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Gold Hits $1280 As Stocks Edge Lower Despite Small Carry-Trade Rebound
More of the same this evening as Friday's close not off-the-lows in stocks has seen no dead cat bounce yet in early trading. The 2nd worst trade deficit ever did not help USDJPY which was already sliding lower, back under 102.00 and to 7-week lows. Most of the USDJPY move was catch-down to US and Nikkei futures moves from late-Friday. Once it recoupled (briefly) JPY staged a small fade-back (off USD 102.00 and EUR 139.50) which dragged Gold back off its 2-month highs at $1,280 briefly. However, the rally in JPY carry is having no impact on US equity futures which remain marginally red... a problem for the momentum igniters... Perhaps even worse, the Nikkei is starting to lose its correlation with JPY once again.
Oops - Nikkei is not behaving itself...
and US futures continue to slide...
and gold tagged up to 1280,...
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I stack on Saturdays. I boat on Sundays.
....Monday I swim home.
Time to sell 6M paper ounces all at once!
Then it is time to place your order at APMEX. The sale won't last long!
I use APMEX, are there any other vendors worth looking at?
IMHO, they are the best. You see their margin up front. Never had a problem.
Gainsville and Provident have lower premiums but less selection. I'm in Texas so Provident is becoming my go to outside of the LCS and coin shows
Just beware of Tulving now:
http://about.ag/tulving.htm
Call me barbarous
Call me a relic
I am HAPPY!!!
I have heard Hans is a genuine asshole to deal with. I don't give a shit how good your prices are, if your an ass I go next door where I get treated with at least some respect.
It would appear that he has gone from being merely a raging asshole to a check-kiting ponzimaster.
So sad, after building a (formerly) good reputation over many years.
the long con
Find out the premiums here too then...just ask for a price on bullion/num.
http://zysites.com/silververitas/
goldsilver.com,
i use both
For gold I use apmex. For silver I use silvertowne. Always have free shipping on their trademark 1, 5, and 10 ounce bar. After you calculate shipped, they are almost always cheaper than apmex.
silvergoldbull.com
APMEX ? Huh, you must be fond of getting ass-raped without even a reach-a-round.
Unless you enjoy paying higher margins over spot than any of the larger PM brokers, you may want to try a few others such as Liberty, Gainesville Coin, even Kitco.
how is kitco?
Good, I like Kitco, but their pricing varies quite a bit. On some items they have the lowest premiums over spot, on others they are not as competitive.
Fairly priced shipping rates, good payment terms, and items shipped quickly. A straight up firm, no B.S., with good service, just not always the best price. I use Kitco mainly for Gold, Gainesville Coin for silver when doing my normal stacking.
Try this.
http://www.comparegoldandsilverprices.com/
They don't list gainsville for some reason, so go there on your own.
https://comparesilverprices.com/
Gainsville is on there.
https://comparegoldprices.com/
But not there.
Odd.
APMEX day over day sales, Maples and Eagles only, 270 OZ., no big sale here.
boating
with bullion...
I use mine for ballast
Gold will close down tomorrow, the bankers will use all their bullets before they let Gold have its glory.
From a technical and conspirational standpoint you are likely correct.
I don't pay any attention any more to gold's daily or even monthly gyrations.
Gold is for the patient, and for those who prefer to have a little insurance.
Patient, slow, disciplined accumulation is the best strategy.
I thought 1270 was Armageddon. Is the globe about to deflate or something?
FORWARD !!!
Nothing new on the pboc ?
ZH jinks it again. Gold headed down now.
dont worry, i havent bought this last dip (no dry powder)
...thus therefore and hence it will keep going up.
when i buy...then watch out below.....
Man, I thought I was the only one who could make the price of gold and silver drop. You, too, huh?
I've been making the price of silver drop years and I just keep buying more sterling
At this rate the price with go to $0 and I will be living in a cardboard box.
But I will throw the fanciest tea parties skid row has ever seen!
maybe not this time.
An illiquid sell off with no display of fiduciary duty could easily - now that its under the MSM microscope - result in a courtcase. which would lead to further attention to the issue by which the phyz/paper split accellerates
I think the PTB realise that their ability to manipulate is now seriously compromised
Patience, patience. Soon, the talking heads will be out in force telling everyone everything is aok. That this is nothing, only "short term holder" of stocks are responsible for the declines. And gold doesnt offer any protection for "anything" as shown by its recent decline. Sit back and wait. Gold will go lower, IMHO, before it all gets real. How low, i cant even guess. Maybe 1000, even 850. But when the European fireworks start its gonna be something to see. Once in a lifetime is my guess. And yes, US stocks and the $ will be in such great demand it will make your head spin. But so will gold, breaking all of the "relationships" everyone has taken as "fact" for so many CNBC episodes it makes me puke.
Forgot to attach this. Best analysis I've seen on Europe in a long time, and I follow all of those bs "stability mechanisms" closely.
http://www.kitco.com/ind/Das/2014-01-23-Europe-s-Debt-Crisis-Far-From-Ov...
Things getting serious in China?
http://www.forbes.com/sites/gordonchang/2014/01/26/china-halts-bank-cash...
Hey Gordon thanks for the tip, for the tenth time. Your hit count low this month?
but in the absence of the Tylers running the story (yet) - it bears repeating. With an emphasis on 'bears'
seemed to have a distinct scent of spam
http://www.zerohedge.com/news/2014-01-27/forbes-pulls-down-china-hoax-story-dennis-gartman-completely-fooled
China halts domestic bank transfers for 3 days at end of this month, 7 days for foreign currency transfers. Problems???
http://www.forbes.com/sites/gordonchang/2014/01/26/china-halts-bank-cash...
Funny how that period starts one day before the Credit Equals Gold Trust is scheduled to default. And right in the middle of Chinese New Year festival.
About to get bumpy.
tet?
Is this 1968? That was a mother...
'The Hong Kong Monetary Authority plans to conduct a thorough stress test on local banks this year, warning of excessive credit growth and mounting liquidity risk as capital flows out of the city's banking system in response to the tapering of quantitative easing in the United States.
The stress test would focus on banks' ability to cope with tighter liquidity, and especially the adequacy of US dollar capital, as foreign investors keep cashing out from emerging markets, the city's banking regulator said yesterday.
"Liquidity risk is the top stress point we should watch out for in 2014," HKMA executive director Henry Cheng said.'
SCMP 27/1/14
Wake me up when gold spikes north $100.
well, this constitutes a $100 move upward in, what? 5 weeks.
I guess you'll have to sleep forever. There are circuit breakers on that sort of thing. It's been posted many times here by Tyler. A $100 increase will have to occur in small jumps only.
http://www.youtube.com/watch?v=StFXWESWXtk
Wake me when silver stays above $20 instead of getting fucked every damn time it goes above that line in the sand.
Maybe they will let go off Silver when the top comes off of Gold. They need more places for Gold money to go...
The algos' are re-pegging to the Zimbabwe Stock Exchange, Mon
Good for Gold. There's a little whiff of panic going around and if the shit show is about to start I could care less. I've already done all I can, any more would just be showing off.
That's kinda where I am at. I need some more ammo and to get the garden started(once the snow and deathly cold winter ends), but we can handle most anything better than most. I need a new generator too.
yep...I am stocking up on more 230 grain lead
out everywhere here today
LOL if China holds gold, who cares if China "defaults"
Deafults on what? I thought China was paying its bills to the west as they went along.
It's the USA that cannot default because that situation would spiral out of control and their 65% share of global trade in dollars would vanish overnight.
PPT will be out in force tonight bombing gold and buying as many futures as they can (and gifting China more cheap gold)
Be grateful For the subsidy.
Ignore gold's gyrations.
Slowly and patiently accumulate up to the level you can still sleep well at night.
if it's not 99.999
Singapore don't want it ..
This wave, whether it be Elliot or not is trending in a direction where there be dragons. :)
Amazing, Japan central banks are in a fluid cash burn crisis. -380 as I type.
I've got you're back always Atomizer.
Looks like liquidity is drying up in China.
http://www.forbes.com/sites/gordonchang/2014/01/26/china-halts-bank-cash...
China Halts Bank Cash TransfersThe People’s Bank of China , the central bank, has just ordered commercial banks to halt cash transfers.
This notice, for instance, appears on the online portal for Citigroup's Citibank unit for its China customers:
Important Notice:
1. Due to the system maintenance of People’s Bank of China, Domestic RMB Fund Transfer through Citibank (China) Online and Citi Mobile will be delayed during January 30th 2014, 16:00pm to February 2nd 2014, 18:30pm. As to the fund availability at the receiving bank, it depends on the processing requirements and turnaround time of the receiving bank. We apologize for any inconvenience caused.
2. During Spring Festival, Foreign Currency Transfer Transaction through Citibank (China) Online and Citi Mobile will be temporally not available from January 30, 2014 18:00pm to February 7, 2014 09:00am. We apologize for any inconvenience caused.
If you have any enquiries, please reach us via our 24-hour banking hotline at 800-830-1880 or credit card hotline at 400-821-1880. If you are calling from other parts of the world, please reach us at 86-20-38801267 for banking services or 86-21-38969500 for credit card services.
In short, there will be a three-day suspension of domestic renminbi transfers. There will also be a suspension, spanning nine calendar days, of conversions of renminbi to foreign currency.
The specific reason given—“system maintenance” at the central bank—is preposterous. It is not credible that during the highest usage period in the year—the weeklong Lunar New Year holiday beginning January 31—the central bank would schedule an upgrade and shut down cash transfers.
...
Isn't there some sort of big meeting in South Korea tomorrow?
Well we could be seeing the Chinese going in for the kill on the Comex and USD hedgmoney at the same time pulling out all the paper and reissuing the gold backed paper some believe the Chinese want to do but that is just me being an optimist here concerning speculation.
We shall see.
Just think of it this way. Emerging markets crash specifically Turkey, they can come in the side door and outbid the FED to put the Turkish Central Bank on the BRICS leash since their paper is at least backed by gold and indirectly Russia and their natural resources. Whose money would you take in that position.
That's way over my head in re: whose position.
My investments are easy to manage. I don't have any.
(except what's right here on my property)
The reality though is it is probably related to this. The timing lines right up.
http://in.reuters.com/article/2014/01/17/china-icbc-idINL3N0KR01T20140117
SHANGHAI, Jan 17 (Reuters) - The trust firm responsible for a troubled high-yield investment product sold through China's largest banks has warned investors they may not be repaid when the 3 billion-yuan ($496 million)product matures on Jan. 31, state media reported on Friday.
Investors are closely watching the case to see if it will shatter assumptions that the government and state-owned banks will always protect investors from losses on risky off-balance-sheet investment products sold through a murky shadow banking system.
Based on a loan to an unlisted coal company, the now distressed product was created by China Credit Trust Co Ltd, while Industrial and Commercial Bank of China , the world's largest bank by assets, helped to market it to wealthy investors in central Shanxi province.
On Friday, the official China Securities Journal reported that the trust company is considering legal action to press related parties for repayment to protect investors' interests.
The newspaper went on to quote trust industry sources saying an outright default was likely to be avoided simply by delaying repayment until arrangements were made to repay investors by other means.
...
No cash for you but here have an apartment or 6 in one our ghost cities no one wants to live in as repayment in lieu of cash.
a day too late, SK suckers
The liquidity problem was flagged on 22 January.
(SCMP 22/1/14) The PBoC ‘ injected 255 billion yuan (HK$326.8 billion) into the interbank market in the largest single-day injection of funds in almost a year, but more liquidity is probably needed to quench the country's cash-thirsty financial system.
The central bank pumped the cash into the seven and 21-day reverse bond repurchase agreements yesterday,following a rate surge on Monday when the benchmark seven-day bond repurchase rate was quoted as high as 10 per cent.
"The PBOC will likely have to release more liquidity for the holiday season than last year," said Fan Wei, an analyst at Hongyuan Securities. "The higher indebtedness of China's economy generates huge demand for funds and any default will have a knock-on effect in the financial system and exacerbate the cash shortage."
The seven-day repurchase rate, a gauge of interbank funding availability, dropped 88 basis points to 5.44 per cent in Shanghai, the daily fix compiled by the National Interbank Funding Centre showed. It rose later to close at 6.6 per cent.
"It suggests the size of the injection is still insufficient. We can expect further liquidity releases in the near future," Fan said.
Analysts said the PBOC would need to do more to counter the possible credit crunch following at least two rate shocks last year.
The central bank injected more than 1.3 trillion yuan in January and February last year. This year, the amount would need to be larger to avoid a cash squeeze, analysts said.’
http://www.youtube.com/watch?v=fQM6kQCL4ZI
Better seen in person but if this is a metaphor for the potential crash that works too.
Satoshi101, quit junking everyone, loser.
edit: He is currently checking out of his one account and then going into his other dummy account so you will see double red on all posts....give him a minute.
edit2: 4 accounts? Meh.
Tyler you gold jinxed it again! Tomorrow a.m the tribe will be monkey hammering happy I suspect.
I wanna see ten dollar silver and 600 dollar gold. It will be a true gift from god for the long term accumulators.
There Is No "US futures",,, only Zuul
Ghostbusters - There Is No Dana, Only ZUUL
http://www.youtube.com/watch?v=lg7MAacSPNM (0:22)
Here's a good tune Goldi.
Iris Dement and John Prine
http://www.youtube.com/watch?v=F5axlwCBXC8
What a voice.
I just went thru and gave greens to all. Let me tell you, it takes a little while so you gotta be some kinda super loser to spend your evenings doing this.
not that I'd bother but in the html code it would contain the string "/1/vote/upanddown" so you could just filter every line that doesn't contain it & open every such link.
Volatility is good for those that create it. It provides an excellent opportunity for them to make even more money without having to wait for a rising market.
Did silver not get the memo?
The "Phantom <Big Wheel> Rider" (AKA- Unemployed Southern European, Eastern European, Sub Saharan African, West/East Coast entitled American) Has junked the thread, because parents are indisposed...
Got paid last week. Time to draw the old bank account down to the minimum again. No PMs on sale like they where. I miss $1200 Au.
at least silver's still on sale, 19.73 spot/usd, probably a good $23/oz maples or eagles from my guess without looking them all up.
http://uk.finance.yahoo.com/echarts?s=HSBA.L#symbol=hsba.l;range=5d;comp...
HSBC shares plummeting
@ IridiumRebel Nice work on the link!
Ya gotta like (midterm) election years?
http://www.blinkx.com/watch-video/tool-aenema/kJg81R_XeWMuDm5I375b5g
That and the bid-ask spread is nuts, ask=57 bid=51.50 , http://scharts.co/1mZa5pI , as of close today.
Intermediate lows clearly established for gold.
If it does eventually drop back to three digits just keep averaging in. Gold is a good long term asset for patient savers.
The cost of holding gold is low in the current interest rate environment which is not likely to change much in the next several years. I am confident we see plus 2000 gold in the next several years.
Just look at the log-scale compression of the dates on the 10 year chart for gold. That means the bottom is in & the next rise (log-scale on price too) puts a replication of 2008's drop, and the rise in 2011, so that within 2014-2015 we'll see 2500 to 3500 USD/oz.
2500 x 3/2635 + 1.55 = ln(silver)=4.3963 = 81.15/oz
at 3500 gold it's $253.36 / oz silver.
.
I think a "buy silver" order is in right now. The ratio is 64 to 1 and there is no way that will hold if we see real gold movement upward. Silver has some catching up to do and it will move fast. 23/24 bucks an ounce real quick. Short term move but look for the S&P bottom somewhere around 1750ish then go long more S&P.
@ DebtSlaveZombie You're overthinking the trade. Relax
I overweight silver too, but it is not a monetary metal.
If gold drops to three digits and silver drops to 15 or lower I will be ecstatic. I hope you will be too..
It just gives us more of an opportunity to accumulate.
It's not the ratio that counts, it's the exponential equation.
ln(silver) = gold x 3 / 2635 + 1.54 (right now), roughly (19+/- 0.6) /12 for that 1.54
http://flic.kr/p/f17z1s
As for S&P I'd expect a bottom much more around 900 or 800.
http://flic.kr/p/enJ7Cs
As more of the gold cartel attract the attention of regulators they seem to be backing off, and it becomes more difficult for the remaining members to continue their suppression. No one wants to be the last one out the door.
$1,270 is the critical technical level to stay above to cause the shorts to panic.
Question remains when the Bizarro PPT will step in?
says who?
Are there a large number of stops sitting there?
Guesing, or did you see it?
Come on. Not until I get my tax return. I wasn't finished yet.
I'm interested to know what the ETF GLD would do in a case of quickly rising gold prices. if for instance a monday opens up and somehow huge sums of money buy the shares of GLD. I don't know what huge is for that fund but lets say the highest volume ever, OK. and at the same time gold surges about 3-400 and ounce. (Iknow I,m smoking something funny) but then with the new money in gold they are supposed to back each share with a corresponding amount of gold and I know they don't go right to the vault and get it that day or week even, so if the price keeps rising and they are short the necessary ounces how can they ever get the physical right?
what if they can't then the fund has other paper means of holding gold I guess, so you could see a real value difference to physical develop in a rapid price advance, owing to the shortfall of physical backing the fund shares. and possibly a run on gold developing as they try to obtain physical and that reinforces the advance in prices. now I'm smoking the top shelf stuff huh
I think the ETF GLD uses incoming money to short physical and help suppress the price. Disclaimer: My tinfoil hat has a little gold propeller on top.
since AGQ did the reverse 4:1 split...
has anyone else noticed the ask prices for the further out of the money strikes somehow are too high vs those calls deeper in the money being lower on the converted/renamed agq1 tickers?
2016 expiry?
Tell me, if that keeps up, is that an opportunity to actually get away with using a spread that normally would cost you... yet this time would actually give you cash (being inverted) in addition to the max profit between the strike prices?
Um, like for real? Inverted markets are fucked.
http://scharts.co/1b6aAfj
strange, fnv pulling up where other miners are not & slw,ag,exk,fnv all pulling up vs copper & silver not doing so.
Hmmm I don't trusts it, I doesn't.