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Commodity Smackdown In Progress

Tyler Durden's picture


While the immediate catalyst will be heralded a weak ADP report, commodities in general have been sliding all morning. In the last few minutes (and for the third day in a row) Silver and Gold prices have slumped hard around the 8ET hour. What is somewhat odd about this smackdown is that the USD is being sold aggressively against the JPY (tested 97) and EUR (above 1.32). Oil is not smackdown-retardant and has dropped back under $91.50 for WTI. S&P futures are 6 points off overnight highs (a mere -2 from the close).



Oil and Stocks too...


But the USD is weaker?


Charts: Bloomberg


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Wed, 05/01/2013 - 09:08 | 3517340 jubber
jubber's picture

Look at Dr Copper, down 2.5%

Wed, 05/01/2013 - 09:10 | 3517355 kliguy38
kliguy38's picture

but but.....isn't this the best time of the day to sell large numbers of contracts........otherwise you might think this is manipulated

Wed, 05/01/2013 - 09:15 | 3517364 Debtonation
Debtonation's picture

That's just JPM.  Make sure you take delivery.

Wed, 05/01/2013 - 09:20 | 3517385 GetZeeGold
GetZeeGold's picture



Yeah......about that.


Hunt for PMs or ammo today......I just can't decide.

Wed, 05/01/2013 - 09:22 | 3517414 Muddy1
Muddy1's picture

Both, today and every day.

Wed, 05/01/2013 - 09:25 | 3517421 GetZeeGold
GetZeeGold's picture



Tried that yesterday.....figured I'd have a better shot if I just zeroed in on one.

Wed, 05/01/2013 - 09:26 | 3517440 AllThatGlitters
AllThatGlitters's picture


OK, those who were expecting a test of the lows, time to step up (if you can find inventory at the retail level that is).

You can still get gold bars for just $25 over spot, so I never saw the shortages in gold that was apparent in silver.


Watch gold's beating today live:


Gven all that's been published about gold disappearing in size, perhaps this smackdown is the one that depletes retail gold inventory for good?


Wed, 05/01/2013 - 09:29 | 3517443 rajat_bhatia
rajat_bhatia's picture

As a gold bug would say , "if I bury my head in the sand, and don't look at the smack down, then there is no smack down and my stash is still wort $2000/oz :-) "

Wed, 05/01/2013 - 09:37 | 3517488 TeamDepends
TeamDepends's picture

Still not getting it, raj.  Try harder!

Wed, 05/01/2013 - 10:16 | 3517658 Pinto Currency
Pinto Currency's picture


April 29 - May 1 is the the May Day holiday in China.

When the Cat's away, the rats will play.

Wed, 05/01/2013 - 11:12 | 3517912 Pinto Currency
Pinto Currency's picture


A useful link on the Shanghai Gold Exchange posted.

See the physical delivery statistics (now compare that to the Comex):


  • Peak One Day Delivery: 35.7 tons of gold, 22 March 2013.

  • Current Month Delivery: 208.6 tons of gold as of 26 April 2013.

  • Peak One Month Delivery: 328 tons of gold, March 2013.

  • Gold Delivery Since 1 January 2013: Gold delivery (year to date): 1030 tons.

Wed, 05/01/2013 - 09:41 | 3517493 unwashedmass
unwashedmass's picture


well for those of us who bought in the 400-600 range...we still got a long, long way to go to losses.....we are now at the point where those who didn't sell -- shares or bullion -- aren't going to sell. 

now this is all about  JPM working the market to try and get rid of its massive exposure. 

before the lid blows off on the media blackout of this insanely corrupt market.......and bank. 

Wed, 05/01/2013 - 10:11 | 3517651 LawsofPhysics
LawsofPhysics's picture

Wake me when the price in fiat dollars gets below $300 and ounce, that's the dollar cost average on my physical holdings.  Don't be such a sore loser just because you have no physical.  What is the fiat money supply again?  Yeah, that's what I thought, troll harder loser.  I have no problem exchanging a coin for the value of someone's labor, many will no longer be accepting those paper promises...

Wed, 05/01/2013 - 10:54 | 3517854 greatbeard
greatbeard's picture

>> $300 and ounce, that's the dollar cost average on my physical holdings.

Sorry, but somebody has to call bull shit on that claim.

Wed, 05/01/2013 - 10:18 | 3517665 Panafrican Funk...
Panafrican Funktron Robot's picture

Copper and crude also getting taken to the woodshed.  Price levels to look at:

Gold under 1350

Crude under 85

Copper under 3

RUT under 900

Copper under 3 is probably the most significant price point to watch.  It's really damn close.  

Wed, 05/01/2013 - 11:46 | 3518148 James_Cole
James_Cole's picture

Copper under 3 is probably the most significant price point to watch.  

In the words of Joe Biden 'this is a big fucking deal'

Wed, 05/01/2013 - 10:17 | 3517673 whatsinaname
whatsinaname's picture

Tell that to most of your countrymen and they will tell you what a buffoon you are Rajat.

btw.. most of the black money is held in gold did ya know ?

Wed, 05/01/2013 - 10:28 | 3517706 Pegasus Muse
Pegasus Muse's picture

The CRIMEX says the price of their Paper Silver is $23.45/ounce at the moment.

But over at APMEX I can't an ounce of the Real Deal, actual Physical Silver,  for less than $31.55/oz. 

That's more than a 25% price delta.

Looks like the manipulated scam-ridden NYMEX/COMEX prices don't mean squat in the Real Marketplace.  The Paper Pumpers are losing their relevance and 'price setting' ability due to their pervasive corruption.  


Wed, 05/01/2013 - 11:17 | 3517947 SilverRhino
SilverRhino's picture

Industrial silver shot is still a good deal.  1 dollar premium and still available in 25 ounces or more. 


Wed, 05/01/2013 - 09:45 | 3517513 BurningFuld
BurningFuld's picture

Can you bring Ammo back over the border? Caus' they be no shortage of bullets in Canada.

Wed, 05/01/2013 - 09:50 | 3517540 new game
new game's picture

delivery forthcoming...

phys baby phys!

hoarding (stacking and piling), warehousing, stashing, rat holeing.

forming a new support group for hoarders anon. - H.A.

I am powerless over buying the dip...

Wed, 05/01/2013 - 10:04 | 3517608 TeamDepends
TeamDepends's picture

And you thought you could get away with not maintaining your boat properly.  Tsk, tsk, tsk....

Wed, 05/01/2013 - 09:57 | 3517582 Jreb
Jreb's picture

Dealers in Canada are stock piling. Demand is growing rapidly here - one guy told me he is peeling through 3 months worth of ammo in a few weeks. Deman is high but not as bad as the US. They are expecting shortages come summer due to US delivery issues. Some stuff is already either non existant or in short supply (US built 223 is something of a running joke in most places).

Can't even buy it here without a Canadian license anyways and if you had one you would have to get preaaproval from ATF to move it through the border before you even came to shop. 

Besides.... keep yourt hands off our ammo :-).

Wed, 05/01/2013 - 10:38 | 3517765 Gene8696
Wed, 05/01/2013 - 09:25 | 3517418 Spider
Spider's picture

Newbie here - Anybody know a good place where I can see how many gold/silver contracts are trading on COMEX on a relatively live basis?  Just want to get a feel for how much volume is happening on these smackdowns


Wed, 05/01/2013 - 09:27 | 3517433 AllThatGlitters
AllThatGlitters's picture



Wed, 05/01/2013 - 09:20 | 3517400 NoDebt
NoDebt's picture

That's the one I look at.  It's been on a slow burn for months.  Europe and Asia slowing down for months is the reason, in my opinion.  We're next.

I think we're going to find out that a recession CAN happen, even with the Fed and every other central bank holding the pedal to the floor.

Which reminds me- I saw the first article today about EXPANDING QE even further ($160B/mo.??) because of all the bad data coming out the last few months.  OF COURSE!  Why didn't I think of that!!  Let's do more of that stuff!!

Wed, 05/01/2013 - 09:25 | 3517416 101 years and c...
101 years and counting's picture

copper now at lowest prices since sept 30, 2011 when the SPX was plunging to 1075.  good reason for copper to get beaten down:

Wed, 05/01/2013 - 12:48 | 3518482 TeamDepends
TeamDepends's picture

Gold $7,000!?!?  It's a good start....

Wed, 05/01/2013 - 09:08 | 3517347 TeamDepends
TeamDepends's picture

Back up the truck, boys!

Wed, 05/01/2013 - 09:21 | 3517396 ghengis86
ghengis86's picture

Where? My LCS is still charging $31+ on ASEs. Not stopping me, but the sale is in paper only

Wed, 05/01/2013 - 09:28 | 3517448 TeamDepends
TeamDepends's picture

Wherever you can mate, wish we could help you.  We are merely trying to promote the "Mayday Silver Binge", whereby serfs the world over are encouraged to buy silver even if they have to sell something of value.  Come on everybody, let's break JPM's back today!

Wed, 05/01/2013 - 09:41 | 3517508 unwashedmass
unwashedmass's picture


yeah, "something of value" being sold to buy hard gold or silver? Exactly what would that be? USD? Bonds? No, treaauries? yeah, that's the ticket --- maybe want to get the silver or gold to get out of the way of the 20% haircut coming to a bank near you soon. 

or, lemmme see.....AMZN stock....yeah, in the rip roaring recovery, retail is going to do soooooooooooooo well. 

gimmee a break. 

Wed, 05/01/2013 - 09:56 | 3517562 TeamDepends
TeamDepends's picture

Read the post again, brother.  Serfs don't have stocks or bonds.  We are talking about that third guitar you don't need, a couch, that fine china that nobody cares about except grandma....

Wed, 05/01/2013 - 10:47 | 3517805 McMolotov
McMolotov's picture

I'll keep the fine china and sell grandma instead. That Fancy Feast shit that she eats is getting expensive.

Wed, 05/01/2013 - 10:54 | 3517853 TeamDepends
TeamDepends's picture

Yet another business opportunity in this hyper-prosperous economy:  Soylent Green Corporation!

Wed, 05/01/2013 - 10:49 | 3517803 Blano
Blano's picture

31.50 is the floor at my LCS.

Wed, 05/01/2013 - 10:59 | 3517876 Lost Wages
Lost Wages's picture

Why buy ASEs when you can just get generic bars/rounds? I've never understood buying silver from the government mint and paying tax. That is bullshit.

Wed, 05/01/2013 - 09:27 | 3517436 howenlink
howenlink's picture


Wed, 05/01/2013 - 09:08 | 3517349 The Second Rule
The Second Rule's picture

PM smackdown alongside a USD smackdown? Headscratcher indeed.

Wed, 05/01/2013 - 09:39 | 3517490 uno
uno's picture

PM smackdown regardless of anything else.

Wed, 05/01/2013 - 10:06 | 3517609 mayhem_korner
mayhem_korner's picture



These smackdowns are like contractions in child birth.  The closer together and more intense they are, the nearer we are to full decoupling.

Wed, 05/01/2013 - 10:10 | 3517645 CrimsonAvenger
CrimsonAvenger's picture

That's fine - but the big boys still don't realize the game has changed. Smackdowns don't scare us away - they bring out the buyers.

it's like in Rocky, when he's daring Mr. T to hit him - "he's not getting killed, he's getting mad"

Wed, 05/01/2013 - 10:16 | 3517661 mayhem_korner
mayhem_korner's picture



Oy.  They should've stopped at Rocky II.

Wed, 05/01/2013 - 12:57 | 3518535 Race Car Driver
Race Car Driver's picture

If we had any kind of education system at all, students would be taught that popular media is not entertainment, but dangerous, mind-altering propaganda to be shunned. But, popular media is education these days ... and so, Rocky l & ll are okay, but anything after that is junk.


Wed, 05/01/2013 - 09:11 | 3517350 unwashedmass
unwashedmass's picture

oh. gold silver down in the new york markets. 

how odd. 

Wed, 05/01/2013 - 09:12 | 3517352 firstdivision
firstdivision's picture

Oil getting pounded as well.  Those long NG are going to be upset soon as drillers switch over and supply rises. 

Wed, 05/01/2013 - 10:10 | 3517643 Hohum
Hohum's picture


Drillers will only go over to NG if the price is sufficient.  Look at on Monday morning and see where drill counts are headed.  Do a little research!

Wed, 05/01/2013 - 11:26 | 3517939 firstdivision
firstdivision's picture

If you do a historical analysis of rig counts vs price (price adjusted into today's $), you'll see that price is idiotically higher than the trend.  Additionally, gas rig counts alone are historically low. now doing a bit of thinking, it is easy to conclude that gas rig counts will rise.   On top of that, there's additional pipelines being proposed for the Marcellus, increasing capacity and supply. Perhaps you should do some research.

Wed, 05/01/2013 - 09:13 | 3517357 The Second Rule
The Second Rule's picture

I'd put more faith in King Oil than Dr. Copper. But they both are leading indicators. Something wicked this way comes.

Wed, 05/01/2013 - 09:11 | 3517358 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


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.

Wed, 05/01/2013 - 09:33 | 3517459 augustusgloop
augustusgloop's picture

Three years ago all the tylers were using the casino metaphor about the equity markets. 

Wed, 05/01/2013 - 09:39 | 3517499 Mandel Bot
Mandel Bot's picture

We need a modern day Jesus to throw these bastards out of our temple.

Wed, 05/01/2013 - 09:14 | 3517359 jmcadg
jmcadg's picture

Bring it on. Let's have a sub $1400 print. I dare you!

Wed, 05/01/2013 - 10:06 | 3517621 mayhem_korner
mayhem_korner's picture



Just in time for the far east to return from their labor day vacation and begin buying with both arms!

Wed, 05/01/2013 - 09:12 | 3517360 jubber
jubber's picture

Copper down 3%

Wed, 05/01/2013 - 09:19 | 3517391 The Second Rule
The Second Rule's picture

Wild. This does suggest something is in the works.

Wed, 05/01/2013 - 09:34 | 3517427 GetZeeGold
GetZeeGold's picture're gonna love it!


Just make sure you're not sitting in a pan of water.

Wed, 05/01/2013 - 09:12 | 3517362 machineh
machineh's picture

So much for the gold charlatans, claiming that sellouts of various gold coins mean 'gold is on sale.'

Buying gold because of a shortage of coins caused by an odd-lotter run on them is like buying wheat futures because there is no bread in the supermarket after a hurricane.

Bad conclusion.

If 1980-2001 is any guide, gold charlatans will be proclaiming the next great bull market all the way down.

There's a word for these folks: LOSERS. Avoid them!

Wed, 05/01/2013 - 09:15 | 3517379 TrumpXVI
TrumpXVI's picture

1980 - 2001 is not a guide.

Wed, 05/01/2013 - 09:53 | 3517547 ParkAveFlasher
ParkAveFlasher's picture

2007-2011 is my guide.

Wed, 05/01/2013 - 09:55 | 3517558 imaginalis
imaginalis's picture

-408BC to 2013 is my guide

Wed, 05/01/2013 - 10:52 | 3517823 tip e. canoe
Wed, 05/01/2013 - 09:30 | 3517407 Dr. Engali
Dr. Engali's picture

Wow what a ridiculous post. 1980-2001 a guide? It seems to me like there was something else going on in that period..could it be 20 years of declining interest rates? For a troll you sure aren't a very good one.

Wed, 05/01/2013 - 10:45 | 3517799 MonsterBox
MonsterBox's picture

MDB & PUD are a bit more clever.  annoying, sure.  just not as retarded....

Wed, 05/01/2013 - 09:27 | 3517446 Quinvarius
Wed, 05/01/2013 - 09:30 | 3517456 IridiumRebel
IridiumRebel's picture

I think you are getting paid way too much. I know the job market is tough, but being a dicksucker net troll for your weekly pittance is pathetic. My 17 month old knows more than you. My retarded catshit eating(literally) Yorkie is a better analyst. 

Wed, 05/01/2013 - 09:36 | 3517478 the not so migh...
the not so mighty maximiza's picture

"My retarded catshit eating(literally) Yorkie is a better analyst."

i am laughing allot and people are looking at me

Wed, 05/01/2013 - 09:37 | 3517486 tmosley
tmosley's picture

I will sell all my PMs for Treasuries when they pay me what they paid in 1980, and the default risk is what it was in 1980.

I'd be perfectly happy to lay down on some beach somewhere, drink a mixed drink, and collect 20+%.  Too bad the US is on the verge of financial collapse, rather than being a net creditor.

Wed, 05/01/2013 - 09:41 | 3517506 devo
devo's picture

Seriously, the comparisons to '81 are hilarious.

Wed, 05/01/2013 - 09:58 | 3517574 new game
new game's picture

or opportunity! lol too.

Wed, 05/01/2013 - 09:40 | 3517501 LawsofPhysics
LawsofPhysics's picture

Wake me when the price in fiat dollars gets below $300 and ounce, that's the dollar cost average on my physical holdings.  Don't be such a sore loser just because you have no physical.  What is the fiat money supply again?  Yeah, that's what I thought, troll harder loser.

Wed, 05/01/2013 - 10:03 | 3517605 viahj
viahj's picture

come on gang, he just opened up his own Edwards Jones branch and really needs to push the paper.

Wed, 05/01/2013 - 13:05 | 3518583 seek
seek's picture

Seriously, you pick the nominal peak for 200+ years as the starting point of your guide range and terminate on a 20 year low?

Try rolling that same 21-year window across time from 1970 through today-21 years. You will get a very different picture of the risk of gold.

Wed, 05/01/2013 - 09:16 | 3517365 DeadFred
DeadFred's picture

Copper has support at 3.05 but has bounced twice already. I know everyone loves gold and silver but if you hate the Ponzi stock market watch this price as well. It's May now and once the first of month IRA money gets suckered in this morning we could finally see the shoe drop.

Disclosure: I hate the Ponzi fraud-supporting propaganda soma market.

Wed, 05/01/2013 - 09:13 | 3517366 Downtoolong
Downtoolong's picture

We must keep inflation in check, no matter how much it costs us, no matter how much money we must print to do it.

Roger that Ben.


Wed, 05/01/2013 - 09:32 | 3517453 The Second Rule
The Second Rule's picture

Now short the gold like I tole ya.

Wed, 05/01/2013 - 09:13 | 3517369 monopoly
monopoly's picture

I think by the NY close we end higher in gold, silver. 

Wed, 05/01/2013 - 10:08 | 3517633 mayhem_korner
mayhem_korner's picture



Doubtful, for two reasons.  First, the far east is on vacation from buying thru tomorrow.  So a lot less players to call the bluff.  Second, the MSM had the "gold down" print before the day started, when gold was actually up a couple fiats.  Such failed embargoes of pre-determined news usually don't lie.

Wed, 05/01/2013 - 09:16 | 3517370 alfred b.
alfred b.'s picture


    PAPER'get about it:  BUY ONLY PHYSICAL


Wed, 05/01/2013 - 09:14 | 3517374 beavertails
beavertails's picture

Just the usual playbook on FOMC day. Boring leaks ... last night's pizza caterers selling

Wed, 05/01/2013 - 09:35 | 3517474 Quinvarius
Quinvarius's picture

I was expecting them to do this in the paper hedging market later in the day actually.

Wed, 05/01/2013 - 09:17 | 3517376 aleph0
aleph0's picture

Traditional  / Barbaric Pre-FED-Meeting Dump



Wed, 05/01/2013 - 09:21 | 3517398 The Second Rule
The Second Rule's picture

It is until is isn't.

Wed, 05/01/2013 - 09:35 | 3517476 augustusgloop
augustusgloop's picture

...right pretty much could say that about anything: 

Fed gooses market until it doesn't

Dollar stable until it isn't 


Wed, 05/01/2013 - 09:17 | 3517377 PaperBear
PaperBear's picture

The May 1st Physical Silver Counterattack Day continues.

Wed, 05/01/2013 - 09:19 | 3517381 IridiumRebel
IridiumRebel's picture

Ohh....APMEX? Where are you APMEX?

Wed, 05/01/2013 - 09:19 | 3517382 Confundido
Confundido's picture

Where is Bart Chilton??? Why is he not doing anything about this "concern"?

Wed, 05/01/2013 - 09:21 | 3517411 Non Passaran
Non Passaran's picture

If anything, he's consulting the manipulators about best ways to manipulate the prices.

Wed, 05/01/2013 - 09:56 | 3517564 ParkAveFlasher
ParkAveFlasher's picture

He is preparing his conciliatory yes-man monologue to satiate the fringe bloggers and survival nuts.  Bart only knows how to say yes to everyone. 

Wed, 05/01/2013 - 09:19 | 3517390 Doubleguns
Doubleguns's picture

Spring loading for 1600.

Wed, 05/01/2013 - 09:20 | 3517392 mattdubz86
mattdubz86's picture

Classic, ZH, I'm watching live chart on BBG of Japan Gov't Bond volatility to Gold, seems to be the leading indicator here, Japan gov't bond vol saw this about 3hours before 8.

Wed, 05/01/2013 - 09:19 | 3517399 SheepDog-One
SheepDog-One's picture least we got gay players in the NBA!

Wed, 05/01/2013 - 09:42 | 3517511 uno
uno's picture

also FDA approving morning after pills over the counter for 15 year olds.

Wed, 05/01/2013 - 11:12 | 3517926 tsx500
tsx500's picture

yup.   FORWARD !!

Wed, 05/01/2013 - 09:19 | 3517401 Yen Cross
Yen Cross's picture

     If 'Chair Satan' wasn't speaking today I would be shorting the shit out of everything commodity based. The aud/jpy is already down aprox. 100 pips. Even the a/u is down on DXY selling.

Wed, 05/01/2013 - 09:22 | 3517402 unwashedmass
unwashedmass's picture


what's nice is that the boyz are making the price even more attractive on the gold and silver for those doing the May Day buy in....

thanks, JPM, Blythe, Jamie. My kids thank you as I move their college money into physical.

Wed, 05/01/2013 - 09:24 | 3517432 LawsofPhysics
LawsofPhysics's picture

Exactly.  paper promises versus physical possession.  Hhmm, let me think, history is pretty clear on one thing, when fraud is the status quo, possession is the law.  Applies to all physical assets of real value.

Wed, 05/01/2013 - 10:10 | 3517648 Al Huxley
Al Huxley's picture

Let me know if the break in the paper price has any effect at all on what you pay for the real thing.  Because where I shop, the paper price has been COMPLETELY irrelevant since the mid April 'selloff'.  They don't even pretend to index to it any more.

Wed, 05/01/2013 - 09:22 | 3517403 mattdubz86
mattdubz86's picture

at 6am precisely the JYSV0110 CMPN CCY began it's rise, at 8am, gold began its slide. 2 hours heads up.

Wed, 05/01/2013 - 10:44 | 3517784 Gene8696
Gene8696's picture

It's always 8am somewhere...

Wed, 05/01/2013 - 09:20 | 3517404 Headbanger
Headbanger's picture

Yeah great but any drop in ammo prices yet!?

Wed, 05/01/2013 - 09:21 | 3517409 Quinvarius
Quinvarius's picture


Wed, 05/01/2013 - 09:21 | 3517410 caimen garou
caimen garou's picture

paper trading at it's best, use this time to just wipe your ass with it and move along!

Wed, 05/01/2013 - 09:29 | 3517452 azzhatter
azzhatter's picture

I should be getting another delivery today

Wed, 05/01/2013 - 09:25 | 3517419 LawsofPhysics
LawsofPhysics's picture

The thing about commodities is that there is the paper "market" and then there's physical possession.  All I see are paper fucking promises and very few real assets or collateral.  Just like everything else, the paper is burning, let it. Fuck you Ben Bernanke, my tribe and I will be just fine.

Wed, 05/01/2013 - 09:29 | 3517445 IridiumRebel
IridiumRebel's picture

Pass the fuckin's what's for lunch today! i'm fucking paper in the ass. Fuck You Day Traitors. All you are doing is helping to collapse the phyz holdings of JPWhore and Comex. CLEAN EM OUT. TAKE. FUCKING. DELIVERY. NOW.

Wed, 05/01/2013 - 09:44 | 3517510 LawsofPhysics
LawsofPhysics's picture

Exactly, folks don't understand math, much less exponential equations.  The faster it all burns, the sooner compensation will return to those who are actually worth a shit.  Bring it.

Wed, 05/01/2013 - 09:46 | 3517515 IridiumRebel
IridiumRebel's picture

BRING IT. Let's get this thing on!

Wed, 05/01/2013 - 09:27 | 3517430 JohnGaltsChild
JohnGaltsChild's picture

NEWS FLASH....Gold will continue to decline.................................until it explodes.

Wed, 05/01/2013 - 09:28 | 3517449 Al Huxley
Al Huxley's picture

This must be in anticipation that the Fed's going to come out, and 'in light of the dramatic improvement in economic conditions', consider ending QE early, and raise interest rates.  In other fantasy news, we should also be hearing soon about a radical improvement in the fiscal situation, and the expectation that by August of this year a dramatic reduction in both the debt and deficit is expected, as robust economic recovery, coupled with new fiscal austerity in Washington, along with surprisingly high tax revenues this year erases the deficit and puts the Federal government in a surplus position for the first time since the 20th century.  Gold and other commodities are selling off heavily into these and similar fantasy predictions.

Wed, 05/01/2013 - 09:32 | 3517464 IridiumRebel
IridiumRebel's picture

I just fucked a was later revised down to be a diseased donkey.

Wed, 05/01/2013 - 09:37 | 3517483 Al Huxley
Al Huxley's picture

In other fantasyland news, gold and jewelry stores across Asia saw record lines this morning, as retail purchasers,panicked by the sharp drop in the price of gold at 8:00am NY time, rushed to sell their gold and take refuge in the traditional safe haven of the US Dollar.  Many were heard to say they feared that strong action by the Federal Reserve would result in a continuing decline in the price of gold and they wanted to sell off the family treasure while it was still worth something, and simultaneously take advantage of the great rate at which the dollar is currently trading.

Wed, 05/01/2013 - 09:42 | 3517497 Headbanger
Headbanger's picture

Yeah, and my local Dick's Sporting goods had a record line for ammo this morning.

Wed, 05/01/2013 - 09:47 | 3517512 IridiumRebel
IridiumRebel's picture

Last Christmas Mrs. IridiumRebel and I were in Dick's shopping. Nonchalantly at the register she looks at the 17 year old checkout girl and asks, "Are there any more BIG Dick's sales coming?" I handed her the card and walked out of the store before I ruptured my spleen. It was later revealed that she meant to do it. I love that woman. 

Wed, 05/01/2013 - 09:47 | 3517532 edifice
edifice's picture

The cocksuckers no longer sell handguns.

Wed, 05/01/2013 - 09:57 | 3517583 IridiumRebel
IridiumRebel's picture

And we no longer shop there. Hell, I'm leaving CT just outta spite for their dumbass gun laws. Kill em' financially. 

Wed, 05/01/2013 - 13:08 | 3518592 seek
seek's picture

Arizona has vacancies if you're looking for somewhere to go.

Wed, 05/01/2013 - 09:41 | 3517505 Al Huxley
Al Huxley's picture

Retailers in many locations were reporting difficulty in meeting the demand for US dollars, due to shortfalls in supply of the valuable paper currency, and were in many cases reporting that it might be as many as 4 weeks before they could deliver on dollar sale commitments.  Shortages were blamed on hoarding by investors, as well as a serious reduction in dollar production over the past 15 years.

Wed, 05/01/2013 - 09:53 | 3517560 uno
uno's picture

also in fantasyland news, all MSM were critical of Obama and even exposed his Birth Certificate and Social Security Number, saying 'this isn't a real person, only a hologram standing in front of a vocal teleprompter'. 

Wed, 05/01/2013 - 09:47 | 3517531 fonzannoon
fonzannoon's picture

Can gold and silver be selling exactly because they know the fed is going to double down?

I woud give anything to know what is going on behind the curtain at these bullion banks right now.

Wed, 05/01/2013 - 09:59 | 3517557 Al Huxley
Al Huxley's picture

It's just the paper boys fucking with the price pre-Fed meeting. The whole market dynamic's changed under their feet, and the paper market is dead, it just doesn't know it. My local coin shop's selling silver at 29/oz,with a minimum 4 week delivery.  I know they're not an anomaly.  The paper boys are playing the 'sell before the Fed meeting, so the price doesn't jump too much after the meeting' while the physical market completely ignores the paper price.  Even the gold stocks are barely paying attention to the paper market today.  Those dumb fucks apparently never read the story about the goose that laid the golden eggs.  Either that, or they've been driven to the point of desperation.

Wed, 05/01/2013 - 10:02 | 3517600 fonzannoon
fonzannoon's picture

My guy has some stuff. ASE's for $32 and he gets annoyed when I say I think I want them. He has a decent amount of gold at reasonable prices. He must be so annoyed, I check in withhim everyday.

Wed, 05/01/2013 - 10:16 | 3517656 Al Huxley
Al Huxley's picture

Where I shop, they don't even pretend to track the paper 'spot price' any more.  $29, minimum 4 weeks delivery.  Or once in a while they have a few available that you can have 'right now' for 31.  So my spot price is 31, and my 4 week forward price is 29.

Wed, 05/01/2013 - 10:06 | 3517611 new game
new game's picture

the poker game is lacking real chips and soon to be a table turned over and many disgruntled players as many have folded already.

paper smaper; opp to use this manipulation for buy any dip. we know the bottom-rock solid at 1300...

world vote in: 1325 was bedrock solid bottom-lower is paper only and could go below but phys will not.

Wed, 05/01/2013 - 11:24 | 3517972 ActionFive
ActionFive's picture

May Day/Illuminati holiday smack down.

But interesting despite the dial adjustments to commodities by the fed has retail prices staying up in other things than just PMs- gasoline/food. It is to the point where they need to create shortages to hide the printing like the 70s.

Crop damage/mine collapse/oil war

Wed, 05/01/2013 - 09:32 | 3517457 Racer
Racer's picture

And still no gold coins availalble on a major gold coin dealer in the UK.... many, many days of no stock now

Wed, 05/01/2013 - 09:32 | 3517465 mattdubz86
mattdubz86's picture

Another early release of Fed Mins to all the banks? Sounds about right. #GFY

Wed, 05/01/2013 - 09:33 | 3517468 polo007
polo007's picture

Hiding the bad news

What these bankers do with this new money they print is buy government debt, or shore up failing banks or teetering national economies or industries like housing or insurance, part of the policy they call quantitative easing.

They say, and many respectable experts support them, that quantitative easing has saved entire economies from imploding.

They also say — high priest-like — that they must keep the details of their discussions secret because their words could be misinterpreted, and entire markets could move on a misunderstanding.

And they stress they are operating entirely within the mandates given them by elected governments.

That's as may be.

It's also true the central bankers did not ask for the immense power they now exercise.

It was thrust upon them because the private sector made enormous, stupid, ruinous blunders, and because elected politicians were too terrified to make all the deeply unpopular decisions, like whether to let more banks fail, that had to be made when the financial meltdown started feeding on itself.

Politicians, given the chance, kick the can down the road; central bankers act.

But because of their mandate to maintain economic stability, they like to hide the bad news, or obscure it with vague euphemisms.

Wed, 05/01/2013 - 09:37 | 3517487 All Out Of Bubblegum
All Out Of Bubblegum's picture

> It's also true the central bankers did not ask for the immense power they now exercise.

Incorrect. They were jerking off to the thought of it over 100 years ago:

”By the control of its rate of interest and of its issues of notes it would be able to exert great influence upon the money market and upon public opinion. Such power is not now possessed by any institution in the United States. “

The Currency Report By The Special Committee Of The Chamber Of Commerce Of The State Of New York

October 4, 1906

Wed, 05/01/2013 - 15:09 | 3518363 Trampy
Trampy's picture

Fifty-odd years earlier, Meyer Rothschild said in French something like:

"Give me the power to create money and I care not who sits on the throne of England." 

Wed, 05/01/2013 - 09:58 | 3517569 Mr. Hudson
Mr. Hudson's picture

The housing bubble supposedly started with Clinton. He asked Larry Summers what he could do to get Wall Street to like him. “Get rid of The Glass–Steagall Act” was Summers' reply. Clinton took his advice.  Was Summers being pressured by Wall Street, or was he in bed with them? Or, did he shoot off his mouth without thinking about the consequences of what he had just told Clinton? Did the repeal of the Glass-Steagal Act bring about the housing crisis? Who knows? We Muppets will never know the truth.


Wed, 05/01/2013 - 09:37 | 3517469 polo007
polo007's picture

The National | Apr 29, 2013 | 20:46

The Monarchs of Money

The world's central banks have printed unimaginable amounts of money in recent years. Neil Macdonald explores what this means for the global economy and for your financial well-being.

Wed, 05/01/2013 - 09:35 | 3517470 polo007
polo007's picture

Mark Grant sits on the aft deck of his yacht in South Florida's spring sun, ostentatiously relishing his wealth as only an American does, and dispensing advice. He's made his money, and he likes to wear it.

Grant's personality is as big as his mansion and as flashy as his collection of exotic cars — he actually calls himself "The Wizard," a tribute to his own financial acumen.

While we are talking, his cellphone rings intermittently, and the callers are usually serious moneymen. Bill Gross of Pimco, the world's largest bond agency, is a friend; his praise adorns the dust jacket of Grant's recent book.

Inevitably, the callers are seeking investment advice.

A nearly 40-year Wall Street veteran, Grant is currently the managing director of a Texas-based investment bank and the author of a daily must-read investment commentary called Out of the Box.

His advice these days to tycoons and small investors alike is simple and direct. For heaven's sake, seek safety. Preserve your capital. "Keep what you have."

To Grant, the central banks' money printing has distorted the financial universe beyond any sensible dimensions.

The Federal Reserve alone is churning out $85 billion a month, or just over a $1 trillion a year. The combined balance sheets (which reflect created money) for the European Central Bank and the 17 individual banks of the eurozone stand at $3.45 trillion.

Wed, 05/01/2013 - 10:55 | 3517822 Kirk2NCC1701
Kirk2NCC1701's picture

They call him for THAT advice? He must be laughing his ass off.

"A fool and his money are soon parted" comes to mind.

Wed, 05/01/2013 - 09:35 | 3517477 polo007
polo007's picture

Quietly, without much public fuss or discussion, a new ruling class has risen in the richer nations.

These men and women are unelected and tend to shun the publicity hogged by the politicians with whom they co-exist.

They are the world's central bankers. Every six weeks or so, they gather in Basel, Switzerland, for secret discussions and, to an extent at least, they act in concert.

The decisions that emerge from those meetings affect the entire world. And yet the broad public has a dim understanding, if any, of the job they do.

In fact, these individuals now wield at least as much influence over the lives of ordinary citizens as prime ministers and presidents.

The tool they have used to change the world so profoundly is one they alone possess: creating money out of thin air.

There is an economic term for this: quantitative easing. More colloquially, it's called printing money.

Since the great economic meltdown in 2008, these central bankers have probably saved the world's economy from collapse, and dragged it into the unknown at the same time.

The amounts they have created are so vast as to be almost incomprehensible — trillions of dollars in pounds and euros, among other currencies.

At the end of 2012, the balance sheets of the world's largest central banks, those of the G20 nations and the eurozone, including Sweden and Switzerland, totalled $17.4 trillion US, according to Bank of Canada calculations from publicly available data.

What's their legacy?

When the record of the 2008 global financial catastrophe is fully written — that story remains a work in progress — the world's central bankers will emerge either as heroes, or as the people who administered a cure that turned out to be as bad as the disease.

Three of them in particular will go down in history: Ben Bernanke of the U.S. Federal Reserve, Mario Draghi of the European Central Bank, and Canada's own Mark Carney, soon to be the governor of the Bank of England.

That is nearly a quarter of global GDP, and slightly more than double the $8.5 trillion these same institutions were holding at the end of 2007, before the financial crisis hit.

Stock markets have risen on this tide of cheap money. So has real estate. So, arguably, has everything else.

Wed, 05/01/2013 - 10:32 | 3517748 smacker
smacker's picture

Thanks for these CBC articles and links. Great stuff.

The only point that Neil Macdonald omits to mention is that the economic catastrophe which central bankers ("monarchs of money" he calls them) claim to be trying to deal with was largely created by them (Greenspan was the prime culprit) in the first place thru flooding their economies with cheap money, thereby creating a gigantic credit bubble and lots of malinvestment which eventually burst, as all bubbles eventually do.

It has always seemed incomprehensible to me how a crises caused by too much cheap money can be solved by printing even more of it.

Like some others here and there, I conclude that QE/Zirp have not solved the crises, merely held it back. The day of reckoning will arrive. As Margaret Thatcher once said: "you can't buck the markets."

Wed, 05/01/2013 - 11:00 | 3517868 Kirk2NCC1701
Kirk2NCC1701's picture

Maybe you can't buck the markets, but you can do the next best thing (whatever rhymes with 'buck') and make obscene amounts of fiat.

Fiat that you then trade for real assets.

Dumbass masses. I almost feel sorry for them.

Wed, 05/01/2013 - 09:40 | 3517485 buzzsaw99
buzzsaw99's picture

Ladies and gentlemen of this supposed jury I am not making sense.

Wed, 05/01/2013 - 09:42 | 3517496 laomei
laomei's picture

Haha, I love the headlines claiming that demand for gold is "weak".  Yes, let's just ignore the fact that anywhere with gold is selling out day after day after day.  The only thing that's weak is the demand for the manipulated paper.  There are 2 markets going on right now, and the manipulation is going to end up bringing down the house on a few funds once it's revealed.  

Wed, 05/01/2013 - 09:58 | 3517577 Al Huxley
Al Huxley's picture

In other MSM news, war is peace, slavery is freedom, 2 + 2 = 5 and we've always been at war with Eastasia.  Coming up next the Orwellia 5 day forecast, '2 minute hate', and sports!

Wed, 05/01/2013 - 09:42 | 3517509 MFLTucson
MFLTucson's picture

This is so disgusting to watch these mother fucking liars!  What happen to America and when do you want to take it back?

Wed, 05/01/2013 - 09:51 | 3517539 Mandel Bot
Mandel Bot's picture

When you finally get outraged enough, grab your rifle and run outside. If you're the only one there, its not time yet.

Wed, 05/01/2013 - 11:03 | 3517887 Kirk2NCC1701
Kirk2NCC1701's picture

If the shooting starts, may I suggest you first take out all the Baghdad Bobs of economics, finance and business, who were making careers with all the lies. Then the bankers and politicians. And half the lawyers. Just a suggestion.

Wed, 05/01/2013 - 12:14 | 3518314 Trampy
Trampy's picture

The time will be right when you see hungry mobs raiding supermarkets to get food.

Remember "Let them eat cake." ? 

Wed, 05/01/2013 - 10:36 | 3517757 fuckitall
fuckitall's picture

I'll never "be time".  GOs will never "take America back".  Ever.

Wed, 05/01/2013 - 09:51 | 3517553 Odin
Odin's picture

Must maintain illusion, must maintain illusion, mustmaintain illllusion, mustamaintainailllussion.......Weeeeee!!!!! No inflation to see here kids! Just magic pixie fiat for all the children!!! Yayyy!!! Weeeeeee!!!

Wed, 05/01/2013 - 09:54 | 3517554 colin
colin's picture

Dear Mr Jamie, Please can u lower to 20$.

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