This page has been archived and commenting is disabled.
This Has Never Happened To Gold Before
For the first time since records began, hedge funds are net short gold futures, according to CFTC data...
This is what happened the last time gold saw a 'low' net long position...
Is this why Gold is spiking this afternoon?
Squeeze...
Charts: Bloomberg
»
- 218517 reads
- Printer-friendly version
- Send to friend
- advertisements -
"Obamavilles" That would be hilarious if it weren't so fucking sad.
I try not to drive through this area, but I had to take a direct route to a meeting. I should start taking pictures to show how this is nailed together wood with full bedroom sets, coffee tables, etc. No idea where they are getting the electricty to run the TV's. Govt. funded solar? Nothing surprises me anymore. Its pretty nasty, but its not as haphazard as one would think. Probably has at least 50 people living there.
I need to take a stroll over to skid row to see the real chaos.
Also along the 110 North on the East side against the concrete river is an entire homeless city from Downtown LA that stops right about at Highland Park. Its well hidden, but if you drive the freeway you can spot it. That is the original LA obamaville. Under the 101 is the fancier obamaville Hills.
If you are in LA go check this stuff out for yourself. Its frowned upon to talk about in the media.
Funny you mention this. I saw an ad on Craigslist earlier this year, advertising the sale of American Gold Eagles over in MacArthur Park. Not in the Westlake/McA area...in the fucking park. "Cash only," it said.
I just laughed. And laughed. And laughed.
Yeah...I think human suffering is hilarious. What an ass.
Wipe your pussy.
Word.
Obamavilles.
Itsa LEGACY worth remembering, worth circulating.
Hehe -- he said "smells like a bottom"
Smells like Yellen's bottom-------P U
If your miner stocks are still listed then the bottom is not in for them yet. My advise is to get paper copies of the stock certificates to hang on your wall while you still can, they may be worth something to a collector someday.
You've got a bullseye on your back, slugger. Too bad no brain to go with it...
Smells like a bottom...and I've smelled a lot of bottoms!
not in mine.. dude, you can SHORT stocks, too!!!
you have to follow them down, then follow them up.
Hedge hogs are trying to bury gold. Got it?
I didn't know Ron Jeremy was a gold bug...
Almost everyone is bearish on gold.
Next stop: secular bottom
"We have to wait till Eric King turns bear", said the skeleton with cob webs holding it upright.
LOL.
Has Eric ever seen a PM market that he wasn't ready to buy with both fists? I gave up on believing his stuff after James Turk predicted when silver was $45 that the "flag pattern" indicated that silver would be at $55 in the next 2 weeks; or when Pierre Lassonde promised a 100 bagger on his diamond strike in South America that's turned out to be a dog. I think there is a place for being optimistic, but Eric's "infotainment" is mostly to help PM holders nurse their wounds during this "bear phase of a secular bull" or however they want to describe it. Some of the Paul Craig Roberts interviews with King are outstanding, however.
I feel like the general thesis of Eric and his guests is for the most part correct; however it seems they willingly suspend reality in the face of a formidable adversary. I think more focus needs to be spent on a long
term meme/mentality, than on whats just around the bend. I like the material provided by Andrew Maguire. And I agree that Mr. Roberts has an excellent insight, and evidently no fear of nail guns.
_Almost everyone is bearish on gold_
No they are not.
If they were, wouldn't see articles about how you should 'average in', or buy it 'while on sale'.
Watson
Yes!! Just as Precious Metal Pete predicted.
Go ahead bastards, burn that paper price down to its true worth and take all the mining stocks along for the ride. I'm ready to get the partay' started once we get to a no bid price and production nears a stand still. You know its coming bitchez!!
Ah yes. Paper gold. What an oxymoron. The main reason to have gold in your portfolio is to have gold in your portfolio. That is, if you own a certificate or have some digits in some gold backed account =, then you really don't own gold at all. Dump the paper products and get something with real value.
I like silver better than gold because of the gold:silver ratio. Historically its around 1:18, its about 1:75 right now. Start out with some pre-1965 coins (www.etsy.com/shop/ScentSavers). They are recognizeable even to the newbie stacker, they have extremely low premimums, and they come in very divisible pieces (ie silver dimes).
Then you can work your way to silver bars and generic rounds (also low premimums) and silver eagle and maple leaves. When the ration comes back down to about 1:40/45, then I'll think about buying more gold.
Gold and Silver is cursed. Only buy it if you want to be cursed.
It is an abomination. Read Deuteronomy 7:25-26
No matter what happens, hang on to your physical gold.
Don't let anyone tell you anything different.
Try again;
25 The graven images of their gods shall ye burn with fire: thou shalt not desire the silver or gold that is on them, nor take it unto thee, lest thou be snared therin: for it is an abomination to the Lord thy God.
So God approves paper assets only? Then Blankfein must have been right...about doing God's work 'n all.
"Happy is the man who finds wisdom, And the man understanding; For her proceeds are better than the profits of Silver, And her gain than fine Gold.”
Proverbs 3:13-17
i don't care about the what the jewish bible has to say
You could say that the Bible is just a "paper promise" to pay at some point in the future. No different than a GS derivatives contract.
Who the fuck is God? Got a picture? Didn't think so, it's a fucking delusion. Acting on delusions is by definition, psychotic behavior. What does that make religionists? There are a huge number of psychotic people in this world outside of this forum. The delusion here is gold but the god delusion is much stronger, more pervasive and far worse.
This is more than idolizing gods and images of the gods made from silver and gold. It also deal with the love of money being evil. Money it is not evil, the love of money is. There is big difference.
But thanks for the comment. I like researching bible versus!
and other books written by bronze age nomads
funny how god made them a home and chose them in the book they wrote
Deuteronomy...
Sounds like he works for Goldman Sachs.
No, no that's Dieter Romney.
What if I scratch the letters F-R-N on it and make a little picture of a pyramid with an eyeball on it, would that lift the curse?
Yeah, Mary and Joseph better dish it back to the Magi dude. Hang onto the frankincense and myhrr stuff though. It has a better street value.
Mama said be nice to Retards. So I up voted you.
The fucking book is a curse, anyone reading it is cursed and gullible as hell if you believe it.
Wrs1 - what is your problem there hero ? Some long dick bible thumper steal your woman away from you or something ? In case you didn't notice the topic is PM's and specifically Gold, and you come in hating on God with this atheist rant BS. For fucks sake, your about as bad at the shitcoin people on this thread.
This is the same Deuteronomy that tells me to cut off my wife's hand if she grabs someone's nuts while he's kicking my ass, right? (Hint: it is).
I bet you could clip 1 OZ & 5 OZ Silver bars with Tin Snips.
Not positive it would work great for 10 OZ Bars, but Tin Snips are pretty great.
A bolt cutter might snip a 10oz silver bar. Tin snips can barely cut through a computer case.
I like your post RealMoney, but one correction: pre-1965 coins do NOT have extremely low premiums. It's just the opposite -- very high premiums! The lowest premiums are in generic rounds and bars (premiums get lower with increasing weight).
My local coin store does not charge hefty premiums on pre-1965s. They aren't as low as generics, but they are low especially compared to the foreign coins like the kugerand or the chinese panda. They are still trying to sell those around $40
#mce_temp_url#
Get a longer database for the COT. The 1988-92 and 1996-01 bear markets (gold under declining 100 dma) saw non-commercials net short 80% of the weeks. This bear has yet to have one negative week. Current data will support a bounce, but not likely the end of the bear.
Jesus christ. I couldn't make this shit up if i tried.
Fixing your punctuation for you... Jesus Christ: "I couldn't make this shit up if I tried!"
As governments fail, gold rises.
As governments fail, gold AND silver rises.
FTFY.
thank goodness for good editing...
100 oz RCM bar today...
on edit: I do expect a short term (short-covering) rally (before some moar downward), but we gettin down towards the nitty gritty here. So far, the only one who's had it even a little bit right is my man Armstrong (and these guys in the link below).
BTW, if you value some really smart goldbugs' opinions you might want to visit http://goldtadise.com/
They be goldbugs too, but have been calling (and shorting) this PM bear market since it started and are getting figdety to go long but NOT QUITE yet...
This will be a generational BUY.
"BTW, if you value some really smart goldbugs' opinions you might want to visit http://goldtadise.com/ "
Thanks for the link!
100 oz RCM bar yesterday. When you're a pro stacker, you've got no need for the little stuff anymore.
Smaller stuff is easier to trade for ..let's say things you may need that are smaller than a house.
a bar is probably cool ... but I just have this thing for silver eagles and silver maples .... mybe I'm not pro yet ... but whatever.
WITL & CB,
I like those large RCM bars also. I gots me enuff of de small stuff. So, its nice to mix it up with some large.
It makes sense. In a deflationary environment you sell gold.
And buy what?
hookers & blow
And whiskey, and ammo, and food.
cash is king right now, no it doesn't make any sense so don't bother trying, but it's da troof
Right--why not take a look at the performance of Homestake Mining during the Great Depression. Gold is money and has and will be the foundation of paper money. Deflation means money, real money buys more. Debt money reverts to the value of the debt behind it. What happens to debt in a collapsing economy?
I just bought a can of Folger's Columbian coffee. Same price, the can was 1" shorter than the old ones.
What deflation?
Here is what you do:
1) Open the can of coffee.
2) Empty out the coffee
3) Put your gold into the can
4) Close the can
5) Bury the can in your back yard.
Repeat as necessary.
How do you stop a metal detector from finding this buried treasure? Line the backyard with foil?
Someone suggested scattering nails and washers all over the yard...
Might work, might not. Might depend on the sophitication of the detector.
I tried locating my 5/8 in. dia. round steel bar property boundary markers with a fairly high quality metal detector. After multiple hits, all I found were nails from generations of previous wood fents tear-down/re-builds.
Oh, and PS: Not long after I had found 4 moderately corroded 5/8 in. dia., 18 in. long, round steel bars in the garrage attic of the recently purchased house. 2+2=...
"How do you stop a metal detector..."
I believe the prevailing thought on this site for the bury crowd is to make use of flying lead.
Maybe same for the Boating accident crowd.
My answer is more simple, just remain uner the radar.
Gold is money and has and will be the foundation of paper money.
Nonsense. In my entire lifetime the only gold transactions I have ever witnessed are trades of gold objects for money (in our case in the USA, dollars). I have never seen an exchange of gold for anything but money ... not for cabbage; not for beef; not for an automobile; not for a house; not to deposit in a bank; not for an hours work; not for school tuition ... And this is true of my father's and grandfather's generations as well, so back to 1890's. Silver did play a small role with coins and so-called "backing" of silver certificates, but that stopped without even a hickup right after I got out of high school.
Gold is now; always has been; and always will be just a commodity.
Money is "a promise to complete a trade". Always has been. And always will be.
The problem is not about gold. It's about the 4% built in leak our MOE manager takes for itself and the government criminals it enables.
There are probably more transactions than you might think, but some folks don't necessarily like runnin' around advertising what they do. Watch John Wick (yes I know it's a movie, but life and art do imitate each other.)
For the thousands of years before your grandfather was born, gold was money.
For the thousands of years before your grandfather was born, gold was money.
A) For hundreds of years before my grandfather was born, a tally stick was money.
B) For a couple hundred years before I was born, tobacco was money.
So what?
(A) Was a form of record keeping and counterfeit protection.
(B) Was a form of fairly widely accepted commodity exchange in early colonial America.
And as you say, gold was exchanged for thousands of years having attributes of both (A) and (B).
But the only one of those three that came close to true money was (A), the tally stick. "It" represented a true promise to complete a trade.
We now can easily and more effectively create a true money system (where money is what it always has been ... a promise to complete a trade) where (A), (B) and gold are just poor approximations.
Gold is money and nothing else comes close,
https://www.youtube.com/watch?v=JlM6kNNz0G8
So you're smarter than Alan Greenspan?
So you're smarter than Alan Greenspan?
Smart is difficult to measure. For the things I've been explaining, most 3rd graders are smart enough. Alan Greenspan is a moving target when it comes to smart.
I will say I am more honest than Alan Greenspan and more consistent.
I wonder what Greenspan has to say about WTC7 falling down?
i'm a plumber i did a little side job last weekend.. about 8hrs work.. i took my pay in two 1/4 oz gold american eagles.. it works for me..
i took my pay in two 1/4 oz gold american eagles.. it works for me..
You've just described a simple barter trade. It says no more about money than if I did the same thing but took a couple pallets of double-jambs in the trade.
Certificates (money) created in a properly managed Medium of Exchange do trade as the most valued items of simple barter. They allow simple barter over time and space.
You clearly aren't treating the american eagles that way. You are storing them ... not using them as money to extend your trade from plumbing now to a juicy steak later.
Congrats on having enlightened customers.
Keep them. Nourish them.
Deflation ? Where ... Home values are up food prices are through the roof , all city and town fees are up, utilities are up, Where's this deflation u speak of?
I drove past a Carls Jr. a few weeks ago and couldn't believe the meals started at $12. Steaks over here have just about doubled since 3 years ago. Almond milk and cookies seem to be the things I see not really moving up in price. A 12 pack of Coke is slightly more than a 12 pack of Pepsi. I don't ever remember the major branded soda being different prices. Shampoo that comes in a larger container that say value are the same price as the non value smaller containers per oz. Gas in Los Angeles has just about a $1/gallon tax. The only things coming down in price are Chinese and Korean made electronics like pc parts and TV's.
At least making your own meal is stil multiple times cheaper than fast food. Haven't been to a sit in restaurant for a long time, so no idea what that now costs. I imagine $100 bottles of 2buck chuck being served with $30 half a shot gin/vodka martinis.
We might consider the possibility of a deflationary spiral. ZIRP may have inflated everything. Then these monetary and fiscal woes bring on existential fears. Then gold will skyrocket.
Looks like from now on its going to take more than 13 tons of paper to cause a ripple. Eventually someone will make a bet that will cost them their shirts.
Yellen's put on stocks prevents them from going down. Yellen's call on gold prevents it from rising. Hedge funds go where the free money is
Nothing to see here. EVERYTHING we've witnessed is since 2009 completely normal even though everything we've seen in financial markets has been a first.
welcome to the recovery Doc!
Does this mean that the Hamplanet can raise rates?
I disagree with the common sentiment about gold.
Won't most everybody have to sell everything, gold included, to cover this Quadrillion $ derivative blackhole?
If you can keep gold, that will pay off in the long run. Survivng 'til then, that's gonna be the hard part.
+1. PMs are a hedge. Perhaps more. Perhaps not. Only time will tell.
Fuck it. Just raise interest rates to 25% already. Then you can make even more money by lowering rates again. Rinse and Repeat.
sell everything, gold included, to cover this Quadrillion $ derivative blackhole?...
Ok, sell / convert into whatever the legal tender is at that point in time to service / pay down / off the debt previously incurred, now, who is receiving said payment and what is being done with the proceeds? Are they being used in riotous living or are they being used to payout / off activist investors? We know those latter proceeds just go to liquidate the next worthwhile concern, so to me, the answer is to liquidate those entities at this point in time until some semblance of normalcy and a coherent adherence to a uniform rule of law regarding bankruptcy is reestablished.
At which time the US should also take the Andrew Jackson, Abraham Lincoln and JFK route to circulate non-interest bearing United States notes with redeemable coinage in lieu of the current vaporous and extortionary Federal Reserve Notes currently posing as legal tender as our original Constitutional directives required.
If Obama really wanted to leave a lasting positive legacy, he’d turn on his handlers and make this priority one. Kill the Bank.
Imho.
That would require integrity and honesty....not found in many sociopaths....
Good luck with that!
Canada s Gona get hit first on this commodity crash
Have you seen the loony lately. I was out on a Northern Lake in the evening with my girlfriend listening to the crickets, frogs and night birds when I heard the lonely and haunting cry of the loon. It sounded something like this: "we-ee--eee are so fucked".
My mom had a cabin on Loon Lake. She heard it too.
The collapse in the CAD vs USD is saving Canada's ass right now. We're mostly an export economy so we net benefit from a low dollar.
What? It dilutes our savings? What savings?
There is no physical for these money junkys to go long in. Short is their only play until they all get cooked from the insides out.
Beware. When they can't trick people out of it, they will start to kill people for it.
BREAKING ALERT....You Gold and Silver hoarders are now considered terrorists... You will now be eliminated....
Don't think it can't happen?
Barry: what do dat coin say?
dude: %0 dollars
Gimme dat!
IMHO we are entering into an epic deflationary crash, across all tangible markets.
That would mean to me anyway, that cash and/or access to cash, is going to have real value.
Maybe an inflationary event will follow , maybe not, the common man however is fucked.
What good is cash with no interest bearing value?
What good is raising interest on a debt and social programs that are already difficult to service?
What good is central planning if the common man knows who's exactly responsible for fucking them?
Meanwhile socialists across the country want to raise minimum wages...
Clusterfuck indeed. I'd error on the side of the proven historical wealth assets of thousands of years.
Ask the Greeks. Cash is in short supply. Same here when you consider real inflation versus wages, taxes, etc. And, it is only going to get worse.
Is not that the system is going to fail. We all know it will. It is the journey that can kill as much as the end result.
The common man does NOT know who is really fucking them. Nor how deep the rabbit hole goes.
The problem with silver and gold being valued highly is it would cause total mayhem and destruction of the earth. Every time dick and Harry potter will be gorging the land mining out every last resource which is totally environmentally unsustainable. It will bring about our destruction.
There was a guy here once who said you could pick up silver off the ground for $5 a ounce. Can't remember his handle.
Tyrone! we's makin' 15$ an hour!
Hell yeah
But mah giime dats is droppin' cause I gotta raise!
Axe fo less hours a week!
I'm hoping for some serious inflation myself. I literally just got signed up on a 26 year installment plan with the kind IRS to avoid living in a cage.
If gold goes to 0, I could have all the gold I want!!!
Couldn't I???
Yes... I think so...
Don't I???
now there's a man with a well thought out plan...
Sorry. I have a huge bid laddered in from $.10 on down.
Free gold (with a $2500.00 finders fee).
Kinda weird. To have a paper counterpart.In a way, we all have our (forced) paper counterparts. Your identity, stolen.
Kinda like having a computer program that can do your job. Your livelyhood, stolen.
Paper PMs are a clever mechanism for price suppression. On the way up, demand is diverted into paper, of which there is an endless supply. Net effect, holding down the price. Before the epic finalee, insiders dump the unbacked paper to get out before the scam comes to light, suppressing the price in a counter intuative way, just as the financial world starts to crater.
If they are net short gold, what are they offsetting for a *LONG*?? Or simply anticipating tons more gold collateral dumping when China opens and finally unfreezes the zombie issues?
It is embarrassing to tell people you own gold and silver. Martin Armstrong is laughing at me right now.
I had some silver and sold a couple of years ago when it hit 42. Bought a small solar setup to augment my home, cutting my electric bill in half.
Everyone said I was nuts. That it would go to 500 USD. ''Buy Silver Crash JPM''. as per Max Keiser. LOL
No regrets dumping my silver.
Well, perhaps there is no correlation here ;-)
Well, that sun keeps paying me month after month for next 30 years. (warranty on the panels).
Warranty = counterparty risk
yes if one panel goes bad after 10 years , I get a new one, at which time the cost will probably be 5 euros for a 100 euro panel.
:(
A guy your age will never make it that long. You and Soros should go get some lunch. Bring along your buddy Warren while you are at it.
You are not even good at lying; go back to your video game and tell your mom your diaper needs changing.
So wait...You sold a bunch of silver and bought solar panels...made out of...silver.
If you are telling people you own gold and silver than you are investing for the wrong reasons.
Panic:
Well, actually, I don't tell people what I own, what I think, what direction I'm a'headin' in.
If u are sayin' "It is embarrssing to tell people that you: "Panic Mode," own ex, wye, or zed, well, that is your business. If it is in fact the case that this situation embarrasses you, ... well ... I can recommend a shrink or a "spiritual advisor" for you.
Who the fuck is Martin Armstrong? Why would he laugh at "Panic Mode?"
Schadenfreude would be the only reason--and Armstrong doesn't know or care who you are.
In the o/u bet of your maturity age? 30? I'm with the under.
- Ned
[I'm the third reddie on ya]
It's not embarrassing, it's stupid.
ha ha ha
i have fun at work when i bring in some of my silver to show my co-workers
they seem impressed.
And, the hedgies are going to get eaten alive by the Bullion banks. The criminal bullion banks always, ALWAYs make the most money when gold makes its run. They are probably in process flipping from short now.
There was as of yesterday about 137% of annual global mine production standing for delivery in the JULY contract.
standing so far in this month of July (2.258 tonnes of gold).
against TOTAL COMEX inventory
total gold inventory (dealer and customer) = 7,920,334.628 oz or 246.35 tonnes
of this only about 67 tons are dealer gold, the rest is customer gold that can be borrowed.
Now, ANY of you see a problem with this? Admittedly, a lot of these options contracts will just roll to the next month as it cost little to do so. And, this has been happening for months now, where an outsize portion of these have rolled but it is getting more extreme every month.
Ask yourselfs if what happens if a bunch of these contracts are from Chinese proxy companies holding a gun to this markets head that can pull the trigger any month and stand to deliver. At least it would explain the massive rollovers that keep letting the comex scum off the hook. Its OVER and goes up in flames.
Now yesterday I posted that people are getting cash settlenents. With the above numbers they HAVE TO shake some people out and if you dont think so I dont know what to say as I got downvoted to the moon yesterday for saying this and was asked for proof. There is NO proof, Its a freaking private phonecall, they are not that dumb to leave a paper trail. You are called on the phone and offered a settlement with the threat of force majure where you get nothing.
Believe what you want. but with 2258 tons standing against the available 245 tons TOTAL, I betcha the phones are getting warm. now downvote away I dont care.
'
"I got this paper that says you owe me this much gold... when can I have delivery?"
"Next month maybe? Oh you will just credit my account... I see... so anytime I want to buy more US dollars, I just need to buy some paper gold..."
other than the almost daily raids of the GLD that seems to be nothing more than a proxy set up as a price suppression mechanism, I don't know where the hell they are getting all this gold. Selling Germany's I guess. The GLD had about 1300 ton 2-3 years ago and is down to 680 This has been going on for 4-5 years but the comex inventory is a joke at this point,Shanghi moves that much in real phys in about 5 days and the GLD inventory is'nt much better. It keeps getting worse, something has to break soon.
The Vatican. The Vatican has at least a 90%+ monopoly on the entire world supply of gold. The Vatican Bank what do you think they have there? The Vatican controls all of the central banks, and they manipulate everything as they see fit in order to bring about a new world order under the fucking Pope.
You.... are a fucking idiot.
I'll second that FUCKEN idiot call and raise you a FUCKEN dope as well.
The RCC has been in the precious metals, arts and children confiscation business for 1700 years; they have a great head start on the rest of the world.
Yeah!, it's all them Catholic: Indians, Turks, Arabs,Persians and Chinese collaborating with the Pope. Those Bastards!
Dont forget they Kenyans.
Allah is Satanic as is the Pope; forgot to add that to your list. Jesus is God and apart from being forgiven and loved by Him; you have no part in heaven.
So 68% of the world population was brought into existence by the Creator simply to suffer eternal torment and damnation. That seems kinda harsh for a entity that is supposed to be loving.
The Vatican Bank is backed by the absolute faith of their slaves. And Licio Gelli's crew.
You are correct and the truth people hate; they hate the embodiment of truth..Jesus. But to your point, it is the Jesuit branch of the RCC that is Satan's hive, with child sacrifices and all.
Not sure how true the gold part is. But if you take a tour of the Vatican the dossents are very proud to tell you how much of the stuff inside was stolen from others. I don't think you are supposed to be paying attention to the speal.
The current "Pope" Worships Moloch. Pay him no attention.
Yes, I've been trying to look at some of these numbers, but haven't got XLS loaded on this computer so never saw the COMEX Reserves or Gold Stocks on CMEgroup.com
http://www.cmegroup.com/trading/energy/nymex-delivery-notices.html
But
http://minerals.usgs.gov/minerals/pubs/commodity/gold/mcs-2015-gold.pdf
Shows that US Imports and Exports and their are scrap imports and a US Recycling/Scrap sales.
I'm thinking like 315 Tons is imported to the USA.
Still we have exported more than mine produced gold totals and after like 6 years it adds up.
CMEGroup Delivery page has a section on Cash Deliveries, but I haven't checked it out yet.
The COMEX has not made a gold delivery since 2012. All cash.
!!!!! WOW !!!!!
Nobody asks for delivery? Or they stiff them?
honestann - the Comex punters got schooled twice on how to behave when they were demanding premiums to take paper instead of metal. First, there was Jon Corzine with MFG, and then, just to emphasise to point, a few months later with PFG, not PSG, they're in Paris. So, yes, they were stiffed.
Thanks conscious Being and Crocodile.
I don't know this stuff, but you are helping me!
Edit: Thanks Honestann for the question here that lead to comments.
This guy I know went to sell a couple coins yesterday. The owner says he's not sure if he will buy them because gold was crashing and he said he already had 500 gold coins losing value by the day. The dealer told him that he could offer him 95% of spot. The dealer also told him that if the price keeps crashing that he would have to melt them down which he also admited was illegal.
Now why would the dealer admit that he has 500 coins that he might have to melt which is illegal and only offer him 95% of spot? To make up for his losses while pretending to be some poor guy getting slaughtered by the down turn with a hard luck BS story.
My buddy went to the dealer down the road and gave him full spot price without question. He told the dealer what their competitor was doing and to tell their customers about it.
Fraud is the order of the day apparently.
Somebody has been watching pawnstars... $500? I will give you $50.
Bet you when you come in on the BUY side he has 500 customers waiting for coins.
!!! BINGO !!!
Show me those 500 coins! Hahaha.