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Gold Drops Most In 30 Years

Tyler Durden's picture




 

Previously, levered hedge funds were forced to sell gold on stock margin calls. How long until today's gold plunge, the largest 2-day drop in the past 30 years, forces funds to start selling stocks to meet margin clerks vocal demands some time around 2pm today?

John Bougearel of Structural Logic chimes in:

Today is the largest one day decline from the previous day's close @ -9.6%. Volume is already north of 530,000 - another record with another 6 hours of electronic trade to go.   There have been three rounds of liquidations. The first round was the Asian liquidation that ended at 9 am. The second round was the European liquidation that ended at 5 am. They are spaced 8 hours apart. At this rate, the US liquidation phase won't be complete until the London closing at 1230 pm CST, at least this is what that behavioral model suggests. You are witnessing an historical selling climax folks.      

 

 

and the RSI shows gold to be the most oversold in 31 years...

 

as Gold pushes down to the 50% retracement of the 2008-2012 swing low-to-high...

 

and the S&P in Gold terms broke 2009 resistance (and perhaps explains more of the technical surge)...

 

Charts: Bloomberg

 

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Mon, 04/15/2013 - 11:09 | 3450105 rajat_bhatia
rajat_bhatia's picture

LONG NYC funeral parlors. Trader corpses strewn along wall street today

Mon, 04/15/2013 - 11:11 | 3450118 AllThatGlitters
AllThatGlitters's picture

 

I feel sheepish for making fun of the Bitcoiners the other day, but still, at least gold is shiny. Bitcoins are not.

Check out the live spot price down to the minute or tick here:  

http://www.pmbull.com/gold-price/

You can still buy bars for $21 over spot price. Take a look at the snakes on that page for just a few bucks more!  Sweet!

 

Mon, 04/15/2013 - 11:15 | 3450147 camaro68ss
camaro68ss's picture

is there no Circuit breaker for PMs? Silver past 10% DOWN FOR THE DAY.

God forbit JPM falls 10%, the whole market shuts down for a week.

Mon, 04/15/2013 - 11:16 | 3450175 TheTmfreak
TheTmfreak's picture

I was just saying this to a friend. Talk about a rigged system. I thought all trades would be halted by now? PFF.

Websites all over are talking about extremely high sales volumes (people buying). I smell a paper and physical disconnect by a long shot. If everyone is selling, then why are websites getting slammed by purchase orders?

Mon, 04/15/2013 - 11:22 | 3450228 johnQpublic
johnQpublic's picture

apmex, merit etc running slower than dirt

*due to unusually high call volume.....*

cant even be reached by phone....just bought another cel so i can wait on one more line

Mon, 04/15/2013 - 11:25 | 3450247 Pinto Currency
Pinto Currency's picture

These market prices are advertisement for clerks.

After weeks of backwardation in prices on the LBMA and with Shanghai Gold Market alone delivering 420 tonnes over less than 6 weeks, we have the gold price smash on the open of Asian markets.

Enjoy the market price sitcom.

The run for physical delivery will continue.

Mon, 04/15/2013 - 11:26 | 3450259 Landotfree
Landotfree's picture

Don't worry Karl is banning people again, because he saw gold going up and saw a crash but leaves out he was making wagers with people back in 2008 that gold would NOT continue up.

 

Mon, 04/15/2013 - 11:36 | 3450339 redpill
redpill's picture

Silly paper gold shenanigans. My stash is already at the bottom of the ocean, it can't get any lower!

Mon, 04/15/2013 - 11:48 | 3450386 Landotfree
Landotfree's picture

I was banned after I told him that he banned people in 2008, after he was telling people not purchase gold... that post is gone.  Sinclair was offering a waging, I believe a million dollars with him that fell through, Karl I believe would have won the bet in tterms, but just barely, he missed the whole upside over the last 5 years and if he did short, he would have lost.  In reality his prediction was completely wrong.

 

As far as gold, you are either trader or a physical holder.... some physical gold and silver could come in use during the liquidation phase... if you can avoid staravation and the tanks.    Of course commodities are going to be slammed at some point, if you are worried about that you are a paper trader.   And eventually one day the ATMs will stop working world wide like Cyprus.

http://market-ticker.org/akcs-www?post=219805#discuss

Basically if you point out where he was wrong... he calls you an idiot and bans you.

Mon, 04/15/2013 - 11:50 | 3450401 fourchan
fourchan's picture

gold is a "dooms day for paper" investment, its not a trading vehicle but a fundamental trade more like the finite number of years you have to live.
a fixed value for exchange with the most valuable thing any of us has, the time we have on earth.
a paper system that is debased daily is a poor exchange for that value and is fundamentally evil because of its intent of
robbing you silently of that which you have given your life for. the day to day swings of this evil enslaver, debt note, has
nothing to do with the reason for holding gold or people too brainwashed to recognize what true value actually is.

gold stands on its own, it is free, like americans were.

Mon, 04/15/2013 - 11:51 | 3450412 Rubbish
Rubbish's picture

$999 hut hut hike

Mon, 04/15/2013 - 11:56 | 3450428 James_Cole
Mon, 04/15/2013 - 12:01 | 3450448 Pinto Currency
Pinto Currency's picture

 

CNBC just announced a tweet contest (not kidding).

They want people to send in a caption for following:

"Gold isn't just losing its luster.  Gold's so bad right now it's ___________ (blank)".

 

(CNBC forgot the "Hey SUCKERS!" at the beginning of the sentence.)

 

Mon, 04/15/2013 - 12:06 | 3450511 UK debt marsh
UK debt marsh's picture

matt

Mon, 04/15/2013 - 13:06 | 3450890 Shocker
Shocker's picture

This gold drop is just showing us, things are no well in the economy.

http://www.dailyjobcuts.com

-

Mon, 04/15/2013 - 13:33 | 3451061 Pinto Currency
Pinto Currency's picture

- Central banks bought 55 tonnes of physical gold in one hour today on the LBMA.

- "The physical gold market is literally on fire right now."

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/15_Maguire_-_155_Tons_Of_Paper_Gold_Sold_In_Just_One_Hour!.html

 

p.s. if the physical market is literally on fire, we'll have to wait for a new one to be built.

Mon, 04/15/2013 - 13:43 | 3451157 FEDbuster
FEDbuster's picture

"Gold isn't just losing its luster.  Gold's so bad right now it's ___________ (blank)".

Gold's so bad right now it's like a Jim Cramer stock pick".

Mon, 04/15/2013 - 14:05 | 3451331 MagicHandPuppet
MagicHandPuppet's picture

China is prolly loving this opportunity.  It's times like this I wish I could stumble across some more fiat so I can back the truck up (again)!

Mon, 04/15/2013 - 14:09 | 3451346 akak
akak's picture

 

"Gold isn't just losing its luster.  Gold's so bad right now it's ___________ (blank)".

" ... price is one eight-hundreth as disgusting as Becky Quick going down on air on Warren Buffet."

Mon, 04/15/2013 - 14:49 | 3451617 FEDbuster
FEDbuster's picture

She didn't get the nickname "Quickie" for nothing.

Mon, 04/15/2013 - 14:50 | 3451628 redpill
redpill's picture

In the same thread...

 

'Gold's so bad right now it's going down faster than Becky Quick at the Berkshire Hathaway annual meeting.'

Mon, 04/15/2013 - 12:53 | 3450814 kchrisc
kchrisc's picture

Thanks Pinto Currency.

I know that they are printing dollars faster than toiler paper and that all the historically printed dollars WILL come home to roost once it loses its "reserve currency" status. I am also aware that the price of PMs are manipulated and that PMs are where to be when the SHTF. However, I was experiencing a lack of confidence reading this article until I saw your comment about CNBC's tweet "contest."

If the propaganda media, and in particular CNBC, is involved, especially in such a ridiculous and condescending way, then that just means that the fix is indeed in and it's just a new bankster sponsored buying op.

Thanks Bernank. Thanks Dimon.

On the flip-side, they seem to be laying the ground work for a large PM move up in response to something external like possibly the bombing of Iran. I would say N. Korea, but they blinked on that. I bite my nails before each "bombing moon" (new moon). Next is May 10th.              hujel

Mon, 04/15/2013 - 13:04 | 3450885 Pinto Currency
Pinto Currency's picture

These interventions are disruptive to markets.

Let's watch for signs of delivery and price function disruption on the major exchanges.

Would expect extraordinary market volatility to show its face now.

Mon, 04/15/2013 - 13:21 | 3450987 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

This is pretty funny:

Gold prices continued to plummet Monday on concern that Cyprus will have to sell excess reserves of the precious metal to raise about $522 million to help finance that country's $13 billion international bailout, Dennis Gartman, editor of The Gartman Letter, told CNBC.

http://www.cnbc.com/id/100640665

Mon, 04/15/2013 - 13:40 | 3451127 Abiotic Oil
Abiotic Oil's picture

Are we witnessing what Doug Hagmann's "DHS Insider" told us was going to happen?

http://www.canadafreepress.com/index.php/article/52005

"DH: How soon do you see things taking place?

RB: They already are in motion. If you’re looking for a date I can’t tell you. Remember, the objectives are the same, but plans, well, they adapt. They exploit. Watch how this fiscal cliff thing plays out. This is the run-up to the next big economic event.

I can’t give you a date. I can tell you to watch things this spring. Start with the inauguration and go from there. Watch the metals, when they dip. It will be a good indication that things are about to happen. I got that little tidbit from my friend at [REDACTED]."

Mon, 04/15/2013 - 17:11 | 3452807 PKF
PKF's picture

Holy shit.

Mon, 04/15/2013 - 14:40 | 3451546 Simplifiedfrisbee
Simplifiedfrisbee's picture

Joe on BI "reporting" last night on why we should rejoice at the fall of gold. Gold is going to be for the strong willed. You wither mentally and jump ship to try and fight the sharks or you stay calm and reach the shore. Reaching the shore is where strength will be needed.

Mon, 04/15/2013 - 14:41 | 3451550 MedTechEntrepreneur
MedTechEntrepreneur's picture

Could be that TPTB felt the Bond Bubble was about to stretch-break...decided to drive some PM paper into bond paper.

Mon, 04/15/2013 - 12:51 | 3450824 icanhasbailout
icanhasbailout's picture

Gold's so bad right now it's ____nearly at CNBC audience levels____

Mon, 04/15/2013 - 12:53 | 3450835 jerry_theking_lawler
jerry_theking_lawler's picture

"Gold isn't just losing its luster.  Gold's so bad right now it's ___________ (blank)".

 

priceless?

Mon, 04/15/2013 - 13:09 | 3450895 Pinto Currency
Pinto Currency's picture

Golds so bad right now...

 

that physical gold is being bought at 3+ times annual mine supply from the London, New York and Shanghai gold markets?

Mon, 04/15/2013 - 13:41 | 3451146 SAT 800
SAT 800's picture

Propaganda is real; and it works. "Tell the people a big lie, and repeat it often; soon they will accept it". Adolf HItler. I got whacked for 2375$ on my Dec. Silver Contract; it was a well executed stop loss. I bought it back again this morning; for $23.68. Huge volume even in Dec.'13; and it's not all sellers; either.

Mon, 04/15/2013 - 14:28 | 3451452 Proofreder
Proofreder's picture

in chains ?

Mon, 04/15/2013 - 14:46 | 3451591 Quinvarius
Quinvarius's picture

Hmmm...

I am not convinced CNBC cheerleading the death of 5000 year old money in the face of a total banking/debt/currency meltdown is a solid indicator of what actions I should take.  I think I'd rather dump stocks and buy gold.

Mon, 04/15/2013 - 13:25 | 3451024 WhiteNight123129
WhiteNight123129's picture

Bizarre, I lost a lot of money, but I feel relieved, and absolutely not worried, something must be wrong with me.

I just bought a bit of Gold TODAY!!!

I feel like the Equities will rally again soon (for the wrong reasons) and Gold might continue its move down a bit and then no one really pays attention to it.

And then... and then... confidence comes back and we have 1-2 years like 1920-1921 Germany, teh Fed does nothing really... and then the thing gets ugly... really ugly.... but it is 5 years down the road....

 

 

 

Mon, 04/15/2013 - 14:33 | 3451495 Proofreder
Proofreder's picture

So, you think .gov can continue to kick the can down the road another 5 YEARS ?  Months or weeks is more like it.  

Today is historic, to be remembered as the Panic of '13 that began on Tax day, April 15.

How fitting.

Mon, 04/15/2013 - 18:10 | 3451851 MonsterBox
MonsterBox's picture

Dittos!  picked up an oz today and, as you would know it, the POG was $20/oz off by the time i got back to the office.  Big Deal.  I got physical in MY pocket.  If it drops more, I'll hit it again tomorrow.  Again and again until the LCS runs out which, according to him, won't be long.

It's drying up out there.  Get it while it's available.

Mon, 04/15/2013 - 12:17 | 3450593 Panafrican Funk...
Panafrican Funktron Robot's picture

Copper is limit down today (unlike our barb relics, they stop trading copper at 3% down days).  That is extremely unusual.  Copper not far from the all important sub $3 mark.

Mon, 04/15/2013 - 13:14 | 3450946 Alexandre Stavisky
Alexandre Stavisky's picture

70 tons of Gold.  Over 4000 tons of silver.  EVERYDAY in QE thin air money emission. FEAR NAUGHT.

Be right, hold tight.  Came into this world with nothing but a skin&muscle suit, leaving with the same.  In between money's interesting, but eventually irrelevant.

Diseases grown desperate are by desperate means allieved, or not at all.

Mon, 04/15/2013 - 13:34 | 3451080 Bastiat
Bastiat's picture

Actually you'll be leaving without the skin and muscle suit but I'm with ya otherwise.

Mon, 04/15/2013 - 12:30 | 3450703 centerline
centerline's picture

I was reading all of this over at KD's site and figured you just got the ban hammer.  LOL.  I came back over here figuring I would find you shortly thereafter.  Always enjoy your posts.

Yeah, KD is not fight club.  The shame is that not being able to fight it out creates too much bias.  

Mon, 04/15/2013 - 14:10 | 3451365 Moe Howard
Moe Howard's picture

I've been banned for a while from there, I don't miss the forum. However, I do read the blog posts, sometimes he is correct. Sometimes.

Mon, 04/15/2013 - 20:57 | 3454130 MeelionDollerBogus
MeelionDollerBogus's picture

ah, Karl Denninger... once I started posting youtube gold charts I found his channel, saw his bad attitude & blocked him without a second thought. Fucking douche.

Mon, 04/15/2013 - 12:06 | 3450507 resurger
resurger's picture

I told my wife that gold is down $128 for the day, she's like "Shall i go buy?!"

Nuff said.

Mon, 04/15/2013 - 12:53 | 3450836 xtop23
xtop23's picture

Funny you should say that.

I got a txt from my wife saying, "silver is getting crushed!!!" ......"you wanna buy some?"

"already done, dear."

"oh" :)

Mon, 04/15/2013 - 13:07 | 3450911 BoNeSxxx
BoNeSxxx's picture

I just got off the phone with my local coin shop..

5 silver assays in stock and one gold 1/10 oz coin.  That's it.  Nothing else, nothing.  Nada. 

No Phyzz

Mon, 04/15/2013 - 13:23 | 3451014 Urban Redneck
Urban Redneck's picture

When Crapmex runs out of kilo and 10oz bars, then you might have the start of a physical supply shortage when people start jockeying for 1oz coins in front of an economic reality bulldozer, since it is the big players who dominate the market.  That said I haven't seen a GD bar on their site since about the last time gold nose-dived like this.  

Mon, 04/15/2013 - 13:52 | 3451223 BoNeSxxx
BoNeSxxx's picture

Wait, Crapmex still has actual metal?

Mon, 04/15/2013 - 13:59 | 3451292 Urban Redneck
Urban Redneck's picture

They say they do, that's really the only reason I look at their site that supposedly updates availability on real time (except for the really odd times when I can't find what I'm looking for in Switzerland, b/c they will ship it over here or anywhere else I spend a lot of time)

http://www.apmex.com/Category/9/Gold_Bars__Gold_Rounds_1_gram___400_oz.aspx

Mon, 04/15/2013 - 14:57 | 3451685 kito
kito's picture

listen, really..enough of this shortage scare in metals...there is plenty to be had unless you are buying millions and millions of dollars worth......THE REAL, ACTUAL, TRUE SHORTAGE IS IN AMMO!!! there is absolutely NONE to be had, and if you can find 1000 rounds, its like 500 bucks......

Mon, 04/15/2013 - 15:02 | 3451725 phyuckyiu
phyuckyiu's picture

What worries me the most is WTF is coming up that requires TPTB to sell 4 years worth of gold supply in paper contracts in 2 days. Do I need to be concerned about Hitler's birthday again?

Mon, 04/15/2013 - 16:10 | 3452275 phyuckyiu
phyuckyiu's picture

I don't even have to wait till Hitler's birthday for the SHTF. It already happened today, on our own soil even sadly. Anyone taking bets who is to blame?

1) Angry white people with guns

2) Iran

3) Syria

4) N Korea

 

Those are my votes, in that order.

Mon, 04/15/2013 - 17:15 | 3452845 Gief Gold Plox
Gief Gold Plox's picture

Same here on the other side of the pond. There are literally no other PM available except gold and even that only bars, no more coins for the time being.

Eventually I was able to locate some Austrian Philharmonics 1oz. coins, but they sold them only in packs of 20 @ 5% premium. Too much for my budget.

Mon, 04/15/2013 - 12:54 | 3450843 jerry_theking_lawler
jerry_theking_lawler's picture

does your wife have a single, attractive, nymphomanic sister?? if not, any 1 of the 3 will do....

Mon, 04/15/2013 - 13:05 | 3450897 TuesdayBen
TuesdayBen's picture

In my experience, a nymphomaniac is far preferable to a nymphomanic...

Mon, 04/15/2013 - 13:03 | 3450878 Kirk2NCC1701
Kirk2NCC1701's picture

The thing about zealots (gold or real estate), is that according to them... "It's always a good time to buy".

In both industries you'll find people cheering on price increases and price drops. What a racket!

There's a time & place for everything -- just not all the time. Dumb sheep!

Mon, 04/15/2013 - 13:48 | 3451189 FEDbuster
FEDbuster's picture

Let's not leave the "stock market barkers" out of that statement.

Mon, 04/15/2013 - 14:02 | 3451316 ParkAveFlasher
ParkAveFlasher's picture

Or bitcoiners receiving error messages, for that matter.

Gold will never be "bluescreened", btw.

Mon, 04/15/2013 - 13:10 | 3450919 Bastiat
Bastiat's picture

 My wife bought too, heh.  I was afraid she'd freak and sell. 

Mon, 04/15/2013 - 12:23 | 3450642 ClumsyBoatman
ClumsyBoatman's picture

Nice. Twenty thousand leagues under the sea was always one of my favourite books..

Mon, 04/15/2013 - 11:39 | 3450347 Spider
Spider's picture

This is actually good for gold in the long-run - physical demand is very strong.  Paper is like the Ferrari while the physical market is like the freight train - slow but the Ferrari is going to get out of the way...

Mon, 04/15/2013 - 12:51 | 3450823 Max Hunter
Max Hunter's picture

Indeed.. Let them crush the price more.. and then all the sellers run out.. and then what?  Yeah..  remember when bitcoin was at 30?

Mon, 04/15/2013 - 13:08 | 3450917 Chupacabra-322
Chupacabra-322's picture

Absolutely,

You can see the Global Criminal Cabal (Bankster/Intelligence) Crime Syndicate running scared.  It's so obvious now for weeks how the Criminal Cabal has been manipulating everything. 

Mass arrests soon.  By US!  And they know it. 

Mon, 04/15/2013 - 11:41 | 3450368 Banksters
Banksters's picture

Sometimes Denninger gets it- he'll go apeshit over obvious manipulation brought about conspiracy, and then completely deny the possibility in other areas.   

Mon, 04/15/2013 - 11:56 | 3450431 Landotfree
Landotfree's picture

You can only post on his forum if you believe the same tinfoil crap he does.   Nothing worse than a hyprocite.... i love his ole call your congressman campaigns...  like calling charlie sheen to watch your booze cabinet.

Mon, 04/15/2013 - 12:01 | 3450456 Landotfree
Landotfree's picture

http://gold-news.goldprice.org/2008/04/jim-sinclair-bets-million-dollars-gold.html

Here is the bet, I think he would have won the actually bet, but in reality his prediction was wrong.  IMHO

Of course, Sinclair is going to be wrong as well in some respects because this is not the freaking 70s where the freaking credit market was expanding.

Mon, 04/15/2013 - 13:06 | 3450889 kchrisc
kchrisc's picture

Yeah, I just love anyone that says, "call or write 'your' Congressperson."

If you have to beg for them to follow their own laws then you are already fucked and the time would be better used checking and cleaning the arsenal.

And it should be, "call or write the bankster's Congressperson."         hujel

Mon, 04/15/2013 - 13:35 | 3451086 akak
akak's picture

Talking about Denninger and gold, here is an oldie but a goodie:

https://www.youtube.com/watch?v=WCwWfSYBwOQ

Mon, 04/15/2013 - 13:40 | 3451124 JLee2027
JLee2027's picture

That's hilarious. And it describes Karl well. He's blind.

Mon, 04/15/2013 - 14:20 | 3451413 ebear
ebear's picture


 

 

Convictions are more dangerous enemies of truth than lies.  -- Friedrich Nietzsche

Mon, 04/15/2013 - 15:07 | 3451762 Landotfree
Landotfree's picture

akak

Awesome!  Don't get me wrong, I agree with the system collapsing, but his definition of collapsing is much different than mine.   Of course his crying to call "your Congressman" stuff is just priceless.   Eventually, gold will not even trade in dollars, I guess he will claim victory.  

Mon, 04/15/2013 - 14:06 | 3451340 ChanceIs
ChanceIs's picture

Karl kicked me out recently.  I posted about a petiion to the White House - (website actually managed by the White House) to have the government's gold audited.  I was very careful to state that I had a long position and would have a profit should the gold not be found.  I was put out that he booted me.  He is usually so anti-government.  i would have expected him to be pushing the petition.

I found his article wanting.  If you go check out Keith Weiner's site, we see that gold and silver are in severe backwardation - that is relative to the physical market.  karl said the curve was flat.  Big disconnect there.

Sinclair - Feteke is on record that when the backwardation becomes permanent then the futures market is the physical market.  Makes sense to me.

The backwardation is fundamentally an indication that there is no faith in the exchange - one can't get delivery.  There will be a cash settlement - at physical prices?

 

Mon, 04/15/2013 - 14:10 | 3451354 stormsailor
stormsailor's picture

and if you were around his site in 07 when he was blindly castigating gold you would have gotten in at about 500 an oz.

 

 

Mon, 04/15/2013 - 13:35 | 3451094 JLee2027
JLee2027's picture

Denniger? I survived a whole 2 posts before I got banned over there. It only took one item of disagreement with the closed minded master. It makes Karl blind to what's really going on.

Mon, 04/15/2013 - 11:29 | 3450272 flacon
flacon's picture

I piked up a 5oz Fiji Taku today. Super nice coin! 

Mon, 04/15/2013 - 11:59 | 3450440 cifo
cifo's picture

As everybody should. A steal at these levels.

Mon, 04/15/2013 - 12:18 | 3450611 cifo
cifo's picture

Krugman, be nice and stop downvoting comments you don't like.

Mon, 04/15/2013 - 13:29 | 3450954 Jonas Parker
Jonas Parker's picture

Just try to find physical at these levels, or any level. The physical market is tighter than a bull's ass in a hailstorm. The "paper price" has about as much connection to reality as Kim Jong Un.

My guess is the " too big to fail/bail" banks had to unwind their shorts before some unidentified event on the horizon would tie them up by the testicles (sorry Blythe).

One bright-eyed pundit on Fox this morning explained the cause as "the Cyprus Bank putting its gold on the market. The Bank of Cyprus has a lousy 10 tons of gold, which China and/or Russia will snort up like a line of coke in 3 seconds flat. No mention of the 500 tons of "paper" (ie: non-existent) gold dumped on the market last Friday.

Pass the popcorn please... this show is finally getting started!

Mon, 04/15/2013 - 11:28 | 3450278 TheTmfreak
TheTmfreak's picture

On smaller websites I'm seeing 5+ over spot on silver eagles.

Last night I made a small purchase of expensive silver products, and looking around, some of them aren't updating the prices, just raising the per price amount.

 

What i want to know is how bad are the dealers getting wacked right now over this. They've got to be losing money on every single purchase at this point.

Mon, 04/15/2013 - 11:37 | 3450335 tsx500
tsx500's picture

for anyone that cares, as of 1115 est my local coin shop in suburban Shitcago (with spot of 1360 and 23.40) will sell AGE's @ 1430 (which is +5%) and junk @ 19.3x (real multiplier is 16.92) which is a whopping 15 that's right FIFTEEN % premium !   

Mon, 04/15/2013 - 11:39 | 3450354 tsx500
tsx500's picture

oh by the way he was only paying spot to sellers of AGE's , not sure about junk

Mon, 04/15/2013 - 13:28 | 3451048 aragornsos
aragornsos's picture

Local burbs of Shitcago... howdy neighbor!  Fox Valley or another LCS (I haven't been out yet today)?

Mon, 04/15/2013 - 11:38 | 3450341 Thulsa Doom
Thulsa Doom's picture

From what I see at Gainesville, they are only selling the newly minted stuff. Out of stock on all eagles and maples. When the mints announce they cannot keep up with demand with delays of months to a year, the paper market is done.

Mon, 04/15/2013 - 12:20 | 3450622 Panafrican Funk...
Panafrican Funktron Robot's picture

Yep, Gainesville was about $80 over spot at one point this morning on 1 oz. AGEs.  My Algerian ancestors are smiling at the wisdom of my accumulation today in spite of this "outrageous" spread.  

Mon, 04/15/2013 - 12:47 | 3450809 DirkDiggler11
DirkDiggler11's picture

Gainesville over the weekend had plenty of Silver inventory and different options for ASE's. Early this AM all was sold out except some of the 2013 ASE's IF you can wait until the end of April for shipment. What they did have left on 2013 ASE's, basically rolls of 20 carried at approx a 16% margin vs spot at the time. Kitco and even the despised APMEX were sold out, so you bought at the 16% margin over spot or you stayed on the sidelines....

Mon, 04/15/2013 - 11:42 | 3450365 James_Cole
James_Cole's picture

What i want to know is how bad are the dealers getting wacked right now over this. They've got to be losing money on every single purchase at this point.

They're getting killed that's why the premiums are so high. 

Not just the dealers, whole pm industry is getting hit hard right now, a lot miners are about to go out of business. 

Some newsletter writers have some 'splainin to do as well...

Mon, 04/15/2013 - 11:55 | 3450424 TheTmfreak
TheTmfreak's picture

No shit hah. I'm very curious to see what these websites are going to look like in about 3 days time.

I'm definitely looking around that the premium products. If I can get them for a significant discount, I think it'll be worth it. The SBSS Trivium coin that I want is going at 25 dollars over spot right now. Talk about eye rolling. I wanted it to drop a few bucks, but I guess i'm just gonna have to pass on it.

Mon, 04/15/2013 - 12:02 | 3450462 James_Cole
James_Cole's picture

I'm definitely looking around that the premium products. If I can get them for a significant discount, I think it'll be worth it. The SBSS Trivium coin that I want is going at 25 dollars over spot right now. Talk about eye rolling. I wanted it to drop a few bucks, but I guess i'm just gonna have to pass on it.

Pretty much for sure now is not a good time to buy, dealers will be forced to drop their premiums soon enough. Even if spot goes up premiums (which are a joke atm) will have to go down more than offsetting any spot gains. 

Mon, 04/15/2013 - 12:04 | 3450488 TheTmfreak
TheTmfreak's picture

Agreed.

My friend called quite nicely last night about the Canadian Moose. Something like 10 dollars over spot last night, except at provident metals for something like 3 dollars over spot. Its now sold out.

Mon, 04/15/2013 - 14:38 | 3451532 TheObsoleteMan
TheObsoleteMan's picture

Coin shops will survive. They know how. It's very simple actually, all the dealer does, is to offer insane premiums, or better yet, simply tell buyers they are out of stock. They have to, else they get killed on the price they paid vs. what they sell it for. They use this tactic when they have too, the last time was back in 2008. All the while they are buying from panicked sellers who bought high and want out. In this environment, they can buy at a discount to spot. The experienced old timers will do just fine.

Mon, 04/15/2013 - 11:45 | 3450382 NoDebt
NoDebt's picture

Not that anyone gives a shit about Cyprus any more but they just can't catch a break.  Selling their gold into a crash- marvelous.

I think they should pull a George Costanza and just do the opposite of what they would normally do.  Maybe we all should.

Mon, 04/15/2013 - 12:00 | 3450451 Seer
Seer's picture

Was it really "Cyprus" that sold or was it the EU banking cartel?

Wonder if they caught it before this recent downturn.  And if not, then I hope it was the EU banking cartel that got fucked (of course, they'll just pass the fucking along to the Cypriots).

Mon, 04/15/2013 - 12:21 | 3450624 Diogenes
Diogenes's picture

Cyprus never sold or had any intention of selling. That was all bullshit.

Mon, 04/15/2013 - 15:11 | 3451807 phyuckyiu
phyuckyiu's picture

Has anyone ever thought maybe those 13 tons of gold from Cyprus are being used to supress the market by flooding it? I recall a gold hit around the time that Libya's stash magically disappeared. Just sayin. They have the firepower with 13 tons in hand, they might as well use it.

Mon, 04/15/2013 - 12:27 | 3450674 ClumsyBoatman
ClumsyBoatman's picture

pretty sure they'll spread the love to the rest of us serfs in Europe also

Mon, 04/15/2013 - 12:03 | 3450489 Rubbish
Rubbish's picture

Fuck the dealer, this is what a crash starts to look like. No one is safe.............................

Mon, 04/15/2013 - 13:44 | 3451174 klockwerks
klockwerks's picture

Tim freak, dealers are not getting hammered as they are not selling. Try finding a couple of monster boxes, SOLD OUT, it says. I have been trying to locate some Mb since 5 this morning and then is was 23.23 per oz. 13K for a box, please send them along. Great price but you can't have any

Mon, 04/15/2013 - 12:01 | 3450469 resurger
resurger's picture

Unabated ..

I want to take this Opportunity today to thank:

1- Dr. Paul Krugman

2- Ben Bernanke

3- Mario Draghi

4- H. Karuda

For making gold cheaper for us and the world, am afraid if you continue pushing down the price at this pace a buyers stampede will happen.

Thank you again. Ace work.

 

Mon, 04/15/2013 - 11:28 | 3450279 TeamDepends
TeamDepends's picture

Have you attempted to contact the non-attorney spokesperson?

Mon, 04/15/2013 - 11:35 | 3450329 ThalesOfMiletus
ThalesOfMiletus's picture

Sweet!  Looks like my long on disposable cellular phones is finally going to pay off...

Mon, 04/15/2013 - 11:59 | 3450443 Joe Sixpack
Joe Sixpack's picture

Got 2 Error 64's (host not available), then on teh third try coneected to Apmex!

Mon, 04/15/2013 - 13:25 | 3451022 azzhatter
azzhatter's picture

just bought from apmex and it was really slow. heavy buying action

Mon, 04/15/2013 - 11:23 | 3450241 draug
draug's picture

Because people are grabbing at a falling knife?

Mon, 04/15/2013 - 11:26 | 3450243 Pinto Currency
Pinto Currency's picture

-

Mon, 04/15/2013 - 11:31 | 3450305 Marigold
Marigold's picture

I just bought here in Bangkok this evening. This is a paper slap down and nothing else. Can somebody really point out who is selling physical gold or silver and why? What has fundamentally changed for the better. It's all noise and hype.

Mon, 04/15/2013 - 11:36 | 3450337 rubearish10
rubearish10's picture

That's complete fucking bullshit and you know it! The fact is PM's have crashed and now we must wait longer despite the investment thesis!

Mon, 04/15/2013 - 13:18 | 3450972 auric1234
auric1234's picture

Actually, this brings us MUCH closer to COMEX default territory. Now either of three things can happen: price hike, COMEX default, or physical price decouples from paper.

Any of these scenarios is tremendously bullish for physical gold.

 

Mon, 04/15/2013 - 12:55 | 3450846 BearClaw
BearClaw's picture

Shorts covering?

Mon, 04/15/2013 - 11:18 | 3450180 CH1
CH1's picture

Leverage can SUCK.

Mon, 04/15/2013 - 12:45 | 3450801 widget
widget's picture

Derivatives can suck even more.  A daily move of more than 50% can result in it being "discontinued".

Mon, 04/15/2013 - 11:20 | 3450184 nope-1004
nope-1004's picture

This obviously means bond buying by Benocide will stop.  It also means we are recovering.  It also means currency strength, employment rising, and capital investment occuring.

So let's see some proof of that Bernocchio??  Bring it, you lying bitch!

 

Mon, 04/15/2013 - 11:36 | 3450330 Kaiser Sousa
Kaiser Sousa's picture

im hung over like a mother fucker so im gonna keep this shit short...

aint nobody selling no REAL Gold or Silver....

not today and not friday...

You mother fuckers better get ur asses down to your dealers and by some mo'...

thanks for listening.......

Mon, 04/15/2013 - 11:41 | 3450363 AssFire
AssFire's picture

I was hoping for another opportunity to buy more physical. If it falls to 1000, I'm loading up again.

Mon, 04/15/2013 - 12:28 | 3450690 ClumsyBoatman
ClumsyBoatman's picture

fo shizzle, gold's already on sale. if that motherfucker hits $1000 it will be a rare thing of beauty

Mon, 04/15/2013 - 11:50 | 3450406 e_goldstein
e_goldstein's picture

Right, and when the bloodbath in the pm markets stops, I'm going to go to the coin store and see literally tons of physical metals because my economics textbook told me that when prices are low, supply is high.

<sarc>

Mon, 04/15/2013 - 12:21 | 3450636 firstdivision
firstdivision's picture

Last time Gold was having a swing like this, the US went into uber-inflation.  This will be fun.

Mon, 04/15/2013 - 11:20 | 3450201 johnQpublic
johnQpublic's picture

meanwhile, apmex site is running slower than my apple 2+ loading flash video

Mon, 04/15/2013 - 11:37 | 3450336 smlbizman
smlbizman's picture

check out their (apmex) premium on platnum....its 200+ on an oz....

Mon, 04/15/2013 - 11:40 | 3450355 johnQpublic
johnQpublic's picture

finally got thru

had to buy them out on three different products to hit my target weight (which really wasnt all that high....)

Mon, 04/15/2013 - 11:21 | 3450219 WillyGroper
WillyGroper's picture

Let's answer that with another question. Isn't naked short selling illegal?

Mon, 04/15/2013 - 11:23 | 3450230 CH1
CH1's picture

Isn't naked short selling illegal?

What is this "legal," of which you speak?

Mon, 04/15/2013 - 11:39 | 3450357 Beam Me Up Scotty
Beam Me Up Scotty's picture

Being naked is now illegal?  Does that mean they will shut down all those pron sites on the internets?

No more (.)(.)'s?

Mon, 04/15/2013 - 12:12 | 3450563 imbrbing
imbrbing's picture

no more (.)(.) , they are upgrading to these ( . Y . )

Mon, 04/15/2013 - 11:24 | 3450238 johnQpublic
johnQpublic's picture

naked short selling is in fact the video my apple 2+ is loading right now

Mon, 04/15/2013 - 11:36 | 3450334 ThalesOfMiletus
ThalesOfMiletus's picture

Hey Now!

Mon, 04/15/2013 - 11:28 | 3450270 eatthebanksters
eatthebanksters's picture

What's interesting here is that economic news would not indicate any strong reason for the type of activity we have had in PM's and Bitcoin.  So why, within one week are we seeing both of these invesment vehicles hammered?  And why, as no halt occured?  Who benefits the most from lack of trust in PM's and Bitcoin as invstments?  Its all about confidence, right?  So why scare people away from PM's and Bitcoin?   Hmmm...are you thinking what I'm thinking?  

Mon, 04/15/2013 - 11:44 | 3450379 debtandtaxes
debtandtaxes's picture

I am. And have been for 2 days.

 

But I'm still not buying their shit stock/bond/mutual fund/GIC products.

I will NOT give those people my money.

Mon, 04/15/2013 - 12:02 | 3450463 nope-1004
nope-1004's picture

2 days?  More like 3.5 years.  This is a major currency / confidence war as the dollar is drained of all value.  For it to remain, the alternatives must be targeted and ambushed too. 

Mon, 04/15/2013 - 11:51 | 3450408 forwardho
forwardho's picture

There has been no "reported" economic news.

Lots and lots goes on unseen.

Mon, 04/15/2013 - 12:32 | 3450728 defencev
defencev's picture

What's interesting here is that economic news would not indicate any strong reason for the type of activity we have had in PM's and Bitcoin.  So why, within one week are we seeing both of these invesment vehicles hammered?  And why, as no halt occured?  Who benefits the most from lack of trust in PM's and Bitcoin as invstments?  Its all about confidence, right?  So why scare people away from PM's and Bitcoin?   Hmmm...are you thinking what I'm thinking? 

I would not comment about shit like bitcoins (Have you ever heard about Jerry Seinfeld show about nothing? That is bitcoins).

But it is totally idiotic to assume that because of the price of Gold is going down there will be shortage of it. I do not care about various fucking websites but there is no shortage of physical Gold in places like UOB Singapore where you can walk in and buy various products (and do not forget bullion coins always have some overhead over the spot price). In fact, many people sell as it should be.

It would be a bit unusual to see just a sell of Gold but it is a general sell of all commodities. This manifests an end of commodity supecycle, as it was indicated by a number of serious analysts quite a while ago.

If you, motherfuckers, believe in physical Gold, just hold it (and not go hysterical): what bothers you?

In any case, you are not going to talk it up by posting your idiotic messages.

Mon, 04/15/2013 - 12:56 | 3450844 All_Is_Well
All_Is_Well's picture

Let me see if I got the JPM playbook right:

Get new gold vault under Manhattan.....check

Buy massive anount of S&P April puts......check

Sell 500+ tons of paper gold.....check

Let simmer......check

Buy up all physical at rock bottom.....check

Fill vault to ceiling......check

Cover puts when market tanks.....check

TOTAL WORLD DOMINATION......CHECK!!!

What

Am I missing

Mon, 04/15/2013 - 13:21 | 3450985 kchrisc
kchrisc's picture

You are missing one very important thing--they are playing this game to save themselves and to provide a cushion during the coming bombing of Iran.

However, the wild-card and fly in the ointment are the Chinese,and others. They have been and will be buying even MORE physical now that the West has manipulated prices down to such low levels.

Sort of like selling a valuable asset to your brother for a $100 to avoid the IRS/SSA only to have Aunt May snap it up from him for $150. Oops!

Going to be fun to watch.               hujel

Mon, 04/15/2013 - 13:29 | 3451046 Jonas Parker
Jonas Parker's picture

BINGO! You haven't missed a thing (or as we say in Texas, a "thang)!

Mon, 04/15/2013 - 11:50 | 3450403 Debugas
Debugas's picture

it should be but it is not

Mon, 04/15/2013 - 11:52 | 3450420 Z_End
Z_End's picture

The only circuit breaker for PMs is when the price is going up...

Mon, 04/15/2013 - 12:29 | 3450693 jekyll island
jekyll island's picture

The price drop is crazy, just bought 200 more siver maple leafs.  Wish I had more dry powder, this is amazing.  

Mon, 04/15/2013 - 13:09 | 3450918 BooMushroom
BooMushroom's picture

Give yourself a break. Who wants to be long Bennybux?

Mon, 04/15/2013 - 12:42 | 3450778 F22
F22's picture

Bullish....

Just tried to buy 60 AGE's from my favorite online metals guys...they would only let me buy 31 as a max.  Guess supplies might be getting a little squeezed today.

 

Mon, 04/15/2013 - 13:49 | 3451210 johnnymustardseed
johnnymustardseed's picture

And remember they banned shorting banks like JPM because it is bad for WHO?

Mon, 04/15/2013 - 11:19 | 3450202 natronic
natronic's picture

Don't feel bad for making fun of shitcoins.............this will be a GREAT buying opportunity for those of us smart enough to collect PM

Mon, 04/15/2013 - 11:22 | 3450224 Boeing Boy
Boeing Boy's picture

Baird and Co selling brtannia coins for 20 quid +VAT.  The price stopped going down a while back.

paper only going down now.

Mon, 04/15/2013 - 11:40 | 3450360 Bokkenrijder
Bokkenrijder's picture

Karl Denninger is having a field day!

http://market-ticker.org/akcs-www?post=219805

Mon, 04/15/2013 - 12:25 | 3450652 Bananamerican
Bananamerican's picture

il Duce said gold price runup was a knock-on effect of QE (just another bubble...which just went pop as QE doesn't work) and "watch out"

Mon, 04/15/2013 - 12:42 | 3450780 augmister
augmister's picture

Don't throw the baby out with the wash!  Karl makes good points and are we NOT seeing the beginning of deflation?  Of course, he does not believe in the "second coming of gold" but we can agree to disagree.   DEFLATION, bitches!  It's on.   Stocks, etc. to follow soon, stay tuned!

Mon, 04/15/2013 - 13:45 | 3451178 kchrisc
kchrisc's picture

Augmister,

Ever heard of "stag-flation?!" That's when the banksters with the help of the pols and crats print price inflation and destroy the productive ability of the economy at the same time. Go into a Walmart and look for the productive ability of the American economy--good-luck with that.

Additionally, in a hyperinflationary economy--one being destroyed by money printing--like Weimar Germany, much effort goes into trying to stay ahead of the price inflation and many businesses fail to do so and die. As a result, the economy implodes at the SAME TIME that prices are spiraling out of control.

The American economy has an additional curse coming its way due to the FedRes' historical printing of dollars--when the "reserve currency" status goes, all of those dollars will come "home" very rapidly and bid up everything possible. That alone is unique in economic and political history. Going to be fun when it comes.

                     hujel

Mon, 04/15/2013 - 11:51 | 3450415 StandardDeviant
StandardDeviant's picture

That "+VAT" part means you're paying a 20% spread.

Try a search for "+estonia brittania silver".  You just might find a dealer who can do the sale transaction for you in Estonia, which currently charges no VAT on these, and arrange for a courier to deliver it to the UK.  All perfectly legal, I'm told; one of the (two or three) joys of belonging to the EU.

Not involved with them in any way myself; just a suggestion.

Mon, 04/15/2013 - 11:26 | 3450253 draug
draug's picture

Yep, bitcoin lost two weeks of rises, so bitcoin = BAD. Gold just lost two YEARS, so I guess gold is still good.

Mon, 04/15/2013 - 11:41 | 3450358 francis_sawyer
francis_sawyer's picture

Just for shits & giggles...

~~~

Bitcoin & gold BOTH go to zero... Which would you prefer to own?

Mon, 04/15/2013 - 11:56 | 3450436 aphlaque_duck
aphlaque_duck's picture

Free tooth fillings, hurray!

Mon, 04/15/2013 - 12:03 | 3450479 Smiddywesson
Smiddywesson's picture

well said

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