This page has been archived and commenting is disabled.
Gold & Silver Slammed On Massive Volume As Margin Calls Mount
FX markets are roiling today, US and German bonds are surging (yields are tumbling), and European stock and bond markets are ugly again. Between all of this we are seeing 'jerky' moves in many disparate instruments as it appears margin calls are mounting and forced unwinds accelerate across markets, the latest of which is gold (and silver) which just saw someone decide to dump almost $1 billion notional instantly into the open market.
»
- 90878 reads
- Printer-friendly version
- Send to friend
- advertisements -
so gold was overbought on margin
speculation is everywhere, real prices not known
MMMMMmmmmm .... "price discovery"
How does it work again?
Well we couldn’t have it looking like a safe haven could we. Just looks like a buying opportunity to me.
Margin calls are coming big time
I always dump a billion dollars of paper gold into the pre-market. If I ever owned it in the first place this might be a problem for me. Don't know how it gets there but every morning when I check my accounts around 6am there's another billion of "gold" sitting in there from who-knows-where and a hand-written note on my screen that says "sell this". I don't ask a lot of questions.
Ummmmm. Yeah. It's me. Sorry. It's the only way I can roil the markets without my wife finding out. you know.... nag, nag, nag.
I'm waiting for the "lack of demand for gold and silver" excuse to make the rounds of the financial press any minute now.
This is it, folks! During the 48 hours BEFORE this mornings smackdown, premiums on "junk" silver nearly tripled. So prices have risen! You fools waiting around for $12 gold and $1 silver good luck. You will have to pay $2000 and $100 premiums. If you really want it, that is.
If the same amount of QE went into the paper gold and paper silver markets that went into the bond and equity markets, gold and silver would be around the $4.5-8MM/oz for gold and $1.5-2MM/oz for silver.... probably more. Albeit hard to conceptualize, it's true.
Abso-fucking-lutely.
Going to buy as much silver as I can today and/or tomorrow.
So PM margins are the first to be called? I'm cornfused.
Liquidity. You know, sell something that is actually has value.
Massive dump to drop prices, followed by all the margin calls and dumps of liquid assets elsewhere, actually does make some sense. Whoever dumped ( assuming as short sales ) can clean up as the forced sells come in. Will be largely paper but might even sqeeze out some real.
Maybe the Chinese are selling their gold to buy more stocks? Hahaha!
By the way, just brace yourself for an even more massive slam down once Greece has been "rescued" yet again.
The writing is on the wall: Greece is in trouble and gold barely moves, Greece is 'saved' and gold will be dumped....massively.
looks like desperation to me, every time they knock it down it goes back up. Pretty soon at these prices below cost of production there will be plenty of NOTIONAL value paper but no physical available
http://srsroccoreport.com/has-the-global-run-on-silver-begun-shortages-o...
"looks like desperation to me" Hardly, it's more wishful thinking from your part.
"...every time they knock it down it goes back up." You mean, the way it went 'up' all the way from $1900?
Open your eyes and stop deluding yourself! Oh yeah, just the way you distrust the mainstream media, perhaps it's also time to distrust websites like TFMetals and SRSRocco?
Yes I wont pay attention to whats really going on, everything is fine. Right
Not to worry: it is just Varafoukis selling his silver in an illiquid market to buy another summer home and another website to market his $500,000 lectures.
<-- Gold = Store of Value, regardless of time frame
<-- Gold = Commodity, varies with time frame
<----Gold, Store of value?
<-----Gold, transactional vehicle?
Oh, those pesky margin calls! Guess we're all supposed to "buy the dip"...
Oh No, a Buying opportunity...
its been a "buying opportunity" since 1600. $450 later, most regret buying there. and buying here is no different. a lot more downside as the great unwind really begins.
Both Gold and Silver at the edge of the cliff. Will they teeter back or are they going over. Unless you like to gamble, this is definitely NOT a buying opportunity.
Negative, stack on brothers! Very soon the paper price will be a laughable, barbarous relic.
zactly...it's always a buying opportunity, it's just that you should continue to only buy in small amounts according to how much dry powder you have.
Phyzz supply is not going to last much longer as mines are producing less and phyzz is getting scooped up all over the place.
So no, don't sell the house and back up the truck and use all your fiat in one massive purchase. I've seen several people do that and yeah, they're super fucking bummed out, but lesson learned.
So buy 20, 40, or 60 ounces today...no big deal. You're just cost averaging down. And it's smart to do while premiums are still low and delivery is not delayed.
Then wait and we'll see if these scumbags push the paper price down into the 14's again and then buy another 20, 40, or whatever fits your budget.
There's no right or wrong about it as long as you can handle whatever you have purchased in your budget and aren't going to be a fucking cry baby if the price drops a dollar. Who cares...buy more.
Remember, you haven't lost anything unless you sell...and phyzz is for stacking long term, not just for a some days or weeks.
In the long run...in the years to come all phyzz will become the ultimate insurance against the death of the dollar and all fiat currency and stackers will be doing very well if we can live through the great monetary reset and make it through to the other side.
Well said.
and at the end of the day, TPTB will have to either forgive a fuckload of debt, or else reset the price of gold to 5 figures, or some combination of the two
even the puppetmasters have a limit for the amount of volatility they can stomach
Depends on whether you are stacking or speculating.
"Whoever controls the price of gold controls the world" H. Kissinger
Another baby killing, scumbag tribes member.
In a world where we value paper more than gold
In a world where we value paper more than silver
In a world where we value paper more than oil
You try it, a very fun game for the family to take part.
Couldn't help but read that first line in "Movie Preview Guy's" voice
Funny, me too!
LOL!!! I woke up today thinking of some 80's movie trailer with that voice.
Well well, that's all 1billion could do?
Try harder bitchez...make my day.
Greece dumping gold for euros ?
A well, they are stupid enough.
greece exiting from eurozone brings LESS uncertainty, right? 10million people with money in pocket for a month of survival is LESS uncertainty?
Just doing my fiduciary duty for a client. Sorry bro
In 2008 I understand the premium was 100% on silver, if you could get it.
Close. When it briefly touched 8.50 you could get buffalo rounds for 12.50, but eagles never really went below 16, so 100% is pretty close. 90% junk silver was virtually unavailable in any serious quantities. I was buying 2009 Perth Koalas at the time.
Silver For The People
I find it amazing credit card companies will give me 0% apr for 18 months for $10K or more. I turn that into bullion and pay it off in monthly installments on time for the duration of the terms. Fiat credit offered for free, exchanged for real immediate phyz?,, great deal in my book. Each must know their own debt limits, but I'm still impressed that the trade is even possible. And I have no worries carrying a little interest free debt in this environment.
"Counterfeiters buying gold." With leverage no less.
Does it come any other way?
NO GOLD FOR YOU!
15.32 & 1140
15.32 is the daily 5 year low. Ag is hanging out at 15.23 at the moment, down another -3.27% .. let's hear the bullish case!
$14.47 is the 5 year low, and was hit Nov. of 2014.
Intraday or daily?
New 5 year low on SLV, bitchez!
I hate it when other people say it, but today it's in my head, so I will...
Just looked at my stack - hasn't changed one bit.
Yeah, I checked out mine over the weekend. She looked sad. I told her everything would be OK. I hope she did not see the axe behind my back.
now, zat is a good one.
Your logic fails. Because you could have had a BIGGER stack if you bought now, and refrained from buying the last 5 years.
I continue to be amazed and amused by people who claim to want the Truth, but get defensive or offensive when you challenge their worldviews. They become dogmatic as though it (their worldview) were an infallible religion, instead of a Mental Model (a mere construct) of the world or market.
And, like all fanatics and zealots, the vast majority of people will use Logic/Reason to only support their emotionally-vested views, rather than to shake and test it for flaws and limits. Sheeple!
Can you send me a link to where you bought your crystal orb that tells the future?
I make over $5000 a month at home in my underwear buying commodities, using my crystal orb. You can too.
But not in my underwear please.
Yes, what a stupid "observation." Hindsight is 20/20 vision.
Kirk, Up your asteroid, you sad little Trekkie dweeb.
I was buying gold at $400, $300,$275....$400 onward. I've been in this game before you we're pooping up diapers. The last five years have been ROUGH, thanks Capt Obvious, but some of us saw this coming a LONG time ago and didn't even believe Reagan could change financial laws.
WHAT NOBODY could see...and I say you too...was how long the CBs could keep this ponzi going. Not Sinlair, Not Turk, Not Casey, NOBODY (well, perhaps armstrong may be right for te wrong reasons). I thought 2012 was a little bump, but the fiat bugs went full retard. The day of reckoning is coming...just a matter of when. There is nothing emotional about hard assets.
PS - (can't resist) - Gerry Anderson was a much better visionary than Rodenberry could ever hope to be (but RIP both of them).
A billion is a drop in da bucket. JPM and C could drop another trillion or so this week. Gotta make monitary metals look bad in fiat terms. Come on boys let errrrr riiìiiiiiiip. China and Russia waiting , with treasurys in hand, for the big sale. Me too.
It's only a flesh wound.
Gold bitchez.....I pick up pennies
Just da FED machine-gunning the lifeboats.
Carry on.
Best analogy i've read in this comment thread.
The titanic is sinking and the fed wants us all to go down with the ship!
LMAO.
Buying opportunity imo. The next QE will be a doozy and push PMs very high.
commodities markets and world stock exchanges are getting brutalized everywhere. Ours is so corrupt it is incapable of even responding.
This divergence can't continue forever. We are not a freaking island.
"Thank you sir may I have another?!"
when the margins come a callin', stuff that has value will be sold to cover the stuff that lost all its value...
You may not realize it, or even admit it, but you and your pals have just admitted that Gold is behaving like a precious commodity, and subject to blatant speculation, than a Store of Value.
Hate to pop your quasi-religulous bubble, but any Asset or Item, whose price varies this much, is NOT a Store of Value.
And you are NOT free to arbitrarily pick a time-window of your choosing, because the ONLY time-window that matters, is the one of the person holding the PM. The only question that matters, is "Will Asset X hold its (price) Value for my time-frame of Y years?"
Cognitive Dissonance is such a bitch, and it is a rare person who will thank you to check your model. Mental Models are like Roofs: the true test is when it rains (in adverse conditions). And you never know exactly when you'll need that roof, but (according to Murphy's Laws) it will be at an inconvenient time.
I offered my fiat to a pawn store that had 5gram bullion bars 25% over spot - they laughed me out of the store and would only accept a 100%-markup-on-that-bogus-spot-price for their 5g bars of physical. I think you stacker guys might be onto something holding the physical.
Greece is a diversion. It's all about China.
Is anyone stupid enough to sell real physical stuff for these paper prices? I did not think so. So it is just paper being dumped.
there will be a huge paper crash before the sky rocket we are all waiting for.
Keep stackin, as the saying goes.
wow pivot point number 2 coming up
Lets see here.... Gold smashed, oil smashed, russia markets smashed, china market smashed.............. the us surely wouldn't be behind this... No way!!!!
Ah, now you guys are catching on. We have alot of smart guys out there...they analyzed the situation and found the best 'bang for the buck' and it's been making everything else look bad, versus buying up Amerika. If you scare the crap out of everyone else then they will flock to your stuff (bonds, stocks, RE, etc) for a safe haven. This is a great trick and when you have almost unlimited funds you can control almost any market.....
except phyzz Gold. This is Kryptonite, silver bullets, holy water, or whatever other relic you believe in for stopping superpowers. Once the phyzz Gold market finally comes to light, the game will be over. Until then....keep stacking.
And there is a 52 week low on SLV. Wow, when the turn comes, it will be mind boggliing. Just keep your powder dry for now. Still too early. But our time will come, again.
come on silver 7frn....... baby needs a new pair of shoes.
It's the same fuckers that manipulate all the other markets as well. And a easy thing to do on top, because JPM, GS, HSBC etc can just issue any amount of unsecured derivative ass-wipe paper they feel like. Is there/has there ever been punishment for any of this? Of course not, the entire fractional reserve system is just such a ponzi scheme as well. The world will not be free until the debt slave drivers have been squashed.
If you do not know how to read charts, and you are lost, then get it done as this GOLD market selling has a DEFINITE support line that I am personally watching for a BUY IN..and it is lower than 100.
Support at $0?
Why doesn't anonymous hack the comex with 5 quadrillion dollar buy order and then rout all the corresponding sell orders into buys. Perhaps he's just a shill.
Because Anonymous is part of the controlled opposition. Notice that nothing exposing Israel or 9/11 or Hillary's deleted emails ever makes the light of day with these limited hangout operations.
So when does the PBOC demand USTs be dumped to make margin calls instead of commodities?
US second default on gold in the process. Time to declare war on EU for gettin too close to Russia.
Phys prices haven't done much in months.
Right. This long sideways action since November said a big move was coming. Charts suggested "lower". This is probably the final plunge but it could last a couple of weeks. Besides, there is 'normally' a liftoff every July. Might be late July or August this year... but that's the seasonal trend at least. We'll see.
A lot more downside for gold and silver?
In my mind the downside for the world economy is far greater.
On which would you gamble your life's savings?
Gold and silver? Or the world economy?
What did that orange bitch say about seven being an important number again?
I could be wrong, but I think it was, add a 7 and read ZeroHedge
Margin calls abound?
That's when you have to sell whatever you can to cover! Not the first time Ag / Au smashed in the face of margin calls everywhere!
Buying opportunity...
I'm getting tired of all this fuckery!
There's a simple reason they're slamming Gold today, this sort of thing often happens when the markets throw up some sort of negative event that should be POSITIVE to Gold.
So we have Greece, that's the event that should give Gold a bid of some sort, perhaps $20+, maybe more.
So they slam Gold as a sort of subliminal message, ie, Gold is dead, Gold is finished, look,it goes down when it should go up etc.
They keep doing this and it works, ask the average Joe in the markets and he'll parrot this sort of view.
The only way to play this sort of game is to be a gentle stacker WITH MONEY YOU WON'T NEED any time soon.
Put your lower bids in, buy a coin or two every month, bury it and forget about it.
There will of course come a time when their games fail because manipulation of this sort of scale will always fail, only the timing is up for debate.
They are trying to make the world cough up physical pms.
Yes. I made a large buy right before the Cyprus bail-ins, thinking that theft of deposits would send people into PMs and spike the price. But strangely, the opposite happened: PMs got hammered. It's amazing what $4trillion in the derivatives market can do for you.
This is the big plunge of the beach ball under the water. ...how long it's able to stay under the water is the only question. .... I know collapse comes BEFORE liftoff, yet I can't lie, I still fucking hate looking at it.
"someone" BS...name names
It was either that cocksucker JPM or the other cocksucker Citigroup - the two largest holders of the precious metals and commoodities derivative markets - dump at 9:30 plus or minus a few minutes…slam bam thank you m'am…keepgold and silver down, MOPE the dollar up.
Psst, psst, hey buddy I got this gold you wanna buy cheap? Its worth thousands but I'll let you have it for ten bucks.
This is just paper, wheres the gold.
Trust me its in Fort Knox.
ya ok for ten bucks I'll take a shot.
At $12/oz for silver, I'm a buyer, but I doubt there will be much offered at that price.
Last purchase was around $16.50 (100 oz), and last I checked, my silver bars are still where I hid them.
Give me another couple of smash-downs, oh great and glorious market-rigging ass-holes.
On another note, I have multiple 0% interest CCs and am looking into getting one from Wells-Fargo. Told my friend last night that I want to borrow some of Uncle Warren's (Buffett) dough for 18 months at 0%.
I continue to maintain that we're going to be at 0% interest until 2020 at the earliest, and, even if the Fed decided to move then, the fed funds rate would be about 0.75%. No big deal.
Party on, stackers!
Interestingly Bitcoin gets a bid on the back of Greece. Why? Probably because a) it should, and b) the Elite's don't care about it so it's allowed to trade naturally.
Nobody mentions Bitcoin any more, yet since it had a bust out below $200 it's got a steady bid. Nothing special, but steady over the last several months. Price now, around $266.
It's all good, I haven't finished stacking yet.
I think in the next 2-3 years we are going to see several countries going the way of greece....not paying their debt....and we are talking trillions....someone has to lose that money....it cant be all central banks...and when a lot of people lose money they go to a safe haven...and the only one left in this Ponzi is gold and silver....because the central banks will print trillions more to save their asses....
Well I, for one, appreciate these fair and open markets in a free and unfettered capitalist system.
Unmanipulated price discovery. That's the ticket!
I think they act on behalf of most if not all CBs. Which are all in one bed, under one topic:
"Don't loose control". Under no circumstances. PMs HAVE to behave like the commodity complex.
Until they all bottom.
Not yet though. In a month or two. Maybe.
That will likely be the best buying opportunity for the next couple of years.
1140 is the magic line in the sand.
Below ==> much lower, maybe even 3 digits ==> excellent gifts.
Patience is the name of the game.
I thought it was 1160?
$1132.17 is the 1 year low.
When a market is manipulated like the u.s.a one cannot 'call' anything.
The schemers make the adjustments to their agenda, not market conditions.
This everybodies a winner eventually breaks a casino. Yes?
I wonder if these market are alway watching me..... been waiting to buy paper silver in this lenghthy downtrend and as soon as I do (yesterday) this thing has gotton pummeled!!!! Always around 8:00 CST too.
THese mother fukers doing this is rediculous. All I do is read about how the silver market is over leveraged on the short side and they need to cover soon. Hopefull this huge 1Billion sell position was to force the market down so that these bankers can unwind their SHorts!!!!!!!
So I bought another 20 OZ physical instead...............assholes!
GG, you're foregetting that many of us view Gold as an 'asset that's designed to dissapear' + a sort of insurance which never expires. There's no other insurance product like it. Pay for car insurance like I do and a year later it's been a waste of money (I understand you have to have it though). Buy Gold and if it's not needed you get it free for the next year. Sure, it might have gone down or even up in value, but that's not the point.
My late Grandfather gave me my first coins, he LOVED the fact that nobody knew he was giving some of his wealth away especially the taxman. Gold will have its day again, just like all assets and commodities have their day in the sunshine and then day in the rain. Cycles, nothing more nothing less.
Will Gold go below $1,000, it looks like it to me, but then I keep buying it with money I probably will never need. If people are worried about losing money on their Gold then they're not thinking right.
They ARE thinking about it right if they don't have kids or grandkids. You still can't take it with you.
Well, you can't take fiat with you either, can you?
Nice way to miss the point. And please don't tell me I "can't spend dollars" (I buy stuff with them every day), or won't be able to in ten year's time. A decade from now people will still be saying the Big Meltdown is only 6 months away.
Yeah, yeay, "fiat is worthless". So why not just give me all of yours, then? No?
Dear Gold Bugz,
Please, for the love of all that is holy. If you are going to buy, please wait for sub $1,000 which will come this year.
The smack down is just getting warmed up.
And lastly, I hate to tell you, but when the ugliest whore walks into a room full of sailors they all want her.
And the USD is the ugliest whore in a world full of sailors. USD will get stronger.
Buy Bitcoin for protection against your gold and silver losses.
BTC is down about 4.5% today.
See, the problem is, all these traders are arguing about a few % of variation.
On a really long time line, we are all dead, but Au, Ag, and BTC (if it has a long time line) will recover from this correction and go on.
So it sucks if you are trading, but is a store of wealth if you wish to preserve wealth long term. For traders, it looks like cash is a good thing. . .
Since I am buying I like the idea of the price going down. If I was selling, and I am not then I would be worried about a price decrease...
Dollars are taxed, depreciated, and subject to to confiscation. Physical gold is yours to hide and do with as you wish free of government control...
Unless FDR gets in again.
The knock down today was ochestrated to prevent PMs from taking off due to Greece worries. It happens every time. The fed has JP Morgan on speed dial to dump paper gold .
Exactly, if gold took off, people would panic out of shares. Then the whole Ponzi scheme would collapse. Of course there are plenty of other things that could make it collapse. Then gold will go stratospheric....
PMs have been having the shit kicked out of them for a while now.
I hate to say it, but it's best place has been and still is (for now) sitting in cash.
There is a certain element of risk being on the sidelines though.
AG heading into the $14 zone will be making 6 year lows, and then $10 may be the next support:
http://finviz.com/futures_charts.ashx?t=SI&p=w1
Silver at $14.91 right now. Whoa. Remember, it's US dollar strength, not PM weakness. Although it doesn't help that other broad economic indicators like industrial output are tanking as well, bringing the commodity sector with it.
I wonder how much longer the the miners can survive?
I think this is an opportunity for "consolidation" (which is far too nice a term) where the money printers will take all the remaining independent miners under their dark wings. Kind of a back door, privatized nationalization.
if US dollar is worthless (as I see it other than buying PMs) Silver is infinite in stored energy
GSR today:
http://bit.ly/1H7klqh
Onset of major credit problems.
I like gold, in fact I love gold. Its a currency and money, and secure above else. My entire cash flow gets converted to gold and held off shore. Of course I invoice from off shore too through an associate company set u to do precisely that, and then it becomes tax free. Its the easiest thing in the world to have your assayed gold collateralized to practically any currency, even the fake ponzi shit like the euro voucher. So my gold is used every day, it makes money and more importantly its quantity no matter what value you ascribe it against any other currency, never ever gets less and only ever increases. But I do follow it and this might come as quite a shock to some. But judging gold against only one currency is futile and stupid, It tells you nothing about the real value of gold. So to give you some perspective,using 59 currencies and assuming gold of equal quantity in each one, latest calculations over 46 days renewed every 50 trading days, starting price $1205.10, current price 1157.48 fall of $47.62 or $1.016 per day. All currency are rising on average of 21.87% per annum calculated compound over 46 days, and together with falling gold the real price of gold is actually falling at 40.046 % per annum.
So its real loss, or purchasing power in equal quantity over 58 currencies is actually $76.65 or $1.635 per day over 46 days since 22 May.
So on its present course it is set to fall in real purchasing power to $940.22 by 31 Dec.
During this period the real purchasing power checked every day has been falling between 29 % and the current high of 40% today.
Gold will turn, keep your powder dry and get ready to buy because longer term now that rate of decline is totally unsustainable and can only possibly be the result of massive market manipulation EVERYWHERE.
Bankers, the fucking wankers are cornering the market at lower and lower prices.
I is not at the bottom yet, but when the real rate against so many currencies slows its descent and slows to a crawl, that is when I will buy like fuck,
The interesting thing about this for me is this fact, the corollary of gold falling at a rate of 40% per annum against so many currencies tells that the currencies are rising, not gold falling, because they all do so perfectly in concert with a standard deviation of less than 0.3 and only two currencies standing out.
The shekel is rising at 7% meaning gold is falling at 73.1% against the shekel per annum and the ruble is falling at ..... ta da ...7% or the ruble is losing 44.5% per annum of value against gold
The fucking jew boys are shipping gold and cash to Israel and trying to fuck Russia at the same time.
interestingly, the $ against those same currencies has risen compound at 6.96 % since the beginning of 2013, 7.36% since beginning of 2014 and 11.11% since start 2015 to today.
Since the same period 22nd May it has remained virtually unchanged at 11.25% PA.
Anyone care to explain how Mr Market works so perfectly with any guiding hands.
So, don't buy gold, buy shekels and be ready to plow the fucking lot into physical at a moments notice.
fuck the bankers, fuck the jews
That is "Zionist", not "Jew."
I like among other parts "buy like fuck"
I agree with the bigotry presented however I disagree with buying shekels - even Jesus didn't see any value in them.
Firesale on metals!
Get your brass and lead while it's still cheap too!
Interesting. APMEX website (www.apmex.com) is down at this moment.
This is the washout to step up and buy P.M. The U.S. Dollar is peaking out. The only way for all of these central banks to clear their balance sheets is to initiate a multi-year round of inflation.
Gold, silver will be back in favor by year end...Be patient.
-G.A. Custer
Relax folks - Au and Ag are just doing the Rope-a-Dope....
At this point it is obvious they are trying to get a much physical as they can before the shit hits. Cause it's gonna be a big fan.
CNN breaking news: Subway drops Jarod
Come baby come
Russia,India & China will buy all the gold
And make BRICS rule the world