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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SheepDog-One's picture

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

sodbuster's picture

Thank goodness wrestling isn't rigged!!!

GetZeeGold's picture



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


Everything but food that is.

kaiserhoff's picture

A Depression will do that.

smlbizman's picture

at least vince is honest about it....

Dr. Engali's picture

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

PT's picture

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



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.

Vampyroteuthis infernalis's picture

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

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.

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.

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.

Dr. Engali's picture

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

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.

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...

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.

Kaiser Sousa's picture

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

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.

sessinpo's picture

Only bitches use that word.

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...

q99x2's picture

Bitcoin Last Price: 493.0000

Up UP and away

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.

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.

TammanyBrawl's picture

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

FredFlintstone's picture

Why would you fight deflation?

PT's picture

People with lots of debt don't like deflation.

Seasmoke's picture

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

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.

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...!

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.

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!

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...

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.

replaceme's picture

Copper is down?  That has to be bullish construction.

Seasmoke's picture

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

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.


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.

SoilMyselfRotten's picture

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

symtex411's picture

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

RealityCheque's picture

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

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.

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.

Kirk2NCC1701's picture

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

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