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On The 3-Week Anniversary Of The Precious Metals Bear Raid
While the memories of the gold and silver price collapse of April 12/15 are still strong in the cognitively biased members of the business media, few have managed to notice that the last 3 weeks have seen the best run in 21 months for Gold and a complete retracement of the Monday drop (and Fib 61.8% retracement of the entire Fri/Mon drop). It appears the paper-to-physical 'great rotation' continues to gain momentum...
and the paper gold unwind continues..
as the post-Lehman paper gold horde 'rotates'
Charts: Bloomberg
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is it coincidence that gold followers also believe in fibonacci? xD
Only the ones who believe in Fibonacci
Shanghai Gold Exchange has stopped physical delivery.
Problem sourcing gold or gov policy to try to contain the run on physical?
http://www.goldminerpulse.com/v/shanghaiGoldExchangePhysicalDelivery.php
Now what about adding physical gold delivery demand at LBMA, Dubai, Mumbai, Singapore, Hong Kong, etc?
Since December, SGE was pulling at rate equal to total global gold mine supply.
so… does that mean an once has retraced to an ounce?
I might be confused.
I SEE NO REASON WHAT SO EVER FOR PAPER GOLD/SILVER GO TO HIGHER. IN FACT IT *SHOULD* COLLAPSE NOW. DOWN TO ZERO, DOWN TO PAPER GOLD'S INTRINSIC VALUE. ZERO BABY! BRING ME TO YOUR FUCKING FACE!
PREMIUMS WILL BE THE REALL PRICE! $10,000 PREMIUMS!
Flacon,
I sense your a bit angry over your shorts. Your not alone, i am almost used to seeing my put positions lose day after day after day, and being helpless to close out the positions.
I'm all cash right now. Bad shooting star on S&P and other indexes at the moment.
The LBMA does not release physical delivery clearing statistics, let alone trading statistics on physical delivery. Its all a closely guarded statistic. Ideally physical delivery statistics both within the London Market and abroad, and including / excluding the BoE would be nice. But this will never happen.
Furthermore, UK Customs cooperates in masking import and export statistics on monetary gold due to the national interest (at request of the Bank of England).
You could try to infer trading stats in a few ways though...
Figure this out... and you'll have the cracked the code. The problem with COMEX is that it is small compared to the LBMA. Get a handle on LBMA and you'll be able to countdown the day until the crash.
Andrew Maguire who is an LBMA trader estimates 25 tons of physical gold per day are being delivered through LBMA.
" So you’ve reached a point where the lines cross, and the physical market diverges. I have checked the numbers now and we are very close to 1,000 tons of deliveries just this year into Shanghai.
That does not account for the 25 tons we are seeing every day through London. And that does not account for what is being directly purchased through producers. So there comes a point where you get such a discount that this demand increases exponentially. And we are not just seeing the central banks and the sovereigns coming in, we are also seeing some very smart money, I’m talking investment money, coming in (to the gold market as well). "
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/22_Maguire_-_Gold_Deliveries_Into_China_Soar_To_1,000_Tons.html
dup
They don't release statistics? Amateurs! They haven't learned from the government that statistics are better than lies, and even than damned lies. Better in the sense that they can be (ab)used effectively as propaganda tools.
Because that would be actual useful information.
The Golden ratio has been very good to me.
http://knowmadiclife.com/blog/2013/4/8/knowmadic-life-inflation-deflatio...
It's quite possible that the gold price hit was initiated by an entity that wants to detach the physical from paper price. Just a speculation. The timing was just right to meet plenty of explainable Asian physical demand.
Then all roads would lead to JPM, considering the scumbag company accounted for some 90% plus of the selling during that smackdown.
Back when I was a kid we didn't have these fancy ETF's with rehypothicated gold. When you wanted money, you had to be able to touch and feel it. Those were the days!
Didn't Ringo Starr sing something about that; at night I can't see it but I know it's mine?
I don't think he was singing about "the phyzz" but a thumbs up anyway!
Look for the truth in all men's words, even/especially if it isn't intended.
word has it from my eddy jones friend that the drop was just Cyprus selling it's gold on a fire sale. But now he's changing his mind about the price getting down to 1200 like he hoped.
he should be changing his mind.you can't lay your hands on any physical, particularly silver, anywhere in the parking lot of the ballpark of the Comex price.
Maybe actual silver minted coins, but rounds are bars are about $1 - $2 over spot. I just took possession today - only took 7 days.
From where? Silver buyers/merchants all around the world would like to know.
That could be accurate but judging from some of his other posts, he might be full of shit on this as well.
The dealers who stocked up last month paid $28 for silver. They aren't going to sell it to you for $23 because that will end in bankruptcy.
The mugs who went out and bought last week at the same price they could last month and more just because the price plunged on the comex demonstrate a naivety that beggars belief. The only way you an buy at spot is through the central banking system, and the new prices will take time to pass through. It's that simple.
That's not to say that I think they got a poor deal buying at $28, or that they should not have bought silver at all, only that the expectation that dealers would sell gold at less than cost just because the spot price falls demonstrates a total lack of understanding of the precious metals markets, and the basic requirements of retailing.
"The dealers who stocked up last month paid $28 for silver. They aren't going to sell it to you for $23 "
The larger dealers hold their stock on consignment from Perth mint, Canadian mint, etc. The ones that ordered timely have stock, the others have run out. Smaller dealer hold stock at their own risk or are refiners who buy from the mines.
Cash settlement for paper. Get your physical. China and India are. Just say thanks and take it right off the table.
ABN AMRO
I don't see it as a "rotation" (perhaps i don't understand it's meaning). What I see is institutions getting out of the market, most of which is paper ETFs, while physical holders are buying more. In other words, it doesn't seem the paper holders are "rotating" into physical. Can the physical buyers overcome the paper dumpers? I doubt it in the short/intermediate term. Time will tell, but I don't think we've seen a bottom yet.
Or, perhaps, the giants are awakening (as FOFOA puts it).
If I were a giant with gold thirst, GLD would be one of the places I'd look for the yellow thing.
Maybe such giant didn't even have paper gold in first place, and only bought it at the last minute just before demanding delivery.
Phyzz for bitchez.
Paper for bitches.
wait until there's a 25% "retrenchment" out of the NYSE....into the yellow metal....there'll be all sorts of yelling and squealing....
Maria Tubaroni says it ain't gonna happen
Sad that we are done with the JPM vault drama.
At the current rate it will take approximately 6 months before GLD is completely empty.
November 2013 will be an interesting month.
Accumulate as much physical as possible and keep it close during the storm.
The Fed and the BOJ have printed $111 billion in those 3 weeks allowing them to buy all the silver bullion available in the world now (870 million ounces) 5.3 times over.
The most massive printing in human history coupled with the decline in real money (gold and silver) does not make sense at all. But nothing makes sense in a manipulated market.
That does not make sense to the point of being bothersome.
Physical Silver for water purification, anti bacterial bandages, IPhone circuitry, and , America's favorite deterrent, cruise missile innards !
Paper silver - you can't even wipe yer ass properly with that useless trash.
Physical gold ? Storehouse of security.
Paper gold ? Piss poor fire starter.
Other smart commodities to invest in ?
Lead, copper, brass, seeds, hand tools, knowledge.
See all you smart ass paper investors after the bonfire, motherfuckers.
>> seeds
Seeds are an interesting one. I bailed out of the sytem a couple of years ago and, fortunately, am fascinated with growing fruits and vegetables and preserving such. I saw someone mention, I think as a comment on clusterfuck, that it takes about five years to become a good gardener. I'd have to concur with that assessment as I'm mid season into my second year of learning, and I've been an avid plant grower my whole life. I got a very good result my first year and we're still eathing the canned results of year one, but there's no doubt a lot to learn. It is certainly a fascinating journey.
the weather dictates 80% of crop yield
Long heirloom seeds. Veggies are good for bartering. What I can't grow myself (yet) I get for liberty bells -- still get $15 worth of produce per silver half dollar and I'm making friends with real farmers. Yes, I will work/protect the land for as long as I can when the SHTF.
I had a feeling that my nic would prove prophetic.
Owning "physical" might be extended into having a wad of physical fiat paper also. Right now most of my 'cash" assets are just digital records in a bank. That could disappear in a heart beat. We could be facing a deflation hit before the inflation hit. What say you to a purchase of some mason jars?
i called the LCS today to see what he had. from 2009 until now, this guy use to sell at $40/oz over spot, flat rate and that applied to fracs too. so a 1/10 AGE was only $4 per coin over spot.
today he is asking $85/oz over spot.
It seems simple to a simple person like me. Central Banks are buying, Indians are buying, Chinese are buying and everyone I know in America who has sense is STILL buying either gold or siver. Reason? Most are older, over 45!, and have lived through the devaluation of their "money". Too simple? Trust...Enron, Worldcomm, MFGlobal, etc. No fucking way...not ever again.
Funny you should say that... I'm early thirties, been stacking a couple years now. I can count on one hand how many people I have convinced to hedge in PMs... All of my (similar age) friends think I'm turning into a 'yahoo prepper'...
http://www.bullionbaron.com/2013/05/central-bank-activity-contrarian.html
The central bank thing kind of scares me. UK sold theirs at 250 if I remember right.
Also, it just seems too obvious. Everyone's printing money, inflation should be massive, even when papering over the unpaid debt. Usually when it's too obvious it's wrong. Like when the market was up before the election, market killer wins and market continues to go up. Lost money on that short bet :(
I had a small MF global account (it was the platform for etrade) but closed it due to the platform being a pain in the ass. Blind luck saved me 10k.
I did get worldcom ed when they went under but was just starting out so that fucker only got me for 2k.
We have to go through he "mania" stage of the metals bull market. I don't suspect we're there yet. We started with smart money back @2001-2005. Next came the institutional investors 2006-2008. Now it's central banks and sovereigns 2009 to present. The public always buys at the top. The public thinks we're terrorists. When stackers start bangin reality tv stars the jig may be up. Otherwise look for higher interest rates and serious reductions in the national debt to signal the return of the bear. Seriously, does anyone in their right mind see either of these happening in the immediate future?
Things you need to have:
1) Systems - ie collect and purify water, grow or already have stored food, etc
2) Barterable items - .22, toilet paper, alcohol, etc
3) Have a place to go, or be able to defend (with all that that means) your home or bug-in location
4) A group of LMI's (Like Minded Individuals) helps.