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Gold Retraces Japan Liquidation Losses
We commented as it happened that last night's jawbone-inspired flash-smash in USDJPY which triggered what was evidently a major liquidation in gold and silver at the margin was a buying opportunity for the precious metals and sure enough, gold has recovered all of its losses and silver is close.
Charts: Bloomberg
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Holy Diver!
So wait... You are telling me a drop in price didn't result in weak hands everywhere selling out of sheer panic?
Are you telling me weak hands have already sold everything they have?
I have to say, when I was on hiatus from ZH for the early part of 2013 it was because I thought "something is coming". I think its safe to say, massive manipulation is that "something".
On the one hand I would like to see prices stay here for a while, to give a chance to accumulate at this level, but on the other, I can't see prices like this sticking around for more than 3-4 weeks.
No worries, the daily NYMEX slam down is just moments away....
Hey ZH Tyler’s
Why no coverage of the Hong Kong MEx shafting of contract holders?
I’m shocked that this story has been out and no word from my favorite news source!
I hope you guys didn’t take that bribe.
http://beforeitsnews.com/gold-and-precious-metals/2013/05/hkmex-to-cease-trading-will-close-out-cash-settle-open-contracts-monday-2502374.html
It's a non-issue. They closed because nobody used their exchange.
So you believe the offical story? They didn't close. They took out a loan and defaulted on delivery. Something else is going on, and that probably explains why people avoided the exchange altogether. Who knows how many derivatives were associated with it and how much "physical gold" just got vaporized?
Bottom line is, no one knows what really just happened. Only that they defaulted on delivery.
Correct, this is what happens when you flood the world with paper fucking promises and people start demanding to see..., take possession of..., or need the real underlying assets as part of a manufacturing input. Paper is no fucking good if the underlying assets are not fucking real or have been "marked to fantasy".
swissaustrian
Regardless IT”S NEWS!
In their own words, from the source:
(http://hkmerc.com/en/Media-Centre/Press-Releases/HKMEx-Voluntarily-Surre...)
“...all open positions will be financially settled at the settlement price determined by HKMEx and its designated clearinghouse...”
Does not look like no one was using them, does it ?
It looks more like a DEFAULT
First ABN AMRO now HKMEX, next please.
(This probably the real reason for the PM smash, to allow them to settle contracts at the lowest price possible).
That’s what I think!
When ever the story is suppressed it’s not good for TPTB
It sure is a 'good' sign.
Did the Chinese delivery demands kill them?
This site -you linked to- can't even spell Rothschild correctly.
Try this one:
http://www.commodities-now.com/news/14514-hkmex-voluntarily-surrenders-automated-trading-services.html
When, throughout the history of mankind, has "surrender" ever meant a good thing?
>> has "surrender" ever meant a good thing?
She surrendered her virgnity to me.
yes, yes, she surrendered it to several of us...
always like those kind of "team players".
e-recrap
So you believe the story is discredited because of a typo?
Oh sorry did I spell your name wrong?
no crapading, the typo has nothing to do with the content. it tells more about the quality of editing on that site.
"...can't even spell Rothschild..."
try this:
http://silverdoctors.blogspot.ca/2011/07/hkmex-was-founded-by-nathaniel.html
http://www.peakprosperity.com/blog/81469/japan-vs-newton-and-certain-lose
Reminded of K.Bass' nickel collection. Look at the new 2013 Perry's victory nickel er quarter. It is supposedly for Oliver Hazard Perry's victory on Lake Erie, but like with everything connected to this financial system there is a double entendre or shadow meaning. Rather than the North American continent victory, I think this is small reference to Oliver Hazard's younger brother Matthew. He broke open Edo and unleashed the forces of the Meiji restoration, int'l trade, use of a pawn to humiliate and weaken Russia which may have tipped it toward Bolshevism, allowed Anglo-american dominion in Greater East Asia Coprosperity from Vladivostock to Perth, Rangoon to Pearl, and sealed that hyperproductive island as a vassal to the imperium.
http://worldmintcoins.com/2013-us-coins/2013-perrys-victory-and-internat...
We are using the second largest mature economy on the planet as a twin motor in debasement/monetization. Anglo win, Asian lose. That is a well of constant plunder which never seems to dry up. Opposing action in the weak/strong currency acts like a crankshaft for the money masters. Sovereign bond carry trade, loose money stock market rise, short Yen, long Nikkei. Free money. And good work if you can get it. Almost on par with Petrodollar Opec ploy and industrialization-debt money-slave labour run of chugoku middle kingdom.
http://finviz.com/futures_charts.ashx?t=CURRENCIES&p=w1
Just BTFD. That is, if you have any money left from BTFDs at every other level over the past 2 years like everyone on ZH has recommended.
When is a dip a dip and when it's not - that is the question.
Silver is at < 50% the 2011 high and the all time high, that is a dip.
If you don’t have the balls to buy that then get you ass out of here.
Asinine comments such as this shouldn't even deserve a reply, but since you asked so politely...
Read the comment I replied to, before commenting, idiot: people have been buying the fucking "dips" (gold and silver) since the last peak, and now that it turned out they weren't dips at all, they no longer have the cash to profit from this "actual" dip, which btw may well turn not to be one either, if price keeps dipping further...
when gold hits 1200 and silver 17 we will be in a watershed situation.
Until then...anything can happen.
Swings and roundabouts.
Can you elaborate on what you mean by "a watershed" situation? Or are you just another effusive prognosticator?
>> are you just another effusive prognosticator?
My vote goes with effusive prognosticator. They seem to multiply at the same rate at GS shorts.
Well, silver is an industrial metal (along with many others that need to be mined/processed from ore) and a very real input for several manufacturers. There is a very real energetic cost to mine all industrial metals. Bankrupt the miners and the available supply goes to shit. Manufacturing shuts down and there has certainly been at least one constant thoughout history; that is, when goods and services stop crossing boarders, troops will (WWIII). Would be one hell a "watershed", don't you think?
The question really went to why FP thinks the watershed happens at a silver price of 17 as opposed to 19 or 12 or something else. But thanks for standing in as his stunt-double on the witness stand.
I think the watershed will be lower, I'd have to do some homework on the real cost to mine and processing the ore. In any case, most are energy intensive and rather dirty processes, so it can't be much below $8-$12 an ounce (which is the last time I bought physical). Standing by with dry powder...
It's not over yet. $1300 will be breached soon and we shall have a $1200 handle at least. For silver, $20 will be taken out and we shall be back in the teens...
I hope you're right.
Everybody loves a clearance sale.......
Charts are not sacred, there are lots of exceptions to various algorithms and all their variabilities. Volatility will be more severe, and we have seen $100 price swings in short time spans. An inflationary recession/depression looks very likely when people will be struggling for survival.
oh really, numbers below 20 are the teens. how fascinating
Will you get in trouble if you buy below 18?
you'd be guilty of taking unfair advantage of a miner?
Apmex is advertising $27 per 1 oz ASE; a 25% premium over paper. Close to $26 for 500+ orders. And don't forget delivery charge.
We're not as close to the teens as one may believe.
"For silver, $20 will be taken out and we shall be back in the teens..."
And then we'll have to listen to MathMan crowing about it even though he was 2 summers early.
Give MethMan his due; after all, he did predict 35 of the last 2 corrections...
Everyone who speaks or writes does so with some end in mind... some objective they wish to accomplish.
When people suggest gold or silver will rise/fall to some specific fiat value point in the future I pause and wonder… what is their objective in writing those words?
Phizzle for Shizzle today. Whips out wallet...
Realizes there's no money left in it, just gold coins that are worth 27% less than what he paid
Only if he sells them now.
>> gold coins that are worth 27% less than what he paid
And you know how much was paid for said gold coins how? If my memory serves me correctly, they were selling gold coins at $600 also.
My coins weigh the same as they always have. What is this 27% you're talking about?
Oh, you mean valued in fiat. How quaint.
"Only six hundred more an ounce to go!" wouldn't surprise me one bit if the Fed itself was the buyer "speaking of tonning it." the truly awesome power of monetary policy has never been more on display than now. "a Fed chairman that can conjure up an economic recovery"?! Gtfoh. Did someone say "no exit strategy"? Hahahahahaha. That's a good one too. The only thing left is for The Sphinxer to part the Caribbean and tell us all "follow me to your island paradise."
Did u mean sphincter?..
How much bullion was sold? Answer- Not a fucking ounce!
EGG XACTLY. Hey! Hey! Hey! Do the Paper Shuffle!
A shitload was sold. You are aware that ETFs actually do own gold, right?
You got beef with stackers, and you'll drop that beef just like you dropped all that bullion you bought at $1800/$50. Weak hands. Gerbils have 2-year memories. Human beings, a little bit longer. Which are you?
Maybe we can meet outside the New York Fed and have a couple of beers downtown and watch when Germany pulls up with a couple of U Boats off shore to take their phizz back home. That outta be a hoot!
Das Boot?
http://www.youtube.com/watch?v=suY06PVK_bI
My gold coins are like patrons of Hotel California...they can never leave.
Japan has been asked to do the work of the Devils Bernake/ Dimon
asked?
Japan isn't doing anything for anyone.
They may be content that it appears that way, but ultimately Japan is in it for itself. They are so far down the dead-end street, that at this point they don't care who pays - as long as it is someone else.
Soros buying PM Miners.
http://www.arabianmoney.net/gold-silver/2013/05/20/george-soros-switches...
Abuses them, uses them, then snatches them up, and loves them in the darkness. My preciouses...
Yep, orchestrated smash and grab, with the hopes of increasing the elite's control of both existing supply, and future supply.
Ultimately, if they have to run a gold/silver mine in order to make/produce money, so be it. That is a lot better for society than currently, where they can create money out of thin air!
What I am saying is, people are upset that the elites will own a big % of the gold mining post-facto. Well, right now they own 100% of a printing press, which is much more profitable and powerful. I say we destroy the printing press first, and cross the next bridge (an unusual concentration of mine ownership in a few hands) when we come to it.
After this corrective rally, I will be ready to short gold once again.
Paper or physical, there is a difference.