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Furloughed Government Workers Selling Gold, Silver?
While gold prices remain above their pre-Un-Taper levels, they have been monkey-hammered once again this morning as the world awakes to a US Government shutdown for the first time in 17 years. Silver has retraced all its post-Un-Taper gains and is holding at those lows. It seems the department of precious metals selling has been deemed essential... or are the furloughed government workers all selling their gold?
Of course, for the conspiracy fact crowd, this makes perfect sense. On a day when the foundation of the USA is shown for its farcical reality, what better signal to the world is there than a US equity capital market rally and barbarous relic selloff to signal the status quo is as strong as ever?
and sure enough, it's getting worse...
It seems - given the weakness across all commodities that a deflationary impluse is being priced in...
Charts: Bloomberg
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(Have the right charts and) this is exactly what should be happening. Unfortunately, the precious metals space is occupied by bugs, who have too much emotional baggage and vested interests.
One day they will most certainly be right, but none of them (or anyone on either side of the divide) have a clue when that day will actually come into being. We all laughed at what seemed like hideous predictions for the Gold price at the beginning of the year. Maybe we shouldn't have been so quick to scorn the 'masters of the universe'.
Gold $1100.00 - $1150.00, Silver $15.00 - $16.00 before I'll contemplate buying again. That's what the charts are telling me.
I agree with you, Elliot wave ananlysis predicts just that too. People have to sit this bumpy ride through, patience is rewarding.
On the brightest side, I will be able to buy more SIL and PSLV when the PCRA money gets disbursed this year.
The fact that over many years TPTB around the world spend so much desperate effort to supress the price of gold and silver should be evidence enough that you should own and hold as much as you can get your hands on.
For whatever reason TPTB have shown that the price of gold and silver are very very important them.
Hold gold and silver because TPTB are desperate that you do not buy or hold gold/silver.
When gold hits $300, and silver is at $5, it's BUY! BYE! BYE.
I actually did buy at those levels.....funny I didn't see you around.
I would have noticed you....there weren't that many of us.
Furloughed government workers are not the ones selling gold/silver. They use Bankster consultants for those important tasks.
Focus on the real problem!!!!! Rather than the reactionary release…
One thing I fail to understand is that why most analysts are recommending the purchase of Gold as a safe investment? The problem today is that the price of Gold is not derived by it's physical demand or supply but more by the speculative positions standing long or short on the commodity exchange like any other traded commodity, stock or currency.
The basic mechanism of price discovery (based on demand and supply for actual use) of anything traded on an exchange has been terminally infected by speculators having access to unlimited funds and super fast computers for trading leading to volatile price swings. This has been made worse by the launch of ETFs for anything and everything under the sun by the financial community.
The price of everything including Gold is likely to suffer when the speculators unwind their positions due to some event that they have not anticipated or foreseen.
http://www.marketoracle.co.uk/Article40231.html
Price discovery
Real collateral
Real valuation through debased Accounting
We are a way from having this solved. The Accounting one is the one that worries me. Even after the biggest bailouts of the history of the US, and they still could not reinstate real Accounting standards....
Wow we are up a creek.
So the government can shut down but the FED still prints $85 billion monthly. Should be bullish for PMs.
This is amazing. Ben can stop printing, Obama can't protect his petrodollar pals because the sheeple are finally sick of wars, and now the they shut the government down!!!!! Gold should have rallied.. this is total bullshit. Hopefully the wheels are finally coming off. September was a terrible month for the dollar, here is an article on how the dollar did in September. A Bad Month for the Dollar
http://homment.com/goldprice-manipulation
Gold Manipulation: With China On A Week Long National Holiday - Furloughed Government Workers Selling Gold, Silver?
What a timing! Gold is smashed big time again and it is so convenient that China is on a week long National Holiday now. It is such a shame that CFTC can not find any signs of Gold & Silver market manipulation. We could not even think that 800,000 furloughed Government employees are such big Gold savers and holders up to this day...and Have to Sell Gold today to cover the delay in paychecks. Can we safely assume that US Dollar will dive now below 0.80 and FED is already in the damage control mode? All resources are lined up to defend this line in the sand for US Dollar - below 0.80 it can experience the Waterfall stage. With Government shut down is only an opening to the Debt Ceiling gambit, we can expect more FED moves defying the normal laws of gravity for US Dollar. We will keep you posted Who is Selling and Who is buying the cheaper Gold & Silver this time.
http://sufiy.blogspot.co.uk/2013/10/gold-manipulation-with-china-on-week.html#
Yes, by all means liquidate all of your gold holdings and pile into US Treasuries LOL. Every time there are structural issues in the US that would indicate a loss of CONfidence in the US and the US dollar (ie; paper) I see posts here that people are liquidating their gold to repay xxxxxxxxxxxxxxxx. Yet no one ever liquidates their worthless paper to repay xxxxxxxxxxxxxxxxx. Funny how that is itnit?
stateside
Bart remains frustrated.
The shutdown cuases 300 mil or so of deflationary pressure per day. This is 9 Billion a month. A little more than (-) half of the untaper.
Punshiment for all the Tea Party people that own gold from the powers that own Obama. All the gold bugs that are hedging themselves against a phony market. These wild gaps are intentional and are sending a message........
Best not try and fit news to price. The market is short Gold. Period.
You do know this is a bear market ?
The 'invisible hand' has proven it needs no government workers anymore. The façade can be burned down.
The charts I use have been 'on the money' so far and at the moment there is still plenty of supply available at reasonable premium to spot for retail buyers. Just look at the ads at the top of ZH. from time to time.
On a different tack, I was laughing out loud the other day when one of the Gold bugs wrote that he now believed that the Chinese may have been the manipulators of the Gold and Silver prices after all. Doh! That should have been obvious to anyone with half a brain, long before.
die fast....
No news and plunging.. Standing applause
Gold and Silver play far to great importance to the truth of currency, bond AND equity value - Therefore, MUST destroy to keep the lie alive. Precious metals have no chance of EVER running to historical highs till the keepers of the kingdom are seen running to the airport with bags of those commodities in hand. Only then, will you see true price discovery.
The reason for the PM drop is the jobs report this friday, or the updated Fed minutes from August, or Futures options delivery, the 2nd revision of the GDP from last april , or the non voting Fed speaker thursday morning, or the possible Taper in Nov,Dec, Jan , Feb , Mar, Apr, May ...................just forget it until "they"go long. what do you expect from a fascist system anyway?
it must be a good news for USD
Good buying opportunity. When the shut down ends, think of all that back pay and catch up Ben will need to print...Billions and Billions moar to prevent a deeper depression and try to keep the housing market from correcting to its true [market] value.
... seriously, what the hell. I'm all for them making buying opportunities though in linked-stock.
Let me guess, everyone is backing up the truck and paper/physical are disconnected lol.
obammycare aint cheap, gots to pay for it somehow, thanks stinking statist dems
Is this a joke? One million sellers vs. 1 billion Chinese buyers. Obviously without the govt providing jobs there will be deflationary pressure but a free market can only be good for the US economy in the long run.
PS. I admit I smiled a bit when I saw today's gold (paper) price. I don't expect to survive the zombie hord anyways.
But apparently they are rushing to buy natty hand over fist like hotcakes as if there is going to be no tomorrow!
Do TELL!
Please. Owning gold implies that one is smart enough to save.