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Gold Drops Below $1200 On Heavy Volume, Silver Freefalls To Feb 2010 Lows
It appears the machines forgot the shift in DST across the pond and started their European close flush a little early. Someone/something decided it was an opportune time to dump thousands of contracts of gold and silver futures this morning - clearly ignoring Alan Greenspan's advice. Gold ETF holdings are now back at levels first seen in April 2009. Gold's break below $1,200 likely brought some momentum chasers but Silver is in freefall, down over 5% and back to Feb 2010 lows. WTI Crude also broke below the crucial $81 level...
Gold
And Silver...
and from FOMC...
Gold ETF holdings are back at levels first seen in April 2009....
and one more thing....
Charts: Bloomberg
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Well said and brave of you to say it. Tip of the hat to you.
By the way, everyone here now hates you.
im not really surprised either. It has to be deflation first, since the fed has to at least pretend to be "normalizing". Deflation will destroy the big banks with their derivitives exposure, and it is central banks responses to this deflation that i believe will be the driver of gold prices. Our ponzi economy requires perpetually rising asset prices and perpetual debt creation. Govt debt will never stop going up, and eventually they will have to pay a semi normal rate on their borrowing. I welcome lower gold prices, becuase eventually this will stagnate. Japan couldnt reflate their economy after a lost couple of decades and their debt just keeps piling up. This is what we are heading for. As a 29 year old, I am trying to plan for retirement, and i don't trust anything else long term. The more of this I can buy now the better off i will be, so keep dropping it
If I were 29 now, I'd get a pilot's license and buy 40-50 acres. Can get a good used plane for around $30k - pretty good 40-50 acres for about the same.
If you were 29 today, you would either be:
- part of a small elite making a fortune who had no need for such endevors;
- paying out everything you earned monthly in interest/rent/tax
- or living off benefits (be it government, or via your family.)
The fact that people still adhere to the notion that things are affordable for the majority of young people shows me just how fantastic life must have been 30 years ago in the US or Europe.
Nobody at that age has 60k sitting around to invest in these things. Unless they are immensely lucky, or are extremely well qualified, and the latter is directly related to intelligence and opportunity.
If you were 29 today, you would either be:
- part of a small elite making a fortune who had no need for such endevors;
- paying out everything you earned monthly in interest/rent/tax
- or living off benefits (be it government, or via your family.)
I am one of the lucky ones that are none of those things, although my parents did help me out a lot when i was younger, so i was fortunate in that regard, and no, they are not a part of this small elite either. I don't quite pay out everything i earn monthly, leaving me with enough to save. Don't have 60k to throw at something like what the other poster suggested, and i don't want to go into debt for anything like that. But, I don't have much debt, and will be free of it in a year or so(as long as our cars hold together, that is....). But yes, people who were my age 30 years ago grew up in a entirely different world. Those who had any kind of decent job could afford for 1 person to work, and still have a decent house and nice cars and still save for retirement. Those who grew up in those years have no excuse. My generation and my childrens will take in on the chin, big time. As bad as it has gotten, its hard to imagine another 20 years of this, and even if this systems manages to muddle along for that long, its going to be working until you die, no more retirement
The system won't hold for another 20 years. We are now witnessing it begin to unravel and I hope it does so soon.
If I need to be physically active, intelligent and strong enough to survive in a dog eat dog world where liquidity, jobs and prosperity dries up. It had better be now rather than when I am 70 and someone can boot through my door and put a bullet in my head with minimal resistance.
I fail to see how gold increases in value now, when it failed to increase against the dollar (in the last three years) while the Fed was printing trillions
Deflation isn't necessarily BAD for gold, or silver. It is about the rate of decrease of various assets. If bonds drop in value by 60%, stocks drop by 45%, gold drops by 10% and silver drops by 15%..
Gold is still the winner?
Cash is great of course.. if you can get your hands on it and if people actually still accept it as a medium of exchange. But I guess in a deflationary scenario folks would still accept it. Once confidence collapsed, that would no longer be deflation.
Note: the scenario above isn't occurring today, but it could in the future. Consider that deflation tends to be a consequence of debt being written off, or interest payments becoming deliquent. Thus it is a function of how leveraged on aggregate that each asset is.
Good.
PMs become valuable as money when all confidence is lost in this sytem. God knows when/if that will happen.
Well.. a brief addendum on the above:
In a deflationary period the primary order of consideration should be:
Productive assets:
- Obviously a stake in a genuinely productive asset is > that a stake in stock of something.
BUT
- Identifying genuinely productive and financially sound assets is tricky prior to an ocean of injected credit (see: ZIRP, NIRP and QE).
AND
- Having access to said assets may be problematic, especially in a plutocratic/right wing nation.
- Ownership rights may break down in the event of a breakdown in systems of governance. There is always tail risk.
Stock in liquid assets:
- Cash provided the government is still solvent.
- Cryptocurrencies provided folks still broadly have access to the internet.
- Anything easily traded. Non-perishable food. Cigarettes. Ammunition.
- Monetary metals.
- Other commodities.
Very cogent, +1
It's the IMF trying to kicksave its balance sheet:
https://www.imf.org/external/np/exr/facts/gold.htm
If I remember correctly, the EM peg for gold is at $1162 and that goes off at the end of this year. Gold zooms after that methinks.
The inflation has already been printed, but its just being held at the starting line in the form of excess reserves. When the stock market crashed soon, Joe Public will loose their nest egg (wealth 'effect') and begin to sell (downsize) their propertys to cash out for a pension/security or simply loose their jobs and have to sell. This deflation will kill the gold price.
This is when the Fed could instruct (force) the banks to lower lending standards in a big way to unleash excess reserves and this could well create borderline hyperinflation. Thats when you want gold. I'm waiting for this deflationary trend to hit harder and I suspect gold will be cheaper soon. But still good to be early, even if it is a kick in the balls to know you could of got a few more oz's if you timed it right. But only God and the house of Rothchild can market time this, so don't stress and keep stackin!
"This is when the Fed could instruct (force) the banks to lower lending standards in a big way to unleash excess reserves and this could well create borderline hyperinflation."
Agree, or the government steps in and guarantees any and every loan that could possibly be made. Kind of like housing in the mid 2000's. To your point, the key is not the printing, it is the transmission in to the economy, which has not occured, or into the stock and bond market, where printed money has landed.
Interesting to see what happens in the mid terms. If there is any kind of Tea Party traction that could continue to work towards decreased deficit spending, look out below for the shiny stuff... I always find it ironic that if you believe in gold, and hold it as an investment, you better darn well vote for the Socialists.
"I fail to see how gold increases in value now, when it failed to increase against the dollar (in the last three years) while the Fed was printing trillions..."
really?
M A N I P U L A T I O N.
can u see that?
Remember the gold price reacts to confidence not so much M2. QE was negative for gold when the masses put confidence in QE.
It appears some here need a refresher course on manipulation of PM's. Here you go...
http://www.gata.org/node/14606
Too simplistic. You failed to note that QE was a ponzi scheme that shifted assets amongst the banking cabal and very little of it entered the economy. Plus gold manipulation + FX manipulation + Mafia strong arm tactics (Ukraine, ME scorched earth, CIA psyops, etc.) has levitated the $. This has given the ILLUSION of no inflation but a few asset bubbles like high end RE, S&P 500 and college prices. Now we have commodity deflation because there is no incentive to produce when the game is so thoroughly rigged, over regulated and taxed. Essentially the message from the TPTB is that running a business, working for a living or being productinve in general is illegal and you will be fined.
I got the message loud and clear and am well on my way to dropping out of the system alltogether. Fuck the FED!!!!
"Essentially the message from the TPTB is that running a business, working for a living or being productinve in general is illegal and you will be fined."
Amen, I hear you loud and clear and could not agree more.
Well I give you a crash course. Deflation = ECB scenario avoided = dead to financial system as we know it. The so called save havens like cash ( is a non recourse loan to a bank) disappear like financial markets. Only real assets will survive = gold, commodities, real estate with no debt, a company that can survive. Perhaps you can find a different outcome ? The price of gold must be surpressed at all costs because it rings an alarm even for the little people. The end of CB manipulation is the start for price discovery also for gold.
Well I give you a crash course. Deflation = ECB scenario avoided = dead to financial system as we know it. The so called save havens like cash ( is a non recourse loan to a bank) disappear like financial markets. Only real assets will survive = gold, commodities, real estate with no debt, a company that can survive. Perhaps you can find a different outcome ? The price of gold must be surpressed at all costs because it rings an alarm even for the little people. The end of CB manipulation is the start for price discovery also for gold.
What happened to the silver bears? Is "dumb bear" laughing, while "smart bear" announces he has $h1t his pants?
Dear Wall St, Dear Federal Reserve,
Keep up keeping it down! China thanks you. Things are just shiny and ducky over here in Beijing.
Sincerely,
Gov.Cn
I'll just leave my truck parked outside my local dealer, I guess.
Just looked and tried to pick 5 100 oz AG bars and they only had two left.
http://www.jmbullion.com/100-oz-johnson-matthey-silver-bar/
Can't get hold of the local dealer. Fancy ag on the ratio. I hope it goes to zero. ...
I would be lying if I said this does not hurt....a lot. Hanging in there but down over 55% now. Is it all new. Debt is the way to go for all society. I do not believe it for one moment. Does not change the fact that so far I have been 100% wrong.
me too
but i guess if we ever really need it, it wont matter what we paid for it.
Im done stacking for now, being punked for 3 years has taken its toll.
You don't have a monopoly on being wrong.
What pisses me off so much, is not being wrong... it's believing I did it for the honest reason , things playing out as I expected and then not seeing a rise. I saw it about 6 months ago, they managed to make gold go down on Good news AND Bad News....Down on Hawks news AND Dove news......they somehow cornered Gold (and Silver) that any future scenario was bad for Gold price.
Could have partied on for last 3 years, enjoyed life oblivious and still bought MORE ounces today .....what's so great about that ???
I here you but I would still rather hold tubes of silver over piles of printed fiat from the banking cabal. That being said I am diversifying with crops, fruit trees, animals, land, tools, off-grid technology, ammo and new skill sets. I am finding bargains in all of these except ammo.
Entities under margin calls right now due to dollar drainage are selling anything LIQUID they can to get cash to meet calls
My view
no they're selling everything SOLID and SHINING and METALLIC to get cash to meet calls
that was my point
only the paper variety. You can bet the strong hands did not suddenly fold
One more day till payday...please hold these prices for one more day so I can take advantage of the deal - please!
Take it easy.
It will be going lower.
Weeee!!!!
At least my silver is heavy and a pain in the ass to transport
Gold and Silver may be going lower IMO. Watch the 1180 resistance level. It it breachs 1165 then we could well end up with $1000 gold faster than you think.
I have the truck in reverse gear already....
hopefully that happens right around the time i get my tax returns....
so what do we call it this time? Quadruple bottom?
All your chart analysis are belongs to us.
Fingers crossed for the Swiss referendum in a little over 4 weeks (Nov 30).
Actually, if the ref. passes it may not be a good thing for gold, because it would mean that Langley, via GS, had no real interest and didn't see the need based on their intelligence. If however, the ref doesn't pass, it means Fear is palpable - and that's always a good thing.
Funny, I can't seem to find silver for $15.70 anyplace I look. I'm sure this will be incentive to mine an process it. I think hammering PM's and oil the MiC way of screwing with Putin. Let's see how this comes flying back their face.
Has anything changed? Then why worry. Just remember, in today's world less and less happens slowly.
yeh,
it is always the same
only worse
The price manipulators know that this isn't going to weaken many hands. In my case, it just motivates me to go get more, if it weren't for that darn leaky canoe.
Take it to fucking zero, I will buy it all.
Gas is so cheap you can back up the truck ALL day long.
And for those who like a nostalgiac trip down AG-Land
Silver: The Precious Metal That Spurred the ConquestGSR is 73:1 this is insane!
Here's a thought: Gold and silver rose markedly a couple of years ago because the market thought central bank policies would lead to big inflation. However, the market has discovered that wages aren't going to rise, inflation will be limited to certain items, and deflation will rule the day. Hence, drops in gold, silver, and oil. Still, money's got to go somewhere--stocks.
If Silver get's much cheaper, I will stop waiting for Putin to corner the market and do it myself.
This is not a coincidence. TPTB must "prove" to the muppets that the end of QE is acceptable there is a way out for the FED. So keep stocks in the grren at least a few days, gold/slv down. Pitty bonds do not play along. Gold and Silver will sure have their day and I will dance on the grave of the FED and smile. Unfortunately society is then a mess.
just brought more, keep hammering! Thx. My PM isn't going anywhere soon.
Dame need a new vault.
In another ZH article, someone commented on the smack-down on Commodities with "D-Deflation".
Not quite. Because they are trying desperately to inflate the RE market and keep up the Stock market - while whacking Commodities and PM.
If it doesn't make sense, it means you don't make cents either. If you're not an Insider, "A Mover and a Maker", it means... "No front-running for you, butchez!" No matter what ZH tells you.
Cause they be controlling the Horizontal, they be controlling the Vertical. "Adapt or perish" is what they call it in Darwinism.
Alas, for 99.9% of us it means we hunker in the bunker, rather than live well and prosper. This perma-siege lifestyle can drive anyone (fruit-)batty after a while.
Window dressing Central of markets will continue unabated until after November 4 elections are "fixed"...
After that?... The real fun begins!
those gold and silver quotes go the same way as official CPIs : losing the little credibility that's left.
try to buy silver at that price from anybody who's not a market maker
crude oil could have been already bottomed, since the crude oil vix is topping.
http://www.barchart.com/chart.php?sym=%24ovx&style=technical&template=&p...
Er, stop whining and buy it. Then stop looking at the dollar price, unless you are actually in the business of trading paper futures, and relax.
Let a some time go by (ie more than a fucking month, impatient bastards) and then take the pepsi challenge vs the dollar. You will be on the winning side. If you are playing for the long run but still looking at that daily chart: YOU. ARE. DOING. IT. WRONG!
If your interest is in day to day profits, short the shit out of the paper ETFs. We all see what a no-brainer that has been recently, then maybe sink those profits into, guess what, more physical! That trade will be over soon enough, when fucking Greenspan is telling you to buy the stuff then you know its pretty close to midnight.
This has to make Gold/Silver mining all but un-profitable, .. and maybe will force the Miners to an (in)voluntary halt of sales.
Just as the World debt hits $100 Trillion ...unreal
At these prices , no need to take any more boating trips. I will just leave the monster boxes on the coffee table.
holy shit, $16??? how is that even fucking possible?
What's the spread between physical, and paper?
I find it humoursly appropriate that MSM's claim Visa is the "reason" for the DJI soar today.
Gold Monthly looked bearish back in the summer.
http://bullandbearmash.com/chart/spot-gold-monthly-closes-channel-suppor...
1040 is the next support target
We've been saying this for some time and as unpopular as it sounds, the USD is the safe haven, not gold.
And we all know how that's going to work out, historically speaking.
So who the hell is going to sell @ $15 an ounce?
Not me
I'm a buyer
But with a BILLION new ouces mined every year there is plenty of supply
If you have margin calls, then you will sell at any price.
Good time for the Swiss to get their reserves up
Even God is Keynesian now.
I know I should be patient and all. It may all take much more time and they will still throw many trillions at it before it all comes apart. Yes yes, I know.
But looking at the "markets" today just wants me to smash my computer against the wall and scream "FUCK!!!!!"
Buy silver in HK. Cheap and no fucking VAT.
Same in Estonia.
So many people seem to miss the underlying agenda at work here...
Physical delivery defaults are irrelevant - in fact, it is a near certainty that physical defaults are exacly what the major stoppers (the western central banks) WANT to see...
In a true and real futures market, issuing a contract would not be possible without proof that you can deliver the underlying asset; but in the present global futures markets (and I mean ALL of them: New York/Chicago CME, London, Dubai, Hong Kong, just about every global futures exchange except Shanghai) issuing a futures contract is nothing more than a promise to deliver ONE THING: US Dollars in an amount necessary to settle the contract in consideration of the current spot price of the underlying issuance, on the day of the contracts' expiration...
All these forecasted, pending "physical delivery defaults" that people keep blathering about are going to do nothing except one thing: Continue the flow of fresh, newly printed US dollars into the world's economy following the "official closure" of the Federal Reserve's QE programs.
When you can sell the future without any due regard to honest and ethical delivery, then you own the market on the future itself.
The entire global future is priced in dollars. Eventual, permanent backwardation is priced into EVERY global futures market.... This is EXACTLY how the globally obscene 1.2 Quadrillion derivatives market will evaporate ... with the eventual delivery of 1.2 Quadrillion brand new US dollars, which are being pre-staged against just about every futures contract being issued in the world today.
The big US based banks are NOT short these markets- The "big short" that is infinitly short the futures markets is the same entity that is infinitly long the US Treasury Bond market... The banks are merely the agents by which this entity is interacting with the futures markets...
Get it?
Permanent futures backwardation = 100% cash market. Fekete is right, Sinclair is right, GATA is right.
Today is a bad day if you happent o be in dire need of US Dollars, but it is a GREAT day to own a US Dollar printing press (or it's modern, electronic equivalent)...
Who cares what metals cost versus the dollar? When you're trading your metals for ammo and food the price you paid will mean squat!
Call me crazy. I'm buying all I can. Caraaaaaaaaaaaaaazy!!
Dropping into the cellar shortly before the moonshot begins was predicted long ago and just when you think you cannot take it any longer the real fun begins. Taunting and poking a stick at a caged wild animal can be dangerous sport.
They want what you've got. They are desperate to separate you from that stack. They need it, and they need it right now. The price falls according to how bad things get for them. The Chinese monster must be fed.
That is all.
Gold, silver and oil all apparatnly going to zero as the global economy collapses into anarchy and cannibalism.
If you're a cannibal, that doesn't sound so bad.
I'm hungry. ;)
... meanwhile in some southamerica hell hole EVEREST sized moutains are being crushed every hour to produce gargantuan quantities of the "rare" metal silver
With natural gas cost almost free forget the " how many dollars it costs to produce an ouce of silver" its more like OUCES per dollar
"Ya want zilber ? I've gahrit, how much do ya want?
Tragedy for gold bug T. Huffen
For X-Mas he’ll give no McStuffins
His fading Bernanke’s
QE hanky-panky
Has clearly become a MacGuffin
I guess we know why Greenspan was trotted out from the nursing home for the clinically sociopathic.
It must mean that the plan is to allow deflation so that they can try to save the dollar.
If the stock market goes down then gold should go down as well.
"should" is a very dangerous word in these uncharted waters. Not sure it actually carries any weight anymore.
Gold "should" go up when they print with reckless abandon. Yet here we are.
So in deflation I think every ounce "should" transform into a naked woman holding 2 cold beers. I'm no more wrong than you might be.
It sort of does. If you have gold, a naked woman will show up with beer. When you wake up the next day your gold, naked woman, and beer will all be gone.
"It must mean that the plan is to allow deflation so that they can try to save the dollar."
LOL. Deflation precedes every occurance of hyperinflation, and the dollar isn't going to be saved. There's absolutely no one currently in the broken electoral system with the political will necessary to save the dollar. They'll throw it under the bus to save their skins one last time, and when it goes under, blame capitalism and not themselves for it.
LOL, wow they really are going to make sure every last dissident is dead so all that remains are Keynesian debt peasants....wow stunning to actually see it.
Look at what happened to gold in the first half of 1920 in the Weimar republic (hint: it went down, a lot.) The price in paper marks barely changed the next 18 months. Then it went up 10X in a year, and up 100,000,000 the year after that.
We're right on track. If 2014 was our 1920, that means things are stable-ish from now through early 2016, and the shitshow is well on its way by 2017, and 2018 will have us wishing it was 2008 again. This timing is pretty consistent with what I and others have believed for some time (e.g.that 2016 is the transition year, and not just due to the presidential election.)
Shot em all
I love gold = I just hate gold pumpers becuase they have broken so many nice people who just wanted to protect their families from ruin.
You all took advantage of the trade and these folks. Admit it...
I'm sure some have even jumped out windows as they lost everythng as you all touted to BTFD.
Shame on you
So I reckon I'll buy it from the pumper's and their minion's cold dead hands who bought at 1300 at 950 like I said I would...
So we now face a dilemma. Are the pumpers right and all those paper weights you bought at $1900 and $40 bucks will explode to the upside.
or
my point that these doorstops are just that - doorstops to be used to bribe the Obama FEMA camp guard to get my family out...
I will take the latter as I believe E- Currencies run by the Fed mafia will win the race.
I hate the bastards but I never fight the FED.
Those of you who did are broke...
Just saying
"Those of you who did are broke..."
I wake up broke every morning and get to work to earn my daily bread. If there is something in the safe from yesterday...bonus! We took our spare fiat down to near zero when AU was high 16 a few weeks ago. Wish I had more cash, I'd be buying AU right now.
One day all of us stackers may be sitting around a room somewhere doing a 12 step program to get off the PM addiction, or we'll make some money (whatever the new money is called then).
In hindsight I'd of done a lot better buying a few cows to grow fat out back.
dupe, 1st time that has happened to me.
Do you smell the smoke? Don't worry it's just the US economy. Time for a fire-sale on PM's
This is a good lesson for people who think leverage is a good idea.
It's interesting how one govt is advising it's shitizens to buy gold and silver and another is not.
When you get the "price" you are looking for as a buyer....you may have trouble sourcing it.
When you get the "price" you are looking for as a seller....you may get the education you have been looking for, since trading for paper may not be your best option....and trading your metal for something else that you value is where your profit motive resides.
Finding a trade in the future will establish the true nature of this asset class....if you can still find a trader to take the other side of the trade
Where do I sign?
Still waiting for 1150 & 15
4th time is the charm?
https://www.youtube.com/watch?v=oPwrodxghrw
The reason that silver fell further than gold is that too many people believe it is underpriced relative to gold: a belief that overlooks mining factors of the two metals.
According to various mining reports, 85% of all silver produced is a by-product of mine operations for lead, copper and zinc and a few other metals. In other words, 85% of all silver production for the last 150 years has been done without a corresponding demand for it. On the other hand, only 15% of gold production is a by-product of the same mining operations. Thus, with these market forces, it is only natural that gold would become more valuable than silver.
And so it will ALWAYS be where societies undergo economic development (that is, increasing demand for lead, zinc and copper): the ratio between silver and gold will constantly increase simply owing to market forces. Some 2000 years ago silver to gold was 2-1; 500 years, 7.5-1; 150 years ago, 15-1; today, it approaches 75-1. What is the market trying to tell you?
Hence, with this wide-spread belief that silver is underpriced, I think I can safely say that the 71-1 ratio is very conservative. As people become more realistic about the metal, we should see this ratio go well above it present level.
Now, gold: it is tremendously undervalued when you consider all the paper issued against it. There are a number of factors not considered by gold advisers, investors and critics: it is actual collateral for all issued paper currencies (foreign and domestic), and much more. The words, “gold and gold receivables” are listed first on the asset statement of all central banks. It is, for example, 1) collateral for “cash equivalents” that show up on corporate asset statements (as formerly, only “cash” was listed), 2) Mortgage Backed Securities (owned by the FR), 3) US Treasuries (owned by foreign institutions, private and public). All these and more are ultimately collateralized by a piece of paper held by the Federal Reserve and which goes by the name, “gold certificate”; which, in turn, is collateralized by the words, “gold and gold receivables” listed on the asset statement of the US Treasury. The words, “gold receivables” tell you that some, or all, of Fort Knox gold is not where most people think it is.
So, what is a realistic (and eventual) $ price for gold… $7,000… $15,000…? (Please don’t expect these prices tomorrow: there is a lot of learning the market must do before we see them.)
You may think this will be a wild ride. If you think collateralization, currency equivalents, double-entry bookkeeping and mortgage-backed securities are dull subjects – if you think wishful thinking is a harmless activity – if you think taxes are essential for the development and maintenance – rather than the destruction – of civilization, then, yes, this will be a very wild ride. We are about to study concepts and actions, crimes and fictions that few, if any, others have examined yet relative to their influence on gold.
Instead of using gold as collateral, the dollar, today, is collateralized by US Treasury securities, which carry value only as taxes can be collected against future generations of Americans: a kind of cannibalism. This is a hideous case of wishful thinking. Thus, today, wishful thinking has replaced gold as backing for most of the world's currencies.
It may also be a disturbing study; for, the dollar is the world's reserve currency. It is used as gold once was used: to serve as backing, or collateral, for issued currencies around the globe; in the dollar's case, it serves as collateral for many of the world's major currencies: the Euro, yuan, yen, and a few dozen others are, thus, built on top of the house of cards known as the dollar.
We should ponder the question, 'What happens when men build a global society on houses of cards?'
We should also consider the question, ‘Should we rely on ourselves to provide an alternative… or should we rely on those (Congress) who mandated this house of cards to be imposed on Americans… and the world?’ (Complete article)
Another consideration: as with all houses of cards, the dollar cannot survive: it is inevitable that it should fail, which will take the whole world with it. What happens when this financial slaughter occurs? Historically, guards will be in every bank at the entrance to safety deposit boxes. When a customer comes to visit his box, the guard will look over his shoulder (or push him out of the way); if there are any cash, stocks, jewelry, or precious metals, the guard will take them and he might leave a receipt for them. It will be an exchange of hard assets for a piece of bad paper.
And who will these guards be… native dope heads… or recruited from the ALLIANCE cobbled together by the Red Chinese. You see, when the Chinese took possession of the Panama Canal, they immediately established an ALLIANCE among Mexican and Columbian drug cartels, Chinese Triads, Chinese Communist Party, the Red Army and several US government entities (Congress, Department of Justice, DEA, FBI et cetera). Simultaneously, they smuggled 150 top-level crime bosses into the US thru the Canal. I learned about this from testimony before a congressional subcommittee.
So, why the extraordinary cooperation between the US government and Chinese communists? Is it related to the establishment of the US Department of Homeland Security? The DHS is modeled after French Committees of Terror (1792-4), the Judeo-Bolshevik Cheka (and its successors), and the Nazi Schutzstaffel (SS); all of which were designed to protect criminal and useful-idiot classes from their victims; that is, to suppress those who ask too many questions, or show a trace of intelligence, sense of justice, or independence.
Who better to staff the domestic organ of terror (DHS) than cutthroats recruited from this ALLIANCE? At the proper time, of course.
if even the gold crazies here who lose control of their bladders when the price dips below levels where they used to brag they were going to back up the truck at, where in hell do you think purchasers willing to pay several thousands of dollars more are going to come from?
Do you think anyone reads more than a few sentences of your wild-eyed drivel?
if even the gold crazies here who lose control of their bladders when the price dips below levels where they used to brag they were going to back up the truck at, where in hell do you think purchasers willing to pay several thousands of dollars more are going to come from?
Do you think anyone reads more than a few sentences of your wild-eyed drivel?
It's too bad for everyone who doesn't have excess cash flow and purchased silver and gold hoping to cash in for a quick profit. Also sad for everyone who just recently got in the game and bought in the 1500 - 1900 range. Fortunately my old man opened my eyes back in the early 80's and I've been stacking ever since. I could give a shit about the recent/short term price volitility. No one should be putting all their eggs in one basket and don't get hung up on the price of PMs reletive to fiat currency. Equate your wealth to the size of your stack...when this global fiat circle jerk comes to a conclusion, and it's not a matter of if but when, the only people who will be left standing are those who hold hard assets.
Silver chart is ugly, ugly. I think it will get below $16 within a week or two and it could be tomorrow. Unless the PPT decides to support it.
Nice post, Clesthenes, that silver is basically a freebie and production not really matched by demand, at least since silver-based photography went down. There's some yap that solar cells use a little silver and that might replace old photographic demand but I'm uncertain of the truth of that, anyway increased demand for gold and copper probably mean more silver will pile up somewhere and the gold/silver ratio will continue to fall.
So, if and when gold spikes will silver even follow? Well maybe, if it's the dollar that falls, or all fiat currencies, then sure. It will take quite a spike to monetize the overhead of buying coined silver anyway, I'm still looking to buy a stack but it's more for fun, for real investment it looks like gold is the way.
The other problem with silver is they are using drones instead of Tomahawk cruise missles.
I had a dream that gold would bottom out at $1140. That's when I'm going all in.
Silver, I'll just pick up off the street when people cast it out of thier windows.
My projection is at least below $15/oz.
A price of $10/oz is quite possible and on my radar now.
Like I have said for years now, most commodities will go down. That includes PMs. We still have at least a few years of US Dollar domination and in that time, pressure on commodities will be down. Look for gold to break below $1000/oz in that time.
Liquidation of much of Switzerland gold is part of what is manipulating this down. If The rubel was not so weak Putin would be buying all offered at these prices.
The wrath of unintended consequences .
"Sheeple wear Wolfskin !"
look what happened to gold in 1933 .
FDR pinned it to $35
See
https://www.academia.edu/9031355/The_Were-Sheeples_Almanac
http://andreswhy.blogspot.com/2014/10/were-sheeples-almanac.html
buy buy buy buy buy buy buy
Since we've seen that gold and silver can drop below production cost, what are the price targets on oil? $80 is pretty low, but it could always go lower. $70 seems possible.
The lower "the gold price"(TM) goes, and the lower the mining stocks go, the higher the volume and the more they are sold...WEIRD.
Did value investing die or something? Or everyone's time horizon is minute-to-minute now?
I hope these "investors" get taken to the cleaners and have to buy back at MUCH higher prices.
http://www.stockwatch.com/News/Item.aspx?bid=Z-C:*MKTGOLD-2222824&symbol...
All in costs are below 1200
my grandchildren will decide what to do with my small amount of pm's.
when the biggest banking cartel in the world wants all the gold, it's got to be worth something.
Let's see, the punch bowl has been removed, the QE party is over for now, the economy is in shambles, 50% of American's make less than 27,000 a year, and the stock market runs like a raped ape while commodities get slammed?
What the hell !
So many smug know-it-alls who reviled Jon Nadler, so little time to beg forgiveness.