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Gold & Silver Surge, Recover Swiss Gold Poll Losses As EURCHF Hits Lows
It appears the FX and Precious Metals markets have as much faith in the pre-Swiss Gold Referendum polls as the Scots did before their referendum. The clearly leaked results sparked considerable weakness in gold and silver (and EURCHF surge), but once the data was released, markets began to creep back - perhaps questioning the plausibility of such a big swing in such a short amount of time. This surge was also helped by some unusually frank comments on Russian gold buying from the Russian Central Bank. Gold, Silver, and EURCHF have all recovered the moves with the latter pressing towads cycle lows...
And EURCHF has roundtripped to cycle lows...
Charts: Bloomberg
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Last man standing is the name of the game.
Yes, keeping in mind that when fraud is the status quo possession is 100% of the law.
F*cking yoyo.
The Swiss are voting to determine if gold has value. No wonder the potential impact if the vote should fail. /s
Pay with what gold? The US going to co-sign that gas bill?
Funny. The roller coaster of the fiat dollars goes up and down but I've still got every ounce of PM's that I've collected over the years.
There all there and there all still the same...
AMEN and those who posess the gold make the rules and I have my little stash so let them keep up thier bullshit manipulation
Indeed, but for a lowly battler like me who, in a bid to eventually acquire a modicum of autonomy, squirrels away the nett from his meagre income, how is he supposed to come into possession of some of this lustrously gleaming yellow metal, and then, more importantly, how does he get to keep it? Does he dig a great big hole in his backyard, pour his gold coins (all two of them) into it, and then stand over said hole brandishing a Mossberg 500 24/7? And say that were to fail as a deterrent and he needs to use deadly force against particularly determined purloiners (assuming the same strategy could be used with effect against officers of the law), how can he get to his local gun shop to replenish his shells and be assured his golden hoard will still be there when he gets back? Keep a pair of attack dogs underfed? Surely I can't keep it in a bank? Aren't banks the ones for whom we've reserved our most pernicious mistrust?
All this talk about gold being the only true hedge against inflation or currency depreciation, yadda, yadda, is all good and well, but because it's so difficult to keep, it's only a practical investment for governments, banks, and the 1%. In other words, those very ones we here at ZH are so ornery about (and rightly so, I might add). They're the only ones that have the means to defend their troves. The rest of us may as well get used to bartering a shank of lamb for 5 bushels of wheat, etc.
Time for russia to put out daily headlines about them buying tons of gold each day everyday till the end of time... china too...and have the algos go nuts.
Silver and Gold Bollinger bands are starting to pinch on the options expiration 20 year chart, RSI at lowest level since 2008! Coiled like a spring ready to go into outerspace! https://www.youtube.com/watch?v=xxbg6LQjapE
hope its not a dead cat bounce
On behalf of King World News, I would like to extend you an invitation to be interviewed.
you are about to hear a TREMENDOUS interview....
Hahaha +1. "In the most earth shattering interview KWN has conducted since it's inception....."
Senate 400 page report on Goldman / JPM Unfair advantage in commodities
https://s3.amazonaws.com/s3.documentcloud.org/documents/1363910/senate-r...
It's a bird, it's a plane, it's...GOLD SHIRT MAN
and now falling again...
Lolz!
Seems legit.
If they go to gold, and the Swiss need to shrink their sov. balance sheet, being locked into having XYZ% of The Bank in gold help or hinder their efforts?
If you have to suddenly need to get margin cash fast, and you can not sell 30% of your book, and you are selling down 40% of your book, what percentile does the 30% of your new (smaller book) imply. How much does this position's risk mean to your gross exposure and what excess risk will you need to take to hedge this risk to excess swings ?
Now imagine you are doing that for a country's currency basket. Vs. your small Scott trade book.
Now think what that will mean for swiss consumer confidence & spending patterns given they have been one of the largest benificiaries of Euro devaluation (and deflation).
lulz is right, it's going to get ugly fast, but not in the direction gold bulls think it will. Proof ? Look at the sudden drop in purchasing power abroad when a gold window was implied, but never opened. Hint: it happened when we were in a bi-metal system.
When somebody uses bankers 'Basket' talk to scare you, run, not walk to the bank and get your money out fast.
Never said basket traders are good, its just lazy ETF'ing. But given the large volume of Swiss society which needs current currency flexibility, locking the sov. balance sheet into gold is pretty dumb at this stage. I think on a retail level, even the shopkeep in Zug gets that.
So, like the Scot. vote, retail will be voting with their stomach and purchasing power security, not purchasing power parity which is all a hard currency can promise them.
But in the meantime, whatever rumor pumps gold back up for end of year markups on the trusts & bonus pools, I'm not crying. Just saying, fast money comes & goes. Look at oil and the arms contracts.
Banks are criminal operations that employ criminals. Inflation or deflation, they will cheat you out of your savings.
The only trust is in the bank that you control. You can all become your own family's bank as opposed to dealing with criminal enterprises.
Unless you hold metals which have had currency status for millenia, you are subjected into holding and trading "someone's promise to pay".
Thanks for the reminder.
Talking aloud bank insolvency in public always gets ears. Scare a pensioner today, lay it on thick.
if they and everyone switches to gold, they will just cntrl-p their currency into oblivion. it will be a win win... their debts will shrink and their gold holdings will skyrocket in adjusted value.
Nearly every country is out to devalue their currency. Eventually someone wins the grand hyperinflation prize.
Japan so far looks like a winner.
"As you can see, from 10:30 a.m. (EST) to 10:45, 2.8 million ozs of gold were dumped onto the Comex. This forced a rapid $20 price plunge. There were no apparent news or event triggers. Zerohedge attributes the hit to the possibility that the Big Banks got ahold of the FOMC minutes early or the latest results from the Swiss gold referendum were leaked. I say bullshit to both.
http://investmentresearchdynamics.com/central-bank-intervention-in-gold-...
Good (linked) post, Dave.
I'm curious about who conducted the Swiss poll. Was it the TPTB, Ltd. polling compnay?
Maduro's life (and Venezuela's repatriated gold, gracias Chavez) hangs in the balance.
And why is silver leading both up and down? They are only going to be buying gold.
thats a technicality...
somebody pushing wrong buttons..
This whole market is totally broken and corrupted.
There comes a time when all trust is lost, in the markets, in the system, in the whole idea of living life as it is requested by the serf masters....
Chicken a**, be watchful!
All this time I was told it would go to $0. So I put my bids in at $0. They never fill.
WTF?!?
How much are you buying at $0 ?
ALL OF IT!
fucking paper markets are just another fucking shit show...
i dont know the TRUE VALUE of Silver, but i know unless its somewhere in 3 digits it aint even close...
bought from 10 to 50...
still am...
All this talk about gold does one thing: Keeps it in the headlines. Andrew Caregie said there's no such thing as bad publicity. Keep gold on the lips of everyone and pretty soon all those derivitive contracts looking for collateral will look pretty flimsy compared to it. And silver too.
IMHO
Love your posts and passion Kaiser. Be careful on your thought process though of 3 digits, if you are thinking dollars. I dont know if I want to convert any of my stack to dollars. Unlike most on here, im calling bs on usd strength. Once the reserve currency status is in doubt, watch out. Hang on Brother!
duly noted...
just pointing out that even in debt coupon dollar current terms we r no where near real money's intrinsic values...
stand firm for sure.
Option expiration has nothing to do with keeping prices under certain strikes. (SARC)
The Neue Zurcher Zeitung put a video, a propaganda video on its front page. The interesting thing is of course not that the idiot interviewed is saying that gold lost 1/3 of its value since 2011. The interesting thing is that at the end of the video, the interviewer addresses viewers and ASKS THEM TO GO VOTE on Nov 30th!!!. Someone is getting nervous out there...Although it is totally clear to me that if the YES win, the referendum will be called anti-democratic. No doubt.
Link: www.nzz.ch
There is a 20 minute LAG!
Explain this:
http://katchum.blogspot.be/2014/11/swiss-gold-referendum-poll-results-in...
Or did somone just leak the FOMC minutes?
That could explain why Swiss franc and gold didn't move at the same time. Anyway, don't know what these crooks are up to.
India learned its lesson when the rupee dropped to 69 to the dollar. The Fed does not let massive gold buying go unpunished. Now demand is back despite additional duties and the government is about to introduce additional curbs:
India To Take Imminent Steps To Curb Gold Imports: Source
By Reuters on November 18 2014 1:57 AMIndia is likely to announce measures to curb gold imports as early as Tuesday, a senior finance ministry source said, as a surge in inbound shipments threatens to worsen the country's trade deficit.
"We are working on it. The measures to slow gold imports are almost ready and may be announced today or tomorrow," said the source, who declined to be named because of the sensitivity of the matter.
Gold imports into India, the world's No. 2 gold consumer behind China, surged nearly fourfold in October to $4.18 billion from a year ago, data showed on Monday.
http://www.ibtimes.com/india-take-imminent-steps-curb-gold-imports-sourc...
"The one-month gold forward offered rate was at minus 0.22 percent today, the most negative since March 2001, signaling that dealers are paid to lend metal against cash, rather than paying for the privilege. It’s also a form of backwardation, when earlier prices are more expensive than for later dates.
Holdings in gold-backed funds have slid to the lowest since 2009 and prices are near a four-year low as a stronger dollar and improving U.S. economy curbed haven demand. The gold lending rate has turned negative because refiners such as those in Switzerland are turning more bars typically weighing 400 ounces into smaller items such as 1-kilogram products. Indian third-quarter bullion imports more than doubled from a year earlier.
“There’s a lot of demand going into Swiss refineries which are basically transforming those big bars into smaller bars,” Bernard Dahdah, an analyst at Natixis SA in London, said today by phone. “The leasable stuff is only for big bars. Once those bars become small bars and they go into households, they become much harder to go back into the market into a leasable form.”
Wait times for smaller items at Swiss refineries have grown to as much as three weeks from as little as a day in September, according to Natixis.
Gold for immediate delivery traded at $1,184.92 an ounce in London today, rebounding 4.7 percent since Nov. 7 when prices reached the lowest since 2010. The metal fell 1.4 percent this year, set for the first consecutive annual declines since 2000."
http://www.bloomberg.com/news/2014-11-17/gold-lending-rate-most-negative...
"improving U.S. economy curbed haven demand."
Yeah everything is great. Buy stawks you fuckin plebes.
Plus doesn't china have as their base smaller bars?
"The Fed does not let massive gold buying go unpunished."
Indeed.
Look at the last three nations they have looted.
Ukraine, Libya, and Iraq.
Gold futures headed for the biggest loss in two weeks after a poll showed Swiss voters will reject an initiative that would require the nation’s central bank to hold at least 20 percent of assets in bullion.
About 47 percent of voters are seen as voting “no” on the Swiss National Bank measure, according to a gfs.bern poll for Swiss public broadcaster SRF.
When did 47% become a majority?
When less than 94% show up to vote.
Why vote? Let Diebold do the work!
10% are going to check the "not sure" box.
Manipulation seems to be backfiring.
Today's actions would make it appear that the current rally off the 1133 low has been primarily built on Swiss Referendum hopes and little else ... I certainly hope not!
it seems the breakup is near. let the algos play in the meantime..
Its surging due to all the panic buying of homes http://bloomberg.econoday.com/byshoweventfull.asp?fid=460794&cust=bloomberg-us&year=2014&lid=0&prev=/byweek.asp#top
Getting awefully close guys; expect a failure to deliver or failure to honor a puchase order (same thing really) before next summer. Silver goes to $100 by the end of 2016 (or sooner if the nukes start to fly. There was a statistic from the first Gulf War that 200 million ounces were needed for all the missiles, armaments, etc. I wonder how much is in each drone?
Jamie had some silver shorts
he swallowed them one day,
He took some castor oil,
Just to make the pain go away
So if you want the absolute price
(without sounding oh too crass,
and not being very nice),
Just pull his panties down,
and lookup Jamie's ass.
i am with ya on this
I still do not understand how a countries vote to trash its own currency is somehow bad for gold.
Or that voting yes will somehow end differently than Germany's gold repatriation.
EVERYTHING is bad for gold. It could be found to cure cancer and then shit the bed afterwards.
The weekly technicals are saying gold ready for trend change, I think we hit $1250 soon! http://razorsforex.blogspot.com/2014/11/gold-ready-for-trend-change.html
The bottom in gold will come EXACTLY when the failure to delivers will happen.
This will coincide EXACTLy when the gold ETFs close and deliver dollars for the gold they supposedly have.
IMHO
all signs poiint to desperation for the CBs around the globe. they are making their end game moves. if you prep for the end game but it does not come to pass, you still have your preps. can't say the same for your fiat if this is the begining of the end.
You can be interested read this article. For translator, like google, original language is russian
http://www.mk.ru/economics/article/2014/04/09/1011735-novaya-evraziyskay...
First Catalunya, now Schweiz: Referenda are anti-democratic in the new normal.
not if you are in Donetsk
Time to make some money on Gold...
http://www.globaldeflationnews.com/gold-elliott-waves-forecast-a-multi-m...
While the dollar takes a breather...
http://www.globaldeflationnews.com/u-s-dollar-indexelliott-wave-update-f...
I hope for the Americans the Russians will not start to understand their game in finance because I am sure Russians will be better at that altought their are commies :)
These idiotic proclamations of "gold" plummeting and surging on every 20-50 (dollar unit) move are truly the Hallmark of the Western "price-fixation" mindset.
I wonder ... when the intraday moves of $100 begin (just before lockdown) how many blood vessels will burst.
The "surge" after that to, say, $50,000/oz.? will surely leave these tail waggers breathless ...
The result of the Swiss referendum will determine whether the Swiss are stupid. My guess is that they are and the referendum will fail.
This is not necessarily a bad thing for gold because one way or another the present system will at some point convulse. The timing will be a little different for gold's triumphant return.
Gold, silver, platinum.
What else can you buy with Dollars? I mean really.
RE is overpriced. Stocks are on hopium fumes in the interstellar exuberant category. Bonds are crap.
When you're living within your means and you have little or no debt, you are bound to create savings at the end of the month. You can chose to leave those savings in the bank and get penalized for it or you can take it out and buy metals and start building your own banking system.
People before this time would have DIED to get this opportunity. They couldn't own anything by decree of kings and queens and by the laws of the lands. They certainly had no means to create savings to allow them the establishment of a small fortune or their personal kingdom.
The message from the people back then to you people today would be:
STOP CONSUMING AND SPENDING YOUR HARD EARNED MONEY ON BULLSHIT GADGETS AND ACCESSORIES TO DRESS UP YOUR LIFESTYLES. STOP FALLING FOR "SALES".
This time is the longest period of peace and prosperity the world has seen ... that we know of! IT WILL NOT LAST FOREVER. It never did. There was no world peace when only several hundred million people inhabited the world and at a time when the world was much less connected.
Why do you think that a world with 7,000,000,000 going on 8,000,000,000 people will be peaceful and prosperous forever??????
Your legacy is in your hands and your hands alone. The legacy of your family and your heritage is up to you. What will history remember of you? That you had the latest Iphones? Or that you started with a small coin collection and your kids or grandkids ended up being the villagers bank which made loans from your own sound currency backed by gold and silver?
Up to you, really. Remain a sheeple consumer and debt slave or set yourself free from it all.
I'm going to copy your comment and print it and put it up in my serf cubicle right where I can see it in front of me. And I'm going to remind myself why I do what you said in your comment. Thanks for the reassurance.
Aaaaand it's gone.
"Creep"?!
Looks like silver stepped out for a nooner.
Dropped off a cliff then took a rocket ride back up before "creeping" lower...
"WE repeat, there is NO manipulation here."
The Federal Reserve, ECB and MAJOR banks, U.S government, Swiss government, and EU Commission are in FULL PROPAGANDA mode: "If the Swiss reclaim their PHYSICAL GOLD (as if it still actually existed, which is doubtful!), then the SKY WILL FALL IN !!!!"
Does anyone remember GERMANY's request for repatriation of its foreign gold bullion reserves? Germany received only 5 tons - and must wait for the rest. Later, Germany "officiallly canceled" its repatriation request. German officials were NOT even allowed to inspect and take random samples for assay from its OWN gold !!! Indeed, it was NOT even allowed to see all of its gold, just a few samle bars of bullion, which German officials were NOT even allowed to touch!
There's the old saying, "Something is rotten in Denmark."
Well, this time "Something is rotten at the New York Federal Reserve" !!!!
By the way, when the Swiss people pass a referendum, that referendum becomes part of the Swiss Constitution - and thus immune from any legislative, judicial or excutive actions by the Swiss government.
John-Henry Hill, M.D.
retired physician
Blog: http://JohnHenryHill.Wordpress.com