local bullion dealer and it's a hive of activity down there today.
The chap told me the buying action is absolutely relentless so far, hundreds of orders.
I purchased below $1400, but I still think it could close out this week and go into next week even lower for options expiry.
APMEX 1 oz $1456
And for those of us with some cash and short term bonds in the hold, yee haaa! It's going to be a happy day.
I feel like I'm starting to rotate, or maybe I'm just spinning.
Here's my $.02
They're scaring people out of gold and into the "safety" of the stock market. "They" then buy up all the gold at the lower prices. After "they" scoop every last sucker in the world they can into the stock market, they crash that and make off with trillions.
The higher up the chain you are, the less value money has. They're not looking to get away with trillions. They could just print them at will so it has no value for them.
They're in it for you owing them trillions. Big difference.
Equities should go to 0 for this to make any sense.
Costs of production could always go down. You don't deserve 100k a year job just cause you're special or work for the govt. Maybe 60 cents an hour producing socks is more yopur economic worth. Too bad about your 500k mortgage. Maybe just stop paying?
This is the Fed's retaliation to China's Currency alliance with France
Wars are now inevitable.
New Normal has the Federallies Vaporizing Trillions of dollars to maintain "perception", the gold market is just too small in comparison.... just another bug on the windshield. Like "The Market", they want to make gold one of their tools to demenstrate all the "succes" of central banking.
HAPPY DAYS!
I laugh at those poor shmacks that have sold phys.
They will hate themselfs, GS and JPM ever more.
JMO, when you owe umpty fuckin tons of gold to various nations and whales, better to buy it cheap. This will backfire when phyzz goes into hiding. Think about it, I MAKE Xbillions on the hedged paper longs, then buy phyzz at -Xbillions to sell to the commited paper phyzz longs, question is: will it be available?