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Gold Crush Started With 400 Ton Friday Forced Sale On COMEX

Tyler Durden's picture


On The Forced Sale...

Via Ross Norman of Sharps Pixley,

The gold futures markets opened in New York on Friday 12th April to a monumental 3.4 million ounces (100 tonnes) of gold selling of the June futures contract in what proved to be only an opening shot. The selling took gold to the technically very important level of $1540 which was not only the low of 2012, it was also seen by many as the level which confirmed the ongoing bull run which dates back to 2000. In many traders minds it stood as a formidable support level... the line in the sand.

Two hours later the initial selling, rumoured to have been routed through Merrill Lynch's floor team, by a rather more significant blast when the floor was hit by a further 10 million ounces of selling (300 tonnes) over the following 30 minutes of trading. This was clearly not a case of disappointed longs leaving the market - it had the hallmarks of a concerted 'short sale', which by driving prices sharply lower in a display of 'shock & awe' - would seek to gain further momentum by prompting others to also sell as their positions as they hit their maximum acceptable losses or so-called 'stopped-out' in market parlance - probably hidden the unimpeachable (?) $1540 level.

The selling was timed for optimal impact with New York at its most liquid, while key overseas gold markets including London were open and able feel the impact. The estimated 400 tonne of gold futures selling in total equates to 15% of annual gold mine production - too much for the market to readily absorb, especially with sentiment weak following gold's non performance in the wake of Japanese QE, a nuclear threat from North Korea and weakening US economic data. The assault to the short side was essentially saying "you are long... and wrong".

Futures trading is performed on a margined basis - that is to say you have to stump up about 5% of the actual cost of the gold itself making futures trades a highly geared 'opportunity' of about 20:1 - easy profit and also loss ! Futures trading is not a product for widows and orphans. The CME's 10% reduction in the required gold margins in November 2012 from $9133/contract to just $7425/contract made the market more accessible to those wishing both to go long or as it transpired, to go short. Soon after we saw the first serious assault to the downside in Dec 2012, followed by further bouts in January 2013 - modest in size compared to the recent shorting but effective - it laid the ground for what was to follow. One fund in particular, based in Stamford Connecticut, was identified as the previous shorter of gold and has a history of being caught on the wrong side of the law on a few occasions. As baddies go - they fit the bill nicely.

The value of the 400 tonnes of gold sold is approximately $20 billion but because it is margined, this short bet would require them to stump up just $1b. The rationale for the trade was clear - excessively bullish forecasts by many banks in Q4 seemed unsupported by follow through buying. The modest short selling in Jan 2013 had prompted little response from the longs - raising questions about their real commitment. By forcing the market lower the Fund sought to prompt a cascade or avalanche of additional selling, proving the lie ; predictably some newswires were premature in announcing the death of the gold bull run doing, in effect, the dirty work of the shorters in driving the market lower still.

This now leaves the gold market in an interesting conundrum - the shorter is now nursing a large gold position and, like the longs also exposed - that is to say the market is polarised between longs and shorts and they cannot both be right. Either the gold bulls - like in a game of tug-of-war - pull back and prompt the shorters to panic and buy back - or they do nothing, in which case the endless stories about the "end of gold" will see a steady further erosion in prices. At the end of the day it is a question of who has got the biggest guns - the shorts have made their play - let's see if there is any response from the longs to defend their position. 


On Inventories...

Via Mark O'Byrne of Goldcore,

Gold futures with a value of over 400 tonnes were sold in hours and this is equal to 15% of annual gold mine production. The scale of the selling was massive and again underlines how one or two large banks or hedge funds can completely distort the market by aggressive, concentrated leveraged short positions. 

It may again be the case that bullion banks with large concentrated short positions are manipulating the price lower as has long been alleged by the Gold Anti Trust Action Committee (GATA). The motive would be both to profit and also to allow them to close out their significant short positions at more advantageous prices and possibly even go long in anticipation of higher prices in the coming weeks.

Those with concentrated short positions may also have been concerned about the significant decline in COMEX gold inventories.

The plunge in New York Comex’s gold inventories since February is a reflection of increased demand for the physical metal and concerns about counter party risk with some hedge funds and institutions choosing to own gold in less risky allocated accounts.

Comex gold bullion inventories have slumped 17% already in 2013, falling to just 286.6 metric tons of actual metal on April 11, the lowest since September 2009. 

This means that futures speculators on Friday sold a significant amount of more paper gold, in an hour or two, then the entire COMEX physical gold bullion inventories.

Interestingly, the drop in Comex inventories would be the biggest for a whole year since 2001, when bullion began its secular bull market.

Absolutely nothing has changed regarding the fundamentals of the gold market and bullion owners are advised to again focus on the long term and the vital diversification benefits of owning gold over the long term.

Although some Federal Reserve policy makers said that they probably will end their $85 billion monthly U.S. bond purchases sometime in 2013. The key word is ‘probably’ and it remains unlikely that the Federal Reserve will stop their debt monetisation programmes any time in 2013 or even in 2014.

Even if the Fed did end them, ultra loose monetary policies and negative real interest rates are set to continue as are competitive currency devaluations and currency wars - two other fundamental pillars supporting the precious metal markets.

Buyers are now presented with another very attractive buying opportunity. We always caution against trying to “catch a falling knife” and buyers should hold off until we get a few days of higher closes or a weekly higher close. Alternatively, they should consider dollar, pound or euro cost averaging into a position at these levels.

Sellers should consider holding off as if contemplating selling they may have missed their opportunity and if they have to sell they may be best placed holding off until prices bounce or recover. Sellers are now disadvantaged both in terms of price but also in terms of premiums that have spread on some physical bars such as one kilo bars.

In the course of gold’s bull market, vicious sell offs like this have often presaged material weakness in stock markets and this may occur again. 

Gold’s ‘plunge’ is now headline news which is bullish from a contrarian perspective. Less informed money is again selling gold or proclaiming the end of gold’s bull market. 

The smart money such as certain hedge fund managers, high net worth individuals, pension funds, family offices, institutions and creditor nation central banks and will see this vicious sell off as an absolute gift and will accumulate again on this dip.

A long term allocation to physical gold bullion to hedge systemic and monetary risk remains vital.


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Mon, 04/15/2013 - 09:42 | 3449608 CharlieSDT
CharlieSDT's picture

Go. To. The. Coin. Shop.

What? You're saving the cash for something else? Overpriced College tuition, no way dude, that's a scam. A diamond ring for your mediocre entitled Western girlfriend? Please, I beg you, don't. A new flatscreen TV or iPhone 5, a new car, some overpriced drinks to hit on so-so chicks? This is not the right time for that. Buy gold. Buy silver. Buy some peace of mind. Gold has no counter party risk. You can't print it. It has secrecy, in an age of Big Brother monitoring all other financial transaction. And, there's a huge paper market of it that is crashing and the dealers are still selling the physical version for the same basic price.

This is a once in a lifetime opportunity, in my opinion. Buying gold right now is like stepping out from in front of an onrushing bus with two seconds to spare. Waiting till later (for those without any yet) is like trying to stop and pick up a coin in the street first.

Mon, 04/15/2013 - 09:45 | 3449623 Banksters
Banksters's picture

I assume the bank that was forced into the sale is in excellent financial shape. sarc off.

Mon, 04/15/2013 - 09:51 | 3449639 Clint Liquor
Clint Liquor's picture

"The continued sell-off in gold and silver futures overnight has occurred in high volume, points out TD Securities. "Volumes have been exceptional. We are already at 280k contracts before CME opens--a level which would be an incredible day as it is," TDS says. "Most of the volume has been on downward sweeps." As of 8:54 a.m. EDT, Comex June gold was $80.20 lower to $1,421.20 an ounce and May silver was down $2.026 to $24.305. TDS says potential for margin hikes from CME Group "could apply further pressure to any one that is still trying to maintain a long position."

Mon, 04/15/2013 - 09:55 | 3449681 Passage
Passage's picture

Trading alert: massive AUDUSD carry trades unwinding underway. AUD registered the biggest drop against USD since last week's close.

Don't miss the boat........Once again USD > AUD soon

Mon, 04/15/2013 - 10:02 | 3449724 derek_vineyard
derek_vineyard's picture

tylers---i'm in a paired trade:  short spx and tnx vs long gld

wtf do i do now?  

Mon, 04/15/2013 - 10:06 | 3449751 francis_sawyer
francis_sawyer's picture

Jump you fucker...


But I'll gladly take your gold off your hands before you go Geronimo...

Mon, 04/15/2013 - 10:12 | 3449789 MillionDollarBonus_
MillionDollarBonus_'s picture

10 reasons why I hate goldbugs:

  1. They cry about ‘manipulation’ every time they lose money
  2. They hoard gold instead of investing in the economy, denying millions of people jobs and income growth
  3. They undermine our national currency and national interests
  4. They selfishly pursue profit at the expense of others
  5. They keep ‘stacking’, even when they’ve already lost half of their family’s retirement
  6. They have no understanding of basic economic principles
  7. They snobbishly reject all other investments
  8. They have a lemming-like mentality, and buy in panic whenever they see any second-rate article about 'armageddon' or 'hyperinflation'
  9. They have an inability to see the other side of the gold argument
  10. They rush to one another’s defence in pro-gold arguments, even if they have no understanding of the argument at hand
Mon, 04/15/2013 - 10:21 | 3449841 TerminalDebt
TerminalDebt's picture

2. If gold is not money how does hoarding gold take anything out of the economy? The opposite should be true. I could either take my money and hoard it under my bed or buy useless shiny metal and pump that cash back into the economy. Seems to me you have no idea what you're taking about.

Mon, 04/15/2013 - 10:28 | 3449891 MillionDollarBonus_
MillionDollarBonus_'s picture

Gold is treated like an investment. Investment money that goes into gold should be financing companies and supporting our government. That's why I hate goldbugz.

Mon, 04/15/2013 - 10:31 | 3449902 Pinto Currency
Mon, 04/15/2013 - 10:33 | 3449919 strannick
strannick's picture


Mon, 04/15/2013 - 10:35 | 3449937 SafelyGraze
SafelyGraze's picture

we need to go ahead and repatriate the german gold so that we can bail-in the stuff



Mon, 04/15/2013 - 11:01 | 3449990 Pinto Currency
Pinto Currency's picture


And the global silver trading volume is about 10x the volume of when silver dropped from $49 in 2011.

With infinite digital money you can create infinite trading volume.

And it is so much easier than actually producing silver.

(note on the link, click on 'D' for day and then the green and red bars for daily trading volume.)

Mon, 04/15/2013 - 15:09 | 3451695 Jack Napier
Jack Napier's picture

I liked MDB better when he was a troll trying to be funny rather than a clown who isn't funny.

Here's 1. for you. Only gold and silver can extinguish debt according to Austrian economics, which in short order will be looked to as the authority when counter party risk and naked leverage pull the rug out from under Keynesian economics, and posterity asks what the hell were they thinking? Once that occurs, gold and silver will rise to whatever price point is necessary to cancel out trillions in debt, otherwise a global default will occur, and all fiat and all paper financial vehicles will be worthless anyway in which case tangible assets like gold and silver will be the only value left.

Your cardinal sin is measuring your wealth in debt based currency. Anyone who knows their history knows that dollars used to be measured in grains of gold and silver, not the other way around. This is because of their inherent properties and unique qualities that only metals have which endows them as the ideal money - fungible, divisible, durable, portable. Nobody owning gold and silver has lost anything except the ability to buy more than they already bought for cheaper prices.

Mon, 04/15/2013 - 11:19 | 3450196 smlbizman
smlbizman's picture

be thankful we have cnbs to explain and keep us up to date on the facts of this gold market and others....and on a serious side, why was chris whalen on this bullshit show and playing along with the gold is useless mantra...this morn...he is now on the list

Mon, 04/15/2013 - 10:32 | 3449910 Boris Alatovkrap
Boris Alatovkrap's picture

Spend (or invest) yours money as you like and save hate for despiteful banker and insurance salesman.

Mon, 04/15/2013 - 11:05 | 3450092 caconhma
caconhma's picture

"400 tonne of gold futures selling in total equates to 15% of annual gold mine production"  Wrong!

The annual gold production is ~ 2,500T/y. Removing both China and Russia production (who keep gold for themselves), the annual gold mine production is below 2,000T.

We are observing paper-gold liquidation. Banks are closing their short position. PM traiding might lead to financial market collapse.

Mon, 04/15/2013 - 12:54 | 3450831 Lore
Lore's picture

Somebody's got a case of the Mondays.

Mon, 04/15/2013 - 15:48 | 3452099 Boris Alatovkrap
Boris Alatovkrap's picture

Who is down-arrow Boris!? Why is down-arrow Boris!? What is Boris say so offensive giving!? Is Boris wrong!? Or is people giving hate to Boris!?

Mon, 04/15/2013 - 10:33 | 3449929 LawsofPhysics
LawsofPhysics's picture

Gold is not an investment it is a safe store of value.  Wake me when it goes under $300 an ounce, that's dollar cost average of my physical holding troll.  Besides, I never have a problem exchanging it for the value of another's labor.  Troll harder loser.

Mon, 04/15/2013 - 10:35 | 3449941 GaryNeville
GaryNeville's picture

Why do you need Gold money to finance your goverment?? - you've got Ben bernanke! 

Mon, 04/15/2013 - 11:19 | 3449953 OneTinSoldier66
OneTinSoldier66's picture

"Gold is treated like an investment. Investment money that goes into gold should be financing companies and supporting our government. That's why I hate goldbugz."


Money that goes into the Government should be being used to pay off the National Debt. Just constantly racking up more debt by forever spending more than it takes in. What a joke.

Mon, 04/15/2013 - 10:38 | 3449955 Dr. Gonzo
Dr. Gonzo's picture

I don't care to support the fascist govenment. It's a lifestyle choice.

Mon, 04/15/2013 - 10:41 | 3449976 GCT
GCT's picture

Follow the moeny MDB and you will find the CB's around the world buying the stuff up.  So your post is not even relevent.

Mon, 04/15/2013 - 10:47 | 3449994 firstdivision
firstdivision's picture

I didn't realize that you became the dictator of the world and people are only allowed to spend their hard earned IOU's, from slaving away at a job they loath, on what you think they should spend them on. That's why I hate idiots that think their opinions are the only one that matters.

Mon, 04/15/2013 - 10:46 | 3449999 slightlyskeptical
slightlyskeptical's picture

Financing companies? At 1-2% interest? If the FED wanted this Gold to go into loaning money to corprorations they wouldn't keep the ZIRP policy going. Besides with fractional reserve banking the plunge in Gold has probably reduced the available base, so lower Gold means less loans all around.

BTW I love #4 - Goldbugs are only trying to make money at the expense of our for-profit corporations. LOL

Mon, 04/15/2013 - 10:53 | 3450027 Lordflin
Lordflin's picture

MDB... Government is as big a collection of crooks as I have ever seen... You support it if that is your desire... So far as investing in this system... due to it's criminal manipulation it has become a buzz saw grinding everything it is fed into pulp. You think you are on the winning side of the trade, or so I am guessing, but your turn will come when the saw heads your way. This market does not trade on fundamentals but on the capricious whims of a few corrupt men.

You sir, are a fool... and if anyone here is blathering on while not understanding the arguments you are at the top of the list...

Mon, 04/15/2013 - 10:56 | 3450040 Diogenes
Diogenes's picture

So where do you think the money goes? They spent it, they didn't burn it. Somebody else got it and they spent it. Then that person spent it and so on. The velocity of money.

Instead of hiding their money under the mattress the gold bugs put it back into circulation. And all they got for their valuable money is some useless shiny metal.

What if they bought gold in the form of jewellery? Wouldn't that stimulate the economy and keep money in circulation? Just think of those golden discs and rectangles as jewellery and it will all become clear.

Mon, 04/15/2013 - 10:57 | 3450045 caimen garou
caimen garou's picture

the feeling is mutual million dollar dickhead, i hate people that support ponzi markets run by idiots that think the american people are stupid! you should be a pileofcraptician as it never fails that idiots run this country and you are the prime example of an idiot! is krugman your daddy?

Mon, 04/15/2013 - 10:59 | 3450051 ebworthen
ebworthen's picture

MDB said:  " should be financing companies and supporting our government."

You mean the companies that offshore employment and offer 29 hours/week to avoid paying benefits and the government that colludes with them to bleed the middle class to death, debauch the currency, punish savers, fund foreign banks, bailout said corporations, kill the rule-of-law and send hundreds of millions to dictatorships around the world?

Why would I finance those companies and support that government?

Mon, 04/15/2013 - 10:57 | 3450052 bnbdnb
bnbdnb's picture

Money is still changing hands numbnuts.

Mon, 04/15/2013 - 12:13 | 3450560 Alexandre Stavisky
Alexandre Stavisky's picture

If Gold were such a "barbaric relic" etc. then why seize and revalue against it in 1933 (Hitler's rise BTW) and then have Nixon repudiate the standard in 1971.  Ultimately it looks rather as though the shiny metal really is the backbone of confidence and faith in a monetary system.  But unless the pirates ride herd and drive the masses into the fiat, step devaluations, constant dilutions, and routing mechanisms to direct it into their brokerage houses and banks DON'T WORK. 

GOLD is enemy number 1.  The system collapses very, very soon unless its allure and purchasing powers are destroyed.

Prior to an enemy sending full invasions to strip aboriginals of all possessions and liberty, heavy artillery aimed at every stronghold is exhausted.  Those strongholds are the last bastion of defence.

Better to have gold price drop than surrender it to the much greater depredations of a system endemic with corruption.

No One has any trust or confidence anymore in the system.  TBTF means it has already failed.  Failure to prosecute means failure of rule of law.  Money system has lost the mandate of heaven and men of action have turned their backs upon it to shun its use.

Mon, 04/15/2013 - 15:15 | 3451817 Jack Napier
Jack Napier's picture

Gold is enemy #2, silver is #1 :þ Silver is more practical for daily hand to hand transactions, the most viable competition for fiat currency, which is why it is more often crushed, and bankers have tried to erase it from existence by wasting it and squandering it with undervalued pricing causing government stockpiles to disappear. This will ultimately make it much more valuable. Gold is better for wealth preservation in a smaller space.

Mon, 04/15/2013 - 11:59 | 3450453 TheMeatTrapper
TheMeatTrapper's picture

I'll do damn well what I want with my money and you have nothing to say about it. My money is mine and belongs to my heirs, not you and your false god the government. The fact that you think you I have an obligation to support your socialist ideas is why there will be war, and you will lose. 

Mon, 04/15/2013 - 16:44 | 3452537 rich_wicks
rich_wicks's picture

If gold were $10,000 an ounce, every mine would be digging as fast as they can to recover it.

Meanwhile, they would be pumping out iron, copper, aluminum, lead, zinc, you name it as WASTE products which they would still have to refine in order to get the gold.  All that scrap material would end up in inventories.

Commodity prices for raw materials would plummet, raw resources would be cheap, companies could purchase them on the low, and everybody would benefit.

That's the horrific consequences of having an artificially high gold price.

The consequences of an artificlally low gold price are, mines close, commodities get driven up, there's no secure place to place your wealth, the central banks keeping creating new money to try to stimulate the economy, and gold becomes more and more scarce, until it explodes in price anyhow.

I'll invest again in the crooked financial system when it's not crooked anymore.  Jon Corzine isn't in jail, neither is Franklin Raines, Dick Fuld, or Angelo Mozilo - or Jamie Dimon for that matter.  LIBOR was rigged, nobody went ot jail.  HSBC was caught money laundering, another fine.  Until that ends, I'm not going to invest in it, sorry.

Mon, 04/15/2013 - 10:31 | 3449898 Pinto Currency
Pinto Currency's picture


Mon, 04/15/2013 - 10:30 | 3449900 Boris Alatovkrap
Boris Alatovkrap's picture

Gold is not hoard money. Boris is put gold to good use in mouth.

Mon, 04/15/2013 - 10:45 | 3449985 mick_richfield
mick_richfield's picture

I thought you guys just used iron or stainless steel or something.

Am I dating myself, tovarisch?

( I might as well.  No one else will date me. )

Mon, 04/15/2013 - 12:47 | 3450805 Joe Sixpack
Joe Sixpack's picture

Borscht and vodka tend to tarnish iron and even stainless steel.

Mon, 04/15/2013 - 15:51 | 3452124 Boris Alatovkrap
Boris Alatovkrap's picture

Are you disrespect of Borsch!? Vodka is good for teeth because is kill all oral bacteria in mouth with impunity. Perfect for abscess tooth or when tooth is fall out! Boris is prefer Gold, but is find out (former) dentist is use Titanium.

Mon, 04/15/2013 - 10:58 | 3450057 Papasmurf
Papasmurf's picture

Gold is not hoard money. Boris is put gold to good use in mouth.

Never put anything in your mouth that makes you worth more dead than you're worth alive.

Mon, 04/15/2013 - 13:27 | 3451034 tenpanhandle
tenpanhandle's picture

Boris is put money where mouth is.

Mon, 04/15/2013 - 10:35 | 3449935 francis_sawyer
francis_sawyer's picture

10 reasons TRANSLATION [in non-sychophant-ese]


They cry about ‘manipulation’ every time they lose money [nobody LOSES money until they liquidate a position]

They hoard gold instead of investing in the economy, denying millions of people jobs and income growth [If printing money works so well ~ it ought to be easy to PRINT jobs]

They undermine our national currency and national interests ['National interests of stealing gold & oil from faraway lands so that Lisa soccer mom can get her little shit to practice]?

They selfishly pursue profit at the expense of others [YGBFKme]

They keep ‘stacking’, even when they’ve already lost half of their family’s retirement [Most of the time I have to pull 'douyble duty' so MY FAMILY will have a place to run to when their 401k's get stolen]

They have no understanding of basic economic principles [like Keynes & Krugman]

They snobbishly reject all other investments [from to pet rocks]

They have a lemming-like mentality, and buy in panic whenever they see any second-rate article about 'armageddon' or 'hyperinflation' [quick tally tells me most people here are trying to back up the truck]

They have an inability to see the other side of the gold argument [like, except for the past 100 years, it has been "money for the past 6,000 years]

They rush to one another’s defence in pro-gold arguments, even if they have no understanding of the argument at hand [not me ~ instead I prefer to beat the crap out of you]

Mon, 04/15/2013 - 11:08 | 3450108 MeMadMax
MeMadMax's picture

"Little shit to practice"


/quietly fears the next time he has to take a dump ^.^

Mon, 04/15/2013 - 10:20 | 3449847 dogbreath
dogbreath's picture

Just Fuck off

Mon, 04/15/2013 - 10:20 | 3449856 kurzdump
kurzdump's picture

The same points are valid for people investing in paper assets.

Mon, 04/15/2013 - 10:31 | 3449906 MillionDollarBonus_
MillionDollarBonus_'s picture

Wrong again :) Bank deposits are used to finance companies and help grow the eonomy. Pension funds also buy government bonds and help finance our government so that they can keep spending. This is a productive use of money. Gold I'm afraid, is not (sorry).

Mon, 04/15/2013 - 10:36 | 3449949 AllThatGlitters
AllThatGlitters's picture

LOL MDB. You are always funny.  You go "grow the economy" with your money.

I'll grow my stack by buying into some 10 Oz. Silver Bars, which appear to be on sale today.

The snake bars are still available with good premiums - no more expensive than generics:  <-Live Spot Price and Solid Dealer Offers

Mon, 04/15/2013 - 11:00 | 3450072 caimen garou
caimen garou's picture

bank deposits are used to gamble at the dow casino and to be confiscated when needed by the gov. there fixed for you! big dummy! cant do this forever mdb time to get out of the basement and visit the real world!

Mon, 04/15/2013 - 10:34 | 3449934 OutLookingIn
OutLookingIn's picture


Time for the termites to come out!

Much better to be invested in paper.

Sell gold. Sell silver. Buy equities. New highs in stocks every day.

Happy days are here again...

[sarc off]  

Mon, 04/15/2013 - 10:22 | 3449859 jbvtme
jbvtme's picture

what about their personal hygene?

Mon, 04/15/2013 - 10:24 | 3449874 fuu
fuu's picture

So pushing too many of one type of arrow in too short a space of time is trolling but this shit persists day after day for months.


Mon, 04/15/2013 - 10:45 | 3449992 Tsunami Wave
Tsunami Wave's picture

I think he's Max Fischer/Red Neck Retard.  I'm just waiting for the gig to be up.. I thought it would have happened on a deep down day in gold like this.

Mon, 04/15/2013 - 10:46 | 3450003 fuu
fuu's picture

I think he's Tyler.

Mon, 04/15/2013 - 10:25 | 3449884 camaro68ss
camaro68ss's picture

ten resons why i hate MDB

  1. your a troll
  2. your a sheeple
  3. your brain dead
  4. you always under krugmans desk providing 'services'
  5. you live in your moms basement
  6. you will never see a million dollars in your life time
  7. your heads in the sand
  8. everyone hates you but your BF Krugman
  9. your autobio sucks
  10. no one cares what you have to say.


Mon, 04/15/2013 - 10:37 | 3449944 CH1
CH1's picture

MDB is attempting deep sarcasm...but it's just so damned ugly.

Mon, 04/15/2013 - 10:48 | 3450002 pods
pods's picture

It gets tiring to have every thread being bombed by his trolling.  The way the comments section works, it sets up perfectly to have him jump in and bomb 90% of the thoughtful comments down the shithole.

It may just be sarcasm, but it serves the same purpose if he were being paid to trash the forum.

Krugman is even worse though, he trolls and keeps going, replying to every single reply.  He gets paid by the comment no doubt.  

I have skipped many threads lately just because I see an MDB or PK comment right near the top.  No discussion happens anymore. Just flame wars till page 3.  Not worth my time.


Mon, 04/15/2013 - 11:06 | 3450093 francis_sawyer
francis_sawyer's picture

Meh ~ I look at it like sifting through copper pennies for pre-83 dates...

Mon, 04/15/2013 - 10:46 | 3449997 mick_richfield
mick_richfield's picture


you're brain dead

your autobiography sucks

people used to know this, in days of yore.


Mon, 04/15/2013 - 10:28 | 3449890 BandGap
BandGap's picture

I really like #5, it's why I got into investing in the first place.

Mon, 04/15/2013 - 10:33 | 3449920 Bohm Squad
Bohm Squad's picture


#3.  They undermind our National Security.  (fixed it for ya)

Mon, 04/15/2013 - 10:42 | 3449978 Freddie
Freddie's picture

These girls in these Snorg T-shirt banner ads need larger breast-es-es.  Maybe Tyler can work on that.

Mon, 04/15/2013 - 10:49 | 3450011 mick_richfield
mick_richfield's picture

Why do you get those cool ads, while all I get are ads for antipsychotic drugs and legal services ?

Mon, 04/15/2013 - 13:32 | 3451075 tenpanhandle
tenpanhandle's picture

Beats the hell out of mug shots of moochelle and Barrack Obama, like I seem to always get.

Mon, 04/15/2013 - 11:08 | 3450112 francis_sawyer
francis_sawyer's picture

The deeply guarded secret is that the "Tylers'" ARE the Snorg T-Shirt girls... An 'Amazonian" tribe of women who double as financial news truth sleuths...

Mon, 04/15/2013 - 10:49 | 3450017 tarsubil
tarsubil's picture

#3 is a big reason for me. I feel it is my duty to undermine an immoral FRN funded warfare and welfare state. Just doing my part. I expect this buying opportunity to last for a while in which case, I will be doing more of my part. It is just a matter of time before the truth emerges and I don't even care if I live to see it. I did my part.

Mon, 04/15/2013 - 10:56 | 3450039 SilverFish
SilverFish's picture

"They selfishly pursue profit at the expense of others"


As opposed to profit that just falls out of a tree?

Mon, 04/15/2013 - 10:58 | 3450053 Meat Hammer
Meat Hammer's picture

They hoard gold instead of investing in the economy, denying millions of people jobs and income growth.

So what you're really saying is that you hate savers, but you REALLY REALLY hate savers who save their money in metal form.  How fucked up has this country become when people who plan for a rainy day are lambasted?  

You don't even realize that you're essentially saying that since the economy is in trouble we need to switch to fiat and stick it in the bank so it can be loaned out to finance businesses, while the economy being in trouble is the very reason we're saving.  

In good economies businesses reinvest profits or acquire short-term debt in order to grow and create jobs, but in our current economy these very same businesses don't grow, but can only survive on outside cash, whether it be from debt and/or investors...and if they don't succeed it's our fault?  

You are either incredibly bored and are just on here to fuck with people or a complete moron.  I believe it's the former because only one person is that stupid and his name rhymes with Small Smugman.

Mon, 04/15/2013 - 11:05 | 3450090 crkennedymd
crkennedymd's picture

Thanks, MDB. If ever I needed a laugh, it was today.

Mon, 04/15/2013 - 11:06 | 3450095 Smiley
Smiley's picture

I don't "invest" in gold, I bet on government stupidity.

Mon, 04/15/2013 - 11:07 | 3450104 SovereignSilver
SovereignSilver's picture

@MDB It's pretty obvious it's you that don't understand what's going on here. Paper and physical are finally separating. How else would it happen? It's not an investment, it's a store of wealth. Not understanding that shows your lack of true financial knowledge and history.

I strongly advise you use this chance to buy physical metal and take delivery. You might not get many more chances.

Mon, 04/15/2013 - 12:05 | 3450498 TheMeatTrapper
TheMeatTrapper's picture

Alert: I just saw MDB at the coin shop. He was trying to load up on PM's but they wouldn't take his credit card. Said he was over his limit and needed a bailout!

Mon, 04/15/2013 - 11:09 | 3450106 SovereignSilver
SovereignSilver's picture

@MDB It's pretty obvious it's you that don't understand what's going on here. Paper and physical are finally separating. How else would it happen? It's not an investment, it's a store of wealth. Not understanding that shows your lack of true financial knowledge and history.

I strongly advise you use this chance to buy physical metal and take delivery. You might not get many more chances.

Mon, 04/15/2013 - 12:34 | 3450730 resurger
resurger's picture

nice troll template MDB

Mon, 04/15/2013 - 12:59 | 3450866 Punderoso
Punderoso's picture

1.) We have fair and unmanipulated markets, yea right!  MillionDollarBonus_ = idiot

2.) This is so stupid it either begs for a sarcastic remark or to be ignored completely. {Any collector of anything from stamps to priceless art is a hoarder and it has the affect of rasing prices of that commodity you dumbass! I guess all collectors of anything should be thrown in jail according to satisfy your complete head-up-the-ass brilliance.}  MillionDollarBonus_ = idiot

3.) No buying gold does not undermine our currency you flipping twit, printing gobs and gobs of money by the fed undermines it! As for "national interests" you sound like a freaking nazi or communist.  This is the type of rhetoric that drove the massess in the first half of the 20th century resulting in the largest bloodbath that has occurred in the history of humankind.  Your love of collectivism reminds me of the freaking Star Trek Borg! Freaking grow a brain cell, at least one!  MillionDollarBonus_ = idiot

4.) This is so stupid it either begs for a sarcastic remark or to be ignored completely. {Unless you are mother f%#$%$#$ Theresa don't tell me about doing anything at the expense of others. The fact that your breathing means your taking in air for yourself at the expense of others you freaking twit.  It is called sef-interest and survival, and the more people that can take care of themselves means they are less of a burden on others.  So people, pleas pursue profits, it raises everyone up, those against profits are about surpressing and keeping everyone down in slavery.} MillionDollarBonus_ = idiot

5.) Who has lost anything, buying gold since it was $300 per oz just 10 years ago, what have I lost you idiot??? I have gained you dumb F$#@! Maybe I should have invested in the housing market over the past 10 years so that I support the economy, the national currency, and national interest.

6.) They are the only ones that understand the economic principles of printing money...obviously your head is so far up your ass that if you were an inch from the sun you still wouldn't see daylight.

7.) What a bunch of bull, obviously you have not met a single gold bug.

8.) Yea lets see, S&L crash of early 1990s, tech bubble crash of 2000, housing crash of 2008,....oh and we can go back further, all spurred on by the phoney economics and printing of money that you believe in you twit!  There is no panic, just prudence because like a mathematical equation the phoney money game played by our government and others always crashes.

9.) The other side of the gold arguement is the land of oz were printing money solves all our are correct we don't see stupidity as a vialbe side of the argument.

10.) Lets see, the argument is hand is a completely distorted, unfair, unrealistic description of gold bugs....seems like I understand the arguement very well. 

Mon, 04/15/2013 - 13:58 | 3451278 lu86cky
lu86cky's picture

RE: 4. They selfishly pursue profit at the expense of others


If selfishly pursuing profit isn't the institutional mechanism for maximizing the productive contribution of resource allocation in capitalism, then why even bother with any markets at all?  Just go full bore centralized planning like Stalin.


Wait, did I just imply we still have functioning markets?  Sorry Tyler, I didn't mean to mislead anyone.



Mon, 04/15/2013 - 13:05 | 3450880 RafterManFMJ
RafterManFMJ's picture

A Banker jumps off the top of his 75 story monolith.  Being an optimist he says as hey passes the 50th floor, "So far, so good!."

Mon, 04/15/2013 - 10:08 | 3449760 AllThatGlitters
AllThatGlitters's picture

Just wow. I'm sick, but of course, we all could have seen it on the even the long-term charts.

All we can do now if stacking is watch and wait, sell it and forget it it, or attempt to properly trade it.

Here are the live charts, down to the minute or tick even:

Live Gold:

Live Silver:

Mon, 04/15/2013 - 11:11 | 3450138 mick_richfield
mick_richfield's picture

Don't feel sick !

How can this thing ever end, except through some sort of ekpyrosis ?

At some point the control of the world by monsters through fake, violence-backed money has to end -- or our species has to end. 

This is what the end looks like.

Mon, 04/15/2013 - 10:10 | 3449782 Bearwagon
Bearwagon's picture

GTFON = Get The Fuck Out Now

* You may want to consider that trading whatever, just because some Bearwagon (or anyone else) told you so would be outright folly.

Mon, 04/15/2013 - 11:18 | 3450183 franzpick
franzpick's picture

d_v:  in this 1115am collapse there's another pair that is needed to go with that trade, but you can watch the CAC, DAX and FTSE today preparing to break their 4 month chart support (below) and heading down 7-10% to fill their Dec breakaway gaps, leading bloated u.s. and other equities into their post-30-50-100-year-credit-binge bear market collapse:  Click "Majors" to see the equity carnage when that starts

Mon, 04/15/2013 - 10:04 | 3449736 Passage
Passage's picture

Paper gold makes people walk away from precious metals.
It is a hostage-taker,
I can short paper and buy physical (guess who?),
I can long paper and sell physical during backwardation (guess who again?)
so many precious metal investors suffered losses because it is not a fair game. Help! Why I feel so bitter

Central bankers rather we speculate in fiat bitcoins.

Mon, 04/15/2013 - 10:00 | 3449705 negative rates
negative rates's picture

The decoupling has begun due to the attorney's fees and fines of law breaking. 

Mon, 04/15/2013 - 12:41 | 3450767 Renewable Life
Renewable Life's picture

Jesus, everyone calm down, this is the best news I've seen in years!

Cheap PM's ( im buying silver hand over fist) and the global economy just signaled the beginning of the end, whoever just got forced to sell their paper gold contracts in one traunch, did it for a reason, and it's wasn't positive!! They needed liquidity and they needed it FAST and someone looked at the situation and said "first out survives, sell it"!!

The real question is.........what triggered it???? I'd speculate it was massive exposure to EU banks in Spain or France or maybe Italy, (or all three) and whoever it was had access to inside info on the situation, like confidential banking data, etc!! If this continues, expect the breakup of the EU in 60-90 days, once things unravel, it will happen fast!!! Germany will never be able to treat the French and Italians, like they have treated the Greeks and People of Cyprus!

Buy as fast as you can, these prices won't last long!!!

Mon, 04/15/2013 - 10:02 | 3449715 boogerbently
boogerbently's picture

For months, now, central banks around the world have been buying.

They only profit when gold prices rise.

Lots of gold sold. Who were the buyers?

In 2008, gold tanked before the market tanked.

Mon, 04/15/2013 - 10:15 | 3449818 GetZeeGold
GetZeeGold's picture



I remember 2008....that's the year we fixed everything.

Mon, 04/15/2013 - 10:45 | 3449983 Urban Redneck
Urban Redneck's picture

Central Banks don't profit when the price of gold rises, because they aren't short term gold investors.

Central Banks tend to lose money when they sell their gold.

Central Banks often make money leasing the gold to others.

And that even touch on the gold market's impact on the Central Bank's business primary LOB... Digital Fiat Printing...


Central Banks profit through a lower gold price.


Mon, 04/15/2013 - 09:51 | 3449643 Passage
Passage's picture

Let's face it. Japan is the winner, they printed their way to victory and the price to pay is so low. Gold is just 1.4% higher in JPY compared to a year ago.

Mon, 04/15/2013 - 09:58 | 3449695 kridkrid
kridkrid's picture

... and let's show them what they won...

they didn't win sh-t. Nobody wins. It's global thermonuclear war.

Mon, 04/15/2013 - 10:11 | 3449763 francis_sawyer
francis_sawyer's picture

and let's show them what they won...



Mon, 04/15/2013 - 10:09 | 3449765 Stuck on Zero
Stuck on Zero's picture

The 1% win,  Like always.


Mon, 04/15/2013 - 10:10 | 3449788 carlsbro
carlsbro's picture


Mon, 04/15/2013 - 10:34 | 3449932 pods
pods's picture


So much PAPER printed that it is bound to blow.

Wait, that IS what you were referring to, correct?


Mon, 04/15/2013 - 09:59 | 3449696 Sudden Debt
Sudden Debt's picture

Those will be the guys who are drinking 200K champagne bottles with minor prostetitues right now...


Mon, 04/15/2013 - 10:14 | 3449804 eclectic syncretist
eclectic syncretist's picture

The bank that did the sale was likely using fiat collateral backed by US taxpayers.  In other words, at no risk to itself, and now they get to pick up gold and silver at greatly reduced prices.

Obviously, fiat IOU's do not get along very well with real money.

Mon, 04/15/2013 - 09:48 | 3449636 Stuart
Stuart's picture

All these shorts did was just make whoever wants physical more inclined to buy, worsening the inventory situation at the COMEX and significantly exposing the vulnerability of their own shorts to anyone who wants to lean on them, HARD!   Jacka$$es.


Mon, 04/15/2013 - 09:57 | 3449689 Mugatu
Mugatu's picture

I am tired of people crowing that the collapse in Gold prices is great because they buy more at cheaper prices.

Does this mean you were mad when gold was making new highs?


Let's face the facts, if you are long gold you are having your ass kicked.

Mon, 04/15/2013 - 10:03 | 3449728 the not so migh...
the not so mighty maximiza's picture

Lord Rothchild told JP Morgan to always buy in panics, never sell in panics.

Mon, 04/15/2013 - 10:09 | 3449776 TotalCarp
TotalCarp's picture

ever heard of leverage/margin call? sorry it doesnt work that way for anyone who wants to skim the extra bits.. now you see them vomit all over your long posi..

Mon, 04/15/2013 - 10:16 | 3449823 francis_sawyer
francis_sawyer's picture

'Let's face the facts, if you are long gold you are having your ass kicked.'


Let's face the facts...

If you're bullish gold [because you're bearish joobux in the long term], the only thing you're pissed off about right now is either not having enough joobux stuffed in your mattress right now to take advantage of the sale, OR, your dealer being out of stock...

Mon, 04/15/2013 - 11:03 | 3450083 pods
pods's picture

I always tell them I feel bad for them letting me get the shiny for colored pieces of paper.


Mon, 04/15/2013 - 11:17 | 3450162 francis_sawyer
francis_sawyer's picture

pods ~ It's gotten to the point, with me, that that sentiment isn't limited to the shiny... I buy a 50 pound bag of rice, or a 10 pound bag of lentils & say "suckas"!


Friggin cinderblocks at Shalom Depot only cost $1.37... Cost to build your own turnip cellar is nuttin'...

Mon, 04/15/2013 - 10:03 | 3449739 kridkrid
kridkrid's picture

one's ass is only kicked if one is selling, no?

Mon, 04/15/2013 - 10:46 | 3450000 Mugatu
Mugatu's picture

This is true if you intend to die with all your gold in your coffin.  Others however buy gold as an investment - which means they are storing wealth with the purchase.

Mon, 04/15/2013 - 12:27 | 3450668 Toronto Kid
Toronto Kid's picture

I take mine into the bathtub with me.  You?

Mon, 04/15/2013 - 12:32 | 3450701 JimBowie1958
JimBowie1958's picture

But WHEN you might consider selling is the dominant consideration.

I wont sell untill a) FRNs are tanking, or b) I need some cash for a project.

When I see the price of gold and silver drop, I see that as a buying opportunity because I am very sure that the long term projection of gold becoming worth many more dollars is the best bet.

I cant afford to by gold as it is right now, so I buy silver instead, but if gold came back down to about $300 I'd be happy as hell because it will be worth so much more when I will sell all mine anyway, no matter what the markets do in their stochatic meandering.

Mon, 04/15/2013 - 10:05 | 3449750 kill switch
kill switch's picture

I am tired of people that are crowing about people that are crowing. BTW Deep analysis.

Mon, 04/15/2013 - 10:09 | 3449779 Bastiat
Bastiat's picture

Not if you are holding physical.

Mon, 04/15/2013 - 10:18 | 3449844 azzhatter
azzhatter's picture

Bought more this morning. I pay cash, no leverage and take delivery. No even a little worried, in fact ecstatic, my cost based on fiat is going down.

Mon, 04/15/2013 - 10:22 | 3449867 Lewshine
Lewshine's picture


My sentiments exactly. Get use to the moronic cloaked in wit and wisdom on this site. Most are unemployed cabin dwellers booted off yahoo. The TRUTH is, PM's are being stolen out of the safety deposit box without a key needed. And the answer to that injustice, from most on this board?? ....Please sir, may I have another!! BWAHAHAHAHAHAHAHAHA!!!!

Mon, 04/15/2013 - 10:52 | 3450023 Lewshine
Lewshine's picture

Just spoke with my wholesale vendor (2nd largest PM wholesaler in the wordl), completely out of Silver. Yesterday and today were largest buying in last 10 years. Buyers outnumber sellers 5 to 1. Silver (Philharmonic rounds) are 2.10 over spot with 6 weeks on delivery. Gold is .500% over spot with immediate delivery. Amazing - Retail is buying while Central Banks are crushing paper price.

THE ONLY REASON FOR THIS SELLOFF: Robbery and theft of retail PM (last real money), along with the tyrannical drive to fund the only asset class the FED will allow anyone in - Equties (the greatest investment fraud of all time). Pretty simple

...But everything is fine otherwise!

Mon, 04/15/2013 - 11:00 | 3450070 kindape
kindape's picture

you sir, are deluded. sorry for that

Mon, 04/15/2013 - 10:25 | 3449871 OneTinSoldier66
OneTinSoldier66's picture

Huh? How did I have my ass kicked? Let have a look.


Yep, all my Gold and Silver is still here, I didn't lose a single ounce!


Okay, so it's not worth as much in fiat as it once was. I was hoping for the paper price to go higher because I believed that would have attracted more of the average jane/joe people to get onboard with gold and silver. But since I am a believer in gold and silver I do not feel like I have lost my ass. All my gold and silver is still here.


It comes down to what you believe in... paper money or gold and silver. I don't believe in paper money since I know that it can be conjured up/counterfeited out of thin air, and continue to see more and more debt foisted up the backs of the taxpayers.

Mon, 04/15/2013 - 10:51 | 3450021 A82EBA
A82EBA's picture

With US debt going parabolic, we will see the advantages of holding physical soon enough.

Mon, 04/15/2013 - 11:00 | 3450061 Mugatu
Mugatu's picture


I guess you are one of these people that when their house lost 30% in value that you told yourself it was no big deal because you weren't selling.  I guess it never bothers you when you buy something and its price falls 25%.  Why would you be upset?  

Don't get me wrong, I believe in gold long term (in fact I used to own it), but just like real estate, when every idiot is selling gold on late night infomercials I realized that a big correction was coming.  If you see a train wreck coming, you don't jump on the train - you get off.

Gold will regain new highs in the coming years, but this is a long needed correction to knock off all the trend followers.  Yes I will be buying gold in the future, but I do not view todays prices as discounted.  The market has some more pain to dish out before this carnage is done.  Do yourself a favor and don't kid yourself.  The market tells you when you are wrong and it sent a big message this month.

Mon, 04/15/2013 - 12:48 | 3450808 Non Passaran
Non Passaran's picture

Dude, whatever. No one gives a damn what you think.
Gold is versatile, but what's more, I don't need any use for it.
I want to have part of my property in gold, it's as simple as that.
The current price is more than low, that's all I care about.

Mon, 04/15/2013 - 14:49 | 3451610 Mugatu
Mugatu's picture

Whenever I argue  with a woman using pure logic (and she has no way to refute me) I know I won when I hear the words: "whatever".

Thanks - You made my point for me!

Mon, 04/15/2013 - 16:02 | 3451473 e-recep
e-recep's picture

if you think players in the market sold 900 tons/tonnes/whatever of gold in just two days you are not paying attention. big sellers do such a thing over a longer period of time in order to minimize losses. only central banks can go in this big.

Mon, 04/15/2013 - 11:14 | 3450146 Lewshine
Lewshine's picture

It comes down to what you believe in... paper money or gold and silver. I don't believe in paper money since I know that it can be conjured up/counterfeited out of thin air, and continue to see more and more debt foisted up the backs of the taxpayers.


The point is, you, me and everyone else knows that EVERY asset is priced in the fiat you claim to hate (as do I). If it is priced in fiat, every metric up or down is based on that same fiat. You cannot talk gold without first considering this corrupt metric.

So, you as well as I cannot SAY I love gold, and at the same time say I hate fiat - Its a complete contradiction, you can't have one without the other whether you are buying or selling. Therefore, until gold is priced on something other than the manipulated fiat we've come to know - Buying gold is just buying a basket of fiat paper based on a value that some Central banker says it is.

Mon, 04/15/2013 - 10:27 | 3449895 PeakOil
PeakOil's picture

"Ass-kicked" in nominal fiat yes. No denying that. I do have serious concerns about the ongoing viability of a world-wide $ based fiat system however.

The way I see it, physical Gold is all about control. The Central Bankers use physical Gold as their base power money.  All other forms of "money" (read: credit) are derived.

I believe Craig Roberts is dead-on when he posits the paper Gold slam is the Central Bankers worried about the dollar. It is their power franchise. Lose the dollar and their power crumbles. If the $ goes it is all over.

Central Banks are dinosaurs and have out-lived their usefulness. A control mechanism for the elite. Yet the little people are gradually awakening to the objuscation, lies, misinformation and control. The elite may have overplayed their hand. Blowback is a bitch. Real money is returning to the people.


Mon, 04/15/2013 - 10:37 | 3449956 CH1
CH1's picture

Let's face the facts, if you are long gold you are having your ass kicked.

Only if you bought it on margin. Stackers are farily content, best I can tell.

Mon, 04/15/2013 - 10:42 | 3449981 OneTinSoldier66
OneTinSoldier66's picture

I'm not about to sell mine.

Mon, 04/15/2013 - 11:39 | 3450350 css1971
css1971's picture

My personal recommendation is to allocate a fixed percentage of your portfolio to gold.

As the price drops that percentage will also drop. That's when you "rebalance". You make your gold holding back up to the original percentage.

When gold goes up, you also rebalance, you sell until your percentage is back where you want it. If you do this you're tending to buy low and sell high. Most people tend to do it the other way through greed, fear and panic.

Do it maybe once every couple of months, or when there's blood in the streets.

Mon, 04/15/2013 - 10:02 | 3449718 Passage
Passage's picture

The collapse in gold made Ben's easings in the past 5 years looked justified. Japan followed suit and they are also rewarded now.

Warning to other Central Banks: Dont try this at home; you are not US or Japan.

Mon, 04/15/2013 - 10:03 | 3449738 johnnymustardseed
johnnymustardseed's picture

Understand that if you own physical this does not matter..ask yourself what has gotten better? The FED wouldn't be giving free money to the banks if they were not still insolvent. Has the deficit gone down? Have we stopped being the policeman for the whole world? Are your groceries cheaper? The banksters will continue to beat gold and silver down to protect the fiat.

Mon, 04/15/2013 - 10:09 | 3449762 Stoploss
Stoploss's picture

Opportunities like this don't come very often, come on 1200..

If one sells then they all are going to have to sell to balance.


I need MOAR CASH...

Mon, 04/15/2013 - 10:23 | 3449858 GaryNeville
GaryNeville's picture

Gold will crash to $1,300 in no time ....

If not today - tomorrow

Mon, 04/15/2013 - 10:36 | 3449951 Debugas
Debugas's picture

gold at $1300 still a good return on 5 year scale for me though i wish i have sold at $1900

Mon, 04/15/2013 - 10:27 | 3449893 Seer
Seer's picture

I'm just happy that I sold all mine so I could buy FB! One has to know what's really important!  </sarc>

BTW - I already utilized that "once in a lifetime" opportunity (which is why none of this has any meaningful affect on me).  Starting to lose track of how many "lifetimes" I've seen, starting to feel like a cat...

Mon, 04/15/2013 - 10:58 | 3450054 Jekyll_n_Hyde_Island
Jekyll_n_Hyde_Island's picture

  Here's some salt of the earth common sense.  I should know eduring the Salazars elective perogatives in Colorado.

  1 gold bar *purchased and added to my safe

  1 silver bullion *purchased and added to my safe

  4 platinum ignot *purchased and added to my safe.

  -- The only thing that can make me feel good from a government intiated fire-sale.


  I use my hard commodoties to hedge against my soft investments.  C'mon guys, everybody's doing it, and its a win/win for yourself and the economy.  Futures can proverbially wipe my ass, unless it's corn and soy of course.


Mon, 04/15/2013 - 11:04 | 3450086 Keyser-Soze
Keyser-Soze's picture

Buy low baby! Love it!!

Mon, 04/15/2013 - 11:28 | 3450271 Panafrican Funk...
Panafrican Funktron Robot's picture

One might note "Yeah, but the coin shop is $125 over spot!"

It's that way for a reason.  Buy anyways.  Hedge it with a GLD put if so desired.  

Mon, 04/15/2013 - 11:38 | 3450348 Theosebes Goodfellow
Theosebes Goodfellow's picture

Spot on, Charlie. BTFD.

"Look honey, they're having a sale!"

Mon, 04/15/2013 - 11:58 | 3450438 GubbermintWorker
GubbermintWorker's picture

The. Coin. Shop. Is. Out. Of. Stock.

Mon, 04/15/2013 - 09:43 | 3449612 ak_khanna
ak_khanna's picture

One thing I fail to understand is that why most analysts are recommending the purchase of Gold as a safe investment? The problem today is that the price of Gold is not derived by it's physical demand or supply but more by the speculative positions standing long or short on the commodity exchange like any other traded commodity, stock or currency.

The basic mechanism of price discovery (based on demand and supply for actual use) of anything traded on an exchange has been terminally infected by speculators having access to unlimited funds and super fast computers for trading leading to volatile price swings. This has been made worse by the launch of ETFs for anything and everything under the sun by the financial community.

The price of everything including Gold is likely to suffer when the speculators unwind their positions due to some event that they have not anticipated or foreseen.

Mon, 04/15/2013 - 09:55 | 3449675 marathonman
marathonman's picture

Precious metals as alternate currencies are a speculation and fear trade.  Do you trust your government to keep printing money to cover its unpayable debt?  Buy silver and gold to hedge against the inflation that the Fed is engineering to keep its over-levered banks whole while the rest of us sink in the sewer they've thrown us into.  If defaults and deflation kick up again, gold and silver will be sold off to cover the need to raise cash.  It's a manipulated market.  Big and little sharks swim in these waters and they are always hungry and pretty much ruthless. 

Mon, 04/15/2013 - 10:50 | 3450018 Widowmaker
Widowmaker's picture

The precious metals "market" is as jerked-off as equities.

Gold will land high 700(ish) this round of load-blowing and market fellatio.

Watch and weep.

Mon, 04/15/2013 - 10:04 | 3449746 passwordis
passwordis's picture

Gold is recommend because the gold promoters believe that eventually the shackles will come off of gold.. That the same people, banks and institutions who are suppressing gold will eventually be long gold. 

Generally I tend to believe that the argument makes some sense but I've stopped listening to the Gurus like Sinclair, Turk and Sprott who all have embarrassing track records in terms of their "predictions".  Turk might be the worst of them all.  He calls for a new high in silver every other week.  Sprott references bogus silver data to make his point and Sinclair's family is so high up in the banking elite that I've begun to question their motives.  The fact that the vast majority of gold and silver promoters belong to the same "tribe" also adds to my suspicions.

Mon, 04/15/2013 - 10:38 | 3449957 lasvegaspersona
lasvegaspersona's picture

do you follow fofoa?

His group is all smiles today

and they are physical gold advocates....with a different perspective

Mon, 04/15/2013 - 11:28 | 3450257 RockyRacoon
RockyRacoon's picture

Correct.  I've been on board since FOA and read all of Another's work.  It's been a fun trip... and well explained all along.   Face it, it's easier to believe in huge conspiracy theories and such than delve into the mechanics of the matter for a true understanding.  Less work, more fun to blame everything on faceless cartels and secret organizations.  I'm not saying that the markets aren't manipulated, quite the contrary.  If we had open markets there would be no mystery as to who sold, and the reasons would be obvious.   We don't, so it is manipulated by definition.

Mon, 04/15/2013 - 10:06 | 3449755 seek
seek's picture

Yes, the price of everything is likely to suffer. The key hear is that unlike paper products, physical commodities in your have zero counter party risk: even if price goes to zero you still have the commodity.

Because keeping your savings stored in grain silos and oil storage tanks on your property is impractical, and with gold and silver it's trivial, the precious metals are recommended as the safe store of value.

Mon, 04/15/2013 - 10:31 | 3449901 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Bottom line gold or not you need to be out of debt and produce more than you spend in the main. Anything short of that you are going to be toast at some point. You don't produce you are going to have to sell your gold off to survive and that only works for so long. Everything going on right now is nothing more than a bankruptcy debt negotiation. They are trying desperately to rig the game to force 100% of the debt burden onto the taxpayers and crush the sovereign nations at the same time. One way or the other the final negotiated terms are going to be dictated at the end of a barrel of a gun. People need to wise up and use every single weapon (not all weapons are guns) at their disposal to fight back or else we all going to be grounded down into the equivalent of underage whores they use and abuse on hookers and blow night out to these sociopaths. He with the most resources always wins in a battle of attrition.

Mon, 04/15/2013 - 10:12 | 3449791 Oldballplayer
Oldballplayer's picture

If you think gold is an investment, you are incorrect.

Some folks last week thought bitcoin was an investment too.

Gold is gold.c

Mon, 04/15/2013 - 09:44 | 3449613 derek_vineyard
derek_vineyard's picture

how does it feel to have bernanke raping you yet again?

Mon, 04/15/2013 - 09:58 | 3449699 camaro68ss
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If droping the price of PMs so i can buy more is "being raped by the bernake" then please sir may i have some more?

Mon, 04/15/2013 - 10:06 | 3449745 Serfs Up
Serfs Up's picture

My time, it is coming....

Mon, 04/15/2013 - 09:44 | 3449614 The Invisible Foot
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Mon, 04/15/2013 - 10:16 | 3449817 new game
new game's picture



this is far from over

attachs of confidence.

carpet bombs away on comods

margin calls ahoy

a skirmish to signal future events

will cash stay crowned king?

Mon, 04/15/2013 - 09:45 | 3449616 Moe Hamhead
Moe Hamhead's picture

I bit into it and it tasted like tungsten.

Mon, 04/15/2013 - 09:44 | 3449617 dr.charlemagne
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Do NOT follow this link or you will be banned from the site!