What Do They Know? CME Implements Gold, Precious Metals Circuit Breakers Up To $400 Wide

With memorandum S-7258, titled "Implementation of New NYMEX/COMEX Rule Regarding Special Price Fluctuation Limits for Certain NYMEX and COMEX Metals Futures and Options Contracts" released moments ago by the CME Group, and set to become effective on December 21, 2014, and which seeks a 5 minute trading halt when "price movements in lead-month primary futures contracts result in triggering events"...  "as a measure that is consistent with promoting price discovery and cash-futures price convergence" in order to "deter sharp price movements that may, for example, be driven by illiquid central limit order books prevailing from time to time in otherwise liquid markets", one wonders why now, and what does the CME know about upcoming volatility, or lack of liquidity, in the precious metals space that nobody else does (and does any of this have to do with the "berserk" algo test from November 25?)?

To wit, from the CME, highlights ours:

Implementation of New NYMEX/COMEX Rule Regarding Special Price Fluctuation Limits for Certain NYMEX and COMEX Metals Futures and Options Contracts

Background

Effective Sunday, December 21, 2014 for trade date Monday, December 22, 2014, and pending all relevant Commodity Futures Trading Commission regulatory review periods, the New York Mercantile Exchange, Inc. (NYMEX) and Commodity Exchange, Inc. (COMEX) (collectively, the Exchanges) will implement new NYMEX/COMEX Rule 589 (Special Price Fluctuation Limits) to apply price fluctuation limits to certain metals futures and options contracts. Price fluctuation limits deter sharp price movements that may, for example, be driven by illiquid central limit order books prevailing from time to time in otherwise liquid markets.

NYMEX currently applies price fluctuation limits to its energy complex of futures and options contracts. These limits are referenced in each contract’s respective NYMEX product rulebook chapter. The Exchanges are proposing new Rule 589 to extend price fluctuation limit functionalities to certain metals futures and options as a measure that is consistent with promoting price discovery and cash-futures price convergence. The operation of new Rule 589 for metals futures and options contracts is described below. The full text of the new rule is set forth in Appendix B. Appendix C provides the specific limit levels for the relevant NYMEX/COMEX contracts to which Rule 589 will apply.

The Operation of New Rule 589 for Metals Futures and Options

At the commencement of each trading day, new Rule 589 will require the Exchanges to determine initial price fluctuation limits as levels above or below the previous day's settlement price for lead-month primary futures contracts. There are three primary COMEX metals futures contracts and two primary NYMEX metals futures contracts. These contracts have the largest and most liquid metals central limit order books on CME Globex or are considered separate and distinct stand-alone products on an outright basis. The lead-month contract, as determined by the Exchanges, will typically be a primary contract’s most actively traded futures contract month.

The Exchanges will monitor the price movements of lead-month primary futures contracts in real-time on a daily basis. Price movements in lead-month primary futures contracts will result in triggering events. Triggering events result in monitoring periods, possible temporary trading halts followed by the re-opening of trading, and price fluctuation limit expansions.

If the lead-month primary futures contract is bid or offered via CME Globex at the upper or lower first special price fluctuation limit, the Exchanges will consider such an occurrence a triggering event that will begin a five-minute monitoring period in the lead-month contract. If at the end of this five-minute period the lead-month primary futures contract is not bid or offered at the applicable limit, the Exchanges will expand the limits an additional price limit increment above and below the lead-month contract’s previous-day settlement price. If, however, at the end of the five-minute interval, the Exchanges determine that the lead-month primary futures contract is bid or offered at the applicable limit, they will commence a two-minute temporary trading halt in all contract months of the primary futures contract as well as in all contract months of associated products. Primary contracts and associated products are identified in Appendixes A and C.

Following the end of a temporary trading halt, the Exchanges will re-open trading in all contract months of the primary futures contract as well as in all contract months of associated products. When trading resumes, the Exchanges will expand the price fluctuation limit an additional increment above and below the lead-month contract’s previous-day settlement price. Subsequent price fluctuations, if significant enough, will trigger the same sequence of monitoring periods, possible trading halts followed by the re-opening of trading, and incremental adjustments to price fluctuation limits.

As noted above, when an initial triggering event occurs, the Exchanges will commence a five-minute monitoring period. In each instance, the Exchanges will subsequently expand the price fluctuation limit for all primary futures contract months, as well as all associated products, by an additional increment above and below the lead-month contract’s previous-day settlement price. The incremental adjustment will occur regardless of whether or not a trading halt is triggered. However, no further special price fluctuation limits will be implemented following a trading day’s fourth price fluctuation limit adjustment.

Expiring Contracts

There shall be no special price fluctuation limits for an expiring primary metals futures contract during the period between and including the contract’s first intent day and the last delivery day. The Exchanges will also not call temporary trading halts or an expansion of special price fluctuation limits for primary futures contract months or their associated products during the last five minutes of trading between and including the first intent day and the last delivery day of a related expiring primary metals futures contract.

Floor Trading

The Exchanges will apply special price fluctuation limits to all primary metals futures and options contracts and all associated metals products that are available for trading on the floor. Although the Exchanges will limit all applicable markets on the trading floor at these price levels, floor trading in lead-month primary futures markets at these price levels will not constitute a triggering event under new Rule 589. In all instances when a triggering event resulting in a trading halt occurs on CME Globex, the Exchanges will immediately halt floor trading in all contract months of primary futures contracts and associated products. The Exchanges will implement a coordinated temporary trading halt for any floor-traded associated products that are options on primary contracts or other associated products. When the Exchanges re-open CME Globex markets with expanded price limits, the Exchanges will simultaneously re-open all affected markets on the trading floor with the expanded limits in place.

Questions regarding this notice may be directed to:

U.S.

Joann Arena [phone] [e-mail]
Miguel Vias [phone] [e-mail]
Youngjin Chang [phone] [e-mail]
Fred Penha [phone] [e-mail]

Europe

Sandra Ro [phone] [e-mail]
Harriet Hunnable [phone] [e-mail]
Anindya Boral [phone] [e-mail]
George Adcock [phone] [e-mail]

Comments

[MisterX]

uh oh

[Arius]

getting ready ... just in case

[zaphod]

Who cares what pricing they provide to each other. 

Does not affect quantity or value of the coins in my possession. X # of ounces today will still be X # of ounces tomorrow

[Cognitive Dissonance]

"....set to become effective on December 21, 2014...."

Santa Claus is coming to town. He knows if you've been good or bad.....

[Clint Liquor]

CME will only step in before PMs go up. They have shown they don't care what is done to drive the price down.

[nope-1004]

Free market at its finest.  This is a horrible joke considering what they've done to oil as an act of war.

CME is a fraudulent agency through and through and the CFTC is a maggot infested hive.

[SWRichmond]

Does anyone is these markets know what "proce discovery" actually means?

Or is CME about to find out?

[flacon]

Do you guys remember when the CME reduced margin requirements a couple of years ago? The gold crowd was going nuts thinking this was the moon-shot, but they were disappointed when the metals crashed. The honest answer is: WHAT WILL HAPPEN TO THE PAPER PRICE OF THE UNDERLYING ASSET? WILL IT CRASH TO ZERO OR GO TO INFINITY?

[Xibalba]

CB's gonna stop naked shorting it? 

[I MISS KUDLOW]

maybe just maybe they are talking about AFTER gold is revalued to the fuqqin moon

[linniepar]

We circuit-breakered some folks...

[knukles]

I fail to understand what they're talking about stopping the price discovery process when its not being discovered anymore.
Oxymoronic schizophrenic cognitive dissonance if you ask me.

[Manthong]

“promoting price discovery”..   at the CME ?????? 

Ha ha ha ha ha ha ha ha ha ha ha ha ha ha !!!!

I’m dying here…

[MalteseFalcon]

I don't care about the market price of anything.  They are all lies anyway.  The time is coming when prices won't matter.  Timing won't matter.  Only two things will matter.  First your sense of smell so you can smell the "naplam".  The second is the ability to cope in a "napalmed" environment.

[Manthong]

https://www.youtube.com/watch?v=bPXVGQnJm0w

[PAPA ROACH]

A bunch of weird shit, all rolling together into a giant ball:

-Equity index's and options for the Dec contracts expire Friday the 19th, just prior to this going into effect for Sunday nights Globex opening. How convenient the FED's long duc dong ES position will have just rolled off the books on Friday, fully out and unable to lose anything on a market drop.

-Bank oversight crews are getting US Treasury issued "survival kits"

Maybe America goes home one Friday, and all banks accounts over 100,000 gets a "Cypress levy" over the weekend, a 'one-time wealth tax' to be "patriotic" and do your part! THAT is an event that would create some four-tiered circuit breaker needs......

[TEOTWAIKI]

speaking of wierd:

LONDON (AP) — The death of a financier whose body was found impaled on railings outside his luxury London apartment isn't being treated as suspicious, police said Thursday.

Scot Young's body was found Monday outside his apartment in central London. Officers were called to the scene after receiving reports that a man had fallen from a fourth-floor window.

[johnnyarrowmaker]

Now that would be the guy who was hung out of a window by the Russian mafia two years ago ....

Things happen when you poke the bear.

[agstacks]

"I don't always jump out windows, but when I do, it's the 4th floor"

[TwoShortPlanks]

The CME have been setting up in Asia. They're assisting China in setting up its' own platform and getting in at the foundtion level...and they've been helping the Chinese to US Gold and whatever else drops whe  the tree gets shaken (weak hands).

This is why I've been calling the Gold take-down China’s Bretton coup d'état.

http://twoshortplanksunplugged.blogspot.com.au/2013/05/brics-currency-gold-and-debt-based.html

[old naughty]

Is the China long silver another dot to connect?

[old naughty]

dup.

[cnmcdee]

So you just basically exposed a plan of a coming staged super terrorist attack coming in the next week, followed by a cyprus money grab.

[daveO]

Probably by year's end, if it happens. I'd guess a false flag near NY FED building. They'll say gold is untouchable for umpteen years but, in reality, it's already in China. 

http://www.zerohedge.com/news/2013-10-18/chinas-largest-conglomerate-buy...

They absolutely love Christmas surprises. It's their way of sticking it to Jesus lovers. 

[Syrin]

So does this mean they expect prices to go meteoric or bottom out? Truly, I don't know. Thoughts?

[SAT 800]

Come on, you know they have to "talk nice". I think it's an exciting anouncement; that means it's more likely that Silver will be significantly more expensive next Christmas than it is this Christmas.

[mc225]

they're like, 'heads we win, tails you lose'

[linniepar]

We circuit-breakered some folks...

[Spigot]

Wife - "Honey, why do you have a condum in your wallet? I had my tubes tied 5 years ago."

Husband - "Wha?! Probably an old one from before then ..."

Wife - "Looks really new to me, along with this receipt that is dated a week ago."

Husband "Ummm, well, yeah, ummm, might have just been a reflex when I saw the old one in there..."

Wife - "..."

Husband - "..."

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Ya know, 'cause, well it's always good to plan ahead, right?

I'm sure these revisions are nothing, just updating some old tables...

[Quus Ant]

Mother Russia gave crony capitalism an honest go-

the polite thing to do is for us to take communism for a whirl.

light the candles, cue the music, drop the curtain. 

[PAPA ROACH]

Never stops being funny; anything absurd sounding, ending with '...some folks'

[RaceToTheBottom]

"There shall be no special price fluctuation limits for an expiring primary metals futures contract during the period between and including the contract’s first intent day and the last delivery day. "

So does this mean guys playing calls/puts near the expirey dates are just SOL?

Geeze that could not be manipulated.....

[WhackoWarner]

The paper price has nothing to do with actual price.  When the bid goes sky high and no metal is on offer. CME who needs Vegas?

And that is when paper is exposed.  And the market gets real.  REAL ounces never trade on CME.  Not anymore I thinks.

But maybe the bid will go (where???) and the ask will not be there.  Because gold will not be on offer at the casino.

[WhackoWarner]

Oh yeah.  "We fleeced some folks"

[SRSrocco]

This reminds me of the 5 consecutive CME Silver Margin hikes in April-May 2011 which brought the price of silver down from $49 to $35 relatively quickly. 

My newest artcile:

CURRENT PRICE OF SILVER $50: Based On The Historic Oil-Silver Ratio

http://srsroccoreport.com/current-price-of-silver-50-based-on-the-historic-oil-silver-ratio/current-price-of-silver-50-based-on-the-historic-oil-silver-ratio/

Shows how the current price of silver should be $50, according to the 1960's oil-silver ratio. 

[Save_America1st]

thanks Steve....I was thinking of the same thing about back then in 2011.  We don't hear much about margins lately though, do we?  And the paper PM spot has been down ever since they did that in 2011. 

The end is coming...it may or may not be "near"...but it's closer than ever before and I personlly think it'll be within 2 years maximum. 

Regarding the silver price.  I've read much that many people estimate that based on the 1980 silver high and adjusted for inflation since then, silver should be somewhere around 135 an ounce today.  Does that seem right and/or do you agree?

And does that mean the silver/oil ratio should be adjusted along with that estimation?  That would put the price of a barrel of oil insanely high compared to today...well over 600 bucks a barrel.

Should the 2 be compared with each other in this way???  Silver is real money...but should oil be considered that valuable compared to silver?  Maybe the true ratio would be closer to 1:1???

[Thisson]

Silver is an industrial metal.  The industrial economy is going to shit.  So it's no real surprise that silver is down sharply.

[daveO]

They only raise margins when the 'house' is losing. 

[Cacete de Ouro]

Don't ask Harriet Hunnable anything. She's a fork tongued bluffer. Everything that comes out of her mouth is just bullshit spin.

[noben]

"We fleeced some folks"

Ah, "The Golden Fleece". Neo-Classical style.

[SuperVinci]

No. What is proce discovery?

[SWRichmond]

Proce discovery is something you get when posting from your phone.

[ABG LINE]

LoL!

[noben]

Price discovery is not unlike a Wish sandwich.

Don't make me explain it to you.

[BrokusDickusMaximus]

When we were kids mom would take the slice of baloney out and rub it on the slice of bread. We would fold the slice of bread over and munch away. The baloney got put back in an empty mustard jar and put back in the ice box.

[Meme Iamfurst]

it is also what you get at the super market and open the jar and find water and no meat.

[JAFAH]

+1, because I buy all my meat, at the supermarket, in a jar...

[Harbanger]

I'm thinking of selling dehydrated water in jars.  Different sizes to fit all budgets, I'm gonna be rich.

[Ahoy Polloi]

I like to put a humidifier & a dehumidifier in the same room & watch them battle it out.

[espirit]

Market it as H2O, they'll never have a clue.

Let's see, 50% of 7billion equals.....

[Deathrips]

This will really fuck the miners. The miners sell to the banks for the paper price. The dealers will be sporting 100%+ premiums...and inventory will be limited as stockpiles are built up.

As markets disconnect there will be a paper price (that they dont sell phys in unless you are a miner) and a physical price.

Phys Bitchez!

RIPS

[FieldingMellish]

The smarter ones will move to the physical market. Sell directly to the CBs.

[Meme Iamfurst]

yea, right , as you chase the truck carring your 'well kept' secret down the road to the CB vaults.  Watch out for ther pot holes, they are there for a reason.

[JAFAH]

The pot holes have been papered over. They are not a problem. The road is smooth, well maintained, see?

[conscious being]

Re. The smarter ones. More like the un-captured, unafraid to-die ones if there are any.

[Deathrips]

No im not another. I prefer Silver.

Smelters are needed for ore.

So their options are China and Saudi.

I guess they could sell bags of concentrate?

Dore bars?

Miners have forward contract price delivery contracts and are now going to sell to the smelter at 10-20% less than spot. This will happen no matter what the physical price is..its contract price and paper price. Look at premiums they are at least 10% shipped. Recognizable coins are higher...especially in silver.

Disagree or not ..thats my opinion. For now im sticking to it.

[SAT 800]

I, too prefer Silver; it's been a bit nerve wracking the last couple of years; but I like this anouncement from the CME; I like it a lot.

[WhackoWarner]

I think you are wrong.

[lasvegaspersona]

nope

WHAT WAS THAT???

[nope-1004]

Rant of a rant of another.

[DoChenRollingBearing]

ROROA?  I like it...

[RaceToTheBottom]

Where is his/her website?

[logicalman]

Winter Solstice.

Shortest day.

Wonder if it will affect the shorts.

Would be kinda funny!

[CoonT]

What absolute gibberish! This article may as well have been written in Klingon. Seems like it may be important, but I have no idea what is being implied here. Anybody care to put this into laymans terms?  Lookin' at you, Cog :)

[Cognitive Dissonance]

We PM holding peons will be getting coal for Christmas?  :-)

[logicalman]

Nothing wrong with a gift that will keep you warm.

[Miffed Microbio...]

Certainly has more staying power than fiat.

Miffed

[willwork4food]

Miff! We missed you.

[Frank N. Beans]

we miffed some folks

[Miffed Microbio...]

On vacation. Swore off ZH for the week. But I miffed you guys too much!

Miffed ;-)

[Meme Iamfurst]

Cog...I can assure you and all the others...Home Boys Ain't wer'in no paper shit or coal around their necks.  What do THEY know that everyone has ignored for years?   STATUS!!!!!! NET WORTH!!!!!  A decent hole in the ground that dogs can't sniff out.

I rest my case.

[bunzbunzbunz]

point and case for gold shorters...thanks....

[mt paul]

long coal..

[SAT 800]

I wouldn't be surprised if you were right about that too; I expect inflation to be noticable next year, and the price of Coal is certainly pounded down enough.

[green888]

my guess is that it is all to do with backwardation (and contango) of the metal

[lakecity55]

Dec 21-- a big number and day for the Elites like Christine....

[WillyGroper]

Transposition?

You mean Satan Claws?

[RaceToTheBottom]

"Satan Claws?"

Is the deal that WS Banksters made with Satan in order toget their ill gotten gains.  Satan is not afraid of clawbacks....

[WillyGroper]

I don't recall "back" attached to claws.

The claws are for you & your money.

[TheReplacement]

Were the Mayans off by two years or did we read their calendar improperly?

[DanDaley]

Does not affect quantity or value of the coins in my possession. X # of ounces today will still be X # of ounces tomorrow.

Right. Weight matters, numbers on fiat currencies will not.

[MisterX]

this video very eloquently explains it all:

http://vimeo.com/channels/philiac/110663286

[insanelysane]

UNLEASH THE KRAKEN!!!

[Renewable Life]

If your breathing air right now, you should be able to read the writing on the wall!!!

However, most aren't capable, don't want to, or are to fucking stupid to read!!

So we have it coming, at this point:)

[noben]

Yeah,getting ready for Russia's SWIFT boat on 12/15/2014.

[takeaction]

Just a test....hmmmm

[BaghdadBob]

Whooaaaa. Things sure are happening fast nowadays.

[SAT 800]

Since the metals refuse to go down; and t he anouncement pertains to volatility, there is only one logical possibility; it's the start of the next leg of the secular bull market in metals. The answer to what do they know; is they know everything. they're the market maker they have everybodies book.

[HamFistedIdiot]

yep

[HedgeAccordingly]

they love changing the rules when the ball is spinning aroudn the roulette wheel.. go with it.. expect it.. profit from it.

http://hedgeaccordingly.com/2014/12/prime-minister-stephen-harper-new-oi...

[q99x2]

Time for the Keiser revenge and the return of the silver liberation army.

[surf0766]

are these breakers if the price goes up? WTF  How about that on the DOW

[FieldingMellish]

Either direction. But if they plan on it going down, why would they bother with a limit?

[Armed Resistance]

They wouldn't.  They see the radar and see the hurricane a' comin.  It's going up!

[insanelysane]

There are already circuit breakers on the DOW so it can't move much at any one time.

[surf0766]

So the Dow cannot move up 1000 pts in an hour?

[nmewn]

lol

[surf0766]

I am so disappointed.

I was hoping for for more peas for dinner.

[nmewn]

Served in all 57 states ;-)

[insanelysane]

From NYSE

Rule 80B

Specifically, the circuit-breaker halt for a Level 1 (7%) or Level 2 (13%) decline occurring after 9:30 a.m. Eastern and up to and including 3:25 p.m. Eastern, or in the case of an early scheduled close, 12:25 p.m. Eastern, would result in a trading halt in all stocks for 15 minutes. If the market declined by 20%, triggering a Level 3 circuit-breaker, at any time, trading would be halted for the remainder of the day.

A Level 1 or Level 2 halt can only occur once per trading day. For example, if a Level 1 Market Decline was to occur and trading was halted, following the reopening of trading, the NYSE would not halt the market again unless a Level 2 Market Decline was to occur. Likewise, following the reopening of trading after a Level 2 Market Decline, the NYSE would not halt trading again unless a Level 3 Market Decline were to occur, at which point, trading in all stocks would be halted until the primary market opens the next trading day

[nmewn]

Yes exactly, on a decline, never on a 7-13-20 upswing (if there ever were). Whats being protected against is the downside, not the upside.

Why, its almost as if some "free market" happened to be rigged ;-)

[Angry White Dude]

I think this is right... We usually think of circuit breakers only for downside to check panic selling. But I think here, maybe sweet jeebus oh just maybe they're preparing for the opposite. Maybe the break between paper and physical is going to happen, and once it does, maybe they think the paper price will move upwards parabolically to reconnect to the physical price, and these breakers are a way to impose a some airbrakes on that process and keep the chaos from being too bodacious.

As for me, I just keep licking my chops for the chaos. Bring on The Great Purge.

[surf0766]

Good point

[SAT 800]

Exactamundo, my friend. that plus the fact that the metals have been tested thoroughly, and they refuse to trade down any lower. That only leaves one direction.

[Al Huxley]

Big Fucking Deal.  They control they price, and they aren't obligated to deliver.  They have no 'meltup risk', they don't need collars to control it.  Have we learned nothing about how the gold market works over the past 7+ years?

[FieldingMellish]

Up days of more than 1% are rare indeed. Down days... well...

Maybe silver's 17% day last week gave someone reason to brown their trousers.

[SAT 800]

The phrase, " A shot fired across their bows", comes to mind; for some reason.

[agent default]

Yes.  Hold physical and fuck the markets.

[Think Like A Crook]

Damn Al, you make me look like an eternal optimist. I realize the last 7 years has been hell but that doesnt mean the next 7 will be the same. Of course it could get worse.

[aleph0]

Yes, but it  is  nice to see them actually admitting their guilt for a change ... in full public view

[WhackoWarner]

YOU call this full public view?  This is only to limit any upside and kick the frigging can down the friggin road.

This has frig all to do with anything else but control.

Guilt? You think these mobsters know guilt?  Frig that.  It is to set out the trading strategy IF they lose control.  Fuck these Class AAAA mobsters.

The world will burn before they are "happy".  Paper futures?  What a lie. 

[ZeroPoint]

Things are different this time - The Shanghai Gold Exchange is online and its trading at a huge premium. Naked shorting is not allowed. The CME will wither and die. The gold standard is coming back.

[Infinite QE]

China is still New Bolshevik territory. They created it and run it.

[Eternal Complainer]

Looks like silver will get hobbled if gold starts having big $100 daily up moves.

$100 - $3

WTF?

[Hubbs]

The narrower the exit when someone shouts FIRE , the bigger the pile of dead bodies.

[RaceToTheBottom]

As long as the theater is on WS, I don't care how many bodies

[Bay of Pigs]

Look at the silver limits, $3, $6, $9 and $12.

The CME is nothing but a fraud ridden farce...

[agNau]

Hopefully my local coin dealer will honor the Comex price.

[mt paul]

if he won't , i will

will buy silver any time 

spot plus a few %

upon delivery....

[SpaDe]

Silver is currently $17 and change an ounce, how the fuck much lower can it go past a drop of $12?

[Al Huxley]

Hurray, they won't let it go to 0 all at once!

[CitizenPete]

or a farce ridden fraud.

You think Shanghai Exchange will shovel in this BS, and when the London Exchange is owned AND run by Sino interests...

Good luck JPM... eat shit and rot in hell.

[Hubbs]

*in case of drop in price, rules do not apply. Exemption applicable to precious metals only.

[Ewtman]

Gold circuit breakers shouldn't be needed for a while. Eventually, however, the certainly will...

http://www.globaldeflationnews.com/gold-elliott-waves-forecast-a-multi-m...

[insanelysane]

Circuit breakers are used to suspend trading when the price swings "wildly" in order for the exchanges to reorder their transaction lists so the elites make more money than YOU or lose less money than YOU.

[fibonacci's claus]

sounds like someone is prepping for a "shitstorm."  grab your raincoats people.  the shitstorm cometh !

enter volitility...................... a year late

[Q-Q-Q]

They can fight it............but they won't win. We are edging ever closer to a physical market.

Losses will be covered in US$ so don't expect casualties with the bullion banks. Gold will ratchet up a $1000 + gain in two shakes of a cats tail and then stabIlise within a trading range for the rest of next year IMHO.

[razorthin]

This is why you own the miners.  Just sayin.

[BidnessMan]

Really? Just more paper ....

[Bro of the Sorr...]

it seems to me just one temporary halt after a huge upward spike would cause them to lose their grip on the market. it would precipitate panic and chaos in the paper market. not really sure what they plan to accomplish with this. all i can say is you better have some physical when this done happen.

[Lmo Mutton]

Gold bitchez?

[T-NUTZ]

Silver Bitchez!

[mt paul]

24 yr old hard body bitchez

[Janice]

49 yr old asset accumulation bitchez

[Implied Violins]

Lead, bitchez. Bend over and give me all your ass-ets.

- Militarized Policeman

[e_goldstein]

<---Free Gold in a little over 6 trading days.

<---No amount of dollars will buy any amount of gold.

[tarabel]

What can I say? Anybody who offers even the remotest hope of free gold gets my upvote.

[Pareto]

+1 what an excellent (and rather humorous) choice.  Love the first one.  I picked the 2nd ewven though this article points to the first.

[Q-Q-Q]

Yes it will, gold is for selling.........just not at this price.........nowhere near this price.........we know what's coming.

They've tried to flush the physical out by taking it down, successful, the rest will be flushed out by taking it up.

[mt paul]

think they flushed out lotz of old gold on the run to 1900$

flushed out the new gold  [those that bought on the way up]

flushed them with this multi year 700 $ drop..

wise old gold has reloaded at the lows 

anticipating that which is approaching

some thing wicked

this way comes..

[razorthin]

Prepping for the concerted global print-fest(ier)?

[Clint Liquor]

Or perhaps a dec. contract FTD? Something is in the air. I've been all nerved up lately. Like right before I touched my first vagina.

FTD = Failure to Deliver for those of you allergic to acronyms.

[Angry White Dude]

You have more than one vagina? Sweeeet.

[ParkAveFlasher]

Am sure he has a favorite.  You know how THAT goes.

[fockewulf190]

"Or perhaps a dec. contract FTD? Something is in the air."

Maybe they know the gold repatriation bug is more contagious than Ebola...and since the Fed is sporting the absolute latest in emperor clothing fashion, it´s time to tell Mr. Sulu to raise shields and go to red alert.

As my Drill Sergeant used to say: "Your shits in the wind troop!"

[f16hoser]

It's time to Light this candle!

[Ignatius]

Not too close to your ass, though, ok?

[WeTheSheeplez]

As I remember...Several years ago, Mr.Sinclair said we would see $100-$500 daily movements in Gold as problems escalated...

[stacking12321]

i can believe that.

i bet we'll also see starving billionaires, ala zimbabwe, before this is over.

[bluskyes]

Maybe my hundred trillion Zimbabwe note, will soon be at par with the USD?