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Furious Gold Slamdown Leads To Yet Another 20 Second Gold Market Halt

Tyler Durden's picture





 

What do the following dates have in common: September 12, October 11 and now, November 20? These are all days in which there was a forced gold slamdown so furious, it triggered a "stop logic" event on the CME resulting in a trading halt of the precious commodity. In today's case gold trading was halted for a whopping 20 seconds as the market tried to "reliquify" itself following what was a clear attempt to reprice the gold (and silver) complex lower. Needless to say, there was absolutely no news once again to drive the move. Ironically, this comes just as the London regulator is launching an investigation into London gold benchmark manipulation - we are, however, confident that all these glaringly obvious manipulative events that take places just around the London AM fix will be routinely ignored. After all it is perfectly normal for someone to dump 1500 GC contracts in one trade and suck up all the liquidity from the market with zero regard slippage costs, or getting the best execution price possible. Well, it's normal if that someone is the Bank of International Settlements.

Since there is nothing new in the narrative, here is what we said last time this event happened just over a month ago:

What is Stop Logic? Basically, it is a the mother of all stop hunts, which takes out the entire bid stack and continues until such time as there is absolutely no liquidity left in the entire market! From the CME:

Stop Logic detects potential market movements caused by the triggering and trading of Stop orders where the resulting price move would extend beyond an exchange specified threshold.

 

The triggering of Stop orders can potentially exaggerate price movements in temporarily illiquid markets. When triggered Stop orders attempt to move the market to an executing price beyond a pre-established value, a Stop Logic event occurs. Stop Logic detects these situations and responds by placing the identified market in a Reserved state for a predetermined period of time, usually 5 to 10 seconds, depending on the instrument. During the Reserve period, new orders are accepted and an Indicative Opening Price (IOP) is published, but trades do not occur until the Reserve period expires, thereby providing an opportunity for participants to respond to the demand for liquidity. At the end of the Reserve period, the instrument will re-open and matching will resume.

 

When a futures contract designated as a lead month contract experiences a STOP Logic event, associated options markets are paused and Mass Quotes canceled.

 

Stop Logic will not prevent markets from ultimately moving in the direction of the order flow, but allows time for liquidity to enter the market so that new orders can be matched against the triggered stop order(s).

Of course, the liquidity we re-enter at a time when the prevailing price has been reset substantially lower on what is basically a "banging the open" type of event, or in this case market open, when one or more traders attempt to generate the well-known "momentum ignition" event so known to HFT algo manipulators everywhere.

Most indicative is that this is taking place less than 24 hours after the FSA announced it was investigating precisely this kind of gold manipulation. What's the saying... "in your face"?

And, as usual, capturing this moment of epic manipulative smackdownness which took place precisely at 6:26:40, here is Nanex showing both the 20 second trading halt and the evaporation of all liquidity following the forced sell of 1500 GC contracts pushing the price of gold over $10 lower.

1. December 2013 Gold (GC) Futures Trades.
 

 

1b. December 2013 Gold (GC) Futures Trades - Zoom 1.
 

 

1c. December 2013 Gold (GC) Futures Trades - Zoom 2.
The 20 second halt shows up clearly.
 

 

2. December 2013 Gold (GC) Futures Quotes.
 

 

2b. December 2013 Gold (GC) Futures Quotes. Zoom 1
 

 

2c. December 2013 Gold (GC) Futures Quotes - Zoom 2.
 

 

3. December 2013 Gold (GC) Futures Depth of Book
 

 

3b. December 2013 Gold (GC) Futures Depth of Book - Zoom.

 


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Wed, 11/20/2013 - 08:12 | Link to Comment markmotive
markmotive's picture

Is bitcoin a better alternative than gold?

The Future of Bitcoin - Bust, Bubble or Breakthrough?

http://www.planbeconomics.com/2013/11/the-future-of-bitcoin-bust-bubble-...

Wed, 11/20/2013 - 08:18 | Link to Comment firstdivision
firstdivision's picture

Really!?!?  You're entertaining the idea that some electronic fiat is an alternative to a physical asset?!?

Wed, 11/20/2013 - 08:21 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Who's halting this crap?

 

I was just seconds away from getting the deal of my life!

Wed, 11/20/2013 - 08:29 | Link to Comment negative rates
negative rates's picture

Shut down on a whole $10 move down, priced in much?

Wed, 11/20/2013 - 08:31 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

I think they're holding a little back for the Black Friday sale.

Wed, 11/20/2013 - 08:48 | Link to Comment Pemaquid
Pemaquid's picture

One would think that a little transparency - revealing who is doing the smash downs - would put a quick stop to it. Or is the system too far gone for that?

Wed, 11/20/2013 - 08:54 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

 

Oh no......we never talk about that.

 

It's sort of an unwritten rule.

Wed, 11/20/2013 - 09:11 | Link to Comment chubbar
chubbar's picture

First notice day for delivery is next Wednesday and if over 3.5% of contracts take delivery the Comex will be in default. You can bet your ass that there is going to be a war on in an attempt to liquidate the longs. Fucking assholes.

Wed, 11/20/2013 - 09:31 | Link to Comment PP
PP's picture

Can we blow out those manipulators physically? I mean give them some bullet or explosives? Physical PM owner can not sell short.

Wed, 11/20/2013 - 09:34 | Link to Comment Pool Shark
Pool Shark's picture

 

 

And yet; Silver hardly budged...

 

 

Wed, 11/20/2013 - 11:13 | Link to Comment Rubbish
Rubbish's picture

It's obvious there is a systematic decline in the prices. Store your FRN and wait, pointless to lose money on the attack.

 

Better picture come January, buy a chunk then.

Wed, 11/20/2013 - 09:43 | Link to Comment quasimodo
quasimodo's picture

"Comex will be in default"

 

HAHAHAHAHAHAHAHA

HOHOHOHOHOHOHOHO

 

HAHAHAHAHAHAH!!!!!!!!!!!!!!!!!

 

(slaps knees, wipes tears from eyes)

 

Sorry guys, I'm sure most here will understand the basis for that sarc. All I can do is laugh anymore, even the wife thinks I am fucking crazy for liking shiny stuff.

Wed, 11/20/2013 - 15:54 | Link to Comment Thisson
Thisson's picture

COMEX can't really default because they can tender dollars instead of gold.  Remember, futures are contracts and the remedy for a breach of contract under the law is normally a payment of money (specific performance and other equitable remedies are normally not available for a breach of contract claim, especially where the subject of the contract is a fungible good and commodities are, by definition, fungible goods).

Wed, 11/20/2013 - 11:17 | Link to Comment Againstthelie
Againstthelie's picture

What is a marketplace?

In a marketplace people meet face to face or have agents to make transactions.

It is against the character of any market, if the participnts or brokers/agents, that make HUUUGE market moving deals, are kept in secret.

Maybe there is a small chance with the Freedom of Information act to get the information, which agents/banks/brokers are committing these market rigging events?

IMO it's also against all civilized rules, that an agency like the CFTC says "no manipulation found", but does not show any evidence, that the market events were NOT a result of three or a handful conspirators!

That in a free market eceonomy the "free media" do NOT raise their voice that these developments must be stopped, also shows that all the corrective mechanisms in the system do not work anymore.

 

As curious as it seems, such smackdowns without any consequences are indirectly the best recommendation to buy the 5000 year old with 100% success rate insurance against declining, rotten and corrupt political systems...

Wed, 11/20/2013 - 08:26 | Link to Comment Doña K
Doña K's picture

I think it's a message: "We can do whatever we want and there is nothing you little people can do about it".

They are closing the only logical counterplay.

Wed, 11/20/2013 - 08:28 | Link to Comment SilverIsKing
SilverIsKing's picture

Of course we can do something. That something is to buy physical PMs.

Wed, 11/20/2013 - 08:42 | Link to Comment kralizec
kralizec's picture

Just after 6am was the best time, eh?

http://finviz.com/futures_charts.ashx?t=GC&p=m5

I need an algo to trigger these deals!

Wed, 11/20/2013 - 09:12 | Link to Comment Oracle of Kypseli
Oracle of Kypseli's picture

Look out for the innvestigators to come back and say: "It was a hedge bet. Shut up you." 

Wed, 11/20/2013 - 10:13 | Link to Comment kralizec
kralizec's picture

I'd laugh...but...

Wed, 11/20/2013 - 10:29 | Link to Comment Al Huxley
Al Huxley's picture

It seems to take about 5 years for these investigations into the gold and silver market, so by the time the next one's finished we should be well into the new currency regime and they'll be able to use the investigation as 'shining the light on how the west was fucked by their central bankers and half a dozen bullion banks'.

Wed, 11/20/2013 - 11:11 | Link to Comment RockyRacoon
RockyRacoon's picture

Good luck finding 1 oz gold American Eagles at the typical premium.  I'm seeing a 10% premium in most markets.  So....  Demand speaks.

Wed, 11/20/2013 - 13:07 | Link to Comment Moe Howard
Moe Howard's picture

Go check Provident rocky even though they are screwed up like always on fast moves it is still just barely over 5% premium. Should be less, if you call them. The page can't keep up.

Wed, 11/20/2013 - 15:56 | Link to Comment Thisson
Thisson's picture

Use BullionDirect's Nucleo Exchange and you won't pay retail rates.  Eagles are currently about $50 over spot (4% premium).

Thu, 11/21/2013 - 16:36 | Link to Comment RockyRacoon
RockyRacoon's picture

A buyer has to consider Gross Cost, which includes the shipping/insurance that is required to get the coins in hand.   Some sellers are a bit over zealous in that regard.  The net price is not the cost.

Wed, 11/20/2013 - 17:51 | Link to Comment TheRedScourge
TheRedScourge's picture

Up next: new story from Reuters or CNBC about more tungsten-laced gold being found in some vault.

Wed, 11/20/2013 - 10:04 | Link to Comment Mr. Magoo
Mr. Magoo's picture

Desperation requires EXTREME measures

Wed, 11/20/2013 - 11:04 | Link to Comment Svendblaaskaeg
Svendblaaskaeg's picture

I'm doing a lot of something

Wed, 11/20/2013 - 08:51 | Link to Comment HardAssets
HardAssets's picture

<delete>  opps, Bart Chilton already sarc'd in posts that follow below

Wed, 11/20/2013 - 09:03 | Link to Comment DanTak
DanTak's picture

1500 contracts and only 8 points lost. Not too much I guess.

Wed, 11/20/2013 - 10:59 | Link to Comment debtor of last ...
debtor of last resort's picture

Deminishing returns...

Wed, 11/20/2013 - 10:57 | Link to Comment TheGardener
TheGardener's picture

They said the confiscated Silkroad Bitcoins will not be sold off.

You have been told.

They will use their loot to show you what a "market" could be like if .gov starts playing and TRADING with itself back and forth . No need to re-hypothecate .And now add just some really desperate flight money out of China and you can manipulate a currency UPWARDS too, towards discrediting it.

What about gold getting close to 2000 $ ? What if, for Christ`s sake, gold had some equilibrium fair value sometime into the new normal and they said : fair enough, all suckers and doomsters on board the Arche Noah , lets float .

Wed, 11/20/2013 - 11:22 | Link to Comment TheGardener
TheGardener's picture

P.S. - post scriptum , the Swiss thought they are the coolest cat in the alley for sitting on a mountain of foreign cash they
could live of at but in the end they too succumbed to even cheaper money. In the old world, having your own strong economy and currency was more than just another asset.

Today the very same thing is considered a liability !

Now they sit on an asset less mountain of debt and a combustible currency and a society that considers herself rich in visual decadent deformation .

Wed, 11/20/2013 - 08:28 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

We can't let the Chinese win the game, can we GZG?  Even if the ship is scuttled in the process.  That's what our whole economy is right now - a scuttled ship.

Wed, 11/20/2013 - 08:31 | Link to Comment CheapBastard
CheapBastard's picture

"If you want to keep believing in Fiat, then you can keep believing in Fiat."

Wed, 11/20/2013 - 08:49 | Link to Comment max2205
max2205's picture

Where's those good old up and down $200 days?

Wed, 11/20/2013 - 10:23 | Link to Comment OneTinSoldier66
OneTinSoldier66's picture

I thought everyone already knew, Bitcoin!

Wed, 11/20/2013 - 08:34 | Link to Comment El Hosel
El Hosel's picture

Bart Chilton just stepped in to assure "Orderly Markets".

Wed, 11/20/2013 - 08:42 | Link to Comment Keyser
Keyser's picture

I trust no one that still wears a mullet after all these years. 

 

Wed, 11/20/2013 - 08:50 | Link to Comment max2205
max2205's picture

Remember he said he made tons of money from dark pools.....hope he is in one face down

Wed, 11/20/2013 - 09:07 | Link to Comment Nothing but the...
Nothing but the truth.'s picture

If only all those paper shorters were  all forced to deliver the physical stuff. It would seem that until that happens the paper gold and silver markets , are also in huge bubble territory. Any thoughts ?

Wed, 11/20/2013 - 11:01 | Link to Comment Groundhog Day
Groundhog Day's picture

bring it down 800-900 pppllllleeeeaaaassssssseeeeee!!!! so i can rid myself of fiat

Wed, 11/20/2013 - 11:44 | Link to Comment tocointhephrase
tocointhephrase's picture

I would prefer zero, just saying

Wed, 11/20/2013 - 08:25 | Link to Comment SoilMyselfRotten
SoilMyselfRotten's picture

Could this be the smash the gold traders were talking about(last week) before the flip? Thinking its not a sharp enough of a drop yet.

Wed, 11/20/2013 - 08:33 | Link to Comment El Hosel
El Hosel's picture

.... The Gold smash started about three years ago, when the Boyz got liquid enough to rig and control "Every" "Fucking" "Thing".

Wed, 11/20/2013 - 08:44 | Link to Comment Carl Popper
Carl Popper's picture

The schemes of man are temporary.

Nothing lasts forever, except gold.

Wed, 11/20/2013 - 09:15 | Link to Comment trader1
trader1's picture

128Te - isotope with the longest half life among all radionuclides,[9] which is approximately 160 trillion (1012) times the age of known universe.

Wed, 11/20/2013 - 09:45 | Link to Comment He_Who Carried ...
He_Who Carried The Sun's picture

... and the contents of your wallet, I suppose...!

Wed, 11/20/2013 - 08:45 | Link to Comment SoilMyselfRotten
SoilMyselfRotten's picture

I'm referring to an article last week on SilverDoctors that talked about a final smash before a V turnaround.

Wed, 11/20/2013 - 08:58 | Link to Comment HardAssets
HardAssets's picture

Well, there's been a lot of talk of 'the bottom' and 'final smashdown' before a run up to new highs for the last few years.  I find it better for my sanity not to pay any attention to that. We have PMs for insurance.

Wed, 11/20/2013 - 09:05 | Link to Comment greatbeard
greatbeard's picture

>> I find it better for my sanity not to pay any attention to that.

I'm focusing on hoeing my turnips.  I used to check the metals several times a day, now I find myself avoiding reading sites that have a daily metals chart on them. Unfortunately, I'm somewhat addicted to reading the comments section of ZH to maintaining some grip on reality (now ain't that a stretch?) and, unfortunately, that is where I'm quickly alerted to the latest smash down.

 

 

Wed, 11/20/2013 - 09:14 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

I'm focusing on hoeing my turnips

 

Do you have a Twitter account I can follow? Stuff like this rivets me.

Wed, 11/20/2013 - 09:20 | Link to Comment greatbeard
greatbeard's picture

>> Stuff like this rivets me.

It might some day. I've always enjoyed growing things, orchids to turnips.  Right now it's a hobby farm with fruits and vegetable that I can and dry, next year it might be a fish camp on the edge of the mangroves.  I've got to keep it interesting.

Why, what do you do that trumps growing organic food for yourself and your friends?

Wed, 11/20/2013 - 11:08 | Link to Comment The Wisp
The Wisp's picture

Trade you some fresh Turnips, for some reloaded & self cast lead Bullets

Wed, 11/20/2013 - 11:25 | Link to Comment greatbeard
greatbeard's picture

You're on bro.  I'm into the barter for groceries thing. 

Wed, 11/20/2013 - 09:20 | Link to Comment jimmytorpedo
jimmytorpedo's picture

I'm focusing on turn upping my ho's.

And then rivetting them.

Wed, 11/20/2013 - 09:31 | Link to Comment new game
new game's picture

shouldn't that be hoin tulips, hmmm.

Wed, 11/20/2013 - 09:53 | Link to Comment SoilMyselfRotten
SoilMyselfRotten's picture

Better to hoe a turnip than turndown a Ho

Wed, 11/20/2013 - 09:56 | Link to Comment sleigher
sleigher's picture

Is that better than being turning your hoes? just askin...

Wed, 11/20/2013 - 09:29 | Link to Comment Keyser
Keyser's picture

I dunno, but Eric Sprout in a recent video called for gold to be at $2400 by end of Q2-2014. Who fucking knows. 

Wed, 11/20/2013 - 09:42 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

if they hate it (fear) that much..I want it. if they make it illegal again, I want it..hemler ben, " is gold burning?" do not let the common man take it - as the youth of today say" He is a hater"

Wed, 11/20/2013 - 12:03 | Link to Comment limit_less
limit_less's picture

Bit coin is not Fiat, that is the point

Wed, 11/20/2013 - 09:43 | Link to Comment jballz
jballz's picture

 

I hope they do another Mad Max movie where they roam the desert looking for a server full of bitcoins they can use to buy the oil from the crazy cannibal fuckers.

And the kid with the boomerang. I liked that kid.

 

Wed, 11/20/2013 - 12:05 | Link to Comment limit_less
limit_less's picture

What will it take for the Gold price on the CME to be irrelevant?

Wed, 11/20/2013 - 08:22 | Link to Comment russwinter
russwinter's picture

225,000 oz delivered in Shanghai last night, 48,000 extracted out of GLD. That 5 million oz delivered on the Shanghai exchange in the last nine business days. 

Harvey Organ notes:

The biggest of all delivery months is the December contract month. The December OI contract month fell by only 935 contracts to 155,911 (nearly 1.56 million oz) . The open interest for December is extremely high for this time in the delivery cycle. We thus have 6 more trading days before first day notice which is Wednesday, November 27th.

As soon as China closed in comes an early morning futures short seller dump in the Decembers amazingly. Not a rollover, as hardly any February traded. Slingers now trapped in even more December shorts.

Wed, 11/20/2013 - 09:09 | Link to Comment DanTak
DanTak's picture

is 155,911 contracts not equal to 15.6 mio oz?

Wed, 11/20/2013 - 11:37 | Link to Comment oak
oak's picture

at current price, china is happy. at us$1,200.00, they are happier. at us$1,000.00, they are extremly happiest and go banana.

Wed, 11/20/2013 - 12:07 | Link to Comment limit_less
limit_less's picture

rofl

Wed, 11/20/2013 - 18:07 | Link to Comment Sokhmate
Sokhmate's picture

Happy. Happier. Happierest.

Wed, 11/20/2013 - 08:13 | Link to Comment ciscokid
ciscokid's picture

On my way to the coin shop.

Wed, 11/20/2013 - 08:14 | Link to Comment The_Prisoner
The_Prisoner's picture

Is that the best you pricks can do? Drive it down to $1000, I dare you!

Wed, 11/20/2013 - 08:20 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

I triple dog dare ya!

Wed, 11/20/2013 - 09:24 | Link to Comment greatbeard
greatbeard's picture

>> that the best you pricks can do?

They've driven the price from $1,900 to $1,250 and gold bugs are goose stepping in victory.  I'm a hard core bug but it sure involves a strange bunch of comrades. 

Wed, 11/20/2013 - 09:31 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

I'd prefer to talk about how I bought gold at $273 and how it's now over $1200.....but I won't....cause I know how much it chaps your ass.

 

Wed, 11/20/2013 - 10:05 | Link to Comment greatbeard
greatbeard's picture

>> I bought gold at $273

This is the internet. We're all rich, well hung, good looking and bought the bottom.  Don't feel too special, guys like you are a dime a dozen on Turd's site.

 

 

Wed, 11/20/2013 - 10:19 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Sure....call me a liar.....you might even be right. I doubt the fact you might be wrong is going to bother you all that much.

 

Shouldn't you be in the garden? Any updates on the carrots?

 

What is this Turd's site you speak of? Do they garden over there?

Wed, 11/20/2013 - 11:12 | Link to Comment greatbeard
greatbeard's picture

>> I know how much it chaps your ass.

> Sure....call me a liar.....you might even be right.

Don't look now hero, but I don't think it's my ass that's chapped.

 

 

Wed, 11/20/2013 - 11:13 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

I'll be fine princess.

Wed, 11/20/2013 - 10:26 | Link to Comment SWCroaker
SWCroaker's picture

"We're all rich, well hung, good looking and bought the bottom."

Um, not me.     I didn't buy at the bottom....

Wed, 11/20/2013 - 12:34 | Link to Comment Hulk
Hulk's picture

Some of us are bullet proof too...just sayin...

Wed, 11/20/2013 - 09:37 | Link to Comment Croesus
Croesus's picture

"F___ that"...I want the good (g)old days, when I was buying St. Gaudens for $300/pop.  

Wed, 11/20/2013 - 09:55 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Showoff!

 

Actually he's been around a while.....he's probably not kidding.

Wed, 11/20/2013 - 10:39 | Link to Comment Croesus
Croesus's picture

@ GetZeeGold: 

I started, completely accidentally; I came into a small sum of money, and had no idea what to do with it. That was on a Friday. A week later, in the local paper (Asbury Park Press), I saw an ad for a coin show, being held at a firehouse about 30 minutes away. (That's the Holmdel Show, Wahoo). <--directed @ another ZH-er).

Anyway, I went to that show, and was amazed...as coin shows go, it was a small show, but there was a lot of high quality stuff there. I made a few purchases, and have been hooked ever since. 

So no, not kidding. 

But, I'm honored to know that a guest such as you, is at the party with me, friend! 

 Croesus. 

 

Wed, 11/20/2013 - 11:23 | Link to Comment RockyRacoon
RockyRacoon's picture

I'm with you.  My first acquisition was in the early 1990s.   I had a mentor who got me started on silver and kept my spirits up until his death in 1999.  Then the good Captain, Bill Buckler, kept me in the game until now.  It takes a lot of stamina and plain old faith to stay in the metal when it gets pummeled as it does.  In retirement I became a dealer.   I felt the craziest when gold went over $500.  What sort of fool pays that much for an ounce of stuff that gets dug out of the ground?

Wed, 11/20/2013 - 12:35 | Link to Comment Hulk
Hulk's picture

We're no ordinary fools, thats foo sure...

Wed, 11/20/2013 - 08:17 | Link to Comment enloe creek
enloe creek's picture

bitcoin is nothing. am I wrong?

Wed, 11/20/2013 - 08:43 | Link to Comment Sudden Debt
Sudden Debt's picture

It's the FED wet dream to get that shit mainstream.

They drewl when they see bitcoins. It's the manipulators dream. Nobody knows shit about it, you can't hold it in your hand, it's worth what they say it's worth, all you know is a number....

I was thinking on getting some... now I'll never do that.

 

Wed, 11/20/2013 - 09:13 | Link to Comment Race Car Driver
Race Car Driver's picture

"I want to buy your widgets ... how much are they?"

"Three hundred d0llars."

"Will you take Bitcoin?"

"What's Bitcoin?"

"It's a digital currency."

"Where does it come from?"

"A special computer that mines them from processing power. It's pretty simple ... the computer runs software and they accumulate over time."

"Let me see it."

"It's on this memory stick."

"I said three hundred d0llars, I can buy those sticks for five d0llars all day long. Yours is only 2GB ... it's worth about two d0llars."

"No, it's not the stick - Bitcoin is ON the stick. It's in a file."

"Like porn?"

"No ... well, sorta."

"Let me see it."

"Well, I can't really show it to you ... but I can transfer some to you."

"Transfer what?"

"Um. Bitcoin."

"One?"

"Part of one. They're worth a thousand d0llars each."

"You need to leave."

"No, I really want one of your widgets."

"They're three hundred American d0llars ... cash."

"I don't have cash - I have Bitcoin."

"GTFO"

"Ow ... OW!! ... You're hurting me!"

Wed, 11/20/2013 - 09:29 | Link to Comment Sudden Debt
Sudden Debt's picture

I've heard a lot about those widgets...

I've even heard that without those widgets they would never have been able to build the space station.

They're even build in the tip of all those predators did you know?

Wed, 11/20/2013 - 09:29 | Link to Comment greatbeard
greatbeard's picture

I'm not anti bitcoin, but that was funny.

Wed, 11/20/2013 - 09:44 | Link to Comment Zero Point
Zero Point's picture

Heh, yeah. Sadly the same could be said of gold or silver, as proved by Mark Dice.

There's life in the ponzi yet.

Wed, 11/20/2013 - 10:48 | Link to Comment Al Huxley
Al Huxley's picture

The funny thing is that it works for dollars too, especially if you use electronic payment.

Wed, 11/20/2013 - 10:06 | Link to Comment balanced
balanced's picture

When Bitcoin is so hated that it has a ZeroHedger talking about how cash is something of value, I know it's time to buy.

Wed, 11/20/2013 - 10:20 | Link to Comment Race Car Driver
Race Car Driver's picture

I wasn't implying that the d0llar has any value. In fact, I spell it with a zero to imply the value.

But, no matter. I'm a trickster like that ... getting you to buy electronic pulses with tangible items. When you remove both hands from your newfound ass, use them to load up your backed up truck full of BTC. Pack that mother to it's MaxCap.

Tho, be careful ... I heard that if your electronic wallet gets too full and can't fit on your memory stick - it vaporizes. Poof! Goneski! That's why smart folks burn their valuables to CD. Indestructible and as safe as Fort Knox.

But don't waste any further time reading my diatribe - hurry up and BATFT!

 

Wed, 11/20/2013 - 11:45 | Link to Comment Proofreder
Proofreder's picture

... CD. Indestructible and as safe as Fort Knox.

Put CD in microwave for 2 seconds.  End of CD

Then again, how safe is the supposed gold in ledgendary Ft. Knox?

Wed, 11/20/2013 - 11:02 | Link to Comment Son of Captain Nemo
Son of Captain Nemo's picture

Ditto.

That was very well done!

Wed, 11/20/2013 - 11:19 | Link to Comment Lmo Mutton
Lmo Mutton's picture

I remember as a kid I had this great idea how I was going to make these widgets and sell them for $5 bucks each.  Millions of them at $5 each.  I was going to be sooooo rich I could taste it.

 

Without missing a beat my dad says they make them in China for .03 cents.  I was crushed.  I have never recovered from that awesome business lesson dad gave me.

Wed, 11/20/2013 - 11:22 | Link to Comment Tegrat
Tegrat's picture

I would think this is funny except for the fact that this is analogous to someone walking in with a savings account book and handing the dealer a withdrawal slip for the amount of the transaction. Not funny and exudes complete ignorance.

 

BTC <-> any fiat ATM in the world for a specific transaction without involving another human being involved 24/7 with anonymity and instant transfer for vendors accepting BTC directly.

 

You either get it or you don't. 

 

 

 

 

 

Wed, 11/20/2013 - 16:06 | Link to Comment Thisson
Thisson's picture

You haven't read the fine print.  BTC is extremely vulnerable to many problems.  Even a cursory glance at the wikipedia entry for BTC will reveal some of them.

Fri, 11/22/2013 - 02:44 | Link to Comment RafterManFMJ
RafterManFMJ's picture

300 bucks is a damn good deal on a midget; I used to pay twice that.

Wed, 11/20/2013 - 11:06 | Link to Comment RaceToTheBottom
RaceToTheBottom's picture

"It's the FED wet dream to get that shit mainstream."

When you have unlimited funds with no cost to create, your world does become sort of like a drug dealer, trying to launder money.  Except in this case, they are trying to manipulate anything that is anti Fiat.

The non traceability of bitcoin will be putty in their hands...

Wed, 11/20/2013 - 11:32 | Link to Comment Race Car Driver
Race Car Driver's picture

> The non traceability of bitcoin will be putty in their hands...

L0L  ... hands. Palm scans. Like at the BTC ATM.

Wed, 11/20/2013 - 08:17 | Link to Comment firstdivision
firstdivision's picture

BTMFD!

Wed, 11/20/2013 - 08:46 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Dude got me one hell of a good rate on my BIS auto loan.

 

Thanks again Mike!

Wed, 11/20/2013 - 08:20 | Link to Comment MassDecep
MassDecep's picture

My estimates are Approx. $180,000,000 worth of paper @ 1200 per oz?

Just curious

Wed, 11/20/2013 - 08:20 | Link to Comment Racer
Racer's picture

I can see China sitting underneath with its arms outstretched ready and extremely willing to grab as much of the cheap real money that it can and smiling like a Cheshire cat at the foolishness of central wankers

Wed, 11/20/2013 - 08:22 | Link to Comment MassDecep
MassDecep's picture

With the way things are, I would not be surprised if it was all one entity; China + Central Banks + everything else...

Wed, 11/20/2013 - 09:47 | Link to Comment Zero Point
Zero Point's picture

The true enemy of the elites are us scum fucks.

All national disputes are illusionary.

 

Wed, 11/20/2013 - 10:35 | Link to Comment HardAssets
HardAssets's picture

The various bankster/government fascist mafia partners - may scramble to protect their own individual interests if a Black Swan event occurs. That could happen even if they are one-big-global-mafia with only fake disputes now.

Shit happens.

Wed, 11/20/2013 - 12:07 | Link to Comment limit_less
limit_less's picture

dont be suprised, it is all one entity

Wed, 11/20/2013 - 08:30 | Link to Comment El Hosel
El Hosel's picture

 The lesson is....Selling gold that does not exist is never easy.

Wed, 11/20/2013 - 09:22 | Link to Comment Oracle of Kypseli
Oracle of Kypseli's picture

What if! The  primary dealers conspire for a smackdown with FED money and immediately buy with their own money through an overseas entity. Payment transfers from the taxpayers to the banks of the third kind.

That is so because right after the smackdown it usually rebounds.

Only if we could time that!

Wed, 11/20/2013 - 09:47 | Link to Comment Zero-risk bias
Zero-risk bias's picture

Next week i'm expecting Scoobydoo and co. unveil who the real paper seller is.

I agree 100%, both the timing at the macro and micro level is so, synchronous.

Hmmm!

Wed, 11/20/2013 - 08:28 | Link to Comment RealityCheque
RealityCheque's picture

Hit it harder you whores!

I WANT TO BUY MOAR!!!!!!!!

Wed, 11/20/2013 - 08:30 | Link to Comment fijisailor
fijisailor's picture

Bang it again fuckers.  I need around $1000 for some great cost averaging

Wed, 11/20/2013 - 09:11 | Link to Comment HardAssets
HardAssets's picture

Yep ... looking to buy a gift for a kid graduating h.s. this coming June.

Come on crooks - give us some real bargains

Wed, 11/20/2013 - 08:30 | Link to Comment Kina
Kina's picture

Well I started mining bitcoins and workd out that I would make 0.34c / month. Mining is a total waste of time unless you got some powerful machinery and somebody elses power socket.

Meanwhile....

Well, it's normal if that someone is the Bank of International Settlements.

Blatant corruption by the BIS, the Fed and their cartel banks....these guys are international criminals.

The own the paper gold world....but are going to get their arses and throats ripped to pieces when the physical gold takes over.

 

Wonder what these guys would do if China said it would sell deliverable physical gold in quantity at nothing less than $1,600 oz  ...

 

 

Wed, 11/20/2013 - 10:01 | Link to Comment Oracle of Kypseli
Oracle of Kypseli's picture

They should specify $400 over paper

Wed, 11/20/2013 - 08:32 | Link to Comment Azannoth
Azannoth's picture

Somebody should put a 1000 ton Bid at 1$, see what happens :)

Wed, 11/20/2013 - 08:34 | Link to Comment fijisailor
fijisailor's picture

So if a $10 drop triggered a stop logic event then what was going on back in April when it was banged lower hundreds of dollars?  No stop logic in place at that time.  Does this mean there is some market reform since then?

Wed, 11/20/2013 - 08:33 | Link to Comment ak_khanna
ak_khanna's picture

The stock, bond, commodity and currency exchanges have been reduced to gambling dens whereby the more powerful traders with deep pockets move the markets to maximize their own profits at the expense of the remaining not so powerful players. The big boys have enormous money power to move the markets in the direction which results in maximum profits for themselves. They effectively use the media to lure the other players in the market to a position where they would incur maximum loss.

The markets continue to rise till all short positions in the market are covered and the majority of traders move to the long side. Once this is done the market falls till all long positions are closed and short positions undertaken. Then rinse and repeat. The price mechanism has little to do with the actual demand, supply, fundamentals or state of the economy.

www.marketoracle.co.uk/Article40231.html

Wed, 11/20/2013 - 08:35 | Link to Comment fijisailor
fijisailor's picture

And just who are these "other players"?  The FED?

Wed, 11/20/2013 - 09:09 | Link to Comment Ljoot
Ljoot's picture

> The big boys have enormous money power to move the markets.

Similar to having the cheat code to the game Doom, so you have an unlimited supply of BFGs.

 

 

Wed, 11/20/2013 - 08:34 | Link to Comment DirkDiggler11
DirkDiggler11's picture

These fuckers are becoming WAY too predictable. There were at least 20 posts LAST WEEK on ZH indicating another takedown on the way for Gold and Silver this week, not to mention multiple warnings earlier this week.

Hey, it's like JPM is having a Black Friday sale early for stackers of Gold and Silver this week !!!! I'm excited.

Only one problem, if I spend almost all of my FRN's on Stacking, how can I buy the piles of Chinese made shit I am supposed to fight over Thanksgiving night right as I am coming out of my Turkey coma ???

Wed, 11/20/2013 - 08:51 | Link to Comment SilverIsKing
SilverIsKing's picture

Use your 29.99% APR credit card to make sure holiday sales figures meet Wall Street's expectations. That's not a lot to ask since they do so much for you. If you like getting it in the rear 24/7/365, that is.

Wed, 11/20/2013 - 08:34 | Link to Comment Devotional
Devotional's picture

Mark my words - I am going to buy a lot of physical if this price goes down further. If it ever hits 1000USD it is part-ay time in the phyz section.

Stack em bitchez, keep stacking.

Wed, 11/20/2013 - 09:02 | Link to Comment Save_America1st
Save_America1st's picture

I know phyzz gold at 1000 would be hard to resist...but am I wrong not to want to just keep stacking phyzz silver when the GSR is constantly around 60:1???  When I can get 60 ounces of silver for the same price (USD) as one ounce of gold I just have a hard time (even though I really, really, really, really want to) walking outta the LCS with just 1 gold Eagle in my pocket instead of 3 tubes of silver Buffalos, ya know?

I guess I'm all "hopey and changey" that when this bullshit finally hits the wall and we get some true price discovery, the GSR will come back down to Earth around to at least 30:1, 20:1 or less, and then I'll be feeling good about doing a swap of some cheap silver for phyzz gold.

But damn, it will be hard to resist scooping up a nice goldy, even one of those 50 peso Mexican 1.2057 hotties if gold hits 1000.  They're a nice weighty chunk in your hand!

Wed, 11/20/2013 - 13:18 | Link to Comment Moe Howard
Moe Howard's picture

A fist full of 50 Pesos 1.2057 toz. is a very sweet thing.... I couldn't wait for 1k.

 

http://www.providentmetals.com/mex-50-peso-gold.html  $22.95 over melt per coin......

Wed, 11/20/2013 - 08:45 | Link to Comment Keyser
Keyser's picture

"After all it is perfectly normal for someone to dump 1500 GC contracts in one trade and suck up all the liquidity from the market with zero regard slippage costs, or getting the best execution price possible. Well, it's normal if that someone is the Bank of International Settlements."

Bingo. The ham-fisted douchbags at the BIS have the gall to telegraph their move by dumping these contracts on the market at one time. It's as if they are thumbing their collective noses at PM investors. 

Wed, 11/20/2013 - 10:29 | Link to Comment Alexandre Stavisky
Alexandre Stavisky's picture

Two sides of the thin red line.  The BIS/banking syndicate with cigarette butts jammed up their nostrils to stave off stench, plying through corpses and dead-men walking extracting little bits of shiny.  Their highest appraisal of the human beast is what they can last exploit before sending them across the ignominious river.  Oblivious to the "Kisama, itsuka mo shinu dai yo."   "Itsuka Kisama mo shinu dai yo!"

Standing in each other's light.  Stealing wealth, pretending there will be happier days.  While the all-seeing eye marks their balance sheet--for a later hard-rigour accounting.

Ram enough menthol and cig butts up the nasal cavity and pretend this doesn't stink to high heaven.  And the rot never dissipates.

 

http://www.youtube.com/watch?v=S2wL9AawlDA    Start 6:20

Wed, 11/20/2013 - 08:38 | Link to Comment highly debtful
highly debtful's picture

Does this mean now is not the time to start dredging up the gold I have lost in one of those unfortunate boating accidents in the middle of an unspecified lake in a land no one has ever heard of?

Wed, 11/20/2013 - 08:53 | Link to Comment SilverIsKing
SilverIsKing's picture

While you're dredging, see if any of my lost Bitcoin is down there.

Wed, 11/20/2013 - 08:37 | Link to Comment goldenbuddha454
goldenbuddha454's picture

Don't concern yourselves with trivial little details like the libor rates, employment rates, gold prices, QE etc... the bankers hold you in the highest regard

Wed, 11/20/2013 - 08:37 | Link to Comment new game
new game's picture

right here right now, nice cost averaging point...

Wed, 11/20/2013 - 08:39 | Link to Comment new game
new game's picture

this is all they could slam it down! fuken - eh, i could do better standin on my dick...

10 dolla; thats it -WTF..

Wed, 11/20/2013 - 08:41 | Link to Comment Carl Popper
Carl Popper's picture

Becoming even more obvious indicates increased anxiety and uncertainty on the part of those attempting to "manage" the price of gold.

Wed, 11/20/2013 - 08:39 | Link to Comment Sudden Debt
Sudden Debt's picture

YIHAAAAAa!!!!!

I was just looking at my shopping list of what I'll order in 2 week from now :)

suddenly... DISCOUNT!!!

HAAHAHAHA

I LOVE THIS ON A DAILY BASIS!!!

Wed, 11/20/2013 - 11:26 | Link to Comment TheHound73
TheHound73's picture

1999 prices would be great!

Wed, 11/20/2013 - 08:40 | Link to Comment Carl Popper
Carl Popper's picture

Be grateful for the discount. And be careful with your gold around boats.

Buy physical when it is on sale. Put it away and forget about it.

The Asians are long term accumulators. Once everyone realizes that BIS and Fed and others "manage" the gold price we will see something interesting.

Wed, 11/20/2013 - 11:11 | Link to Comment RaceToTheBottom
RaceToTheBottom's picture

I am beginning to think that there is no difference between the US and China. 

They are both Fiat actors just offset by about 90 degrees.  But China also wants the CB flexibility afforded by Fiats just s much as the US does...

Wed, 11/20/2013 - 08:40 | Link to Comment WTFUD
WTFUD's picture

Another Gordon Brown moment but with paper clips.
When the rats are doing the run around in infested olde london town we shall remember the ghost of that scum Gordon Brown, the clergyman's son who sold us down the swanny while sucking on the ballsacks of Goldman Sachs.

Wed, 11/20/2013 - 08:43 | Link to Comment Kina
Kina's picture

Love to see these guys faces if just for the laugh China came and put in a bid for 3,000 tons in five minutes.

Wed, 11/20/2013 - 08:49 | Link to Comment Carl Popper
Carl Popper's picture

China is happy with the game. They will buy cheap gold as long as it lasts. They are not stupid enough to mess up a good deal.

Wed, 11/20/2013 - 09:07 | Link to Comment Mine Is Bigger
Mine Is Bigger's picture

It could even be China that's driving down the price.  It's kind of brilliant, if so.  Hoard physical gold on the cheap by using the manipulation tool of central banks-Wall Street.  Once they acquire enough gold, they can flip the switch and let the gold price skyrocket and decimate the parasites naked-shorting gold and central banks pretending to hold gold.

Wed, 11/20/2013 - 09:40 | Link to Comment Keyser
Keyser's picture

People often discount Asians intellect based on racial stereotypes. Having spent considerable time in that region of the world, nothing could be further from the truth. They are quite shrewd and they have zero compunction about bending or breaking the law to get the job done. Deft manipulation of this sort is their bread and butter as there is no line between criminality and government. Just another side of the same coin. 

 

Wed, 11/20/2013 - 08:45 | Link to Comment Razzle Dazzle
Razzle Dazzle's picture

Sorry to state the obvious, the gold take down is priority #1 and will continue until the collapse, when the men behind the curtain head for the exit. Unfortunately, as a gold tard we are totally and utterly screwed. Can't get out now, the losses are too big. Holding gold is one thing, holding gold mining stocks is another (90% loss).  I figure, climbing stock market, QE and nonsense statistics will continue.   What possible events could derail this train before it reaches the destination of inevitable USD collapse. Any ideas? 

Wed, 11/20/2013 - 08:52 | Link to Comment Carl Popper
Carl Popper's picture

Patiently dollar cost average.

Never buy so much in one time period that you get upset at temporary pricing distortions.

Hang in there.

Wed, 11/20/2013 - 09:30 | Link to Comment jimmytorpedo
jimmytorpedo's picture

I feel conflicted when I find myself cheering for my net worth to drop.

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