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It's 8am Gold-Smashing Time
It's that time again... like clockwork, as 8amET rolls around gold and silver become the object of derision for some entirely unrigged decision-maker at a bank... pressing gold prices down to 3 month lows. The question is will the selling prompt buying like on Friday or beget more selling because it is after all a Tuesday... With $450 million notional flushed through futures contracts, someone was in a hurry after seeing Europe's extreme left and right uprising to unload any protection against an ECB capable of only one trick to save the world.
And futures bore the brunt of the volume pressure...
Charts: Bloomberg
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Keep stacking...
I just clicked
they're giving you a gift and most of you will not take advantage of it.......its a gift to the real stackers
why can't we have an 8 AM crude oil/RBOB price smash every day, or pork bellies?. Smash them all below the price of production. Barclays, GS???
I want to be..............your sledge hammer.
Today is June option expiry bitchez... They just ran all the stops under 1,275. Who ever still plays the paper game is brainless. They can't win against the owner of the paper casino.
It's policy
I just mini-puked in my mouth
With fucking impunity.
This happens because ZH bashes Bitcoin. Keep bashing BTC, watch what happens to gold next time...
"So sorry for your bad luck on the expiry close being jsut out of the money for you. Care to play again?"
/The.only.way.to.win.is.not.to.play/
unfortunately not if you live in Europe. Our dealers don't automatically adjust their prices to these raids.
Bullionvault.com based on London. real time prices.
I sure wish I were on your side of this trade, I'm sitting down here trying to make ends meet, it costs me an ounce to deliver less than 4 drums of diesel to the dredge hole. I can't stack a damn thing and I'm depleting reserves. And the price of everything I need to keep working is up, up, up.
I'd be better off back in the US with a job and a monthly trip to the LCS.
I thought they caught the faggoty kid at Barclays that was doing these smashes? Could it be that motherfucker was a patsy, and the real criminals are still running loose?
No way. All of the gold manipulators have been caught and put behind bars. There was no manipulation in the first place. Traitor Dan said so.
I hate reading him. BUT, he's closer to being right. Next stop, 1180 and 18.51. If your long and hopeful just look at the HUI sitting at 20*. Being long and wrong for 3 years, I'm using this as an opportunity to crush all lingering infantile and adolescent traits and beliefs, all naive character traits. It's like being baited down a dark alley and being kicked in the head by a gang of punks and having my wallet stolen. Never again. That doesn't mean I'm selling. I will be watching it tick-for-tick until all ability to whine has left me.
Don't worry, just buy the entire world's supply of gold and silver when the price inevitably reaches zero.
lol
I have a progressive bet system for blackjack for you, just keep doubling your bets and you'll never lose more than you win.
For those of you who downvoted me yesterday, It appears that this morning was indeed a great selling opportunity. You all might want to wake up to the shiny stuff and realize that the Native American's couldn't trade all the beads in the world back to the pilgrims for the island of Manhattan.
bought two contracts SI July@19.05$ this morning. New Long position. $4,000 out of the money on my S&P500 shorts; waiting one more day.
Same story shows up twice, getting sloppy.
fuking plunkett!
it's all part of the New Normal Comrades...
Considering the fundamentals, one must admit they indeed have guts to keep it running this way. The current price is completely unsustainable long-term, it rather seems like they can't afford to screw anything unless something is completed; at all costs. But what is that 'something'? It can be a variety of things.
The question of year is, why they need to peg the price so disproportionately low.
Gold daily showed downside last week
http://bullandbearmash.com/chart/spot-gold-daily-moves-sideways-box-rang...
Stronger USD was one of the tells. Euro is holding, but looking bearish. Should drive USD much higher.
Yep, yep, yep. Was watching it. 1200 minimum. DX has broking most of its upper trend lines. Lots of upside. Gold was a classic triangle. Downside break is very bearish.
JPM sold all their Gold last Winter. Going against the Fed/Banks is rarely a good idea. I've tried it. It doesn't work.
Fed is pulling the plug, for a now anyway, on new money. The ECB is trying, very hard, not to print. To avoid a wave of bond defaults, they will probably have to print before too long, this Fall maybe.
Dumping every day half a billion of dollars at the same time? Looks to me like relentless desperation.
Some call it naked shorting! They are to far up the creek to stop and it will only stop when the rules change and the papermarket and the real markets split. This will happen soon in China. Keep on stacking!
Oh, forgot to tell: Gold will reverse again, of course. Burning more money. Turns out gold is the big fire from hell to burn every piece of fiat currency.
LOOKS TO ME LIKE MONEY LAUNDERING. LAUNDERING IN SUCH A WAY THAT IT DOESN'T AFFECT THE PROFITS (oooopppppps!) of their buddies in financial markets. Gets filtered off there.
"Create as much currency as you like and we will cover it".
"Cheers all."
Janet,
Ben,
Alan
et al.
This smash down of gold is in retaliation for banning IBM and Microsoft and Cisco from government computers in China. You devalue our tech companies, we devalue your gold hoard, you barbarians.
"You devalue our tech companies, we devalue your gold hoard, you barbarians."
More like "You devalue our tech companies, we make your gold purchases cheaper, you barbarians."
Thank you. Turns out my wife was right, I guess I am barbarian after all...
unfortunatly i don't think mine are going to get any cheaper, I doubt my guy is going to follow this one down. I have been mostly sticking to silver lately, and i don't think he is going to go lower than 23 for SAEs, maples, or PHMs. especially since this happens so regularly, and it always creeps back up to where it was last week
Interesting..to me its a bank that is short some bars again...need to make that trade make money...cant let the customer make any money....same old ...same old
Gold got the durable goods data 10 mins early, just like it got the employment data early last week. It's obvious. Gold was down all morning but the accelerator wasn't truly hit until 0820. Or in other words, 10 minutes before the general release. Same as last week.
None and I mean None of these goverment reports are truthful. Durable good are up while no one is shopping? Please, this is insanity!
How much more of this fucking bullshit?
Until it breaks.
Hopefully not too much longer.
Fucking shit is way beyond ludicrous. If you don't accept the manipulation for what it is you'll end up a lot like this guy:
http://youtu.be/bKLo-jzizdg
i don't know... I tend to think that I look like that anyway!
Somebody very keen to try and smash gold out of it's 5 week trading range.
They're just going to keep trying again and again and again and again.
Will they succeed? What do you think?
Yes they will suceed because they can keep selling the paper and using the cash to buy physical. Then they will disconnect the markets and the paper will be worthless. This is sad and sick and yet they will get away with it and no one will go to jail or get hung.
Don't know. It should have given way several times already during the regular-as-clockwork raids and crashed lower, but somehow it has kept bouncing back into the range. I don't understand why - there is a new dynamic at play here.
Agreed. The trading range has been tightening up, and it looks like it wants to break out to the upside.
This is why it's just easier to send JPM a picture of your balls.
Okay, I'm convinced. I'm sending Jamie a chicken (well in my case a pheasant ,rhymes with peasant) heart today .
er, gold, er, bitchez
Options expiry day
Just say "thank you". Central planning starting to look better all the time...
I am sure the corrupt executive of the CFTC will prosecute the criminals manipulating this morinings gold manipulation, like they have done every other time.
Oh wait, the CFTC executive are part of the criminal gang, and will get high paying cushy jobs when they move on for the next stooge.
Like everything else in the US ...markets, statistics, currency, paper gold and silver.....it is all gangerous with banksters criminals.
Very rogue-like
One day we'll look back at the price manipulation of Gold and Silver and wish it had not ended. Stack while you can the real world is looking very hostile and very cold.
isnt it amazing how ''investors'' always want to take profits on gold, one of the few things that actually has real value, yet '' investors'' never want to take profits on the s&p?
Gold has been smashed for options expiry every month for years. Who was not expecting this?
If you look at the DAX breakout to new highs on the weekly with it's massively divergent RSI it's setting up just like July 2011 just before the 30% collapse. If that happens again I would expect gold/silver to hit new weekly lows into a bullish divergent weekly RSI signal. Long story short I'm hoping for a chance to buy silver on new weekly low prices as the international equity markets begin to crater. (margin selling of gold and everything else etc) That is where I'm hoping to dollar cost average another chunk into silver. Would be nice to fill up in the 16 dollar range.
GREAT GREAT GREAT opportunity to buy more phyzz....
Darn! I have no fiat left after all the phyzz I bought the last three years.
Wait a second! Who's the sucker at this poker table??????
I used to buy house insurance and felt the same.
@ cpnscarlet: I believe it must be me.
For once Jim Rickards has a lot of good gold info in his last interview with Greg Hunter
http://usawatchdog.com/catastrophic-outcomes-may-come-faster-than-expect...
(apart from his touching belief that the US has over 8000 tons of gold)
In his parlance what we are seeing here are attempts to repair the edge of the precipice when it is already in the complex system that we are going to dive over it.
Both the COMEX and Fed have a fraction of the gold to cover their stated reserves.
The US Federal Reserve fractionally reserved everything.
wow ... did you see that line straight down ! i'm in awe & a buyer. keep stacking. DAMN THAT PAPER MONEY! i'm nobody's fool anymore.
It is buying time. And, you get to buy with Bernanke bucks
Options novice here... Is the reduction of prices at Option Expiriy a means to mitigate negative holding costs. Or something like one just got caught holding the bag? TIA
Since this takes place nearly every trading day, what makes this story "news"?
I will read - with much interest - a new story about the 8AM dumping of the dollar.
Seems to already be reversing course... Nothing would make my day more than watching another smash blow up in their faces.
Not on op ex day it won't
Range is ultra tight last few weeks. Seems bullion banks cant let it go over 1300 and private/sovereigns in the east come in at the 1270+ level.
Thats a hell of a turf war going on, and in the medium term, the paper bets still need to be leveraged with physical metal. Which they are running out of.
I know who I'd be backing to win.
They can beat gold all they can and with all they can but they can't beat it to death.
Yes, they can... as long as the COMEX sets the price. Sub $1270 now.
The last 2 weeks Palladium has been de-coupling from gold and silver during these smackdowns... just something to keep an eye on.
Austria and Germany ask for audits. Quick! Launch the diversion, right now!
This is the usually smackdown. Hit it during a 4 day week when volume is low anyway.
Thanksgiving, Memorial Day, Labor Day, etc are great short weeks for the slamdowns.
Keep stacking those hydrogen cyanide pellets!
After seeing that Barclays was willing to eat a sizable trading loss, using borrowed gold, just to make a derivative contract not pay out, I am pretty well convinced this paper market is capable of anything in the short term. The miners may have to actually die and all the gold leave the west before this derivative driven anti-bubble pops.
Goldman short sale recommendation now comfortably in the money.
I thought the fixes are over?
Great timing, i get paid at the end of the month. Gold Bitchez!
Stack while the stacking's good.