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Gold, Precious Metals Flash Crash Following $2.7 Billion Notional Dump
The last time gold plummeted by just over $30 per ounce (dragging down silver and bitcoin with it) and resulted in a crash so furious it led to a "Velocity Logic" market halt for 10 seconds, was on January 6, 2014. Many said this was just perfectly normal selling, although we explicitly said (and showed) that it was a clear case of an HFT algo gone wild (following an order to do just that and slam all sell stops) when someone manipulated the market and repriced gold substantially lower.
Precisely one month ago, some 18 months after the incident, the Comex admitted as much, when it blamed the collapse on "unusually large and atypical trading activity by several of the Firm’s customers and caused the mass entry of order messages by Zenfire, which resulted in a disruptive and rapid price movement in the February 2014 Gold Futures market and prompted a Velocity Logic event." Curiously despite the "errant" order, gold did not rebound because the entire purpose of the selling slam was to reset the prevailing price far lower. This is what the Comex said in Disciplinary action 14-9807-BC:
Pursuant to an offer of settlement Mirus Futures LLC (“Mirus” or the “Firm”) presented at a hearing on June 16, 2015, in which Mirus neither admitted nor denied the rule violations upon which the penalty is based, a Panel of the COMEX Business Conduct Committee (“BCC”) found that it had jurisdiction over Mirus pursuant to Exchange Rule 418 and that on January 6, 2014, Mirus failed to adequately monitor the operation of its trading platform (Zenfire), and connectivity of its trading system (Zenfire) with Globex. This failure resulted in unusually large and atypical trading activity by several of the Firm’s customers and caused the mass entry of order messages by Zenfire, which resulted in a disruptive and rapid price movement in the February 2014 Gold Futures market and prompted a Velocity Logic event.
The Panel found that as a result, Mirus violated Rules 432.Q. (Conduct Detrimental to the Exchange) and 432.W.
We bring this up because moments ago, just before 9:30pm Eastern time or right as China opened for trading, gold (as well as platinum, silver, and virtually all precious metals) flashed crashed when "someone" sold $2.7 billion notional in gold, resulting in a 4.2% or about $50 to just over $1,086/oz, the lowest level since March 2010.
Gold:
Silver:
Platinum:
Once again, as in February 2014 and on various prior cases, the fact that someone meant to take out the entire bid stack reveals that this was not a normal order and price discovery was the last thing on the seller's mind, but an intentional HFT-induced slam with one purpose: force the sell stops.
So what caused it?
The answer is probably irrelevant: it could be another HFT-orchestrated smash a la February 2014, or it could be the BIS' gold and FX trading desk under Benoit Gilson, or it could be just a massive Chinese commodity financing deal unwind as we schematically showed last March...
... or it could be simply Citigroup, which as we showed earlier this month has now captured the precious metals market via derivatives.
Whatever the reason, gold just had its biggest flash crash in nearly two years, as a targeted stop hunt launched by the dumping of $2.7 billion notional in product, accelerates the capitulation of the momentum buyers (and in this case sellers) pushing gold to a level not seen almost since 2009.
The price appears to have rebounded after the initial shock, up about $20 from the intraday low of $1,086 but we expect that to be retested shortly, and for gold to plunge further into triple digits, at which point gold miners will simply cease to produce the metal whose all-in production cost is in the $1100 and higher range, when it will also become clear that only derivatives and "paper" are the marginal "price" setters.
But perhaps the biggest irony of the night is that moments before the flash crash, the PBOC revised its shocking Friday announcement revealing its gold holdings had increased by 57%. As Bloomberg said:
- CHINA PBOC REVISES GOLD RESERVES TO 53.32M FINE TROY OUNCES
Previously, this was said to be 53.31 million ounces or 10,000 ounces lower, confirming China is literally just making up gold inventory "numbers" as it goes along, and clearly buying ever more physical while the price of paper precious metals conveniently plunges ever lower.
One thing is certain: the PBOC will be quite grateful to whoever (or whatever) was the catalyst for the latest and greatest gold flash crash as well.
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Fuckable On Sight ?
You two getta room.
Thanks Doug, excellent article!
Let me guess, it is only paper gold that's crashing...
Still lots of products available where I browse.
Yes, but at higher premiums.
nope
silvergoldbull.com
JM 1 kilo ag are out of stock though.
Hold, hold, hold (spoken with a Scottish flair). They're trying to make a run, drive the price down, and scare you to sell - don't let them.
Remember, these are very desperate people with very empty hearts and made up wallets...
Hold, hold, hold (spoken with a Scottish flair)
Or Michael Caine's affected upper class accent in Zulu: "Hold them. Hold them!"
What's your point - I missed it...
I liked your post and was riffing on it, friend. Now please put down the broken bottle.
Pragmatic.. I like it - will do!
Zulu is a fine film with epic battle scenes and some great singing by both Zulu and Welsh warriors (Men of Harlech). The entire movie is viewable in widescreen format on Youtube. Well worth watching:
https://www.youtube.com/watch?v=aiwcd1ijcMM
Btfd
You can see that 5.4 trillion dollar hunk of metal flying by at dusk. Just need to reel it in.
Every banker on the planet just got an erection for the first time in a long time without the use of chemical stimulants... I can only hope they climb to a high building and jump trying to catch it as it goes by...
http://www.iflscience.com/space/watch-live-platinum-asteroid-worth-trill...
Their staff is broken.
https://www.youtube.com/watch?v=zFzC-72FlQ4
PMs are on sale! BTFD.
Thank you, Janet Yellen!
This FARCE will never end!!!
Gold is shit. Sell all of it.
And all those silver bars. I'll give you $4 each for those ones marked 10 Oz. 999.
What the fuck good are "precious" metals? Fucking doorstops.
try stopping a door with paper. or with a usb stick. eh?eh?
Sarcasm detector broken?
Fuck you.
It was obvious sarcasm.
Your paper losses are clouding your mind
Chill, bro
It is sarcasm but there really is gold in shit, or at least sewage.
A Karlbot chimes in
FreeNewEnergy
I'm not sure if you were being sarcastic or not, but I have to 'weigh' in here.
Precious metals are absolutely not doorstops.
They are insurance against central bankers gone INSANE with our money supply.
China may have a "deal deal" with the Globalists: keep the price of phyz suppressed so we can buy our fill at low prices...or otherwise, we will have to sell your treasuries.
Plausible hypothesis. Though I think US and China both are manipulating the price down to facilitate hoarding, I like your hypothesis in that it would serve as a foil to any effort by the US to try to put the brakes on the mutual scam.
The confounding part, all other markets are flat, didn't react. Bonds Crude, stock indices, etc.?
This went too far long ago.
Yeah, that one minute candle at 21:29 that's a nearly $60 candle in a market that hardly ever budges $5 in a minute this time of day.
Whatever .... BRING it bankstas !!
They can't get anymore 'in your face' than that.
The manipulation is pretty blatant now. Actually, I was looking for them to pull this shit once $1140 was breached.
No surprises here, my shiny is holding strong ... not going anywhere :)
Someone on ZH Called $1100 Gold for Friday, last week Prior or weekend prior. They were off only by the Asian Open.
I forget who they were... Probably on a Porto Rico or Greece Article.
Pretty easy to see TeethVillage88s
The line in the sand was at $1140
They took it out earlier. Was pretty easy to see they would desicreate it once it fell below that.
If you hold physical, hug it up tonight!
If you are playing in the "market" ....
y'all ought to know better.
The MSM had been telegraphing this last week.
They are just trying to put fear of metal in the market. They are projecting their own real fear of collapsing fiat, the blowback will be great. btfd.
I sold my wedding ring to a "We Buy Gold" shop almost 2 years ago in the best part of East Cobb, and they closed that location a few months after that transaction. I'm happy to say the divorce is final, and that I won big time.
SH
Good stuff, I managed to make a decent profit off of my ring.
dup...see post above...
Yeah, but I don't see the premiums going down!...Looking to get a couple more pieces.
just trying to do my part
Its not gold, but apmex is out of stock on a lot of silver that was there Friday. Lots of people must be doing their part.
The tectonic plates in global finance are moving - these horrendous losses on oil, Euro, The ChiCom blow out - it's all on the move now.
This is just the appetizer.
Precisely. This is good news. Mind your affairs; the game is afoot.
VIX getting massive 40% slam in 5 days...in motion!
The Greatest Collapse In The History Of The VIX Indexhttp://www.zerohedge.com/news/2015-07-18/greatest-collapse-history-vix-i...
....then China...and now Australia.
Is Australia The Next Greece?http://www.zerohedge.com/news/2015-07-19/australia-next-greece
China is Grateful
"The whole purpose was to set the prevailing price much lower...Mirus was found to have violated THE RULES."
Were there any consequences meted out for violating those rules...of course not.
Will anything happen after this smackdown? Hell no!
As William Black has repeatedly said, "why hasn't any one gone to jail...?"
They are so blatantly arrogant with their manipulations on a thrice daily basis with gold and silver that one might as well go short and reinvest the profit in physical, except, about the time I try it, I'll get my face ripped off...
In 2008 TPTB just rescued the system from the fallout induced by deregulation and speculative, leveraged trades designed to make a few people rich. This time they know they can't, the monster is too big. They will attempt controlled explosions to take down the system with minimal fallout. This is the first controlled explosion but it's highly unlikely they'll be able to make this baby drop as neatly as they did the twin towers. Get out your tin foil hats.
My hat is made of gold leaf, it is much better at shielding than tin.
About a week ago, I posted a link saying that gold would have one more, giant capitulation bottom- maybe even sub 1000. Be patient. I really believe that once this bottom is in- the entire 5 year bear will be done. Maybe for a very long time.
The link is at the bottom of thhttp://thecivillibertarian.blogspot.com/2015/07/what-is-happening-in-pre... piece.
what little i hv left the mf'ers are trying to take...
i promise you i'm buying more this week
that'll show em
ps or please ZH'ers, come to my funeral. i'm thinking silver casket lined in gold
The way things are going, they'll be selling those caskets on the cheap.
You' never find six fit guys to cart you around.
Something stinky going on behind the sceens. Brace for impact.
Hoping this might be the blow off bottom and we get a bounce back.
Happy to have added a couple sale ounces of phyzz, and watching for any other dips to add more.
My kids were out selling lemonade today. When I helped them set up their stand, they priced the lemonade at 25 cents a cup. My oldest came back to the house 4 times to make more as they kept selling out. At the end of the day, I picked them up and noticed that the sign said "Lemonade, $1.25" and asked my kids why they raised the price. The oldest said because he was tired of having to come home and make more. Needless to say, they made out like bandits and learned a valuable (though I don't think they understand) lesson in supply and demand. I learned, maybe I should sell my gold and invest in a lemonade stand (for now).
Whew, for a moment I thought you were going to tell us that the cops closed the stand down because they didn't have a business permit.
If you look at the chart for gold and silver following the Lehman bankruptcy, the prices for both PM's crashed hard as traders and inverstor sold the only good assest they had left in order to cover their margin calls.
In the next crash (which shouldn't be far away) the same will happen. That's the time to stock up a little more.
Max
Yeah, but it was really hard to find physical during that period.
at that time northwest territorial mint was taking over 2 months to deliver 100 oz bars.
Yes it was! I lived thru that.
And it will repeat.
Got Gold?
Got Silver?
But back then, buyers were more inclined to think that paper gold was still good as physical, so plenty of paper for sale in 2008, driving the price down.
This time around, will these potential buyers of distressed paper gold be so eager to buy it on the cheap, knowing that it is only paper? There may not be enough physical available, thus driving the price up, not down.
Fuck the gold hedge. Shit is going to go down.
So, let me get this straight. You are promoting
"Zero Hedge"?!
Tuco
The amazing thing is that anyone is even OFFERING real metal at these "prices"...you'd think real metal would start appearing somewhere around $1400...in a normal world.
At every lower level, the premiums are getting higher and higher. Wait for the premiums to be priced at over spot. That'll be the day.
Not really. Businesses work on cash flow.
I am a PM dealer and plan on selling a contract tomorrow to generate cash to buy more product. Most of the ounces I will be selling will be for less than I paid for them. However the product I am going to buy with the proceeds is going to be cheaper as well. At the end of the day I end up with more PM's and/or cash.
I can not control the price, but make a margin on it. If I kept every ounce that came through my hands after it hit $1900 waiting for it to come back, I would have been out of business within a couple weeks as I would have no cash to buy more. Mines can not sit on all their inventory either for the same reason, cash flow.
I love seeing the price go up, as my current inventory is worth more. But I need to sell regularly to be able to buy more.
If you are really a Gold Dealer you should have sold a contract(s) on Friday or before to hedge your physical inventory!
Yes, cash flow is everything which is why dealers like APMEX immediately hedge all physical buy and sell orders. By doing that they have a real cash flow and take speculation, which is what you are doing, out of the equation.
Tuco
Not all of us are APMEX size.
I produce physical that has to be refined before I can convert it to a contract. The refining will settle tomorrow and that is when I will transfer my pool to a broker who will pay me at spot at that time.
I work on an internal hedge, all cash no margin. I have put up x oz's of my own physical that is constantly in play. I am happy to own it and willing to let that ride no matter what the price is. It is my cost of admission. When I generate that amount again I sell the original oz's and it is replaced by the new oz's. Still the same amount of gold in play.
My overall risk is my float and I am enough of a gold bug to let it ride.
Thanks for sharing - very interesting and (for me) educational.
I apologize. I assumed you were a "retail" Gold dealer. You are further upstream and I do not understand all the mechanics of that.
"Size" has nothing to do with hedging. You can use "mini-contracts" to hedge if you are so inclined.
Best of luck in your business. We "may" be nearing a bottom here? It has been a painful fall from 1900 plus for all we stackers, but like Mr. Banzai says above, just hold till SHTF whether that be next year, next week or 2020.
Tuco
And where does Apmex hedge their product? Ever heard of a guy named Corzine?
Not sure. Rosenthal Collins or someone like that. I understand what you are saying about Corzine but the alternative is not to hedge and that would be an eventual death sentence to a large "retail" Gold dealer.
Tuco
Wow, look at silver follow suit!
Yup. But some of the delta bravos in the business media will tell you it's an industrial metal, unlike gold.
It's completely different but just happens to move in lock step with it.
Obviously somone does not like the new Texas Gold and Silver Depository. It has been falling since.
$12 silver is coming, people. There is an ample supply of people who think currencies are more valuable - on a purely relative basis (and everything is relative, isn't it... but I digress) - than real money or physical goods or, God, save the queen, food.
After $12 silver will come $8 and maybe $7, but thats about it. At that point, there will be so many civil disturbances and power outages the authoritarian ass-holes who think they control everything will have exactly NO CONTROL.
So, I say, LET 'EM. Take godl down to $300 and ounce you ass-holes and see what happens.
Guaranteed some poor shumck will rob some rich dude of all his gold and jewelry and people will wonder why.
Seriously, asshats, BRING IT!
$8 silver will still hold a $20+ premium.
Excactly, at this point I'm more worried about actually getting any.
Too bad for the oil haters that they didn't pay attention. Oil at $50 means gold at $600.
It is possible that the platinum asteroid that just passed by was captured.
No, but I was jacking off and drooling when it whooshed by.
This will go on until we see actual, undeniable, un-hideable BANKRUPTCIES in the financial economy.
Drive this bitch into the dirt. The cost of production? Apparently irrelevent. The thing that gets me is that the fraudsters. the manipulators no longer give a shit if they are exposed. They believe they will remain untouchable which leads me to believe this is the end game. Force the weak hands and then clean up. And so it will be.
I personally find myself amused. My gold and silver would NEVER be exchanged for fiat at these prices. BUT unloading fiat in exchange for more pm is looking very attractive.
BTW. How many papser contracts does it take to build a solar panel???
The GOVERNMENTS ARE the fraudsters. They will support the power of the COMEX paper playpen to set the "price" of real metal until the end.
LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL
TO DA MOON. GOLD 10,000. PETER SCHIFF. MIKE MALONEY. MAX KEISER. DOLLAR COLLAPSING. END OF FIAT. HYPERINFLATION.
WHAT A JOKE.
EAT SHIT GOLDTURDS
(OH YEAH, I'LL POST THE SAME THING WHEN GOLD GOES TO 800)
KEEP STACKIN!!!!!
Away From me Satan! For it is written, you shall stack real wealth only.
I have a feeling u'd be getting the nail gun soon
Huh? Printed...easy money and unaccountable is good...Labor intensive and accountable is a bad? but I'm the dummy?
dude, like, are you a hired Rothschild/BIS/Fed troll ?
or are you just yet another data point that proves the theory that humans are the dumbest species on the planet ?
has to be one or the other
I'm not happy about the crash in gold prices but I must admit that the next episode of Keiser Report will be very interesting to watch.
I can't believe this bullshit!!!!!!!
Gorden Brown is leeching more City of London sovereignty.
FED Bag of fucking majic.
China should now revalue gold and say that the comex can't deliver and crush the shorts. That would be hilarious.
And announce no trading gold paper period in BRICS nations. And no derivative trading, no trading with US banks all positions must be closed today.
Then dump treasuries en masse.
fuk em
All so you feel good about that 1 gram bar you have. Dream on. My favorite involves super models, but to each his own.
You're talking about war and, today at least, the Americans are still pretty good at it. The Chiners are playing it smart. Let the west collapse on itself and then make real markets. USA, without any capital, will be unable to fight and will become third world country for a generation or so.
Miners must leave comex and only sell in China
I wonder how long the BRICS are going to tolerate this shit.
That S in BRICS stands for South Africa, a country deeply reliant upon income from mining. Why are they just sitting there letting the U.S. and U.K. impoverish them with this fraud?
This smells like more war from usa to china/russia
Yeah. Maybe a big holder knows that the governments are about to confiscate precious metals.
haha you are such a bad shill
Dude, I'm not a shill. You should really worry about what has happened this evening.
Worry? BTFD yo!
:)
Yeah, not really worried. Cost of insurance just went down.
Exhibit:#11~ Looks pretty fucking {Promising}
Buying PMs, the stuff that EVERY fiat regime is committed to destroying, is not just bad investing, it is silly stupidity.
Actually, some of the fiat regimes, China and Russia, for example are clearly NOT committed to destroying PM's.
But then you knew that.
China and Russia are trying to undermine, dethrone and replace the USD as the global reserve currency, and they will exploit ANYTHING to accomplish that objective, including gold,
BUT
if their own population's buying of gold threatened their own fiat,
THEN
they also would be taking action to devalue gold, the way that USA, UK, EU, etc have been doing.
But then you knew that.
I agree with your first statement. But I don't think the total gold owned by the populace of any given country is likely to be held by enough people in large enough amounts to threaten their own fiat, and I don't think a primary motive or objective in the suppression of gold price is countering a population based threat. They can deal with their respective 99%-ers through taxation down the road. The suppression is all about the major global players having a common interest in keeping prices low in order to hoard more physical because when the reset comes, in whatever form it comes in, a country's gold reserves are going to be a key factor in re-establishing confidence in that country's currency.
Its been 59 years since i've felt this safe.
That was when i was a baby in my Mothers arms.
I am going to BUY MOAR!!! MORE GOLD !!! Take it to $300 if you want. MORE MORE MORE MOAR!!! What a bargain! I suppose China will buy buy buy too.
Wait for the price to stabilize before you jump in.
no no buy now, to crush the short covering.... with Russia and China
Yeah, it's only about 180 mph passing the 20th floor to the sidewalk below. I'm worried that this is a manipulated drop leading to confiscation.
(Sunday night May 1, 2011 revisited)
Damn, another Sunday night takedown.
Did we pull Osama from the ocean depths and kill Bin Laden for a third time!?
Tuco
I do believe the CRIMINALS are throwing in the towel!
there is something going on the CRIMINALS can't control
"China just revised their gold holdings again, changed it to 25,000 tonnes, sorry for the mix up."
That should fix things.
Yes it's margin calls. All commodities are exposed to the Chinese market crash, which will only keep feeding on itself. Interestingly I've heard rumors of a sudden increase in home listings in Vancouver/Richmond where 40% (YES) of all recent new condos built in say the last 5 years are EMPTY, believe it or not. FIRE SALES IN RICHMOND BC HOMES ARE BEGINNING. Google it. These are condos averaging 400,000.00 CAD in price and were bought largely for one reason.......an escape hatch if things go wrong in China. But, things ARE now going wrong in China but these greedy investors who inflated this Canadian real estate BUBBLE didn't expect that the Chinese Government would lock up their monies in cease trading orders for the largest shareholders and so they are caught, trapped by their leverage. Did I say leverage is Evil?
Good, BC housing is a rip off
No, this is bad news. I was going to pick the lock and move into one of those condos. Wait, I mean they left the door open.
no worries , it will be free for a while, happy squatting
So property prices collapse. tax revenues crash, and pension crisis ensues.
All the CMHC 0% down mortgages go under-water, and the banks start refusing renewals.
So the WSJ article was nicely timed.
Most likely will be going lower until interest rates start rising. And they still could go lower a while after that.
Armstrong did call for gold to fall below 1000 dollars back in 2011, he looks to be making the right call. On a good note he thinks gold will be back up after late 2015. If you think who gives a fuck what he thinks, ill say all his calls have been dead on for the last 4 or 5 years ive been reading him.
Yeah, but Armstrong also claims there is no manipulation. Respect him and his analysis but this is getting ridiculous.
Yes, but he also says gold will fall to the 900-1000 range before it takes its next leg up. Based on TA, not manipulation.
Just posted: http://www.armstrongeconomics.com/archives/date/2015/07
Wow, this never happens.
WTF was that?
Cramer has a "buy gold" story just before this happened on CNBC... should have seen that coming.
Never trust CNBC.
nice reverse psychology
Oh vey, who could be responsible for these shenanigans. Well, should be an interesting week.
Those ATB coins are not a bad investment.
Interesting psychology tonight. The price is going down and buyers are pissed. Same as it ever was. The technical charts were shite. lets see if there is any range expansion and volume on a bounce. Platinum is getting interesting. We'll see some weak hands getting culled - guessing many will be in China.
The only thing buyers of phyzz are pissed about is that the premiums are more than filling the difference. Paper prices may be falling but premiums are rising.
https://comparesilverprices.com/
"Somebody" wants to force miner liquidations.
Watch who ends up owning these after a while of this.
The cost of insurance just went down.
Opportunity of a lifetime. You can smell the blood in the streets.
FreeGold?
http://fofoa.blogspot.com/
I would say, the fix is in alright
These CB's are really in desperation mode now
This just adds more credance to sept/oct when it's all going to happen. Can't wait, I've got metals, have no loans, and have vegies in the backyard, I just wished there was at least some Global Warming.
When are your veggies ready? I'll be over.
Cheyenne Chillis, Serano Chillis
Carrots, Beetroots, Squash, Brocolli, Herbs
What State, country?
Australia, having the coldest winter on record. It's so cold some areas are getting snow for the first time ever.
Stage 2 of the currency/money wars against BRICS.
So after the take downs of Russia/China markets in the past months, plus gold. When are BRICS going to say ENOUGH to the money changers and cut all ties with them. Today would not be soon enough.
On Netdania, time increment 1 minute, volume turned on, you can see that the smash only took <16,000 contracts at 9:29 PM to pull it down momentarily to $1087. The next minute it recovered to $1108 with a whopping 52,800 contracts jerking it upward pretty hard.
This sure looks like a short-covering maneuver. Same in silver.
We may be coming to the end of all this nonsense. Maybe they are actually running out.