Massive Sell Order Takes Out Gold Bidstack, Sends Metal To Three Month Lows

Tyler Durden's picture

In what world is it rational to decide that dumping 800,000 ounces of notional gold into the London Fix (or COMEX open) makes sense? In the space of 4 minutes, almost 2 million ounces notional were flushed into the gold futures markets dumping the price of gold to 3-month lows.

This is the 4th down-day in a row and yet another "spike" around the open/close that regulators remains ignorant of.

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kensdad's picture

More cheap gold for the Chinese, Indians, Russians, & Turks.

GetZeeGold's picture

 

 

You can always count on radicals giving away real money for cheap.....they don't know any better.

Stuart's picture

the regulators are not ignorant, they're complicit!  

Pladizow's picture

Q - "In what world is it rational to decide that dumping 800,000 ounces of notional gold into the London Fix (or COMEX open) makes sense?"

A - In Bart SHILtons world!

"Concentration is the litmus test for manipulation." - Ted Butler

 

BaBaBouy's picture

The GRAND SCAM To Protect The PAPER usd Fiats, CONTINUES...

C O N F I D E N C E !!! I Say...

Pladizow's picture

“Whenever destroyers appear among men, they start by destroying money, for money is men's protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked: 'Account overdrawn.'”  - Ayn Rand

Max Hunter's picture

it puts the lotion on the skin

philipat's picture

Take JPM at their word. They are trading for clients. The main client being the Fed. It's perfectly legal so the Regulators can do nothing. The ESF can legally "Intervene" in any market, antwhere.

Perhaps, unfortunately, "Don't fight the Fed" remains prescient??

hedgeless_horseman's picture

 

 

                 BTFDYFI

Arius's picture

Thats all?  ONLY 20 BUCKS?

 

they sold the whole COMEX inventory and all were able to achieve was only 20 bucks ... well if this is the price of a victory, i am not sure how many such victories can they withstand .... good luck pal ....

ejmoosa's picture

And OTOH, buyers were ready to step in and take ALL they had.

Because there are buyers READY to buy.....

SilverIsKing's picture

These types of events reinforces my belief that we are onto something good. *

* Hint of sarcasm within.

PP's picture

if you can't stop those manipulators in the "market", you can stop them in real world, e.g. shot them dead, burn their building, rally, revolution, etc...

wilijones's picture

You assume the manipulators are organic biological entities - maybe skynet has been running things already handing down orders to human messengers which run our shit - you know like the prisoner

wilijones's picture

You assume the manipulators are organic biological entities - maybe skynet has been running things already handing down orders to human messengers which run our shit - you know like the prisoner

Panafrican Funktron Robot's picture

"Real" inventories (to the extent that they are accurately reported) have been steadily leaking after the huge drops we saw earlier in the year, and are now solidly below the 7 million ounce level.  There is less than $9 billion USD paper market value allegedly left of physical gold.

philipat's picture

@hedgeless_horseman

I did, starting at $1900. The problem is, the CB's and BB's are clearly in control and can manipulate this market when and as they see fit. I know this is the psyops result they want to achive, BUT they seem to be winning? The manipulation gets more and more blatant and obvious but they obviously don't give a shiit. They can operate with total impunity.

So why/when will this cahnge?

SilverIsKing's picture

They can only do this while physical metals are still available. Once the physical supply dries up, the paper game will be over. Some might say that there'll always be suckers willing to buy paper and believe they own the real thing and that's true but I don't think that matters. It will be those that want to hold physical that will be the driving force. Fundamentals support higher prices so once the excess 'supply' is taken out of the market, it'll be game on. Until then though, I don't see why they won't be able to contain prices as they have been doing so effectively.

Panafrican Funktron Robot's picture

"they seem to be winning"

They have been successful in reducing the USD price of purchasing an ounce of gold.  The deep thought here is whether that constitutes "winning".  Think about the global move away from the USD as the reserve currency of choice.  Are these coordinated price beatdowns a show of strength, or weakness/desparation?

http://research.stlouisfed.org/fred2/series/BASE?cid=124

Does that look normal to you?  Does that look like "winning"?  Can you say with a straight face that currency protection isn't critically important given that fucking absurd, yet actualized information?

DeadFred's picture

There isn't much room for them to dump it more. There's strong support at about 1220 or so and this dump didn't have much impact. Looks like time to buy in.

RockyRacoon's picture

It has always been time to buy, Monsieur Fred le Mort. 

Some times just takes less toilet paper than others.

StychoKiller's picture

It's KruggerMan!  Able to burn down tall stacks of Fiat with his shiny lustre!

Al Huxley's picture

What a great summary of the treachery that's being carried out in full view for everyone to see. 

Arius's picture

i do not get the point really ... it only subsidies the buyers at low prices at the expense of Joe Sixpac ....

 

otherwise all that nonse of gold being a barometer , canary etc. is just nonsense;

anybody who is anybody doenst need a thermometer to see the patient is dying, all you got to do is to look at how much printing is going on and you dont need gold or bonds to tell you that

Pinto Currency's picture

 

the issue is not price.

it is acquisition of physical.

the price action simply keeps the masses ignorant while the last of the metal is distributed.

Peachfuzz's picture

Walter was wrong. The chinamen are the issue, dude.

SafelyGraze's picture

other than the daily gapping, the market has been functioning normally

 

SafelyGraze's picture

fresnel lens

http://en.wikipedia.org/wiki/Fresnel_lens#Description

deliberately-introduced discontinuities make a curve into a nearly straight line

gappy price = fresnel "market"

 

gjp's picture

What I don't understand is how, with such regular obvious raids and apparent control of the market, PMs ever go up and how they were able to have a 10- year bull market and why they don't just dispense with the pretense and mark it down to zero already.

Dr. Engali's picture

Because that's how the system sucks in the gold off the streets when it needs it. They allow the paper price to elevate to attract sellers, and then all the " we buy gold here shops" open up. People get desperate and turn in their gold and it makes it's way into the system. After that they just manipulate the paper price wherever they want it to be.

Theosebes Goodfellow's picture

~"They allow the paper price to elevate to attract sellers, and then all the " we buy gold here shops" open up."~

 

You mean like Goldman Sachs.

Almost Solvent's picture

The local malls here (upstate NY near Lake Ontario) have not one, but sometimes two or three freestanding "we buy gold here" carts. A chair, a digital scale, and a cash register. That's it! And they must be getting gold because they are multiplying like cheesepopes.

Urban Redneck's picture

b/c they must buy to cover

gmrpeabody's picture

Really..., perhaps that is the most confusing part of all of this. To me , anyways.

lunaticfringe's picture

I asked those very questions. Let me help.

There was not a concentrated effort to stop gold until it reached the 2000 level. Prior to breaking that barrier, the plunge protection team realized that if people fled our asswipe currency- they would land on gold. Gold is also a pretty good harbinger of inflation also- so the PPT/bankers had every incentive in the world to drive gold down. They have been ever since.

So they have found a level where the producers can produce, the collectors can hoard more, and everybody is happy. It's been sideways at this level for quite some time.

Squid-puppets a-go-go's picture

absolutely

the median cost to produce gold is $1200-1300, and they dont want to put the miners out of business - they want the supplyto come to them

remember, when they flip the switch, TPTB WANT gold to rise as much as those that are awake to and reject the system

the higher gold goes after the reset, the more it can hedge against hyper deflation

if they reset and gold stays at $2k - mass deflation occurs. Setting gold at $30-$50k will act as a replacement for fiat bubble prices - and will simultaneously constitute YET ANOTHER mass transfer of wealth from the sheeple to the elite.

tmosley's picture

They didn't start printing money outright until 2009.  They didn't clear all the bulls out of the paper market until MFG.

Those are the two events that have allowed them to take full control of the paper price.

Croesus's picture

Let them take it to 0...I'll still buy, because there's nothing quite as nice, as the feeling of "real Gold" in your hand, wouldn't you agree, Cypriots?

The 'scare tactics' aren't working for most buyers, and we'll keep on buying!

 

ejmoosa's picture

It's not most buyers they are concerned about.  It's the majority and their opinions they are trying to manipulate.

 

 

Theosebes Goodfellow's picture

well said, Mr. Croesus. I can see by your avatar that you are toit. Toit like a toiger.

On a more serious note, Croesus, I don't view any PM purchases I may or may not make, (Fuck you, NSA), as "buying". I view the transaction as a transfer from one currency to another. If I did engage in such an exchange I would be changing from a paper fiat debt-based currency to a counterparty-less metal one. (Fuck you again, NSA!)

Croesus's picture

@ Theosebes Goodfellow:

Indeed you are correct, I am toit like a toiger! Pancake a Schmoke?

In all seriousness, your message deserves 1,000,000 points, at a minimum! If only what we knew was common knowledge.

Tim_'s picture

With the advent of Obamacare, this means that "Israel" will now have access to all of our medical records, too.

NSA 'routinely' shares Americans' data with Israel - Snowden leak

"The NSA regularly shares raw US intelligence data with Israel without even removing information about American citizens, according to the latest revelation published by the Guardian. The report is based on a document leaked by Edward Snowden."

NSA and Israeli intelligence: memorandum of understanding – full document

"Top-secret document shows how intelligence being shared with Israel would not be filtered in advance by NSA analysts to remove US communications"

Xibalba's picture

Goldman/JPM/HFTville just taking advantge of a blind and hobbled sec.  Surprised? 

dontgoforit's picture

Sounds like a good buy opportunity to me!

earnyermoney's picture

blind and hobbled because of the shutdown? LOL

You expect this to stop when the faux "shutdown" ends? Proves the CFTC/SEC are non-essential and need to be defunded like the DHS/TSA.

fomcy's picture

"dumping 800,000 ounces"

Right, while Entire
Comex REG Gold Inventory available for Delivery is 760,000 oz.
So, they are selling what's not available. What a fraud.