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Gold Breaks Below $1250 - Worst Week In 8 Months
It would seem this week's technical breaks in the precious metals was the perfect testing ground for junior Barclays traders to wet their whistle with "sudden bursts of sell orders." Gold - once again - has seen a sudden heavy volume purge in futures ($1.7 billion notional worth in 5 minutes) that has pressed spot prices back under $1,250 and heading towards it worst week in 8 months...
Nothing odd here at all...
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Indeed. It was the first time he had ever suggested owning gold too. What a buffoon
So?
That suggestion is always correct regardless of the price.
Metal On Bitchez \m/
Buying opportunity.
MDB is 'right'. The same wave pushing up SAM and CMG is pushing down our precious. Nicely leveraged, well done criminal FED.
This is a matter of perspective that a lot of traders just can't seem to understand.
If you believe Dollars are money, and a store of value, then Gold is getting hammered.
If you believe Dollars are an IOU from an insolvent, fraudulent, compulsive liar then this looks like pay day.
Time to pick up some more physical. It's better than paper in a piggy bank - certainly better than digital in a sub-bank with the effective negative interest rates.
Come the apocalypse, it will look pretty on necklaces.
We're gonna need a bigger boat.
And a bigger lake to lose it in.
there are things you can do. BUY!
They want physical, but they aren't getting any.
Perfect! One last little whack to cull the few remaining bulls, to complete the bottoming process. Just about time to start nibbling on the miners. Maybe a little JNUG?
Maybe. On the other hand, I heard the world was completely out of silver three years ago and yet here we are "far below mining costs" with demand exceeding supply etc etc etc and yet the price of silver continues to fall with no evidence that anyone who needs it has a hard time getting hold of the stuff.
Maybe gold is a $0 in the paper markets before this is over. There is so much more of it around than silver the ability to push it down should be much greater. Stories about crusty 1960 bars showing up in Switzerland are perfectly analogous to the "no silver inventory" stories I heard back when it was $35.
I have four PM dealers in the UK that I trust and buy from, only one of them is selling gold any ware near “spot” price atm :(
Fine with me they can keep right on whacking it down. Paper games as always, doesn't bother physical holders at all. Just another time to add to ones stores!
Lower, please.
when do we finally get some good news?
Mine still weighs what it did yesterday.
Aren't there enough economic panic alarms going off for everyone to understand that once this fucker burns to the ground, which it will and soon, those holding monetary metals (amongst other time-honored useful commodities) will be the ones who won't suffer the resulting and unprecendented economic damage.
Dollar price? Really? Hold it and be glad you have it. This day-to-day bullshit is for psychopaths and paper chasers.
Sale!
The lamb to the slaughter. Gold is a hedge against inflation, goldbugs, gold is a relic, its of little use, look at the price, look at the charts, look I don't have any.
What a bunch of MORONS. You can tell your crap to Putin and Xi, plus the BRICS+associates. The existence of the current financial setup is but since 71 when the gold window was shut. Clearly its farked and going down the toilet.
De-dollarization = USD is NUKED = NO MORE FREE LOADING = ECONOMIC HARDSHIP (except the elite who have already stacked to the hilt whilst the dumb arse idiots still believe in Fiat).
If you don't STUDY and lookout for your own well being, you deserve to be LAMB TO THE SLAUGHTER. That Mac truck with those big arse headlights are starring you in the face and you are too dumb and ignorant to realize you are about to go SPLAT!
4 billion asians demand gold daily. This price reflects western manipulation. I have placed my bets. These same gold manipulators do so in the opposite direction too. It serves no purpose to kill something that is so demanded. If this were true, finacial markets would not follow the price so closely and humans would not hold such emotional investment.
If you are correct, the US Treasury should be rushing to sell its gold and take gains at book value of $35/oz. There is a reason why they do not only sell it but also hide it from the Germans (if any). I will sell my gold the day the US Treasury sells it.
I won't.
I will buy it BECAUSE the Treasury sells it.
Thanks for the tip Gordon Brown!
Gold dropping, rates dropping, inflation rising...come on smart people of ZH, what does it mean?
means they are not as smart as zh said they were
It means that folks are having to sell off their gold to raise money for ""something"".
It means that Institutional is pulling out of the market and going to percieved fungible assets - Bonds, any bonds......
It means that the water in the frog pot is getting warmer.
Everyone expects that Europe will print next week in some form or fashion, should be a respite for the gold sell off..... either that or gold is pricing in an already known disappointment from the ECB, on which it might rise on the news anyway, which is priced in.
Ok, that was good, thank you. The straight up equity market is predictable in light of central bank insanity, but falling rates in light of higher inflation implies lower or negative real growth which should mean stocks should be going down. As for gold, the technicals have been garbage for a long time now, so that isn't surprising.
Maxi puke!
Hows that gold trade doing?
Maybe Nanex can prove manipulation and you can get a refund
"Hows that gold trade doing?"
That is your first mistake. You think that gold is a trade for most of us, when in reality it's insurance against financial calamity. I really don't give a shit about the price, other than the fact that when it's time for my monthly allocation I like to get it as cheap as possible.
Just like your Iomega ?
Shit, my silver has lost its thermal conductive, anti-corrosive and antibacterial qualities...I'd better sell all of it quickly for some paper fiat!
Since most of these smackdowns seem to be pre-emptive moves because of some impending bad news that would otherwise send the price spiking upwards, you have to wonder what's going to happen this weekend that the Fed is worried about.
Move lower in gold had tells last week
http://bullandbearmash.com/chart/spot-gold-daily-moves-sideways-box-rang...
Stronger USD helps drive gold lower.
And now Silver rolls too, Been expecting this for a bit as per chart call
Chart here - http://t.co/onTMaesu0T
Target $1239.98 before short rally
The price of gold related to this article is the price set in COMEX.
The participants in COMEX are banks and hedge funds, and almost no metal is involved. The same for silver, platinum and palladium.
Isn't it strange that more often than not the four metal behave similarly?
One day this situation will change, and the price of the metals will be set according to supply and demand of real metal.
Within the context of what is going on in the *real* world, this latest smackdown is both predictable and very bullish. I'm not in any way referring to short term trades, but rather that the fundamental reasons to own PMs.
Anyone who believes that this will go on significantly longer is deluded. Dow at all-time highs? Gold below $2000, let alone $1300? This bitch is going to blow sky-high, and it won't be long now.
When gold blows sky high, everything else will as well...
The important ratio is the gold oil one and the top was put in a ways back...
It don't fucking matter if Au doubles if the price of everything else does as well...
I'm not referring to Au prices blowing sky-high (though they will go up considerably), but rather the whole, artificial clusterfuck that consititutes today's "markets". This savage game cannot, and will not go on much longer.
Nothing happens until the convertability of the USD into oil is compromised...
Very simple, really....
Markets are indeed fucked, but they have always been at some level....
Man, I just bought some more physical last week...maybe more today? What you do guys think?
Say thankyou Janet and co, and buy with a smile!!
I think better you than me
averaging in is a good idea, depending on how much capital you want to allocate, and how much lower you think it can go, its a lot better to average in while you're in an uptrend. i would say if you buy now hedge with puts, (buy physical hedge paper - there's also a put selling strategy which allows you to purchase the stock or etf or what have you if the put goes in the money, effectively you are saying i will sell puts on XYZ and own it at this level if the put goes in the money, but put selling requires margin and might not apply to gold futures or etfs) i suspect that the premium of owning the physical will far outweigh the advantages of paper gold at some point. but you must be prepared i think for $1000 gold, and none to buy (at that time as a seller you then have two options neither of which would be very good, sell your gold at a market price which has been manipulated much lower than golds real value, or ask a higher premium and sell it privately, and possibly run afoul of some regulations and the taxman) but i think all assets will come to this especially real estate. we're in a era of price controls, and despite economic failure or perhaps because of it they will continue and possibly accelerate their policy until its obvious the whole thing is no longer workable and there is an economic sea change, but that may be years off. the fed has a lot more tools than you and i imagine
If I can hold until it reaches 350, I can break even!
Might be time to start looking to cash and liquidate some.
I can't believe I fell for some of the hype of a top back here a few months ago and lost a small fortune just by listening to some economic analysis that was all horseshit, no muleshit allowed.
Sold too early just because somebody said what was going to happen and it never happened.
I have to cry in more beer.
Don't cry you got out at a great time...most people will lose it all.
For me the real case for gold is a little different.
I dont see a case to get out of "this" without some form of asset confiscation. Say a 20+ percent tax on all bank accounts, stocks, 401K's etc. So the options are to hold $20 bills, or hold gold. $20 bills are uncertain because of inflation so I hold PMs. I hold more silver than gold as I believe it will be more exchangeable than gold.... an ounce of gold or a mercury dime etc.... maybe a mercury time for a loaf of bread at some point....
I plan on continuing to dollar cost average into PMs and hope somehow that I am wrong about what I believe is comming....
That sounds about right.
I added a bit of miners this week, will buy gold and silver next week.
I want 1 ounce Maple Leafs for Father's Day. Tell the kids they're on sale. Silver or gold.
Gold will be FREE soon, according to the chartists, Elliott wavers, Ouija Boards, market technicians, MSM and just about everyone! :)
and there's something about it on Oprah's new Starbucks Chai Cup - but only if you buy the venti
Indeed it will.
When there is no demand for paper gold, if will find its true value.0.
The phyz premiums will be something else.
Where can I get on the pre-order list for free gold?
Do I contact the Treasury Dept? Should I make a call to Mumbai?
This is only because Russia and Ukraine are buying so much right now. Oh, wait......
been telling you all along gold is a fetish, now put your ladies underwear on and walk like a man
Did you eat?
That smiling fukekr that sold you the 1900 gold, he's still smiling
And I rue the day I didn't dump my shares of CEF for a fat profit...
I'm right there with you - $25 a couple years ago would have been a great stroke. But, I did stop kicking myself in the ass about a year ago after I accepted the fact that I was holding very, very long term if needed.
I want to see his smile when his kid is diagnosed with leukemia. I'll send balloons over to make him smile even more!
BFD. I no sell.
Something to cheer us all up!
http://www.mineweb.com/mineweb/content/en/mineweb-gold-analysis?oid=242922&sn=Detail
He writes, "... reports from major forecasting analysts like GFMS that gold is fundamentally in deficit at the moment if one takes into account investor demand – even though this may be waning given the torrent of adverse media coverage based on price predictions from many of the major banks. "
Say that again: "...GOLD IS FUNADAMENTALLY IN DEFICIT AT THE MOMENT..."!
They will continue to manipulate the price down as a defense to accusations of manipulation.
how can you tell if he's an anus?
he talks about gold manipulation only when it drops.
gold, just an early version of bitcon.
WTF, where's my surge! This is bullshit.
since most of you turkeys have been loading up all along, id say 90% of you were underwater in gold.
I'm long ZYK.
this is bob prechters all in one market, and gold is merely a leading indicator. at some point soon the equity market will collapse, and gold will not move much, (gold is a hedge against deflation) the only real question is when the market crashes will the fed start throwing money out of helicopters, (and those who are lucky enough to catch those falling dollars will quickly buy up any hard asset they can, and if they buy on margin the pain will continue) on the other hand if the available gold for sale drops to nothing, there will be none for sale and no one willing to sell gold for paper assets of any kind, including dollars. we have already seen this happen, as gold prices drop supply vanishes. in the final outcome you want the only source of new gold in the market, and thats the miners, bon apetit
prechter is a con man
no but he is in spirit an academic, he really doesn't believe the Fed has any power to do the things it does, (unlike bernanke the alchemist, prechter is an empiricist, he doesn't believe we can abrogate the laws of nature, and of course we can)
akademik my ass, you his woman?
no but i am not ignorant either
Perspective:
You think the value of Gold is going down.
I think the value of paper promises is going down.
It is to scare the Austrians into stopping the BoE Audit
Friday, July 8th, 2011 @ 15:30
"Buy silver coins or gold, so that you can buy what is necessary."
http://www.thewarningsecondcoming.com/eternal-father-will-prevent-new-wo...
while those shysters are pimping gold, they sell it to you for HARD GREENBACK
the typical view of gold for barter during a currency collapse is last century. thats not why you want to own gold, you want to own gold for positive economic reasons, such as other people will want it, in india for instance even poor people have gold its a symbol of grace and spirituality (not the biblical mammon, forget that story for a moment) the materialism of the west is what will collapse, the need to gather and consumer far more physical goods and services than is necessary. in the US 1800s wealth was land, cattle and gold. that was before the US currency was widely trusted or held. gold was perverted into money, a disservice to the historical value of gold to a culture. (and of course some cultures collapsed after the priests hoarded all the gold for religious devotion, as the catholic church did in Mexico) now gold is becoming the basis for an egaltarian economy once more. thats why you want to own it
The Dollar and the Spanish Thollar were the same thing with a different pronunciation - which is to say a silver coin.
People cut these coins in half four ways - like a pizza. The resultant angular pieces were called "Pieces of Eight". And the whole coin was called either a "Dollar" or "Eight Bits".
Until the Federal Reserve in 1913, the word "Dollar" did not apply to any paper currency.
That Paper was first created in the Civil War, because the Government didn't have enough money to pay its bills. They were green on one side and called "Greenbacks". Their first appearance was nearly a century AFTER the US existed, and was quickly thereafter ruled UnConstitutional. But they were brought back with the Federal Reserve.
Wealth is land when agriculture is the primary industry.
Wealth is cattle for the same reason.
Wealth is Gold always and everywhere.
No one knows when "gold was perverted into money" because it happened thousands of years before history was recorded.
Gold is indisputably the oldest and most established currency in the history of the world.
No one knows whether Gold was the first currency. However, if there were currencies before Gold they have been forgotten or replaced.
No one has ever successfully replaced Gold as a currency. EVER.
People like it.
It lasts.
It is distinctive in color and feel.
And it is rare.
All of these things guarantee that it will always be a currency no matter what laws governments make.
If you bought it as an "investment" to make more Fiat with then let me give you a hint: YOU.ARE.DOING.IT.WRONG.
It's insurance against central planning insanity. That's its primary function right now.
Or do you think all time highs in equities are perfectly normal in the face of a tsunami of disgraceful economic data running back more than a year.
Stack and fucking relax.
well said :)
Boom Niggas.....2014 uncirculated eagles out the door at 22.67.....damn it feels good to get rid of that fiat shit!
Also, for the fuck of it...Ima pay off the last of my car note.....take another loan out of the fractional reserve banking system....and I won't be getting another one....debt free bitchez
Needless to say, I'm buying more PM. This is the plan. I guess I'm an idiot. Oh well. All the "smart" people are in equities. Mark it!
I been trading this market since January and have never seen anything like it.. Mrs Wakanabe
Cinderella
Not if you're buying!
Low prices at Black Friday sales don't bother me either.
For those waiting for the price to go up, be careful what you wish for. The fall in the US dollar or in all fiat currencies may not be a controlled descent.
“If something cannot go on forever, it will stop.” ? Herbert Stein, What I Think: Essays on Economics, Politics, & Lifehttps://www.youtube.com/watch?v=X2PrqDLOaDM