• Sprott Money
    05/26/2016 - 05:58
    How many “emergency” “secret” meetings do the central planners around the world need to have before the citizens of the respective countries begin to fully understand and take notice that something...

Who Got The Golden Margin Call At The European Close?

Tyler Durden's picture




 

Gold and silver prices are plunging after the European equity markets closed. It seems someone got the tap on the shoulder and needed to fund some liquidity. Given the 'unusual' strength in high-beta European assets this week, it would suggest someone (or many someones) were short and squeezed to cover in a hurry and perhaps this post-close dump in gold and silver reflects the final end-of-week realization of losses that need to be funded.

 

 

or is it post London physical close catch down in paper from the post-GDP move?

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Fri, 04/26/2013 - 11:58 | 3502641 SolidSnake961
SolidSnake961's picture

how much inventory will jpm have left after today?

Fri, 04/26/2013 - 11:59 | 3502649 ParkAveFlasher
ParkAveFlasher's picture

How much can Jamie Dimon stuff in his pants pockets?

Fri, 04/26/2013 - 11:59 | 3502654 AllThatGlitters
AllThatGlitters's picture

gotta retest the lows.

 

Fri, 04/26/2013 - 11:59 | 3502668 Mr. Fix
Mr. Fix's picture

Paper promises are in freefall, get out now!

 Any physical that can be found must be grabbed that any price.

Fri, 04/26/2013 - 12:05 | 3502685 AllThatGlitters
AllThatGlitters's picture

The moonshot is coming, I'm sure.  Just not after an obvious takedown.  

Check Out Silver Plummeting Live:

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

Must first make all the physical buyers look like fools at the family get-together over the weekend. Few will get to buy this takedown since dealers are sold out.

Gold is still available, although shrinking fast.  

1 Ounce Ohio Precious Metal Gold Bars are STILL just $25 Over Spot:  

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

How many spouses will be denied the opportunity to purchase the few remaining 1 Ounce Gold bars left because of this smackdown? 

Fri, 04/26/2013 - 12:08 | 3502707 camaro68ss
camaro68ss's picture

The bernake is backing up the truck now as we speak. No wonder hes not at the jackson hole meeting. hes making dilverys of the fizz to his bunker.

Fri, 04/26/2013 - 12:10 | 3502714 knukles
knukles's picture

OR, remember its options settlement time!
Lotta new shorts put on a few weeks ago during the brutalization.
So probably a lot of screw your buddies and position protection going on...
Big Time Charley

 

Fri, 04/26/2013 - 12:19 | 3502726 Pladizow
Pladizow's picture

Disclousue: Iam a gold bug.

Perhaps before a continued rise we need to see the unthinkable happen - Gold falling below the all-in cost to mine - $1,200?

A bull market wants to take as few people along for the ride as possible, and this requires the bull kicking investors in the balls (true capitulation) so that they fall off and the bull can again begin to run wild.

 But as I have complete faith in my inability to call the absolute bottom, I will continue to buy physical upon every major dip!

Fri, 04/26/2013 - 12:22 | 3502758 Herd Redirectio...
Herd Redirection Committee's picture

I was a little excited this morning at 5 AM PST, but I knew the smackdown was coming.  So in a way, its even more exciting, by its sheer predictability.  Silver up big two days in a row?  Can't let that happen, now can we!   Good luck to anyone trading, because one wrong move and your ass is toast.  Stack, bitches.

Fri, 04/26/2013 - 12:36 | 3502823 disabledvet
disabledvet's picture

RISK ARB BITCHEZ. next stop "peanut butter legs" (cuz that's one he'll of a spread that's opening. In PRECIOUS no less!)

Fri, 04/26/2013 - 12:46 | 3502867 IndicaTive
IndicaTive's picture

There was a cheerleader in high school we nick-named Skippy. She had no idea why.

Fri, 04/26/2013 - 17:18 | 3503924 Jack Napier
Jack Napier's picture

Pladizow, if it goes to $1200 that would be confirmation that the powers are indeed positioning for a moonshot, as they have no concern with physical divergence and inventories running dry. Otherwise if it goes up from here they maintain control for a while longer.

Fri, 04/26/2013 - 12:16 | 3502736 kliguy38
kliguy38's picture

Its called fuck your buddy time. This is where the big sharks eat the little sharks while the paper price continues to chop shop whats left of the leveraged weak leafs.......its playing out according to the script. Hold and accumulate your physical and if you're not leveraged accumulate your miners.

Fri, 04/26/2013 - 12:28 | 3502791 fomcy
fomcy's picture

Bernank need to return German GOLD, and they don't have it.
Fort Knox is filled with lead pained bars. In DEBT we Trust!

Fri, 04/26/2013 - 14:24 | 3503312 cynicalskeptic
cynicalskeptic's picture

Tungsten cored with a thin layer of external gold.  VERY convincing.

 Took a lot of effort to make thoset.  Not at all like the crude spray painted iron bars some African countries have tried to pass off.

Fri, 04/26/2013 - 12:23 | 3502779 fonzannoon
fonzannoon's picture

I spoke to my LCS guy today.....Silver? Forget silver. There is no silver.

Gold was $1570 and he was running low on maples and krugs although he had some eagles.

 

Fri, 04/26/2013 - 12:31 | 3502794 James_Cole
James_Cole's picture

I spoke to my LCS guy today.....Silver? Forget silver. There is no silver.

If there was a true shortage of physical silver the price would immediately skyrocket as it's heavily weighted to industrial use. 

#logic

Fri, 04/26/2013 - 12:34 | 3502803 fonzannoon
fonzannoon's picture

James please let me speak to your guy who relaxed his premiums.

how can price skyrocket on something that does not exist? How do you price it? Forget the paper price.

I will tell you what James. I will part with a small part of my silver stash to you for......$1,000 an ounce.

So is $1,000 an ounce the new price?

Fri, 04/26/2013 - 12:40 | 3502831 James_Cole
James_Cole's picture

how can price skyrocket on something that does not exist? How do you price it? Forget the paper price.

 

Tell that to Samsung, I'm sure they'll be surprised to hear all the silver they're buying and manufacturing with doesn't actually exist. 

Also, local bullion dealer has 26.80 if you buy 5000+ maples. $27.15 for one. Kind of counter intuitive if you're going on the thesis that there's a shortage.

 

Fri, 04/26/2013 - 12:46 | 3502854 fonzannoon
fonzannoon's picture

Please give us your local dealers name. You have professed on here several times that he has relaxed premiums. In 2011 everyone was screaming about a siver shortage and my place had some. I mentioned that my place had plenty of silver. Mr. Lennon Hendrix called me out and I gave him the name and he called up and verified it. You should do the same or STFU because you are bullshitting.

There may be some people in your area that would like to buy. Those seem like good prices you have so far quoted out of thin air.

Fri, 04/26/2013 - 12:52 | 3502902 astoriajoe
astoriajoe's picture

I think you two are talking past each other.

Fri, 04/26/2013 - 12:52 | 3502917 fonzannoon
fonzannoon's picture

You may be right. I'm done.

Fri, 04/26/2013 - 13:14 | 3503025 knukles
knukles's picture

Fonz!
Did you ever check out those aircraft last night on Flightaware?

Fri, 04/26/2013 - 13:13 | 3503031 fonzannoon
fonzannoon's picture

I went on that site but could not navigate it very well. It seemed like you had to search for a specific flight number or something. I would love to have been able to see a real time aerial view in my hood but I was exhausted and just figured I'd crash before the aliens came knocking. It was weird man.

Fri, 04/26/2013 - 14:05 | 3503219 The Iconoclast
The Iconoclast's picture

FlightAware's mobile apps can show what's overhead.  I think from the website you can also pull up a nearby airport and then pan and zoom the map to where you are.

Fri, 04/26/2013 - 12:54 | 3502926 James_Cole
James_Cole's picture

Please give us your local dealers name. You have professed on here several times that he has relaxed premiums.

Don't want my location to be cached on zh. But since you're so obsessed with this, here's one of their chain companies & rates:

http://www.bordergold.com/products.php#

I haven't heard great things about BG delivery times, but they have the same prices as the bullion dealers they work with. 

Make sure you're on USD and volume pricing. 

Fri, 04/26/2013 - 13:04 | 3502990 nope-1004
nope-1004's picture

I can give you first hand experience here.  BG is terrible for shipping.  Lead times have been pushed out and they will take your order but then in turn will immediately place an order with the mint.  It appears they have no stock.

If you've got some real life experience, would be interested.  Otherwise, STFU.

 

Fri, 04/26/2013 - 13:22 | 3503050 James_Cole
James_Cole's picture

Lead times have been pushed out and they will take your order but then in turn will immediately place an order with the mint.  It appears they have no stock.

They say as much on their website. The point I was trying to make is that there's no 'silver shortage' and Fonz was obsessing over the premiums I was quoting.

If you feel their prices are good and that this is a 'historic buying opportunity' you can lock in the price and they'll get some coins minted for you. If it takes 4 weeks so what? 

Personally I have no use to buy online ($hipping + easy to buy locally etc.), but if you can't buy locally there you go. 

Anyway, this whole thing went way off track. I was originally trying to make the point that INDUSTRIAL USE has shown no shortage.

Fri, 04/26/2013 - 14:19 | 3503279 fonzannoon
fonzannoon's picture

I was not obsessing over premiums. I was referencing scarcity. As for the difference between retail scarcity and manufacturer scarcity, I have to leave that to others to speak to.

Fri, 04/26/2013 - 19:55 | 3504350 MeelionDollerBogus
MeelionDollerBogus's picture

-1 then you missed the point: long shipping times and having to place an order with the mint AFTER your order WITH THE MINT saying they are having delays and shortages shows THERE ARE SHORTAGES. You Fail. ALSO since you showed no credible reporting of delivery, delays (or none) and pricing for INDUSTRIAL silver you failed on that too.

Fri, 04/26/2013 - 12:59 | 3502934 FreeNewEnergy
FreeNewEnergy's picture

Thanks, fonz, for calling BS on James Cole. Apparently, he had an emergency and could no longer post after you asked for his dealer's name.

Excellent. I always thought the guy was nothing but a hater.

Now, back to stacking. Auctions closing shortly on ebay and I be a'snipin'.

Fri, 04/26/2013 - 13:00 | 3502961 fonzannoon
fonzannoon's picture

I just called. Nice guy answered. 4 week back order and it could take longer.

People can draw whatever conclusions they want from it.

Fri, 04/26/2013 - 13:04 | 3502989 James_Cole
James_Cole's picture

I just called. Nice guy answered. 4 week back order and it could take longer.

Did you ask about buying at retail? 

Fri, 04/26/2013 - 13:14 | 3503026 fonzannoon
fonzannoon's picture

Thanks for the heads up Nope-1004

Fri, 04/26/2013 - 13:16 | 3503033 knukles
knukles's picture

Fonz
Did you ever check out those aircraft last night on Flightaware?

Fri, 04/26/2013 - 13:51 | 3503159 Divided States ...
Divided States of America's picture

fonz...just spoke to someone with connections with Sprott...they are not doing well but they aint at a stage to have to liquidate their physical positions....i think they would continue to liquidate the stocks of mining companies before they have to touch their physicals. they are still able to raise assets, they have recently done some deal with chinese investors on gold/silver...looks like there is still ample demand for them to raise assets with their name and reputation even though the performance of their commodity funds have tanked and offsetting the new deals...so no need to worry about them resemble a primary dealer in precious metals, well at least not yet. however, they are still dumping mining names on the TSX venture...so dont invest in those names.

Fri, 04/26/2013 - 14:09 | 3503238 fonzannoon
fonzannoon's picture

Thanks DS. I wonder what got him bent over like that.

Fri, 04/26/2013 - 14:10 | 3503251 Divided States ...
Divided States of America's picture

well with performance like these:

 

http://www.sprott.com/prices-and-performance/performance/

 

what do you expect.

 

Damn sprottmoney jacked up the prices of the Koalas again.

Fri, 04/26/2013 - 14:20 | 3503288 fonzannoon
fonzannoon's picture

I figured it had to be performance. He seems seriously married to the juniors. Yeesh.

Fri, 04/26/2013 - 14:47 | 3503411 James_Cole
James_Cole's picture

well with performance like these

Don't forget their fees, it's rather expensive to have them lose your money. Sprott cartel are some of the worst scammers in the industry. 

Fri, 04/26/2013 - 14:50 | 3503426 klockwerks
klockwerks's picture

We use Texas Precious Metals and received an email from them last night that they had 300 monster boxes and you could order online and they would fill orders at 10 this morning. $5+ change over spot so I thought it over but by 10:04 they were sold out. No more eagles! well I will buy a couple rolls of 1/2 oz gold eagles, out of stock. I think stocks might improve in a month or so but there is a lot of buying going on

Fri, 04/26/2013 - 12:49 | 3502900 Urban Redneck
Urban Redneck's picture

Samsung also doesn't shop at Apmex, and since they have the Samsung Engineering subsidiary, the can JV and pull it out of the ground themselves, or buy unrefined off-take from other miners and refine it themselves.

The big industrial users are vertically integrated.

 

Fri, 04/26/2013 - 13:03 | 3502946 James_Cole
James_Cole's picture

The big industrial users are vertically integrated.

So? Are you trying to suggest industry buyers all have their own exclusive mines? 

or buy unrefined off-take from other miners and refine it themselves.

Most silver traditionally has come as a 'free' mining byproduct, still the cheapest for industry too. 

Fri, 04/26/2013 - 13:19 | 3503039 Urban Redneck
Urban Redneck's picture

Your first question is answered by your second quote, cut the crap.

 

 

Fri, 04/26/2013 - 13:22 | 3503065 James_Cole
James_Cole's picture

Your first question is answered by your second quote, cut the crap.

I was pointing that out...

Fri, 04/26/2013 - 13:54 | 3503188 Urban Redneck
Urban Redneck's picture

Then we both know if Samsung (or Mitsubishi, or any any of the other large industrial silver consumers) ever says there is a shortage, then probably- their own extensive warehouse cupboards are bare, the miners that that they have long term agreements with aren't pulling enough out of the ground, the reclamation equipment they manufacture isn't skimming enough from the landfills, and their banking and heavy equipment subsidiaries can't find enough new dirt dig in -- either that or- like GE they turned into paper-pimping banksters, and are trying to profit from what is supposed to be a hedge...

 

 

Fri, 04/26/2013 - 14:39 | 3503378 James_Cole
James_Cole's picture

Then we both know if Samsung (or Mitsubishi, or any any of the other large industrial silver consumers) ever says there is a shortage

Don't need to ask the manufactures, would be seen in the price. When there were legitimate concerns around supply constraint of platinum you didn't need to ask GM if there were concerns of a shortage, it was immediately reflected in the price. 

Same thing would happen in silver. 

Gold on the other hand you could make a better argument of secret shortages but I'm not buying it. 

Fri, 04/26/2013 - 14:55 | 3503417 akak
akak's picture

Apparently, you aren't buying much of anything that does not toe the 'mainstream', pro-establishment, pro-status-quo line.

You've been an obvious anti-PM disinfo agent here from day one.  Do you really think that that has not been instantly apparent to almost everyone here?

I still remember our first interaction here on ZH, when like (the late) Jon Nadler you repeatedly and dishonestly kept trying to insist that world gold jewelry demand is somehow entirely separate from investment demand, and serves merely as baubles, willfully ignoring the fact that the form of the gold is irrelevant to its primary and traditional function as a form of savings for those in Asia and the Middle East, where the vast bulk of gold "jewelry" is purchased and held.  I spotted you as a pro-establishment shill then, and you have not wavered from that stance since.

Fri, 04/26/2013 - 15:03 | 3503490 James_Cole
James_Cole's picture

You've been an obvious anti-PM disinfo agent here from day one.  Do you really think that that has not been instantly apparent to almost everyone here?

I'm not 'anti-PM,' if you have the financial flexibility to do it holding gold has historically been a smart move and continues to be so. On the other hand there's a lot of scammers out there trying to get people to ignore the market and buy at any price at any time with rumours like 'crash JPM!' '$3200 gold around the corner!' etc. 

Not everyone has the financial resources to withstand a volatile market, a lot of people don't have much resource outside their current jobs and if they need cash may be forced to sell their holdings at a big loss depending on the current spot price. 

trying to insist that world gold jewelry demand is somehow entirely separate from investment demand, and serves merely as baubles, willfully ignoring the fact that the form of the gold is irrelevant to its primary and traditional function 

Not what I was 'trying to insist' but you don't seem to get it so whatever. 

Fri, 04/26/2013 - 15:22 | 3503548 akak
akak's picture

Oh yes, the worst, most egregious, most evil scammers in the financial realm are those reprehensible precious metals dealers!  Ignore Wall Street, central banksters and the utterly corrupt TBTF financial houses --- it's those precious metals dealers we REALLY have to fear!

Get the fuck out of here with your disingenous bullshit.

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