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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 - 12:24 | 3450653 Shell Game
Shell Game's picture

Is that forklift activity I hear under the street between the Morgue and the Fed?

Mon, 04/15/2013 - 11:39 | 3450351 imbrbing
imbrbing's picture

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.

Mon, 04/15/2013 - 12:34 | 3450735 HellFish
HellFish's picture

walla?

Mon, 04/15/2013 - 13:17 | 3450966 JohnnyBriefcase
JohnnyBriefcase's picture

I think he meant "Voila!"

 

lulz.

Mon, 04/15/2013 - 13:33 | 3451082 Bananamerican
Bananamerican's picture

walla=voila

it's the american form....

Mon, 04/15/2013 - 11:18 | 3450176 Michelle
Michelle's picture

HA HA HA!!!!

Glad I sold at the HIGHS! Seen this rodeo 30 years ago!

Bagholders!

HAHAHAHAHAHA!!!!!

Mon, 04/15/2013 - 11:21 | 3450216 Meat Hammer
Meat Hammer's picture

Congratulations on your investment.

The fact that you find humor in others losing money says a lot about you. 

Mon, 04/15/2013 - 11:25 | 3450258 Michelle
Michelle's picture

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?

Mon, 04/15/2013 - 11:43 | 3450375 mayhem_korner
mayhem_korner's picture

 

 

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. 

Mon, 04/15/2013 - 11:44 | 3450387 Meat Hammer
Meat Hammer's picture

So the huge injustice of having to endure down-arrows on ZH has now been remedied.  Good for you.

Mon, 04/15/2013 - 12:37 | 3450755 Seer
Seer's picture

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.

Mon, 04/15/2013 - 14:25 | 3451439 Professorlocknload
Professorlocknload's picture

And, might I ask,  what was the reasoning behind your top call?

Mon, 04/15/2013 - 11:35 | 3450327 mendigo
mendigo's picture

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

Mon, 04/15/2013 - 11:59 | 3450449 vaft
vaft's picture

The fact that you find humor in others losing money says a lot about you.

So ZH is about poking fun at every single asset except PMs? Are there any other rules we should be aware of?

Mon, 04/15/2013 - 12:21 | 3450635 fuu
fuu's picture

Don't click the down arrows.

Mon, 04/15/2013 - 12:07 | 3450523 falak pema
falak pema's picture

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. 

Mon, 04/15/2013 - 11:28 | 3450265 alien-IQ
alien-IQ's picture

Classy...real classy.

Mon, 04/15/2013 - 11:41 | 3450359 resurger
resurger's picture

You got an up vote from Paul .

Mon, 04/15/2013 - 15:38 | 3452022 dogbreath
dogbreath's picture

you're still a cunt

Mon, 04/15/2013 - 11:16 | 3450177 gjp
gjp's picture

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.

Mon, 04/15/2013 - 11:17 | 3450179 vaft
vaft's picture

Au: The AAPL of commodities.

 

Mon, 04/15/2013 - 11:44 | 3450378 mayhem_korner
mayhem_korner's picture

 

 

Au isn't a commodity.

Mon, 04/15/2013 - 12:44 | 3450794 Seer
Seer's picture

"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.

Mon, 04/15/2013 - 11:19 | 3450189 FJ
FJ's picture

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.

Mon, 04/15/2013 - 11:18 | 3450193 Iam Yue2
Iam Yue2's picture

Commodity Fetishization.

Mon, 04/15/2013 - 11:18 | 3450197 otto skorzeny
otto skorzeny's picture

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.

Mon, 04/15/2013 - 11:25 | 3450213 Dr. Engali
Dr. Engali's picture

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

Mon, 04/15/2013 - 11:41 | 3450372 seek
seek's picture

That's good for a laugh. Cyprus total CB gold holdings are 14T. A whopping 3.5% of what got sold on Friday.

Mon, 04/15/2013 - 13:52 | 3451239 BooMushroom
BooMushroom's picture

What do you think "levered 25-to-1" means?

Mon, 04/15/2013 - 11:52 | 3450423 WillyGroper
WillyGroper's picture

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.

Mon, 04/15/2013 - 12:38 | 3450758 Shell Game
Shell Game's picture

Barnhardt is an Empire loving necon, I broil them with a grain of salt...

Mon, 04/15/2013 - 11:20 | 3450200 walküre
walküre's picture

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.

Mon, 04/15/2013 - 11:20 | 3450208 astoriajoe
astoriajoe's picture

At least the girl from thailovelinks.com is still smiling at me from the sidebar.

ugghhh

Mon, 04/15/2013 - 11:19 | 3450209 oak
oak's picture

could this big gold price drop interpret that 85billion/mo is not enough for fed? will it go to 145billion/mo soon?

Mon, 04/15/2013 - 11:45 | 3450390 mayhem_korner
mayhem_korner's picture

 

 

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. 

Mon, 04/15/2013 - 11:21 | 3450210 RougeUnderwriter
RougeUnderwriter's picture

Sell in May and go away or sell today and go away>

Mon, 04/15/2013 - 11:20 | 3450215 therearetoomany...
therearetoomanyidiots's picture

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.  

Mon, 04/15/2013 - 11:25 | 3450248 Mark123
Mark123's picture

I'll bet the food they provide us will be 5 star.  Can't wait.

Mon, 04/15/2013 - 11:29 | 3450291 BigJim
BigJim's picture

"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

Mon, 04/15/2013 - 11:20 | 3450217 Mark123
Mark123's picture

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.

Mon, 04/15/2013 - 11:23 | 3450231 SheepDog-One
SheepDog-One's picture

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!

Mon, 04/15/2013 - 11:31 | 3450296 walküre
walküre's picture

NFLX has some of the best controversial documentaries. Other than that, useless

Mon, 04/15/2013 - 11:46 | 3450388 Spastica Rex
Spastica Rex's picture

3 words:

K-Drama

Mon, 04/15/2013 - 12:04 | 3450487 falak pema
falak pema's picture

I always knew you kept something up your sleeve. 

Mon, 04/15/2013 - 11:20 | 3450220 unwashedmass
unwashedmass's picture

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. 

Mon, 04/15/2013 - 11:39 | 3450344 BigJim
BigJim's picture

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.

Mon, 04/15/2013 - 11:47 | 3450395 FieldingMellish
FieldingMellish's picture

About 0.5%

Mon, 04/15/2013 - 13:28 | 3451028 Dr. Eldon Tyrell
Dr. Eldon Tyrell's picture

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

 

 

 

Mon, 04/15/2013 - 11:20 | 3450221 PUD
PUD's picture

A shiny metal used for filling teeth. And you're shocked? Lead has more uses. Enjoy!

Mon, 04/15/2013 - 11:23 | 3450242 SheepDog-One
SheepDog-One's picture

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.

Mon, 04/15/2013 - 11:32 | 3450301 Bearwagon
Bearwagon's picture

It is a wonderful conductor which is inert. Therefore it has many uses in electronics.

Mon, 04/15/2013 - 11:36 | 3450338 FieldingMellish
FieldingMellish's picture

Indeed, and given the nature of todays electronics.. small and rapidly outdated... very little will ever be recycled.

Mon, 04/15/2013 - 12:22 | 3450637 Matt
Matt's picture

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/

Mon, 04/15/2013 - 13:30 | 3451056 Mesquite
Mesquite's picture

55kg in every Tomahawk...Not much recyclying when one of those go boom...

Mon, 04/15/2013 - 14:48 | 3451608 Professorlocknload
Professorlocknload's picture

What's it ever been useful for? Art, maybe? Or a means of access to power?

https://www.youtube.com/watch?v=h-vN6Iqhl3Y

 

Mon, 04/15/2013 - 11:29 | 3450260 FieldingMellish
FieldingMellish's picture

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.

Mon, 04/15/2013 - 11:30 | 3450293 Lebensphilosoph
Lebensphilosoph's picture

Utility is not value.

Mon, 04/15/2013 - 13:06 | 3450904 Seer
Seer's picture

"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.

Mon, 04/15/2013 - 11:22 | 3450225 OutLookingIn
OutLookingIn's picture

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!

Mon, 04/15/2013 - 11:22 | 3450227 sharky2003
sharky2003's picture

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.

Mon, 04/15/2013 - 13:51 | 3451217 akak
akak's picture

That did not even happen in late 2008, to the best of my recollection.

But remember, this is all just "normal market activity".

 

8-/

Mon, 04/15/2013 - 11:23 | 3450232 rosiescenario
rosiescenario's picture

First we have the mortgage bundling manipulation, next the LIBOR rate fixing, and today we have gold being manipulated.

 

 

Mon, 04/15/2013 - 11:23 | 3450233 Mark123
Mark123's picture

How come Europe is not green yet?

 

 

Mon, 04/15/2013 - 11:24 | 3450235 IridiumRebel
IridiumRebel's picture

10% OFF GOLD SALE!
ONLY AT BERNANKES!

Mon, 04/15/2013 - 13:52 | 3451235 akak
akak's picture

It's just a loss leader.

Mon, 04/15/2013 - 11:22 | 3450237 sudzee
sudzee's picture

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.

Mon, 04/15/2013 - 11:27 | 3450273 Mark123
Mark123's picture

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.

Mon, 04/15/2013 - 12:00 | 3450454 WillyGroper
WillyGroper's picture

Santelli said he'd seen this B4.

Mon, 04/15/2013 - 11:59 | 3450445 css1971
css1971's picture

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.

Mon, 04/15/2013 - 11:26 | 3450252 realtick
realtick's picture

 

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

 

Mon, 04/15/2013 - 11:27 | 3450256 dr.charlemagne
dr.charlemagne's picture

Every now and then you make a purchase that you feel great about. Today was one of those days!

Mon, 04/15/2013 - 12:01 | 3450474 Geruda
Geruda's picture

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.

Mon, 04/15/2013 - 11:26 | 3450263 oak
oak's picture

could this big gold price drop to be interpreted that 85 billion/mo is not enough for fed? will 145 billion/mo come soon?

Mon, 04/15/2013 - 11:28 | 3450268 Kina
Kina's picture

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.

 

 

Mon, 04/15/2013 - 11:28 | 3450269 slaughterer
slaughterer's picture

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.  .  

Mon, 04/15/2013 - 11:32 | 3450308 Bearwagon
Bearwagon's picture

So, are the drinks on you tonight?  :)

Mon, 04/15/2013 - 11:48 | 3450399 slaughterer
slaughterer's picture

I am currently tapped out.  Water for everyone.  

Mon, 04/15/2013 - 11:55 | 3450425 Bearwagon
Bearwagon's picture

"Danziger Goldwasser" would be okay with me. ;-) 

https://en.wikipedia.org/wiki/Goldwasser

Mon, 04/15/2013 - 12:34 | 3450736 Pareto
Pareto's picture

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.

Mon, 04/15/2013 - 11:36 | 3450333 Alpha Monkey
Alpha Monkey's picture

Thank you for helping to dry up the phys market. 

Mon, 04/15/2013 - 13:55 | 3451255 SAT 800
SAT 800's picture

You're welcome.

Mon, 04/15/2013 - 14:29 | 3451467 Marigold
Marigold's picture

Rich Bitch but hat off !

Mon, 04/15/2013 - 11:29 | 3450274 Hindsight2020
Hindsight2020's picture

If anyone held off their 2012 IRA contribution until today they are signing Merril Lynch's praises for starting this sell-off.

Mon, 04/15/2013 - 11:29 | 3450275 observer007
observer007's picture

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

Mon, 04/15/2013 - 11:38 | 3450349 oak
oak's picture

will buyer take deliver? 20% or higher of 1,140 tons being delivered to buyer would be a disaster for everyone.

Mon, 04/15/2013 - 11:29 | 3450276 Overfed
Overfed's picture

I just wish ammo prices would drop like this. :-(

Mon, 04/15/2013 - 11:30 | 3450281 Jason T
Jason T's picture

Martin Armstrong

Mon, 04/15/2013 - 11:30 | 3450283 mayhem_korner
mayhem_korner's picture

 

 

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.

Mon, 04/15/2013 - 12:25 | 3450672 resurger
resurger's picture

My holdings average $14xx silver about $30 never sold, only buy.

Mon, 04/15/2013 - 11:29 | 3450285 jaygould
jaygould's picture

Y'all still like Au???????????? see my earlier posts, for the record, to see where i stood vis-a-vis the "johnny come latelys"!!!!!!!!!!!!!

Mon, 04/15/2013 - 11:36 | 3450332 IridiumRebel
IridiumRebel's picture

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?!?"

Mon, 04/15/2013 - 11:48 | 3450396 mayhem_korner
mayhem_korner's picture

 

 

IR...when he comes hands open after the RESET, be the bigger man and feed his worthless a**.

Mon, 04/15/2013 - 11:50 | 3450405 IridiumRebel
IridiumRebel's picture

I'll give him a bag of flour.....

Mon, 04/15/2013 - 11:30 | 3450288 Crash Overide
Crash Overide's picture

Buy physical all the way down, at least you will have something to hold on to...

Mon, 04/15/2013 - 11:31 | 3450295 kevinearick
kevinearick's picture

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?

Mon, 04/15/2013 - 11:32 | 3450309 Everybodys All ...
Everybodys All American's picture

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.

Mon, 04/15/2013 - 11:43 | 3450381 Debugas
Debugas's picture

Cyprus is miniscule.

Cyprus gold is only 10 tons whereas we've seen trades today in hundreds of tons.

Mon, 04/15/2013 - 11:33 | 3450311 lindaamick
lindaamick's picture

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.

 

Mon, 04/15/2013 - 11:38 | 3450342 Mark123
Mark123's picture

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.

Mon, 04/15/2013 - 14:02 | 3451313 SAT 800
SAT 800's picture

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.

Mon, 04/15/2013 - 11:33 | 3450312 orangedrinkandchips
orangedrinkandchips's picture

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

 

Mon, 04/15/2013 - 11:34 | 3450314 MxBonanza
MxBonanza's picture

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!

Mon, 04/15/2013 - 12:02 | 3450470 imbrbing
imbrbing's picture

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.

Mon, 04/15/2013 - 11:33 | 3450316 cutefarts
cutefarts's picture

Great opportunity to load up. Gotta thank the force sell on friday. Never been a better time to get gold on the cheap. 

Mon, 04/15/2013 - 11:34 | 3450321 philosophers bone
philosophers bone's picture

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?

Mon, 04/15/2013 - 12:05 | 3450509 wisefool
wisefool's picture

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.

Mon, 04/15/2013 - 11:36 | 3450328 The Navigator
The Navigator's picture

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.

Mon, 04/15/2013 - 11:44 | 3450385 Bearwagon
Bearwagon's picture

I have to repeat myself: There ain't no fucking curtain anymore! He's doing it out in the open.

Mon, 04/15/2013 - 11:51 | 3450409 The Abstraction...
The Abstraction of Justice's picture

And he's wanking off to a webcam as he shouts, 'Magna fucking Carta, am I your little law abiding cunt?'

Mon, 04/15/2013 - 11:49 | 3450402 TheMeatTrapper
TheMeatTrapper's picture

My LCS is selling Maple Leafs for spot + $6, rounds for spot + $4. 

Mon, 04/15/2013 - 14:48 | 3451598 The Navigator
The Navigator's picture

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.

 

Mon, 04/15/2013 - 11:37 | 3450331 cutefarts
cutefarts's picture

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. 

Mon, 04/15/2013 - 11:38 | 3450346 Monedas
Monedas's picture

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 !

Mon, 04/15/2013 - 13:50 | 3451219 SAT 800
SAT 800's picture

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.

Mon, 04/15/2013 - 11:40 | 3450353 GoldForCash
GoldForCash's picture

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...

Mon, 04/15/2013 - 11:40 | 3450364 Debugas
Debugas's picture

kitco -

Service Unavailable
Mon, 04/15/2013 - 13:48 | 3451190 Mesquite
Mon, 04/15/2013 - 11:41 | 3450373 Cacete de Ouro
Cacete de Ouro's picture

This is the Beginning...

Mon, 04/15/2013 - 11:42 | 3450377 The Duke of New...
The Duke of New York A No.1's picture

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.

Mon, 04/15/2013 - 13:24 | 3451025 Non Passaran
Non Passaran's picture

Why would they care? They can print any amount they like?

Mon, 04/15/2013 - 11:44 | 3450383 Lunch is for Wimps
Lunch is for Wimps's picture

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...

Mon, 04/15/2013 - 11:48 | 3450398 The Abstraction...
The Abstraction of Justice's picture

They just hated the idea that somebody could make money betting on something that was not gold.

Mon, 04/15/2013 - 12:09 | 3450539 jomama
jomama's picture

it was more the bitcoiner's attitude that it was impervious to manipulation, unlike PMs.

but believe whatever you want.

Mon, 04/15/2013 - 11:45 | 3450391 thismarketisrigged
thismarketisrigged's picture

when the fuck is the s&p going to drop 10 percent this fast? that is what i am waiting for.

 

Mon, 04/15/2013 - 11:48 | 3450397 LostAtSea
LostAtSea's picture

as Kyle Bass said, "go long gold, short JPY and go to sleep"  Now would be an excellent time to take that advice.

Mon, 04/15/2013 - 11:50 | 3450411 ebworthen
ebworthen's picture

The www.apmex.com website can't keep up, and I highly doubt it is from sellers.

Mon, 04/15/2013 - 11:56 | 3450435 Schmuck Raker
Schmuck Raker's picture

That's nothing!

I've spoken to dealers in 4 states - not a single disposable canoe in stock, nothing, nowhere!

Mon, 04/15/2013 - 11:51 | 3450413 Popthestock
Popthestock's picture

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.

Mon, 04/15/2013 - 11:58 | 3450442 ebworthen
ebworthen's picture

mmmkay

Equities are overvalued by 60%, Gold undervalued by at least 60%.

This is war, not theology.

Mon, 04/15/2013 - 12:02 | 3450485 Kina
Kina's picture

that gold is totally overvalued, and has surpassed inflation a long time ago. Gold should be at 800-900,

 

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.

 

 

Mon, 04/15/2013 - 12:12 | 3450559 dark pools of soros
dark pools of soros's picture

velocity can do funny things to liquidity eh?

 

not just the supply that counts

Mon, 04/15/2013 - 11:51 | 3450414 are we there yet
are we there yet's picture

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.

Mon, 04/15/2013 - 11:53 | 3450421 Popthestock
Popthestock's picture

Thats about the right price right now. i would say 800-900 is more the price. Its soooo overvalued right now.

Mon, 04/15/2013 - 12:26 | 3450673 Pareto
Pareto's picture

compared to what?

Mon, 04/15/2013 - 11:56 | 3450432 Divine Wind
Divine Wind's picture

 

 

I went all in at AU $1100 and Ag $17.

Yawn.

Mon, 04/15/2013 - 11:53 | 3450422 buzlightening
buzlightening's picture

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.

Mon, 04/15/2013 - 12:05 | 3450514 cognus
cognus's picture

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!"

Mon, 04/15/2013 - 11:55 | 3450426 cool21
cool21's picture

And behold; the new bitcoin: 1 ounce of silver

Sell all your paper gold/silver etf sh#t before it is to late!


Mon, 04/15/2013 - 11:55 | 3450427 Lunch is for Wimps
Lunch is for Wimps's picture

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

Mon, 04/15/2013 - 12:02 | 3450484 IridiumRebel
IridiumRebel's picture

I'm writing down all the schadenfreude poster assholes names. I'll be paying you a visit Rick Astley......

Mon, 04/15/2013 - 12:06 | 3450491 IridiumRebel
IridiumRebel's picture

COMMENT REDACTED
-Homeland Security Officer #36554

Mon, 04/15/2013 - 12:38 | 3450757 Conax
Conax's picture

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

 

Mon, 04/15/2013 - 11:56 | 3450429 walküre
walküre's picture

my dealer is selling out today or tomorrow, biggest dealer in the area

scary shit is happening

Mon, 04/15/2013 - 11:58 | 3450439 Popthestock
Popthestock's picture

uhhh the world is gonna collapse, haha stupid gold bug

Mon, 04/15/2013 - 12:05 | 3450495 walküre
walküre's picture

my lumber dealer is stacked sky high and prices are up 20 to 30% yoy

fuck off

Mon, 04/15/2013 - 12:01 | 3450444 Divine Wind
Divine Wind's picture

 

 

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.

 

 

Mon, 04/15/2013 - 12:03 | 3450482 cognus
cognus's picture

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?

Mon, 04/15/2013 - 12:09 | 3450538 dark pools of soros
dark pools of soros's picture

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

 

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