Gold Halted As Prices Spike Higher; Stocks Stumbling

Tyler Durden's picture




 

Gold (>$1260) and silver (>$20) are extending yesterday's gains as US markets awake this morning. The crack higher at around 8:07ET caused the futures market to be halted after 3,000 Gold Futures contracts traded in one second at 08:07:45 on December 10, 2013 sending the price up $10 and tripping circuit breakers for 10 seconds. Silver is now +4% on the week and gold +2.5% as Treasuries are also bid. Stocks are stumbling overnight, driven by the "fundamentals" of a drop in EURJPY after it tagged 142 overnight and fell back.

PMs spiking again at the US open...

And halted at 8:07 - as Nanex shows,

About 3,000 Gold Futures contracts traded in one second at 08:07:45 on December 10, 2013 sending the price up $10 and tripping circuit breakers which halted trading for 10 seconds. This sort of thing is happening far too often: see also the drops on April 12, 2013,  September 12, 2013, October 11, 2013, November 20, 2013 and November 25, 2013 which also resulted in trading halts.

1. February 2014 Gold (GC) Futures Trades.



2. February 2014 Gold (GC) Futures Trades - Zoom.



3. February 2014 Gold (GC) Futures Depth of Book (how to read).


 

 

and stocks tumbling to play catch up to JPY carry...

 

and Treasuries are bid...

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Tue, 12/10/2013 - 09:36 | 4231953 LetThemEatRand
LetThemEatRand's picture

Wack a mole.

Tue, 12/10/2013 - 09:47 | 4231971 GetZeeGold
GetZeeGold's picture

 

 

The Huns are at the gate!

 

Just growl at them.....maybe they'll just go away.

Tue, 12/10/2013 - 09:48 | 4231996 knukles
knukles's picture

Is this "What God Wrought?" to paraphrase Tommie Edison (the arch enemy of Nikola Tesla) when the Bullion Banks become Net Long of Gold Futures Contracts?
We get morning ramp-ups instead of morning beat downs?

Tue, 12/10/2013 - 09:52 | 4232026 He_Who Carried ...
He_Who Carried The Sun's picture

....
The S&P down 5 points is hardly "stocks tumbling".

Are you mad, stoned, deluded or just a "Gold Bug"

waiting to be swatted?

Tue, 12/10/2013 - 09:57 | 4232053 mick_richfield
mick_richfield's picture

The problem with artificial gains, grotesquely protracted, is that any slightest beginning of a retraction can turn into an earth-shaking stampede.

Tue, 12/10/2013 - 10:02 | 4232072 He_Who Carried ...
He_Who Carried The Sun's picture

Right, that should make those

wonder, who bought Gold in any

shape or form when it was trading at 1,900 -

did I get your drift? - am I correcto?

Tue, 12/10/2013 - 10:08 | 4232112 quasimodo
quasimodo's picture

Man that rack is sure distracting

 

Tue, 12/10/2013 - 10:24 | 4232193 FL_Conservative
FL_Conservative's picture

"You're gonna need a bigger boat."

 

http://www.youtube.com/watch?v=2I91DJZKRxs

Tue, 12/10/2013 - 10:25 | 4232228 Occident Mortal
Occident Mortal's picture

Been calling gold a buy here for 2 weeks now.

 

Buy gold - http://i40.tinypic.com/29gipnm.png

 

I'm averaging mid 1220's on my long position. Sub 1180 would invalidate the move.

Tue, 12/10/2013 - 11:19 | 4232455 Pegasus Muse
Pegasus Muse's picture

USD Index just busted 80

Tue, 12/10/2013 - 11:45 | 4232557 fonestar
fonestar's picture

Gold is up in "dollars".  Yay!  Happy seal dance for everyone!

 

http://www.youtube.com/watch?v=FvPA4BgEH00

Tue, 12/10/2013 - 12:19 | 4232658 DoChenRollingBearing
DoChenRollingBearing's picture

https://ounce.me/ provides a convenient quick glance at Au priced in BTC as well as US$/Au.  The rather handy site also gives prices all in one place for Pt, Pd, Ag, WTIC (oil) and the 10% Treasury rate.

Tue, 12/10/2013 - 10:23 | 4232199 TeamDepends
TeamDepends's picture

Distrackting!  Well done, ZH invents another word.

Tue, 12/10/2013 - 10:14 | 4232149 tmosley
tmosley's picture

I've been disappointed with ZH's PM coverage lately.  Turd called this thing perfectly, forwarded the article to ZH, but they don't publish it, but rather just publish tripe.

This probably isn't "it" because JPM, the ENEMY, is net long gold and has cornered the market long (previously having cornered the market short).  The fact that the thin volume slamdowns have turned around should be evidence enough of that.

Ironically, a rising price is the only thing that will save the COMEX.  True PM bugs like me should be rooting for a price of ZERO.  Of course, it's nice to be able to liquidate a little here or there for some purchasing power, but that only drains your stack and lets them win.

Tue, 12/10/2013 - 10:32 | 4232213 DoChenRollingBearing
DoChenRollingBearing's picture

Let's see if they cancel my order for gold paid for by Bitcoin I started yesterday.  Also, Randall Forsyth wrote an influential column in Barron's re BTC last weekend.  WHAT is China doing?  "Bitcoin Insider" answers some of my questions...

"Fun With Bitcoin for Beginners: Part Three"

http://tinyurl.com/mb7no3q

Thank you, mick_richfield (and others) for your answers to my questions!

 


Tue, 12/10/2013 - 11:25 | 4232480 MachoMan
MachoMan's picture

Why does china need bitcoin when it's printing its own currency and buying the shiny?

Tue, 12/10/2013 - 11:32 | 4232510 DoChenRollingBearing
DoChenRollingBearing's picture

I still do not have all the answers I would like, especially to the curious yet massive acceptance of BTC in China.  

Your question is excellent, I will pass it along to the expert I stay in contact with.

Even DoChenRollingBearings's central bank is trying to get more shiny with BTC.  China may have other reasons (I have read, but cannot confirm) that China likes gambling and some of that BTC is for gambling money and debts.

Tue, 12/10/2013 - 11:39 | 4232530 fonestar
fonestar's picture

"Why does china need bitcoin when it's printing its own currency and buying the shiny?"

 

For the same reason everywhere else needs Bitcoin.  Because Bitcoin can do many things that gold and nationalist digital currencies cannot do.

Tue, 12/10/2013 - 12:06 | 4232629 unrulian
unrulian's picture

disappear into thin air?

Tue, 12/10/2013 - 15:41 | 4233359 akak
akak's picture

You say that almost as if you do not believe that a long and random string of numbers satisfies, or can satisfy, all the classic criteria of what constitutes money.

Tue, 12/10/2013 - 13:28 | 4232962 eclectic syncretist
eclectic syncretist's picture

Like be used for transactions that might be of interest to the NSA, FBI, CIA, IRS, and other intelligence agencies, in order to find certain people of interest who think bitchcoin allows them to hide their financial activities? 

What happens when these agencies make their busts and Bitchcoin is no longer of any use to them?

Tue, 12/10/2013 - 10:34 | 4232257 greatbeard
greatbeard's picture

>> Turd called this thing perfectly,

All hail the blind squirrel in his moment of glory.  I can't believe ZH didn't give him his due in spite of all the spamming he did here.

Tue, 12/10/2013 - 10:45 | 4232308 tmosley
tmosley's picture

How do you sit at your computer with all that assdamage?

Tue, 12/10/2013 - 11:09 | 4232428 bullchit
bullchit's picture

S'Ok. Your mother is licking it better.

Regards.

Tue, 12/10/2013 - 12:33 | 4232701 Bay of Pigs
Bay of Pigs's picture

What spammimg? Turd left ZH months ago.

Have to agree tmosley, I thought some of Turds latest writings were pretty interesting and definitely worth reading. GATA even linked them.

Tue, 12/10/2013 - 13:36 | 4232993 eclectic syncretist
eclectic syncretist's picture

The 2013 low in PMs was hit in July.  Up to that point in the year JPM had sold a net 1,300,000 ounces of gold.  In august they bought a net 315,100 ounces and between august and now they've bought a net 665,000 ounces (of which 388,000 have come so far this month alone).  Their turnaround corresponded perfectly with the low.  How do they do that?

Tue, 12/10/2013 - 14:55 | 4233218 greatbeard
greatbeard's picture

>> What spammimg? Turd left ZH months ago.

"Did here".  Did is the past tense of does.  Do you get the subtle nuance of that, jackass?

Tue, 12/10/2013 - 15:32 | 4233330 Bay of Pigs
Bay of Pigs's picture

What the fuck is up your ass? It was just an observation on the fact that Turd hasn't been at ZH for a long time.

 

Wed, 12/11/2013 - 00:24 | 4235033 jerry_theking_lawler
jerry_theking_lawler's picture

What TF? I left him years ago....haha. Well, not officially. Just don't partake in the daily metals report any more...consumes too much time and interfers with my strategy of buy low.....and never sell. Placed an order last week. Can't wait to see my Precious(es)........oh, what's my strategy you say? When I have money, I buy PMs...especially when they are on a 1/2 price sale. toodles.

Tue, 12/10/2013 - 17:52 | 4233889 auric1234
auric1234's picture

You don't have to sell physical PMs when the fake price rises too much. Just buy some PUTS instead. It's a paper bet, so use paper instrument.

No reason to sell the real thing until the fiat experiment is over.

 

Tue, 12/10/2013 - 10:22 | 4232203 Rubbish
Rubbish's picture

It was a fear trade and that day is coming again, how's that budget working for ya?

Tue, 12/10/2013 - 19:16 | 4234134 Banjo
Banjo's picture

I purchased a couple of ounces at $1900, I was also buying in 08 when it was $900 or there abouts.

 

Towards the end of 2007 gold was reaching $833 it's up 50% from there at around $1,260 today

In 2007 DJIA was reaching 14,000 it's up 15% from there at around 16000

IN 2007 S&P was reaching 1560 it's up 16% from there at around 1800

 

I would suggest looking at the immediate short term of your favorite investment and making decisions based on that.

I also recommend buying all major tops going ALL IN, as a solid foundation to manage your portfolio. This includes Apple, RMS, Worldcom, Enron, Amazon, Silver and Gold. If you do this with leverage even better.

 

 

Tue, 12/10/2013 - 10:54 | 4232366 Doña K
Doña K's picture

@ He Who Carried

You need reading lessons as the title is "Stumbling" not "Tumbling"

I would not give you grammar lessons but your accusatory manner.

Manners still count

Tue, 12/10/2013 - 11:36 | 4232520 DoChenRollingBearing
DoChenRollingBearing's picture

Doña K wrote: "Manners still count"

Yes, they do in my book as well.  Good on you.

Tue, 12/10/2013 - 11:50 | 4232573 juslen
juslen's picture

Stumbling. Big differense.

Tue, 12/10/2013 - 13:08 | 4232747 Deo vindice
Deo vindice's picture

It's "difference". Unless you're stumbling... or was it tumbling?

Tue, 12/10/2013 - 09:57 | 4232054 GeezerGeek
GeezerGeek's picture

Tommie was, apparently, misquoting Samual Morse's "What hath God wrought?" message sent from the Supreme Court to the B&O railroad depot in Baltimore. Slightly over 150 years later, using a newer version of electronic messaging, John Roberts sent a message saying "What have I done?" to someone named BO, but that only got as far as that big white building on Pennsylvania Avenue. It wasn't even December 7, but it nevertheless was a day that will live in infamy, to borrow a line from some other obscure politician.

Tue, 12/10/2013 - 11:07 | 4232420 BandGap
BandGap's picture

What Hath God Wrought was Morse when they were laying the Trans Atlantic Cable.

The real fight is starting to pick up. How much can the Feds suppress PMs with all the other bullshit going on?

Tue, 12/10/2013 - 09:47 | 4231983 knukles
knukles's picture

Where's the "E"?

Y'all notice that layoffs around the world seem to be accelerating?  And in the damnedest spots.  Like a BBG headline about how "immigrants" are keeping the Ozzie economy afloat offsetting the decline in mining activity.

Decline in mining activity?
Kinda contemperaneous indicator?
Layoffs?
Not temporary

And immigrants?

And talk about Propaganda.
Last night I'm tuning to a financial channel and what do I see an ad for?
A full length feature movie about the life of Nelson Madella.
Out in time for Christmas.
Talk about (no it's not a fucking coincidence, to fucking many of them... duh... glitches, excuses, etc) Propaganda!
 

Timed!

 

Damn!

And you were wonderin' why one should own gold, huh?

Tue, 12/10/2013 - 10:20 | 4232190 Race Car Driver
Race Car Driver's picture

> Out in time for Christmas.

This was all planned ... they whacked Mandella.

Tue, 12/10/2013 - 10:27 | 4232226 duo
duo's picture

Mandela was on life support.  All they had to do was pick the date.

Tue, 12/10/2013 - 10:58 | 4232379 Doña K
Doña K's picture

They may have checked with Obama's schedule.

BTW: It's raining like hell here very unusual for December

Tue, 12/10/2013 - 12:11 | 4232641 unrulian
unrulian's picture

...ahh yes...you're right...Here in Canada in recent months and weeks it's all you hear...layoffs and in more traditional sectors, mining, food production etc.. heinz plant last week, kelloggs plant this week, pot ash corp ...it's been a constant buzz lately

Tue, 12/10/2013 - 09:50 | 4232010 Theta_Burn
Theta_Burn's picture

A mole whacked alright...

Alan Greyson (dick) Florida... got smoked for 18 million in some scheme that I'm sure was totally above board.

.... has had a long record for picking winning stocks, which formed the basis for his personal fortune.

http://www.nbcnews.com/id/53785514

Tue, 12/10/2013 - 10:03 | 4232075 SmallerGovNow2
SmallerGovNow2's picture

And it could not have happened to a nicer fucking guy.... sarc/

Tue, 12/10/2013 - 10:06 | 4232103 GeezerGeek
GeezerGeek's picture

Grayson got what he deserved for investing in stuff not listed on the Congressional Insider Stock Tips bulletin. Curiously, I find myself on occassion agreeing with him; maybe 2% of the time. Usually, however, he's as useless as thet idiot congresscritter from New Hampshire, Ann Kuster, who claimed - in front of constituents - that a House Resolution was the Senate's, not House business. http://www.youtube.com/watch?v=jEeX8q1NQ4w

And these are the types making our laws? Thank heaven they've been slow to do anything this year.

Tue, 12/10/2013 - 10:29 | 4232238 Mike in GA
Mike in GA's picture

Remember, to rise to high office, all you have to do is find an opening on the D ticket.  Their voters party vote en masse without rational due diligence or careful consideration.  LIVs as swing voters...whatta concept.

Tue, 12/10/2013 - 09:37 | 4231954 fonzannoon
fonzannoon's picture

PM's ironically have become "the fed is going to taper" play. The best thing to do is short every single fkin rally in PM's and BTFD on every tiny correction in stawks. 

 

Tue, 12/10/2013 - 09:40 | 4231970 Xibalba
Xibalba's picture

er...um...no.

Tue, 12/10/2013 - 09:42 | 4231977 fonzannoon
fonzannoon's picture

good luck pal.

with that said, this is a stunning amount of activity by 4 old guys on their phones.

Do NOT follow this link or you will be banned from the site!