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Gold & Silver Extend Losses - Biggest Drop Since 2013
Because nothing says dump gold and silver like an aggressively escalating currency war...
Once again the US-Europe crossover period is the witching hours for Precious Metals...
But as soon as Europe closed,. gold and USDJPY decoupled dramatically as the pair-trade-that-nobody-talks-about rolls on...
As it seems losses escalated after the European close... and as Oil flushed below $44
Margin calls? Or maybe the status-quo just cannot stand the outperformance...
Charts: Bloomberg
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Did someone inform the commodity traders how big Coeur's QE is???
Buy, Mortimer, buy!!!
TD hope you called a tradeable bottom
The Rothchilds private library that documents the family history - was looking for candidates to work for them - on their actual website in public they had an example document - when I read it - it detailed how they were manipulating the price of physical silver higher in the 1830's by cutting off the supply of a refining compound..
You can't make this stuff up..
Nahhhh that'd be illegal
Nahhhh that'd be illegal ..... if you and I did it.
Fixed it for you!
This happens every single time the price of gold eclipses the $1300 mark. I think it's being autoregulated by PC's at this point that autodump when the price reaches the target thresh hold.
Guess a 7% silver drop isn't enough to trigger the collar
Right on schedule
Options expiry - http://imarketreports.com/metals-calendar-futures-options-dates-jan-22.html
combo of options exp plus yellen pep talk.
what im interested in is how many have held and are asking for phyz delivz. hows the comex inventory looking now?
Forget 666 on the S&P, 13(00) is the new mark of the beast. On the weekly Gold chart, it was begging to fall, regardless.
The elite call it innovative.
Hey, why should those thieves be the only ones that benefit. Shove it to them buy loading up on PM's at these discount prices so that MOAR physical will be removed off the market.
Those central banks that are vacuuming up gold will be the chief beneficiaries. Vlad is a happy man. As was pointed out yesterday, he is effectively selling his oil and gas for gold only, at this stage. He doesn't mind a lower gold price.
Unbelievable that our masters are so so short-term oriented. Well, that's checkers.
be nice to see the actual doc...
just sayin.
Buying Bitcoins like mad...
NOT!!!!
"Buy, Mr. Wu!"
And Mr. Wu bought with both hands.
"Did someone inform the commodity traders how big Coeur's QE is???"
Yes, hence the drop in gold and silver. One must keep up appearances.
All of the markets are getting volatile. when things start getting frothy things can go strange. https://en.wikipedia.org/wiki/Attractor#Strange_attractor
TYLER!
MY PC IS DETECTING A VIRUS ON ZEROHEDGE AND KEEPS CLOSING THE WINDOW!
the nsa backdoor program on your browser is recognizing the information on this site as a threat. stand back before it self destructs! if there is one more ron paul key word it will go thermal!
I don't bother anymore I only view on mobile
Too bugggy!
Get a new PC, preferably one that has Silver or Gold coloring.
Zerohedge IS the virus...and the Tyler fanbois are all carriers!!!
At this point (+3 and -16) I count 3 confederates here on ZH.
You have been warned. That is all.
I will do your IT support and fix your computer for only one ounce of silver.
Ghostery, dude.
The virus is likely coming from the ad network and not ZH. They're a preferred vector these days and it takes hours to a day for the ads to be found and filtered.
I stop a lot of that crap by blocking 'plug-ins' in my privacy settings.
AdBlock + FlashBlock. My God, anyone remember when we were told how great Flash was going to make the web? Can we force Pandora back into her goddamn box?
I apparently have that new NSA firewall so I'm not having any problems.
Thanks for the dip, excellent time to back up the truck and load the boat.
https://www.youtube.com/watch?v=yloaBw80fV4
Fire Sale! Stackin', Maxin' and Relaxin' I love tradition!
I'm going to assume premiums will rise accordingly on such a rapid drop. Either that or we'll be back to the six week wait times from the online vendors. Otherwise, how can you safely run a business with such volatility?
Run a business? Be your own boss. Be a ninja gold miner:
Mongolia is in the midst of an epic gold rush spawning the modern equivalent of the forty-niners who rushed to California in 1849.
As many as 100,000 Mongolians—nearly 20 percent of the country’s rural workforce—work as independent and unlicensed miners, sifting the dirt for the smallest flecks of gold.
The term “ninja” refers to the large green pans (used to carry ore and sift gold) the miners carry on their backs, which makes them look like the Teenage Mutant Ninja Turtles.
Source: http://www.wired.com/2015/01/alvaro-laiz-ninjas-gold-rush-in-mongolia/
Although most retail specie is available, premiums are still at October levels for many products. Premiums are already higher than they should be.
I've learned, over the years, not to be too concerned over price movements one way or the other. It will return to thier historial mean at some point, soon.
Let us hope the "historical mean" isn't early dark ages......
pretty sure that's where we are headed
Where's my bonus, already.
That was the bounce to get out...sub $1000 gold here we come
Still a fairly negative trend from 2014.
If you want to talk trends, then please realize that from the Nov 27 low to the Jan 21 high, a "healthy" 38.2% fib retracement would put the PoG at $1250 or so. Low of Day (so far) is $1253.
My point is that this latest price smash may be something to be concerned about, or it may not. Too early to tell, IMO.
Guess im on to something...adding to shorts
You'll need some shorts because you're going to lose your pants
Buy a put and ride it to the bottom?
buy some physical and hold it as insurance against the banksters gone wild.
It's more than insurance, it's real money. All that debt the Fed. Gov. borrowed will have to be serviced at higher tax/inflation rates. Either they downsize gov.(not likely) or they collapse the currency(most likely).
Oh am I praying for sub $1000 Gold.
Please let it happen so that I can buy more inexpensively.
I may not like those Yellen bucks but if I can get more Gold for trading that valueless paper...please.
Same with Oil and Gasoline. I certainly enjoy paying $2.25 a Gallon here in San Diego. (I am sure that it is sub $2 everywhere else.)
I like paying little and gaining a lot of usable items.
I may not value the Yellen Bucks but if people are stupid enough to give me tangible assets for less of them then I will be more than happy to trade those pieces of toilet paper away.
I do not understand your ilk gdiamond22.
If I valued Yellen Bucks more than I valued Gold then I would get rid of my Gold and get some Yellen Bucks.
But I value Gold more than I value Yellen Bucks and the price decline, for me, is a sale, a buying opportunity.
You can own your share of all of those "Limited Edition" Serial Numbered Government Issued Prints of Dead Presidents and Statesmen that you desire...if you can afford to have them.
Personally I will opt out of that and do earnestly opt for the Gold and the Silver.
I wish Gold were at $20/ozt. Really I do. You ought to see what I create with it. It would blow your mind.
Government issued?
The US Treasury orders it and the Bureau of Printing and Engraving creates the paper notes.
The Federal Reserve buys Government Bonds and "loans" the money to the Federal Government. The Treasury cannot just order the printing of it as it takes an Act of Congress to borrow the currency in the first place.
ALL funding originates in the House of Representatives. ALL OF IT.
Yes. Government issued.
I also know about the Fractional Reserve Ponzi and digital ledger entries. But the actual Paper Notes have a little bit of a different path.
Government printed. Fed authorized. We disagree about the term "issued". One person's asset is another's liability.
Peace.
No fire insurance included in the price.
So watch it burn at your own risk.
The Fed and the US Government have a symbiotic relationship.
We are dictated over by a Government which is by the Central Bank, of the Central Bank and for the Central Bank.
Peace to you as well.
+1 But heres' the thing Tom. If gold went to $20 - it would still cost you $1100 to get it in your hand! lol Everytime I go to my favorite S & G guy, price barely moves! I said to a colleague "fuck - silver could go to $5 and it will still cost me $20 to get it in my hand." and thats ok. no problem. but - just saying.
I dunno. Monster boxes back under $10k today, shipped.
Forgive my hyperbole.
I wanted to make a point. I do not want Gold to generate profits from temporary price increases. I want the Gold.
I value Gold more than I value Yellen Bucks. It is as simple as that.
Mine still weighs an ounce each.
Parked money is losing money, period.
"Store of wealth" has been holding up pretty well for a few thousand years. But by all means go gamble in the equities casino. Or buy some 1% yielding treasuries.
Time will tell where your fast moving FRNs get you relative to PMs.
Pathetic moaning is loser moaning, period.
On the contrary I was not moaning, I'm just saying leverage the hell out of your fiat and precious metals to buy assets with it, or risk becoming yesterday's news... Assets produce "Today's dollar value" of fiat, holding precious metals won't do that for you, and sure you can sustain the value of your money, it's just not wealth...
(Some invest for capital gains, while the smart investor invest for infinite cash flow...)
Most excellent. My gold shorts rise as my physical...well it just sits.
The paper gold market must die before gold finds its real value.
Continue.
Any physical gold and silver involved in today's "move"? No. Some idiots are led to the woodshed today, bankers rake in the profits and some small fry who by coincindence were an the right side of the trade feel incredibly smart, this time at least.
It will take another week, as usual after options expiraton, then the metals will continue rising.
Paper Silver had the close of the January contract on Monday
The Gold Contract expires at the third to the last trading day of February.
Paper Gold will dump then as Cash Settlement is to be made.
Heads up.
Personally I do not buy Gold to "make money". I buy Gold because I want Gold. It is as simple as that.
This is exactly how the rich play the field........true definition of having your cake and eat it too.
"Goal-seeked."
The serotonin hits in the upticks don't offset these down legs.
I guess a reminder is in order.
http://www.zerohedge.com/news/2014-12-04/inside-look-shocking-role-gold-...
+1 Yup BoP. Excellent article that was. Perfect reminder.
I thought it was the Swissie
i fucked up on timing this time around and ordered more real money the day before the Fed minutes....
i couldnt help myself...oh well a hundred ounces is still a hundred ounces....
DEATH TO THE MONEYCHANGERS.
Relax. Paper is being sold as confidence is lost in that ridiculous investment. BTFD with physical
Man walking along a road in the countryside comes across a shepherd and a huge flock of sheep. Tells the shepherd, “I will bet you $100 against one of your sheep that I can tell you the exact number in this flock.” The shepherd thinks it over; it’s a big flock so he takes the bet. “973,” says the man. The shepherd is astonished, because that is exactly right. Says “OK, I’m a man of my word, take an animal.” Man picks one up and begins to walk away.
“Wait,” cries the shepherd, “Let me have a chance to get even. Double or nothing that I can guess your exact occupation.” Man says sure. “You are an economist for a government think tank,” says the shepherd. “Amazing!” responds the man, “You are exactly right! But tell me, how did you deduce that?”
“Well,” says the shepherd, “put down my dog and I will tell you.”
buy gold and silver to protect you and your family from economist nobel prize winners
Picking up the dog was all a ruse to convince the shepherd his was stupid rather than a pervert. If he had picked up a sheep we all would have know what he was.
Doesn't it still hold he's a government economist? Both dog fuckers and sheep fuckers inhabit that profession.
And a whole bunch of folks who like fucking the rest of us.
http://www.nationalreview.com/corner/347396/keynes-was-gay-not-theres-an...
It's a death culture, for sure.
Just like having lesbian Supreme Court justices. People say, "But why is that a problem?"
Because they have no skin in the game! No grandkids means they could give TWO SHITS how their decisions affect the next generation! Therefore, easily bribed, blackmailed, etc.
it will be iteresting to see what happens to silver if it drops below the break even mining price about $15/oz
How exactly is the break-even point calculated? I'm curious because a silver mine has a fairly clear cost per ounce, but since most silver is effectively mined outside of explicit silver mines, the cost per ounce would seem to be a very complex calculation indeed. If anyone has any linkage in this dept, put it here pls.
http://srsroccoreport.com/the-primary-miners-the-fed-18-silver/the-prima...
Silver -6%. Deer in headlight needed.
Yeah, and a website I looked at had physical for sale for.... $24 Canadian dollars / ounce for 100 ounces! Not quite $21.38 (listed price), is it?
Ill just stick to buying a bit more when I can, and the price dropping is just icing on the cake to me.
THANK YOU SIR MAY I HAVE ANOTHER?!
BTFD
I smell $10 / oz coming...
Stop it. I BTFD @ $42 way back when. Haven't sold it, but I feel like the guy who came in his pants ringing the doorbell...
Think of all the currencies of the world, now you can buy any of them you like because they all accept silver in exchange.
This is not true with your car, boat or other any of your other posessions. but it is true of silver and gold.
Globaly true. All have a basic easly determained value. Matters not if its high or low in your currency, it still and be easly exchanged for any of them. That has utility and utility has value.
bring it!
We can only wish for $10 an ounce. That would be like buy one ASE coin, and get one free. Even better, buy a Monster Box of ASE's and get one free ! Holy shit I hope we do get to $10 per ounce, WHAT A SALE !!!!!
Anybody couuldn't see this coming is blind. It's a script. Besides, all the chumps that bought the break of $1300 last summer were glad to unload their stuff with minor losses on this last attempt on $1300.
Anti-Fed puts on sale!
What's that saying? Buy when there is blood in the streets. I remember or should say how I read that Lucky Baldwin made a ton of money when the price of Silver dropped.
I just keep stacking rolls of 2015 Silver Eagles. One day, my insurance will pay off.
Dedollarization accelerating, Europe on the verge, and gold slammed. Full panic mode behind the scenes?
Shaking the silver tree for their new Chinese overlords.
This, too shall pass.
I am buying.
Some tinfoil hat wearing digital dickweed for months in here was saying $1150ish and then $1282ish (ok missed that one slightly) and then legit bottom somewhere in the $950-$1050 zone . . . . . . . . . absent direct intervention/reset. Maybe he'll be correct or maybe he won't.
There should be a little bit of support from the daily quotes coming out of Greece but there won't be a big pop in gold until Greece decides to throw in the EU towel on its debt. The EU is talking tough, and Syriza is talking tough -- but we need to see how this pans out.
This can help in timing.
www.nowandfutures.com/images/cot/GC.png
Yes, this dickweed still sees $950/oz. potential. It'll be brief, so be ready for it. June, if at all. Pardon me, while I adjust my hat.
I was referring to myself. I said initially 1272ish off the 1150 and then changed to 1278-1282 so I underestimated that move slightly. 1342 with volume and conviction would invalidate my thesis. This could be the start of the final move down.
Personally I'm more interested in Silver at 13ish.
The canary in the coal mine? Bank fails are for pussies, this time a central bank will fail.
Did they kill Bin Laden again?
stateside
The passing of the Grexit vote and the Fed FOMC meeting removed the two major hopes (short term) for gold -- so I expected profit taking and sold my paper gold yesterday. But I got moar Phyzz coming in the mail next week, and I am not selling that anytime soon.
Ridiculous. We are supposed to believe people panic selling PMs so they can "invest" at negative interest rates. LMAO.
No, this is just the Fed "lending" their chosen banker JPM an unlimited amount of $ to drive PM prices down today. You can tell by JPM's ballooning short positions on the COT report that this monkey hammering of silver was coming.
What you said right there is THE nub of it, isn't it. It doesn't get any clearer than what you wrote. Watch JP's ballooning short position and you know what's going to happen next.
The unaudited FED slips the UNLIMITED money over to JP. JP does its deed, and makes a profit, and hands back a little to the FED.
The FED is happy. JP is happy. JP keeps its redunkulous string of positive trading days going unimpeded.
The CFTC (or whatever their initials are) continue to "be in a meeting" or are at lunch.
Everyone is getting magin called and the dumbass traders on Wall Street are going to sell the small amounts of silver they have. There are likely thousands of bankers getting margin calls today. Oil has been slaughtered and it isn't coming back and people owe highly leveraged derivative contracts against it.
Dear God do I miss Seeking Alpha 2008 and the arrival of Tyler Durden.
Just scaring the BEJEEZUS out of the PTB!
Oh, there were worried all right too...
This stinks....the financials have by and large just obliterated us. The good news is that they're really sucking wind right now. The Bad News is that they survived at all.
I think Washington DC is in deep doo-doo. Bogus numbers, zero growth, War with Russia. It's like they took Adolph Hitler and turned him into an institution.
The only thing missing is a monument to the guy.
Now how funny would that be: "the Hitler Memorial in Washigton DC." Bibi throws in the first hundred with the " shovel shot" no less.
2008 was normal.
What's going on now is not.
Obviously gold and silver have lost their financial "being." To the banks its just a shiny metal object again.
It's not interest rates that are too low now but also energy prices.
All the politicians are bought off with "loans" masquerading as a "Bank" ...so obviously regulation let alone the economics are not an issue.
It will be interesting to see just how much refined product the USA will be producing here.
The oil you get basically for free now.
Chill, it's just a correction. The same thing used to happen in the stock market before 2008.
Thank God is being sold. I am due to purchase a bunch of ounzes and this is great news!
http://www.wsj.com/articles/mike-newton-beware-the-currency-wars-of-2015-1420760225
It will be very difficult to avoid deflation and promote growth in 2015 and beyond without major changes to the global monetary system, some of which are unthinkable right now. Policy makers in Asia and Europe are already devaluing their currencies, apparently driven by the failure of low interest rates to stimulate investment and by the recognition that the U.S. is the only place that is showing real growth. Making their exports cheaper, they believe, will help their economies grow.
The problem is that if every country devalues its currency, no one wins. And if devaluations become more aggressive and disorderly, it could create great systemic risks world-wide. Dollar borrowers would struggle to find liquidity. U.S. corporations would see their export markets evaporate. And emerging markets would be forced to raise their interest rates dramatically to prevent their currencies from collapsing.
The dollar is already at a nine-year high against other major currencies. In Asia, the yen, thanks to the Bank of Japan’s unprecedented and ongoing quantitative easing, is now seriously undervalued versus the yuan and other regional currencies. China in turn has begun to allow the yuan to weaken. Beijing is in a bind as it seeks to grow the economy. It needs to deflate the wild lending boom of recent years, which rules out traditional monetary easing, and fiscal policy runs up against a lack of suitable projects and ruinous local government finances. For China, devaluation is the only show in town.
..................
The Fed could theoretically keep interest rates at or near historic lows far beyond 2015, hoping that this would reduce the attraction of owning dollars. But this is problematic if the recent spurt of U.S. growth continues or accelerates. The Federal Open Market Committee is committed to bringing interest rates up to a historically more normal level. Aside from the dollar legally being a Treasury Department responsibility, the Fed’s primary concern is the systemic risks from domestic asset bubbles if policy is not tightened as growth picks up, not baby-sitting countries that are devaluing.
The situation demands policy coordination. Seismic shifts are coming in exchange rates in 2015 whether Washington likes it or not, and policy makers need to get ahead of the curve. The U.S. can show global leadership by opening up a process to coordinate Asian and European devaluation—a dynamic that will also lend badly needed stability to emerging markets.
There is historical precedent for this. In 1985 the U.S., France, West Germany, Japan and U.K. signed the Plaza Accord to manage the devaluation of the dollar. Two years later the Louvre Accord reversed this process. While big international agreements are never easy, the major positive is that everyone’s interests would be aligned if a “New Louvre” agreement was drawn up among the U.S., the eurozone, Japan and China.
The world may ultimately be heading toward a global managed exchange rate regime. This may sound far-fetched, but policy makers have already fixed the price of government bonds in the aftermath of the 2008 global financial crisis. Why should they stop there? And if they don’t do something, then the disorder that potentially lies ahead in foreign-exchange markets could spark major systemic problems and undo much of the healing that has taken place since 2008.
When you look at how short the commericals were going into the Fed meeting and that analyst yesterday that told everyone to put stops in on silver under 17.40, a paper push to those stops on the meeting was inevitable. I think we all have this playbook by now. Now that stops are run, we will have to see what happens. My guess is a bounce to 1275 and 17.40. Then who knows.
Good gaws this act is getting old. This is becoming more predictable than a cheap porn flick(or so I am told)
What's worse is the expensive flicks end the exact same way...
I think I saw that one. It was called Gold Sphincter.
No, Golden Showers.
ZHers:
Be smart and short term hedge your boating accident.
its not too late to be SHORT TERM short gold
buy:
GLD June 2015 put, Strike 125 at $8.00 or better.
That was yesterday's trade dude. Read the playbook.
Gee, thanks for the discount. Just picked up 150oz silver and 5 oz more gold. Small potatoes I know, but thanks anyway.
Man, if only I could get out of the 401k scam at my wifes work....but nooooooo
If you can get her to sit down and watch the "Hidden secrets of money", a total of 5 but one or two should do the trick. You may have a chance. http://hiddensecretsofmoney.com/?utm_source=GoldSilver&utm_medium=click&...
NO you misunderstnad....I've seen them all mutiple times, I've given speeches in front of a hundred people and my Wife is on board. I mean we can't cash our 401ks out unless she quits....we are trapped in that particular financial instrament
Oh lord, that is messed up, sounds like a government job.
It is but it's not a government job....401ks were always set up that way, you can not access them unless you quit...private or public job makes no differnece
Yes you can access your 401k to a point. You are allowed to take out loans for certain things and they each have their tax implications unless you do certain things like taking money out for a home loan. If your take a personal loan out you only have to pay tax if you default. If you pay it off you do not have to pay taxes. Whatever the balance is if you default you pay tax on the outstanding loan amount.
Just take out a loan and payback the 401k until you can leave the. The tax hit if u have to leave is not nearly as bad if you have a 401k that is worthless. The loan doesn't affect you as long as you payback the loan...to yourself.
Get it, got it, go
Thanks for that advice. I do think is fucking stupid that you are forced to pay back money that is yours. scam
I'll happily throw the max at my 401k to get my 50% match. That's free money.
When silver starts beating everything's ass it's just about to go on sale.
Keep you pants on, and seek CLARITY.
TPTB are not threatened by PM creeping up a bit, so they have little motive to beat it down.
But who does have a motive, are the Chinese and the Swiss, who benefit from buying gold at lower prices.
Somebody is seeking to make money by shorting PM, and then using the profits to buy bullion. QED.
Looks like the smart money is buying right now, not selling. JMHO!
Maybe the Chinese are tptb.
Duh.
Cheers to us few, merry band of bag holders!
I resemble that statement. All good things are given to people that are patient. I give it less than a week.
What's that saying? Let bullshit talk, but can they walk the walk? A true test if they can do the job. Most people fail miserably.
Surprised it took this long, honestly.
Here in dot on the map michigan, three gold and silver fleecers have closed shop. Rather suddenly since last year.
I buy my physical PMs as a dealer from a wholesaler. Not only is he completely out of PMs, but he told me that "even if I had anything today, it wouldnt be for sale". Ended up buying from another guy across the street at slightly higher premiums. Now he is ALL OUT. Somehow, I don't believe people are fleeing PMs. Call me crazy.
Where do you buy your PMs? In the US? EU? What general area do you live in if in the US?
I don't get the deal where copper stayed strong last year when gold and silver fell, now gold and silver have rallied while copper fell, almost as if ... nah.
Gold, silver, copper, oil, all seem to be getting pushed down to the cost of production all of a sudden, or maybe not so suddenly after all. If this is the case, copper may have a ways to fall yet, which would drag down gold and silver to new five-year lows, at least.
I'm still waiting for this physical metal squeeze to happen and make them spike up, isn't that much less likely when oil is so low?
Right now they are all manipulated! Later, not so much.......
***
You have 10,000 ounces, round-eye, for your Indian Partners?
Yes. For Yuan."
If the gold turns false, you will die.
The shit's good. Use my pocket laser, Xi.
You do not lie, LC. My associiate will deliver your Yuans.
(Strokes long beard with long fingernails in his gold and silver robes)
We may be able to do more business, LC. Where is your HQ?
"Sarina. Dhaka. I have 1000 Islamic Fighters guarding my Outpost.
"Excellent. We will be in Touch."
Here's a little something for all the naked shorts out there:
https://www.youtube.com/watch?v=9q3RB3eM9YQ
The plunge in copper doesn't generally bode well for silver moving forward, but this is logical thought in an illogical world.
I'm looking for the real plunge to be delayed until summer.
Told a joke earlier on a different thread but with this news it's worth repeating.
A guy goes to the bank to withdraw a large sum of currency. The teller asks the guy, "wow, gonna buy something nice today?"
The guy says, "yeah Money."
The teller says, "I don't get it."
The guy says, "yeah, I know."
A number of us have been predicting deflation first, and now we're seeing it in the form of an ever-rising dollar. This may continue for a while as the foreign markets continue to unwind, and everyone scrambles to cover their bets, all the while denying that they have a gambling addiction.
It won't be too long until the foreign contagion spreads to US shores - so keep stacking at discount prices while you can.
>>>
Because nothing says dump gold and silver like an aggressively escalating currency war...
<<<
Currency wars, absent anything else, _would_ push up the price of gold.
But we are not _absent anything else_.
There is a colossal overhang of debt, all over the world, which started to crack in 2007, and is obviously going implode at some time soon.
At that point, the king is not gold...it is plain, boring, out-of-banking system, buried in secret location, _cash_.
And there is a second problem for gold bugs: gold traded 250-450 for years and years (since the last bubble in fact).
Then, people thought QE and all the bank/financial system rescues would generate Weimar-type inflation, and gold went into a parabolic bubble as a result.
Weimar-inflation didn't happen...so the correct price of gold is probably isn't 1/3 off from high (1,200 where it is now), but more like 2/3 off high (usual end of a bubble), say 600.
We probably would have got to 600 if the last volume buyers had been retail, but it was central banks who do not have a funding cost, and so are not usually forced sellers, even when sitting on huge losses.
Watson
For some odd reason, the water level in my pond keeps getting higher.
Thank you sir, may I have another (price drop)?