Bank Of America Would Like To Buy Your Gold, Seeing "No Gains Above $1315"

Tyler Durden's picture




 

Last year it was Goldman Sachs telling clients to "dump your gold" (only to become the biggest buyers of the precious metal in the following quarter). Just last month, Morgan Stanley advised clients that 'gold will not see $1300 again'... and today, Bank of America joins the crowd as Macneil Curry advises "It is time to sell Gold" (to BAML we presume?)... as the range trade of the past month is completing and the downtrend is set to resume.

 

BofAML notes...

It is time to sell Gold. The range trade / consolidation of the past month is drawing to a conclusion. Further gains should not exceed 1315.70 (May-05 high) AND CAN'T EXCEED the Mar-14 high at 1331. Downside targets are seen to 1215.

Sell Spot Gold at market (1300), risking 1325, targeting 1215, potentially below.

 

Which leaves us wondering... have we found a Thomas Stolper replacement?

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Mon, 05/12/2014 - 15:34 | 4751893 GetZeeGold
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Printing money has always worked out well in the past.....right?

Mon, 05/12/2014 - 15:37 | 4751914 FieldingMellish
FieldingMellish's picture

Every. Single. Time. No exceptions. None.

Mon, 05/12/2014 - 15:39 | 4751925 espirit
espirit's picture

Last grasp for the shiny?

MERS in Orlando FL.

Mon, 05/12/2014 - 15:49 | 4751965 svayambhu108
svayambhu108's picture

Everyone praises Putin chess playing, but is not like that, US foreign policy is like a bucket with a hole in it, all you have to do is wait...

Mon, 05/12/2014 - 15:51 | 4751980 cifo
cifo's picture

Time to sell the wife too. She doesn't get any younger.

Mon, 05/12/2014 - 16:55 | 4752252 macholatte
macholatte's picture

 

Do those folks at BofA have any kind of track record?

What's Gartman doing?

Mon, 05/12/2014 - 17:12 | 4752321 kliguy38
kliguy38's picture

He's scared

Mon, 05/12/2014 - 20:56 | 4752994 whotookmyalias
whotookmyalias's picture

Yeah I totally trust BofA (or any other greedy lying bastard banker).

Mon, 05/12/2014 - 15:42 | 4751926 NoDebt
NoDebt's picture

I'm sorry, but that's not even GOOD chart porn.  Look at that mess.  Connecting unrelated highs and lows, drawing a channel so wide it covers half the Atlantic Ocean.... I mean that's just CRAP right there.

Fair disclosure, I'm not even a gold bug.  But that work looks suspiciously like something produced when the guy with the crayon in is hand is told "make the chart say this". 

Mon, 05/12/2014 - 15:45 | 4751944 Hippocratic Oaf
Hippocratic Oaf's picture

What part of a downside 45 degree angle do you not get????

Sell, goddammit, sell!

Buy stocks, goddammit, the shill must go on!!!

Ahhhhhhhhhhhhhhhhhh!!!

STAWX!!!!!!!

Mon, 05/12/2014 - 15:43 | 4751947 espirit
espirit's picture

Do you mean technicals and fun-duh-mentals don't matter?

Go figure.

Mon, 05/12/2014 - 16:37 | 4752180 Kirk2NCC1701
Kirk2NCC1701's picture

Gold's not going anywhere.  Gold is gold.  It is only fiat that's doing gymnastics and spinning at the Fed Gym.

I continue to be amazed at how many ZH readers, bloggers and goldbugs still don't get that.  Even the mighty Tyler keeps framing it terms on the USD being the Denominator, rather than the Numerator.  Rickards may not have all the answers, but he's 100% right on that, and you people need to "go back to school", to really "get" Gold vs. Currency. 

Now junk away in retribution having caused cognitive dissonance.

Mon, 05/12/2014 - 18:01 | 4752454 Dickweed Wang
Dickweed Wang's picture

I'm with ya' bro.  IMHO their plan is to smash the price down to the sub $1200 range (maybe even sub $1000?) to get the "traders" and short term "investors" to bail out.  Then the price is going to explode to the upside when the sheep finally figure out the emperor (aka the dollar) has no clothes and the only way to salvage any of their remaining "wealth" is to buy PM's.  I figure this is going to take place in the next 2-3 months, tops.

Mon, 05/12/2014 - 20:55 | 4752988 whotookmyalias
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"if" I had any gold, I would not care what it does in the short term or the medium term (in relation to any fiat currency).  It would be held for very specific reasons and long term security against the very worst scenarios.  "if" is the keyword in my entire statement.  Damn boating accidents....

Mon, 05/12/2014 - 21:22 | 4753072 TheRedScourge
TheRedScourge's picture

You sure that's how it's going down? I highly doubt the currency will implode that fast for one, and for two, look at what happened to gold in the 2008 crash. Massive panic sell, followed by slow multi-year climb. I've seen a lot of strength in gold mining stocks lately though, so I'm rather hesitant to sell at this point, but I do think it is wise to have a big chunk of cash, so as to be able to buy everything after the bottom falls out of the market later this year, probably Nov or so.

Mon, 05/12/2014 - 15:36 | 4751895 SheepDog-One
SheepDog-One's picture

Hey Cancer of America fractional reserve central banksters, go fuck yaselves.

Mon, 05/12/2014 - 15:43 | 4751945 Bay of Pigs
Bay of Pigs's picture

Ive been here at ZH 4 years now and it just worse and worse and worse when it comes to the lying, fraud, manipulation and corruption in the gold and silver markets. There is no honesty or integrity left at all. Its one big farce.

Like you SD1, Im so sick of these fucking banksters...

 

Mon, 05/12/2014 - 16:26 | 4752140 semperfi
semperfi's picture

corruption is always the highest at the end of long booms

Mon, 05/12/2014 - 17:55 | 4752452 Mr. Magoo
Mr. Magoo's picture

Why would banksters want such a barbarous relic

Mon, 05/12/2014 - 16:30 | 4752152 Kirk2NCC1701
Kirk2NCC1701's picture

REAL gold fans would take the opposite tack and say: "Thanks for the Dip!"

Gold speculators and gold-friendly CFPs, who keep getting burned and made into liars and fools, have reason to be pissed of course.

I've given up on being a get-rich-quick gold speculator, and have settled for the "BTFD & Hold" instead.  Like Kirk's been saying for over a year (since Apr, 2013), it's a SIDEWAYS MARKET in PMs.  PM will continue to be CHANNEL-BOUND until TPTB decide otherwise. 

And unless you got an inside track with TPTB, you're a gambler or fool if you bet with you own money.  If you're playing with OPM, you're a fraud or self-serving huckster, if speculating with PM and don't have an inside track with TPTB.  In which case, you deserve to get "retribution" from your defrauded clients.

Mon, 05/12/2014 - 17:00 | 4752275 Greenskeeper_Carl
Greenskeeper_Carl's picture

gold will have its day. I used to get angry about it, mainly becuase my miner stocks have gone nowhere, but Ive changed my outlook, since this allows me to accumulate physical at wat i consider bargain prices

Mon, 05/12/2014 - 18:04 | 4752480 Dickweed Wang
Dickweed Wang's picture

Yeah buddy . . . . .

Mon, 05/12/2014 - 18:07 | 4752488 KingFiat
KingFiat's picture

Too early for me to say "Thanks for the dip". I'm still holding onto my fiat, waiting for a real dip. Once we are over the uncertainty regarding Ukraine, I think we might get this dip. But I am watching closely, as I do not think the dip will last for long.

But my thinking is influenced by the fact that I already hold a lot of physical PMs held outside the banking system, so I do not mind if I am wrong and PM prices go to the moon leaving me with a bit of worthless paper :)

Mon, 05/12/2014 - 21:26 | 4753081 TheRedScourge
TheRedScourge's picture

Don't buy on dips, buy when there's blood on the streets. Hold the currencies that aren't being printed as severely until then, and perhaps a few commodities like uranium that pretty much can't get any lower (TSE:U for example) to preserve value incase something happens to your currency, and just be patient.

Mon, 05/12/2014 - 15:35 | 4751897 KingdomKum
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we few,  we happy few,  we band of silver holders  .  .  .

Mon, 05/12/2014 - 15:47 | 4751949 Manthong
Manthong's picture

Sooner or (likely) later, everybody will come to understand this..

A Washington quarter dollar coin (90% silver) would buy you a gallon of gasoline in 1964. That same 25 cent coin (after a stop at the coin store to swap it for FRN’s) will buy you a gallon of gasoline today.

A one dollar Federal Reserve Bank note (FRN) in 1964, would buy you four (4) gallons of gasoline. That same FRN today will buy you one fourth (1/4) of one gallon of gasoline.

And my guestimate is that at some time in the foreseeable future, the smart independent gas station owner is not going to want you to make that intermediate stop at the coin store.

Mon, 05/12/2014 - 15:49 | 4751966 espirit
espirit's picture

So easy, even a caveman can do it.

No, I'm not ray-ciss.

Mon, 05/12/2014 - 15:53 | 4751991 espirit
espirit's picture

@Manthong

Just had my significant other read your post, then asked me what a quarter dollah was.

I am so fucked.

Mon, 05/12/2014 - 17:01 | 4752281 Greenskeeper_Carl
Greenskeeper_Carl's picture

DO-NOT-PUT-A-RING-ON-THAT

Mon, 05/12/2014 - 17:57 | 4752455 oklaboy
oklaboy's picture

cougars have that problem

Mon, 05/12/2014 - 15:57 | 4752001 Darksky
Darksky's picture

Did some googling and your numbers appear accurate. Just emailed all my friends your comment. Wonder if one of them will "get it"?

Not holding breath.....

Mon, 05/12/2014 - 15:58 | 4752006 jbvtme
jbvtme's picture

petro silver?

Mon, 05/12/2014 - 15:36 | 4751907 Gringo Viejo
Gringo Viejo's picture

Each and every day, more and more people, are seeing these criminal fucks for what they are. Critical Mass approaches.

Mon, 05/12/2014 - 15:37 | 4751911 Stoploss
Stoploss's picture

First, they want to buy it.

Then, they want to take it.

Funny how that never works for fiat no??

Mon, 05/12/2014 - 15:38 | 4751924 seek
seek's picture

... gold is going down because they fixed everything after 2011, so of course it's time to sell! /sarc

Mon, 05/12/2014 - 15:39 | 4751929 smoothie
smoothie's picture

So time to buy, and hold, the banks have none and they can't get any because everyone is holding, the chinese bought it all, prices are about to go through the roof when the bubble pops, and they have realised that they are holding paper. So I'll just hand over my ass at the same time shall i, it seems that you want to fuck me in it after all!

Mon, 05/12/2014 - 15:39 | 4751930 goldhedge
goldhedge's picture

Well thats a buy signal.

Mon, 05/12/2014 - 15:39 | 4751931 MFL8240
MFL8240's picture

Trade your Gold in for paper dollars and then they will devalue the junk by 30%.  FU BofA!!!

Mon, 05/12/2014 - 15:41 | 4751934 Peter Pan
Peter Pan's picture

So holders of gold might not see $1300 again?

How about contributors to social security who are a couple of decades away from retirement? Will they see their pension checks arrive?

Mon, 05/12/2014 - 15:53 | 4751937 Save_America1st
Save_America1st's picture

I'll sell those B.unch of A.ssholes some gold...

1 ounce for 70 ounces of fine-ass f@cking silver, bitchez!!!

Keep on stackin'...

Mon, 05/12/2014 - 15:44 | 4751951 beegle
beegle's picture

also jpm , had a bearish view this morning ... I guess the banksters are joining forces ! sith tight , belts on !

Mon, 05/12/2014 - 18:14 | 4752510 unwashedmass
unwashedmass's picture

 

tits in the wringer. there's no more inventory ... and they sold a shitload of naked contracts to get it under 1300 ...

unfortunately, they sold a lot of those contracts to China. 

Now there's no inventory, no actual bullion to deliver. 

Yeah.....think about that. What to say to China? JK, China? 

Mon, 05/12/2014 - 15:45 | 4751952 semperfi
semperfi's picture

I will sell them my gold, gladly!  $50,000 per oz motherfuckers. 

Mon, 05/12/2014 - 15:53 | 4751963 Save_America1st
Save_America1st's picture

good point!  Maybe I was shootin' too low at 70:1 

It's all manipulated to that ratio anyway.  I change my mind.  I'll be fair, and B.unch of A.ssholes can have 1 ounce of gold for a monster box of ASE's.  

Mon, 05/12/2014 - 15:46 | 4751957 Mr. Pickles
Mr. Pickles's picture

More "do as I say, not as I do" BS.. The Big Boys are sharpening their clippers, preparing for yet another shearing-fest.. When are the serfs going to wisen up?

Mon, 05/12/2014 - 15:51 | 4751976 Chump
Chump's picture

You seem to think the serfs have gold to sell to BoA...

Mon, 05/12/2014 - 17:12 | 4752318 Mr. Pickles
Mr. Pickles's picture

Maybe "serfs" was a bad word to get my point across.. What I mean is that anyone who takes their advice is going to get fleeced.

Mon, 05/12/2014 - 15:48 | 4751964 Bill of Rights
Bill of Rights's picture

Go fish for it assholes....

Mon, 05/12/2014 - 15:50 | 4751974 hognutz
hognutz's picture

BOA can kiss my ass...

Mon, 05/12/2014 - 15:51 | 4751981 Luckhasit
Luckhasit's picture

Well, it seems they found a way to cover the gold spread.  They want my gold but all theyre going to get is me cacklin like a villian ina superhero movie. 

Then I will tell them to get off my lawn and i will use my shotgun for emphasis.

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