This page has been archived and commenting is disabled.
Gold Drops Most In 30 Years
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
- 92282 reads
- Printer-friendly version
- Send to friend
- advertisements -






Is that forklift activity I hear under the street between the Morgue and the Fed?
This also feels like a bank instigated self fulfilling prophecy. They a week or so ago said prices are going to $1350, a week later walla.
Sheesh, they got something up their sleeve.
walla?
I think he meant "Voila!"
lulz.
walla=voila
it's the american form....
HA HA HA!!!!
Glad I sold at the HIGHS! Seen this rodeo 30 years ago!
Bagholders!
HAHAHAHAHAHA!!!!!
Congratulations on your investment.
The fact that you find humor in others losing money says a lot about you.
It's not like I didn't post warnings here months ago and I got junked horrendously, just payback time, not rejoicing people's losses. But they're only paper losses, remember?
They are not losses unless and until you sell. Also, if you accumulated at a wtd avg cost that is 3 digits, selling would produce gains.
So the huge injustice of having to endure down-arrows on ZH has now been remedied. Good for you.
When are you going to proclaim your books closed?
Maybe we check back in a couple of years?
BTW - Gloating often comes at the expense of poultry discharges on one's upper regions.
And, might I ask, what was the reasoning behind your top call?
Maybe I dont understand the predicament
My undersatnding would be those who bought on margin are in a bind
Those who bought with cash should be watching with amusement I would think and getting ready to pull the trigger on more purchases, right?
I am no pro but it had been by understanding that the ride with gold would be a bumby one - its not like it has the Bernanke put behind it (or does it?).
All robotrader-types need to sit-down, hold-on and STFU
So ZH is about poking fun at every single asset except PMs? Are there any other rules we should be aware of?
Don't click the down arrows.
its called zero sum.
Summum of irrational greed disguised in rational math.
Humour is not about winning or losing its about seeing the funny side of both.
Classy...real classy.
You got an up vote from Paul .
you're still a cunt
Now should be the time for a 'Trading Places' style whipsaw in the market to catch out the naked shorts.
What's that? Hollywood fantasy and nothing more? The naked shorts are backed by infinite fiat? Oh well.
Au: The AAPL of commodities.
Au isn't a commodity.
"Au isn't a commodity." Unless, that is, it's in ETF form; and herein lies the real reason.
TPTB don't want people paying attention to the distinction.
Those that are squeamish should pack it in and go home.
Beginning to exchange worthless paper money for gold now.
As always, I keep some powder dry. THEY are intending to inflict maximum damage on overleveraged gold-longs. Annihilation process might take some more days.
Commodity Fetishization.
http://youtu.be/ycYHjlAiQXY?t=1m30s
gartman says it is all because cyprus had to dump their (meager) gold holdings. also- ann barnhardt has a good column on this stuff today.
When I read the name Gartman I almost fell out of my chair laughing. No...no I said GARTMAN not... OHHHkay
https://www.youtube.com/watch?v=aD4k148YcDU
That's good for a laugh. Cyprus total CB gold holdings are 14T. A whopping 3.5% of what got sold on Friday.
What do you think "levered 25-to-1" means?
Otto: Dear Ann with her bacon bookmarked Qur'an also said the $250K FDIC coverage was linked to you SSN & not the account. She was dead wrong. I'd take her with a big grain of salt.
Barnhardt is an Empire loving necon, I broil them with a grain of salt...
The USSR did this and the black market economy evolved. Oil is dropping too, VIX is dropping. The casino is about to close for good. Price discovery always wins. Manipulation attempts are always futile. This current state of noise will pass and then it will be very quiet. Eerily quiet when everyone sees the Emperor has no clothes and everyone will look to their neighbour and wonder, whether they know it too.
At least the girl from thailovelinks.com is still smiling at me from the sidebar.
ugghhh
could this big gold price drop interpret that 85billion/mo is not enough for fed? will it go to 145billion/mo soon?
Clearly, the big boys are accumluating by the armload. They know the game cannot go on forever. He who is holding the biggest piles when the music stops wins.
All I know is that ALL of my piles - PMs and other 'stuff' - are bigger than ever and growing.
Sell in May and go away or sell today and go away>
THis is all just part of 'the plan'. The market will be crushed and then governments will tell us that private trading is no longer possible. Then they'll just 'take care of us'...so no one has to worry about their future.
I'll bet the food they provide us will be 5 star. Can't wait.
"We had to proscribe futures trading in PMs and shut the COMEX for the good of all the people who were addicted to gambling and then losing money and being unable to feed their families! It was an easy decision to make, like protecting people from illegal drugs." -- Feinstein/McCain/Reid/Pelosi etc
netflix up 5% today....completely rational, free markets here people. Move along, lever up and buy wall street's magic paper.
WARNING - do not buy Gold or Silver since these ARE NOT protected by PPT.
I was on my Netflix last nite....forgot I even had it really....so I looked around for something to watch, not a thing there.
GO-GO crappy TV!
NFLX has some of the best controversial documentaries. Other than that, useless
http://onebigtorrent.org/
3 words:
K-Drama
I always knew you kept something up your sleeve.
i'm buying every bit of silver i can get my hands on......no one, i guess, heard about the landslide at the Rio Tinto mine over the weekend......16% of US supply under megatons of rock and dirt for at least a year.......
and the price of silver drops at the Comex. but no, this market is not rigged. not at all.
What proportion of total world supply is that missing 16%? I know the US mint only takes US silver, but silver is fungible - just because there's a shortage of Silver Eagles doesn't mean there'll be much of a shortage of Maples/Philharmonics/Britannias etc.
About 0.5%
I heard about the landslide.
Some good pics here:
http://www.flickr.com/photos/riotinto-kennecottutahcopper/
Zoom in on the lower right of this one.
http://www.flickr.com/photos/riotinto-kennecottutahcopper/8643313351/in/...
Those look like 7 CAT 789's. 180 ton ore trucks...just pushed aside like matchbox cars in the sand box.
One big mine gonna that's been in operation since 1906.
http://en.wikipedia.org/wiki/Bingham_Canyon_Mine
A shiny metal used for filling teeth. And you're shocked? Lead has more uses. Enjoy!
And they don't even use gold much for dental work, better and far cheaper materials than gold. What's it really so valuable for today I can't really figure it.
It is a wonderful conductor which is inert. Therefore it has many uses in electronics.
Indeed, and given the nature of todays electronics.. small and rapidly outdated... very little will ever be recycled.
On the contrary, there are entire villages in places like China that make their living recycling electronics for the metals. Of course, they do it in the lowest cost ways possible, and since they do not put a dollar value on their health, that means poisoning the crap out of themselves and their children:
http://www.ncbi.nlm.nih.gov/pmc/articles/PMC1913570/
55kg in every Tomahawk...Not much recyclying when one of those go boom...
What's it ever been useful for? Art, maybe? Or a means of access to power?
https://www.youtube.com/watch?v=h-vN6Iqhl3Y
For the first time in recorded history about 12% of gold production is now "consumed" in the form of disposable electronics. Its also considered to be the only true form of money and wealth by the majority of people in the world.
Utility is not value.
"Lead has more uses"
For POISONING people!
(anyone know whether gold can be used to solder tin cans?)
The REAL issue is about basing things on scarcity, with the trick/balance being that that thing has to have some ubiquitousness to it so as to keep a large enough following.
A BIG thank you out to JPM and the other manipulators, for this increadible gift of lower gold and silver prices!
Thats if you can still find some physical for sale without those high premiums.
Still lots of the 'paper' variety left. Just see the CME!
well APMEX is essentially down. not even able to add anything to a cart to try to check out. I think the divergence between paper and physical is finally upon us folks.
That did not even happen in late 2008, to the best of my recollection.
But remember, this is all just "normal market activity".
8-/
First we have the mortgage bundling manipulation, next the LIBOR rate fixing, and today we have gold being manipulated.
How come Europe is not green yet?
10% OFF GOLD SALE!
ONLY AT BERNANKES!
It's just a loss leader.
Are all bond markets about to blowup? Is this the beginning of the FED exit - scare the world into buying up its toxic holdings?
Something much bigger than gold is happening here.
Quite so....and yet no talk in MSM about the rationale for this massive 2 day sell off....just vague suggestion that gold "bubble" is over.
This is equivalent, or bigger, than a 15% decline in the $US in 2 days. Tectonic shift stuff.
Santelli said he'd seen this B4.
I reckon this is just backwash from the JGB jumbo. Too big a coincidence. The bond market makes commodities look like the kids pool.
Could be Mr. Bass has killed himself a bank.
today is the day to remove Shithead Ferguson from the blogroll, tyler
the guy is a shill, a fool and a jerk, and he's not helping his followers one bit
in fact he's leading them to slaughter & you shouldn't be promoting his site in any way
Every now and then you make a purchase that you feel great about. Today was one of those days!
The greatness feelings you are having are feelings you would be having stronger if the day you are purchasing would be tomorrow. After the greatness feelings you would be having tomorrow you would be having greatness feelings that are even more strongers if the day you are having purchasing would be the day after tomorrow that you are doing your purchasing. We will be having many more days of having greatness feelings if you keep having days you are purchasing.
could this big gold price drop to be interpreted that 85 billion/mo is not enough for fed? will 145 billion/mo come soon?
I think the NY Fed now proving that the corruption of the entire US edifice is complete and beyond repair. The MSM also just an owned sock puppet barking as the masters instruct.
There is nothing now they will not do to fund and protect the wealth of their friends and owners, raping Americans one and all.
Bought 100 oz of phyz gold today. My first purchase in many, many months. Thank you you over-leveraged PM longs and shorts, Cyprus and whatever other factor here is destroying the paper price. .
So, are the drinks on you tonight? :)
I am currently tapped out. Water for everyone.
"Danziger Goldwasser" would be okay with me. ;-)
https://en.wikipedia.org/wiki/Goldwasser
Fuck. I guess your tapped out. Good for you man. I've been buying in 10 OZ parts. On the fence today....don't know why. Silver silo for sure, later this aft.
Thank you for helping to dry up the phys market.
You're welcome.
Rich Bitch but hat off !
If anyone held off their 2012 IRA contribution until today they are signing Merril Lynch's praises for starting this sell-off.
Panic selling of gold and silver
multi-year lows, exceptionally high trading volume on the futures markets
On paper, a good 1,140 tons of gold thus changed hands in just one day – more than the total annual gold demand of India or China.
http://homment.com/gold-panic-selling
will buyer take deliver? 20% or higher of 1,140 tons being delivered to buyer would be a disaster for everyone.
I just wish ammo prices would drop like this. :-(
Martin Armstrong
All that's happening is the game-masters are removing several chairs at once. The fundamentals are no different today than they were yesterday or five years ago. When such unadulterated, coordinated monkey-hammering occurs, it simply means that someone is really scared.
Disclosure: I just picked up ten Krug's a week ago at $15xx...and I feel very good for having done so, no matter how low these guys hammer it today. I can wait for gravity to work its wonders.
My holdings average $14xx silver about $30 never sold, only buy.
Y'all still like Au???????????? see my earlier posts, for the record, to see where i stood vis-a-vis the "johnny come latelys"!!!!!!!!!!!!!
I still love gold. I don't love arrogant in your face pushing schadenfreude fuckfaces. You go down to the burn ward and terrorize patients?
"Woo! In your face....what's left of it! Shouldn't have smoked in bed! Woo! What's up now Eric Stoltz from The Mask?!?"
IR...when he comes hands open after the RESET, be the bigger man and feed his worthless a**.
I'll give him a bag of flour.....
Buy physical all the way down, at least you will have something to hold on to...
Capital grows and employs the middle class to expunge labor, and then expunges the middle class, repeat.
what's new? it has run out of geography.
CA is now going after prop 13, and the sharks consume each other right up the chain of command.
gold is being crashed.
oh, such a surprise...
does anyone remember the gold confiscation curve?
Say that Cyprus is selling their gold on the open market or for that matter any sovereign. That trade does not make as much sense today with the price in free fall and the creditor surely can't like that result. The EU and ECB wealth confiscation scheme runs out of real assets very quickly when prices of metals are in free fall.
Cyprus is miniscule.
Cyprus gold is only 10 tons whereas we've seen trades today in hundreds of tons.
The gold smackdown feels like a preventative measure to keep US investors from buying in as the public continues to awaken to the lack of safety of their money in institutions.
Additionally, with Utah and now Arizona ruling that gold is currency and UT building a vault for its gold, those events have to be stopped from spreading to other states and institutions.
Gold was starting to get too much play.
Good point....there was a lot of talk recently about states asserting their rights to adopt some form of gold backing (texas in particular). That sort of thing really annoys the fiat boys.
Of course it is. It's all about public opinion management. that's what modern government consists of; "consensus making"; which used to be called, "brain washing". You can reference former actors in this drama, such as President Nixon acouncing on national television that he was going to punish the dollar speculators, (by dumping gold on the market from Fort Knox, which they actually did; but it didn't work). and Paul Volcker, Fed. Chairman stating publicly, in an un-guarded moment, " we needed to control the price of gold". Of course it's a high priority for the money managers to convince you to get the fuck away from that outmoded relic and buy those stocks, boy; cause that's what we need you to do.
Gold is headed for the Great Gig in the Sky!!!
(gosh, wish I could play piano like that)
http://www.youtube.com/watch?v=lBWY3bli92Y
The worst is that this paper gold meltdown, will make Goldman Sachs a "good" advice source for gold. All the media is parroting how timely and on the spot was their last week instruction to short the metal.
Fuck you Goldman!
Yea, as I stated earlier, a self fulfulling prophecy. To "spot" on for my blood (pun intended). I smell a RAT!
I can't wait for their next "prediction" for the sheeple to follow. They are being led to a slaughter.
Great opportunity to load up. Gotta thank the force sell on friday. Never been a better time to get gold on the cheap.
When do the bombs start dropping?
Interesting reading the comments on here and the different perspectives. You've got the angry crowd, the unemotional crowd, the panic crowd, the regretting crowd, the entertained crowd. The reality is that we probably all feel a degree of these things. Prepare emotionally, there will be lots more volatility, including possibly more to the downside.
It's getting interesting, but this is probably just the beginning.
I repeat: When do the bombs start dropping?
Won't be bombs. It will be a massive earthquake sometime in the next 2 months. Then P.M.s will get back most of this week's loses.
In the spirit of your post, I am in all of the mentioned crowds. For levity, it would be neat if one of the Tylers could put up a picture of "gollum: my precious" like they do with the "Deer in the Headlights" for stock crashes.
Pay no attention to the man behind the curtain
BTFD
I just hope my local coin shop still has something to sell and that he'll sell it (silver) a buck or 2 above spot - running there now.
I have to repeat myself: There ain't no fucking curtain anymore! He's doing it out in the open.
And he's wanking off to a webcam as he shouts, 'Magna fucking Carta, am I your little law abiding cunt?'
My LCS is selling Maple Leafs for spot + $6, rounds for spot + $4.
My main LCS is closed today so went to the 2nd LCS who wanted $2 over spot PLUS $2.21 CA SALES FUCKING TAX (for anything under $1,500) - Fuck You assholes.
And then some wanker who overheard my rant said "You should see what the tax is when you SELL gold, it's greater than the CapGains tax" - Moron.
Buy low, sell high. With the biggest sell off in 30 years, are we in any way in a better shape than 30 years ago with FX wars, never-ending $ printing and potential nuclear war.... Never am I more certain about buyin gold, and today will be the day.
Ben had a dream .... all the gold bugs .... defeated and forlorn .... dispersed in the shadows .... silently went away .... never to be heard from again .... LOL !
President Nixon anounced it on national television; that he was going to "punish the dollar speculators"; the mechanism? Gold Auctions from Fort Knox; He had to give up; sit down, and shut up; he was run over by the international market place. Look it up; it was part of my life experience; I never forgot it. they always succumb to the illusion that they're Superman, and they always lose.
Hang in there PM Stackers....this is a KMart Blue light special to buy, buy ,buy.....a tiny window is closing but a giant garage door is opening....
All this PM noise is on paper....physical has nothing to do with it...
kitco -
Service Unavailablehttp://www.bullionstreet.com/
This is the Beginning...
Now the US Gubbermint can close on that first shipment of Gold needed to ship back to Germany .... alot cheaper for Uncle Sam to pay $1350 an ounce than $1650.
Why would they care? They can print any amount they like?
Have to laugh at the gold bugs lambasting bit coin.
Your relic just got...bitcoined! I
I'm no fan of bitcoin but it was naive to think gold was any less vulnerable to the banksters...
They just hated the idea that somebody could make money betting on something that was not gold.
it was more the bitcoiner's attitude that it was impervious to manipulation, unlike PMs.
but believe whatever you want.
when the fuck is the s&p going to drop 10 percent this fast? that is what i am waiting for.
as Kyle Bass said, "go long gold, short JPY and go to sleep" Now would be an excellent time to take that advice.
The www.apmex.com website can't keep up, and I highly doubt it is from sellers.
That's nothing!
I've spoken to dealers in 4 states - not a single disposable canoe in stock, nothing, nowhere!
The stupid gold bugs still dont want to realise, that gold is totally overvalued, and has surpassed inflation a long time ago. Gold should be at 800-900, and it will fall down their very soon. i told you a week ago, that it would drop to under 1400 during the next 6 months. i didnt think it would go that quick though. But everyone here mocked me, and told me it was bullshit.
mmmkay
Equities are overvalued by 60%, Gold undervalued by at least 60%.
This is war, not theology.
Are you totally fucking stupid or just a shill for the Fed and mates. The price of gold tracks the money supply fuckwit. Go look at a chart.
I think in fact you are here specifically to misinform, or you are fully ignorant. Gold doesn't track inflation, it tracks confidence in the USD, is why it tacks M2 like a twin. So stop your lies, unless you are a little MSM butt boy here on a purpose.
More money created, more money there is per oz gold/silver ....thats why they have be tied at the dick from the beginning. The only divergence is when the Fed and cohorts need to protect the USD by naked short selling everything....like pushing a cork down in the water.
velocity can do funny things to liquidity eh?
not just the supply that counts
I bought gold a a while back at a $ 1000. So still thinking long term as insurance. I still think China sets a floor on gold And will buy as much as they can get as it approaches and lower value in order to become a reserve currency. So I am not nervous and may increase holdings when I feel the market is better understood.
Thats about the right price right now. i would say 800-900 is more the price. Its soooo overvalued right now.
compared to what?
I went all in at AU $1100 and Ag $17.
Yawn.
NO SURPRISE: Last of the physical gold & silver will be taken off line and into strong hands. Never to be seen on local dealer shelves again. Nice having been through this once before. The smack down of 21 to 9 some years back. All the gold and silver will be out of the reach of the average citizens hands after this firestorm. Certain we are near an overnight USDinker dollar devaluation. Could be MAY DAY, or even this week, or some weeks after MAY DAY. The checkmate upon citizens is soon. Checkmate being you will not have access to your paper fiat monies through some false flag as 9/11/01. Every financial institution put on hold until the globalist neoCONzi new world order speaks; throws some crumbs from the masters table. It will all be outright theft as with Cyprus but what are you going to do. All has been hidden in plain sight. The neoCONzis telling us global citizens exactly what is planned. All chaos coming and from chaos a new world order. Unless you are on the side of true freedom and fight for the republic; constitution to be saved. Here we are. Live free or die! I am not surprised.
and there's a black helicopter hiding under your bed; waiting to leap out and eat your children. buy more gold! its on sale [that's what I just heard glenn beck saying.... "if you were holding that nasty paper, too bad... BUY FIZZYkal gold y'all! its worth more than ammo!"
And behold; the new bitcoin: 1 ounce of silver
Sell all your paper gold/silver etf sh#t before it is to late!
Oh and FYI. Just because you say something over and over does not mean it will come true:
MY GOLD WILL ONLY INCREASE IN VALUE
MY GOLD WILL ONLY INCREASE IN VALUE
MY GOLD WILL ONLY INCREASE IN VALUE
MY GOLD WILL ONLY INCREASE IN VALUE
MY GOLD WILL ONLY INCREASE IN VALUE
You may as well say a phrase from a fictional film over and over for the good it will do you:
HIS NAME IS ROBERT PAULSON
HIS NAME IS ROBERT PAULSON
HIS NAME IS ROBERT PAULSON
HIS NAME IS ROBERT PAULSON
I'm writing down all the schadenfreude poster assholes names. I'll be paying you a visit Rick Astley......
COMMENT REDACTED
-Homeland Security Officer #36554
I prefer:
SOMETHING IS BETTER THAN NOTHING
SOMETHING IS BETTER THAN NOTHING
SOMETHING IS BETTER THAN NOTHING
SOMETHING IS BETTER THAN NOTHING
SOMETHING IS BETTER THAN NOTHING
SOMETHING IS BETTER THAN NOTHING
my dealer is selling out today or tomorrow, biggest dealer in the area
scary shit is happening
uhhh the world is gonna collapse, haha stupid gold bug
my lumber dealer is stacked sky high and prices are up 20 to 30% yoy
fuck off
Phizzy people need to chill.
This will be a day your wealthy prodigy will talk about as they look at your picture on the wall.
Jim Sinclair predicted days like this would come.
Be sturdy, men.
Sinclair will be deliriously happy. the CB's have done what he dreams of: destroy the PM "paper market".
All of Jim's demons are being exorcised here and now. And, I wonder what it will be like to shutter Tanzania due to the market price being well below production costs?
most of you here never sell...not even when it was at $1900 so how do you gain any wealth? Just waiting for the end to come?
this is a trading website, not a shrine