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Gold Halted As Prices Spike Higher; Stocks Stumbling
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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LOL...I hope gold absolutely ASS RAPES the U.S. in the coming decades. DEEP AND HARD.
http://www.zerohedge.com/news/2013-10-04/decision-making-and-10-most-common-psychological-biases-investing
These can also apply to PM freaks... open link to article from 2 months ago...
Choice-Supportive Bias: By distorting recollections of chosen courses of action versus the rejected courses of action, people tend to make the chosen outcomes seem more attractive that the foregone ones. Just as people more frequently remember “good” memories than they do “neutral” or “bad” memories, the belief that “I chose this option therefore it must have be superior” can lead to a false recollection of the ultimate outcome. Learn from your mistakes – don’t forget them.
Cognitive Inertia: This is just psychological speak for the unwillingness to change thought patterns in light of new circumstances. Quite simply, do your homework and keep up on your investments. If a company slashes guidance, for example, perhaps you should consider altering your investment accordingly.
Wishful Thinking: This “problem” happens when people are too optimistic; wanting to see things in a positive light can distort perception and objective thinking. Just because you really really really want your investment to appreciate, doesn’t mean it will. Investing should not be treated as gambling.
Where did I say anything about investing, you fucking retard?
Why would you want gold to rape the US if you weren't invested in it? But you're right. Owning gold is speculation not investing. My bad.
Gold is not an investment. It just sits there, not doing any kind of productive work. How could you call this an investment?
If you can't tell holding money from investing it, you shouldn't be engaging in any kind of serious discussion about finance.
@al
nice call yesterday :)
dipstick know it all.
Burl Ives 'splains the rally-
http://www.youtube.com/watch?v=5jF0mFTsXYM
I'll know I've made it when I am sourcing a bigger wheelbarrow to transport my PM's.
All of you goldbugs need to remember that TPTB consider gold a barbarous relic.
Equities and FIAT currencies rule the modern world, so sell the horse and buggy you Luddites!!
FIAT currencies have a rich and successful history:
1. The Roman Denarius (not paper, but was successfully debased for the good of all!)
2. Chinese Flying Money
3. French Livres and Assignats
4. Weimar Germany Marks
5. US Colonials, Continentals
and many more....
History never repeats itself, so dump your PMs....NOW!!
The Dollar index is below 80, and staggering around looking for the stairs.
The PMs are up and down like yoyos. At least paper is stable.
Yes paper is very stable... at least when you measure it using paper.
Fishez, bitchez!
Just for my education purposes, how many oz is 3000 futures contracts? I'm guessing that's just a paper trade, right? And who would likely place such an order?
Each contract is for a hundred oz of gold. 300,000 ounces.