This page has been archived and commenting is disabled.
Gold Market Halted For 2nd Time Today Following FOMC Minutes Monkey-Hammering
For the second time today (and 4th in the last 3 months) - at least this time on some actual news - Nanex notes that gold futures have been halted for 20-seconds following the release of the FOMC minutes. 1,500 contracts took us down at 6:26ET this morning, this time it was even more...
9. December 2013 Gold (GC) Futures Trades.
10. December 2013 Gold (GC) Futures Quote Spread.
»
- 19220 reads
- Printer-friendly version
- Send to friend
- advertisements -
If there is ever a stop hunt to the upside in gold, it is going to be epic.
I've made peace with the fact that we won't see a reverse blow torching until things finally fall apart, so all I can do in the meantime is polish up my tourette's karaoke when shit like this happens.
http://www.youtube.com/watch?v=z_j6Nzlss_w
The first limit down was someone with inside info. The second was everyone else who waited for the minutes.
Like anyone would have to wait and see the minutes to know which way the wind shall blow.
This is where my head is at as well. I'm not selling, and I still have the lakebeds in the area covered with shiny, but I've lost any illusions of large gains in fiat-equivalent wealth like a couple years ago when we saw $1,900. They won't allow a rise to happen like that again until TPTB are on the long side, and my guess is that's at least a couple years off and will be one of the shorter-term indicators that the collapse is about to begin.
Just buy fucking guns. If you have to sell between now and the end at least they will hold their value.
My ammo purchases have done pretty well, but I won't sell that, either.
Ammo has cycled many times in my lifetime. What you will see is the last man holding the bag unable to sell , then the ammo floods back into the corner gunshops at 20% on the dollar. If you are up big on ammo, take profit, or remain uninterested in profit when there are no more chairs
When it goes down, many things will be "priceless".
If by that you mean "no bid", I'm w ya.
Yet another head-fake by the Fed on tapering. It ain't going to happen in December.
Fucking BINGO / DITTO or EVER Janet is insconsed in models regardless of what the markets are saying.!!!! QE $170,000,000,000.00 MONTHLY stowwwwks/ DOW 25,000.00 in worthless FRN's
Fonz,
Gotta disagree on that one. Guns bubbled long ago. its all downside from here. Talk to any gunsmith that has been in business 30 years or more, you'll get a new perspective on firearm bubbles (which is not to say that we all shouldn't be armed). Firearms are not an investment for wealth, they are an investmnet for protection.
You think? Wow, interesting. I don't mean to say that someone would make a ton of money, but I figure they are less prone to manipulation.
In my area the gunsmiths wil now no longer buy AR's or other semi's. They know the chairs are going missing. The best they will do is consignment sales, and the weapons aren't moving.
Okay. I appreciate the input. Let's see. I am on the flip side of that. I see this chart continuing it;s trajectory.
http://finance.yahoo.com/q/bc?s=RGR+Basic+Chart&t=6m
I like this company too. Upper end hardware, for the discerning buyer. The kind of buyer benefiting from the Benny and jets. If you an owner of this company, continue to watch the for the 1st hiccup in sales. Otherwise, ride the wave.
Talk to any gunsmith that has been in business 30 years or more...
Dirty Harry came out a little more than 30 years ago didn't it? The price in frns of 44 Mags saw some whacky moves too.
http://www.youtube.com/watch?feature=player_detailpage&v=X0lvp7a7pmk
Do you feel lucky, punk?
didn't mean to ruffle feathers. We all have sacred cows. Just sayin', keep your eyes open, the gun industry is prone to bigtime boom and bust.
didn't mean to ruffle feathers...
My neither. Just looking for some levity / humor in the current situation.
I suppose I could’ve said “I gots to know”. Just to see the man squeeze off an empty round pointed at my head. Then smile.
(chuckle)
Seek, mate, buddy, my heart goes out to you, there's a tear in the corner of my eye as you narrate your terrible story of not making a killing on gold in US dollars. Until you stop thinking of gold in terms of fiat you shouldn't be buying gold. You obviously don't get it. Pretend fiat vanishes from the face of the earth tomorrow, in your mind your gold will be worthless. You've got it ass backwards. Woe is me, I'm a hard done by, white pansy capitalist who made the horrible mistake of being lumbered with all this extremely rare element. It can't be produced for nothing at will, it will last an eternity, it is universally recognized and accepted, why oh why can't I replace it with US dollars at $5000.00 an ounce, I'm stupid, an idiot.
Get it in your brain that replacing gold with printed pieces of paper is completey and utterly non-sensical. Not in the environment into which we are headed. If you were earlier with buying gold, yeh, you could have played the game and converted gold to fiat and then real estate or something, but it's too late. We're in the end game. The price of gold will be suppressed now until the destruction of the US economic system is complete and the dollar worthless. Why do you think so many analysts are telling people to get into hard assets, simply because coloured paper money is finished, every bit as much a bits on a computer representing an account balance.
What part of "I'm not selling" did you not comprehend?
I'm being somewhat sarcastic of course, but there is a definite undercurremt of dismay that your, and many like your post convey. Youi should be the happiest bloke in the room that you've gained the insight to protect your wealth. Take it from me, you won't be selling for a long time because once gold reaches the levels that everyone wants the system will be gone, the US dollar will have finally imploded. You'll have to think of your gold as something other than a price in paper money. Read a great article claiming that the prtice of gold is suppressed by the Fed and PPT to retain the facade of a strong US dollar. Ironically though really because on the other hand the Fed and Congress need a weak dollar. Talk about being between a rockand hard place.
Try thinking about your gold in other than dollar terms. It's an interesting exercise and cuts to the quick of what it really is.
Agreed and I've accepted this as well. The first phase/leg for the gold bull market was from 2001 through 2011. This was the CB era of implementing massive QE efforts (via interest rates and direct printing) to stablize the system and provide some level of hope that TPTB can control the markets/economy.
The period we're currently in is a massive consolidation phase with stronger hands accumulating physical, weaker hands selling, and paper markets slowly dying. But this process is not going to happen over night and may well take the better part of 5 years through 2016/2017 to complete. TPTB simply have too many weapons ranging from the CBs to MSM to sell, spin, package, pump, and dump their story to give the impression that all is well.
But with ever increasing debt levels, ever increasing CB printing, and ever decreasing real purchasing power by the masses, the next implosion is simply a matter of time and pressure. Until then, PMs will continue to consolidate, with downward pricing pressure as the USD increases, but with smart money moving into physical (much like the market saw from 2001 through 2007/2008).
The next bull phase in gold is still a couple of years off in my estimation so I will continue to invest in physical on a dollar cost averaging basis. I'm expecting one last great rotation and run into the perceived safety of the USD over the next couple of years (much like we saw with gold action from 2008 through 2010 as every time there was some type of crisis in the world, the USD was used as the safety net). But then when everyone is on the same side of the trade and finally realizes that the US has no ability, in any way, shape, or form to repay its debt, and the massive bubbles blown across multiple financial asset classes collapse, the eventual run from the USD will be one for the record books.
Right now, the hardest thing for PM investors is to remain patient as the bears currently have the upper hand over the short-term.
Be patient for what, for crying out loud. What is it exactly that you are waiting for. You are dying to convert your gold to papaer aren't you. Jesus H Christ, what does it take to educate people on gold. If you own gold, you've won, there's no need to wait for anything, your victory is here, now, present. You should be celebrating, not pining. You have successfully converted your energy, your labour, your time into something that can't be debased. You have preserved the fruits of your labour. What is it with people on this forum bleating that they're gold isn't worth more paper. Talk about illogical - mind you there's a lot of Christians on this site, maybe the two are linked.
Only stackers will be rewarded. The paper market is going to fade to black.
Full.Stop
But there's no sense complaining about it, because that will raise your blood pressure.
We should all sing a little song.
Well the Bart Chilton got it all slicked for takedowns, and then only 2 out of 5 are in-place at CFTC, with a super-maniac (bankster) brains coming in to CFTC next...so now its just Banksters buying Gold for their clients vs. Main street here on out. The CFTF will be fully 'stacked' and run by the banks.
What do you mean "will be" rewarded?
You mean your gold will be worth more paper soon. Is that it?
Fark me. This thread is littered with ass backwards thinking. It goes to show how entrenched this making a killing for doing no work has permeated our entire psyche. No wonder society is collapsing around our ears.
What is your definition of rewarded actually mean?
How many pieces of pretty paper and of what denomination should that paper be for your so deperately needed reward?
Deary, deary me.
In a recent interview with Ben Bernanke, it was asked: "Why do you think gold gets slammed on every piece of news?"
Bernanke's Response? "It's tradition."
Let me ask you Ben, why do you print,
Why do you blow smoke
Why must you make all of Main Street go broke
I don't often respond to non staged criticism, but when I do, I avoid answering the topic.
-The Bernanke
FED must be just desperate to convince themselves that Taper is coming ...
FOMC Minutes Reveal Taper Likely In "Coming Months" - Almost Definitely In Coming Years. Gold Smashed For Conviction
FOMC Minutes Reveal Taper Likely In "Coming Months" - Almost Definitely In Coming Years. Gold Smashed For Conviction ... meanwhile in the Real World:http://sufiy.blogspot.co.uk/2013/11/fomc-minutes-reveal-taper-likely-in....
Michael Snyder: Next Great Wave of Economic Crisis - Gold And Silver GLD, MUX, TNR.v, GDX
"Greg Hunter is hosting Michael Snyder this time, who provides a lot of very well researched facts for your own consideration about the state of the economy. With latest reports about tampering the all important employment numbers at Census Bureau our quest for Gold and Silver manipulations acknowledgement and confirmation can be assured in the not so distant future."
Gold: PBOC to ‘Basically’ End Normal Yuan Intervention, Zhou Says GLD, MUX, TNR.v, GDX
"Now we have a better insight into the recent record level Gold buying by China. Head of PBOC talks about currency flexibility and acceleration of yuan convertibility. All announced reforms target to jump start the new phase of Chinese economic growth with Internal Consumption becoming the main driver. In this situation stronger Yuan means stronger purchasing power in China, less US Treasuries buying (which is happening already) and higher commodity prices in US Dollar terms."
liquidation by weak hands
There will be no taper and this is, as you say, shaking out the weak hands. Not time to buy as they aren't done yet.
Paper Gold to zero, Physical Gold to Infinity.
The miners have to break ranks from paper and set their own prices. What they must not do is abide by any paper driven price. Only sell however many ozs are necessary to keep the lights on at these prices and stockpile the rest like Rob McEwen used to do with Goldcorp. Squeeze the bastard shorts.
which is why the forme CNBC hack and now FT guru izzy was out pumping the BP note that the miners would be forced to hedge.
Just wait until farmers keep their fields bare because it is cheaper than planting, harvesting and selling the crops. Margins are tight and many guys getting squeezed, not making profit for 5 years.
Ben's policy of massive liquidity to casino banks has had an impact.
You can chose not to participate either. What's your labor worth? Can it still be measured in funny money? The cost of living is higher than what you can earn and your family's margins are tight. Can you work more? Not really. Can you cut costs more? Unlikely. What do you do?
Steal.
Nice idea but practically unachievable. The mines are owned mostly by the manipulators themselves. Moreover, the very most of the future production is already sold at forward (paper) prices. The price of gold can temporarily go down below the production costs; the elitist shareholders can even subsidize the miners for the purpose of suppressing the price. One possibility woud be the mines in foreign countries where governments are courageous enough to curb the influence of the elitists or even to nationalize the mines to avoid further exploitation. As for now, the miners are either puppets in hands of elitists or scared enough to take action.
This status, however, is unsustainable in longer term.
why are they halting it when it's dropping? I thought that was the desired result?
better theater.
Better control. Doing halts keeps it from zooming down and then seeing a dead cat bounce. You can see they're just gradually walking the price down to prevent any positive moves.
They can't afford to have Paper Gold @ zero while Physical Gold can't be purchased at any price.
Hence JPM buying GLD.
If it kept plunging and went to zero (on any volume) it would be the end of the paper gold market.
It would be obvious to everyone that gold itself was still valuable, therefore the disconnect between paper and phys would become a permanent market fixture ( the sooner the better)
To put it another way, all manipulation would be inconsequential from that point forward, as all eyes turned to the actual physical market itself.
To test this theory from a logical viewpoint try imagine the comex or LBMA delivering gold for $1.00 per per ounce because they had broken the market the night before?
Ain't gonna happen...
yippee!
the price only matters when you are buying; if you hold Gold, the intention is never to sell it anyhow
in this sense, Less (price) = More (gold tomorrow morning, thankyou v much)
Consider it a gift.
Exactly and a bunch of people on this forum are lamenting it. Doesn't make sense. The chance to convert your energy for even less pieces of fiat and people are whining.
As long as the comex is allowed to set the price for the physical market, it makes no difference how much demand there is for physical metal. Why aren't the miners and people like Sprott who have influence doing anything to stop this practice.
I beg to differ.
You left out diminshing supply and what that causal link represents to a rigged comex market that believes it can continuously set the price artificially low without eventually affecting 'bid' and 'ask'.
That would be true if there were meaningful physical deliveries taking place, otherwise you would not see this manipulation. So, if there is no meaningful delivery taking place on the comex, and the comex is setting the price for the physical, then it does not matter how much demand there is if the buyers of the real metal are willing to allow the paper market to determine price.
Thumbs up.
COMEX is a pitiful fucking joke.
"COMEX is a pitiful fucking joke"... that needs to be dismantled along with the CFTC and needs to be redistrbuted through new governing rules outside the auspices of the U.S., U.K. and EU.
It's very, very, very simple. You hate the comex, you want to destroy it. Buy physical on every pullback.
This is something that every gold owner should be thankful for. shift your thinking and you'll enjoy this so much more. Imagaine if gold got to $500.00 an ounce. This would be a gift from god if god existed. Every time you buy physical gold you are doing all you need to do to bring down the COMEX, to bring down fractional reserve banking, to bring down the Fed, to bring down the current system.
Rejoice every time gold goes lower because it will be a once in a lifetime opportunity to protect the joules of your labour and convert them to something else with more utility in the future if and when you need this.
yeah,bop,
but it is still THE comex and the place of every day price discovery
oh, yeah---i'm on your side but the joke is on us for now
nobody asks me what the price is b4 buying or selling
they punch it up on the screen
i'm glad that there is place to look for the price of gold
pitiful fucking joke that it is
Because they are getting while the getting is good. If you are aware of how rare gold is, how much demand is increasing world wide, how much CB's are printing fiat into oblivion, why would you not welcome a collapse in the paper price while the system is still in place to sell physical at the paper price. This is what makes these guys good investors. So many people on this forum bought gold 1 weeks ago, 1 month ago, 1 years ago and want it to skyrocket now. It's so pathetic to be almost comical. iPods, smartphones, TV's plummet in price and everyone cheers and rushes for the stores. Gold plummets in price and everyone sits around and mopes and feels sorry for themselves. we are one fucked up species.
Yellen rate view fully priced in. Taper now being priced in. More growth, less liquidity, weak inflation a bad mix for gold. 1100 here we come.
Inflated prices are not the same as growth.
Has Yellen talked taper....does she even know how to 'do it' ? I thought Yellen would come in with a large printing ramp to da moon. I think the last time Yellen tapered she was in 7th grade...tapering went out with manners. FULL-FRONTAL PRINTING WITHOUT CEILING DEAD AHEAD.
Considering that Gold has been halted twice today (last time following the FOMC minutes), it's very possible that the markets would be halted to prevent a flash crash if Taper were to be announced for real.
Correct.
And guess who will have advance notice and be able to sell in the blink-of-an-eye?
Not Mom and Pop or Pension funds!
The big dogs are looking for cheap fizz. Someday, they'll dump a shitload of paper and the market won't move. Then they're dead. Yay!
Good My Fiat magically purchases more
goldbugs
where are my fiat roaches??
goldbugs some people, especially at the fed.
1500 contracts to dump at market for this mornings a.m. slam and 1500 contracts to dump at market for the FOMC minutes just days before Dec. AG first notice.
HOW F&$KNG CONVENIENT...
total coincidence
1500 contracts tells us that there is no one in the market
this is called 'illiquidity'
gotta have buyers, too
when "Great Wars" break out... the only currency that matters is hard, tangible, easily hidden and liquid(?), and with everybody falling in love with again (giving their separation a second chance?!?)-- that being said : the yellow-medal... GOLD!!!
don't leave home without it...
One day the lie will end. That is all.
That would be a day of days!
No physical sellers in my area: can anyone recommend a reputable online seller? What % over spot is considered industry standard?
APMEX does a pretty good job, though you have to shop for the best over spot deal.
Canadian Maple Leaf's of random year and Credit Suisse and Pamp Suisse are usually the lowest over spot.
Use a bank wire or check as the credit card premium is painful.
p.s. - The over spot on the above are roughly 3%, to me anything over 4% is not worth buying (you lose 4% off the bat and 2%-4% when you sell so you want to minimize the over spot you pay). Some people are willing to pay 6% over spot for American Gold Eagles, and I'm not sure why.
Speaking of "store of value"... whatever happened to 'Precious'?
Ah, yes, "Manipulation". Are you kidding me?
Name me ONE fucking item of economic, personal or political value that has NOT been "manipulated" in history? ONE fucking thing? Yeah, I thought so. And yet you use the lame "manipulation" excuse? What fucking planet do you live on, or think we do? /heavy sarc
Seems to me that beans, bullets or BTC are a FAR, FAR superior "store of value" than fucking PM. And remember, PM-bitchez, I've been warning for MONTHS that PM is in a SIDEWAYS market. Where only connected shills, speculators and promoters come out ahead. "Invest" at your own peril.
Phasers, Romulan Ale, and exotic alien Women.
Green, bitchez.
i got that one... does that mean i'm old?
i got that one... does that mean i'm old?
"Seems to me that beans, bullets or BTC are a FAR, FAR superior "store of value" than fucking PM."
Well, it seems to flies that shit tastes good. What's your point?
It is not a market...the Sideways comment is irrelevant. It is a targeted price by Central bankers... who will use truck loads of free money to do whatever they want..until they no longer need to..or chaos in USD makes their work pointless.... or the physical price finds a way to break from paper.
...Dropping 400 tons of paper gold on the market in a few hours is a bit more than manipulation....
It is taking a beating..but nothing has changed out in the real world....countries are still printing money...trillions of it....strange
It's not like gold got any boost from QE4EVA either, down 25% this year while equities have gone ballistic. Yet this empty threat of taper hits gold the hardest. The logic is transparently ridiculous. The only reasonable explanation is that the Fed wants it down and no-one will fight the Fed (and in fact there are legions all too happy to collect the wages of sin by following the Fed instead).
Yep. Unfortunately that's the "button" until people lose there shirts.
Martin Armstrongs perspective. FWIW
http://armstrongeconomics.com/2013/11/20/gold-manipulation-or-lack-of-li...
Anyone who wants the price of gold to drop just let me know and I can take care of it for you. I'll just buy some 3 days before you need it.
This suggests only a bottleneck in those wanting to buy, who can't, and thus a phortage of PHYS. If there was a flood of gold to be sold, don't you think the exchanges would happily facilitate the exchange, and collect their commissions all the merry way to the bank?
red w/o comment
Considering gold ran up by a factor of 6 in just 10 years, and silver by 10-fold, a pull-back is to be expected...
Incredible volume as it looks like the Bankster Cartel has tricked a bunch more into shorting the December..... December Open Interest was 151K to start the day. Volume as to 3:00 EST is over 202K thats just a great illustration of how desperate the shorts are. Going to be major fireworks. If we end the day with a big increase in open intererest we may see the long awaited short squeeze and all hell will break loose. Yeah Yeah you've heard it all before.....but this time it may be different.
Listen up chimps.... one final time. Gold and Silver are going to $0. I don't know why you are trying to convince yourselves that it's a manipulation that will end. It will not end. Get it into your THICK heads.
The west are playing a blinder with this one by selling crap to China. They did it will the dollar, now they're doing it with gold, silver and bitcoin. The stupid chinese will buy any trash as is evidently witnessed.
Zzzzzzzzz...
God we have a BIS troll getting narky because they cant shake the physical out of people's hands....
lol
You forgot to mention Russia, India, Iran, Venezuela, Germany (attempting) ... in fact it seems only the idiots of the world are NOT buying gold.
Gold hasn't ever gone to zero in history. By definition it can not as it is a rare physical element with good uses.
Why do all the CB's own thousands of tonnes of the stuff. These are the supposed money masters. They know the intrinsic value, they know the danger when gold becomes popular among the plebs.You can't win any argument about gold and whether it has value. CB's don't fuck around. They are greedy bastards who live by one rule, greed. When the CB's empty their vaults then I will agree, gold is worthless, but it's not going to happen. OK, excluding Brown and his bottom but if you want to commit fellatio on the current CEO of Goldman, hey, it's expensive.
There will be more 'bad' news next month (such as fed to taper MUCH sooner than expected) which will mean gold falls to $1100. Going into January will see a temporary insignificant rise in gold as the taper gets delayed. Come February, talk of that imminent taper is back and gold gets brutalized to $900. Keep rinsing and repeating until $0. It's really not hard folks. This is what's been going on for months and months.
Now please don't start with the old "they're getting desperate" remarks and the "rapidly running out of bullets" crap. This cracks me up. Believe me people, they've got an unlimited amount of weapons they can use to do anything they want and there is absolutely nothing you can do about it.
onelastthing
thereneverwasany 'they'
Gold really got your butt pretty bad huh?
If you were right gold would have hit $0 in 2009.
What makes you right THIS time & not then?
The Fed has an unlimited supply of WET NOODLES to throw at the markets & at this point the market doesn't care anymore, gold included.
The selling of naked short contracts is merely shoving physical gold into Asian hands. That means it's Asia, not the Fed, with an array of actual weapons.
Gold at $0? LOL. Then I can buy every ounce in the world?
Oh wait, except not every ounce is for sale at the fake price. Actually, only a small fraction is.
But it's enough for me to back up the truck. So PLEASE bring it on. Can't you see I'm thirsty?
"...almost definitely in the coming years" ...lmao
wait... the golds is maniperlated?
whocouldaknowed!
net woodles - fukin eh...