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

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
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!


Kaiser Sousa's picture

yeah right...

correction my fucking ass...

read the Financial Times lately???

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

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


and their debt based currency papradigm...

DavidC's picture

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


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.

Wen_Dat's picture

Hey 1000, how's it hanging?



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

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

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.

TeamDepends's picture

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

fijisailor's picture

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

ThirdWorldDude's picture

Shopping spree, bitchez!

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

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.


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

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!!"

greatbeard's picture

>> Harvey nails it.

Yeah, but only on the downside.

Pareto's picture

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

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


double post as here is the more appropriate

Bosch's picture

-.63% = Smackdown? 

DavidC's picture

lol! These days, that IS!


Mad Mohel's picture

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

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:

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...

Ulterior's picture

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

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.

RaiZH's picture

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

Meat Hammer's picture

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

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.

LawsofPhysics's picture

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

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....

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.


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.

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.  

PHantomofthemarkets's picture

Ukraine a threat for Russia?

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

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:
Follow us: @taxreformer on Twitter

Meat Hammer's picture

“shared responsibility" sounds awfully pinko commie-ish.

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.

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!








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.   

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...

Bastiat's picture

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

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 

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.

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...

Ulterior's picture

I am laughing now while sending the buy order

Meat Hammer's picture

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

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.