Gold Monkey-Hammered Below $1300

Tyler Durden's picture

The initial ramp-and-revert in gold (and silver) prices gave way to a $20 price collapse once Draghi began speaking - as if someone decided that Draghi's speech was somehow 'credibility-providing' for the status quo... we assume this move is reflective of Draghi's 'dis-inflationary' warnings (though th einitial move seemed sparked by the better-than-expected GDP print - so Taper on?) What the un-reflexive jerk in precious metals fails to see - it would seem - is the need for the European central bank to reflate by whatever means possible that deflationary trend...(even if the Fed slows, it will be back soon enough). Gold futures saw volume explode as he began speaking (and US GDP pronted) but price plunged and volume legged even higher as Draghi mentioned the 'd' word...



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BoNeSxxx's picture

Oh now this shit is just funny

HoofHearted's picture

Thank you, Super Mario. I can now buy more with the same number of USD fiats!

CrazyCooter's picture

Anyone else feel like they are in a lawless alternative realtity written by Weird Al ... ?



DeadFred's picture

Speaking about alternate realities, I came across this a couple days ago and wondered "what would make the euro and gold crater like that?

El Oregonian's picture

I LOVE a "Christmas Sale" day!

The Phu's picture

Ya, I just BTFD'd myself.  Thanks Super Mario and Aunt Janet!

Deo vindice's picture

A very good overview of why America is like it is. The smashng of PM's is just one part of the big game and it has been going on for a long time.

It's called the grinding of America.

dark pools of soros's picture

What dip? You mean the long deep valley dip since it peaked over $1800? If you think a $20 drop is a dip then a $500 one should have you buying everyday right?

ArrestBobRubin's picture

Yeah. That gold stuff is strictly for jerks.

TeamDepends's picture

On todays episode of As The Debt Churns, Draghi opens his mouth and drops gold $20, Barry gets a visit from Reggie Love, and Valerie Iranian Mole Jarrett burrows another tunnel under the White House.

HardAssets's picture

Naw . . its co-authored by the ghosts of Joe Stalin and Adolf Hitler

Honey Badger's picture

I wish is was lawless.  It is only lawless for those at the top.  The law is applied harshly to everyone else. 

Croesus's picture

@ CrazyCooter: 

C'mon you could you throw that out there, but conveniently forget...."Wheel of Fish"?


P.S. I still upvoted you...just for the awesome reference. 

P.S.S. - The Phylis Weaver's of the world, are those lost souls, riding-high, celebrating BTFATH...

They will get..."What's IN the Box"... 

Smile and keep stackin', my friend! 

GetZeeGold's picture



The Chinese fiscal welfare train just keeps on a rolling.

Central Wanker's picture

Thank you, Super Mario.

It's Hyper Mario

Who Laughed's picture

Anyone know what's going on with the spell checker at ZH??
Has anyone noticed over the last few weeks especially?
I'm starting to think it could be an attempt to discredit the articles and their composers...

CrazyCooter's picture

That is the NSA in the middle there, trying to see how educated you are so they can classify you. Give em a few weeks or so, they will get the bugs worked out.



Muddy1's picture

Here's the take from Yahoo News:  

Fed ‘Backed Into a Corner,’ Low Rates and QE Here To Stay: Belski

"Quantitative easing doesn't work."


Note to Belski, et. al.:  No shit Sherlock.

Big Johnson's picture

Fuck you Steve Leasman

ArrestBobRubin's picture

Make that Liesman. Talk about your apt surname eh?

JustObserving's picture

Gold and silver immediately fell on the 2.8% US GDP data at 8:30 AM not Draghi saying something:

The American economy grew 2.8% at an annualized pace in Q3, accelerating from Q2's 2.5% pace of growth and coming in well ahead of consensus estimates for 2.0%.

Xibalba's picture

It trades on headlines, not supply and demand fundamentals.... 

Stuck on Zero's picture

That figure of "2.8% at an annualized pace in Q3" is just as valid as the inflation numbers. 

SheepDog-One's picture

'GDP' now just a direct measure of central bank infusion of cash to central banks. 

Headbanger's picture

Bingo!   It's taper-on now as the 10 Year Treasury  yield is showing:

HardAssets's picture

They fell because they made it fall. All the rest are just cover stories.

Just check out their usual 'waterfall' so-called 'price' chart.

Seen it all before.

HardAssets's picture

This all reminds me of the stories from WW2 before the D Day invasion of Europe. They made all kinds of fake tanks and artillery ,etc out of paper mache and produced bogus radio traffic of troop movements to fake out the Germans.

The 'prices' we see, might as well be made out of cardboard.

Tall Tom's picture

Not cardboard..but close. It is paper Gold that has declined in price. Great deals are here. Stack while you can.


Please put some more pressure on that Jeffery Christian, jerk, over at Comex. Sooner or later the holders of Paper will demand delivery. I like to have a Camera in the room when that happens. I want to watch his face in total shock and horror when he sees that he ruined CME Group singlehandedly.


But what I really want to see is moves in the US Treasury Notes (Direction does not matter too much.). Since the Interest Rate Swaps have been levered to the hilt even minor changes can have major affects. When that goes out of balance that will bring CME Group, and the entire Gambling House, down, crashing into rubble and ashes.


It is just a matter of time. It is only a matter of time. And time is running very short.


Thanks Mario Draghi. Hopefully your announcement will collapse the entire system since they were not expecting the shock. Hopefully the shockwaves will set off the collapse.


Other than that...Have a great morning all...

Canadian Dirtlump's picture

all the gdp number from the ministry of lies was, was the current excuse to print up a bunch of metal and dump it on the market without regard for price in the slightest.


Bring on the collapse already for shit fuck sakes.

Tall Tom's picture

Get real. Gold tanked as the USD strengthens. Euro Currency Traders dumped Euros and bought the "Safe-Haven" US Dollar.


This happens every single time that a Major Foreign Currency is devalued. It is clockwork. It is a reaction to a stimulus.


It is just another buying opportunity for Gold as the Fiat Currencies of the World approach their true intrinsic value of ZERO. other news...

LawsofPhysics's picture

Just say "thank you" and go about your stacking...

F-Tipp's picture

We all know what the end looks like. I'm with you - the more time I have to convert my hours of work to PMs the better.

game theory's picture

but check the production levels in China before you do that...

LawsofPhysics's picture

why, none of that gold will leave chinese vaults, ever.

Non Passaran's picture

Of course, they are producing more so that they can dump it all on the market @$999 and make their existing stockpiles... Oh, wait.

HardAssets's picture

Numbers crunchers often believe that the numbers they have are real. Or they would have nothing to crunch.

What if theyre not . . . and we dont know how much PMs the Chinese have or produce ?

Would there be a reason they wouldn't tell the truth about that now ?  (I'm sure you can think of a few.)

Pemaquid's picture

It's beginning to look a lot like Christmas! Buy the dip!

Running On Bingo Fuel's picture

$750, or thereabouts.

But today let's buy some twitter guys, OK? Finally make some confetti rather than complain about slamming.


GetZeeGold's picture



He's the Jon Nadler mini-me!

Tall Tom's picture

Who is complaining?


I will never buy Stawks. I do not buy into dishonest. What happens to Ill Gotten Gains?


They vanish. "And they're gone...gone...gone...gone. I'd like to meet you in a time..timeless place. Somewhere out of context where there are no consequences." ~ Anonymous


Fight Club..bitchez!!! Watch the end. It is fantastic.

Winston Churchill's picture

November 17th. is the day to back up the truck if they stick to form.

OPEX 18th.

unwashedmass's picture


i wanna get in here and buy, but there's this horde of Chinese in front of me!!!!!!!!!!!!!!!!

Calculus99's picture

You have to laugh. Just like any old bit of news is a good excuse to ramp  stocks, any old bit of news is good enough for a PM smackdown.



You WANT lower prices, lower prices will

a) Enable you to quietly add at cheaper prices

b) Get more and more people bearish

c) Force all the weak longs out

d) Enable the manipulators to switch from the short to long side, ie yours and their view/position is now alligned! And yes, the manipulators will switch because they're all about making money, up or down it doesn't matter


Yes it's hard right now, yes it's crazy watching all the money printing wherepaper assets hit new highs and  value assets like gold hit new lows. But hold on!

greatbeard's picture

>> But hold on!

I remember that being the rallying call during the tech meltdown. 

GetZeeGold's picture



So do I....was buying gold under $300 at the time. Seemed the logical thing to a hell of a deal on the shipping.


RockyRacoon's picture

Remember when gold hit $500?   I thought I must be insane to be buying at that price... but I did anyway.  It took a lot of faith to forge ahead -- just like it does now.  It was too "expensive" then in the mind of the average fella on the street and it's the same now.  It will always seem to be priced too high, until it's not.

Hulk's picture

I know folks who bought in at $300 and never bought anymore because they thought it was too high!!! 

saltedGold's picture

I wasn't buying gold back then, but I was buying silver at $5.  Silver was $5 forever it seemed.  I remember my wife giving me a hard time for buying silver at <gasp> $8!  She thought I was an idiot and I should wait for $5 silver to return.  I'm sure there are a lot of people out there waiting for $5 silver and $300 gold to return... I wish them luck.

greatbeard's picture

I got my PHD in Tradenomics during the tech meltdown.  It cost me a bundle but I still remember the lessons learned.  And yes, the choir was singing "hang on!!! hang on!!! all the way down.

>> ....was buying gold under $300 at the time.

Yeah, gold only briefly made the journey below $300, but it's amazing how many people got on board there.  I think I'm the only bug out there without a big old bag of sub-$300 gold.

I bought my first eagles at $461, including premium, and my first silver at $7.59, including premium.  I still have the receipt.  I made my last purchase @ $1,200, but that was some time ago.  Still have every bit of it, but that doesn't stop me from voicing my opinion.