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Gold Spikes To Highest Since November
Following yesterday's early morning surge when gold jumped $30 from the low $1230, on news that India may relax its gold capital controls, today's sharp spike follow through is more a function of ongoing emerging market currency devaluation and overall risk-offness hitting equities around the globe. And with Bitcoin going nowhere even as both Turkey and Argentina continue to turmoil, it means there is only one good old faithful fiat-alternative - the barbarous relic. Sure enough, at last check, gold was trading north of $1270, back to levels last seen in November, and one sovereign default away from soaring a few hundred fiat equivalents higher. And since all hopes now rest on more BOJ easing (or else watch out below), and more of the same pent up inflation, we may have seen recent lows in gold for quite some time, especially with Gartman once again openly "hating" gold.
Intraday:
2-day move:
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Where's Deutsche when you need them??
Preparing for monetary war time ...
Preparing for REAL war time!
Because Obama... Has lost all respect in the world and thus the world is going right back to where it was before WW II.
at least some American woman are already back to the stoneage...
http://youtu.be/tuqPL6X-aCc
scary shit...
I like a woman with a big mouth nowhahimsayin?
Damn! Where can I git a woman like that!? Can she shoot too!?
Gartman chases.... usually sell into Gartman.
With BTC under $800 you may want to consider selling some Gold 1.0 for BTC and silver.
Great idea! Sell something I can hold in my hand, that will never go to 0, has been around for all ages, and trade it for something I can.....hmm...what was that again?
#FAIL
less trolling and moar rocket riding. kthxbai
The internet kill switch doesn't register in your mind does it?
Which kill switch would that be? The one that tears down all BGP routes around the globe whenever NSA wants to flick it?
Stick to your comic books guys.
You have too much faith in BGP routes. IMO they are as vulnerable to the NSA as any existing network connected to the internet.
You are a total waste of time.
IGNORE...
just the beginning, first stop 1300...(minor resistance at 1275 maybe)
http://zysites.com/silververitas/
Thought for sure they'd use yesterdays big gain as cover for a 'correction' smash......still waiting
Ole Yeller is going to print funny money faster than four (foar) motherfuckers.
Watching the miners today!
yep, loaded up on GDX and GDXJ yesterday :)
I
LOVE
IT!!!!
They will be much higher by the end of the year. A lot of people who currently view gold as an inflation hedge will, over the course of this next fiat financial crisis, come to realize that physical gold in the hand is the ultimate safe haven asset.
Expect future raids until the last bar is gone. Don´t be shell shocked about a rising fiat price, just get your hands on as many ounces of phyzz as you can. Keep stacking!
to bad tungsten corp isn't profiting from the rise in gold...
http://finance.yahoo.com/q;_ylt=Ap1ylhttv_Dn1X4mkpeJ_6qiuYdG;_ylu=X3oDMT...
Give me a spike to $2K, I've got some land to buy.
I have that same idea !
Me too. Except right now, I'm hoping it dips to $1200 / $19 at end of month closing of Comex futures contracts, so I can buy more.
10 acres of prime Nevada desert land for 100$!
>> Nevada desert land
I'm kind of partial to places with abundant, quality water. North Florida kicks ass in most respects. I need something in West Central Florida.
Such will be ocean front, shortly.
Go to Miami Beach @ high tide.
I really mean just drive through high tide, cuz you can.
How about 99 acres - Worth County GA - pond - timber - 20 acres could be used for a very nice garden - $2,000 per acre.
>> Worth County GA
I like GA and consider it on more than one occaision. I go there often to buy tractor and such. Heck, even their income tax does't bother me because I've got no income. But I need to be close to the Tampa Bay area for medical reason. And south of the bay is better than north so I don't have to deal with the commute through Tampa. God, I don't know how anyone can live in that kind of shit hole. I mean the traffic, not the place or the people.
So, 100 oz Au = your 99 acres; the only question is When ...
And I will accept gold, or silver... also trying to pick a good neighbor.
would be enjoyable
to see a 100 $ up day..
don't jinkx it man :)
Too late! lol
Not like we didn't expect it. With these up days I am always reminded of the anticipation of getting some nookie from the Mrs. Those days, you know, when you just know you are going to get some action. Then, by the time the kids are in bed or the chance to get some happens.....it's the same old thing.
it's going down again... :(
I KILL YOU!!!!
okay it's up again... sorry for that... had a bad sleep last night...
Prettiest charts of this admittedly young year. Perhaps we'll hit $1300 today, booyeah!
that looks like a gold hard on with possible premature ejaculation to fallow.
we need 800 dollar gold please.
And of course this gets junked because the stackers want to see a meaningless rise in fiat price, while they're "still stacking"TM. I know I like paying more for things I want to buy. When I'm checking out at Wal-Mart I ask them to pad my bill by like...pffffft...10% sometimes. Makes me feel good, like the stuff I just bought is even more valuable now.
Yes, $800 gold please. I would finally be able to get a little and give my meager silver savings a friend to play with.
Yeah, initially I was thinking the USD price of gold would go below $1K before it blew up, but after tracking the redemption requests so far this month (up to 74K oz in new delivery requests, after taking a very strange 14 day hiatus), with only 370K left in the Comex registered to cover, they're going to have to pump the shit out of the price of gold if they want to get the eligible stacks moving to registered.
Then again, most of us here are mighty suspicious of the "physicalness" of that supposed approx 7 mln oz in eligible.
not short covering? of course it is duh
NUGT nice pre market
And not one article on Yahoo Finance or cnbc.com about gold, what a surprise
Yes there was at about 6:00 CNBC or Blumberg satellite radio reporting as a top headline "Gold is falling". I kept listening. It was down $2.
2014-01-22: 3,819.202 Billions of Dollars
2014-01-08: 3,665.719The surge is not just for Afghanistan.
You've highlighted a two week period - so if the Fed is buying at $75 billion a month (starting this month), assuming all purchases are made with newly printed dollars, that would mean there should be a difference of approximately $37.5 billion over that period. Shit, time for a new calculator - mine seems to be broken.
Indeed, POMO is the publicized version of the balance sheet expansion. It's probable there is a lot of backdoor liquidity being made available to certain international banks that are on the verge of a blowout.
Yes, the fecal verbage is intended.
Is there any way to get a weekly summary of the articles on ZH?
Yea,
Tune in every day and you can make your own weekly summary.
Gold good, central planning bad, Krugman an idiot.
How's that?
Perfect eloquence !
Well done, man...
Look under "archives" The teaser for each article is the summary.
I THINK ZEROHEDGE NEEDS A PORN AND SPORTS SECTION!
That's our job.
Of course, why not invalidate any ZH legitimacy.
NO F&%$ing way should such even be considered.
Keep it in your VEGASS.
It is not the gold price that will determine the movements in the economy. It's the economy that will ultimately determine the movements in the gold price.
To date the strength of the fan in the face of all the shit that has been hitting it is really something else.
My message is not to go through cycles of depression/ecstacy based on the movement of the gold price.
Remain detached from everything because everything is bound to disappoint in the next couple of years.
Do not buy gold to fret about it's daily movements.
Buy gold for the peace of mind one gets from knowing at least some of your wealth cannot in any case be turned to zero.
well said.
if ya sold out, inflation has got you covered!
More intersting...gold spikes as AUD dives....
that's why they call it downunder
that's a major gold producer. so is Canada. Venezuela obviously has the world's largest energy reserves. Argentina, South Africa, Indonesia...now even Russia itself.
Sure...gold is rallying in dollar terms.
That looks like the dollar is rallying in dollar terms too.
Interest rates are plunging in the USA and I'm supposed to be long commodities?
Must be because Wall Street is 40% off it's all time highs.
Or Microsoft has no clue what it's doing "let alone how to do it profitably."
I would not be surprised to see interest rates on savings surge dramatically here. If suddenly US based Banks find themselves "forced" to pay 5-6% interest rates to depositors then these clowns will see who wears the pants in this town.
Seventeen trillion in debt and only one in the vault,
Fractional reserve banking is about to Make the markets turn cold,
-Warren g
If you know the markets like I know , you don't wanna partake in this,
It's the Ben Bernanke era and he's messin round with Operation Twist,
If you smoke like Ben smokes and your high on hopium everyday,
All I can say is get your PM's and expect QE to infinitayy,
I wrote this last year, i love Warren G regulators
Stars are aligning for me. Bought tons of gold miner Canadian venture stocks all last year. With the CDN dropping it will surely boost any mining company revenues. (anyone who does business in CDN but sells product in USD is going to do well)
Sick!
hey, go for it dude. "Netflix is up 25% in just a couple of days." It's your money...
"GOLD SPIKES THE HIGHEST SINCE NOVEMBER"
Until 8:30-9:00 when the daily beatdown occurs.
S'ok. I'm happy either way.
Gold goes up.. my stack is worth moar.
Gold goes down.. I buy moar.
gold 1263
silver hammered back to 19.77
did ya think I was lyin?
with Au breaching the critical 1268/1270 level the expected breakout signified by the long positions added by the managed money on the COT over the past months is confirmed. A friday close above this level would propel this rally even higher. whatever the time frame, the shorts are getting slaughtered. haha. eat it bears. your day is over.
You can bet your ass that those doing the moving, cleaned up on the hammer down. They will do the same as it rises. If this is sustained,(and we don't know yet) ask; why now.
Gold might have begun its long bull-run. By "long" I mean passing the US$1,911.60 line and going much much further.
Once the puppetmasters run out of games and audience.
Not necessarily. Gold has the potential to climb that hill even without a COMEX default.
$7000 minimum
I thought it was very strange that the Chinese announced the same amount of gold holding they have had for 5 years....when everyone knows they are big buyers...why the sly move????
When the wheels come off they don't want to be standing there with everyone pointing "China did it."
How can it be "sly" is "everyone knows" (including the Chinese... i.e., they know everyone knows).
except Gartman !
Because they are not interested in higher prices yet. It's one way for the Chinese government to say they are still interested in accumulating more gold in 2014. What's the point in admitting vast reserves when it would just create a bidding war and run up the price on themselves. They want to continue to accumulate as cheaply as possible, and that does create opportunity for us smaller fish.
I love gold from its legalization in the seventies till now. However, the past has some lessons to ponder. In the 4th and 5th century when Rome was in decline there were some tales written about Gold. It was so valuable that citizens in this deteriorating environment could not safely or economically carry gold coins for common purchases. One because of safety and secondly value. Gold was so sought after that normal goods like food were far too cheap and change was hard to come by.
Imagine today if the markets and American economy really crashed, the dollar is usless and this government became something other than functioning democracy. Transport of goods came to a halt, crime increased. We take our Gold out of our hiding hole and prepare to survive. Unfortunately if one tries to buy goods like food or clothing the value of gold may be far to high and change is difficult. Plus it is so valuable lives may be at stake. That's what reportedly happened in Rome. Silver became the practical high currency and Copper the common currency.
I like Silver one ounce and half ounce coins. They may be still low priced in a ratio to gold. I could buy meat and bread plus clothing for an appreciated Silver coin. I could probably buy a house for a one ounce Gold Coin if Rome's history has any meaning today. It does sound logical!
Very well stated. Concur.
My two poisons are 90% coins and nickels. Been waiting for the bank to cut me off of my two nickel boxes every paycheck habit...but so far, they haven't.
They weren't able to carry a 30 aught six or a Glock, of course the other guy wasn't either.
Must be the big guns pulling out.
What's up with that old hag Yellen. Doesn't the bitch know how to print or what.
Come on already . Spring semester is about to start. You got to get down there and up my FAFSA lady..
http://4.bp.blogspot.com/_ERdyIv8jDWY/TIkQbMWgVSI/AAAAAAAAKaA/D_zzokbTuN...
come on germany, say it now : I WANT MY GOLD NOW, ALL OF IT
I would think there are quite a few other countries thinking the same thing....???? Is my gold Safe in London or the USA???? I would say ...NOT
well even when it's "safe at home" ... it's been lended out to bankrupt banks duh. Your gold has been sold to china for flat screens and tshirts ...
Gartman, since you hate gold, if you have any, just give it to me - I'll take it off your hands. I'll even trade you my $100Trillion Zimbab bill for it. ($5 retail at my coin shop)
Gold smuggling into India is so massive that government duty is effectively worthless.
“A duty cut is not going to provide any major relief to jewellers as restrictions have not really reduced the gold appetite of Indians. Import has lowered only on government books. Gold is being smuggled. Hence, a duty cut is not going to serve any purpose. The government must relax the 80:20 rule,” said Daljeet Kohli, head, research, IndiaNivesh Securities. The duty is 10 per cent.
http://www.business-standard.com/article/markets/jewellery-stocks-up-on-talks-of-relaxation-in-gold-import-norms-114012300933_1.html
https://twitter.com/zerohedge/status/426709177315377153
"Time to sell 3MM ounces of gold at market"
1275 shows resistance for gold.
http://bullandbearmash.com/chart/spot-gold-weekly-closes-forecast-expect...
Should move higher, but it will be a long and slow process.
thanks. and what are this week's lottery numbers again?
SSSHHHHHH! Don't scare it away.....
back to flat, someone spanked it
It's all good because I've been openly hating Fartman...the useless turd.
Then other side of the miners.
http://www.nytimes.com/2014/01/24/world/africa/on-moroccan-hill-villager...
We're far from out of the woods yet fellow Gold bulls.
That BIS joker hasn't gone anywhere. My bet is his gun is loaded ready for the right time to let off a few pots shots. But we WANT him to play, let's see how the market takes his bullets. Sure, he'll smack it, 3,000 contracts sold at 3am always smacks it. But what happens in the hours and days after the smackdown. This is why we need him to play.
I love small portable objects of enduring value as much as anyone.
However play this cycle carefully. Don't get swept up in euphoria.
Ben and Mr. yellen will choose mild chronic deflation over loss of control.
Sell when inflation fears or fear of calamity are peaking, at least don't buy at that time.
You have been buying on the way down, haven't you?
Getting ahead of yourself. When gold breaks the 1270 marker with great conviction we MAY see a rally higher. Too many big players manipulating the price to get excited.
30 day trend is up but 6 month is still down. Dont hold ur breath, gold bitchez.
Lets face it: houses and stocks are overpriced and gold and other PMs are underpriced.
Lets look at this on something besides a one minute chart. Talk about exagerate a minor little move......
Not so, IMNSHO
60$ move in two days, consolidating near resistance; the Bull snorts and stands his ground.
The Bear hibernates in the long, increasingly cold, winter season.
The Sun smiles as the second season of the Fourth Turning unfolds.
When gold is at $2500 and rising these little gyrations and petty criticisms will appear minor by comparison!
anyone wishing for $2500 surely is bagholding above $1600
we might get to $1600 by end of year which is a nice gain from $1200.. buy now
just in case this crowd doesn't know yet.... YES IT TIME AGAIN TO BUY GOLD... was so since last week.. go crazy.
oh wait.. you all are still stuck over $1700oz right?? oh well
No I'm stuck at $300/oz. Already bought again at $1190
Coordinated currency declines are losing their choreography. Currency competition once shed of its gentlemans agreement becomes political competition. From economic and political differences war is only a very small step away, we are now close - very close...
algo smash to under 1250 in 5... 4... 3...
Aaaannnnnd here it is, the 11:30 takedown ... down six points in five minutes.
Yawn
No dropping gold, they turned their bazooka on silver, which hadn't really done anything.
big bullies.
silver falling out of sync (negative) with gold:
ln(silver) = gold * 3/2635 + 19/12 +/- 4%, is within this range BUT 3.75% down to the negative side so just barely.
http://flic.kr/p/f17z1s