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Copper Joins Precious Metals Rout, Tumbles Below $3.00

Tyler Durden's picture




 

The fears over ongoing commodity-financing restrictions and slowing money supply growth are contagiously spilling over into other collateral. Copper prices are in free fall this morning, crashing through critical levels (especially Dennis Gartman's "long punt") and back below the Maginot Line of $3.00. These are near 3-week low levels and the biggest drop since the cash-for-commodity financing deals came under real pressure.

 

Sadly - we noted this morning that...

 

And then this happened...

 

Smashing it back near 3-week lows...

 

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Tue, 04/15/2014 - 08:56 | 4660204 SheepDog-One
SheepDog-One's picture

All hands on deck! The stawks must be saved! To your battle stations, market riggers!

Tue, 04/15/2014 - 09:00 | 4660230 sodbuster
sodbuster's picture

Thank goodness wrestling isn't rigged!!!

Tue, 04/15/2014 - 09:07 | 4660251 GetZeeGold
GetZeeGold's picture

 

 

Anything of value is now worthless....that's how we roll.

 

Everything but food that is.

Tue, 04/15/2014 - 09:13 | 4660293 Cpl Hicks
Cpl Hicks's picture

Meltdownnnnnnnnn!

Tue, 04/15/2014 - 09:31 | 4660370 kaiserhoff
kaiserhoff's picture

A Depression will do that.

Tue, 04/15/2014 - 09:14 | 4660298 smlbizman
smlbizman's picture

at least vince is honest about it....

Tue, 04/15/2014 - 09:01 | 4660234 Dr. Engali
Dr. Engali's picture

Hey that's racccccccist...... Oh you said riggers....... never mind.

 

 

http://youtu.be/V3FnpaWQJO0

Tue, 04/15/2014 - 09:05 | 4660242 PT
PT's picture

Good.  Perhaps now the thieves will stop trying to break in and steal our copper before we even finish installing it.

No?

 

Can TPTB crash the price a bit more then?  At least until we finish the job.

Fuckit, we'll just have to liven it up before we go home.

Tue, 04/15/2014 - 09:21 | 4660329 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

China is going to have lots of bankers falling from buildings soon. It is going to be messy!

Tue, 04/15/2014 - 09:38 | 4660411 fockewulf190
fockewulf190's picture

Harvey yesterday:

Gold had a stellar day up by $8.50.  Silver was held in check again (up only  7 cents) and this is a true signal that the boys wish to whack our precious metals tomorrow.

Tue, 04/15/2014 - 08:56 | 4660211 mattgallis
mattgallis's picture

MOAR!

Tue, 04/15/2014 - 08:57 | 4660213 john39
john39's picture

with WWIII breaking out in Ukraine, it makes perfect sense that gold would get crushed.  after all, gold always gets crushed, its one of the fundamental laws of central banking physics.

Tue, 04/15/2014 - 09:06 | 4660256 agent default
agent default's picture

And this says it all about about the state the market is in.  Every time you see a large, move go to Nanex to see what really happened.

Tue, 04/15/2014 - 08:58 | 4660220 Dr. Engali
Dr. Engali's picture

Time for Fartman to short it, and get stopped out again.

Tue, 04/15/2014 - 11:17 | 4661080 disabledvet
disabledvet's picture

who is this clown again? I mean how can anyone be that instantly wrong and even want to appear on television?

hopefully he just watched 100 million get vaporized of his own money "because he's got a big fat mouth and he all he wants is a microphone."

I can't imagine wanting him to be my asset manager that's fer sure.

Tue, 04/15/2014 - 08:59 | 4660221 Kaiser Sousa
Kaiser Sousa's picture

i get it...

we're supposed to get rid of REAL stuff with intrinsic value and buy more stuff made of paper that is denominated in another green piece of paper with no value, that because it has no value means we wont be able to buy stuff with real intrinsic value... or food..

i'll get right on that...

Tue, 04/15/2014 - 09:02 | 4660243 101 years and c...
101 years and counting's picture

you're so 2007.  we dont even have the green paper anymore.  just a bucnh of 0's and 1's on janet's money creating laptop.

Tue, 04/15/2014 - 09:12 | 4660290 Kaiser Sousa
Kaiser Sousa's picture

yeah i alsways was a little slow..blame it on the portables...

Tue, 04/15/2014 - 08:58 | 4660222 andybee33
andybee33's picture

I wanted to be first to the punch and have a chance at writing 'Silver Bitchez' as comment 1.  Never mind - our central banking overlords would doubtless make me look a fool anyway.  After all, there's no war coming at all.

Tue, 04/15/2014 - 09:11 | 4660285 sessinpo
sessinpo's picture

Only bitches use that word.

Tue, 04/15/2014 - 09:01 | 4660233 new game
new game's picture

and he smiled with a full gold tooth display:)

full china paper short today, with full compliance by fiat purveyers of faith...

Tue, 04/15/2014 - 09:01 | 4660235 q99x2
q99x2's picture

Bitcoin Last Price: 493.0000

Up UP and away

Tue, 04/15/2014 - 09:07 | 4660262 Seasmoke
Seasmoke's picture

The last few months it seems to me, that Gold and Bitcoin have Been in opposite directions of each other daily.....more strange B.S.

Tue, 04/15/2014 - 09:50 | 4660484 Kirk2NCC1701
Kirk2NCC1701's picture

TPTB hate the Parallel Economy, that needs only bitcoin for transactions and gold as store of value.

So they target both.  They also target anything and anyone who resists the squid.

Tue, 04/15/2014 - 09:01 | 4660237 TammanyBrawl
TammanyBrawl's picture

How do you fight deflation when you're already running a loose monetary policy? They going to pay us to borrow?

Tue, 04/15/2014 - 09:04 | 4660248 FredFlintstone
FredFlintstone's picture

Why would you fight deflation?

Tue, 04/15/2014 - 09:06 | 4660255 PT
PT's picture

People with lots of debt don't like deflation.

Tue, 04/15/2014 - 09:08 | 4660267 Seasmoke
Seasmoke's picture

Just walk away from it. Start over again fresh. RESET. 

Tue, 04/15/2014 - 09:15 | 4660304 sessinpo
sessinpo's picture

Seasmoke    Just walk away from it. Start over again fresh. RESET.

----

Unfortunately, that reset includes confiscation of your retirement assets and potentially RESETTING the rules to bind you to debt slavery like student loans.

Thu, 04/17/2014 - 08:48 | 4668986 PT
PT's picture

What retirement assets?  I get the sneaky suspicion that most people's super will consist of an RMBS of their own home loan!  Hahahahahahahahaha...!

Tue, 04/15/2014 - 09:13 | 4660292 TammanyBrawl
TammanyBrawl's picture

Deflation is symptomatic of a slowing global economy. Central Banks need to spur growth to maintain the 'gains' from QE and you do that with cheap money. Money is already cheap so what to do? The Fed has no bullets left.

Tue, 04/15/2014 - 09:25 | 4660328 chapaev's ghost
chapaev's ghost's picture

Hard to grow the economy when there is no growth in energy supplies. Printing money into the gap between energy growth and the economic growth needed for debt service is the personification of wishful thinking.

WW3  the Ukrraine should push oil to 130-150/bbl.

Cash in the mattress bitchez!

Tue, 04/15/2014 - 09:03 | 4660246 new game
new game's picture

all i see today is valuable stuffs going down whilst paper faith products up.

laugh out loud and smile as it truly is one big fucking joke...

Tue, 04/15/2014 - 09:31 | 4660366 sessinpo
sessinpo's picture

new game        all i see today is valuable stuffs going down whilst paper faith products up. laugh out loud and smile as it truly is one big fucking joke...

---

Not really. It's pretty much common sense. Think of a regular persons circumstance. What are they going to do if they have to service debts like car loans, home mortgage or student loans, but you are cash poor (fiat cash, the accepted medium of exchange for those debts).

You have to sell your physical assets to raise fiat currency to pay your bills. Now apply that on a macro economic scale.

Same thing happened in the 1930s. Until fiat currency is dead or backed by PMs, that is the way it is.

Tue, 04/15/2014 - 09:08 | 4660271 replaceme
replaceme's picture

Copper is down?  That has to be bullish construction.

Tue, 04/15/2014 - 09:10 | 4660279 Seasmoke
Seasmoke's picture

I need an explanation on how Gold was allowed to rise to $1900 ????

Tue, 04/15/2014 - 09:21 | 4660321 sessinpo
sessinpo's picture

Seasmoke    I need an explanation on how Gold was allowed to rise to $1900 ????       I need an explanation on how Gold was allowed to rise to $1900 ????

----

Speculation. Most all assets decline during the actual deflation phase. We've had extremely easy  monetary policies. Wall Street bought stocks, which kept the stock indexes up. Those that feared inflation on main street bought PMs. As in 1929, they both ended up wrong.

 

Tue, 04/15/2014 - 09:22 | 4660323 GetZeeGold
GetZeeGold's picture

 

 

I need an explanation on how Gold was allowed to rise to $1900 ????

 

There was initially a lot of resistance against selling Germany's gold into the market....but cooler heads prevailed.

Tue, 04/15/2014 - 09:21 | 4660327 SoilMyselfRotten
SoilMyselfRotten's picture

Easy, they made a killing on the way up and probably moreso on the way back down again.

Tue, 04/15/2014 - 09:21 | 4660325 symtex411
symtex411's picture

Deja Vu, metals smash 2014. Same day and everything.

Tue, 04/15/2014 - 09:31 | 4660373 RealityCheque
RealityCheque's picture

Yep, these corrupt fuckers sure like their anniversaries. I think we were all expecting something like this.

Tue, 04/15/2014 - 09:31 | 4660369 MaxThrust
MaxThrust's picture

Gold probably will get hammered in the short run as the Chinese sell to cover margin calls but in the end it will hold its purchasing power and allow me to buy lots of Pb to protect the Au. Pun intended.

Tue, 04/15/2014 - 09:50 | 4660481 BandGap
BandGap's picture

Pun taken.

The Chinese will sell everything but their physical gold, at least at the lower and upper end of the financial spectrum. What is being sold isn't physical gold - the Chinese, and a lot of other people, are going to cash out those wonderful Willy Wonka Gold certificates way before the ever haul out the valuables.

Tue, 04/15/2014 - 09:55 | 4660506 Kirk2NCC1701
Kirk2NCC1701's picture

So... bullish for affordable hostile takeovers of gold mines?

"Industry consolidation" will be the CNBC spin, I'll wager.

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