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Gold, Silver Surge As Bank Of France Announces "No Gold Sale Plans"
It seems the earlier rumors that the Bank of France may be selling its gold - which had weighed on the price of precious metals this morning in the face of increasing uncertainty among the most indebted nations on the world - have been officially denied. As Bloomberg reports:
- *BANK OF FRANCE HAS NO PLANS TO SELL GOLD, GAUTIER SAYS
And sure enough, Gold and Silver prices just screamed higher.
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the above would be a good denomination for the paper gold price - the eprice
edit: oops, got corrected before posting
These French bankers that are now unwilling to trade gold for Euros do not understand the political capital invested in Europe. They vastly underestimate what the Euro means for the Europeans, for the Euro area.
Ha! Where have we seen/heard this before, think... think...
(something about when fraud is the status quo, and possession being the law)...
French have no plans to sell French gold...now French held German gold, that's another story...
That's a good way to get invaded through the Ardennes again.
Silver jumped 20 minutes before gold.
Perhaps the Bank of France said something about silver.
Now, if they too would only ask for any gold held offshore to be repatriated...
Speaking of France... I have a French Berthier for sale.....never fired...only dropped twice.
Finally. a PM-related ZH article for me to spam!
How about signing a petition requesting Bart Chilton resign from the CTFC and become a whistleblower with regards to silver manipulation?
http://www.gopetition.com/petitions/bart-chilton-resign-go-public-on-sil...
Come on Tyler(s), rally the ZH masses!
After what the French had to do to get their gold from us, was it ever likely they'd sell it?
People are dumb.
@Sofa King Confused
You have to be an ignorant idiot, or a delusional loon to think that's a valid comment.
JC Penney?
Up 10 down 5 is screaming higher?
I can't wait to see what they write when it goes up $5000/oz
Must read: Building a strong economic and financial security barrier for China
http://koosjansen.blogspot.nl/2013/09/building-strong-economic-and-finan...
so....back to flat? I guess in the age of mass manipulation if it's not red it's 'screaming higher'
absolutely. until the ponzi casino burns to the ground, we're fukked. it is somewhat perverse to want the shit to hit the fan, but it's baked into the cake and I'm as ready as I can be so let's goddamn roll already.
>> I'm as ready as I can be so let's goddamn roll already.
Ain't that a crying shame? I know when the shit hits the fan it's not going to be pretty for anybody, but I find myself cheering it on. If there was any option but a rebuild from a crash and burn I'd have hope, but, IMO, there's no other option. Sucks when the greedy mother fuckers who already have more than they, their kids and their kid's kids could spend in a lifetime, no matter how much they squander, continue to amass more, at an extreme cost the the rest of society.
My brother and I talk about this sort of thing a fair bit. The reality is, we can't survive forever, but we can survive longer than most - long enough for whatever happens next to happen. I'm not expecting Mad Max where I exchange a mercury dime for a blowjob and a bag of groceries, but for sure we're going to have varying interruptions.
As for the 1 tenth of one percent, absolutely. This bullshit self serving system will collapse under its own weight, and the assholes who caused it will likely be fine. With any luck we can get some french revolution action going.
exchange a mercury dime for a blowjob and a bag of groceries
Who needs groceries?
Right now you can get a blowjob for a piece of paper.
You can get some anal for diamonds
I guess one asshole's as good as the next if you're rich and queer.
>> survive longer than most - long enough for whatever happens next to happen.
When I lived in the city, a city that was about half ghetto, I figured I'd be ok if I could hold out for two weeks. In a couple of days all the mom and pop groceries and convenience stores would be stripped, then after aout 5 days all rations would be gone. A week or two without grub and even the meanest gansta thug is meek.
I'm not expecting anything max max like, but I do think densely populated, especially lower income areas, will be dangerous hang outs.
Even here in the stix, if things got really bad, say no grid or no diesel fuel, people are no more prepared than city folks, they're just more dispersed. The only downside to being on a hobby farm in the stix, afaict, is the folks are a better shot. Everybody is armed to the teeth anymore, be it city or country, but the country folks get to target shoot all day Sunday in the front yard.
Yes, the negative consequences of the imposition of any ball-and-chain tend to be underestimated --- at first.
They vastly underestimate what the Euro means for the German industry European Industry. Also, the Euro guarantees the bureaucratic jobs of thousands of EU representatives - these people support the businesses of breweries, pubs, high-end restaurants, and gentleman's clubs around Europe. We NEED the Euro
$22/oz Ag continues to be aggressively defended.
Screw you, Gensler.
In what world can you say a $10 move in Gold, ie: LESS THAN 1%, is 'Screaming Higher' ?
That's right, in ZeroHedge world. Just as biased and capable of misreporting as CNBC.
Congrats Tyler, you have become that which you sought to criticise...
When it is usually manipulated lower at ever opportunity, especially in very thin middle of the night trading
Perhaps the headline could have been "... Silver Screams Higher, Gold Later Follows on Bank of France News of No gold Sale Plans"
<<Screaming>> has to do with speed rather than %.
No. Screaming has to do with what I feel like doing after reading sensationalistic headlines that mean nothing.
Gee, I always thought screaming was (a) volume oriented (gerund).
It was a quiet scream. Sort of like a "small BBW".
Yeah. Thanks. Like I needed that mental image in my head this morning.
Silly. That's right sell all your gold reserves for a fraction of your total debt - all of these countries have way more debt than gold reserves. This is just trader-talk.
The smart countries will do a Rickards and weaken their currency by buying gold with it. Either way gold continues to leave the West with total COMEX gold reserves dropping 3% last week.
http://seekingalpha.com/article/1718882-weekly-comex-gold-inventories-total-falls-3-in-one-day
Somebody is accumulating the gold...
excellent. Looking forward to selling the asians my soybeans in exchange for their gold. Bring it!
Sell 'em GMO soybeans for their gold. Really stick it to 'em.
That's just sick! LOL
Yeah that makes no fucking sense. Someone pullout out all the stops to try to get it down. I've noticed the monkey hammer isn't working anymore as the spot price recovers back to where it was very quickly.
Did you see where Rowdy Roddy recently tweeted "They Live is a documentary"? Interesting times, these.
"They Live is a documentary"?
They right.
That movie is up there with books like Animal Farm and A Brave New World as far as I'm concerned.
Watching it as a kid growing up and now as an adult led to such a deeper appreciation.
for 4 weeks straight now, gold gets hammered on monday morning NYC opening time.
4 bloody damn weeks I tell ya!!!
So you've been making money on this trade?
Nobody trades gold here. They all bought from the sands of time and hold till the end of days.
No point surrending now, France.
They sell debt, not assets.
Why all this reporting about historical relics? Not sure how this is relevant to the Dow or S&P setting new records
and who was counting on them to sell it anyway?
do they actually own the real stuff?
In other words, the vaults are empty.
ah maaaan, i was looking forward to some of their melted gold in my hands.
guess someone forget to give them the memo about JPM and the effort to sell all gold/silver to China at rock bottom prices.
guess someone forget to give them the memo about JPM and the effort to sell all gold/silver to China at rock bottom prices.
How can they sell something they don't have? They know anyone buying is going to stand for delivery.
Gold Reserves by Countries
http://en.wikipedia.org/wiki/Gold_reserve
United States 8,133.5
Germany 3,391.3
IMF (International Monetary Fund) 2,814.0
Italy 2,451.8
France 2,435.4
China 1,054.1
Switzerland 1,040.1
Russia 976.9
Japan 765.2
Netherlands 612.5
India 557.7
ECB (European Central Bank) 502.1
Taiwan 423.6
Portugal 382.5
Turkey 375.7
Venezuela 365.8
Saudi Arabia 322.9
United Kingdom 310.3
Lebanon 286.8
Spain 281.6
I am a stacker like all good ZHers, but sorry, just screamed higher.....get real, a whole 3 dollars, ZH is too good to ape the mSM headline grabber shite
It will be a cringeworthy day indeed when the Tylers, on the days when gold and silver fall (even slightly), start talking about the precious metals having been "blowtorched".
They were even too lazy to crop the chart which shows it just 'recovered' its little trip to through the dip
Fuck vous, banksters
1
Yeah it surged after plunging earlier... of course... who dumps contracts that fast that early in the day? It's not margin calls that early. ..and the gov shutdown doesnt cause gold to become less attractive, it should have the opposite effect. ...and the dollar was tanking, and gold along with it? BULLSHIT.
Any time you see a big sell off, then an almost immediate bounce back in price, theres a 99% chance someone is manipulating the price downward. Since spreading out their sales would have netted them much much more money. A 15 yr old amateur trader could figure that out. ..and yes you can account for stops or programmed selling, but often times these violent sales happen while on an uptrend in price intraday.
It might not be the fed, it could be someone buying physical while pushing down the paper price... someone with a lot of money. The banks, a foreign government... etc.
Bart remains frustrated.
...is now being faded as usual...
Officially denying their sale of Germany's gold.
I'm betting it will completely retrace by EOD.
("Hongcha"?) You must be from Taiwan?
Wait for October...it is a delivery month on the COMEX. Should be...revealing!
JPM was called to deliver 40% of their remaining COMEX gold on the first day of October 2013!
http://www.cmegroup.com/delivery_reports/MetalsIssuesAndStopsReport.pdf
179,000 ounces of the 460,000 they have. Ouch!
Anyone know why gold spiked $16 yesterday (6 pm NY time) and got immediately hammerd down? Seems to have happened right at the NY Globex open, according to kitco and pmbull charts.
Ok, here's another question, only this one is rhetorical 'cause it's unlikely to be answered. What kind of chickenshit motherfucker down-arrows a question without providing a reply?
Because the US spending/debt issue was in Congress and getting shot down. Because paper gold promises are printed in infinite amounts to make you think people are not buying the real thing in terror of the colossal stupidity gripping both politics and the banking system.
Also...Christine Legarde. How can anything be stable when batshit crazy never looked so unattractive. It defies logic and destroys all human value systems.
Yep, I'm aware of the cultural reasons. I was sort of looking for more of a technical reason. Morgue algo gone wild or number of contracts dumped ... that sort of thing.
Soooo... an official denial means they will. Right? Or does that not apply to France?
Perhaps Mr Hollande is waiting for a lower price before selling. No, that would be Britain's ploy.
Oh, I give up.... I'm so confused.
Well, gold is back to where it was pre announcement.
Yep... spike fully faded... profits in bank's pockets... bonuses all around... Bart remains frustrated....
fun with silver
dissolve a few ounces of silver in nitric acid
dry out the silver nitrate crystals that form .
a pot of molten black glass sits in the furnace
glowing bright orange almost yellow ,2100 degrees
take a blow pipe ,gather up a fist sized sphere of liquid glass
when the first gather has cooled gather more glass from furnace
roll this molten black glass in silver nitrate, under an exhaust hood
then tool this hot glass into it's form ,the last reheat in reduction atmosphere
draws out the silver into vails of blues greens and metalli luster's
on black glass as back ground ,results can get really cosmic
trying to get some surface detail that look like the northern lights ..
a pot of hot glass, fall in the arctic ..life is good
silver , not just for stacking anymore..
I'll get to all that as soon as I'm done taking out the trash.
gave you + 1
i'll be getting to it in about an hr
sun is just coming up
long silver
disolve it if ya got it ..
Why would I want to dissolve it?
Large London metals trader still caught short on Silver at month end!!!!
the french have no intention of selling their gold because they have every intention of Invading Swiss land for the schweizer GOLD if the Euro ever tanks; if you believe the plans of the Swiss military high command who has simulated an exercise just for this eventuality called "invasion by Saonnia"...to not ruffles french official feathers. Read this :
Un exercice militaire suisse simule l'attaque d'une France surendettée
Lol !
And here are the Buyers:
China, Gold and M&A: Sprott Launches New Offshore Fund with Zijin Mining Group
Eric Sprott not only does the talk, but is doing the work as well - the target size of the fund is 500 mil and it shows that China is not only interested in Gold, but in the Gold and Silver mining companies as well. This is the sign where the money will be coming from in the resource sector. China knows when to sell and when it is time to buy. Zijin Mining Group is the largest Gold and the second largest Copper producer in China and this move shows that smart money are already shopping for the projects to feed their pipeline. We hope that Rob McEwen is keeping his phone line open and has translated Los Azules Copper presentation in Chinese as well... http://sufiy.blogspot.co.uk/2013/09/china-gold-and-m-sprott-launches-new.html#
Eric Sprott: "China Bought 60% of Gold Production Last Month, I Am Buying Gold And Silver Stocks Now." MUX, TNR.v
"Price of Gold and Silver will be the main driving forces for all survived companies. Eric has very bold prediction for Gold going to $2400 by next year: "The most important thing in the precious metals business - the price of precious metals. They all go up if the price of Gold will go up. The question is which one will go up 200% or 500%. If the Gold will go up to $2400, I can bet that the Gold miners index goes up 200%. What we are trying to do: where is the one which will go up 1000%."
And here are the Buyers:
China, Gold and M&A: Sprott Launches New Offshore Fund with Zijin Mining Group
Eric Sprott not only does the talk, but is doing the work as well - the target size of the fund is 500 mil and it shows that China is not only interested in Gold, but in the Gold and Silver mining companies as well. This is the sign where the money will be coming from in the resource sector. China knows when to sell and when it is time to buy. Zijin Mining Group is the largest Gold and the second largest Copper producer in China and this move shows that smart money are already shopping for the projects to feed their pipeline. We hope that Rob McEwen is keeping his phone line open and has translated Los Azules Copper presentation in Chinese as well... http://sufiy.blogspot.co.uk/2013/09/china-gold-and-m-sprott-launches-new.html#
Eric Sprott: "China Bought 60% of Gold Production Last Month, I Am Buying Gold And Silver Stocks Now." MUX, TNR.v
"Price of Gold and Silver will be the main driving forces for all survived companies. Eric has very bold prediction for Gold going to $2400 by next year: "The most important thing in the precious metals business - the price of precious metals. They all go up if the price of Gold will go up. The question is which one will go up 200% or 500%. If the Gold will go up to $2400, I can bet that the Gold miners index goes up 200%. What we are trying to do: where is the one which will go up 1000%."
Holy Shit! Silver is on fire, up 1 cent, and gold is surging lower by 8.20. What does this tell you about .gov shutdown? No consequence, all horseshit! Nothing to see here, nothing changes, business as usual, crash 401's, take profit, fuck everyone else!
I missed that spike while taking a piss
+1
The lid is firmly in place. When will it get away from them?
Buddha knows but he ain't talking.
The lid was open while I tinkled, this market is one big toilet bowl guarded by the plunge protection team.
plunge protection team.
Ar ar ar!
+ another one..
http://fc00.deviantart.net/fs12/i/2006/310/2/0/Plunger_Head_by_FooFMora.jpg
Hold it--
Wait..
There it is, we're catchin a bid again!
wooHoo, up a dime!
Annnnd, it's gone.
trala la twiddlee dee.
Sell it to me frenchy. After all its only a "barbarous relic"!
As if they had any. Poor banksters, nobody trusts them anymore.
Paper certificates don't count. IF YOU DON'T HOLD IT, YOU DON'T OWN IT