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Silver Slumps To Worst Day In 2 Months As BofA Says "Sell Gold"

Tyler Durden's picture




 

As CNY unwinds, Russia-Ukraine safe-haven bids, and Turkish Lira (erdogan corruption) concerns flood back into the USD as a safe-haven, precious metals have come under pressure this morning. Gold has been sold but remains relatively stable but Silver is suffering its biggest down day in almost 2 months ad the gold-to-silver ratio surges back up to ts 4-month average.

Silver notably underperforming Gold today...

 

With its worst day in 2 months...

 

Some have suggested today's weakness is also being driven by BofA's technical call to sell gold...

Time to sell gold

Gold is rolling over. The impulsive intra-day decline from today's 1345 high says that the trend has turned ahead of the confluence of long term resistance between 1350/1367. With the ADX at trend ending extremes, and daily momentum posting bearish divergences, target 1270, potentially long term triangle support at 1185.

Sell Gold at 1337, risking 1346, target 1270, potentially 1185

 

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Wed, 02/26/2014 - 12:44 | 4480417 StacksOnStacks
StacksOnStacks's picture

Fonestar stating that this is only paper in 3... 2... 1...

Wed, 02/26/2014 - 12:49 | 4480455 Manthong
Manthong's picture

Sell generously…

Many Asians depend on your help to transfer the center of economic power to the east.

Wed, 02/26/2014 - 12:51 | 4480463 kliguy38
kliguy38's picture

SELL BITCHEZZ............I'll be waiting to buy MOAR

Wed, 02/26/2014 - 12:59 | 4480509 Levadiakos
Levadiakos's picture

You'll need to buy much moar to average in that $50 price point

Wed, 02/26/2014 - 13:02 | 4480525 john39
john39's picture

must be a war coming. 

Wed, 02/26/2014 - 13:11 | 4480569 nope-1004
nope-1004's picture

Banksters say time to sell?  Okay.... I'll place an order today.

 

Wed, 02/26/2014 - 13:34 | 4480683 Herd Redirectio...
Herd Redirection Committee's picture

I am hoping for multiple days down in a row.  I want sale prices like 2013 offered.  Wait for it, wait for it.

BTFD.

Wed, 02/26/2014 - 14:02 | 4480765 BoNeSxxx
BoNeSxxx's picture

'BUY!  SELL!  HOLD!' -GS, BofA, CS, DB, etc...

I care not what any of these Fuckshites offer up anymore.

Wed, 02/26/2014 - 22:27 | 4483144 Squid-puppets a...
Squid-puppets a-go-go's picture

funny, that down trend line isnt nearly as steep as the comex inventory depletion's

Wed, 02/26/2014 - 13:45 | 4480738 Harbanger
Harbanger's picture

Silver is the best buy in history right now.

Wed, 02/26/2014 - 15:08 | 4481191 devo
devo's picture

Inflation adjusted, is it a better buy now or in the early 80s and 2000?

Wed, 02/26/2014 - 19:10 | 4482436 Balanced Integer
Balanced Integer's picture

I can't speak to inflation adjusted numbers. But when I made my first (and largest) purchases of silver in 1995, this price was $2.96/oz when all averaged out. I'm certain that inflation has been a bitch since then, but I look at the price today and I gotta think that I'm still ahead of the game.

Sure feels like it anyway.

Not that I care all that much about the price today, as opposed to when I originally bought it. Today it's a hedge, not an investment. Or so it would be, had it not been for that damn fishing trip I took a few years back...

Wed, 02/26/2014 - 13:58 | 4480798 ArrestBobRubin
ArrestBobRubin's picture

Right. Because Greeks are so well known for their investing savvy and all. Were that your countrymen had been stacking silver for the past 5 years, maybe Greece could've told the banksters to f*ck off and wouldn't be dumpster diving for their next meal.

Wed, 02/26/2014 - 13:00 | 4480510 SRSrocco
SRSrocco's picture

FUNNY... Bank of American called the top in Natural Gas too.. the day it got clobbered 11%.  Just wait until we get the next 200+ Bcf drawdown of underground gas supplies out tomorrow.  We are already down 40% compared to 2013 in NatGas storage... and the lows don't come until the end of March.

Anyhow, even though Bank of American says sell gold, we had record buying of Silver Eagles in FEB.  Matter a fact, the U.S. Mint nearly sold out of its 1.25 million oz weekly allocation in two days:

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

http://srsroccoreport.com/u-s-mint-udpate-silver-eagles-nearly-sell-out-...


Wed, 02/26/2014 - 13:30 | 4480664 SilverIsKing
SilverIsKing's picture

No one holding physical silver is selling so the price drop is meaningless unless you are trding paper or buying physical.

Tick tock...time is running out.

Wed, 02/26/2014 - 15:13 | 4481225 devo
devo's picture

"No one holding physical silver is selling"

This is the kind of nonsense that makes everyone hate gold bugs.

There are currently 250,000 ebay auctions where people are selling physical silver. That is one site. Apmex, Gainsville, etc are all selling their silver.

Wed, 02/26/2014 - 16:15 | 4481546 Hooter Shaker
Hooter Shaker's picture

Those same sellers are buying too or they wouldn't have anything to sell.  When you make your living buying and selling precious metals, you are always buying and selling precious metals. 

Wed, 02/26/2014 - 15:24 | 4481284 devo
devo's picture

I don't know if the silver eagle thing matters. If the price is manipulated then sales don't really matter (as reflected in price drop on record sales). I think what matters more is, when they spy on our bank accounts, how many are withdrawing money to buy gold/silver, and are they ordinary citizens. If so, the price must be manipulated either higher so they can't afford it or lower so they're scared.

Wed, 02/26/2014 - 16:14 | 4481541 quasimodo
quasimodo's picture

Sales don't really matter? So this holds true for all corp's? 

Do tell more, please.

 

Thu, 02/27/2014 - 14:02 | 4485212 devo
devo's picture

Obviously not if prices had the worst drop in history on highest sales.

Cue, "it's just paper", and the circle of logic continues.

Wed, 02/26/2014 - 18:54 | 4482378 Lionhearted
Lionhearted's picture

BTFD Bitchez!

Wed, 02/26/2014 - 12:50 | 4480459 thunderchief
thunderchief's picture

Could anyone have expected less from these clowns?

And why sell?

What is the panic on your physical?

A B of A Bank run on physical in your closet?

Wed, 02/26/2014 - 13:02 | 4480519 dark pools of soros
dark pools of soros's picture

wait.. but when people say the same with bitcoins in your own wallet vs an exchange....

 

must be wrong with something in silver too...  price falling and all

Wed, 02/26/2014 - 12:57 | 4480489 SMG
SMG's picture

Actually this price is only on paper, and does not reflect supply/demand/reality.   Today, you can get real silver at the fantasy paper silver price and that's what you sell it at.  One day soon, the fantasy shall end, and reality will have to be dealt with.

Wed, 02/26/2014 - 13:03 | 4480530 Levadiakos
Levadiakos's picture

Don't tell me. You took the brown acid.

Wed, 02/26/2014 - 12:45 | 4480421 LawsofPhysics
LawsofPhysics's picture

Thank you.

("Above all be polite" - Dalton from the movie "Roadhouse")

Wed, 02/26/2014 - 14:06 | 4480827 Levadiakos
Levadiakos's picture

That movie was on last night. You watched it.

Wed, 02/26/2014 - 14:22 | 4480903 ThirdWorldDude
ThirdWorldDude's picture

That's Greek to me. I'm not sorry you missed the boat...

PM's rolling over now, it's plain as day European banks had a fundraiser today. HAA bitchez!

Wed, 02/26/2014 - 12:45 | 4480425 Australian Economist
Australian Economist's picture

I'm sure everyone was saying gold $1450 end of year just a few days ago.

Wed, 02/26/2014 - 12:48 | 4480442 thamnosma
thamnosma's picture

Silly post

Wed, 02/26/2014 - 12:57 | 4480490 Australian Economist
Australian Economist's picture

yeah sorry

Wed, 02/26/2014 - 12:59 | 4480508 ParkAveFlasher
ParkAveFlasher's picture

I didn't think it was silly.  Or perhaps, it's a coincidence that some banks (is this what you meant by "everyone") very recently talked up gold, then, miraculously, gold went up, now, inexplicably,  gold crashes, and now, predictably, they talk it back down.

My stuff is still as shiny as Bart Chilton's head.

Wed, 02/26/2014 - 13:09 | 4480563 Australian Economist
Australian Economist's picture

Yeah by "everyone" I did mean banks and the like, I should have made that clear. I'm at work so can't spend hours posting or looking at Bukakke Tentacle porn (unlike Chilton).

Wed, 02/26/2014 - 13:26 | 4480633 ParkAveFlasher
ParkAveFlasher's picture

You were junked irrationally.  Some people don't understand that stackers must stack, and any stacker who would call himself a stacker welcomes price declines, because they are an entry or re-entry point (and who doesn't like a cheap entry), and that traders will trade, and any trader who would call himself a trader welcomes the downs as well as  the ups, because the downs offer him opportunity; the ups simply offer him closure in following.  Honestly, I'm beginning to look at "up" and "down" in much the same way a sailor might tack this way or that, the question of to trade or not is a question of current positioning, given that I know where I am and where I am going.

Wed, 02/26/2014 - 13:37 | 4480699 Herd Redirectio...
Herd Redirection Committee's picture

Exactly.  A small cap silver miner I follow has doubled in market cap. in the last 2 weeks basically.  Thats not your time to buy.  A multi-day pullback is.

Wed, 02/26/2014 - 14:44 | 4481000 ParkAveFlasher
ParkAveFlasher's picture

ZH is to me now, what the high school lunch table was to me as a teen, a place to vent my thoughts and bounce them off peers, and hear perspectives, most of which, even if I would agree as if they were my own thoughts, would never have occurred to me in quite the same manner as another would present. 

Wed, 02/26/2014 - 13:02 | 4480526 Papasmurf
Papasmurf's picture

Didn't say which year.

Wed, 02/26/2014 - 13:15 | 4480583 bluskyes
bluskyes's picture

Or which dollar.

Wed, 02/26/2014 - 13:03 | 4480528 dark pools of soros
dark pools of soros's picture

I said $1600 this year and sticking too it.. I'll sell you there since you probably wont buy until then

Wed, 02/26/2014 - 13:49 | 4480757 The_Ungrateful_Yid
The_Ungrateful_Yid's picture

I'm calling 1470-1500 by thanksgiving.

Wed, 02/26/2014 - 14:12 | 4480846 ArrestBobRubin
ArrestBobRubin's picture

I don't ever get caught up in price prognostication. It misses the point- -  "price" isn't important here (2014 as a whole) as it hasn't been for years. Consistently adding ounces of gold and silver IS, period.

Buy what you can afford on dips, do it as often as possible. That's my personal PM strategy and absolutely nothing in ongoing developments even gives me pause, never mind any reason to deviate from it.

Tune out the noise, f*ck BoA and the rest of the banksters. Stack on.

Wed, 02/26/2014 - 14:38 | 4480992 forwardho
forwardho's picture

Just because they wish to deny reality, don't mean I have to.

 

Wed, 02/26/2014 - 15:48 | 4481400 OceanX
Wed, 02/26/2014 - 12:46 | 4480433 Its_the_economy...
Its_the_economy_stupid's picture

Make new friends, but keep the old.....

Wed, 02/26/2014 - 12:53 | 4480473 ziggy59
ziggy59's picture

Gotta have kids to know that one..

Wed, 02/26/2014 - 12:47 | 4480434 Silvergood
Silvergood's picture

They are pulling-out all the stops in the beat down now.  They wont give up!!  Keep stacking physical.  BUY NOW!

Wed, 02/26/2014 - 12:57 | 4480486 Kaiser Sousa
Kaiser Sousa's picture

i keep telling ya'll...Silver is the one their using to beat down the phony paper prices of both of the only 2 forms of real money as its the smaller of the 2...AINT NOBODY SELLING NO MOTHER FUCKING REAL SILVER!!!!

the fundamentals r still in place and have only strengthened since "the recovery" we were welcomed to back in 09'...

KEEP STACKIN IF U GOT THE DEBT COUPON DOLLARS TO HAND BACK TO THE FUCKING MONEYCHANGERS...

DEATH TO THE MONECYHANGERS.

Wed, 02/26/2014 - 13:18 | 4480597 1fortheroad
1fortheroad's picture

Thanks moneychangers!!

 

I have more time to stack now since I am unable to dig it out ground for 5 bernake bucks.

Wed, 02/26/2014 - 13:22 | 4480605 thunderchief
thunderchief's picture

I'm not only going to buy more, I'm going to take out call options on 3x inverse S&P index ETF's next month.

And I really don't care if I lose the money,because this shit really stinks!

BofA...Go Hang..

Wed, 02/26/2014 - 13:47 | 4480748 Panafrican Funk...
Panafrican Funktron Robot's picture

Registered gold - delivery notices this month = 274K oz. left at the Comex.  March is going to be interesting. 

Wed, 02/26/2014 - 12:47 | 4480437 monopoly
monopoly's picture

Ahh, BofA. Yes. They surely know what they are doing and are making the right call just as they have done over the last many years with hardly any litigation costs or wrong decisions. Yup. We better listen to BofA. Can't go wrong following their advice. 

Wed, 02/26/2014 - 12:48 | 4480441 ZeroPower
ZeroPower's picture

You do realize retail flows influence absolutely ZERO in the markets space and the its the flows from the big boys that really matter...

Wed, 02/26/2014 - 13:52 | 4480767 Al Huxley
Al Huxley's picture

... in the paper market that currently defines the price, sure.  However, with ~300 million oz/year of new silver supply available for investment (~1 billion oz mined, - ~700 million for industrial, etc.) it doesn't take a lot of retail action at the physical level to start squeezing that supply pretty tight.  Similar argument for gold - paper's only a bet on the price - which is fine until somebody decides to change the rules underlying the current debt ridden, corruption ridden global financial system.

Wed, 02/26/2014 - 14:08 | 4480836 akak
akak's picture

Actually, that ~1 billion ounce annual supply includes recycling --- annual mine production is still only around 750 million ounces of silver.

Wed, 02/26/2014 - 15:27 | 4481298 Al Huxley
Al Huxley's picture

Good point, thanks.

Wed, 02/26/2014 - 17:24 | 4481998 Greenskeeper_Carl
Greenskeeper_Carl's picture

one thing i have always wondered is since that large percentage of silver is used up in various industries, making electronics, etc, which makes up nearly 3/4 of demand, would a large worldwide depression type event, in which people have no money to buy anything but basic neccessities, wouldnt that cause a drop in demand, and therefore price, of silver? cuz that big depression looks pretty likely, if we arent pretty much in one already

Wed, 02/26/2014 - 12:57 | 4480493 slyhill
slyhill's picture

Got MERS?

Wed, 02/26/2014 - 12:47 | 4480439 billwilson
billwilson's picture

OR ....

 

It is the typical sell off post comex expiry .... happens about every month! 

 

Yesterday the setup was obvious. Gold up, miners down. So today gold/silver down. Easy money.

 

Watch for miners to level out ... rinse cycle repeat

Wed, 02/26/2014 - 12:56 | 4480488 SmallerGovNow2
SmallerGovNow2's picture

Plus dollar up today so gold...

Wed, 02/26/2014 - 12:48 | 4480444 Winston Churchill
Winston Churchill's picture

Another  concerted attack.

They really are scared.

Wed, 02/26/2014 - 12:49 | 4480457 fijisailor
fijisailor's picture

Some useless TA and a major corrupt bank call for lower prices are the least valid reasons for a drop in price.

Wed, 02/26/2014 - 13:09 | 4480561 Ban KKiller
Ban KKiller's picture

Bank of America, continuing criminal enterprise....or.."Fuck you, Bank of America". My harsh view...

TA has to say SOMETHING that passes for work.

Wed, 02/26/2014 - 14:27 | 4480935 forwardho
forwardho's picture

Yes, but the result of their words give me the most valid reason to buy.

Gotta live in a half full kind of life.

Wed, 02/26/2014 - 12:51 | 4480466 greatbeard
greatbeard's picture

Technicals, gold, heh, thanks for the laugh.

 

 

Wed, 02/26/2014 - 12:51 | 4480467 Cognitive Dissonance
Cognitive Dissonance's picture

I would rather take advice from my cat than Bank of America. Kitty says to go long Purina. I'm in for 1,000 shares and kitty gets two cans of Liver and Egg with gravy. Mmmmmmmm

Wed, 02/26/2014 - 12:54 | 4480479 Tinky
Tinky's picture

New meaning to the expression "pussy whipped".

Wed, 02/26/2014 - 13:07 | 4480548 jmcadg
jmcadg's picture

Liver and Egg - CD does your cat have the shits permanently? ;)

Wed, 02/26/2014 - 13:41 | 4480714 Cognitive Dissonance
Cognitive Dissonance's picture

The GMO fillers and Gluten glue stops up Kitty just fine.

Wed, 02/26/2014 - 16:19 | 4481570 quasimodo
quasimodo's picture

I see how you are CD, the good stuff for you, Mrs Cog etc but kitty gets the GMO shit?

Looks like I need to call the ASPCA

/sarc

Wed, 02/26/2014 - 12:53 | 4480472 papaswamp
papaswamp's picture

I'd be worried about silver dropping not due to PM demand, but rather a big signal of manufacturing slowdown.

Wed, 02/26/2014 - 12:58 | 4480496 Calmyourself
Calmyourself's picture

You completely discount remonetization then?

Wed, 02/26/2014 - 13:13 | 4480577 papaswamp
papaswamp's picture

Sure the paper side...but not physical. Of course no small part is simply pure manipulation.

Look at BDI and HARPEX.... Not showing a pretty picture.

BDI:
http://investmenttools.com/futures/bdi_baltic_dry_index.htm

HARPEX:
http://www.harperpetersen.com/harpex/harpexRH.do?timePeriod=Years2&&data...

Dropped below the 2 yr average. This trend continues and it won't be the weather....

Wed, 02/26/2014 - 14:12 | 4480857 Herd Redirectio...
Herd Redirection Committee's picture

Silver is a major component of Hellfire missiles.  Hedge accordingly.

Wed, 02/26/2014 - 14:15 | 4480870 Herd Redirectio...
Herd Redirection Committee's picture

Which, btw, are not fired from helis any more.  Predator drones.

Wed, 02/26/2014 - 12:54 | 4480477 Hooter Shaker
Hooter Shaker's picture

BTFD!

Wed, 02/26/2014 - 12:54 | 4480480 KingdomKum
KingdomKum's picture

we few,  we happy few,  we band of silver holders  .  .  .

Wed, 02/26/2014 - 12:54 | 4480481 Dan The Man
Dan The Man's picture

awesome news 

Wed, 02/26/2014 - 12:58 | 4480495 MrVincent
MrVincent's picture

BofA bought Countrywide of their own free will. Need I say more?

Beside, I dont buy and sell gold. I buy it and hold it.

Wed, 02/26/2014 - 13:08 | 4480558 buzzsaw99
buzzsaw99's picture

mozilo is still laughing about it

Wed, 02/26/2014 - 14:21 | 4480898 F.A. Hayek
F.A. Hayek's picture

When the government says buy, I suppose one must oblige.

Wed, 02/26/2014 - 12:59 | 4480501 RaceToTheBottom
RaceToTheBottom's picture

Wasn't a few days ago the best day in two months?

So basically volatility is what we are talking about, which is exactly what a tail wagging dog environment where some derivatives can control and manipulate to increase the volatility.

Wed, 02/26/2014 - 12:59 | 4480505 fuu
fuu's picture

Bank of Amyl Nitrate would like to get long here, please sell you gold.

Wed, 02/26/2014 - 13:00 | 4480511 Silversinner
Silversinner's picture

End of the month,paycheck time,nice discount,buy silver.

rinse and repeat.

Wed, 02/26/2014 - 13:01 | 4480514 poor fella
poor fella's picture

Thank you very much.

If BofA keeps this up, I wouldn't doubt the assets held in the Bank of My Mattress aren't greater than the actual assets in a small BofA branch...  Granted there is the risk that I lose it all hiking around the mountains with my cans of booty (don't own a boat). I will have to accept this risk.

Wed, 02/26/2014 - 13:02 | 4480522 LoneStarHog
LoneStarHog's picture

This happens EVERY damn month the day or two AFTER Options Expiration.  The crooks attempt to scare those who converted options into contracts and who might stand for physical delivery.

It will be nice if just ONE GODDAMN MONTH ZeroHedge would INCLUDE what is actually happening in their missive.

Wed, 02/26/2014 - 13:02 | 4480523 verbot
verbot's picture

karen hudes says there is 170,000 tons of gold laying around and that gold is driven by artificial scarcity..(usa watchdog episode several weeks ago) she has also been saying that consistently. 

i agree with no ongoing industrial usage above a certain threshold gold needs folks to think there isnt much around to be had..

silver is being consumed in small amounts by millions of products which is lost to landfills and recycling cost prevent large scale recovery and salvage.

with no burn rate other than those who wish to have some in hand gold has fewer good reasons to be held over silver in the long run. the current scheme to lower prices cannot drive silver below the market cost for long as current upward bounce has shown.. 

the moment industry starts back up in any form over today's intentional idling of production silver will jump. not the same for gold which may have a multi thousand ton overhang watiting as a sword of damaceles at worst or a failing set of buyers and no industrial application to suck up the excess supply.

arbitrage and financial derivation aside, gold is actually in a worse spot than silver going forward and that was not always the case......

imho

Wed, 02/26/2014 - 13:42 | 4480591 akak
akak's picture

Here is the long-standing question that I have had, and posed, with never an answer in ANY forum, regarding the presumed (downward) official manipulation of the prices of gold and silver.

If the prices of gold and silver have indeed been driven below where they would have otherwise been in a free market for the last couple of decades, and during the last several years in particular (and I assume this to be the case), one could argue that such a situation, even in silver, could be maintained in the short or medium term due to the relatively large aboveground stocks of both metals, 50 or 60 years' worth in the case of gold, a decade or two likely in the case of silver.

HOWEVER, the same is apparently NOT true at all in the case of platinum, the aboveground stocks figures that I have seen over the past decade indicating that there may be and have been, at most, a year or so of annual mine production available at any one time, certainly not enough to buffer any multi-year price suppression (and don't forget, the VAST majority of all platinum produced goes to industrial uses, with only a tiny fraction being held for investment purposes).  Yet the price of platinum HAS fallen, and mostly mirrored the price trends of gold and silver, not just for the last several years, but for more than a century. 

So if the prices of gold and silver are artificially low, how has the similarly, and presumably, artificially low price of platinum not led to obvious shortages of that metal, and a price decoupling long before now?

Anyone?  ANY comments on all?

How can this incongruous phenomenon generate NO interest at all among those who follow the PM scene?  It completely baffles me.

Wed, 02/26/2014 - 13:44 | 4480728 Kreditanstalt
Kreditanstalt's picture

Is there a fractionally reserved "paper platinum" scheme in place? 

Wed, 02/26/2014 - 13:53 | 4480774 akak
akak's picture

That is a very good question, but I am not sure.

Regardless, though, since almost all of the platinum annually produced is used industrially and NOT held as for investment purposes, I believe that my original point still stands: how has the (presumably) artificially low price of platinum over the last several years, as its prices followed the price trends of gold and silver, not led to an obvious supply shortage of that metal?

Wed, 02/26/2014 - 14:35 | 4480966 malek
malek's picture

My general assumption is that platinum price follows US car production (which is the closest indicator we get for sales of catalytic converters, as 95+% of all cars built in the US are gasoline powered and also are required to have a catalytic converter.)

Wed, 02/26/2014 - 16:12 | 4481528 akak
akak's picture

Good point, Malek.

So the suggestion here is that the prices of gold and silver have in fact been manipulated downward, while the price of platinum has coincidentally fallen due to other, market-related factors which just happened to roughly mirror the declines in gold and silver.  That could very well be the case, and was not something that I had immediately considered.  Thanks.

Thu, 02/27/2014 - 04:13 | 4483715 BigJim
BigJim's picture

Coming to this discussion a bit late... and what I'm about to offer is completely unresearched (having to write this in a hurry) but didn't the Russians have a large stockpile of Pt that they've been selling off since the collapse of the USSR? And this has been suppressing the price? And this stockpile is (reputedly) running low now, though no 'official' figures exist?

May be thinking of some other platinum group metal; in which case, my apologies...

Thu, 02/27/2014 - 14:21 | 4485524 akak
akak's picture

BigJim, I think you may be thinking of palladium here.  As far as I know, the Russians never had, or claimed to have, or were suspected of having, any inordinately large stockpile of platinum

Wed, 02/26/2014 - 13:54 | 4480779 verbot
verbot's picture

good point....

most of the gold not shot into space in a sattelite or spacecraft is still on the earth.

subtract hoards lost to time(found one est.10million just recently i hear) and there is our above ground supply and basic format to the gold market becomes sentiment driven..

silver and paltinum and a host of rare pure metals simply reflect the reduction in manufacturing demand slumping due to global depression(yup i said that) so little competition for supplies in macro model of markets show true state of economy(better than caterpillar orders i say)..

just as a thriving middleclass drives real inflation a hollowed out population of low income workers actually help to control inflation. (make sure food inflation is hidden and it is a perfect de-industrialization management model.. ) quite plain and simple to my eyes and ears.

poor folk dont compete for tesla cars and G5 aircraft and poorer folk dont know what those items are so go with whats factual and that will answer your questions...imho

Wed, 02/26/2014 - 14:24 | 4480899 fijisailor
fijisailor's picture

Supply and industrial demand are roughly matched and monetary demand is negligible.  Actually though total supply and demand demand figures need to be looked at in terms of actual numbers as well as hypothecation/leasing information.  This does not make the news like gold and silver so it would take a lot more work to dig out.  Just my thoughts.

Wed, 02/26/2014 - 14:07 | 4480835 verbot
verbot's picture

as a nation of dirty dealers it would serve our interests to load up china on gold and then "find" a giant stash as karen hudes claims is out there... perfect setup

Thu, 02/27/2014 - 09:58 | 4484145 MeelionDollerBogus
MeelionDollerBogus's picture

she's said nothing I haven't seen before but her way of saying it sounds nuttier than a fruitcake so I'll pass.

Wed, 02/26/2014 - 13:02 | 4480524 apberusdisvet
apberusdisvet's picture

The particular attention paid lately to silver indicates, at least to me, that TPTB are running scared, and that silver truly is the canary on manipulation life support.  Why else would JPM have a stash of 200 million ouces in its proprietary account.  When the timing is right, i.e the coming USD devaluation, JPM will raid SLV and leave the sheeple investors in this scam with a cash settlement of 50% (or less) value.

Wed, 02/26/2014 - 13:06 | 4480541 dark pools of soros
dark pools of soros's picture

how many years you been saying this???   'when the timing is right...'

 

just hold some PMs for when the dollar drops but that won't be a 'fun time' since everything else will soar...  but if you were wise enough to grab bitcoins last year and sell into the frenzy you would have 10x your stacks...

 

play the markets not your heartstrings ok?   Is this some holy shrine site of metal?

 

 

Wed, 02/26/2014 - 13:57 | 4480793 Herd Redirectio...
Herd Redirection Committee's picture

Buying BTC between $40 and $100 was considered a speculative gamble by myself, so no regrest, because there had already been massive volatility up to that point.  If you got in for less than $10, I imagine most would have sold long before it hit $100, never mind $1000!

With gold/silver, worst case scenario you will be left with jewellry.

Wed, 02/26/2014 - 13:04 | 4480535 Quinvarius
Quinvarius's picture

In the past I would have commented in a saucey manner.  But, I really don't care what BofA thinks, or if anyone takes their advice.  The final outcome is just a matter of dwindling time.

Wed, 02/26/2014 - 14:11 | 4480847 forwardho
forwardho's picture

Re; The final outcome is just a matter of dwindling time.

So true, give thanks for every "normal" day We have. At this point every day is a gift.

- A dispirited Cassandra.

Wed, 02/26/2014 - 13:10 | 4480566 bluskyes
bluskyes's picture

That's just their advice to clients. The bank is on the buy side.

Wed, 02/26/2014 - 13:11 | 4480571 monopoly
monopoly's picture

And guys, we do have a headwind this morning with the dollar up on a "safe haven" status. Now that is funny. This is actually good for us. Weak holders all leaving and that leaves.....Us. This will work out just fine.  Stay the course. Go do something else today.

Wed, 02/26/2014 - 13:12 | 4480572 e_goldstein
e_goldstein's picture

If you think GS' muppets are stupid, imagine BoAs.

Wed, 02/26/2014 - 13:18 | 4480601 topshelfstuff
topshelfstuff's picture

Usual End Of Month 

Gold Futures =Last Notice & Last Deliver = 2-27, 2-28

Wed, 02/26/2014 - 13:22 | 4480626 Kirk2NCC1701
Kirk2NCC1701's picture

One sized does not fit all.  IMHO, whether you buy or sell depends on your own Master Plan and where you are on the road toward your goals.  For proper Asset Allocation, the FAQs you need to ask (yourself) are:

A. How much of your overall assets do you need in gold?  IOW, where in the 5-20% range do you want/need to be?

B. How much of that do you keep in bullion (for a long-term Buy & Hold strategy)? 

C. How much for pure speculation (paper gold) in what still looks like a Sideways market (up+down, pump+dump cycles), where only the middlemen profit from fees, commissions and margins?

With advice/PR from both extremes (perma-bulls and perma-bears), it's difficult to get an accurate and robust picture, but using Asset Allocation principles usually does the trick -- for those of us (the 99.9%) who don't have Insider friends at the big Prime Dealers who manage our portfolio and do perfect timing of buy+sell (per yesterday's ZH posting of deleted FT article on PM manipulation).

Wed, 02/26/2014 - 14:15 | 4480869 Panafrican Funk...
Panafrican Funktron Robot's picture

I have long utilized Harry Browne's Permanent Portfolio strategy, which is equal parts stocks, long term treasuries, cash/short term bills, and gold.  This covers a wide variety of potential scenarios.  This strategy does involve a 25% allocation in gold, which for some reason makes me a "gold bug" in a lot of people's eyes, but I see it as a pretty normal/rational allocation.  It would be interesting to see a scenario in which everybody followed this allocation. 

Wed, 02/26/2014 - 13:30 | 4480665 Kreditanstalt
Kreditanstalt's picture

When the mainstream paper-pushing investoriat said "sell" that simply allowed me to load up again this morning on my favourite small silver producer at a much better price.

Do they REALLY think they can kill silver forever...?  F-U-N-D-A-M-E-N-T-A-L-S

Wed, 02/26/2014 - 14:02 | 4480814 Herd Redirectio...
Herd Redirection Committee's picture

Name of said small AG producer?

Wed, 02/26/2014 - 14:10 | 4480842 Kreditanstalt
Kreditanstalt's picture

Sure.  Great Panther..."GPR" on the TSE.  Wonderful volatility too!

Wed, 02/26/2014 - 14:18 | 4480879 oddjob
oddjob's picture

GPR is the dregs of Silver miners. The amount of options management flips is staggering. Switch to a better miner.

Wed, 02/26/2014 - 14:36 | 4480975 Kreditanstalt
Kreditanstalt's picture

Sorry.  I like the volatility - and the management.  And the ridiculous low price.  And the production profile.  And the volume traded...and...and...

Wed, 02/26/2014 - 16:30 | 4481619 Deathrips
Deathrips's picture

Try ASM too.

 

Wed, 02/26/2014 - 13:38 | 4480703 wiseindian
wiseindian's picture

Just out of curiosity, what type of silver do my fellow ZHers tend to lose the most in a boating accident? Bars ? Coins ? Jewelry? Any preferences? And if so, why. Would love to hear some opinions.

Wed, 02/26/2014 - 14:04 | 4480818 verbot
verbot's picture

bullion only...coins have too much value driven by sentiment. "yes i know that is a rare historical coin missing some part of the image or was held by julius ceasar as he died...etc...etc... but how much gold or silver does it contain? if it was left to me i waould have already melted every fancy grade coin down just to hear the wonky collector cry foul and stack the lumps in plain sight so everone would get the idea silver and gold are only worth what its worth as a metal and the trading card and bubblegum types can go to mt.gox for cards and pewter figurines to hoard...lol... yup i said that..

Wed, 02/26/2014 - 14:13 | 4480863 wiseindian
wiseindian's picture

Hmmm... interesting. People keep talking about why going boating with (and subsequently losing) Eagles is WAY better (and subsequently much worse) than with bars. I don't get it.

Wed, 02/26/2014 - 14:19 | 4480887 Panafrican Funk...
Panafrican Funktron Robot's picture

Easier/more productive to coat a bar of tungsten, than a sliver of tungsten.  

Wed, 02/26/2014 - 14:53 | 4481098 superflex
superflex's picture

You obvoiusly havent been to Alibaba.com to see all the fake ASEs and leafs you can buy for $1/each.  Sum Ting Wong with these.

http://www.alibaba.com/wholesale/search?SearchText=silver+eagle&pid=1360...

Those sneaky litle fucks havent copied my Silvertowne Buffalo bars yet.

Wed, 02/26/2014 - 14:53 | 4481026 superflex
superflex's picture

In a SHTF/currency collapse scenario, triple 9 bars and triple 9 coins are equal.

Nobody cares abouth the exagerated premium you paid for a walking liberty, maple, kook, etc and nobody is going to pay a premium for said coin.

I only buy bars, but I have traded some goodies for Eagles.

Wed, 02/26/2014 - 14:05 | 4480824 forwardho
forwardho's picture

Nobody on ZH has any Silver/Gold anymore.  They All sold locally, and declared their losses.

Besides its not polite to ask others about their finances. ;)

Wed, 02/26/2014 - 14:12 | 4480853 wiseindian
wiseindian's picture

:)

Notice that I was only asking about people's losses due to boating accidents, and not necessarily their personal finances. I think it's okay to commiserate about unfortunate losses while boating! So there ... now what do people tend to lose most?

Wed, 02/26/2014 - 14:58 | 4481135 foxenburg
foxenburg's picture
bullion coins, such as krugers ae best imho. a child can authenticate a krugerrand after ten minutes tuition. whereas any bar needs thoroughly testing by an expert. kg bars probably need re-refining before anyone will fork out $45k. overeigns and krugers, eagles, etc are also nice small sizes.
Wed, 02/26/2014 - 17:39 | 4482063 Greenskeeper_Carl
Greenskeeper_Carl's picture

if all you care about is the metal content(like me), buy the cheapest generic bars you can find, either from a local shop where you can pay cash and carry, or from silvertowne.com, which is the cheapest place ive founbd online unless you are buying a shitload at a time. i quit buying the actual coins a while ago, they are overpriced if you just want the metal, and i don't care for the notion of any countries treasury making money off my stacking. Having said that, i have bought a few graded eagles for numismatic purposes, mainly for my infant son, figuring maybe they will be worth a lot more when he is my age or older, but i dont spend much on those. Stick to the cheapest you can find legit bars. If you want to make sure what you are buying is legit, you can get an acid test kit off amazon for less than 15 dollars online. The acid never lies. Ive never bought any fakes, but it never hurts to check when you are buying from a new place. plus, it is educational to learn about it. best of luck

Wed, 02/26/2014 - 13:42 | 4480722 Hindenburg...Oh Man
Hindenburg...Oh Man's picture

of course the miners have refused to go up with gold or silver the past 2 days, but have amplified any decline. 

Wed, 02/26/2014 - 14:07 | 4480833 El Hosel
El Hosel's picture

 The Miners on average were up 30% on the year, clearly due for a rest.

Wed, 02/26/2014 - 14:08 | 4480837 Kreditanstalt
Kreditanstalt's picture

By that logic we could just as easily say that "the miners have been beaten down for 2 1/2 years and are clearly due to soar".

Wed, 02/26/2014 - 14:21 | 4480861 El Hosel
El Hosel's picture

They did soar for several weeks. You can always count on pullbacks in the metals, they look again good, finally. Its just the pre Fed Meeting adjustment, caution inlflation fighters at work.

Wed, 02/26/2014 - 14:35 | 4480968 Kreditanstalt
Kreditanstalt's picture

When they soar substantially past the previous highs, THEN you can maybe say they're "overbought".  According to fundamentals, which is probably all a long-term saver/investor/capital preserver should follow, the previous high prices were entirely justified.

Wed, 02/26/2014 - 18:30 | 4481158 El Hosel
El Hosel's picture

They are are "underbought" and pulling back...go figure.

Production costs have done a good job of keeping up with the metal prices....unfortunatley. Miners turned out to be less than a slam dunk, who thought production cost would be where they are today.

Thu, 02/27/2014 - 09:55 | 4484133 MeelionDollerBogus
MeelionDollerBogus's picture

SLW, FNV, sharply out-did the flat metals in the past 12 weeks or more, it's hard to say they did badly in light of their business and the metals themselves.

Wed, 02/26/2014 - 14:11 | 4480843 1stepcloser
1stepcloser's picture

Round eyes say sell... Mr Wu...says buy all from cock suckers!

Wed, 02/26/2014 - 14:26 | 4480925 Zelotai
Zelotai's picture

According to the amazing person who draws the "trend lines", something can never break the trend and go up.

By the way, interpreting signals from a manipulated market?

These clowns are manipulating the SEMAFO stock in Sweden, a canadian gold mining company.

Their manipulation is so obvious, it is ridiculous.

Wed, 02/26/2014 - 14:44 | 4481012 royal
royal's picture

Fuck Skank of America.

The fundamentals (war, currency devaluation) for gold are fantastic.

And from a technical POV, were still above the 200 day sma.

Buy, Buy, Buy!! (and don't forget to take delivery!)

 

 

Wed, 02/26/2014 - 14:50 | 4481081 Sufiy
Sufiy's picture


Everybody MUST be pushed back into the Equity now.

Gregory Mannarino: Pump and Dump Wealth Transfer Coming Soon 


George Soros holds now 1.3 billion rolling Put on the market to protect his long positions. How long this levitation in the markets can continue? Nobody knows for sure, but this interview gives us a very good food for thought. Gregory expect the serious correction starting within next few weeks, when money after initial drop will be reallocated into Commodities, Gold and Silver. Big banks are already shorting the market and it will create the Pump and Dump Wealth Transfer again.   So far market was playing along the Toby Connor's scenario: with general equities topping in the last move up into the late spring of this year, Commodities are breaking Up and Gold and Silver are going much higher. http://sufiy.blogspot.co.uk/2014/02/gregory-mannarino-pump-and-dump-weal...

Wed, 02/26/2014 - 15:13 | 4481226 sixbilliondollarman
sixbilliondollarman's picture

How did they know I needed a few more ounces?? God bless [Bank of] America!!!

Can you take it down farther?

Minimum wage doesn't leave much after real inflation.

http://www.youtube.com/watch?v=ByT0FErPgfQ

Wed, 02/26/2014 - 15:13 | 4481227 Kelley
Kelley's picture

Let's see...troubles in Kiev and Turkey and the BOA calls for selling off gold.

 

The response is gold drops some but resists while silver plummets.

 

Was the BOA using reverse psychology? 

 

Answer: No, silver was manipulated. Gold was also manipulated but the real world resisted.

Wed, 02/26/2014 - 15:44 | 4481375 Tall Tom
Tall Tom's picture

February Contract for Gold and Silver is Closing. That is the reason for the "smaskdown". People are closing out positions.

 

Bank of America knows this. So they time a Propaganda Release to coincide.

Wed, 02/26/2014 - 16:43 | 4481718 f16hoser
f16hoser's picture

Thanx. I just bought a Gold Maple and some Silver rounds. These prices are GREeeaaaaT!

Wed, 02/26/2014 - 16:46 | 4481734 message2gowri
message2gowri's picture

Buy 1 Oz of Silver and 1 Oz Gold Eagle and hold it in your Palm and enjoy the Bueaty. You will never give up on this investment in your lifetime. 

Wed, 02/26/2014 - 19:06 | 4482428 Lionhearted
Lionhearted's picture

BTFD opportunity. It's great when the idiots panic sell because some talking head at BofA tells them too. Sell because of the bad weather, QUICK! I wonder what they are going to blame the bad economy on in spring? Flooding? Probably. Summer it will be drought and fall it will be the leaves falling off the trees. LOL. Buy the dip I hope it goes lower so I can stack some more CHEAP.

Thu, 02/27/2014 - 03:08 | 4483659 MeelionDollerBogus
MeelionDollerBogus's picture

if any TBTF bank, BAC, JPM, GS, etc., C, says "sell gold" you know they're buying it hand over fist and want you to have none.

Stay frosty & .9999 fine

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