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Gold Jumps To 3-Week Highs, EUR Fades As Tensions Rise In Ukraine

Tyler Durden's picture




 

Early weakness in US equity futures was rescued when Asia opened and JPY was mysteriously bid but it's fading back now as the UN session escalates into he-YouTube'd-she-YouTube'd. The bigger moves on the night so far are gold (which jumped back over $1325 and 3-week highs) and EUR which fell around 40 pips to 1.3850. We suspect as Ukraine's red-line deadline draws near the bid for safe-havens may accelerate somewhat.

 

 

Chart: Bloomberg

 

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Sun, 04/13/2014 - 20:54 | 4655387 ParkAveFlasher
ParkAveFlasher's picture

Is that you, Easter Bunny?  Is this me?

Sun, 04/13/2014 - 20:57 | 4655399 kliguy38
kliguy38's picture

But Goldman said short Gold was a no brainer..... I guess they meant you had to have no brains to short gold.....

Sun, 04/13/2014 - 21:05 | 4655415 DoChenRollingBearing
DoChenRollingBearing's picture

fishez!

Sun, 04/13/2014 - 23:33 | 4655751 Greenskeeper_Carl
Greenskeeper_Carl's picture

It will be time to short gold again once it hits 1390 or so, like last time. Stock markets will drop in tandem with gold going up. Then some new 'peace deal' that doesnt actually solve any of the problems, but gets everyone to back down a littl bit, will saturate the news. At this point the markets will go euphoric again, get back near their all time highs. Analysts will say this proves the economy is back on track. Gold will shed 50/week for a couple weeks, then settle back to the 1280 range, where it will go sideways for a few more weeks. Wash, rinse, and repeat. Same as it ever was

Sun, 04/13/2014 - 21:13 | 4655435 Silver Bug
Silver Bug's picture

Gold once again moves to the forefront as being the premium safe haven asset of the world.

http://sprottmoneyblog.com/russia-hints-at-ushering-in-a-new-gold-backed...

Sun, 04/13/2014 - 20:59 | 4655403 Truther
Truther's picture

Golden egg hunt anyone?

Sun, 04/13/2014 - 21:04 | 4655412 JustObserving
JustObserving's picture

Wake me up when gold jumps $100 or $200 a day.  Until then, all these moves are just noise as the Fed and its minions keep a firm lid on the price of gold.

Look at silver languishing at $20 from its highs of nearly $50 from the day Osama died again.  BTW, Seymour Hersh says not one word about Osama's death on May 1, 2011 is true:

Pulitzer Prize-winning journalist Seymour Hersh contends the 2011 U.S. Navy Seals raid that resulted in the killing of 9/11 mastermind Osama bin Laden is “one big lie.”

“Not one word of it is true," Hersh told The Guardian newspaper in an interview meant to drum up publicity for his new book about national security.

"Nothing's been done about that story, it's one big lie,” the 76-year-old Hersh told The Guardian.

http://www.nydailynews.com/news/politics/u-s-raid-bin-laden-compound-big...

Sun, 04/13/2014 - 21:26 | 4655471 naughtius maximus
naughtius maximus's picture

3 week high! :D

Sun, 04/13/2014 - 22:01 | 4655551 Bill of Rights
Bill of Rights's picture

Its all a lie, this is the best video availble that proves  the officials story is all bull shit.

 

https://www.youtube.com/watch?v=QU961SGps8g

 

Sun, 04/13/2014 - 21:05 | 4655416 DirkDiggler11
DirkDiggler11's picture

It's Spring, so PM's will trade up a bit, then fall off in the Summer doldrums as usual then in the fall it's anyone's game, who knows, then a big sell off the last week of the year before the new year begins.

One should not fuss ove the price, be it higher or lower from day to day, month to month. Steadily accumulate, grow your stack(s) and pick up some extra ammo and food along the way and you will have made wise decisions.

Sun, 04/13/2014 - 21:24 | 4655457 TaperProof
TaperProof's picture

Last Summer buying dips of gold/mining stocks were great trades.. so.. it could happen again.  Look at miners.  Some are at 10+ year lows.   Is gold really that worthless?   If I were buying for long term investment right now, i'd be accumulating miners.

Sun, 04/13/2014 - 21:19 | 4655449 q99x2
q99x2's picture

BitCoin Last Price: 416.3000

Sun, 04/13/2014 - 21:22 | 4655458 Tegrat
Tegrat's picture

PM's are not equal to spot. Where you guys been last 5 years to think spot and PM's are the same thing?

Mon, 04/14/2014 - 07:32 | 4656201 Iam_Silverman
Iam_Silverman's picture

"to think spot and PM's are the same thing?"

I guess we just forgot to add that the "premium" is the arbitrage between spot and retail.

Feel better now?

Sun, 04/13/2014 - 21:23 | 4655459 DirkDiggler11
DirkDiggler11's picture

It's unusual perhaps to run across a ghost from your family's past that reminds you of how governments act and why you should never trust them, especially when it come to your finances.
The text below is why I buy Gold and Silver. While I am not a Kelly, I am related. Out of fairness to the folks who maintain the site, here is the link as well, as I am forever grateful that they have do very well documented the past, if for no other reason than we may learn from history.

http://www.ourfamilyhistories.com/hsdurbin/kelly/kelly2.html

I also learned that Father William turned over most of his wealth to the
Colonial Government in exchange for Continental currency which afterwards became so
inflated that it was worthless. The government redeemed it at five cents on the
dollar. Father William would not take that for his, believing that it would be
redeemed some day at its original value he turned it over to his children. My father
and Uncle John did not know how much of this currency their grandfather had.
All they knew was that they had played with about two barrels of it which was their
father's share. They talked about their father and his brothers and sisters (sons
and daughters of once wealthy parents) being cast upon the world without the things
to which they had been accustomed. They spoke of the courage of their own father,
of how he had learned a trade and reared a family and lived an honorable, upright
life.
You can see what inflation and devaluation ot the currency did for
the Kelleys. Had the children of Father William received a just valuation of his
estate, they would have been a family of wealth. I remember that when I was studing
Political Economy in the University I made this statement:--"Inflation and
devaluation are nothing more nor less thjat legalized robbery." There are places
in the United States where one could hardly dare to make such a statement today.
He would be considered a fit subject for investigation. However, I can say frankly
that since my graduation, more that thirty years ago, I have not learned anything
that has changed my opinion one iota.
Yes, we lost our heritage of wealth but we gained nobler heritage. Our heritage
is the gratitude of every American citizen. I would not exchange my American freedom
(for which Father William fought and gavehis all) for the wealth of a Rokefeller.
We sometimes learn much of the history of our departed from their monuments.
When we turn to the tomb of Father William we see whese words carved there:--"He
lived in credit and died lamented by al who knew him. He believed in the
Divinity of Jesus Christ and was an honest man. If he lived in credit and died
lamanted by all who knew him they must have recognized his virte, his
fortitude and his wisdom. We see his virtue manifested by his refusal to sell
grain to those who manufactured alcohol. We see his fortitude manifested by
his refusal to accept five cents on the dollar, for his Continental
currency. He might have been better off by far, but he would not have been condoning
an injustice to his own household. We see his wisdom manifested by his services
and sacrifices to restore to Americans their God given liberty. If he believed in
the Divinity of Christ, he must have accepted the promise made to the Philippoan
jailer. "Believe on the Lord Jesus Christ, and thou shalt be saved and they
house."

Sun, 04/13/2014 - 21:27 | 4655472 Kreditanstalt
Kreditanstalt's picture

This move in gold is all about "safe havens"?  That's soooooo yesterday...

"Buying" gold shows that Return OF Capital is becoming more important than Return On Capital.  That's very positive.

 

Sun, 04/13/2014 - 21:28 | 4655474 DipshitMiddleCl...
DipshitMiddleClassWhiteKid's picture

USD/JPY RAMP in the morning anyone??

Sun, 04/13/2014 - 21:29 | 4655479 naughtius maximus
naughtius maximus's picture

0.61% change wowie zowie. This is dumb.

Sun, 04/13/2014 - 23:36 | 4655756 Spungo
Spungo's picture

Yay slight gold increases. Hopefully my mining stocks go up a lot this week so I can sell a few of them.

Mon, 04/14/2014 - 00:17 | 4655838 Carpenter1
Carpenter1's picture

I'm holding my mining stocks. In a few years I'll never need to work again.

Sun, 04/13/2014 - 23:57 | 4655794 disabledvet
disabledvet's picture

if i were the State Department i would be advising Americans to leave Europe right now. Simply put it doesn't look very safe right now unless you're on a big US military installation.

We'll see if the Mongolian Horde is ready to strike.

If so "that means war." PERIOD.

Mon, 04/14/2014 - 00:22 | 4655849 joego1
joego1's picture

I think I would want to be any place but on a big US military installation.

Mon, 04/14/2014 - 00:22 | 4655850 Carpenter1
Carpenter1's picture

Russia won't be attacking Europe, they want to be Europe's new best friend and landlord, replacing the US. Russia might attack Ukraine tho, but not all out full attack. They'll slice off the south east like Crimea.

From there, who knows? All of Europe will be faced with the discomforting knowledge that the US can't protect them anymore.

Mon, 04/14/2014 - 07:36 | 4656211 Iam_Silverman
Iam_Silverman's picture

"All of Europe will be faced with the discomforting knowledge that the US can't protect them anymore. "

 

Can't, or won't?  That is the statement on the level of competence of our leadership.

Mon, 04/14/2014 - 00:21 | 4655846 The_Ungrateful_Yid
The_Ungrateful_Yid's picture

By 8:30 am the monkey hammering will commence as planned.

Mon, 04/14/2014 - 01:20 | 4655929 Angus McHugepenis
Angus McHugepenis's picture

I paid $2,000 for a 50 acre gold mining claim with access to, and working rights to the entire 150 acre claim. That was a flat rate, one time cost.

My bank vault is in the ground. It can't be stolen from me. I will dig it up when needed and unlike the FED's printing press, my shit is real, with real labor backing it.

The only thing the .gov could possibly steal from me is my claim, and I'd be out a mere $2,000. Thank god I don't have a mortgage and home I think I "own".

Mon, 04/14/2014 - 01:27 | 4655936 Latitude25
Latitude25's picture

Good luck to you.  I hope your extraction costs don't go to high.

Mon, 04/14/2014 - 02:27 | 4655987 Angus McHugepenis
Angus McHugepenis's picture

Latitude25: Extraction cost? This is my retirement hobby. I'll be the old geezer wandering around the Rocky Mountains near Fort Steele on a 1000cc quad with a metal detector and portable dredge strapped to my ass. And yes, I custom build my own sluice boxes (also strapped to my ass).

I hope interest rates don't go up or people who think they own their homes suddenly won't. Me and my bank vault in the Rockies will not be affected.

Welome to ZH. I'm still new here even after 2 years 20 weeks.

Cheers

Mon, 04/14/2014 - 03:00 | 4656010 Aussiekiwi
Aussiekiwi's picture

I'm envious, good luck to you.

Mon, 04/14/2014 - 01:25 | 4655933 Latitude25
Latitude25's picture

Only 35,000 AGEs to be minted in 2014.  Now why would that be?

http://www.bullionstreet.com/news/us-gold-coin-prices-could-shoot-up-on-...

Expect a rising premium on these.

Mon, 04/14/2014 - 02:00 | 4655950 DoChenRollingBearing
DoChenRollingBearing's picture

 

 

Emphasis mine:

"Fort Worth gold dealer GoldCoin.net has issued an Investor Alert after the U.S. Mint recently announced via an April 3 press release that it would only be minting 35,000 of the one-ounce gold American Eagle Proof coins in 2014. "

Proof coins are very much limited edition, collectable coins.  The mintage of regular AGEs will be much higher, already is far more than 35,000 oz.

To collectors, yes, sure the Proof AGE premiums could rise.

***

2011 production of 1 oz Gold Eagles was 857,000 pcs.  2011 (full year) are the latest figures from the Mint:

http://www.usmint.gov/about_the_mint/index.cfm?action=PreciousMetals&typ...

2014 1 oz Gold Eagle sales (112,500 pcs through April so far):

http://www.usmint.gov/about_the_mint/index.cfm?action=PreciousMetals&typ...

Mon, 04/14/2014 - 01:45 | 4655954 Spungo
Spungo's picture

"I'm holding my mining stocks. In a few years I'll never need to work again."

Just make sure you put stops behind them as they go up. They go to $22, you put the stop at 20. It goes to $30, you put the stop at 25. A LOT of people would be millionaires if they had stops during the NASDAQ bubble.

Mon, 04/14/2014 - 02:12 | 4655966 JPMorgan
JPMorgan's picture

But they said $1050 an ounce... bastards they lied to us AGAIN. ;-)

Something is seriously a miss in the silver market though, it just can't get any real friction to the upside. :-$

Does look real suspect when gold, platinum and palladium are all on the move. 

Mon, 04/14/2014 - 07:41 | 4656223 Iam_Silverman
Iam_Silverman's picture

Hey, when will Johnny Bravo show up to comment about the coming crash in PM prices?

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