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Gold Hits 1-Month High In Aftermath Of Goldman's (And Gartman's) "Slam Dunk Sell" Advice

Tyler Durden's picture




 

Just two weeks after Goldman's "Slam Dunk Sell," report, the price of gold is surging once again. Goldman's Currie (in direct opposition to BofAML's Curry) argument that post debt-ceiling, "... with significant recovery in the U.S., tapering of QE should put downward pressure on gold prices," seems like another round of wishful thinking as physical premiums for gold around the world surge to record highs and spot prices reach one-month highs. Of course, while Goldman had a few days of positive reaction after their call, it is none other than Dennis Gartman who provided the bottom-tick in the latest exuberance.

 

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Thu, 10/24/2013 - 08:33 | 4085619 GetZeeGold
GetZeeGold's picture

 

 

SWISH!!!

 

Nuttin but net!

Thu, 10/24/2013 - 08:39 | 4085640 The They
The They's picture

But can it break 1350? That's the real question...

(I bet it can!)

Thu, 10/24/2013 - 08:47 | 4085677 BandGap
BandGap's picture

Did briefly, then settled back

Thu, 10/24/2013 - 08:49 | 4085685 Top_Kill
Top_Kill's picture

And this tweet from Bill Fleckenstein last night....

 

12h

Bill just now at dinner: If the 10-year can trade back through 3, it's game time... The Fed has lost the bond market - it's totally over.

Thu, 10/24/2013 - 09:13 | 4085763 eclectic syncretist
eclectic syncretist's picture

At the same time JPM tripled its COMEX inventory of eligible gold, from 158063.381 ounces, as of the close of 10/16, to 479563.381 ounces, as of last night.  I guess JPM didn't get the Goldman memo.

JPM buying silver on a regular basis now too.

Thu, 10/24/2013 - 10:33 | 4086122 Manthong
Manthong's picture

How any of these muppet masters are still walking the streets with skin on their hides is beyond me.

Thu, 10/24/2013 - 10:56 | 4086245 PP
PP's picture

Hebei people Thanks Gartman again that he recommand buy Steel and sell gold. Hebei is A Chinese province with 168 million ton steel annual output and make most of air polution to north China.

 Several days ago A boss suddenly flee and left his steel factory and workers in Hebei province. This is common.

Most of Chinese steel trading companies has already bankruptcied and most of Chinese steel factories are on the brink of collapse.

Thanks Gartman, to promote steel and recommand people to sell gold.

 

Thu, 10/24/2013 - 08:51 | 4085696 Croesus
Croesus's picture

Can it break $13,500....or $135,000? That's the real question: 

For an answer, I would pose some questions: 

1. Can the Fed stop QE? 

2. Is Gold a world-class product, easily recognized, in almost every culture? 

3. What is the track record of Gold, versus Fiat? 

4. Why does Gold trade completely unlike ANY other commodity? 

5. Why do all of the mainstream people bash Gold the way they do? 

 

Forget complicated theories....Wall Street's problem....the DotGov's problem...is that they are overly-complicated....think simple. 

Simple math is where you find the answers. 

JMO. 

Thu, 10/24/2013 - 08:54 | 4085702 DaddyO
DaddyO's picture

KISS, the overlooked principle that makes life so much more worth living to the fullest...

DaddyO

Thu, 10/24/2013 - 08:55 | 4085706 GetZeeGold
GetZeeGold's picture

 

 

Simple math is where you find the answers.

 

Dammit......no one said anything about a math test today!

Thu, 10/24/2013 - 09:18 | 4085778 Croesus
Croesus's picture

@ GetZeeGold: 

Fortunately, I have in my hands, a copy of the much-coveted, "Teachers' Edition", so I have all the answers to Friday's test. I'll trade you the answers for your Reese's peanut butter cup...deal? (Okay) 

1. Can the Fed stop QE? (Not a chance in hell, unless they deliberately want to destroy the economy. The Catch-22 is, if they don't stop QE, they'll hyperinflate the shit out of everything, which will destroy the economy anyway.) 

2. Is Gold a world-class product, easily recognized, in almost every culture? (The book answer, wants you to say "Yes"...but it's a loaded question...Gold is recognized in EVERY culture, so while a Yes answer is acceptable, a "No" with explanation is better.)

3. What is the track record of Gold, versus Fiat? (Gold is undefeated. Fiat is the glass-jawed wimp that people 'who don't know boxing' cheer for.)

4. Why does Gold trade completely unlike ANY other commodity? (Gold trades completely unlike ANY other commidity, because "Gold is money without debt". Money without debt attached to it, is the same thing as "money that trades without parasites attached to it", leeching off of it).

5. Why do all of the mainstream people bash Gold the way they do? (Because they're parasites, who serve no productive purpose in society.) 

 

Thu, 10/24/2013 - 10:45 | 4086187 Oliver Jones
Oliver Jones's picture

“This planet has — or rather had — a problem, which was this: Most of the people living on it were unhappy for pretty much of the time. Many solutions were suggested for this problem, but most of these were largely concerned with the movements of small green pieces of paper, which is odd because on the whole it wasn’t the small green pieces of paper that were unhappy.”

-- Douglas Adams (Hitchhiker's Guide to the Galaxy)

Thu, 10/24/2013 - 09:14 | 4085761 Seasmoke
Seasmoke's picture

Croesus, On a nice roll this morning...

Thu, 10/24/2013 - 09:19 | 4085785 Croesus
Croesus's picture

HAHA...yeah, I'm in rare form today, actually...,is it a full moon? 

Thu, 10/24/2013 - 10:42 | 4086107 Pegasus Muse
Pegasus Muse's picture

. The oft quoted corollary:

“The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it.” --- John Kenneth Galbraith

Thu, 10/24/2013 - 12:20 | 4086683 lasvegaspersona
lasvegaspersona's picture

eyeballing that graph gold could break 1360 and still remian in it's 2 year down trend. A year ago it was over 1700. This is not a normal commodity market because gold is not a commodity. A 12 year ramp and a 2 year sharp decline? What commodity has that kind of curve?

This is monetary stuff and the action driving the price of gold is not in the tiny Comex market but in the Forex. In Forex there are always 2 trades XXX/YYY. We we see gold being 'sold by the ton' we are actually seeing someone use their paper gold to buy some currency in the billions.

The only thing keeping this crazy market intact is a few remaining ounces of physical (GLD still has 28 million or 890 tons but that is down from 1350 in January.)

Unless you have some insight into the 4 trillion dollar a day Forex market playing the gold trade will be very dangerous. Just stack some physical seems to be the wisest move.

Thu, 10/24/2013 - 18:16 | 4088228 MeelionDollerBogus
MeelionDollerBogus's picture

BONDS. Gold is acting inverse to bonds & real estate.
Once you realize that it makes perfect sense.
You don't need to know forex on this unless you're buying in one currency & holding in another.
Even then most of the time it doesn't matter.

Thu, 10/24/2013 - 08:36 | 4085633 JPMorgan
JPMorgan's picture

Well there's a suprise! Goldman sending the muppets in the wrong direction AGAIN!

Thu, 10/24/2013 - 18:13 | 4088215 MeelionDollerBogus
MeelionDollerBogus's picture

Wait, goldman LIES?

 

Thu, 10/24/2013 - 08:36 | 4085635 rustymason
rustymason's picture

So, is the gold price manipulated or not?

Thu, 10/24/2013 - 08:45 | 4085646 GetZeeGold
GetZeeGold's picture

 

 

Why would you even think to ask such a question?

Thu, 10/24/2013 - 08:42 | 4085660 SpykerSpeed
SpykerSpeed's picture

According to zerohedge, its manipulated when its going down, not when its going up.

Thu, 10/24/2013 - 08:50 | 4085691 rustymason
rustymason's picture

I have noticed something similar, though it's not limited to ZH.

Thu, 10/24/2013 - 09:44 | 4085876 Jaspergers
Jaspergers's picture

Many here (myself included) believe that it is manipulated when it goes up and down because it is a controlled market (for now). 

Thu, 10/24/2013 - 08:56 | 4085707 ebworthen
ebworthen's picture

That's the push/pull of real demand versus paper smack-downs.

Thu, 10/24/2013 - 09:47 | 4085884 rustymason
rustymason's picture

Where is the edge of the ring? When do we get to see gold break free from the carnival barkers and see gold smackdown GS? Max keiser last year really thought his band of silver vigilantes could break Blythe's desk, but that effort just fizzled, with no explanation about what exactly did or did not happen. Was the effort doomed from the beginning?

Thu, 10/24/2013 - 18:09 | 4088205 MeelionDollerBogus
MeelionDollerBogus's picture

Except now Blythe is out & the prop trading desk is closed.

Thu, 10/24/2013 - 12:23 | 4086701 lasvegaspersona
lasvegaspersona's picture

'real demand'...????

There is no 'real demand' almost 100% of the gold market is for gold derivatives. You could buy tons and not move the price at all. 

This can go on only as long as the physical market and the derivatives market are tied to the ability to deliver actual metal.

Thu, 10/24/2013 - 08:58 | 4085712 Kaiser Sousa
Kaiser Sousa's picture

"We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we have now succeeded. The US Fed was very active in getting the gold price down. So was the U.K."
-- Eddie George, Governor Bank of England, in a conversation with Nicholas J. Morrell, CEO of Lonmin, September 1999

 

now will u 2 asses pull ur heads out of said assess....

Thu, 10/24/2013 - 09:20 | 4085787 RaceToTheBottom
RaceToTheBottom's picture

INteresting quote, thanks.  Now that China is buying up all that gold, why would they act any different than the UK and the US?  They need the gold to become one of the currency players.  With that will come the responsibility to act EXACTLY like the US and UK.

BTW, I hold a large % in Gold/Silver and am looking to increase but I am always asking these questions.

Thu, 10/24/2013 - 09:02 | 4085721 JPMorgan
JPMorgan's picture

Do we ever see huge paper raids that increase the price?

No... we just get assholes that like to dump 800,000 ounces into a London fix / Comex open.

Thu, 10/24/2013 - 09:08 | 4085745 Nothing but the...
Nothing but the truth.'s picture

Spyker - In case you did not understand the whole theme/ thinking behind ZH , it's not a site for sheeple. You would be better off joining up with the likes of CNBC/ Bloomberg , for like minded sheeple.

Thu, 10/24/2013 - 09:15 | 4085766 Kaiser Sousa
Kaiser Sousa's picture

U left out Marketwatch...

Thu, 10/24/2013 - 11:16 | 4086362 Bay of Pigs
Bay of Pigs's picture

And Yahoooooo...

Thu, 10/24/2013 - 19:21 | 4088423 constantine
constantine's picture

Yes, many believe that it is manipulated down not up.  They believe that the natural trend that the manipulators are trying to thwart is the theoretical inverse relationship between the price of gold and the amount of paper money being created.  Given this, whether or not you believe it, why is it inconsistent to only believe that it is only manipulated downward?  

Do you have a similar difficulty in believing that the FED only manipulates bond yields downward?  

Thu, 10/24/2013 - 08:36 | 4085636 ebworthen
ebworthen's picture

Gartman = Shill.

It's written all over his face, his aura exudes it.

Thu, 10/24/2013 - 08:36 | 4085637 Sufiy
Sufiy's picture

They both have great trading records!


Gold Spikes to $1349.00 - Is Initial Claims Report Leaked Again?

Gold has spiked to $1349 well before 8.30 am when Initial Claims Report is scheduled to be released. Is the data leaked again?

Update 8.30 am:

  All jobs' data is WORST than expected again. How can we get on that "Early Bird" email list? It is just getting totally ridiculous, is there ANY rule of law left in the U.S.?

http://sufiy.blogspot.co.uk/2013/10/gold-spikes-to-134900-is-initial-claims.html#

 


September Nonfarm Payrolls Huge Miss - Gold Spikes Up, Data Leaked Again GLD, MUX, TNR.v, GDX

Thu, 10/24/2013 - 18:06 | 4088197 MeelionDollerBogus
MeelionDollerBogus's picture

worse

WORSTER

WORESTERESTER

Thu, 10/24/2013 - 08:38 | 4085639 RaceToTheBottom
RaceToTheBottom's picture

Gold buyers buy gold because they are afraid of the financial system.  GS is correctly viewed as a Muppet mining firm with no redeeming value even as a contrary indicator.

Thu, 10/24/2013 - 08:41 | 4085659 JenkinsLane
JenkinsLane's picture

I like to think of them as a cuntapalooza.

Thu, 10/24/2013 - 08:38 | 4085642 The Axe
The Axe's picture

Gold at a high  Oil at a low..copper trending lower....corn at a lower low...nflx trades at 390 and 315 on the same day...the only thing that make sense is CNBC viewship at a all time LOW

Thu, 10/24/2013 - 08:40 | 4085650 SpykerSpeed
SpykerSpeed's picture

Meanwhile, Bitcoin is over 190 dollars.

Thu, 10/24/2013 - 08:47 | 4085680 dick cheneys ghost
dick cheneys ghost's picture

$190 for an INVISABLE coin?..............

Thu, 10/24/2013 - 09:00 | 4085722 GetZeeGold
GetZeeGold's picture

 

 

They're really packable!

Thu, 10/24/2013 - 09:08 | 4085746 SpykerSpeed
SpykerSpeed's picture

It's spelled "invisible".  And they're not invisible, any computer can read them.

Thu, 10/24/2013 - 09:13 | 4085759 CunnyFunt
CunnyFunt's picture

Nobody likes a spelling Nazi.

Thu, 10/24/2013 - 10:11 | 4086013 superflex
superflex's picture

Let's see.  I can join a pool and maybe mine one bitcoin every two to three months, after I purchase a bitcoin miner or build a computer with enough graphics cards to mine at a decent rate.  Minimum investment for a miner is about $300 and a real nice 'puter with a multi-GPU setup could easily run over $2500.  

Then I get to pay for the electricity these machines suck down churning away at solving some prime number equation.  Built some 'puters in my day and ran benchmarks like Prime and SuperPi which see how fast you 'puter can calculate Pi to 2 million digits.

Guess what Copernicus?  The CPU and GPU get real hot running these excercises and your power draw goes thru the roof.  You can easily pull 300-400 watts while running a benchmark on a computer.  Now run you computer or miner 24/7 for 2 month and viola, you get a bitcoin.  After electricity costs, you are lucky if you break even.

Finnaly, Bitcoin is fiat.  There's no ifs, ands or buts about it.  It is fiat.  All fiat currencies go to zero.  No fiat in the history of man has not ever gone to zero.

Gold and silver have never gone to zero.

End of story.

Good Day!

 

Thu, 10/24/2013 - 18:02 | 4088186 MeelionDollerBogus
MeelionDollerBogus's picture

WHICH is a 25% drop.

To get down to a more fair value of $3 each would repaet this move only 14 more times. Given each of these 1 bad days just a week or 2 apart and in no time when gold is over 3000 / oz btc will be $3 or less.

Thu, 10/24/2013 - 08:42 | 4085658 greatbeard
greatbeard's picture

One month high? Gee, thantks PTB.  Pumble the fucking shit out of gold for two years and the crowd cheers when it's able to raise it's head up off the mat long enough for a "teeth knocked out" grin.  Desperate audience.  Gold isn't going anywhere.

When Volker said the only mistake they  made was not controlling the price of gold, someone was listening. 

Thu, 10/24/2013 - 08:51 | 4085695 GetZeeGold
GetZeeGold's picture

 

 

As we reach a trillion a month in QE....I can't see any reason to own real money....like gold. That's crazy talk there.

 

I'm moving to Zimbabwe bitchez!

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