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Gold Slumps Most In 2014 As "Someone" Dumps $1.37 Billion In Futures At US Open
UPDATE: Gold is down 2.5% - the biggest daily drop since early Dec 2013
And this is how it happened... looks like fiduciary dutry just got F**ked...
That US open print was a $1.37 billion notional flush...
In a status-quo reinforcing smackdown, gold and silver prices have been clubbed lower this morning to one-month lows with the biggest drop in almost 2 months. The customary USDJPY surge (and risk asset spike) has accompanied this high volume dump just to make sure everyone believes that BES is fixed, Ukraine is fioxed, Iraq is fixed, earnings are great, and the water is warm....
Charts: Bloomberg
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buying.
they are in full panic mode now.
buying
Should have known. All the sites were talking about a silver short squeeze. This is their panic attack. Ed Steer has been warning everyone.
So so predictable.
WhatDaFuq?
No sane person would sell that way.... therefore, this is manipulation.
And the DX dollar index goes nowhere yet gold is smacked down...?!?
Sooooo.....did Germany get all it's gold back?
CNBC still showing gold at $1337..., WTF?
Sweet! BTFD if you have some dry powder in the ready. Maybe just a small purchase though...don't use it all. We still might get another monkey hammerin' into the 20's range for silver. Then grab more. If not, I still think they will eventually allow 24 or 25 to happen and then they will whollop the ever lovin' shit out of it back down into the 21 range or lower if possible. Then buy more phyzz again.
Once 22 is breached I'd definitely wait to see it hit 25 and then wait for a major smack down. They're not going to just let it run to 25, 30, 40 and 50 without a long drawn out managed/manipulated fight over a long period of time. Lot's of sheep to keep sheering.
Fuckin' Belgium...manipulating all the markets...
Someone named FED!
Oh where'd that nailgun come from... Fred! I meant Fred!
We could not resist the Monday sale and made a small (hey, times is tough) Ag purchase. The guy said they were very busy and had many LARGE orders. It won't be much longer boys and girls.
TeamDepends
+ 1 Interesting comment!
several of us had posted last Thur, after 2:30pm
as expected, recall last Thus at 2:10pm EST, when the Miners reversed with gold and silver staying up big, and DUST the Miners Bearx2 making an 11% reversal on heavy volume, ending the day Up 5.5% from the Down 5.5% it was and deserved, leaving all us non-In-The-Know Members bewildered, yet knowing what it indicated = is seen today Telegraphed Noted & Posted on right here on ZH last Thur
Now the big question: Is this an early smackdown of will we still have the usual Tuesday smackdown as well, and should we buy today or tomorrow?
It doesn't seem coincidental that this happens on Day 1 of the BRICS Summit. Take it as a misguided display of power: JP Morgan bluster. On the other hand, anomalies on this scale usually stand revealed in time as manifestation of emergency action to free up sufficient bullion in order to fill a very large order by a sovereign or other powerful interest, maybe Asian. Really, that seems to be about all the COMEX is good for anymore -- an instrument of manipulation for the kind of people who pick gold teeth out of corpses. The last time the scam seemed on the verge of imploding, America invaded Libya and stole their gold. Lately it was 40 crates looted out of Ukraine. It was the same with Mali and Iraq, not to mention 911. Who's next?
You might want to ask ISIS about that...self-fulfilling State Dept. prophecy.
@ comment above "CNBC still showing gold at $1337"
it must be some gold bug at CNBC who doesn't want to open his eyes, see the reality and smell the roses .... still dreaming that somehow he/she could change the reality ... well, cut the losses and get out ... this is a stampede!
Looks like a few folks here didn't realize your remark was <sarc>...
The economy is great and their is no strife, political turmoil, or wars brewing anywhere. I'd sell too. Oh wait, it's actually the opposite.
Hahahahahahahaha. LOL, matey. All they got was the World Cup Trophy, which will likely turn out to be turdsten.
Me, I've been waiting to see when the July selloff was going to happen. Every year. Same time. Same place. Buy from nexty week to August and sell in September. Blah blah blah. The only reason we had a spike in July was that rents in the Hamptons have gone up.
Well, that and insanity, which one certainly cannot rule out, although likely a combination of the two.
Okay, I think I understand who is selling but,
WHO IS BUYING THE PAPER?
The Fed, through a proxy. This move suggests desperation, probably driven by the need to fill a very large physical order. No real, rational market participant would willingly sell bullion in size at this time.
Paper crap flooding a physical ( my arse ) market.Desperation of the scum at the top.
I don't think we will see a silver short sqeeze at these levels. They still think they are winning while they swallow fake inventory data and lose physical metal. When they get squeezed, it will be at much higher levels. There is nothing more certain to fail than a bunch of confident bankers all doing the same exact thing and group thinking with the wrong ideas.
I have some GPS #s that they can use for their boating accident. Anybody got some scuba gear? Had to sell mine to buy argent at 19 bucks not long back.
I posted a quote from Ed Steer on here last week. A fellow ZHer was talking about buying PM's and I put a quote in from Ed saying he was anticipating this drop. Good work ,Ed. You called it!
The fed boys are desperate to prevent the bullish cross of the MACD on the monthly chart of silver and gold. We all know what happened the last few times the cross occurred...
Some ass clown on a metal forum told me it was
"Market forces at work"
Yaaaa sure rigged manipulated market forces at "WORK"
because they just found a billion in gold today or Germany melted their world cup trophy and it had a couple tons of gold?
No worries. Germany has already contracted with that Chinese firm to make a replica of Gold Plated Tungsten.
Market forces as in: forced market.
POMO today, 1.25 Billion, similar to the 1.37 Billion amount in futures.
if the price today matters, you're in the wrong investment. consider equities instead.
Wow, that's a lot of physical gold that will be delivered!! /s off
ROFLMAO!
+++
Macroprudential
Free and fair markets working for you - the best in the world. All the world's problems fixed, so why should gold and silver not be in free fall?
More golf, Obama? A bigger bonus, Dimon?
BTFD!
me thinks bears have blown their wad. should be interesting to see how low they can move it.
US Treasury's certainly don't think everything's been "fixed".
but but but
http://www.cnbc.com/id/101828863
Unrigged.
Unrigged when it goes up, rigged when it goes down. Got it.
cock
Cock when it goes up, okra when it goes down, but it's the same dick, got it?
Are you sure it isn't a frozen banana? They don't like the thaw either.
No...everyone knows it's rigged no matter which direction the paper PM's move. Because everyone knows it's just the paper game that drives this shit. Just BTFD in physical if it seems like a good time to do so for yourself. But never spend all your dry powder at once because obviously it's manipulated (both ways) and you may get another dip later on.
It will always be rigged both ways until the Crimex finally defaults and collapses and is gone for good. One day...
Tick-tock...it's on the horizon and it is going to happen. It's in the plans. So just BTFD and keep stacking that shiny phyzz!
How many times have you seen a vertical line up like that in PMs? And how many times has someone bought US$1.37B in one shot. We bugs are way too frgual to buy it all and move the market...we do it slowly. (And our wives like it that way.)
This is it. This is the selloff of paper as the phyz vaults empty. The global unrest coupled with the lack of faith in the global economy has reached a tipping point. This is your last chance to load up on anything physical in return for worthless paper notes before the music officially stops. Good luck everyone. It's go time.
- 2010
- 2011
- 2012
- 2013
Amen. If I've learned anything it's no not underestimate the people's ability to stay completely in the dark while our leaders continue kicking the can down the road.
It's frustrating, but this is also one of those you only have to be right once situations. They can't suppress the nominal price forever given how much the input costs have gone up (and will continue to do so in a ZIRP environment) due to inflation.
They win a lot of battles but are guaranteed to lose the war.
Goldman Sachs out today sticking by there forecast of $1050 by the end of the 4th Quarter 2014 as the 'economy recovers' knowing there bullshit forecasts this is bullish for me!
They will definitely be wrong, about the economy/
If we lived under a free market Goldman, Sachs & Co. wouldn't even exist today. I'm not too sure why they still have customers.
Because they rule the world.
Long muppets!
A muppet run over by a bus gets very long indeed.
The economy is already weak and heading south. GS is right about gold. There will be no hyper inflation and gold will continue to track downward.
Then short your balls off
No. GS is wrong. In 2009 they screamed sell stocks repeatedly right at the bottom. Just like they did with gold. Any fool could see the central bankers were pouring money into the system and GS was wrong. Same exact game plan took place in gold. GS is a top ticker and a bottom ticker. When they make a call, it is just a matter of timing to take the other side. Every time. All the time. Besides. Gold and silver are dirt cheap here. Platinum and Palladium are not confirming this dip. I doubt it lasts the day. We shall see.
Does GS walk its talk? What is the track record for these forecasts? You don't fix a terrible real economy by lying and cheating and stealing. Nothing will improve while power is held by psychopaths.
The West keeps selling the paper, the East keeps stacking the physical. As Putin said in diplomatic speak.....................other countries would be wise to check their custodial gold holdings.
I think that's diplomatic speak for the transfer of physical is now complete and you've been screwed over.
me too.
and i think there are a lot of people who think they own gold/silver
who don't......and will never see one oz .....
Back below 1320
going into the stocks today.....better bet than praying any bullion actually gets delivered.....and with the stocks now, some of them, you pay pennies per oz.
ain't manipulated markets great? i hear naked shorting gold/silver stocks is completely legal if done by the gold cartel or any of the federal reserve's special friends....
Entirely predictable, and in fact, predicted.
Jesse at jessescrossroadscafe.blogspot.com has been pointing out for over a week now that the big commercials (i.e. JPM & co-conspiritors) have been going short against all comers during the recent rallies and now have built up multi-year high short positions. Meanwhile, managed (i.e. Dumb) money has built up large long positions.
The only question was when the sheep were going to be sheared and forced to puke up all those contracts. Looks like it starts today with ye olde reliable 'Middle of the night take-out-the-entire-bid-stack slamdown'.
Could be a long way down now given the number of shorts JPM has to cover.
ah, quintus, it only works until it doesn't....
and the world know now -- even if the US peasants are completely in the dark -- that the US has literally sold the last grams off its vault floors.....
and sold whatever they were "safekeeping" for other countries as well.
again, it only works until it doesn't....
With a market completely controllled by trading algorhythms based on technicals... its no wonder that these short attacks occur at technically significant moments,
http://www.321gold.com/editorials/chan/chan071414/6.gif
stop with the histrionics - these moves happen all the time - do you not have access to the data or something?
down arrow me all you want you ignorant f -
7/14/14 -2.45%
6/19/14 +3.34%
5/27/14 -2.16%
1/23/14 +2.18%
12/19/13 -2.45%
12/12/13 -2.14%
12/2/13 -2.67%
11/20/13 -2.46%
10/17/13 +2.95%
10/1/13 -3.12%
9/20/13 -2.96%
9/18/13 +4.06%
9/12/13 -3.19%
need I go on???????????
There...there..I just awarded you an uparrow.
Are you that weak in your principles to require outside validation?
Personally I just tell the ignorant that they can downarrow me all that they want but it will not change the truth. And they can as I cannot care any less about validation from the ignorant.
Get yer head on straight and do not worry about whether or not they validate you. If you know the truth then you KNOW the truth. Just be true to yourself.
Thanks for that list. But manipulation does happen in BOTH DIRECTIONS. People buy without caring about price. People sell without caring about price also. $41 Million to a MultiBillionaire, or a Corporation that moves Billions, is a drop in the bucket.
The fool knows the price of everything and the value of nothing. The wise man understands that it is about VALUE (utility) and cares not as much about the price.
My heartfelt thanks go out to THTB for this once in a lifetime "physical" buying opportunity.
If you looked at the COT report last week you could have already predicted this.
http://katchum.blogspot.com/2014/07/cot-shows-that-gold-and-silver-price...
The Zero Hedge portfoliio is taking a bath today.
It's called a BUYING opportunity. BTFD!
This is the only page worth reading. I've never seen anyone else get it right:
http://www.caseyresearch.com/gsd
Ya the same Doug Casey who just said there is no market manipulation
I think Doug Casey is more a long term thinker. He said all markets are manipulated and points to golds rise from the London gold pool to today.
He seems to know that takedowns like today are just "noise".
You hear that Janet!
You fucking windbag..
From the Casey page (the only one worth reading?):
As I've mentioned a few time over the last few months, silver's net volume is now substantially larger that it ever used to be---and I'm wondering why that's the case, especially relative to gold.
BECAUSE YOU CAN'T MANIPULATE IT DOWN WITHOUT CREATING MORE PAPER SILVER, YOU STUPID FUCK!
gold, er, bitchez
The other day' Doug Casey, whose opinion I used to respect, claims "
"Doug Casey sits with Kitco News' Daniela Cambone to talk gold prices, market manipulation and the US government. “Are gold prices being suppressed? "I consider that [question] to be ridiculous," Casey says. "I find that counter-factual and actually rather ridiculous." Did he get traded to shill team or did I miss something?
Volker claimed in the 80's that they made a mistake by not controling gold price.
Take down happens almost every Monday on low volume. Yes, some of it is controlled profit taking but WTF.
Manipulation, AND the need to manipulate, have both been acknowledged in documents published here over the past several years. That doesn't mean it will stop any time soon, but for people with influence and a following in the sector to ignore the documented evidence is irresponsible at best.
Wealth Insurance premiums just got cheaper.... no big whoop!
Why doesn't everyone complain when car insurance goes down? Because you don't use insurance to make money. You use insurance to save your ass...
Sure they can...just stop driving a car and use a moped... 3rd world on our door step...
https://www.youtube.com/watch?v=4phFYiMGCIY
I know lots of people that have been waiting for the July sell off to load up on PHYZ at least thats what they have been saying. I just keep the regular buys up and stack. Will be interesting to see how many actually buy (as the M.O, is always to wait for lower prices) and in the fake paper markets how far the Crooks push it to run the stops. I was surprised the Indian annoucement didn't push the market down but after closing above the 1331 figure you had to expect this. May they rot in hell but seriously I bought at these prices a couple three weeks back... big deal. Looks like Apmex is due another order.
Never go full retard...but never catch a falling knife...ouch... be patient on gold
Nothing goes straight up. They will always try to get you out of your positions. This type of action will occur all the way up. Not the least bit concerned and just going to sit back with my positions, physical stash, and let the "brilliant ones" play.
We will leave the weak ones behind and that is sad, for they will have nothing left when this is over.
I can't remember where I had my unfortunate gardening accident so
I will not be selling.FU Mr.Yellen.
on no news? okay
Oh there's plenty of news, news that SHOULD make gold go up!
Absolutely fucking criminal !!!
typical monday. It must be the boots on the ground in gaza ? Always sell gold when a new war breaks out.
No offence but nobody gives a fuck about Gaza.
Alcoa up another 2% - global recovery bitchez!!
/sarc
I can hear China and Russia backing up the trucks for the physical
Even that corporate shill weisenthall at business insider is ignoring gold today. He usually loves to talk shit about gold. ding, ding ding
That's odd, the Fed usually wait until Tuesday to monkeyf#ck gold..................................why the rush this week!
that's why you should BTFD only a little bit today if you want some phyzz...otherwise wait, because we just might get smackdown part 2 tomorrow as well. They can do this all week which is great...more chance to buy cheap phyzz before they decide they're done with this price range and let it jump into higher levels. Then they'll wash, rinse, repeat this whole game between 25 and the low 30's for who knows how long. Then they'll let it bump up into another price range channel, etc. etc. until all the phyzz is completely gone and the paper game finally goes bust. Then Katie barr the door...all hell will break loose when that day arrives. That's when your stash of lead bullion and lead delivery systems will come in very handy defending your phyzz stacks.
BRIICS meeting starts today is my guess as to motive.
at least the Germans get to hold the world cup for four years...that's the only gold they will ever see...
I hear they will receive the Cup in 7 years.
Part of it.
* Rimshot *
They changed their minds. They are gonna let FED safely keep it for them, like the rest of their gold..
If you like your cup, you can keep your cup.
I guess it is because Gold was the best performing asset again this year, can't have that....thought this shit was finally over for a minute!
So talking heads said Last week Gold up because of Espirito worries, today Espirito is down another 8% but Gold and Silver arse raped, what a fucking corrput total pile of shit US markets are, Dow up 100 points from Fridays close on some of the worst geopolitaical siuations in decades
I was getting worried....the goldfuck was sorely missed. I almost thought the markets were real. Silly me.
Well, the water is warm
And has a golden hue and a funky oder
But it is warm
What if I told you I could drop the price of gold 30$ with a press of a button - is that something you might be interested in?
We saw the rise last week, and this crash. I think there's two possible explanations:
1) The usual, e.g. it got too high so they came in to kill prices.
2) There's a bank -- a big one -- in trouble. The rise was insiders going long, and the decline is the bank selling off paper gold assets trying to save itself. FWIW, this is the pattern we saw back in '08 during the Lehman collapse that triggered the last economic implosion. There's been quite a few hints that something is really broken financially in both Europe and China, but I would strongly suspect this is a European bank with major issues.
Well there is this collapse of one Banco Espirito Santo over there in Portugal.
No worries at all about Deutchebamk. I am sure that the problem with Banco de Espirito Santo has been contained and that there will be no contagion to other Banks.
Nobody has any Credit Defalt Swap exposure to Banco Espirito Santo...none...whatsoever.
/sarcasm.
Seven Days till your Global Banking Holiday. Six Days to the Sunday announcement.
Enjoy your week. This is only an order of Magnitude worse than the Lehman Bros. collapse.
Domino Effect. One will fold right after the other.
The safety they will seek first is in the US Dollar...instead of Gold. But even that will not be enough.
Yeah, with RUT sitting near the R3 pivot pre-open, can't be a good omen for gold. Just like we saw folks front-running the 3:30 daily ramp by buying at 3:17 each day last year, now we see the monthly Yellen Pavlovian-dog erection front-running crowd line up at the turnstiles 24 hrs early, saliva drop cloths already fully soaked.
As long as paper dominates the PM markets this is entirely predictable. I was waiting for another phyz buying opportunity and it looks like it's arrived.
Yep. Looking for $16 Ag, then picking up 1 or 2 more merc dimes.
<-- slam the open for gold
<-- bang the close for stocks
You forgot the "Thank you maam"
I find this utterly disgraceful that we live in a country with such corruption and deceit!
Replace "country" with "world".
it's predictable and time to buy more thanks Janet....
LOL last week it was bang down oil in spite of the global tensions mission accomplished so Friday they cut margin requirements on the metals....ding...ding...ding. Uh your turn. Seriously I don't know how much longer these wads think they can continue forcing the oil and metal producers to operate at zero to negative margins? That the big producing countries don't raise a lot of hell at having these bankster crooks always trashing their economies thru this and pass thru inflation is astounding. But then again most of them have the Banksters working for them and bribing their politico's.
Excellent! A week to ten days of this sort of action is just what's required.
Why would you sell $1.37 Billion in futures all at once? You know that you would be tanking the market you are selling into. So your rational in doing this would be I am going to sell $1.37 Billion in futures and I am going to lose money doing it by dumping it all in one day. Who ever did this they lost $41,000,000.00 from the time they started selling to 9:42 AM EST. Why the HELL would you do that? Unless your whole point was to tank the market for someone who was shorting the market. BTFD!
But But But Dog Casey sez manipulation is rediculous. So is his service which I cancelled the last of yesterday.
What if the other involved in the conspiracy was holding a Triple Short Leveraged position....
You may lose that $41 Million as your co-conspirator makes $123 Million. Then you split the profits after paying off the losses. Not a bad day's work.
Now do you see the downside of the Triple Leveraged ETF Indexes IN ANY MARKET? It is just another way that they use to fleece the Muppets. IT IS ALL FRAUD.
Personally I will not play the paper game. I do appreciate that this means that Gold, PHYSICAL GOLD, has just become more affordable as I am seeking to buy it and not to sell it.
All non performing contracts will realize a price of ZERO as they are worthless. What is a Comex Contract worth when they do not or cannot Stand and Deliever? ZERO. That is the ultimate price of Gold on the Comex.
The notional value of 1.37 billion is a futures order to sell 10300 contracts. The maintentance margin for an order that size is $61,800,000. The size of the account would have to have been over $100 million.
Ask yourself, who has an account that big? Answer, nobbody. It was done as a concerted effort by more then bank all at the exact same time.
This is totally legit. Just normal selling, I'm sure.
Another buying oportunity for those of us who are stacking. Don't you just love PAPER GOLD? BTFD THANK YOU!
C'mon guys, we've done this dance countless times over the last 2 years. I'd say we're all fairly immune to this crap at this point and can see the desperation as plain as day. As always, mine remains the same weight.
It's value in dollars, like the dollar itself, means absolutely fuck all in the longer term.
Stop looking at the price, start appreciating the value.
I'm not sure who of us buys the shiny for an investment, for me it's madness to buy it for that purpose as long as it's tied to a fraudulent fake "paper gold" price. The only reason I buy the shiny, and oddly enough never take delivery because my boats keep sinking, is for preserving purchasing power. While the sheep will be losing more and more of their dollars value and paying $10/gallon for gas I'll be spending the equivalent of three pre-1965 quarters. Slam the price all you want fuckers I'll keep buying all the way down. You will never drive gold and silver to $0! The same can't be said for that worthless paper shit you call a dollar which can and will be driven to $0 and beyond. BTFD! I'm ordering more shiny right now. Eat cock banker swine!
The partys over again. Risks receded and profit-taking set in!
The partys over again. Risks receded and profit-taking set in!
Once again, an attack by the International Termite.
Paul Craig Roberts has called and remarked about this smackdown in the wee hours of Monday mornings on low volume for a long time. He sure has this part right. His conclusion: that the bankers and Wall street will keep doing what so far seems to be containing the gold price to hide the fact that the fiat currencies are stark butt naked.
This drop is to create a buying opportunity for the major goldbugs like China not to help JPM or the vampire squid make money
TO not believe that there is manipulation in the GOLD market, you would have to believe that Gold sellers are the least profit oriented market participants in the world...
Gold Bugs are definitely not seeking profit in Fiat Currencies. They seek to increase the size of their stack.
Gold is insurance against Financial Calamity. And the way that events are unfolding you can be assured that there will be Financial Calamity in the future.
Those without Gold will be in poverty.
They will be my dinner.
First course will be the economics professors, main course will be the bank managers....
Well I would not go that far. I think that the guillotines will be sufficient. But cannibalism???
Maybe Stefan Molyneux is right. Deodorant was first developed as a marinade. (Handbook of Human Ownership)
https://www.youtube.com/watch?v=k67_imEHTPE
Plan for food poisoning.
Anybody smart enough to accumulate $1 billion worth of gold apparently is dog-dumb when selling it - yeah, that makes a lot of sense - Fuck You, wanker-bankers.......
music still playing and counting chairs....
But, but,..... Trader Dan says there's no manipulation!
Trade Dan...man, he sure flushed himself down the toilet of irrelevance, didn't he? He lost all respect with that "no manipulation" crap along with his weekly Saturday morning gig on KWN. Oh well...
Bought UGLD here, now.
Wait until the fuggin' crooks at the CME take over the silver fix... talk about monthly smackdowns!!
Keep stackin' and FUGG all roaches. Vote Rand Paul (Trey Gowdy new AG) and hang the bastards.
my feeling is that gold is a leading indicator in this market, and if it starts cracking the rest of the market will follow. gold is priced in worthless fiat dollars if the value of those dollars drops even more what concern is that to a gold bug. but it also has some even deeper correlation, to the fed and their easy money program being terminated. while the fed prints up zirp dollars, which cheapens their fiat even more, and hands those dollars to large institutions, and says here loan these out, and create economic growth, the banks laugh, say f you, and buy hard assets, like gold and oil. now that some of the zirp money is off the table no more hard asset buyback scheme.if you are sitting on the sidelines with real cash (not phantom fed collateral) this is your chance to buy on the cheap, but catching a falling fed knife is not easy. and the real difficulty if you are in a negative yield savings account is that fed pumps inflation and rates go no where, or never as fast as the fed is pumping. the safest alternative is the TIP bill at least you get some of it back, and the premium in those things is high (should be telling you something) bernanke doesn't like TIPs he doesnt like anyone winning that isnt supposed to win. (thats you) finally i dont beleive gold will be the hedge against inflation some think it is. not if the feds inflationary policies cause gold dumping. but i cant imagine the central bankers letting their supply of gold drift into retail hands, unless of course their plan is to trash the value (which i dont think they do, i think they would like enough gold to create a quasi gold standard and restore faith in their tainted product) but this is just paper shuffling, wait and see if the line outside the gold sellers kiosk gets long and supply gets short.
If banks used ZIRP money to buy gold it would lead to an increasing price. Just a TINY PERCENTAGE of the ZIRP money is bigger than the whole gold market.
We all know what the banks did with the ZIRP money - they bought stocks.
No problemo. Silver is going to $150. Gold will parallel that. I read it right here, earlier today.