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Goldman Says Gold "Slam Dunk" Sell, Ready To Buy All Its Clients Have To Offer

Tyler Durden's picture




 

Goldman, which is the hedge fund best known for originating prop order flow in the opposite direction of what its sellside "research" team tells its clients to do (see Tom Stolper), has never been clearer on gold: "Gold is slam dunk sell for next year because the U.S. economy will extend its recovery after lawmakers resolve stalemates over the nation’s budget and debt ceiling, Goldman Sachs Group Inc.’s Jeffrey Currie said." How the economy will expand, especially with the Fed supposedly tapering (even though everyone saw what happened to markets and the economy at the mere mention of "tapering" the last time around) and eventually ending QE - the only driver of upside market momentum in the past 5 years - was not discussed. What was, however, clear is that Goldman will continue buying all the gold its clients have to sell until the bailed out hedge fund's price target of $1,050/ounce is hit.

Some more amusing commentary from the Bloomberg wrapper article: "[Gold] has tumbled 21 percent this year to $1,322.28 an ounce on speculation that the Federal Reserve would reduce its $85 billion monthly bond-buying program, known as quantitative easing, as the economy recovers." Well, uhm, now that such speculation has been proven false, will gold rebound? Why of course not. Recall that as Paul Singer said, the most direct consequence of soaring gold prices is even greater loss of confidence in fiat, and that is something neither the Fed, nor the BIS' gold selling (we would say trading, but who's fooling whom here) team would be happy with.

To be sure, Goldman is not alone in worrying about the future of fiat.

Currie and Ric Deverell, the head of commodities research at Credit Suisse AG, both said on a panel at the Commodities Week conference in London today that selling gold is their top recommendation for trading in raw materials in the next year. Gold is heading for its first annual loss since 2000, and is the third-worst performing commodity in the Standard & Poor’s GSCI gauge of 24 raw materials this year, after corn and silver.

But going back to Currie, and his floral descriptions:

Once we get past this stalemate in Washington, precious metals are a slam dunk sell at that point,” Currie said. “You have to argue that with significant recovery in the U.S., tapering of QE should put downward pressure on gold prices.”

Of course, the fact that neither is actually happening is irrelevant to the vampire squid, whose last "slam dunk" trade was to buy crude to $150 in the summer of 2008.... weeks before it hit $30.

Finally, as for gold being a slam dunk sell, explain that to JPM, which continues to scramble to get every ounce it can, last night quietly transferring yet another 4,459 ounces of vault gold from Scotia Mocatta to its own vault deep under 1 CMP, which may or may not be for sale.

 

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Tue, 10/08/2013 - 07:57 | 4033280 Save_America1st
Save_America1st's picture

Queue up the muppet pic of Kermit smashed along side the curb...

Tue, 10/08/2013 - 08:07 | 4033297 Leonardo Fibonacci2
Leonardo Fibonacci2's picture

All in a day of doing God's work.........yet the opposite & blasphemous way!!!!

Treasonist cowards with their constant manipulation. 
Erect the gallows, lads.  Once a century or so, it becomes obvious its time to use them again

Tue, 10/08/2013 - 08:12 | 4033312 Rory_Breaker
Rory_Breaker's picture

Great! Discount sale in gold extended for a few more days or weeks.

Funny thing is nothing sells these days unless it's on discount.

Tue, 10/08/2013 - 08:17 | 4033317 synergize
synergize's picture

LOL a US Economic recovery based on what?  Also, what about all that money finally findings it way into the economy?  No thank you i'll buy gold alongside Goldman

----------------

If you are fed up with whats happening with the government - it all stems from one major thing: the government's control of our money.  We have placed in our government the ability to control the money supply and dish out new money to whomever they please (usually their cronies and the banks) and to spend and create that money in infinite amounts to SUPPRESS we, the People.

To break this system we have to bring back real money and thus limit government control over money and our lives.  We can break the system by overwhelming the physical markets and give a no-vote to their control over money - they key is the small silver market.

Join the Silver Pledge - an effort to change the system by having investors join up and buy physical silver - together we can break this market and take back our government.

You can read more here:

http://www.communitysynergy.com/subscribe/silver_pledge_site.html

If you dont like it dont sign up - but for people who are sick of sitting and doing nothing at least lets work together to BREAK this silver market

Tue, 10/08/2013 - 08:42 | 4033349 Arius
Arius's picture

LAST CALL

 

goldman has never been clearer ... all hands on deck whatever we can get from any muppets left, do not care about future muppet business because there wont be any business ....

now they are trying to have a managed debarcation from Titanic ... this is the phase of first class passangers starting to get into the lifeboats while the orchestra continues fearlessly to play music in the back (muppett sell call)

i would say they will try to cap it under 1350 for the rest of the week, then off to the races....

 

this is the LAST CALL before train leaves the station

Tue, 10/08/2013 - 08:44 | 4033365 TheDarkKnight
TheDarkKnight's picture

Hmm

US is going to possibly miss its bond payment date coming up in october. In that case it is a train leaving the station (huge train starts slowly but wait til it picks up momentum) . Bond prices would drop like a rock with yields skyrocketing across the board. FED cant let that happen so you can expect them to continue with bond purchases which means DOW @ 20k

Always front run the fed my friends

 

However in the offchance Ben grows some balls and says fuck off to america and cuts the QE-juice, well then yes LAST CALL is correct but in that case hope you got lots of food and ammo stocked up!

Tue, 10/08/2013 - 08:47 | 4033369 quasimodo
quasimodo's picture

Famous last words, reminds me of the boy who cried wolf but the version where the wolf never appears

Tue, 10/08/2013 - 08:54 | 4033385 Arius
Arius's picture

or the wolf doesnt really exist right? just smt to scare the kids ... lets hope you are right and the wolf is a creation of our imagination ...

Tue, 10/08/2013 - 09:42 | 4033522 Money Maker
Money Maker's picture

Gold just went up over 10 dollars per ounce in seconds..fun

Tue, 10/08/2013 - 09:57 | 4033571 Theosebes Goodfellow
Theosebes Goodfellow's picture

So Goldman has now decided to compete with my skanky local pawn shops, eh? Are they going to have the 8 ft. tall "WE BUY GOLD!!" signs out front as well?

Tue, 10/08/2013 - 12:22 | 4034076 Kirk2NCC1701
Kirk2NCC1701's picture

There's at least one easy way to see if The Gold Man is lying* through its gold-filled teeth:

Look for Price Decoupling between Platinum and Gold.  The Pt/Au price ratio should increase, if... IF the "economy will improve", as they and the IMF claim.

Why?  Because in an "improved economy", car sales will go up.  As will demand for industrial uses of Pt, especially for catalytic converters in cars.

 

* GS Sales Trader (ExtraNormal bears): http://www.youtube.com/watch?v=t3HapmpEEZM

Tue, 10/08/2013 - 13:00 | 4034290 rosiescenario
rosiescenario's picture

......for those here that are older, its the last chopper out of Saigon.....with a few folks hanging off the landing skids...

Tue, 10/08/2013 - 14:39 | 4034842 EINSILVERGUY
EINSILVERGUY's picture

Good reference.

Low point of America. I remebber being 14 and watching the humanity trying to scrabble over the embassy fences, up the stairs just to try and get to that little pad on the top.

I remember the helicopters on the horizon and see in the ones that had just landed with the refugees, many with just their clothes or a small bag, jumping off and the helicopter pushed off of the deck into the water just as another helicopter lands and the prcocess repeated itself. I know the next 5 years sucked until Nov 1980 and we at least thught we had turned the corner

the problem now is we are the refugees and the helicopters aren't coming and wouldn't have anywhere to take us.  Time to start hunkering down like the marines at Khe Sahn. It ain't going to be pretty

 

 

 

Tue, 10/08/2013 - 17:52 | 4035752 SilverRhino
SilverRhino's picture

My only question.  How much gold has been harvested from the Asteroid Belts if ANY?  

Wed, 10/09/2013 - 16:08 | 4039037 Silveramada
Silveramada's picture

FUCK GS, HSBC, UBS, JPM and co....

 

 

Tue, 10/08/2013 - 10:09 | 4033611 halfawake
halfawake's picture

+1000 i wish gold would go down to $1050usd, that would be fantastic. gotta fix my boat first, though.

Tue, 10/08/2013 - 10:47 | 4033759 SilverSavant
SilverSavant's picture

    PM manipulation is theft. It is down dirty dispicable theft.  It sounds so benign, but it is the very worst crime going on in the world right now.  It rewards the thieves and robs the good people who try to protect themselves from the additional inflation theft.  It will end badly, of course you readers all know that.  It is just the sheer perversity and wrongness that is seldom mentioned.   I wish I was one of you poets and comedians, so that I could put this in a way that catalysed action.  This must be stopped or it will tear the world apart and cause the four horsemen to ride like never before.  But what is one to do?   I am more convinced than ever that silver is the lever that can bring these criminals down.   It gives me hope to see that others are learning this too.  It was clear to me more than a decade ago that silver was their only weakness.  When I said it then, it was too early in several ways. I was a believer in the USA, the land of laws and justice.  Now I know there is no justice or law when it comes to the fiat money power of today.

Are we finally in the last chapter of this story?  I submit, that if we use the silver lever, that we can NOW move the financial world in the direction, THAT SUPPORTS GOOD PEOPLE AND PUNISHES THE THEIVES.  Now, can be the last chapter of that story and the start of a much better one.   Every day that passes, means more uglyness and more death in our future as the world of just-in-time supply gets more out of balance.    SILVER, much more than Gold, has always been feared and hated by the Bankers.  When they removed it from it's position as money and forced the gold standard on the world, they basically won a monetary war over the East (China, India, and the region, who all used Silver as their main source of money and who have not forgotten)  It is the One thing that they cannot print and that has been shrinking in supply for 60 years.(don't bother checking this on Google, there is no truth there on this subject.  When you do your own research, don't be fooled by the way they use melt silver as supply either.)   Many do not know that silver is second only to petroleum at being the most crucial industrial mineral. The world will not go on without silver.  The largest supply in the world was held by the US and they sold the last of that 8 years ago and have been grabbing every other available ounce to keep their paper money game alive.  By their actions to hold the price silver down, the Central Bank Owners have created their only Achilles Heel.  Investible grade Silver supply, or in other words, Silver available to be used as money, is 1/10 of what it was in 1980.  At least 50 of the world's Billionaires could buy the annual supply at today's price and output.  If they did, the black suits would show up and so would the shadows on the roof.  That is the only reason that major investors have not done just that. Hoever, they cannot stop the small investors of the West, or the Big investors of the East.  The shrinking supply is daily more visible.  Silver, like gold is moving to the East and to the strong hands in the West.  The day their control of the futures' market slips is the day the world learns what money really is. The price of silver will not be measured in dollars at that time.  You will pay in ounces of gold or silver. 

    Buy Silver if you are tired of being a victim. Buy Silver if you want to hack at the taproot of the system.   Buy Silver if you are ready to take some leveraged action to protect yourself and your loved ones.   One day I look forward to meeting all my friends in my silver family and toasting to our Victory over stupidity and the sociopaths that created this catastropy.   If we survive?   Will you survive?  Extend your arms, lever your effectiveness, buy all the silver that you and your circle can get.  Best of all, don't believe what I am saying, learn for yourself, why Silver is the lever you want to be using, right now, to provide real security in this world of madness.   Silver is the power of Good and the power of the people.  Besides, there isn't a better thing you can do to hurt the bank owners and their big government tools.  Anything else you do, you are playing on their field in their game.  Have you noticed that you always loose?  Are you tired of loosing?  Buy Silver Yesterday. 

Tue, 10/08/2013 - 11:02 | 4033830 HoofHearted
HoofHearted's picture

We did! Now if we can get the damned post office to stop stealing the stuff. I guess Fatty the postal worker has to have something for driving on people's lawns, and the overpaid wages and extravagant benefits aren't enough.

Yes, I buy locally when I can, but when you are able to buy junk silver at 12x face at an estate auction, you take your chances and insure the hell out of the package. Between postal workers and that canoe, I've got nothing left, though....

Tue, 10/08/2013 - 12:16 | 4034020 Jack Napier
Jack Napier's picture

Buying physical silver is both the single most effective form of lawful (for now) civil disobedience and the most effective method of undermining the corrupt ruling power structures which can only afford to function in an environment where money grows on trees. Stop using their usurious luciferian money, embrace real money once again as history shows us will inevitably occur, and take away their power. Silver is also the hands down best way to preserve and expand your wealth over the coming storm. Gold is great too.

But, Rome wasn't built in a day, and it won't crumble in a day. Don't expect a big payoff tomorrow. Don't expect results as long as new dollars are "making markets". The reward will be in buying power when dollars are no more. Anyone looking for dollar denominated profits is cruising for a let down.

The end result will be all other goods in services denominated in grains or ounces of gold and silver as the founding fathers decreed before the traitor Alexander Hamilton fixed the gold/silver ratio under the freemason George Washington's watch. The price of an ounce of gold will either be an ounce of gold, or 10 ounces of silver possibly (floating ratio required for market equilibrium), but a silver dime will buy far more than a loaf of bread after a century of price suppression for the PR campaign, and thus supply depletion which has necessitated IOU proxy substitutes to divert demand that would otherwise break the exchanges.

A bi-metal standard will be necessary to keep things honest - competing currencies - neither of which grow on trees. This cannot happen if people are willing to continue to be slaves to debt based money.

Tue, 10/08/2013 - 13:16 | 4034386 buyingsterling
buyingsterling's picture

Amen. I promise to buy silver.

Tue, 10/08/2013 - 11:56 | 4034029 midtowng
midtowng's picture

My gold buy at 1,200 is looking better and better.

Tue, 10/08/2013 - 08:09 | 4033301 GetZeeGold
GetZeeGold's picture

 

 

I noticed that Goldman has a new kiosk in the local mall......fiat for gold.

They have a pair of pliers attached to a cable....so you can pull out your gold filled teeth. An Obamacare kiosk is right next to it so you can buy your wickedly expensive healthcare plan with the proceeds.

One stop shopping....I like it!

Tue, 10/08/2013 - 08:24 | 4033336 Reader1
Reader1's picture

All right, Sir.  Bend over and say AHHHHHHHH!

Tue, 10/08/2013 - 08:41 | 4033363 Tabarnaque
Tabarnaque's picture

Why isn’t the Comex defaulting yet? The Comex is left with about 23 tons of gold in their registered inventory (as per Harvey Organ’s web site). From this you have to subtract what will be delivered in the month of October. When October is over, they should be left with about 10 tons of gold. This quantity of gold is so ridiculously small that it screams at something evident: The big players in the gold market (I really mean all of them) have all agreed to keep the price of gold as low as they can for as long as they can. If such was not the case then any big player, being a central bank or a hedge fund, could force the Comex into a default this very month of October. All they need to do is buy 10 tons of gold and the Comex is forced to settle in cash. By comparison, around 10 tons of physical gold is sold and delivered every day out of the Shanghai Gold Exchange.

So the question is why doesn’t this happen? Any opinion in the crowd? 

Tue, 10/08/2013 - 08:50 | 4033377 fonzannoon
fonzannoon's picture

Because they are just as happy to settle in cash and not blow up the financial system.

Tue, 10/08/2013 - 11:06 | 4033846 HoofHearted
HoofHearted's picture

Why not? Well, because...well, why don't you talk to the nice two gentlemen over there with their holsters and assault rifles. They would like to remind you how much you love Big Brother, his ACA, and your free telephone. Now you wouldn't want to go rocking the boat when there are some rounds of .223 chambered up right there beside you, would you? You could have a terrible time committing suicide by shooting yourself in the back of the head five times...

Seriously...Bunker Hunt. Look what the criminals did to him when he saw a good sale and tried to take advantage of it. Eventually this will all go to shit, but they will fight you in nasty ways before that happens...

Tue, 10/08/2013 - 11:18 | 4033852 fockewulf190
fockewulf190's picture

I know the Great Reset will be devestating beyond belief, but I will relish the day seeing the blood suckers who work for the TBTF banks streaming out of their headquarters Lehman style. They will be dodging bricks on the way out....if not more. Sorry fuckers, all the waiter/waitress and bar tender jobs will all be filled...thanks in great part to all of you.

PS: Don't forget to make sure you sell any scrap of physical silver or gold you may have in your possesion and buy moar stocks. Your masters will thank you for obeying.

Tue, 10/08/2013 - 09:02 | 4033379 GetZeeGold
GetZeeGold's picture

 

 

The Comex is left with about 23 tons of gold

 

Call us when it hits zero.....it should be interesting to see how they spin it.

Tue, 10/08/2013 - 08:53 | 4033387 TheDarkKnight
TheDarkKnight's picture

I'm guessing they deal far more aluminum and copper than gold to want to carry more than 10 tons of gold.

Tue, 10/08/2013 - 09:06 | 4033412 Arius
Arius's picture

it will be declared when cannot be hidden anymore ... most probably you will get all kind of arm twisting, lies, denials, promise for deliveries which are out of the door etc.

We are talking MONTHS .... THIS IS IT! 

Goldman Slam Dunk call confirms it.  It is their last bullet, never used before at such nonsense when US Gov is contemplaning default....

Tue, 10/08/2013 - 09:00 | 4033402 IndyPat
IndyPat's picture

They can take the gold tooth at the mall...or,recover it from your ashes later.

Tue, 10/08/2013 - 08:27 | 4033340 thunderchief
thunderchief's picture

This wreaks of desperation.
They are not only liars, they are asshole lying liars.

Tue, 10/08/2013 - 09:37 | 4033507 Money Maker
Money Maker's picture

Nah, Goldman Sachs are probably on the hook for 23,000 AIG call contracts at 5 dollar strike. They are desperate AIG stays below 5 a share.

Tue, 10/08/2013 - 11:02 | 4033816 auntiesocial
auntiesocial's picture

do as I say, not as I do... the muppets that get blindsided this time deserve it.

Tue, 10/08/2013 - 13:53 | 4034531 JuliaS
JuliaS's picture

If you believe in recovery, sell gold.

That's fine piece of advise coming from Goldman.

Tue, 10/08/2013 - 07:59 | 4033283 LooseLee
LooseLee's picture

The economy will improve in 2014? How funny.

Tue, 10/08/2013 - 08:15 | 4033313 Jannn
Jannn's picture

Mainland & Hong Kong Net Gold Import Jan-Aug 1154 Tons

 

http://koosjansen.blogspot.nl/2013/10/mainland-hong-kong-net-gold-import...

Tue, 10/08/2013 - 09:42 | 4033466 Bahamas
Bahamas's picture

LooseLee...I think they meant the economy  will improve for the 0,1%

 

Tue, 10/08/2013 - 07:59 | 4033286 NidStyles
NidStyles's picture

They have to force the narrative to keep in their position as the only game in town. From where I am sittting they seem to be trying to move in on the JPM positions and try to take over stewardship of the paper gold.

Tue, 10/08/2013 - 08:02 | 4033287 bullionbaron
bullionbaron's picture

Gold is a slam dunk asset to save in if we could do so unimpeded by government and their taxes (ie as a competing currency)

http://www.bullionbaron.com/2013/10/let-australians-save-in-gold-instead...

Tue, 10/08/2013 - 08:09 | 4033305 Ghordius
Ghordius's picture

from your link: "Fourth scenario: A family is saving in Gold (with intent to purchase a home) from 2005 to 2013 and as a result of doing so their purchasing power has increased due to a strong gain in Gold relative to house prices. Should they have to pay tax on the gain when they sell their Gold to buy the house?"

well, bullionbaron, that's the difference between "civilized" and "barbarous". guess what? plenty of countries in this world that are barbarous enough not to tax "gains" in gold

Tue, 10/08/2013 - 08:17 | 4033318 bullionbaron
bullionbaron's picture

I am not lucky enough to live in one of them!

Tue, 10/08/2013 - 08:41 | 4033359 hedgeless_horseman
hedgeless_horseman's picture

 

 

Just for fun, try offsetting the gains with a loss on sales of your USD holdings.

Tue, 10/08/2013 - 09:00 | 4033404 LawsofPhysics
LawsofPhysics's picture

Quite simply, all taxes are only as good as the ability to enforce them.  Taxes that can't be enforced, aren't really taxes at all.

Tue, 10/08/2013 - 11:12 | 4033866 HoofHearted
HoofHearted's picture

Rather than selling my gold at a gain, I've simply bought with it. Same with silver. I bought a decent 5' x 8' trailer from a guy for $13. Of course each of those dollars was from before 1935, but I've got the bill of sale to prove the sale. Looking to buy a nice zero-turn mower for about $60 worth of gold. It's what the face value says, at least. Take advantage of their bullshit. Buy a house with gold. Let the other guy decide how he wants to handle the gold itself, but find a likeminded individual and spend honest money rather than fiat. I've allegedly bought a few guns with gold, but then everything got lost in that fateful canoe trip....

Tue, 10/08/2013 - 08:00 | 4033288 Its_the_economy...
Its_the_economy_stupid's picture

Mine will not see the light of day for a long time.

Tue, 10/08/2013 - 08:03 | 4033290 alexdg
alexdg's picture

Last call to give up your gold as prices will fake a smash and then rally past 1360 and breakout the LT downtrend. http://cl.ly/RqdK

Tue, 10/08/2013 - 08:03 | 4033291 Grande Tetons
Grande Tetons's picture

From my cold dead hands. 

Tue, 10/08/2013 - 08:12 | 4033311 GetZeeGold
GetZeeGold's picture

 

 

Plan B was suppose to be a secret......how did you find out?

Tue, 10/08/2013 - 08:02 | 4033292 Sleepless Knight
Sleepless Knight's picture

Crash this bitch already, please! There is no economy or free market, just propaganda and hype.

Tue, 10/08/2013 - 09:00 | 4033399 bigkahuna
bigkahuna's picture

Its the global banking cartel's "free economy and free market" and I believe they enjoy our wonderings of when it will end....

Tue, 10/08/2013 - 08:06 | 4033299 rogeliokh
rogeliokh's picture

They Can set GOLD at any price. Paper GOLD supply is unlimited and Paper Spot manipulated by this

f*cking Banksters crew, Paper market cannot be cornered, unless they lose all physical GOLD.

How the f*ck GOLD can keep dropping while US default is around the corner???

Central Planning Bastards.

Tue, 10/08/2013 - 09:05 | 4033414 TheDarkKnight
TheDarkKnight's picture

Of course. Im surprised most people don't realize the price of gold is fixed daily in London at the Rothchild bank.

Tue, 10/08/2013 - 08:07 | 4033300 All Out Of Bubblegum
All Out Of Bubblegum's picture

This can only mean one thing: I'm getting some PMs today.

Tue, 10/08/2013 - 08:51 | 4033380 Mr. Magoo
Mr. Magoo's picture

We all know when Goldman says sell your gold it is the time to buy, because we are in a Bizzaro world

Tue, 10/08/2013 - 08:54 | 4033390 All Out Of Bubblegum
All Out Of Bubblegum's picture

If GS is saying sell and JPM is saying buy, does that mean that GS is selling to JPM?

Tue, 10/08/2013 - 13:23 | 4034425 buyingsterling
buyingsterling's picture

They say sell, but they'll buy whatever you have? Oy vey.

But seriously, doesn't it seem reasonable that gold will trade for 12% below production costs?

Tue, 10/08/2013 - 08:07 | 4033302 Hooter Shaker
Hooter Shaker's picture

Watch what they do, not what they say...

Tue, 10/08/2013 - 09:55 | 4033570 Honey Badger
Honey Badger's picture

Yes, a simple truth that serves one well.

Tue, 10/08/2013 - 08:15 | 4033306 hedgeless_horseman
hedgeless_horseman's picture

 

 

Goldman's research department is kin to CNBC's investigative journalism and Gooogle's secure cloud.

Tue, 10/08/2013 - 08:38 | 4033356 DosZap
DosZap's picture

Bottom line, BUY all you can the upside exponential,whatever GS say's, DO the opposite.We are bankrupt NOW, end of story,forget talks of a debt ceilng,its all over but the crying.

Tue, 10/08/2013 - 08:47 | 4033370 ZeroPoint
ZeroPoint's picture

Exactly right. The price of gold is irrelevant. The only thing that will matter when the system goes down is that you have it in your hand. It DOES NOT MATTER If the dollar ends in hyperinflation or hyperdeflation, precious metals will be the last assets standing.

 

 

 

 

Tue, 10/08/2013 - 08:55 | 4033384 hedgeless_horseman
hedgeless_horseman's picture

 

 

The US Gov isn't bankrupt.  The debt is non-recourse and the asset side of the balance sheet has never been touched.

Oh, the joy of having one's debts denominated in one's infinite fiat.

Tue, 10/08/2013 - 08:56 | 4033391 TheDarkKnight
TheDarkKnight's picture

Finally some reason within the chaos. 

 

Thanks for the insight HH

Tue, 10/08/2013 - 09:17 | 4033445 Kayman
Kayman's picture

It is the exorbitant privilege not a right. The difference will show its hand at the worst possible time.

Tue, 10/08/2013 - 16:00 | 4035222 Greenskeeper_Carl
Greenskeeper_Carl's picture

you guys are all paranoid wing nuts, Dr. Paul Krugman says its not gonna be a problem because we basically owe it to ourselves

Tue, 10/08/2013 - 08:10 | 4033307 Seasmoke
Seasmoke's picture

So after all this time , the Squid still needs more Gold

Tue, 10/08/2013 - 08:16 | 4033322 Papasmurf
Papasmurf's picture

Gold is part of their name.

Tue, 10/08/2013 - 08:11 | 4033308 greatbeard
greatbeard's picture

No doubt Goldman is privy to the next fed coordinated take down.  It's about time for one, the wounds from the last take down are starting to scab over.  Have no doubt, they can take gold wherever they want and Goldman would be in the know about the plan. 

Tue, 10/08/2013 - 08:10 | 4033309 Silverhog
Silverhog's picture

Yes if you own any paper Gold it might be the time to sell. Nice to know that Goldman is watching out for us. Thank you Scumbags. 

Tue, 10/08/2013 - 08:38 | 4033357 Took Red Pill
Took Red Pill's picture

My thoughts exactly. It is paper gold they're talking about, right?

Tue, 10/08/2013 - 08:13 | 4033310 Marge N Call
Marge N Call's picture

My sense is that most on ZH (including me) play Au with physical. I'm still not inclined to sell ANY physical even if the price were to be cut in half; I would in fact buy more. Again I'm guessing that those who stack and buy phyzz have totally different objectives, and psycology, regarding investing/buying/selling gold.

So what effects does this kind of pump/dump have on the physical world other than proving what a joke the paper markets are?

 

Tue, 10/08/2013 - 08:15 | 4033319 Ghordius
Ghordius's picture

answer: a huge flow of physical from the west to the east and the continuation of the "we can't go to gold-backed, there is not enough of it" meme

Tue, 10/08/2013 - 10:23 | 4033666 Bullionaire
Bullionaire's picture

Hee hee - not enough gold.  That one always cracks me up.

 

Thanks Gordie!

Tue, 10/08/2013 - 14:50 | 4034879 buyingsterling
buyingsterling's picture

"There isn't enough of it" translates to: "We've created too much fiat"

Tue, 10/08/2013 - 08:47 | 4033375 ZeroPoint
ZeroPoint's picture

You are exactly right. People underestimate severely counter party risk. When someone else has custody of your asset, you are taking on tremendous risk.

 

Tue, 10/08/2013 - 10:28 | 4033687 Marge N Call
Marge N Call's picture

Which wouldn't necessarily be a bad thing IF there were some premium paid for taking the risk. Unfortunately for them, some people take on the risk (i.e. vastly underestimate the risk involved), without even realizing it. It's a risk-blinded investment, where the "house" keeps all of its options open and the sucker is shocked when the assets "dissappear".

Tue, 10/08/2013 - 08:54 | 4033386 optimator
optimator's picture

They can manipulate gold short term, but not long term, and gold is a long term holding.

Tue, 10/08/2013 - 08:14 | 4033316 papaswamp
papaswamp's picture

Oh please hit $1050. I will snatch up a load of mineral rights at that price from the mines that will shut down. Then the whiplash back the other way will be amazing when the physical supply collapses.

Tue, 10/08/2013 - 08:19 | 4033324 GetZeeGold
GetZeeGold's picture

 

 

For the last 20 years or so I keep meeting people like you and none of them have any gold.....nor will they ever have any.

Tue, 10/08/2013 - 08:26 | 4033342 Ghordius
Ghordius's picture

in my case it's 40 years, and the same story

 

savers accumulate gold, regardless of the price, because of it's qualities. usually slowly, relentlessly

speculators dream golden dreams

Tue, 10/08/2013 - 08:18 | 4033321 blindman
blindman's picture

Bank Failures are “Inconceivable” under the Latest Neoclassical Fantasy
Posted on October 6, 2013 by Devin Smith | 7 Comments
By William K. Black
.
Only theoclassical economics constantly recycles variants of its worst ideas that have proven disastrous when they have influenced policy. Other fields advance because they embrace the scientific method. Theoclassical economists repeat their worst errors because they embrace anti-governmental dogmas that blind them to the inherent weaknesses of the corporate form and limited liability. This represents a dramatic regression in understanding from over 200 years ago when classical scholars like Adam Smith were warning that corporations were inherently criminogenic and likely to produce what we now label “control frauds.”
...
http://neweconomicperspectives.org/category/william-k-black

Tue, 10/08/2013 - 09:07 | 4033422 IndyPat
IndyPat's picture

Thanks blindman. Good info...I missed this one.

Tue, 10/08/2013 - 17:29 | 4035646 blindman
blindman's picture

thank you. there is too much in the world to recognize,
it is that great and that big.
thanks again.

Tue, 10/08/2013 - 08:20 | 4033326 blindman
blindman's picture

KR506] Keiser Report: Working Class Debt Slaves
Posted on October 5, 2013 by Stacy Herbert

Read more at http://www.maxkeiser.com/#q6OCPpLYCxMUhtZG.99
.
http://www.maxkeiser.com/

Tue, 10/08/2013 - 08:18 | 4033327 blindman
blindman's picture

KR506] Keiser Report: Working Class Debt Slaves
Posted on October 5, 2013 by Stacy Herbert

Read more at http://www.maxkeiser.com/#q6OCPpLYCxMUhtZG.99
.
http://www.maxkeiser.com/

Tue, 10/08/2013 - 10:20 | 4033662 Bay of Pigs
Bay of Pigs's picture

Hey blindman,

Is Max still pimping and claiming ZH's Lennon Hendrix's "Buy Silver, Crash JPM" motto or has he moved on to something else now like Bitcoin?

Tue, 10/08/2013 - 17:24 | 4035635 blindman
blindman's picture

of course i cannot and do no claim to speak for anyone,
including myself, but let me say this about it.
max is usually a bunch in front of the rest of the world.
some form of workable digital currency will manifest
and i guess bits coins is the first flush? so there is max.
silver has an historic place in opposing dominant money
interests so, there is max.
i don't think he moved on but is moving, with a strong pulse,
forward, even where there seems to be no way forward.
try not to become victim to those that might torture
the lesser members with buckets of vomit and shite as
liquidity as a medium for water boarding.

Tue, 10/08/2013 - 08:19 | 4033328 eddiebe
eddiebe's picture

We are all muppets now.

Tue, 10/08/2013 - 17:54 | 4035757 Teddy Tenpole
Teddy Tenpole's picture

 

 

Speak for yourself Kermit.

Tue, 10/08/2013 - 08:22 | 4033329 FreeNewEnergy
FreeNewEnergy's picture

I've learned from experience that when Goldman (fucking asshats) says "buy" or "sell" they are signaling that they will do the exact opposite. They will surely be buying and hoarding as much of their clients' gold that they can get.

In the meantime, we all should be buying GODLA AND SILVER WITH BOTH HANDS.

The government is not going to solve any of its problems, and, even if they do, recent history suggests that the fix will be very, very short-term and more crises will arise in coming months and years.

Think long term. Gold and silver are stores of wealth and a hedge against fiat. In my best Jim Cramer voice, BUY, BUY, BUY!

Tue, 10/08/2013 - 10:25 | 4033683 Bullionaire
Bullionaire's picture

I, for one, have been buying GODLA with BOTH NADS for some time now.

Tue, 10/08/2013 - 12:34 | 4034189 akak
akak's picture

What a coincidence, I have been buying LA DOG with HOT B SAND all this time as well.

Tue, 10/08/2013 - 17:57 | 4035765 Teddy Tenpole
Teddy Tenpole's picture

 

 

FUCK YOU GODLAMAN SACHS!!!

Tue, 10/08/2013 - 18:04 | 4035776 akak
akak's picture

I used to be friends with GODLAMAN, but he fell overboard and drowned in a terrible boating accident.

Tue, 10/08/2013 - 08:26 | 4033331 notadouche
notadouche's picture

So the economy is going to just snap back and grow.  Wouldn't that in turn equate to asset and commodity inflation thus inflate the price of gold?  I'm confused.  One day gold is an inflation hedge, then it's a deflation SHTF insurance policy.  Funny how they change the definition to fit the story "they" want to sell.

Oh and by the way, if it's a "slam dunk sell" and Goldman is so damned omnipitent wouldn't there be a dearth of buyers?  If they were "clean as a hounds tooth" in the way they analyze markets didn't they just slam dunk the lack of buyers and shouldn't they be embarrassed if gold, due to the rush of supply to sell on the market along with zero demand of buyers theoretically push gold to zero.  I mean this is Goldman Sachs for Christ sakes.  They are THE EF Hutton aren't they, you know when "we talk, people listen"?

 

Tue, 10/08/2013 - 08:22 | 4033335 Tortuga
Tortuga's picture

So, the banksters buy phys @ x, lease it at y, take the paper loss @ z against fiat profit @ a, and pay bonuses, which are a business expense @ z, thus net more fiat for their political hoars.

 

RICO all banksters, IRS, DOJ, WH bureaucrats, and their political hoars.

Tue, 10/08/2013 - 08:23 | 4033337 Peter Pan
Peter Pan's picture

GS can go and take a flying Fu#$%&* as far as I am concerned. Without an open audit of the US gold holdings and without a statement by the Chinese as to how much they are holding, I will keep mine until further notice and simply keep adding to it.

And even if gold was to fall to $1,050 it still has done better over the last 13 years than most other asset classes.

Tue, 10/08/2013 - 08:33 | 4033350 gatorengineer
gatorengineer's picture

Tell me again how Yellen is Bearish for gold, somebody? anybody?

Tue, 10/08/2013 - 18:05 | 4035778 Teddy Tenpole
Teddy Tenpole's picture

 

 

more pomo means more $$$ on jpm's desk to short it with.

 

Next question?

Tue, 10/08/2013 - 08:36 | 4033353 RealityCheque
RealityCheque's picture

Admiral Ackbar may have something to say about this:

"Its a trap!!"

And at $1050? I think me and a great many others would be happy to add to the stack at that price.

Bring. It. On.

Tue, 10/08/2013 - 08:36 | 4033354 Took Red Pill
Took Red Pill's picture

Do as I say not as I do

Tue, 10/08/2013 - 08:48 | 4033372 The Continental
The Continental's picture

The only scenario in which gold goes to $1050 is a dollar deflationary collapse - a possibility. The US economy is in a DEPRESSION presently and has been since 2008. The US economy is in accelerating collapse, structural and not cyclical. There will be no recovery and there is nothing fundamental in the numbers to support one. In fact, the US economy is in a terminal state waiting for a black swan event to deliver the coup de gras. If a large financial entity is anxious to buy an asset because the asset is in a major bear trend, that is a first - unless of course that entity believes that asset will be temporarily severely undervalued. On so many levels, gold (and silver) are the perfect wealth preservation plays at this time, ways I will not enumerate here. But suffice to say any wealth held in paper is subject to confiscation through inflation, bail-ins, taxes, transaction fees and outright default. At this time in history, where the US dollar is the most leveraged currency in recorded history, where bonds are in the biggest bubble in history, and where the US government is determined to stay alive in its grotesque corpulent bloated state and will grab any and all wealth from the people through any means necessary, holding your wealth in paper is an act of supreme Darwinian stupidity. The paper Ponzi is in it's last days. The entire dollar-based ystem in in full collapse mode. You need only read the numbers and look at Main Street and your neighbors to know how seriously terminal the situation is. If you are not positioned in physical gold when the great reset occurs, you will likely be financially wiped out.

Tue, 10/08/2013 - 08:49 | 4033378 Peter Pan
Peter Pan's picture

If you started building a house and the first lot of bricks cost $1000 per thousand, why would you be unhappy if you could buy the next lot for $500?

I put this prediction by GS in the same place as the Roubini prediction......

Thu, 10/10/2013 - 00:04 | 4040393 flyingcaveman
flyingcaveman's picture

I would be unhappy because there are no fuckin' bricks

Tue, 10/08/2013 - 08:50 | 4033381 SoilMyselfRotten
SoilMyselfRotten's picture

<-----Prices are manipulated

<-----Its all in our heads 

Pre-market:

Platinum: +11.00

Paladium: +8.00

Gold: -4.00

Tue, 10/08/2013 - 08:50 | 4033382 optimator
optimator's picture

It sure must be nice to trade on the news when you make the news happen.

Tue, 10/08/2013 - 08:54 | 4033389 NoWayJose
NoWayJose's picture

Isn't this the same Goldman that loaded up on GLD last quarter?

Tue, 10/08/2013 - 08:58 | 4033396 Antifederalist
Antifederalist's picture

Fuck you Goldman.

You are not welcome in this world.

Eat shit and die.

Tue, 10/08/2013 - 08:58 | 4033397 AGoldhamster
AGoldhamster's picture

In hindsight - next summer around July/August - ZHers will have to concede (whether they like it or not) that Goldman was right.

Gold several hundred bucks lower an oz then. Right now - 1320.

Same for Euro.

Tue, 10/08/2013 - 09:05 | 4033419 Ghordius
Ghordius's picture

"Same for EUR" what, exactly? just curious

Tue, 10/08/2013 - 09:01 | 4033400 MFLTucson
MFLTucson's picture

The US courrption team of JP Morgan and Goldman Scahs need to be illiminated before this country can begin to heal.

Tue, 10/08/2013 - 09:02 | 4033405 firstdivision
firstdivision's picture

I'm taking this research piece and going door to door to buy people's various gold jewelry 

Tue, 10/08/2013 - 09:29 | 4033483 gonetogalt
gonetogalt's picture

Gold up, gold down...doesn't much matter to me...I just keep on mining, always make something. My manager showed up Saturday with 5 oz left out of 8 oz production. (After fuel and labor.)  But, at 65, I'm getting to a point of wishing for a younger partner. I've been here in Guyana for 10 years. It's tough, but a white man can make it here.

Anyone here actually want to bail out and make a new home in the Amazon? Unlimited water, small scale farming, like stepping back in time.

Drop an email to:  ccstalnaker@juno.com

 

Tue, 10/08/2013 - 09:14 | 4033438 DirkDiggler11
DirkDiggler11's picture

Looks like many of the "Muppets" are getting wise to Goldman's BS calls. Spot price of Gold is now turned positive, and silver along with it.

9:14 AM EDT

Tue, 10/08/2013 - 10:33 | 4033703 Bullionaire
Bullionaire's picture

Capped @ 1330.  That's it for today.

Tue, 10/08/2013 - 09:26 | 4033467 Dr. Gonzo
Dr. Gonzo's picture

Does recovery mean everyone works for minium wage with no benefits and has to buy Obamacare with all their descretionary income?

Tue, 10/08/2013 - 09:28 | 4033482 monopoly
monopoly's picture

Just remember, keep your gold, silver out of the system, safe. And NO Boating. Too many of us have lost what we have in the rivers and lakes.

I do agree, that short term, once the over paid children who have temper tantrums come to some sort of agreement, any agreement, gold will move down for a few days as the dollar has its usual false move higher for safety. Ha, that is a good one. A safe dollar. And if it gets anywhere near to 1,100 I am selling the farm, backing up the old truck and will take any and all that is offered.

Tue, 10/08/2013 - 09:31 | 4033491 Sufiy
Sufiy's picture

We know the drill already, just look who is selling and who is buying:


Central banks to add $15B in gold this year


As we have discussed before: we will see very soon who is selling and who is buying Gold this time. We have very important trend change in the Gold market: after years of Selling Gold Central Bankers all over the world are Buying Gold now.  The quote of the day is related to the copper M&A activity from China, but it says it all:


McEwen Mining & TNR Gold: Las Bambas Copper Bidding From China Heats Up TNR.v, MUX, LCC.v, GDX, CU


“It is a good choice to invest in mining assets, which is a much better choice than investing in one government’s bonds – especially when this country cannot guarantee to pay even its own employees”

 Gu Liangmin, head of copper at Minmetals.

http://sufiy.blogspot.co.uk/2013/10/central-banks-to-add-15b-in-gold-this.html#

Gold Smashed Down In Desperation As COMEX Inventory Remains Thin GLD, GDX, MUX, TNR.v

  "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."

Tue, 10/08/2013 - 09:32 | 4033498 bdub2
bdub2's picture

This completely corrupt economic market manipulation is not working out as well as expected, it seems, given that markets are chomping at the bit to expolode higher at the mere whiff of a,,,cough,,,solution. Probably wanted to ramp from 1600 at least. Now, only 1670 to 2000, meh, all in a CONgressman's day's work. It's a living.

If E.T. landed in D.C. and took a shit on the White House markets would rally appreciably. If a Grey sauntered up from a D.U.M.B and bitch slapped Oboy during a Teleprompter diarrhea shoot, markets would strengthen on the day. 

I guess what I'm trying to say, in a subtle way...markets are going higher from here, no. matter. what. happens. in this, or any other world.

 

Tue, 10/08/2013 - 10:34 | 4033708 alangreedspank
alangreedspank's picture

"Gold is slam dunk sell for next year because the U.S. economy will extend its recovery after lawmakers resolve stalemates over the nation’s budget and debt ceiling"

Really ? So the only reason we don't have an "extending" recovery is because of the government shutdown ? Since when has the government been shutdown ? 2007 ?

Tue, 10/08/2013 - 10:48 | 4033778 F22
F22's picture

Bullish!

Tue, 10/08/2013 - 10:57 | 4033806 moneybots
moneybots's picture

Goldman isn't going to buy gold from clients in order to lose money.

 

I guess this means Yellen willl be printing next year.

Tue, 10/08/2013 - 11:16 | 4033877 bozzy
bozzy's picture

Why would anyone give ANY credence to Goldman Sachs? This is an organisation with a long history of deceipt, greed and complete indifference to the lives it ruins.

Worse, it has a revolving door to the administration. Maybe it IS the administration. I am confused as to why it calls itself a "bank" however, since it does not appear to do very much banking. It seems that for a while now it has been that getting a banking licence is really simply just a pre-requisite to get into the fractional reserve scam.

Sometimes I dream of Blankfiends little upturned zombie gob vainly pushing out the last bubbles of his sorry existence under the sole of my foot in a shallow pond.

Tue, 10/08/2013 - 11:27 | 4033915 ljag
ljag's picture

How come nobody has started a dredging opperation on all the rivers of the world? I hear they loaded with au/ag. LOL

Tue, 10/08/2013 - 11:44 | 4033957 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

What scares me about this call is that I have always believed that "we haven't seen the downpayment on crazy yet".  But a statement like "Gold is slam dunk sell for next year because the U.S. economy will extend its recovery after lawmakers resolve stalemates over the nation’s budget and debt ceiling" is getting pretty crazy.

As many others have said, there is no limit to where they can make gold go in the paper markets, but GS is starting to sound pretty desperate.  Its the kind of thing the US president will be saying in the days immediately preceding a currency devaluation or total economic collapse.

Otherwise I'd just be laughing....

Tue, 10/08/2013 - 15:21 | 4035024 buyingsterling
buyingsterling's picture

The limit on the downside exists, at least it does outside the few weeks when the paper market finally melts down: If they take gold far enough below production costs, more people will stand for delivery (no brainer). If they pay off in cash, that works until it becomes news, in which case gold rallies because the vaults are clearly dry. Silver is in the same position, near production costs already. And wouldn't an economic recovery (snicker) mean greater silver demand? Is the GSR going to 40 in Goldman's Sack scenario?

Tue, 10/08/2013 - 11:46 | 4033977 mt paul
mt paul's picture

gold is natures way of saying

you have too much fiat currency...

Tue, 10/08/2013 - 11:50 | 4033987 RaceToTheBottom
RaceToTheBottom's picture

Muppets, Calling all Muppets.

Time to serve your country and give your life to GS

Tue, 10/08/2013 - 12:06 | 4034053 Quinvarius
Quinvarius's picture

It is funny how GS recs sound like internet troll posts now.  Totally devoid of any research or reality.  No class.  Just a nonsensical rant that they repeat over and over with no care as to how tridiculous they sound.  They are the Miley Cyrus of bankers. 

Tue, 10/08/2013 - 13:38 | 4034218 akak
akak's picture

 

It is funny how GS recs sound like internet troll posts now

Made me laugh.

Nonsensical rantificationalizing is the eternal nature of US 'american' Goldmanish citizenism.  Parangongs of monolizing the deceptional means, best of them all.  Same as always since October,8, 2008.  Just have to bear with it.

Tue, 10/08/2013 - 13:01 | 4034301 ThorAss
ThorAss's picture

Gold smackdown tomorrow guaranteed with gold/silver hanging tough and miners selling off. Gold will go straight down under $1300 some time after 4am and 10 am GMT. Wheeee! Not manipulated, it's on a roller coaster track.

 

Tue, 10/08/2013 - 13:02 | 4034310 rosiescenario
rosiescenario's picture

Gold sure to be dropping, especially since So. African supply is going south...I see little press on that subject, but it is an important one in terms of supply.

Tue, 10/08/2013 - 14:41 | 4034841 dragoneyes74
dragoneyes74's picture

Here's the thing about the metals.  I forgot tomorrow is the Fed minutes.  It very well could be a turning point day for the foreseeable future.  We'll see exactly how much buying interest there is.  The rally from the June lows at $18 to $25 was mostly short covering as open interest was falling, so we'll see if the big money was accumulating on this dip or not.  It would be nice to see the COT report from last week, but tweedle dee and tweedle dum are bumping bellies in DC.  While silver looks technically ready to launch, it bothers me that gold is lagging and has stalled two days in a row at its 20-day.   You have to wonder what could possibly be bullish in the Minutes from the "nearly everyone is expecting a taper" meeting, but silver looks great and gold IS making higher lows.  I have about 30 cents of room from my silver entry.  If I'm lucky enough for it to stay that way going into the Minutes, I'm gonna put my stop at entry and hope the bulls are lurking.  If tomorrow is a bloodbath in the metals, Goldman might be right about the next downleg starting. Gold has to close above 1350 soon for the bulls to get any traction. Tomorrow will be very interesting.    

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