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Gold & Silver Smackdown Resumes As JPY Strength Sends Stocks Sliding

Tyler Durden's picture





 

We haven't seen the once ubiquitous morning drubbing of precious metals for a while but this morning gold (and more so silver) have been hammered. US equities' overnight quiet meltup has given way as AUDJPY is once again fully in charge. Emerging market FX is tumbling (Turkish Lira as well as Ukraine). Treasuries are rallying once again as the USD soars on the back of EUR weakness. It appears Russia's actions (Readiness tests) this morning are prompting a flight to USD and bond safety for now (and as the turmoil picked gold has stopped dropping).

 

 

 

Charts: Bloomberg

 


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Wed, 02/26/2014 - 10:50 | Link to Comment DavidC
DavidC's picture

Given the 20 point pop in the NASDAQ AFTER hours last night I would hope that there should be a slight correction, if nothing else!

DavidC

Wed, 02/26/2014 - 10:55 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

yeah right...

correction my fucking ass...

http://www.kitco.com/charts/livesilver.html

read the Financial Times lately???

so obvious....the phony paper price dont mean shit...

bought yesterday, and for the fifth time this month...

DDEATH TO THE MONEYCHANGERS....

and their debt based currency papradigm...

Wed, 02/26/2014 - 10:59 | Link to Comment DavidC
DavidC's picture

I was thinking of a correction in the NASDAQ, but yes, I agree with you about gold!

DavidC

Wed, 02/26/2014 - 12:07 | Link to Comment 1000 splendid suns
1000 splendid suns's picture

Oh look, someone elso who has to sign every single post. DavidC, DavidC, DavidC!!!

Pods, DaddyO, you too.

You don't sign tweets. You don't sign texts. Stop the ego trip.

Gold and silver on sale today.

Wed, 02/26/2014 - 12:22 | Link to Comment Wen_Dat
Wen_Dat's picture

Hey 1000, how's it hanging?

 

Wen_Dat

Wed, 02/26/2014 - 12:07 | Link to Comment Tabarnaque
Tabarnaque's picture

Here is from Silver Doctor: Record silver sales for the Month of February!

U.S. MINT UPDATE: Silver Eagles Nearly Sell Out In Two Days

http://www.silverdoctors.com/u-s-mint-update-silver-eagles-nearly-sell-out-in-two-days/

But the Banksters have it their way once more and the SEC closes its eyes...

Wed, 02/26/2014 - 11:10 | Link to Comment ZH Snob
ZH Snob's picture

something is the workings of these things has changed.  not that it matters much at this point, but gold will climb back up to surpass yesterday's highs and probably end the week near 1350.

Wed, 02/26/2014 - 11:26 | Link to Comment TeamDepends
TeamDepends's picture

Yes, and silver will finish the week over $22.

Wed, 02/26/2014 - 10:52 | Link to Comment fijisailor
fijisailor's picture

I miss the $1200 buying days.  Please smash the price another $100.

Wed, 02/26/2014 - 11:23 | Link to Comment ThirdWorldDude
ThirdWorldDude's picture

Shopping spree, bitchez!

Don't forget to thank Benoit for the discount...

Wed, 02/26/2014 - 10:54 | Link to Comment SWCroaker
SWCroaker's picture

Op-ex, anyone?

It's something of a monthly tradition to "shake out" optimistic positions established during roll-over.    Happens near the last week of every month.

Yawn.

Wed, 02/26/2014 - 10:55 | Link to Comment youngman
youngman's picture

Options expiry was yesterday..TPTB will tank the price so the options owners do not take delivery....every month this happens....there is no gold in the cubboards

Wed, 02/26/2014 - 10:55 | Link to Comment Cow
Cow's picture

Harvey Organ yesterday:

"Today is options expiry so expect the bankers to try and suppress gold/silver prices for the rest of the week. They do not want longs to take possession of our two precious metals gold and silver. Also today, the gold/silver equity shares were quite weak as was silver relative to gold....a sure sign that a raid is upon us shortly!!"

Wed, 02/26/2014 - 11:14 | Link to Comment Bastiat
Bastiat's picture

Harvey nails it.

Wed, 02/26/2014 - 11:59 | Link to Comment greatbeard
greatbeard's picture

>> Harvey nails it.

Yeah, but only on the downside.

Wed, 02/26/2014 - 10:56 | Link to Comment Pareto
Pareto's picture

-------->SnP 1860 breakout (POMO) - despite TRIN and VIX up

-------->SnP 1820 breakdown

 

double post as here is the more appropriate

Wed, 02/26/2014 - 10:58 | Link to Comment Bosch
Bosch's picture

-.63% = Smackdown? 

Wed, 02/26/2014 - 11:00 | Link to Comment DavidC
DavidC's picture

lol! These days, that IS!

DavidC

Wed, 02/26/2014 - 11:06 | Link to Comment Mad Mohel
Mad Mohel's picture

Seriously, $9 is a smackdown? Beatdown is 11? And total meltdown is $15? Whoa!

Wed, 02/26/2014 - 10:58 | Link to Comment Sufiy
Sufiy's picture

Now Chinese buy Gold at wholesale prices ... in the ground!


Rumour Mill: "Chinese CITIC Buying Into Barrick Gold's Pascua Lama" - Can Argentina Mining Really Make Its Come Back?


Is this rumour too good to be true for the proud people of Argentina? Can Argentina ever make its come back in mining? On the one hand we have still the very strong perception of the high political risk and on another hand we have reports from the ground about the changing environment in the country: http://sufiy.blogspot.co.uk/2014/02/rumour-mill-citic-buying-into-pascua...

Wed, 02/26/2014 - 10:58 | Link to Comment SuperRay
SuperRay's picture

waiting for the big smackdown when paper gold holders freak out.  There'll be a brief window of opportunity for physical then, unless the premiums are already through the roof...

Wed, 02/26/2014 - 11:38 | Link to Comment Ulterior
Ulterior's picture

you will pay premium twice - once when you buy and second time when you will desperately seek buyer (pawn broker)

Wed, 02/26/2014 - 10:59 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Told ya... That TPTB will keep us in a SIDEWAYS market, until they decide otherwise.

ALL enemies of the Fed/USD are used, squashed or manipulated:  Assets, politicians, libertarians, sheeple, PM, Bitcoin... 

They especially enjoy the Divide & Conquer between PM and Bitcoin, as most aren't smart enough to realize/admit that unless they join forces, they cannot fight the Fed.

Wed, 02/26/2014 - 11:00 | Link to Comment RaiZH
RaiZH's picture

One more dip is all I and the Chinese ask.... I need just a little more on the stack. 

Wed, 02/26/2014 - 10:59 | Link to Comment Meat Hammer
Meat Hammer's picture

My bad.  I bought some PMs yesterday.  Sorry everyone.

Wed, 02/26/2014 - 11:02 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Thank you.

Wed, 02/26/2014 - 11:04 | Link to Comment Dr. Engali
Dr. Engali's picture

Thank you very much Meat Hammer, because I have been waiting for a smackdown to buy. I'm placing my order as we type.

Wed, 02/26/2014 - 11:07 | Link to Comment Meat Hammer
Meat Hammer's picture

Glad I could help, Doc.

Wed, 02/26/2014 - 11:02 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Just say "thank you", and buy more physical.

Wed, 02/26/2014 - 11:32 | Link to Comment Greenskeeper_Carl
Greenskeeper_Carl's picture

Oh I will. They can keep it down here awhile for all I care, this is my retirement planning at a discount. It still cracks me up that putting your money into US paper, buying debt from the most indebted entity in history is considered 'safety'. I get it that the dollar is the cleanest dirty pair of underwear right now, but there are alternatives....

Wed, 02/26/2014 - 11:04 | Link to Comment Tabarnaque
Tabarnaque's picture

I hate the bastards. They dipped silver just enough to run all the stops under $21.50. Just before first day delivery notice of an active silver delivery month. It is so predictable. There is no law or regulation of any kind left in this market. Just a bunch of psychopathic criminals running it the way they want. I hate the fucking bastards.

 

What I can't understand is why Russia isn't spending 2 billons to blow up the Comex cartel and all the Bullion Banks with it. That would give the best quick blow to those neo-con pricks in Washington DC. With 2 billions investment you could have them go bust. So why don't they do it? It would be quicker, more efficient and cheaper than using a military option. Just call their bluff and have them go bust.

 

Wed, 02/26/2014 - 11:13 | Link to Comment eddiebe
eddiebe's picture

The Russians and the Chinese persons in power are still playing along because it suits their own refarious purposes. Remember, they no more have their own peoples interests at heart than you or I, and probably a whole lot less.

Wed, 02/26/2014 - 11:29 | Link to Comment Tabarnaque
Tabarnaque's picture

It suits their interest until when? Ukraine is a direct threat to Russia’s security. Washington is relentlessly trying to topple regimes in Turkey, Venezuela and who knows how many other countries (Argentina, Brazil, Bolivia, Ecuador, just to name a few more on Obama’s black list). It is either that these nations wake up and strike back or let the neo cons in Washington DC topple them all, one after the other.

 

The Federal Reserve is bankrupt. They have no reserve. Dump the USD, Dump the Treasuries and call their bluff on Gold and Silver by standing for deliveries on the Crimex and LBMA. That would be enough to bankrupt the banksters and prevent them from committing more crimes against humanity all over the world.  

Wed, 02/26/2014 - 11:58 | Link to Comment PHantomofthemarkets
PHantomofthemarkets's picture

Ukraine a threat for Russia?

I think the Russians see it more like an opportunity...

Wed, 02/26/2014 - 11:05 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

"President Obama’s Internal Revenue Service today quietly released a series of Obamacare “Health Care Tax Tips” warning Americans that they must obtain “qualifying” health insurance – as defined by the federal government – or face a “shared responsibility payment” when filing their tax returns in 2015. The term “shared responsibility payment” refers to the Obamacare individual mandate tax, one of at least seven tax hikes in the healthcare law that directly hit families making less than $250,000 per year."

by every means possible the MoneyChangers will attempt to feed off the citizenry....opt out an into the the only 2 forms of real money...

Read more: http://atr.org/irs-warns-obamacare-tax-must-paid-a8164#ixzz2uRNijfW5
Follow us: @taxreformer on Twitter

Wed, 02/26/2014 - 11:10 | Link to Comment Meat Hammer
Meat Hammer's picture

“shared responsibility" sounds awfully pinko commie-ish.

Wed, 02/26/2014 - 11:15 | Link to Comment Bastiat
Bastiat's picture

I wonder why.

Wed, 02/26/2014 - 11:40 | Link to Comment Greenskeeper_Carl
Greenskeeper_Carl's picture

It's like something out of atlas shrugged to me. Like 'the fair share act'. Which is probably coming soon as well.

Wed, 02/26/2014 - 12:16 | Link to Comment Save_America1st
Save_America1st's picture

he and the rest of the MUTANTS can take their "shared responsibility" and shove it up their ass!

 

Zombies are fake...but MUTANTS are real!!!

Stop feeding the MUTANTS!

M.arxist

U.topian

T.reasonous

A.uthoritarian

N.efarious

T.yrannical

S.ociopaths

Wed, 02/26/2014 - 11:07 | Link to Comment TheRideNeverEnds
TheRideNeverEnds's picture

We have been over this before, its not hard, just close your eyes and BTFD.

 

All we do is go up every day, judging by the last tech bubble we have at least another 100% of upside, probably 2-300%.  

 

When the S&P prints 5000 in a year or so then maybe take some off the table.   

Wed, 02/26/2014 - 11:08 | Link to Comment Odin
Odin's picture

Correction ZH...We in fact have seen the morning smack down several times recently, however every time it rockets straight back up...

Wed, 02/26/2014 - 11:11 | Link to Comment JustPrintMoreDuh
Wed, 02/26/2014 - 11:16 | Link to Comment Bastiat
Bastiat's picture

These swine are being bled dry.  I read yesterday the annual industrial consumption of gold alone is up to 300 tons. 

Wed, 02/26/2014 - 11:28 | Link to Comment Hindenburg...Oh Man
Hindenburg...Oh Man's picture

to be honest, gold is hanging relatively tough around 1333 right now. Figured it would be lower after reading this headline. The miners are taking it in the shorts for the second day in a row though. You'd think that we are under 1300 and plunging with how they've behaved the past 2 days 

Wed, 02/26/2014 - 11:50 | Link to Comment Greenskeeper_Carl
Greenskeeper_Carl's picture

People don't trust them at all. Even, maybe even especially, stackers. Too many lost too much money. I'm still in the red on mine even after this little rally we have had since the start of the year, almost there though. I'm gonna let what I already have invested in miners ride and just see what happens, but going forward ill probably just buy physical and not gamble anymore than I already have.

Wed, 02/26/2014 - 11:47 | Link to Comment Hongcha
Hongcha's picture

I am accustomed to max pain as a buyer in this sector.  Thus I am staying my hand here until at least this day runs.  I want ANV under $5 but $4.50 is a richer target.  I won't buy anything I'm not willing to hold until it's green.  I was in NUGT and USLV and 33% down for most of the past 2 months and got my 5% and got the hell out.  I will reload but not yet boys, wait for the whites of their eyes...

Wed, 02/26/2014 - 12:18 | Link to Comment Ulterior
Ulterior's picture

I am laughing now while sending the buy order

Wed, 02/26/2014 - 12:28 | Link to Comment Meat Hammer
Meat Hammer's picture

Where do you buy?  I normally go to the LCS but I'm getting lazy and want it delivered.

Wed, 02/26/2014 - 12:22 | Link to Comment Save_America1st
Save_America1st's picture

Thank you monkeys for the excellent beat down.  I thought you had lost your touch after yesterdays weakness at the end of the day.

For everyone else...just BTFD...downside risk in phyzz silver is so minimal now as we already know they can't push the paper bullshit much lower than about 19.50.  I strongly doubt we'll ever see anything below 20.50 again, but ya never know what the monkeys will pull outta their fat asses. 

Still...buying phyzz silver now at these prices which are still nearly 3 dollars below the major producers average cost of production is a fucking steal!!!  So take this gift and load up the truck while there is still available physical supply and premiums are still fairly normal.

 

 

Wed, 02/26/2014 - 12:32 | Link to Comment MFLTucson
MFLTucson's picture

Tjhe American Jewsih Banking (sewer) Cartel in full play today.  The TRIBE is so godamn courrpt, it makes me vomit!

Wed, 02/26/2014 - 12:33 | Link to Comment Hongcha
Hongcha's picture

No use hatin' on 'em ... this is a poker game with the manipulators, the flippulators, the 'stackers' with alligator mouth and hummingbird ass ... just anticipate and I anticipate max psychic pain and prefigure correction of several days' duration; of which we are in the midst not the end.

Wed, 02/26/2014 - 13:05 | Link to Comment pipes
pipes's picture

Musical chairs.

The rules are the same, and so is the eventual outcome.

These dumb shits that continue to play...

I'm staying seated.

Wed, 02/26/2014 - 13:13 | Link to Comment orangegeek
orangegeek's picture

It will be a long and slow process for gold to continue to climb.

 

http://bullandbearmash.com/chart/spot-gold-daily-jumps-higher-completing...

 

Gold daily put today's move into perspective.

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