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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 - 12:19 | 3450608 Divine Wind
Divine Wind's picture

 

 

Wealth is measured by what you accumulate.

Most of us bugs are trying to preserve wealth.

There will be up days. There will be down days.

In the end, gold ALWAYS wins.

4000+ years of history prove this out.

Mon, 04/15/2013 - 13:19 | 3450970 falak pema
falak pema's picture

about "always";  like their ability to keep the market irrational is longer than your ability to stay liquid...alas, nearly always unless you are young and rich.

Never underestimate the power structure. 

Mon, 04/15/2013 - 12:31 | 3450721 Lunch is for Wimps
Lunch is for Wimps's picture

Recently I asked on ZH when you get out of gold (i.e. timing). I got not response just marked down.

Again, gold:

You buy: when the markets are in turmoil (stock market, currencies are being deflated, bonds aren't paying)

You sell: ...?

My beef with gold is that it's said to be a hedge against uncertainty. A hedge. So if that's the case, when do you stop hedging and liquidate it?

Time the sale of gold wrong and either:

1. You sell too soon and it keeps rising

or

2. The currencies/stock/bonds you buy with it keep falling.

Oh and then there's the cut everyone takes off you: for buying, for selling, for storage...

Mugs game.

 

Mon, 04/15/2013 - 13:07 | 3450898 Colonial Intent
Colonial Intent's picture

Gold is an insurance, not an investment.

Mon, 04/15/2013 - 13:19 | 3450983 Divine Wind
Divine Wind's picture

 

In modern history. Gold has *principally* been used as a means of protection, not so much an investment.

That said, in general you follow the same roadmap of an investment.

Look at the typical stages of a bubble.

In General:

You BUY when everyone else is panic selling.

You SELL (some) after the OWNERSHIP mania begins. Catch the run up and get out close to the top.

You use those crisp new FRNs to purchase the next undervalued asset class.

Hope this helps.

 

 

Mon, 04/15/2013 - 12:00 | 3450450 Lunch is for Wimps
Lunch is for Wimps's picture

GET RICH QUICK

THE FUTURE IS HERE AND IT'S GOLD.

BUY GOLD, IT'S VALUE GOES IN ONLY ONE DIRECTION SO BUY...BUY NOW*!!

*the value of your investment can go down as well as up....

Mon, 04/15/2013 - 12:00 | 3450452 Conax
Conax's picture

This gold and silver slaughter is so big, there is hardly a mention that today is tax day.  Ol Massa wants yo cash and yo gold, bitchez.  Sell out and pay up.

 

Mon, 04/15/2013 - 12:00 | 3450457 kragsquest
kragsquest's picture

Gold went on sale!!  Buy with both hands, folks, buy all you can before it's too late!!!

Mon, 04/15/2013 - 12:01 | 3450458 cognus
cognus's picture

Climax?

what's the rationale for the use of that term?  on charts, there is no reason whatsoever to find a toehold anywhere near  here.

acceleration into the close means more pain ahead.  watch for torrential selling into the bounce.

Mon, 04/15/2013 - 12:06 | 3450518 razorthin
razorthin's picture

He's referring to Krugman's wet undershorts.

Mon, 04/15/2013 - 12:00 | 3450460 Quinvarius
Quinvarius's picture

The central bankers want to make a statement.  "We're batshit crazy!"

Mon, 04/15/2013 - 12:02 | 3450471 razorthin
razorthin's picture

Humor Monday:

Bob Doll says that this is a signal that "the world is healing".

Holy fucking shit.  To the electric chair!

Mon, 04/15/2013 - 12:01 | 3450472 Lunch is for Wimps
Lunch is for Wimps's picture

"Yeah, well at least I can psychically hold gold and protect with my gun"

Dem bullets lookin pretty expensive right now. What is the price of lead per ounce right now anyway?

Mon, 04/15/2013 - 12:03 | 3450496 Popthestock
Popthestock's picture

The people who sold bullets, made alot of money on you stupid people who rushed in and bought, beacuse you were afraid it would be banned. hahaha. they are playing you haha. Same with gold. Gold bugs only think gold can go up. they thought they would get rich buying gold. 

Mon, 04/15/2013 - 12:08 | 3450530 kurzdump
kurzdump's picture

You seem to be quite frustrated. Tell us about your problems.

Mon, 04/15/2013 - 12:18 | 3450599 Popthestock
Popthestock's picture

No im just having fun mate. These stupid ZH doom and gloomers are panicking hahah.

Mon, 04/15/2013 - 13:30 | 3451071 Croesus
Croesus's picture

@ Popthestock:

What makes you think we're panicking? I say, let the prices fall. I couldn't be happier! The more prices fall, the more the buyers are lining up. The more the buyers line up, the faster supply disappears.

The market action of the last 2 days is a sign that "us stupid doom and gloomers" must be right about something.

If things were hunky-dorey, there would be no need to smackdown gold prices, or for QE.

 

Mon, 04/15/2013 - 15:16 | 3451841 vulcanraven
vulcanraven's picture

Popthecock truly doesn't understand the game of longball

Mon, 04/15/2013 - 12:03 | 3450477 Dre4dwolf
Dre4dwolf's picture

Honestly if gold or silver go down under 800/ 20$ im probably gona buy as much as I can physcally . . . this fiat ship is still going down , its only a matter of time.... dont mind throwing some metal in a box and hiding it in the backyard.... doesn't hurt a thing.

 

If gold drops, than gasoline, oil, food, etc... should also drop.... which means you can still exchange gold for the same "value" in assets and consumables.

Mon, 04/15/2013 - 12:09 | 3450536 mess nonster
mess nonster's picture

The value of gold remaons fairly constant. If you want to bet on deflation, hold cash- it will buy MORE< not just the same.

Mon, 04/15/2013 - 12:24 | 3450646 natronic
natronic's picture

But we know it's NOT deflation because the money supply keeps increasing thanks to QEinfinity.  

Mon, 04/15/2013 - 13:12 | 3450935 Seer
Seer's picture

The debate is a curcular function.

The QE "money" is no more than padding for deficient balance sheets, and this props up "assets."  I quote "assets" because what one sees as assets today isn't necessarily what are going to be assets tomorrow.  So, for most that we know of as being assets today I'm thinking that when they stop propping these up that they will FALL in "value," in which case That WOULD BE "deflation."  Deflation has always been the concern for TPTB (they have, are continuing to acquire more of, "assets").

Mon, 04/15/2013 - 12:10 | 3450558 css1971
css1971's picture

Exactly.

Go check out a 40 year chart of gold vs oil, coal, wheat, copper, whatever. Charts available here:

http://www.indexmundi.com/

Mon, 04/15/2013 - 12:03 | 3450478 observer007
observer007's picture

Gold Crash - Deflation

 

1. Gold will continue it's generally downward path as long as this deflationary macro-pattern continues.

 

2. There is DISCONNECTION between the money supply and the money in circulation= NO VELOCITY of money in the Economy. 

 

http://homment.com/gold-crash-deflation

Mon, 04/15/2013 - 12:07 | 3450520 mess nonster
mess nonster's picture

Dang it, you beat me to it. 248 comments and you're the forst one to mention the obvious- DEFLATION>

Deflation and Peak Oil bitchez- put yer cash-money under the mattress, where it belongs.

Mon, 04/15/2013 - 12:07 | 3450525 walküre
walküre's picture

yeah, but the supply side won't be playing along in your technical observation

the USSR had great fantastic technical central planners too.

it never works that way

Mon, 04/15/2013 - 12:26 | 3450620 cognus
cognus's picture

this is the sensible narrative.

any of you that know the "trader dan" blog: he was on to this at end of last week.  unfortunately I didn't get around to reading it until about an hour ago ... hahhah

 

attribs to Dan Norcini on all the quoted below... see http://traderdannorcini.blogspot.com/

"The problem that we are seeing in regards to gold is the Velocity of Money. We have the gargantuan sums conjured into existence by the alchemists of the Western Central Banks but that money is not turning over fast enough in the general economy. It is going one way and one way only and that is into equities. It is NOT going through the broader economy nor is it changing hands frequently.
 
The continued weakness in the copper market, along with the other base metals I might add, and the general theme of weakness across many of the various commodity markets, (look at sugar and coffee as an example and now the grains), falling unleaded gasoline prices along with crude oil, etc. is telling us that there is a general deflationary theme at work. One cannot have a growing robust economy in which the price of resources (commodities) is moving continuously lower. The fact that the CCI, Continuous Commodity Index is not moving higher alongside of the equity markets tells me that there is NO REAL GROWTH in the US economy, or some of the other Western economies I might add.

In short, every single thing we have ever learned from history is no longer applicable. Modern economics, monetary matters, etc. are need to be updated to reflect the new reality of Central Bank dominance. Pity John Law, he lived and died a few centuries too early. He was a man ahead of his time and a true genius, and would have been sainted had he only lived long enough to sit on the board of the FOMC."

Mon, 04/15/2013 - 12:39 | 3450764 Vooter
Vooter's picture

"In short, every single thing we have ever learned from history is no longer applicable. Modern economics, monetary matters, etc. are need to be updated to reflect the new reality of Central Bank dominance."

LOLOLOLOL...if anyone ever needed proof that the Central Bankers are toast, this is it...

Mon, 04/15/2013 - 13:38 | 3451118 Bastiat
Bastiat's picture

Foreign holdings of UST paper rolling off will put velocity into international USDs.  If this can be controlled, I don't see how.

Mon, 04/15/2013 - 14:51 | 3451632 Alexandre Stavisky
Alexandre Stavisky's picture

Dollar index is around 83, time to turn around and go to 72.  That will play to PM advantage.

War, natural disaster, bankruptcy, corruption, confiscation, loss of liberty.  It's whats on the menu.

Mon, 04/15/2013 - 12:05 | 3450505 Lunch is for Wimps
Lunch is for Wimps's picture

Bullets, get yer bullets!

The purest lead, only $1000 an ounce.

Get yer bullets.

Mon, 04/15/2013 - 12:04 | 3450506 Pareto
Pareto's picture

The very last chart.  It really doesn't matter how you look at it.  SnP to 4000, or, gold to $400.  Neither one appears all that attractive to PM holders.  Unless of course you believe this chart doesn't matter.  My gut tells me lots more sellin of PMs ahead, unfortunately.  As if my Monday wasn't already shitty enough.  So, what's Schiff saying now?

Mon, 04/15/2013 - 12:06 | 3450510 dark pools of soros
dark pools of soros's picture

they used to say pigs get slaughtered..  i think Zealots are the new pigs

 

 

Mon, 04/15/2013 - 12:29 | 3450707 robertocarlos
robertocarlos's picture

Pigs get fat, hogs get slaughtered.

Mon, 04/15/2013 - 12:06 | 3450519 eclectic syncretist
eclectic syncretist's picture

Who knows, maybe China let it drop in Bernanke or Lew's ear exactly what their gold holding are, and Lew shit his pants like an infant with gastroenteritis.

Mon, 04/15/2013 - 12:11 | 3450552 walküre
walküre's picture

China says "we own 10,000 tons of gold" and Bernanke shits his pants.

Crashes gold price and says to China "we own trillions in good American residential, commercial real estate and good American equities and government paper"

 

Mon, 04/15/2013 - 12:14 | 3450531 macroeconomist
macroeconomist's picture

Well this was kind of expected but noone here thought they would be able to do it so openly and so quickly, withut giving anyone time...The central bankers are trying to nullify every asset except stock markets and government bonds..

I listened to a presentation by someone from Bank of England a few weeks ago, claiming that employment and stock markets are correlated and if the central banks push up the stock market enough, they will create enough wealth effects to reduce unemployment. (PM me if you want the paper) He said he is trying to convice the MPC that this is the route Bank of England should take...Guys, we need to accept this reality and try to evaluate if coordinated action by the public can overcome central bank determination to smash everything apart from stock markets & bonds..

Saying all this, my family's entire savings are in physical gold bars since 2009, and they have lost around 20% in the last few weeks..I thought of calling them and asking them to sell the bars after the bitcoin thingy, but I never thought they would dare to smack it down so openly and quickly...

Sudden debt has said it above as well, there are two options: Either this is a well-planned central bank-involved operation using Meryll Lynch (while they profit from it as well) or some serious shit is on the way, someone desperately needs cash and liquidating every position he has...To me, looking at the graph for the last two days, it is the first one, since every little increase in the price meets very heavy sale to push it even further below..

I am expecting some nutcase gold bug to shoot everyone at the Meryll Lynch headquarters, and I cannot say I will feel even slightly sorry after that..

Mon, 04/15/2013 - 12:56 | 3450845 Quinvarius
Quinvarius's picture

It looks more like the Fed and Treasury are trying to shoot all the goldbugs to me.  They really want the public to jump on stocks and sell gold like in the 80's.  But gold never got anywhere near the correct value for that transfer to happen naturally.  Gold would have to quadruple to get to where it dumped to in 1980-81 vs any measure of money supply.  They were too early and they tried to pick a winner. 

Mon, 04/15/2013 - 12:57 | 3450851 Diogenes
Diogenes's picture

"I listened to a presentation by someone from Bank of England a few weeks ago, claiming that employment and stock markets are correlated and if the central banks push up the stock market enough, they will create enough wealth effects to reduce unemployment."

The doctor is saying " I can't cure the patient so let me touch up the X rays instead"

Mon, 04/15/2013 - 12:09 | 3450535 the grateful un...
the grateful unemployed's picture

and after that 2 day drop in gold in 84 gold did what for the next two decades?

Mon, 04/15/2013 - 12:11 | 3450549 Kina
Kina's picture

Truth is of course it is hard to fight an oponent who has access to unfettered corruption as the NY Fed has. There isn't anything that they cannot do and always get away with it.

 

Who is going to sue them? Which court would find against them or any of their employees. This is like having the mafia in charge of the bank, except mafia have their own moral and ethical codes, the Fed has none.

Mon, 04/15/2013 - 12:13 | 3450567 Mikebacker
Mikebacker's picture

25% Premiums on Eagles, and 15% Premium on rounds at APMEX

Mon, 04/15/2013 - 12:15 | 3450574 Mikebacker
Mikebacker's picture

Silver that is

Mon, 04/15/2013 - 12:13 | 3450573 Fix It Again Timmy
Fix It Again Timmy's picture

Commenting on something like what is happening is useless; I'm turning my interests elsewhere...

Mon, 04/15/2013 - 12:16 | 3450596 technicalanarchy
technicalanarchy's picture

What's going to happen when paper gold is worth $500 or so a troy oz and physical gold in hand is worth $3000 a troy oz. (just random numbers, but what if the spread gets so wide?

Mon, 04/15/2013 - 12:19 | 3450615 Debugas
Debugas's picture

what do you answer to a person offering you to deliver something very valuable for suspeciously low price asking to pay in advance ? You consider him to be a fraudster and ignore

Mon, 04/15/2013 - 12:18 | 3450600 Super Broccoli
Super Broccoli's picture

so banks are selling gold to meet margin calls ... this leaves the rest of their gold holding devaluated and force them to sell stocks ... well erm, let's see, this should drive stocks down shouldn't it ? if it does, what the hell are they gona sell next, UShit bonds ?

Mon, 04/15/2013 - 12:20 | 3450628 GOLD AND SILVER...
GOLD AND SILVER NATZI's picture

What have I learned in the last few days?  The "legendary" Jim Sinclair ain't so legendary.

Mon, 04/15/2013 - 12:25 | 3450654 Conax
Conax's picture

This is war!  Close out all bank accounts, load up on physical gold and silver, and you will have done your part to bring these bastards to their knees!

Channeling Bluto:  Who's with me?  LET'S GOOOOOO!

Mon, 04/15/2013 - 12:24 | 3450655 Popthestock
Popthestock's picture

Time to sell your gold bitchez, and get into bonds, real estate, and stocks. the little shiny rock aint gonna make you rich. im sad to say this.

Mon, 04/15/2013 - 15:24 | 3451896 akak
akak's picture

When it comes to trolls, PoopOnStocks, you are the lamest of the lame.
Really quite pathetic.

Listen, I knew HarryWanger, I tangled with HarryWanger, and YOU, sir, are no HarryWanger.

Mon, 04/15/2013 - 15:37 | 3452027 vulcanraven
vulcanraven's picture

Like a fart in the wind...

Mon, 04/15/2013 - 12:27 | 3450671 optionsman
optionsman's picture

given recent reports of various CBs increasing their gold holdings and some CBs trying to repatriate their physical gold to homeland, the Fed may be behind current rout in gold markets. the reserve currency status must be defended ;)

just saying.....

Mon, 04/15/2013 - 12:26 | 3450681 fijisailor
fijisailor's picture

I think we're at the bottom now.

Mon, 04/15/2013 - 12:27 | 3450688 Popthestock
Popthestock's picture

You said that on Friday aswell.

Mon, 04/15/2013 - 12:41 | 3450768 fijisailor
fijisailor's picture

I was wrong.  Now i'm right

Mon, 04/15/2013 - 12:28 | 3450699 hooligan2009
hooligan2009's picture

eeek!

Mon, 04/15/2013 - 12:32 | 3450716 Aurora Ex Machina
Aurora Ex Machina's picture

Synchronicity. [released today]

 

"Her entire species must be eradicated..."

Mon, 04/15/2013 - 15:42 | 3452049 Cathartes Aura
Cathartes Aura's picture

". . . From now on your job is to be a distraction, so that people forget what the real problems are. . ."

coming. 11.22.

Mon, 04/15/2013 - 12:33 | 3450726 potlatch
potlatch's picture

US Citizenism trapped in many shiny traps, some think gold not a trap.  Haha American citizenism in action to triumph over system.  Only way is jungle outpost accessible only by long journey and even then by special forces or else: head on pike outside your compound.  Just like Marlon Brando.

 

The fact is, US citizens who love shiny traps not realize ultimate goal of their own space program: to select asteroids and then pluck them from sky to crash and control all resource markets, including shiny metals.

 

Not even aware of how NASA now = Now Asteroids State Asset

Mon, 04/15/2013 - 13:07 | 3450900 Non Passaran
Non Passaran's picture

Lunatic

Mon, 04/15/2013 - 15:32 | 3451964 akak
akak's picture

Ah, another 'american' seeker of the fomentation of citizenism symmetry in monolizing the money trapping means.

That is a good one.  Made me laugh.

When blobbing-up the investment means, it takes an 'american' to conflatulate gold with investments.  This is not that, after all.

But when the 'american' middle class, which is the king class, seeks to assert its eternal nature by chasing shinny rocks, well, it never ends well for them. Or so they say.

When farming the poor and extorting the weak, always look for an 'american' to be in the middle of it, shiny rocks being merely the excuse for it.

'American' middle king class investorators being hurt by downing shiny rock price?  Fat chance of that.  Bernanke works for them, so cries of them hurting are only lies.

Looking for profits?  Look for what US 'american' citizens are doing, and do the same thing.

That will be the mattering thing.

 

Mon, 04/15/2013 - 12:32 | 3450727 Optimusprime
Optimusprime's picture

An indirect attack on the Euro?  Remember, the ECB counts its gold reserves at market value.

Mon, 04/15/2013 - 12:33 | 3450737 Its_the_economy...
Its_the_economy_stupid's picture

Can't wait for consildation to load up.

Mon, 04/15/2013 - 12:35 | 3450739 CheapBastard
CheapBastard's picture

Oil already bouncing back...Oversold....

Mon, 04/15/2013 - 12:38 | 3450740 MrButtoMcFarty
MrButtoMcFarty's picture

I've been buying junk silver regularly from my local pawn broker since 1998 at spot....until today.

So for now I will concentrate on my nickel and liquor collection.

CHEERS BITCHEZ!!

Mon, 04/15/2013 - 12:36 | 3450745 Mandel Bot
Mandel Bot's picture

APMEX site is slow but still working. I just placed an order.

Mon, 04/15/2013 - 12:42 | 3450771 AvoidingTaxation
AvoidingTaxation's picture

Bitcoined!!!!! Ahhhhh!

Attach your belts, the Rothschilds are here!!

Mon, 04/15/2013 - 12:46 | 3450793 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

I believe the real buying opportunity here is silver not gold. They can hammer down gold a lot more still but not really with silver. The market is just not going to allow for the price to be rigged below or pretty much at production cost for a long period of time. Supply will dry up and demand is not going to go away since it is used in many applications besides bullion. One way or the other it will go back up and I believe we are already at or close to the floor price for silver. Recyclers are going to be the recipients of this gift besides the coin buyers as long as charade continues.

Mon, 04/15/2013 - 14:05 | 3451333 SAT 800
SAT 800's picture

Of course. Silver has always been the big sleeper story. A lot of people are going to be really surprised.

Mon, 04/15/2013 - 12:47 | 3450806 ak_khanna
ak_khanna's picture

The stock, commodity and currency exchanges have been reduced to gambling dens whereby the more powerful traders with deep pockets move the markets to maximize their own profits at the expense of the remaining not so powerful players. The big boys have enormous money power to move the markets in the direction which results in maximum profits for themselves. They effectively use the media to lure the other players in the market to a position where they would incur maximum loss.
The markets will fall only when the banksters have eliminated all the short positions and only they themselves have positioned themselves to profit when the market falls
OR
When an unexpected world event catches the banksters with their pants down and the softwares they use to rig the markets go berserk beyond their control.

http://www.marketoracle.co.uk/Article35345.html

www.letstalkmoney2012.in

Mon, 04/15/2013 - 12:55 | 3450841 JR
JR's picture

Yesterday....

Marc Faber On Gold, Deflation And Corporate Profits | Seeking Alpha 

Apr 14 2013, 14:10

Dr. Marc Faber…most recent interview with Bloomberg. This article discusses his views and author adds own views to conclude on the near-term trend for the precious metal and in equities.

Faber's opinion on gold, deflation and corporate profits -

Well, I love the markets. I love the fact that gold is finally breaking down. That will offer an excellent buying opportunity. I would just like to make one comment. At the moment, a lot of people are knocking gold down. But if we look at the records, we are now down 21% from the September 2011 high. Apple is down 39% from last year's high. At the same time, the S&P is at about not even up 1% from the peak in October 2007. Over the same period of time, even after today's correction gold is up 100%. The S&P is up 2% over the March 2000 high. Gold is up 442%. So I am happy we have a sell-off that will lead to a major low. It could be at $1400, it could be today at $1300, but I think that the bull market in gold is not completed.

All I'm saying is that I think we're going to have a major low in gold in within the next couple of weeks. Gold, as of today, you should actually buy as a trade. I think it can rebound in the next two days by $40...Because we are about in gold as oversold and we were essentially during the crash in 1987. From there we have a strong rebound. All I am saying as a trader I would probably enter the market quickly for a rebound of $20 or $40. From a longer term perspective, I would give it some time. We may go lower. I am not worried. I am happy gold is finally coming down, which will provide a very good entry point.

Yes, I agree. That's why I said if the gold market collapse is saying something about deflation and at the same time we have this sharp rise in bond prices and the signals are correct that we have deflation, I wouldn't buy stocks because in a deflationary environment, corporate profits will disappoint very badly. …

Mon, 04/15/2013 - 13:56 | 3451229 mutty
mutty's picture

cherry picked data points man, my god. That's a bit worse than just making up numbers.

The reality is that this might be a good time to buy. it might be a terrible time to buy. Nobody knows. Especially some john on cnbc. Listening to experts is a recipe for getting killed. Any, all "experts".

The only god damn thing we know is this: Trends are somewhat predictable. Things going down modestly tend to go down more. This makes knife catching is a shitty strategy. It doesn't backtest.

There is nothing wrong with buying now, or whenever, just don't listen to some dickhead on tv to support your decision. Even if you are fond of the dick. He's not there to help you.

 

Mon, 04/15/2013 - 12:55 | 3450842 KingdomKum
KingdomKum's picture

we few,  we happy few,  we band of silver holders  .  .  .

Mon, 04/15/2013 - 12:55 | 3450848 Floodmaster
Floodmaster's picture

ProShares UltraShort Gold (GLL) + 15% !!

Mon, 04/15/2013 - 12:56 | 3450854 Kirk2NCC1701
Kirk2NCC1701's picture

Realtors: It's always a good time to buy!

Investment Adviser: It's always a good time to incest.

Gold bug: It's always a good time for gold.

Notice a pattern here? ;-)

There's a time and place for everything, just not ALL the time, cause they want your fiat, so they make their commission (fiat!).
Plan, hedge and spend accordingly.

Mon, 04/15/2013 - 13:55 | 3451258 Seer
Seer's picture

"Two men say they're Jesus one of them must be wrong" - Dire Straits' Industrial Disease

Walk your talk.  I'd find it highly problematic if folks in these various arenas DIDN'T promote what they believe in.  Clearly, they can't all be right (especially at the same time!).  And lucky for us that we actually have a CHOICE in deciding which is "Jesus."

There are lean times and then there are times of plenty.  Always take into consideration the traversals of those that stuck through the lean times and are now seeming to be making a "windfall."

About that "Investment Adviser"... needs to watch out else their advice ("It's always a good time to incest") might land them in jail!

Mon, 04/15/2013 - 13:09 | 3450915 DebtSlaveZombie
DebtSlaveZombie's picture

On February 19th, 2013, I made the statement that liquidation in the PM markets was coming.  It makes total sense why.  No matter what your investment ideas are for the future, think with common sense people.  Holding on to your gold and silver right now is gonna bring much pain.  We will see 17 in silver and maybe even 850 in gold.  Why?  Because do you really think Cyprus is gonna be the only country to sell its gold?  We have many more liquidations to come.  PM's will get slaughtered.  Its crazy to hang on just because you have held it forever.  Sell now and buy back once these liquidations occur.  We have many more margin calls to work through...wait till the major US banks start dumping their positions.  Morgan Stanley has already started.  You think other banks are gonna hang on when gold tests 1300?  Hell no.  We saw what happened in 2008.  This time the dip will be worse and be held down for awhile, especially if this next wave of sell offs holds.  Don't be stupid.  Dont "back-up the truck".  Either sell a little and wait or hold all buying until we reach 17-18 in silver and at least 1100 in gold.  You guys are outta your minds buying right here.  WAIT!!!!!! 

Mon, 04/15/2013 - 13:56 | 3451277 Charles Nelson ...
Charles Nelson Reilly's picture

Oh, so you think they'll be mining silver and gold at a loss then? I would think production would be halted if that we're the case.

Mon, 04/15/2013 - 14:29 | 3451463 DebtSlaveZombie
DebtSlaveZombie's picture

Yes.  Some miners will go under.  I wouldnt hold a mining stock right now to save my life.  There is a lot that can happen right now.  This sell-off was completely necessary.  I've said for a long time that commodities HAVE to go down first before they start back upwards.  Liquidations are necessary and healthy.  Wait.  Just wait before buying anything else.

Mon, 04/15/2013 - 14:29 | 3451464 DebtSlaveZombie
DebtSlaveZombie's picture

Yes.  Some miners will go under.  I wouldnt hold a mining stock right now to save my life.  There is a lot that can happen right now.  This sell-off was completely necessary.  I've said for a long time that commodities HAVE to go down first before they start back upwards.  Liquidations are necessary and healthy.  Wait.  Just wait before buying anything else.

Mon, 04/15/2013 - 14:02 | 3451306 Seer
Seer's picture

"Sell now and buy back once these liquidations occur. "

As others have asked, could most of this be about "contracts?" and not physical?  What if it's a trap at trying to pry physical out of all the renegade folks (and steering it toward those that are "most rresponsible for overseeing the world's economy")?  What IF you find that you cannot buy physical in the future, then what?  I'd think that questions such as these also need to be asked.

The fundamentals never really change.  And, in the end, there's really only ONE cycle.

The name of the game isn't about confidence so much as it's with COMFORT- if you don't feel comfortable Then change positions!

My target isn't to accumulate piles of stuff (just like with manure, it's best spread out to help encourage growth), but to acquire meaningful assets that can produce.  Our quandaries are that we don't know what can bring returns- the notion of "earning" off of money is, with the deal of growth, going to be a thing of the past.

All is but a Tool.  Tools are for getting work done.  Figure out what needs to get done...

Mon, 04/15/2013 - 13:11 | 3450926 falak pema
falak pema's picture

1378 and Is Paulson now going to jump out of his 100th floor window?

I hope not; he has a long way to go to ground zero ledge... 

Mon, 04/15/2013 - 13:12 | 3450928 Floodmaster
Floodmaster's picture

sp500 -1,33% ... A purification cycle? This gigantic swamp of Malinvestment is still alive ?

Mon, 04/15/2013 - 13:13 | 3450934 Madcow
Madcow's picture

JPM, etc.  is short metal – and needs the price to get back down – close to $1300 to cover. If gold doesn’t fall back down, there’s no way they can cover – and no way they can make good on their obligations. Poof, its gone. If JPM, etc.  go under, there will be none left to buy UST.

 

People who think they bought physical metal and try to take possession will get letters from the bank saying “sorry folks, we tricked you fair and square – we know you bought gold from us – but here are some Chuck-E-Cheese game tokes instead – of equal if not greater value.  Our attorneys consider this matter resolved. Thank you”

 

What this tells me is not to “buy more gold” but rather start preparing seriously for a total deflationary “sudden stop” collapse.

Mon, 04/15/2013 - 13:28 | 3450958 Bastiat
Bastiat's picture

And any disputes that are arbitrated (STF-up-style) must be adjudicated in NY Courts.

Mon, 04/15/2013 - 13:24 | 3451004 AynRandFan
AynRandFan's picture

I agree that a return to deflation is the logical conclusion, leaving aside all the conspiracy stuff about the PM market.  It's just too easy to always invoke conspiracy or manipulation theories whenever the market does or doesn't do something.  Not saying it doesn't happen.

My view of the economy is basically tied to real estate.  Outside of Texas and North Dakota, I think real estate in general is priced too high and headed back down.  It doesn't matter if interest rates are low when nobody wants to secure a loan on real estate without a huge cushion of equity.  There is no worse asset from the standpoint of liquidity, also.  So, I expect a combination of way too much property hitting the market this spring and falling demand.  Deflation is one heartbeat away, you might say, in the real estate market.

Mon, 04/15/2013 - 14:12 | 3451375 Seer
Seer's picture

One other point about "manipulation" is that it's only ever temporary in the face of natural forces.  You ride the wave because you expect it to hit shore (your aim), not because you like to surf...

The real estate market is, as you predict, going to get another round of crushing.  Consider the fact that this was the biggest support for the consumer economy (home repair, furnishings, HELOCs [which turn around and run up the debt registers for home repairs, furnishings, not to mention auto loans etc.]) and that this was 70%+ of the "economy."  Ben's dumping $85 billion per month is propping up RE (with the money being leveraged into equities to make it all balance out).

It's not a matter of IF but WHEN it stops.  I think that this realization is now starting to set in.

This ain't going to be the sound of a bubble popping, this will be like the sound of a pipeline exploding.

Mon, 04/15/2013 - 13:13 | 3450939 AynRandFan
AynRandFan's picture

Looking at 1-year charts of gold, silver, and stocks, I'd have to say stocks have a helluva long way to fall to match the non-performance of PM's.  So, it's surprising that PM's are falling hard considering that they too are basically another paper asset class these days.

It is absurd to think that gold and silver are falling because equities are so much better an investment, especially against the backdrop of deflationary data lately.  If cash is king, then stocks are toast, not just PM's.

Mon, 04/15/2013 - 14:17 | 3451403 Seer
Seer's picture

You've laid out all the logic that is necessary to assess this.  And, haven't "they" been warning about a sell-off in equities (despite the talking-heads here and there saying otherwise [enough to keep people confused])?

I wonder, though, where is the "cash" to go?  If it flushes from equities (can't push on a string- consumers are really tapped out) then Where?

The should be ZERO doubt that this is heading toward a continuing contraction (The Big Contraction?).  I honestly don't have a clue what will transpire in the short-to-mid-term; I DO, however, know what the long-term holds...

Mon, 04/15/2013 - 13:16 | 3450953 orangegeek
orangegeek's picture

The key is the US Dollar - overlay of gold and USD.

 

http://bullandbearmash.com/chart/gold-falls-dollar-climbs-vice-versa/

 

Market indexes will likely follow gold down - but the correlation is between the US Dollar and the indexes, not gold.

 

Mon, 04/15/2013 - 13:19 | 3450969 Bastiat
Bastiat's picture

USD measured vs what?  Other inflated fiat chits?

Mon, 04/15/2013 - 14:16 | 3451399 akak
akak's picture

I've learned that one wastes one's time looking for even a glimmer of common sense, much less wisdom, in any of OrangeNadler's posts.

Mon, 04/15/2013 - 13:16 | 3450960 gwar5
gwar5's picture

So the world is broke and we all get to be held captive, abused prisoners in the global currency war being fought by fucked up bankers trying to cling to power. Sweet.

 

These assholes are going to liquidate the entire middle class, along with self-government on planet Earth, rather than allow liquidation and break up of their fucking banks. These are crimes against humanity the bankers are committing, along with our politicians in Washington and Brussels, DC, these are not just financial or victimless crimes.

 

 

Mon, 04/15/2013 - 13:23 | 3451013 Jim in MN
Jim in MN's picture

Bingo.  It's us vs. them.  They are now drooling with greed over a (yet-to-manifest) fully enslaved but eager to consume Chinese middle class.

Possibly the greatest experiment in human history, right after the Holocaust and Pol Pot.  Slaves....with credit cards!  What could go wrong???

BUT....That isn't going to happen.  The whole game is a bust. 

Chaos, slavery, or democratization/decentralization....hmmm.

 

Mon, 04/15/2013 - 13:25 | 3451023 web bot
web bot's picture

and all for bankers...

Mon, 04/15/2013 - 13:30 | 3451066 tuttisaluti
tuttisaluti's picture

Only a dead banker is a good banker

Mon, 04/15/2013 - 13:18 | 3450965 Jeepers Creepers
Jeepers Creepers's picture

I can understand people being discouraged and scared.  Everyone knows our system is about to collapse, and the only safe haven seemed to be precious metals. 

Personally, I would love if gold and silver were "forgotten" like it was in the 90's and 2000's, and stack like crazy. 

Mon, 04/15/2013 - 13:18 | 3450974 IridiumRebel
IridiumRebel's picture

Just bought GDXJ and SLV on the CHEAP!!!!!! I'll play their fucking game. Goldman just said Gold was a hot potato so that means it's time. I think we have reached the floor. The margin calls are placed and my SPrint shares have hooked it up whilst I got rid of my oil last night for market open. Broke even, but i will make it all back(hopefully) with the paper metals. i will be meeting ol' Zoland for the phyz purchase should there be any left. ALL MADE POSSIBLE BY READING ZEROHEDGE. I appreciate all of the info gleaned. 

Mon, 04/15/2013 - 13:24 | 3451011 Bastiat
Bastiat's picture

PSLV - with little or no premium.

Mon, 04/15/2013 - 13:34 | 3451077 DebtSlaveZombie
DebtSlaveZombie's picture

uhhhh... falling knife.... good luck...

But, I should point out that there is no long term support in this price range.  If it breaks through the 1330 area....1200 is the next support.  And really, 1100 is the real landing zone for gold.  Because there is absolutely nothing stopping it from going to 1100.  No one is treating it as a safe haven and levered longs that got in back in 2010/2011 are nearing the red if not already red, so they will be forced to liquidate to preserve capital.  And do you think longs will be rushing in to buy the dip right here?  Nope.  Because there is no economic driving force to back it up.  We are already seeing a deflationary environment over seas and forced selling of gold in european countries, the risk is holding gold.  So this is just the beginning.  I would consider buying in at the 1100/1200 level, but def not here.  Much more downside to come.

Mon, 04/15/2013 - 13:33 | 3451079 DebtSlaveZombie
DebtSlaveZombie's picture

uhhhh... falling knife.... good luck...

But, I should point out that there is no long term support in this price range.  If it breaks through the 1330 area....1200 is the next support.  And really, 1100 is the real landing zone for gold.  Because there is absolutely nothing stopping it from going to 1100.  No one is treating it as a safe haven and levered longs that got in back in 2010/2011 are nearing the red if not already red, so they will be forced to liquidate to preserve capital.  And do you think longs will be rushing in to buy the dip right here?  Nope.  Because there is no economic driving force to back it up.  We are already seeing a deflationary environment over seas and forced selling of gold in european countries, the risk is holding gold.  So this is just the beginning.  I would consider buying in at the 1100/1200 level, but def not here.  Much more downside to come.

Mon, 04/15/2013 - 13:40 | 3451136 IridiumRebel
IridiumRebel's picture

I do not think so.....there has been waaayyyy too much slam down for people and mainly algos not to swoop in.

Mon, 04/15/2013 - 14:29 | 3451468 Seer
Seer's picture

BUT... you have to ask yourself why the liquidation is occurring and, when it's likely to stop.

Diversification.  Some things will ("may") carry you when others do not.  Ultimately the System (and TPTB) cannot control direct barter, in which case it will, in the end, come down to barter- look around and ask whom and what you'd be bartering with/for (be realistic).

Mon, 04/15/2013 - 14:37 | 3451530 IridiumRebel
IridiumRebel's picture

I agree brother. This is why me an Zoland are gonna discuss junk silver here soon. Just keep bouncing around the bottom dear silver.

Mon, 04/15/2013 - 13:21 | 3450986 devo
devo's picture

Time for some real talk: this fucking sucks.

Mon, 04/15/2013 - 13:24 | 3451012 IridiumRebel
IridiumRebel's picture

nah.......this is great. It's a fire sale dude! human nature works both ways. They just shook out some weakness. Fundamentals have not changed. Just hang tough. If you are an in and out kinda guy then yeah, you're fucked. In for the long haul? You have an excellent opportunity. 

Mon, 04/15/2013 - 13:26 | 3451026 Bastiat
Bastiat's picture

Not if you're all in.  Then you just sit and practice your sphincter kugels.

Mon, 04/15/2013 - 13:33 | 3451084 IridiumRebel
IridiumRebel's picture

"ALL IN" on ANYTHING is really really dumb. Hedge your hedged hedges.......because on a long enough time line.......

Mon, 04/15/2013 - 13:59 | 3451284 Mesquite
Mesquite's picture

Never go 'all in'...a little bit every couple of months...

Mon, 04/15/2013 - 16:56 | 3452667 Seer
Seer's picture

"Never go 'all in'"

Unless she's really good-looking!

Mon, 04/15/2013 - 13:25 | 3451020 Bastiat
Bastiat's picture

Everything will suck even more, soon enough.

Mon, 04/15/2013 - 13:28 | 3451049 Legolas
Legolas's picture

Ole "Mad Max" Keiser called this April disaster late last year. 

Mon, 04/15/2013 - 13:38 | 3451108 devo
devo's picture

He also said to buy bitcoins.

Mon, 04/15/2013 - 13:29 | 3451057 diging deep
diging deep's picture
Mon, 04/15/2013 - 13:37 | 3451112 saycheeeese
saycheeeese's picture

who benefits from that?  who's buying "cheap"

Mon, 04/15/2013 - 14:08 | 3451348 SAT 800
SAT 800's picture

Me.

Mon, 04/15/2013 - 14:40 | 3451547 diging deep
diging deep's picture

shhhhh!!!.....Ahoy matey.Hoist the anchor & Tie me to the mizzenmast,these are the fellows u need to see about ""buying"...but shhh & and keep that Scallawag tounge from jabberwocky to landlubbers or it be the plank for ye....

 

http://www.flickr.com/photos/expd/8652284402/in/set-72157629379499652

 

 

Mon, 04/15/2013 - 13:41 | 3451133 notadouche
notadouche's picture

Anyone remember a few years ago when India stepped in and bought significant amount from IMF at around 1250.  Wouldn't that sort of act as a natural floor?

Mon, 04/15/2013 - 13:41 | 3451150 devo
devo's picture

Floors? Where we're going, we don't need...floors.

Mon, 04/15/2013 - 13:49 | 3451203 IridiumRebel
IridiumRebel's picture

1350 is floor......beyond that the Satanists get hurt too.........

Mon, 04/15/2013 - 13:56 | 3451266 Mesquite
Mesquite's picture

ya, but that was physical...not paper..

Mon, 04/15/2013 - 17:00 | 3452688 Seer
Seer's picture

I'm thinking that the flames will start to appear sooner in that case (it'll take a while before the physical starts flaming).

Oh, and be sure to not lose sight of the pointing thing on the tail, many forget this out of concern for the pitch fork... (sometimes the details are IN the devil)

Mon, 04/15/2013 - 13:44 | 3451158 world_debt_slave
world_debt_slave's picture

Those that manipulate, know how to shake the market and make a killing.

Mon, 04/15/2013 - 13:44 | 3451159 fijisailor
fijisailor's picture

Now's the time to buy

Mon, 04/15/2013 - 13:43 | 3451165 dr.charlemagne
dr.charlemagne's picture

somebody big must going bankrupt or something big is going to happen geopolitically, and some people got the news early

Mon, 04/15/2013 - 13:45 | 3451169 bnbdnb
bnbdnb's picture

Market talk that a major firm has had a margin call on Gold and Silver

Mon, 04/15/2013 - 13:47 | 3451192 billsykes
billsykes's picture

Its fine. The thing still has extrinsic/intrinsic value- the cool thing is I am not getting flushed like I did in 2008 trying to pick a bottom with overleveraged money. Holy fuck- I was so right but so off on the timing.

Physical 1:1 

I really hope Silver hits $8.50 again 'cause ima gotta back the fucking truck up this time, bitchez. Gold plate my civic, yo! (sarc)

 

But really I dont expect Au to hit below $1200. If it does, buy stocks this market has gone full retard. Get me a 6 plex where they pay me to take it.  

 

Mon, 04/15/2013 - 13:47 | 3451193 e-recep
e-recep's picture

Paul Craig Roberts' explanation is the most credible so far : http://www.paulcraigroberts.org/2013/04/13/assault-on-gold-update-paul-craig-roberts/

Mon, 04/15/2013 - 14:16 | 3451397 SAT 800
SAT 800's picture

Agree. It's considered necessary public opinion manipulating; thanks for the url. I bookmarked it; going to read his book, too.

Mon, 04/15/2013 - 17:31 | 3452963 Seer
Seer's picture

Thank you!  I don't think anyone else does a better job at figuring out all this stuff than PCR.

Mon, 04/15/2013 - 13:49 | 3451208 mick_richfield
mick_richfield's picture

Stop all the clocks, cut off the telephone,
Close down the coin store, send everyone home.
Shut down your browser, and turn off the iMac
Ignore every one who says "But I will still stack!"

Let wise commentators from CNBC
Say "Gold is dead now!" and then chortle with glee.
Toss one red rose on that place on the water
Where you lost your whole stash when your fish-boat tipped over.

Gold was my North, my South, East and West,
And yet even so -- I liked silver the best.
I lived on ZH and I laughed at the trolls,
I cursed Morgue, Fed, and Squid -- but now all that's just old.

The sun will not rise (you know, it's that gold-color)
The moon in the skies will no longer look silver.
Give in to the statists, forget about free thought,
And on your own tombstone write "I died by fiat."

Mon, 04/15/2013 - 13:50 | 3451211 Jim in MN
Jim in MN's picture

 

 

Maybe someone told GE, MSFT, and/or JPM that they have to pay taxes this year.

Mon, 04/15/2013 - 13:52 | 3451215 Zola
Zola's picture

Gold is not treated as a safehaven... Goes back to that day of the Swiss franc peg and the intervention in Gold...

Ever since that day i've been thinking of the market action then. IF it was not manipulated it was a huge reversal on massive positive news and signalled an end to the bull trend (possibly what transpired). However if it was a manipulation...

Mon, 04/15/2013 - 13:51 | 3451232 Bingfa
Bingfa's picture

Call their bluff,

every paper owner just take physical delivery....or if your having gold stored somewhere, take delivery

 

Mon, 04/15/2013 - 13:59 | 3451288 Jones79
Jones79's picture

So nobody remembers the post on here last week mocking Goldman's call to sell gold.  I can't find it in the archives on here but just this:  http://goldnews.bullionvault.com/goldman-gold-041020131.  Perhaps gold will come back strong, and that wouldn't be surprising, but for the last few days, I'm glad to not have faded Goldman's call.    

Mon, 04/15/2013 - 14:06 | 3451329 bnbdnb
bnbdnb's picture

They also made a call long oil...

Mon, 04/15/2013 - 14:34 | 3451506 Jones79
Jones79's picture

I didn't see that, but be that as it may.  The point is that the mantra on this website is that Goldman is always wrong in its recommendations and trades against them.  Well, they surely did something different this time!

Mon, 04/15/2013 - 14:45 | 3451555 Village Smithy
Village Smithy's picture

You don't understand the temporal aspect of it. The squid wants you to sell your gold today because they want to manufacture a buying opportunity for themselves. It has so much more to do with the volume that they can amass while they have stirred up panic. It looks good to the unenlightened because they believe Goldman was warning them. For every seller there is a buyer, and today the buyer's names are Village Smithy and Goldman Sachs.

Mon, 04/15/2013 - 14:56 | 3451663 Jones79
Jones79's picture

and today the buyer's names are Village Smithy and Goldman Sachs.

if markets were only that easy. so what are your targets, or are you just a buy and hold kind of smithy? 

 

Perhaps gold will come back strong, and that wouldn't be surprising, but for the last few days, I'm glad to not have faded Goldman's call.

I get "the temporal apect of it."  Basically anybody can use any information to make any argument that he or she wants, but a pesky thing called evidence presents itself to counter people's favorite unfounded beliefs.  So when would you concede that Goldman is right?  They're right right now. 

 

 

Mon, 04/15/2013 - 16:33 | 3452398 Village Smithy
Village Smithy's picture

To paraphrase the senate testimony went something like this, Sen Levine: So as you were packaging and selling this crap to your clients you were closing your own positions as fast as possible, is that correct? Blankfein: Yes, that is correct.

Mon, 04/15/2013 - 18:14 | 3453288 Jones79
Jones79's picture

I guess if you click the green up arrow for yourself on your non sequitir post, then that counts as some victory for yourself. 

Mon, 04/15/2013 - 13:58 | 3451291 Jones79
Jones79's picture

double post

Mon, 04/15/2013 - 14:01 | 3451310 bnbdnb
bnbdnb's picture

Good ole Ann

December 15, 2011, seven weeks after MF Global on her web site....

“The futures markets have lost their viability and trustworthiness because of the MF collapse and theft. At some point in the not-too-distant future, people everywhere are going to realize that the delivery mechanism is not reliable. Heck, just holding cash and/or positions in a futures account is no longer reliable. The market itself is not reliable, traders will no longer attempt to arbitrage these basis spreads because the risk to the trader that the rug will be pulled out from underneath them is simply too great.

And in the metals markets, the delivery process itself is . . . um . . . shall we say, easily corrupted? When you “take delivery” of physical metals, it doesn’t get sent to your house. All you get is a certificate saying that X number of ounces are being held in a certified vault somewhere with your name on them. After the MF collapse, that sounds like a joke, right? A CERTIFICATE with my NAME ON IT? Yeah. That really is how it works.
When the arbitrageurs finally lose all confidence in the markets, the cash market will decouple from the futures because no one will be willing to take the risk of having their money, positions and/or physical metals stolen/confiscated. If no arbitrageurs are willing to trade these spreads – no matter how wide they may become – and thus there is no force causing the cash and futures to converge, we will see the basis spreads become extremely wide. As people flee the futures markets, the futures prices will drop, while the cash markets hold steady or even diverge and actually rise as all of the former paper players realize that physicals are the only remaining game to be played.

Watch for this. Watch for the gold and silver futures to sell off as people walk away from paper while the online cash dealers, seeing that market demand for their physical inventory is robust, begin to ignore the futures prices and hold their prices steady or even raise them. When you see this basis decoupling and absence of arbitrage, lo, the end is nigh. A parabolic spike is coming”.

Mon, 04/15/2013 - 14:07 | 3451353 Bingfa
Bingfa's picture

And they we're trying to paint her as nuts......

I think she's badass

Mon, 04/15/2013 - 14:12 | 3451373 bnbdnb
bnbdnb's picture

She is nuts, and badass. You CAN be both.

Mon, 04/15/2013 - 14:24 | 3451442 Bingfa
Bingfa's picture

Cause she's a Christian? and puts it right in your face?

All the farmers around me thinks she's the second coming...

She's welcome at my campfire anytime...

 

 

Mon, 04/15/2013 - 14:33 | 3451508 bnbdnb
bnbdnb's picture

Agreed. And no, not because she is a christian, because she's too loud.....

Mon, 04/15/2013 - 14:07 | 3451345 dot_bust
dot_bust's picture

The drop in the price of gold tells me several things:

  1. The U.S. Dollar is in deep trouble. This is probably due to the Japanese selling U.S. Treasuries to raise capital.
  2. The Comex and the LBMA are completely out of metals.
Mon, 04/15/2013 - 14:15 | 3451390 Bingfa
Bingfa's picture

#2....the insiders who had gold stored at Comex took possession

everyone else is getting Cyprused...

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