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Bonds & Bullion Tumble On "Good" Data
While good news is good news for China (given the overnight moves post-PMI), it appears good news is not good news for US assets. As ISM and construction spending 'beat' expectations, taper chatter removed snapped bond yields higher and gold and silver prices lower instantaneously. Equity prices also fell but S&P 500 futures found support once again at the 1801 level and bounced on the back of "help" from EURJPY.
For stocks then - good news is good news (justifying nosebleed valuations) and bad news is good news (Fed will support nosebleed valuations)... "can't lose, right?"
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Good news, brothers and sisters. Bernanke and his merry band of ditch diggers unearthed an absolutely delightful supply of Bullion under the New York sewer system over the weekend. They are now hedging this new supply using COMEX forward futures. Truly a brilliant example of free market mechanics at work!
I've bought some gold on this move today.
http://i42.tinypic.com/2qsv2c0.png
Long term trendline is back in play.
Here, let me drop the price for you a little, in case you want to get some more - 'TAPER!!!'
Thanks but I've got that covered...
Selling DJIA and buying Gold
Sell - http://i40.tinypic.com/2n9dylc.png
Buy - http://i42.tinypic.com/2qsv2c0.jpg
You know, kind of the opposite what Goldman told their clients to do.
Hey maybe it's a coincidence that all of these multi year trendlines have come into play simultaneously? Yeah right.
Nice lines if I may say so myself!
It is unbelievable how the FED is able to control the market these days.
All they have to do is continously say they "will taper soon" and that is all it takes to make the market move. Even though in reality the FED never intends to or will taper at all.
This seems that it can go on in perpetutity, the FED just keeps saying they will taper soon, but then continously delays "just a few more months", and the end result is they never have to taper at all.
the Delusion is firmly intact. speculate on, investors, but beware of the stampede once the music stops.
you go north and you go south, just like bait in a fish's mouth. we must be livin' in the shadow of some kind of evil sign.
its unbelievable.
I'm trading retail, I don't care about liquidity!
I'm not Bank of America, I don't have $2 trillion to liquidate.
the Delusion is firmly intact.
I agree. You guys love to remain hyper-fixated on your 2"x2" dollar/gold paradigm. Throw a third variable into the equation and watch your brains go to shit.
If you like your bitcoin, you can keep your bitcoin.
The good news is the miners are finally cheap.
yup
Barrick now seeking 'partnership' with Chinese Sovereign Fund. Easy to see who is benefitting from low Gold price and key to understanding why it is happening.
I'm just glad we made it through that correction in the S&P. I haven't been through a bear market like that in days.
I was so fuckin scared bro!
ES 1801 was the buy opportunity of a lifetime
a week from now, when these double pomo's launch ES thru 2000 ppl will be like i coulda/shoulda bot at 1801 with the Tylers
No worries.
The motherfucking GBP/USD will end the day onna toppa...
I'm happy.Bought gold with pounds.
The First Barbary War (1801–1805)
They are scriptin' all of this shatshow
1801....the new concrete floor in the house of cards.
It's been so long since gold has seen an up day that I almost forget what it looks like.
It was up $2 one day last week Doc.
stop exaggerating fonz...you and i know, it was a buck o five at most...
if the markets are open GC is free falling...
http://www.youtube.com/watch?v=1lWJXDG2i0A
:shiller crouching in corner, shivering with fear:
Hmmm, gold down again? How unusual. /s
Bitcoin has been tumbling up all night...
What don't you understand about a rigged "paper" market?
I actually think it's funny now, gold and silver on sale again today.
If you're talking to me, I understand as much about the PM markets as anyone else around here and have since before you joined ZH. It is for those reasons people have diversified into BTC and other opportunities quite a while ago and thank the stars. PMs are lovely and a fine core holding but placing the bulk of one's wealth like some people into two of the most "controlled", if not the most, things on the face of the planet is simply reckless.
+1. And the people who listened to Max Keiser, BJF and Jeff Berwick in 2012 are able to buy a lot more silver and gold this year because of it.
Bitcoin is the simplest buy-and-hold arb opportunity ever.
let me think, should i buy something that is manipulated down (like PMs), or something that is manipulated up (like bitcoin)... thats a tough one :)
Bad new PM's go down. Good news PM's go down. The cocksuckers think they can't lose. So did all tyrants.
They probably have plenty of actual metal in their private accounts, so there's no risk in crushing the paper market. So they actually can't lose.
It could well take 12 months or longer for the Comex to default. This has been a horrible day for all normal investors.
12 months, or 1000 years. The Comex is a rigged game, like options, or 3 card monte - it will probably never default.
TPTB can conceivably just keep knocking off has-been dictators and replenishing their coffers. Maybe the stackers should switch it up a little? Put away the checkers board and play a smarter game?
The game will end when the supply of phyz dwindles, and not until then. Spot price is just some temporary, arbitrary number that has no correlation with supply/demand and therefore it makes no sense to call a “bottom”. What’s the point of technically analyzing fraud?
Gold has been Royally screwed !!!
You will have to pry SPY from my cold, dead hands!
Just ordered 20 Silver Buffalo rounds from APMEX.
Going fwd I am only going to buy bullion since I think we are bouncing along or below mines' all-in costs and while the price can and probably will be fucked lower the upside in the next few years is attractive.
Mines will have to shut-in. That has to be in the cards. I only own (1) junior miner (BAA at $.75) due to their excellent balance sheet and long history. I wonder whether BK is not in the cards for many Jrs. as metal prices languish below the profit waterline. ABX's overture to China does not surprise me. China has the wherewithal to buy up every mine in the world, why not crush them to BK and get them at pennies on the dollar? China can get collusion and assistance from every central bank in the West, to this end.
I do this all in a small IRA account, which I consider as good as gone in this stunningly corrupt environment. GDX is my largest holding and I could be down 50% on that one for years. No margin, no hurry, getting my ass handed to me, smacked so many times I am numb to it.
I am gonna go buy some silver today. Expect to see gold drag bottom around 1180.
I think there's a lot more downside to come, even though the price for metal doesn't seem to keep down with the drops in Comex. It SEEMS like a good price today, but I think I'll put my faith in the bullion banks' ability to continue their sodomization of the fundamentalists, securities regulations, rationality and reason, and wait for it to drop a few more bucks.
Waiting for King World News, Gold Core, and Jim Sinclair throw in the towel...
I tend to agree with you. I am averaged in already around 28 and 1400.
What I really think is happening now in commodity markets is that the great deflation that was derailed by QE might be here anyway. That is an interesting scenario and I gotta say...the indications right now is that it is here with a crappy xmas season.
If that's the case, shit could get real cheap before deflation bottoms and the great hyperinflation starts. We might be headed for the eye of the storm- right now.
Fundamentally speaking, TPTB have solved our spending and debt problem, so there's no need to stock up on metals. Clearly we have less debt, and less money printing than we did in 2011.
Metals are completely manipulated by the Presidents Working Group on Financial Markets. The PPT. That's their job. And who is on the PPT??
The Working Group consists of:
There. That should clear up all of your questions about who's side all of these people are on. (It aint yours)
I was playing golf with a Swiss friend "Dr. J" about a month ago. He told me gold was going below $1000/oz. At that time, I was in disbelief, but now I am starting to believe him.
He (your swiss friend) could easily be right...
a) in case they taper -> we will propably see a huge sell-off
b) in case economy dumps even further -> bad for all assets
c) China or any other big buyer reduces their gold-imports -> goldprice goes south
Everybody has become aware after Lehman, therefore it (rampant inflation) is already in the price. However, nobody knows the future, but Mrs. Yellen looks like moar of the same. In that case and on the long run gold might not be so bad after all.
So, let gold go below $1000/oz or even below $600/oz, I know someone who will be happy to buy some.
I'd love to buy at 500 again, or a chance to buy at 250 would be even better. 5 oz for the price of 1 currently - now that would be a bargain. Plus, it would finally put all those stupid fucking gold miners out of business.
Almost greened you, but we both know its Mr. Yellen. That sloth is an abomination to women and the common good of mankind.
On the other hand, Yellenomics (plus Abenomics plus Dragonomics) might send gold to the moon, speaking in terms of prices. Perfect for PM stackers.
Somebody else told me, excess reserves are just being build to fulfill the requirements of Basel III. Personally I believe that the wars the US are maintaining would be too expensive without QE. Well, on the long run the costs of war will become obvious.
The entire finacial sytem led by these courrpt bankers is failing and they will knock Gold at any chance they have. The Bitcoin is a sham and everyone knows it!
You know, a lot of people here have the general idea right, but get fucked because they think that just because it's inevitable, it will happen right away. Of course gold's eventually going to go up again - I'm 100% certain the Rothschilds, Rockafellers, etc. aren't dumping their bullion and trading into bitcoin. But these guys are pros - all they do, day in and day out, for hundreds of years now, is push the markets around, exploit over-eager (or completely naive) crops of retail investors, and relieve them of whatever excess wealth they've accumulated.
This idiot's stampede out of real stuff will continue until the public's been relieved of all their real stuff.
When this QE fuelled stock market bubble collapses, gold should bounce. Gold's meteoric rise from around 2009-2012 was primarily due, in my opinion, to alot of the hot money being thrown from the crashing property/stocks into commodities because of the crisis. Remember the talk of oil reaching $200 a barrel and the food riots around the world? That was big money being thrown in commodities when Treasuries and stocks weren't in vogue. So I think that when this stock bubble bursts and the next crisis comes, gold will rally again. Now is a great buying opportunity.