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Gold Slammed Down... Er, Up Again: Another BLS "Leak"?
UPDATE: Sure enough, just as we joked, the entire slide has been recovered and now gold is surging. There is, of course, no news in what is apparently just your garden variety HFT-sponsored stop hunt.
Just as we predicted over an hour ago, when we said that "just like on day when Europe is closed we still get a ramp into the European close, expect at least several vacuum tube algos to jump the gun at 8:29:59:999 and try to generate some upward momentum ignition in stocks and downward momentum in gold" it seems the algos who are the only ones trading in the liquidity-free hour decided that the non-existent non-farm payrolls data that otherwise would have hit in 15 minutes should have been better-than-expected and produced a Taper-On reaction from the Fed. Just as we see oh-so-many times in the pre-London-fixing period, precious metals are being slammed lower out of nowhere on no news. The machines, it would appear, caught the signal and decided US equities deserved a modest haircut on that un-news also... of course, as usual with the payrolls data, we would expect this kneejerk reaction to be rapidly reverted.
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and its back up..
it seems that without non farm payroll data, the automatic-smash-HFT-robot goes crazy
It is beyond its aglo...
I got like a buck ninety up over here.
Algo1. News?
Algo2. We don't need no steenkin news
$5 is hardly a slam.
$50-100 is serious business.
It's NOT EVEN PAPER GOLD Any More,
It's Fucking CPU vs CPU Flash Memory GOLD Now...
Like I tell my trade partners "I don't give a shit what those idiots 'think' gold is worth, This is MY gold and this is what I'll trade it for." So far so good and no complaints. Everyone of my trade partners understand the B/S of the manipulators.
Gold is back in the green! These pigs are desperate to keep the system afloat. They will come to an agreement sooner that most think on increasing the debt ceiling. The Muppet politicians will bow to their masters. The USD is toast and there is nothing they can do to save it.
OT Must Read:
Check out a story from Frontrunning this Friday morning:
http://www.bloomberg.com/news/2013-10-03/fbi-snags-silk-road-boss-with-o...
It's about the guy who was running the Silk Road site. Under the subtitle "Austrian Connection", I love how "Austrian Economic Theory", and the "von Mises Institute" are given an honorable mention in connection with a guy who ran a site where dopes could buy dope.
Thoughts?
Those libertarians! We always knew they were evil!
Just like in breaking bad, that one meth cookers notebook had a Ron Paul for president sticker in it
Perceptions management
Got propaganda?
von Mises Institute....
Nice of the Feebs to tell the masses where all the cool kids hang out!
Austrian economics scares TPTB so they are going to try to discredit anything along those lines by any means possibe.
Your view of Silkroad is rather simplistic, IMHO, which is the kind of thinkint TPTB rely on.
This is an attempt at guilt by association, again relying on most people's simplistic and erroneous 'understanding' of the monetary system we all suffer under.
Hope this helps.
Austrian connection my ass.
"From a Google profile associated with the account, the FBI learned that Ulbricht had an interest in the Austrian school of economics and the Ludwig von Mises Institute -- an Auburn, Alabama-based group that functions as a center of Libertarian political and social theory, according to its website.
Agents made a connection between Ulbricht and Silk Road: In justifying the site’s existence, its webmaster made regular references to Austrian economic theory and the teachings of Mises."
So basically we should all distance ourselves from Mises and the Austrian school? LOL. The other week a poster (not a regular) here tried to compare ZHers to Al Shabaab? Its a typical smear job. In pro wrestling, you would have a famous wrestler against a less famous wrestler. The less famous one is said to get 'rub' from working with the more famous one. That is, they become more well-known.
In this case, the FBI is trying to use DPR to give 'rub' (of the worst kind) to the Austrian School and von Mises. (IMO)
On one hand we have a non-coerced market where buyers and sellers come together.On the other hand we have a controled 'marketplace' where you are compelled to buy what you are told what to buy. The former could sell drugs,which may cause harm. The later sells armaments and weapons that are designed to kill thousands at a time.
Caveat Emptor.
edit: need new keyboard (Thank-you very much WB7)
So people who buy illegal drugs are dopes but the people that buy legal drugs are patients? Thoughts? You are a sheep...
ABC Bank: Run On The FED Highlights The Importance Of Gold Reserves
http://koosjansen.blogspot.nl/2013/10/abc-bank-run-on-fed-highlights.html
This rebound is finally looking like there are more shorts than longs in GLD.
Algos reacting to phantom data release. Perfect.
Buy gold. PS suck it NSA
1321 now. woo hoo
(whatever)
It was just a fire drill....you can go back to whatever you were doing now.
Keep your barbaric relic which was created in the explosive death of a star and has unique properties, I have these nifty FRN's with pretty pictures which prove they are real money.
FRNs are actually very much like gold in that way!
Vast quantities of them are created in the explosive death of a failing state, and ejected outward in all directions at high velocity.
As they die, both stars and states grow suddenly larger. It is easy to misinterpret this sudden growth as a sign of health, and assume it will continue indefinitely.
Wrong.
GS forgot to reprogram their algos. Nothing to see here. PS fuck you Bernanke!
Walking in a Limbo wonderland!
Walking in a Limbo wonderland!
The real story behind all manipulation: there is No Gold for delivery left:
Gold Smashed Down In Desperation As COMEX Inventory Remains Thin
Now we have the report from Jesse which shows us the reason for the recent run on the Gold. Game of the musical chairs is unfolding in front of our eyes, there is no Gold left for deliveries as China is taking everything availible from the system now. The very existence of Gold bullion banks fractional reserve system is under question now. http://sufiy.blogspot.co.uk/2013/10/gold-smashed-down-in-desperation-as.html#
Gold Manipulation: With China On A Weeklong National Holiday - Furloughed Government Workers Selling Gold, Silver? GLD, SLV, TNR.v, MUX
"What a timing! Gold is smashed big time again and it is so convenient that China is on a weeklong 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."
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%." This summer we had the capitulation in Gold and Silver stocks with the following turn around and now we are looking to the Eric Sprott and Rick Rule for guidance to run this new Bull. China will play the very important role in this big picture, according to Eric."
This is a delivery month. Goldman has to purchase low to make delivery. It happens the same everytime.
BitCoin Last price:$132.29667
BitCoin Last price:$132.29667
Gee... that Silk Road thing really destroyed it.... NOT!
They can't keep it down forever
forever, no....a long ass time......?
>> .a long ass time......?
Yes, expect it. What it costs the con men to keep gold capped is a pittance compared to what they are skimming. It's like paying off a very cheap crooked cop.
So is the consensus here gold won't be going up substancially in the near future? I was hoping at least by the end of this decade the chains would come off and the real value would emerge. Is that unrealistic?
Until the GLD inventory is sold to Asia - at the current rate that would seem to be another 3- 5 years.
The whole pound it down on open is getting rediculous... someone just buys it all, and yet they try each day...
When are we going to have a zerohedgers convention? That would be AWESOME and so much fun!!!
That would be a gas, but we'd have to do it like a flash mob, or else the Feds would have cameras and mics in every crack.
You must be kidding right? The NSA would jump on this opportunity to Drone all of us… Remember: In the eyes of the power that be Zerohedge readers are terrorists. ;-)
So if you agree to refund me for all the paper I sell you at a low price and we split the real gold we get below market, do we have a deal?
Eh, equities are up, as is TNX.
"Default risk, you say? Why, that's a sure sign that I should be BTFATH with hands over fist! Rally on, dude! Like it's either 1929 or 2007!"
....possibly someone waiting for the next slam down to execute a large order just to slap the manipulators in the face and make them look like dorks. That would be hi-larious.
1410 by end of today?
Although hopeful, not a chance in hell.
no BLS jobs data due to the government shutdown....so CNBC is now literally making up the jobs numbers and has a bunch of CNBC hosts sitting around a table talking about it....ridiculous.....
however, is no different than before.....
And LIESman saying, this is the way the BLS does it!!!
Can someone please point me to power outlet powering these drone dealers so that I can unplug it.
My theory is this: Gold suppressed, miners slammed, media hype promoting paper.That's now.
Next: Gold actively bought, miners bought, media supportive of gold, paper linked to gold.
Much like JPM advising clients to sell gold in Qtr 1 & 2, while buying as much as they could. Ethics is not their strong suit.
A lot of people, and their machines, are buying the dips, but only the machines know when the dips will occur and how long they will last. Every day, if the timing is just right, a lot of money can be made on seemingly simple 60 cent moves in price.
Silver is approaching 22.
Quick, reprogram the algos.
Dennis Gartman is a knob. I find it absolutely astounding that anyone would put their money is his hands. Same for Ackman.
Treasury officials' position on US gold reserve:
http://www.marketwatch.com/story/why-uncle-sam-is-hoarding-gold-2013-10-04
I was just going to post that as well! Makes you wonder why gov't would rather default than give up it's gold. Either they see it as extremely valuable or they don't have any!
Here's my theory: if you have been paying attention, the world bank released data showing the US and Germany have zero gold, it has all been leased out. France's numbers are low as well (see Harvey Organ). So, if all the gold is leased out, the bullion banks are on the hook for the gold.
The Chinese and Russians, etc bought their gold, it isn't coming back. Have you paying attention to all the JPM and other bank bad press? Here we go again. The bullion banks will renege on getting the gold back, because there isn't any available. The FED will confiscate gold in their possession ( probably why so many are bringing it home) to make up for it, but this will be litigated in courts and I would be surprised if it doesn't land in the hands of a few specially connected elites.
The dollar is instantly trashed and the final transfer of wealth will be nigh. We will keep what we can defend, but the government will attempt to enforce all debts "of the American people" or "we pay our debts".
The new system will demonize the reckless actions of bankers and their paper money with all faith backing and insist on a new basket of goods (gold, silver, etc), resources (energy, water) and some faith backed digital currency that has greater control through secure networks (no more cash).
Gold and silver will become "national assets" that belong to the people of the nation to be used as governments see fit. With huge penalties for those that break the new law.
The question is: will we accept it?
I am eager for someone to create a Physical only price index. I bet it will come from the Brics not the established powers as they want this info hidden.
Maybe some way to count only physical sales, to develop some ongoing view of the amount in excess physical buyers will pay over paper. Or if they have it, it should be communicated more.
i was really hoping ag and au would break below 1300 and 20 one more time for some more stacking. oh well.
And then....back down again.
Interesting Admission by Treasury that I'm surprised hasn't been posted by Tyler to the front page, that the Treasuryis not going to sell any of it's gold, even if US defaults, because it would "undercut confidence in the US both here and abroad"..
Not exactly on script there
http://www.marketwatch.com/enf/rss.asp?guid=%7B88006214-2c5e-11e3-bfab-00212803fad6%7D