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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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I just checked my stack and it isn't crashing, looks the same as the last time.
At $250 / oz in 1999 gold was an opportunity a lifetime. Funny thing is most likely no one here gave a thought to buy then.
Did you get your fill then?
Actually I did. I thought it would make a good b-day present for my brother. But I waited a bit and the price shot up to 300. So I set my sites on the next touch of 250.
Needless to say it never went down again and I missed the best prices in our lifetimes.
I fabricated a 200 Gram 24K Cross set with Emeralds.
I still have the Plans for the 46 Troy Ounce Jeweled Crown. The Crown of Thorns was to be set with Diamonds for beads of sweat and Rubies for the Blood shed.
I did not ever fabricate the crown. It takes awhile to accumulate the Gold.
But I still have that Cross and I wear it on a 24K chain.
Yes I made a thought to buy is back then. I have been buying an selling before that time, during that time, and throughout to the present time.
I am here and I am someone.
"The City of Jerusalem will possess most
of the gold and precious stones of the world". -Michael Higger, Jewish philosopher in "Jewish Utopia"
As soon as the King Messiah will declare himself, He will destroy Rome and make a wilderness of it. Thorns and weeds will grow in the Pope's palace. Then He will start a merciless war on Gentiles and will overpower them. He will slay them in masses, kill their kings and lay waste the whole Roman land. He will say to the Jews: “I am the King Messiah for whom you have been waiting. Take the silver and gold from the goyim.” - The Talmud
not if we get them first..... according to the talmud you can get someone first if they say they are gonna get you... therefore, first strike is fine in this case... fair play.
The goy in Russia been down that road, or in the US... we learned that trick.
If you want to see an intense, psychopathic, supremicist, and racist fantasy, derived from overwhelming feelings of hostility and inferiority, look no further.
Not sure if people are downvoting the message or the messenger? I am merely the later.
Something is very wrong here. This feels like the tide pulling out into the ocean right before a tsunami hits. I don't think the price of gold has ever dropped over 4% in such little time, in just a matter of minutes. I'm expecting big news or a big event to follow. The person or organization who dumped 2.7 billion dollars in gold is a person or organization who is in the know. Strong US dollar, weak everything else...What shoe is about to drop?
Nobody dropped $2.7 billion at once for any reason other than to trash the market.
do you think that they have more breathing room to hammer now that the extra oil supply from iran is set to go online tuesday and suppress oil prices even further? i did see one mention "$50 oil equalizing $600 gold" in a previous comment.
could that be a rationale for these moves be that they (western fiat market makers/govmntl agents) are strengthening their underlying assets by moving towards normalizing relations with underdeveloped markets rife for investment and development such as cuba and iran?
I don't think the dumping of 2.7 billion dollars in gold was a move by a Western party simply because it occurred at the open of the Chinese markets on Sunday night. As far as normaization of relations between the US and Cuba and Iran, to me that seems like a geopolitical chess move made by the US to protect it's interests in North America and The Middle East in the face of competition from the BRICS. This I feel is the real reason why Greece was not allowed to leave the EU. I feel that we are experiencing a new Cold War and the manipulation of markets, currencies and commodity prices is part of that war. There is nothing for me to base my opinions on. These are just my gut instincts.
interesting points. thanks for the reply!
Why sell 2 billion of something in such a way to get the least price for it? This is obvious. Either you were forced or you want the price to fall.
Agreed. I think here its both, and largely here it is China-related margin calls. Big picture, my hypothesis is that all of the CBs and TBTF banks are and have been allied/complicit in suppressing the (paper) price of gold because they all are competing to acquire as much physical as they can for (a) the primary purpose of having as much physical on hand as possible for when a new SDR scheme is unveiled, in which scheme gold will play a major role, and (b) the fallback purpose of having substantial gold reserves in the event the new SDR scheme is not resolved to the satisfaction of China.
In short, I think the US and China are both acting to suppress the price in order to horde physical at artificially low prices in a version of mutually assured destruction theory. If the US (by which I mean the US itself and the IMF/BIS which the US de facto controls) does not give China a large enough seat at the table when the new SDR (or its replacement) scheme is implemented, China is making sure it has enough gold to basically tell the US to fuck off and will have sufficient gold reserves to boost confidence in the RMB as a major trading/settlement currency. China's allies, namely Russia and India, are doing the same thing, both in support of China and to boost the credibility of their own currencies. Conversely, If the US is compelled to give China what it wants in terms of being a more equal partner vis-a-vis the new international settlements scheme, then the US is making sure it will have remained competitive with China (and by extension Russia and India) in building its gold reserves.
I feel quite confident that the probability of the world ever returning to a gold-convertibility standard approaches the zero bound. Rather, the CBs, TBTF, et al. know perfectly well that the current global system will have to be reset, and that the trick is to first try to do it softly and manageably, or, if that can't be done (which I don't think it can be based on the maths), do it as part of a violent, global upheaval. One way or the other, there is going to be a replacement of the USD as the global reserve/settlement currency. It will be replaced by either (a) an internationally controlled currency (SDR, Bancor, etc.) that will be used for international settlements, against which national and regional (eg., Euro) currencies are valued, in significant part as against each nation's or bloc's physical gold reserves, or (b) a competing array of major currencies (USD, RMB, Yen, Euro, etc.) that will serve as alternative reserve currencies, and will likewise be valued against each other in part based on the issuing nation's gold reserves.
I believe that the global-powers-that-be would prefer to negotiate a transition to option (a) because they know a global conflagration could easily get out of control, and the loss of control is what they dread most. The obstacle to getting to (a) consensually is that the US currently still insists on retaining its historical role of being the leader and in ultimate control, and does not want to give China the prominence that China's economic might now commands. To me, the question is whether the US will risk/allow/initiate global war to occur in order to protect its former might, or will it eventually concede to China. China, for its part, is happy to bide its time, and will continue to move towards outcome (b) in the interim.
"(a) an internationally controlled currency (SDR, Bancor, etc.) that will be used for international settlements, against which national and regional (eg., Euro) currencies are valued, in significant part as against each nation's or bloc's physical gold reserves, or (b) a competing array of major currencies (USD, RMB, Yen, Euro, etc.) that will serve as alternative reserve currencies, and will likewise be valued against each other in part based on the issuing nation's gold reserves."
Both a an b are dependent on measuring a bloc's "physical gold reserves", how do you propose that be done? The only way to prove you have the gold is to make your currency exchangable for it somehow. China knows this. SDR is dead in the water.
Who has enough and free money to manipulate anything ???
FED !!
Seriously, the only safe things to invest in is the US Dollar and Bitcoin. There is nothing else. WTF?
ha, what a joke. bitcoin is garbage, gov's can shut it down in a minute, and when you said US dollar, well I know who you work for now. nice try.
Bitcoin is decentralized. It is impossible to shut down. The only way it could be shut down is to shut down the entire Internet, and even then the value of the coins can be stored in "cold storage" with wallet private keys in offline files, or even memorized in your brain if necessary.
Let's see what the CME group has to say about margin requirements today.
Aaahhhhhhh! Back from the dead. It's quite liberating. You should try it some time.
For the record I tried!!!
The best PM forecast I ever heard (M Muloney or STG Bull??) said that the price of gold and silver will keep going down and down, until the paper market is completley broken. Only then will the market demand real price discovery.
True so far.
nice try shill
Ever do any reading?
FOFOA states that the price of Gold will be ZERO on the Comex.
It is the unabashed truth. Before this shitshow ends the price of Gold on the Comex will be zero along with that of Silver.
I have dabbled about in the PMs market for quite awhile...DECADES. I have played the Bear Markets of the 1980s and 1990s and I am still involved in this market. I am not a "fly by night" speculator, seeking Fiat Gains.
I will weather this storm splendidly.
But the truth is that an unenforcable contract for delivery is WORTHLESS.
The price for Gold and Silver today, are just a FRACTION of the price of a FUTURES CONTRACT. There are far too many CONTRACTS offered and, as nobody wants them, or can PRODUCE THE LIQUIDITY TO PURCHASE THEM, then the price declines until there are BUYERS for the CONTRACTS.
But IT IS PAPER. It is NOT ACTUAL METAL. It is all based upon SPECULATION as these players are seeking FIAT GAINS. The Comex warehouses have NOWHERE NEAR ENOUGH METAL to satisfy a DEMAND FOR DELIVERY.
But when it all comes crashing down, and it will happen, then they will demand actual metal as the Faith, Confidence, and trust will have completely eroded away. And at that point the Comex decalres..."Oh sorrrrrrry. We cannot deliver the metal. Here is some Bernanke Bux instead. Read your contract. What? You did not read the fine print that YOU AGREED that we can do this?"
And that is when NOBODY WILL WANT ANYMORE SHIT CONTRACTS. And the price will be ZERO as they will go NO BID.
So fuck these people, these SWINDLERS, and I hope that Jeffery Christian rots for eternity in Hell.
+1, Tall Tom, but you have to admit that FOFOA's point is a bit arcane, for the believers of "market fundamentalism" propaganda
market fundamentalism implies that the market is always right, despite any manipulation, despite the differences between a physical, primary market and a paper, derived market, despite... history
YeeeeeeeeHaaaaaaaaaa! What a fucking ride this has been! Can't wait for what's next - tanks in the streets maybe? We can only hope...
Hey meiser. I think you forgot the sarc. I HOPE you forgot the sarc!
US dollar should crash soon, better buy gold and silver. I can see a lot of treasuries sold...
Yen will go sky high and crush the carry trade... yeee hah!! Awesome
How about ALL producers stop delivery fpr 2 months and lets see what happens. If cost of production is around $1,000 then there isnt much to lose.
It is a great idea, however the paper market is about to break anyhow. If the producers did anything like that, then they would be accused of manipulation instead of the banksters.
Are we watching a cyber currency war take place? China is plunging the price of gold to buy it as cheap (and fast) as possible. America retaliates by taking down the Chinese stock market. Who wins?
Everyone should read the talmud... it is a good read.
For a year I've been saying it's time to stack cash, and be ready to buy AU at $950 and AG under $10.
And I think that the world credit-debt contraction will surprisingly and soon take us to those buying opportunities.
AG went under 9 in 2008 and silver eagles never went below 16 bucks. Wake up.
My understanding is the point of the stack is it is there and it remains there until the fiat shit finally hits the fan. So it is a SHTF investment and there is no point in all sorts of hand wringing and trolling until SHTF judgement day eventually arrives.
You make your SHTF allocation and then forget about it.
This must be the reason none of the local coin dealers have any gold or silver bullion coins and the online charlatans have growing spreads if they have any inventory.
You know, because supply is high and demand is low causing falling prices. Oh wait.
Exactly
or maybe.... just maybe.... China just ACTUALLY DID JUST DUMP $2.7B notional on the market?
Whoa, they're leaving gold where it was and going after silver now.
100,000 in 3 minutes flat. Sunday nights are rough!
tag team JPM and Citi.
Call up the man pads....
Someone will be pissed... Wall St needs to go down for a week
Fascinating, I was curious what was happening with bitcoin -- not much price wise, but the volume on the yuan exchange has plunged the past few days, as you'd expect if people have no money to exchange. Might be a useful leading indicator.
The central banks are creating deflation, not inflation. Overinvestment, overproduction all over the world. The crash will be deflationary. The inevitable solution will be hyperinflationary.
Get it while the gettings good. Shine on. Never fazed. Stacker Nation. Stand Up.
gold price in euros did not change a bit
Exciting development here at Cobaul Arena tonite, silver, which was battered senseless a few hours ago, is back on its feet and rampaging to the upside, gold has shaken off most of its concussion and is trying to do likewise. How long before the hammer returns? Who knows! Stay tuned...
Sunday nights can be fun to watch. This is Wahh.
I'm very happy to see commodities getting cheaper and cheaper. Then I can buy more stuff with less money.
lol. Maybe it really is a good idea to diversify into Bitcoin and some other things. :)
Stack on, motherfuckers.
THEY simply don't want people in PMs, they want people in stocks and bonds.
Cash is king at the moment, accept it, flow with it don't fight it.
As long as the fiat price of PMs keep falling the best play is to wait it out.
I'll see you near the bottom for an buying spree.
You'll miss the bottom because it already happened in the phyzz. Go home paperboy.
How do you call a bottom in Gold or Silver. Probably with 30 & 60 days windows for bands or moving averages?
I don't see a bottom, but you must be talking about today. Which does make some sense when we have 3 Market times.
$20 / 1200 = $1.6% changes over the days.
Sharp Charts, candlesticks, http://stockcharts.com/h-sc/ui
http://www.marketwatch.com/investing/future/gold/charts?symb=GCQ5&countr...
I'm talking about a bottom in physical. I don't stack futures contracts, so I don't give a rat's ass what they do. Premiums on physical have risen more than the silver price has fallen. That means silver is more expensive today than yesterday. i.e. bottomed.
There are not many in PMs. Those in know the scam ponzi and the few who are in for the wrong reasons, yes they will fold. Im not convinced this is to get people in stocks etc
London opens in a few minutes, get ready for round three!
Eurex in emergency mode: it's suffering a technical meltdown with its system
http://www.eurexchange.com/exchange-en/trading/production-newsboard/1483...!search
"The Opening of all futures and options at Eurex will be delayed due to technical issues experienced until further notice."
"Technical Alert
Please be aware that the T7 system is currently experiencing technical issues. We are investigating and will keep you informed."
Hey, good news. I'm glad to see it's all fucked up.
These people need some street justice somehow.
Short the paper, shit on the physical.
Sorry, typo.
I am trying to learn about the markets. I would like to know how do you short it? Thank you.
Cut off its legs...or ask your broker.
Dear Fed,
Please raise the price of gold. Why? To prevent a global ...
http://michaelekelley.com/2015/07/20/dear-fed-plz-raise-gold-price/
Thanks
I am just the messenger of the obvious:. Cabalists. You Magnificent Bastards, I Read Your Books;
http://winteractionables.com/?p=22932
Cramer: Go for gold! It's portfolio insurance
We're all doomed.
Yep, Crammit thinks gold and tungsten are of equal value...
I see that close to 200,000 people have read this article.
Perhaps there should be fewer comments by us all and instead we should all buy an ounce of gold every time it gets hammered.
Sooner or later they will realise that it is counterproductive to slam precious metals.
200,000 oz = just over 6 tonnes.
Better still, hit them on the Achilles heel and instead buy the equivalent value in silver which will be 467 tonnes.
"Today, holdings are 258,641,878.074 oz. troy (8,044 metric tons).[11] At the May 4, 2015 rate of $1,188.50 an ounce[12] it is worth about $337 billion."
- Just wanted to do the math.
258,641,878 / 200,000 oz = 1293rd of the Gold in Ft Knox
West Point Value of Deposits & Monthly Sales?
- "The U.S. Mint has sold 61,500 ounces of American Eagle gold coins this month(as per Gold Core, ZH, 3 Jul 2015), the most since January."
http://www.usmint.gov/about_the_mint/index.cfm?action=PreciousMetals&typ...
- 2015 American Eagle Sales by OZ:
January, 81,000
February, 18,500
March, 46,500
April, 29,500
May, 21,500
June, 76,000
July, 101,000
-
JPM House Sold Delivery of 2468 each Contracts 100 Gold Futures in June (100 OZ X 2468 = 246,800) and JMP Customer sold Delivery of 2265 each Contracts 100 Gold Futures in April 2015 (100 OZ X 2265 = 226,500). (Page 3.) But it nets out different over time period of 1 year or whatever.
http://www.cmegroup.com/delivery_reports/MetalsIssuesAndStopsYTDReport.pdf
"In 2002, United States is the second largest producer, after the Republic of South Africa, and accounts for 335 metric tons (t), or nearly 13 percent of world production in 2001."
So for 2001 much larger Production...
32153 X 335 Tons = 10,771,255 oz Gold Production in US in 2001.
"In 2014, domestic gold mine production was estimated to be about 211 tons, 8% less than in 2013, and the value was estimated to be about $8.6 billion."
32153 X 211 Tons = 6,784,283 oz Gold Production in the US in 2014.
-
The US is Exporting Gold at about 600 Tons a year over the last 6 years, while producing only about 231 Tons per year.
US Year: 2010, 2011, 2012, 2013, 2014
Gold Production:
Mine: 231 tons, 234 tons, 235 tons, 230 tons, 211 tons,
Exports, 383 tons, 644 tons, 695 tons, 691 tons, 430 tons,
http://minerals.usgs.gov/minerals/pubs/commodity/gold/mcs-2015-gold.pdf
Silver would be better
It's starting to become pretty obvious what they are trying to do here. They are forcing the participants/buyers in the PM markets to realize that PMs are a NO-GO at ANY price regardless of what the demand is and as such they are doing whatever needs to be done to make that clear. So don't get surprised if the price of gold continues to tumble even as there comes a time where you no longer can buy physical gold.
"price of gold continues to tumble"
at "a time where you no longer can buy physical gold"
Obviously the word gold in the first sentence has a different definition than in the second. It is impossible for their to be a last sale price but no transactions.
For these people the ability to trade paper instead of a real deal is the key. This paper-shait-thing is the modern version of naked shorting, which in itself should be illegal. Because it means you have an infinite amount of paper in a finite market. Which means you can get the paper price down to 0 if need be.
My personal gold miners portfolio is down 36%. I work for a little cousin of the one bank. I have read history. I now beleive they will take down gold (and value UP everything else ala Crack Up Boom / Fiat Crack a Boner) and destroy everything before ever relinquishing control. When this ends, which no one really knows when, a bottle of rum will be more valuable than a gold coin because the barbarians will be at the gate, unless you hunker down in an army base. Good luck all. The next middle ages is coming to a democracy near you. Forget small cycles and black swans. This is millenial cycle - civiliisation rise and fall. Rinse and repeat.
... The gold miners got smashed on Friday, huge volume and price spread with gold and silver pretty flat...... Fuking idiots forgot ? to smash the metals on Friday? Oops lets do it Sunday night instead.
Locally I notice that Rum and Tequila are at a premium since Imports.
I say go long on cheap whiskey, gin, and vodka.
Someone else said this year go long on feminine products and toilet paper.
Spam is very popular, but you probably need rice, biscuit mix, salt, pepper, ketchup, Worcestershire sauce, beans, citrus to prevent berry-berry, various soaps, vinegar, spices, and cooking oil.
I lost on a Miner a few years back. Sounds like hell.
Guns, ammo and a good, sharp knife!
Allmost 2 weeks ago we predicted the rapid move towards 1190-1110
http://goldenopportunitytrading.blogspot.com
It was funny that last week someone posted they bought a number of 100oz bars of silver. I commented that they bought to soon, becasue an intrest rate rise (as was being predicted) will push PMs way down. I was "shouted" down.
Guess who laughs last.
"Can you keep your head while those around you are losing theirs..."
Been there, done that but they even stole the teeshirt. If I had the money, I too would be stackin' and rackin'...
This small event (in the broader scheme of things) is a perfect litmus test for those who own gold.
Those who really understand the fundamentals (e.g. thousand of years of value; good collateral; all fiat dies, etc.), and are paying attention, recognize this as a clear sign that the system is accelerating towards a climactic crisis, and are either sitting tight or accumulating more real assets.
Those who are frightened and/or bewildered and/or angry don't yet grasp the fundamentals, or "invested" for the wrong reasons to begin with.
Oh, and by the way, during the 2008 crisis, gold dropped from $1100/oz to $800 before ascending to $1900. Take a look (click on the 10 year chart):
http://www.macrotrends.net/1333/historical-gold-prices-100-year-chart
Thanks for the Link. http://www.macrotrends.net/1333/historical-gold-prices-100-year-chart
I can't even guess how many markets we have in the USA. Maybe 10 or 30. And at some point we would see Markets taken over by foreign markets I would think. Some where wondering about the London Silver fix and others about Gold Markets in Asia.
I didn't realize that the UK was one of the Big Gold Buyers in the World. It doesn't make much sense of the face of it if our Anglo-US Central Bank claims Gold is not money except as a deliberate lie.
UK, Switzerland, and Hong Kong are the main buyers of US Gold in 2012 as per link from USGS.
http://minerals.usgs.gov/minerals/pubs/commodity/gold/myb1-2012-gold.pdf (Page 11, but totals are in Kilograms)
Edit: I guess my point was it the Futures or COMEX Endos, then TPTB will try to isolate the problem and fix that one market... where many are saying Liquidity or Credit Crisis will spread the contagion.
Two comments: 1. The Chinese are having trouble dumping their stocks .... so they can take advantage of the "ïnduced" sale price in PM ! 2. A good Madeline Albright "They tricked us !" from Clinton's fuel rod deal with the Norks !
With enough socialism .... applied over 100 years incessantly .... the US can join the family of third world nations .... of course when that happens .... there will be only two classes of nations .... the noveau fucked and the heritage fucked !
There is always climax before end of the trend, time to buy.
I don't think they got the selling they wanted when they moved the price down. The metals are way over shorted by the spec class. They have been setting the stage for that push for over a month. They need people to sell, not to just move the price around. It will be interesting to see if they double down on attacking or if they head for the woods. The swap dealers exiting short positions would seem to indicate this represented a trading bottom and the continual "speculator spank" is on. But we shall see.
Until this happens to PM's on a level at least approaching the retail trade use of Bitcoin then PM's remain potential money because the do not yet possess widespread public knowledge and use in everyday trade. Perhaps this lack of retail use helps make PM's more susceptible to manipulation.
Where's Bo Polny?? This simply should not have happened!
Coincided with Navinder Sarao getting an Internet connection to his prison cell in London.
Release him and put the real crooks in jail!!!
Why are those guys on TV trying so hard to sell gold and silver. Do they expect the price to fall. Did they buy too high and now need to dump? If it's for sale on TV, should we be buyers?
Go ahead...take the price of silver down to $10...$5...go for it fuckers! I will KEEP STACKING...get it? Now get back to work!
Investors are flocking to US equities and evacuating every other market most notably commodites. With 7 years of QE money printing and an 18.3 trillion dollar deficit the US government has distorted US equities to unprecedented levels of insanity.
Yup
People say that QE didnt produce hyper inflation... what do you call the DOW and S&P this days ?
When they go to cash those tocks in there will be a move.. the Fed will up intrerest rates to keep the stock market from looking bad.
Grabbed yet more 10oz bars this AM. I love that shit. It's a savings account you can hold, without involving some shitstain bank.
Got an idea.... Let's all sell our gold and silver and buy Netflix !! No brainer!
I wish I had the other day, all joking aside. I could have bought back 20% more of metals.
Stacked a little more today and long Couer again at 420. They hit 7690 when silver had it's big rally 3-4 years ago.
Can any of you guys suggest junior miners you like?
Don't lather up over hindsight.
I hope by the time I go to Vienna on early October the prices will be much lower so I can get a few gold rounds and 100 or so ouces of silver
So if gold chains arent a good symbol of my wealth, what the heck am i supposed to wear now?
If gold holds this 2 billion plus smashdown this week and gets into the active month of August on Comex. Many of those shorts will cover. You don't want be forced to deliver what you dont actually have. So those sub $10 prices in Silver and $900 prices in gold are nice buying points, but not likely. Noteen Chinese want th double whammy of a fatering stock market and debauched gold prices.
The old coin market has uncoupled at around $1200 AU