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Gold Slammed Back Below Key Technical Support
Since 'everything is awesome' once again, it appears holding 'pet rocks' is no longer of any use... Gold futures have been hammered below their 50-day moving-average this morning as the USD rises...
Gold down on heavy volume...
Silver is not escaping the damage either - having broken support yesterday...
Which is interesting since stocks are also being sold...
Charts: Bloomberg
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What a fucking joke.
the joke's on them.
OT: two USSA delivered explosions in China, one Chinese delivered explosion in Japan,
prediction....next one will be in Hawaii.
tit for tat
I've often wondered if the people who do this read the comments here just to lol at us.
Presuming this theory is correct, why would someone who is doing the thing you suspect them of doing laugh at you for your suspicion?
Generally, when someone suspects I'm doing something, and I'm actually doing it, I try to avoid those people.
Geez, gold slammed when market confidence gets shaken........who didn't see that coming?!
prediction....next one will be in Hawai
Just please don't blow up Karen Hudes super-secret gold reserves. Stop Goldfinger now!
Let Hillary wipe that gold price clean for you with a paper towel!
July 2015 saw a new record 302 tonnes of gold withdrawn from the Shanghai Gold Exchange vs 250 tonnes mined globally in July.
http://jessescrossroadscafe.blogspot.ca/2015/08/china-on-track-for-recor...
That first chart looks like it says "SODMA."
At some point in the near future, price will not be as important as availability.
If spot gold is $500 and spot silver is $10 but there is none for sale at that price, what does the price matter??
I will keep on mining shiny for you all, no worries !
MON
Nothing says "turmoil in the global markets," like a slammed Comex gold price.
/s
Same for stawks.
What good are they if you can't sell them?
How many tonnes of UST's were mined in July?
That's what the fucktards want to know.
Yes, and they are doing a damned good job of avoiding those people who brandish nail guns and the like. Oops, it's their side that uses that tactic. Nevermind.
Because they are depraved, and know that they won't get caught (or face repercussions.)
Why Hawaii? Why not a major port in San Francisco or some other big metropolis? Where would they hit in Hawaii of any value?
While the perpetually pretend ponzi paper pyramid of papyrus portaged by perceptual pachyderms persists - there are no markets nor value.
I've been preparing for one last, deep move down in gold- hopefully to the 1030 area which will close the gap and create a double bottom. I bought more miners yesterday- so if you missed that- I think you will have one more chance to get in cheaper before all hell breaks loose.
The problem of course- is that without further capitulation and the resultant whining- there will be no need for QE4. I do not want to be out of metals when that announcement comes.
The joke is on the oil haters. They don't understand that gold can't go up if oil is going down like this. The GOR got to 30 yesterday. You people need to be cheering for $60 oil or gold will never see $1200.
Drop in gold price will iniitiate retaliation by China/Russia with WW 3
china is going to blow up our EBT accounts
When/if that happens, be prepared for massive unrest and riots in urban areas. Of course, for our protection we will all need to be "temporarily" relocated to FEMA "camps".
Other than that, I have no concerns.
Keep slammin' I keep stackin'...deflate THIS criminals!
There are only two factors to consider - availability and paying the lowest premium. Buy! BUY!
Need liquidity? Slap down miners...they'll bleed out all over the place.
everything is back to normal....
Please tell me what's chsnged in the last 48 hours. Gold should be up $80 not down $40. It's Disgusting. I'm ready to shove all my silver down Jack Lews fucking throat. Sorry Jack ,the Gold I will keep.
i just wanna know who downed u....
oh i know - a fucking asshole....
nevermind.
It was either J. Keynes or Prober.
A bet on gold and silver is a bet on Currency collapse. I believe, as most of you, that currency collapse is the end game. Do not be discouraged with gold price fluctuation in the meantime.
PM will go down with any deflation expectations until then. That's why oil and gold are down now. No growth expected in global economy.
what a remarkably shortsighted view on gold. what a remarkable emphasis on short term market pricing on the metal that is generally held by strong hands over generations
How is that short sighted? If anything, it is oversimplified, not short sighted. Is that what you meant: oversimplified?
I'm in gold for the long term. I am looking long term to the likely event of currency instability.
The man asked why the price was down today. I answered him. Perhaps you could enlighten us both or clarify your issue with my statement?
pardon my insufficient English. yes, I meant oversimplified, and I concour with you. how likely, btw? my estimate is a roughly 2-5% chance every year until the end of ZIRP
You may call me an oaf, but never a non-visionary!
When the collapse occurs is beyond my pay grade.
ZIRP may never go away, because the U.S. Will have to pay interest on the debt accumulated thus far. A move away from ZIRP into positive territory seems (and how high the interest on the debt becomes) imore likely to cause collapse than anything else. The debt burden will exceed ability to pay with every interest rate increase. So your 2-5% seems reasonable, in current environment. Black swan event is likely needed to increase this. "There is always a 20% chance of the impossible."
In the meantime, the average Joe in the U.S. Does not consider one damn thing. He just wants his FRNs with which he can buy his beer and kielbasa. As long as that keeps happening, no one within the U.S. Will do a damn thing. Not even people "in the know". The citizens of the USA have failed her and Liberty. FAILED!
The big question then, is where will bond vigilantes materialize? China?
I enjoy your posts, BTW.
ZIRP will never end. Well, that is, until it goes NIRP. Few and far between are people who even know what ZIRP and NIRP even mean.
"ZIRP may never go away, because the U.S. Will have to pay interest on the debt accumulated thus far."
lol, I like your posts and what you are saying, but this comment shows you are missing a lot of the big picture.
The US will keep the game going as long as they can, but once the jig is up, all the powers that be, will just jump immediately to the "next" game.
If (aka when) the current economic system fails, the US will not pay ANY of those debts. It will all be washed away with a giant F U and what are you going to do about it.
They have taken the entire world's resources for the better part of a century, in exchange for money printed out of thin air, and when the music stops, they will just reneg on the obligations. That was always the plan, and the military ensures its success.
TY.
I know the game. It will be an excuse to ditch the dollar and switch to a global currency. But I also enjoy discussing, theoretically of course, how markets are supposed to work. I want people to know how they are SUPPOSED to work so they know when they are getting scammed.
One needs to know the rules so one can tell when someone else is cheating.
This may not be as easy as it sounds. The USSR had very low foreign debt but that didn't stop their economy from imploding. I don't see why the US walking away from its debt will solve anything.
Gold and to a lesser extent, silver, should not be clumped together with the production commodities. They are still currencies, no matter what anyone says. That's why they trade on the currency desks at the banks.
And, yes, it is true that physical is a good play for fiat collapse.
However, the road to collapse may have many unexpected zigs and zags. On the way down this road, physical should demonstrably appreciate and give physical holders several spots along the way to peel out and take gains (to spend on hard assets, of course).
Farmer,
It is true that Gold is not a commodity, as such.
It is also true and overly simplified that gold and oil have been traditionally linked iin price similarly to the old saw that an ounce of gold should always purchase a quality suit. But, after someone says that, it is also not logical to state that gold and textiles should not be lumped together. It is merely an observed rule. Here's a quote on traditional relationship of gold and oil.
"If we look at the ratio of Gold to Oil since 1946, the average turns out to be 14.869 barrels of oil per ounce of gold. Or 1 ounce of gold will buy almost 15 barrels of Oil on average.
If we look at the average ratio during 2011 one ounce of gold would buy 18 barrels of oil or slightly more than normal. This tells us that either Gold was expensive or Oil was cheap (or both). By 2012 the average ratio had gotten even more expensive for gold (gold went up $97.46 i.e. 6.2% while oil went down 58 cents or less than 1%). But with the recent gold correction gold
has come down closer to normal at 16.881. But that means that gold could fall further or oil will have to rise. But with oil fracking putting pressure on oil prices that seems unlikely."
Oil is affected by expectations of demand and affects price of gold as a result, minus others variables.
This is the final Gold take down folks, grab what you can at this price we are going up. Take a look at the CRB its at a multi decade low, no where to go but up from here :)
not even close bill of rights, there is still pleanty of room to go down.
I don't buy physical to make worthless fiat.
The paper market is about as close to banker fantasy heaven you can get. And like everything else with bankers involved,,, it's perverted and manipulated.
grab all the way down to 666$ on gold !!!
yeah...people selling that which cannot be conjured from nothing and printed to worthlessnes and buying paper derivitives of worthless debt based currencies worlwide.....
listen -
AINT NOBODY SELLING ANY REAL PHYSICAL GOLD OR SILVER SO FUCK OFF YOU FUCKING BANKER FUCKS....
death to the MoneyChangers......
Unless stocks, down sharply from the open, are ready to bounce strongly, this would seem to be more margin related, i.e., sell something liquid rather than get a shitty fill in stocks only to watch HFT bounce it.
@KCS
My thoughts exactly margin calls..............................gold always gets hit first
We've seen this before during 'turmoil' weeks, looks like machines headed toward overnight futures lows, close to yesterdays cash lows, if we get a stock bounce then so will gold, if this theory holds (though predicting gold is like charting the path of a dragonfly)
The path of gold is becoming predictable: Bad news for shares makes gold drop. Good news for shares makes gold drop.
Q Martin Armstrong to say - Our computer picked the short term top perfectly.
Anyone else noticed how his predictions are extremly ambiguous then AFTER the fact he says 'our computer forecast the top/bottom to the day'.
That's how you do newsletters... In the end, you were ALWAYS ~right~...
No word on Stanley D and his new found faith in paper gold longs
OT (sort of): When this shit show finally implodes and people take to the streets, 0bama's brownshirt goon-squads will jab them with a Hope & Change BAYONET! After all, why waste a bullet... Rand Paul sounds pretty good here. God help ushttps://m.youtube.com/watch?v=1mPq4Tuk-yE
after yesterday and what is going on in the worlds markets...we should be up $300....but we did nothing...very strange...very strange...
I hope it goes to 200 ounce... I can buy a truck load!! silver a nickel an ounce.... who needs this worthless metal, it is like iron ore....
When do we start hanging the criminals who run the markets? Hung, Shot, Quartered, dragged by horses
It's giving me more time to stack, which is a good thing.
When terminally ill people see their families being wiped out.
The Jack Ruby syndrome.
You could call what these Neo Kynesian, Mary Prankster, Wall Street ideologues are doing something along the lines of what Soviet Communism was after WWII..
But the gold market suppression in the face of economic collapse makes them more like the Khmer Rouge..
These people have lost their minds and are dangerous.
The number one spectator sport in paradise is watching Jesus burn the money changers over and over again
Bitcoin $216 + $14
And $260 a week ago.
So, where's whatshisname that keeps telling us that Bitcoin is the best thing to have? He's kind of quiet today.
They can't let gold rise as it would cause a stampede out of shares. When the stampede starts anyway, it won't be possible to hold gold down.
The top 10, bullshit moments in Gold the past 5 years is one crowded category, but this one might make it in there.
At this point it's just cartoon garbage.
This should help the Chinese, Indians, Russians (and anyone else who understands it's significance as a store of value) to obtain still more at bargain basement prices!...
i was hoping for this..have been sitting on prospective purchase waiting for a market and gold slam.... about time
Who is left to be spooked by this? You either believe in gold because the PTB are attacking it, or you don't.
This is what happens when "unlucky sailors" get too lazy...
http://www.wpxi.com/news/news/divers-find-45-million-worth-spanish-gold-...
Pffft. Who'd want to own this barbarous relic when you can invest in Alibaba?
-Argenta
Status Quo must be maintained at all costs. In other words the rich bitches on Park Avenue have to be able to go to there favorite restaurants for luncheons. Come on now.
Yeah baby, $600.00 haircut country!
The gold peddlers with their "THE WORLD IS COLLAPSING - YOU MUST BUY GOLD!" hype has been the biggest rip-off of the era.
How can you determine if the gold carnival barkers are hype peddlers ?
Because they say that you should ALWAYS buy gold -
If the price is going down, then you are getting a discount and should load up before the price sky-rockets due to the immanent apocalypse !
If the price is going up, then it is a signal of impending apocalypse, and ONLY gold can protect you, so you MUST load up NOW and not be left behind unprotected !
According to the gold carnival barkers, there is NEVER a time to NOT buy gold - to me irrefutable proof of HYPE.
A crock of hype shit. My treasuries have near zero transaction and holding costs, been paying interest PLUS have HUGE capital gains, because treasures ARE the GLOBAL flight-to-safety asset - NOT shiny lead, with its HUGE transaction and holding costs - AND LOSSES !
The gold carnival barkers don't make a dime on their advice. But if you don't have patience, don't buy it, because short term you will be dissapointed.
@prober... decent argument and to a certain extent i agree with you we gold bugs are perhaps a bit ott.. but to say you cant lose on treasuries is a bit of a stretch of the imagination... anyone can lose on anything at any time..
You can't trust those Spanish coins. They aren't even round.
If I hold my treasuries to maturity, then I get back the face value - while I have been collecting interest for many, many years.
So far I have been both holding and doing some surfing, ie buying treasuries when they sell off, selling treasuries when they rise, eg this week, to capture capital gains - it has been VERY consistent.
If there was a global apocalypse that rendered treasuries worthless, as the gold carnival-barkers have been hyping, then EVERY social, governmental, economic, and financial structure would collapse worldwide, and in that situation, you will need military-style survival skills, weapons, and lots of ammo - NOT gold.
Your apocalypse scenario is pure fiction. Throughout history humans have always formed tribes for mutual benefit and protection. Humans do not favor complete anarchy.
"Humans do not favor complete anarchy."
Quite right Lat25....but McCain and Bibi do!
Obviously, he doesnt live in Cyprus, Greece, Libya, Syria, Iraq or the Ukraine when talking about the value of holding some gold.
In other words, his worldview is the size of a pinhole.
Maybe you have not noticed - USA is NOT Cyprus, Greece, Libya, Syria, Iraq or the Ukraine
or Zimbabwe, Haiti, Venzuela, Bolivia, etc
So what are you saying, Fort Knox is full of tins of beans and AR15 clips?
Damn, who knew.
Save in paper because someone says they'll pay me back? No thanks.
I'm not so sure Asians are flying to the 'safety' of paper promises, more likely several billion Asians are stacking.
Your dear treasuries are ripping you off over time. You may receive an interest payment, but the inflation man is taking it and more on the other side. GOOD LUCK!
Treasuries pay interest, gold does not.
Treasuries have been appreciating, gold has been depreciating.
Treasuries have near-zero transaction and holding cost, gold has very high transaction and holding cost.
So by your logic, if I am losing by owning treasuries,
then I would be getting an olympic-class-reaming by owning gold.
Are you going to suggest next that I can "make it up in volume" ???
You will always be poor.
It sounds like the only thing YOU could 'Make up in volume' is your consumption of the Koolaid.
Good luck with that.
that's the thing - treasuries are less and less safe.
All fiat is in the same boat, but the US loves to deficit spend, export agri and manufacturing jobs, import immigrants, and grow its parasitic financial sector.
The US has managed to herd the petrodollar cats by bombing and killing all over the globe but all good things must come to an end.
The US may be able to sustain this, to be fair, longer than many think - but physical gold is a good hedge if you plan on being around 20 years.
only an asshole buys treasuries.
Treasuries will remain safe for many many many more years.
Treasuries can become unsafe ONLY after the economy has crashed so broadly that it is impossible for the regime to collect any taxes to make payments on treasuries and other government spending, mostly entitlement programs.
USA is going there, BUT the trajectory is such that the time-frame is f-a-r longer than you gold wackos understand.
Only an asshole buys shiny lead that is DECLINING in price - even while global economy is slowing into stagnation., and China is teetering on the edge.
I am earning income AND will get my investment returned at maturity -
you are LOSING your savings AND not earning income.
Obviously you are one tragically colossally stupid fool.
Is that you Keynes? Welcome to Zero Hedge.
All that needs to be explained:
Value of $1 from 1913: 5 cents.
Value of an ounce of gold from 1913: unchanged.
Value of gold has not changed in a couple of thousand years. Every currency that's ever existed has gone to zero. Can't make it any clearer than that.
So what's your point? Currency is a medium of exchange. It was never meant to be stuffed in a mattress and "saved" for the future.
Gold is an asset, a commodity. And the price/value of gold has also been all over the map, silver even more so. But one thing that will happen with gold. If there is a worldwide crash, then the value of gold will go right along down the toilet with the currencies and countries.
What, you mean like in ancient Egypt, or Rome, or Persia...yeh, they were all over the dollar, and when it died so did Gold, that's why no-one wants it anymore.
Fast forward to the year 3000
"Hey I found this piece of paper with a picture of some dude called 'Benjamin Franklyn' on it, I'll swap it ya for some Gold?"
"Fuck off you idiot, throw it back in the bog where you found it."
Bear in mind that is a translation, from 'Futurespeak' (Probably Chinese)
Apparently I wasn’t clear enough. The point is that gold is a store of value (wealth) that never changes, whereas paper assets (currencies, treasuries, stocks) will all, eventually, be worthless. Therefore, holding all of your wealth in paper means that eventually you will have no wealth. If you have at least some gold, you will always be able to purchase with it what you can purchase today. You could have bought a nice tailored suit 100 years ago for the same amount of gold you could buy a nice designer suit today. When you state that the price of gold is all over the place, you are correct. But only if you are measuring that price in fiat currencies. Otherwise, as I previously stated, the value of an ounce of gold has not changed in the last 1,000 years.
Most people have a problem grasping that simple concept, but it doesn’t make it any less factual.
I used the word "value" correctly, which doesn't mean price.
The value of gold hasn't remained constant. In fact, over the last couple millennia, it has fluctuated by a factor of more than 10 in value relative to what other goods a given amount of gold could be exchanged for.
Even the last decade or so it has changed in value (not just price) by a factor of 4 or 5 (the price swing has been even greater). So no, the long term value of gold isn't a constant.
OK, you win. You're right I'm wrong. If we're still around, let's take this discussion up in a decade or so and see how it turns out.
That "era" you speak of would be 5000 years.
"How can you determine if the gold carnival barkers are hype peddlers ?"
premiums. See? not so hard.
I converted the last of my "saved" fiats into physical bullion this morning. 5 gram cards of karatbars working out at just over €41 per gram delivered. I might in a bit high but im not bothered. I never really consider the fiat price of bullion on a + or - 5% basis anyway
My eye is on:
1. 2008 when my 20 year pension savings was wiped to fuck all value, my real estate collapsed 70% (and im mortgaged balls deep).. same is happening all over again. and
2. 15 years from now when my older self will be glad I didnt worry about a euro or 2 in the "price"
3. not giving a fuck because I hold the metal in my own hands safety stored in a secure location away from poachers and thief's and .gov's
www.teamramgold.com/about-us
...you didn't have to put "and .govs" you had it covered at "Thiefs"
@Pliskin... LOL...
I can also buy beautiful 22k Indian jewelry on sale for $38/gram and it passes through airports with no problem.
GOR is still in nosebleed territory. You fuckers better start rooting for oil or you are just in for more unhappiness. Look at silver, raped in the ass with a big baseball bat two days in a row, Friday is now but a fond memory of hopium failed........
Normally, when I have an erection lasting over 4 hours I seek immediate medical help, but these last few days I have had a boner straight through and I feel great. Go figure
I am starting to like Hitler... everything about Zio USA is terrible... they should nuke themselves.... what a POS country.... totally corrupt in every sense...
It started out good. Rebels that kicked the crown out on its ass then adopted some high ideals of freedom. Tolerating all newcomers (including reps from that very same crown) was our undoing.
Next time, nobody gets into a position of authority that isn't a dyed-in-the-wool Amurican.
All dual citizenship moles will be shown the exit. We must clean house. We must control our own currency or even return to gold, silver and copper money. Clumsy though it is, it is a stabilizing force par excellence.
"Next time, nobody gets into a position of authority that isn't a dyed-in-the-wool Amurican."
So that's Chief Sitting Bull President, Deer Running in the Forest VP and Sec of State Big Moon over the long River, then, eh?
Good Idea, return the authority to the REAL owners of the land.
Ooo, we could do the same for Israel aswell, Bibi out, Abdel Al Mohammed Muslim Aamir in.
And let's not forget Kumiwannalayu president of Hawaii, and Aluki Tukkuyummavungga Prime Minister of Alaska.
Just because I didn't mention them doesn't mean I forgot them.
You can name more strawmen, no doubt. Dead indians and Hawaiian goombas are not our current problem.
Oh, I dunno, does 'Hawaiian Goombas' include Barack Obama?
Kenyan marxist, but still a furriner.
Except for Hitler, agreed.
http://www.washingtonpost.com/local/crime/man-charged-in-theft-of-roughl...
This has become moral war for me. To me children I leave my precious metals...to the state I leave...deez nutz!
It's economics 101 that a FED raise would hurt 'non-yield' assets such as Gold. The reality is the FED won't move and even when they do, Europe will be back to spoil the party for yield.
paper gold may as well be electronic.
My only question is how long PM miners will take it the ass before they say fuck it, someone else try to dig this shit out of the ground at these prices. Every shareholder of mining companies should be driving the boards crazy with emails to stop selling their assets at these ridiculous, below cost of production prices. Otherwise they're liable to find themselves on the receiving end of class action lawsuits, much like Silver Wheaton is currently experiencing. Too bad you can't sue managers directly for mis-management of company resources.
As I've said before, all it would take is for producers of PM's, especially silver, to cut production for a couple of weeks and the price of the metals would go supernova.
This price smack down in PM's was too easily predicted, as I stated last night. By purchasing a Monster Box of ASE's yesterday morning I could then guarantee that PM prices would get drunken monkey hammered today.
I will say at current price levels platinum is looking even more attractive than gold,or silver.
If all goes bad
Currencies collapse
It is unlikely that the utilities keep going
So all the gold is in timelocked safes (the big amounts anyway)
So you can't get it out, not without a JCB, by which time a crowd gathers, riot ensues
Can't eat gold and silver anyway
What was truly ridiculous was gold performance vs the USD yesterday.
Which just confirms the blatant manipulation.
Bastards
"Key technical support"? Key technical support? Who makes up, and believes, this shit, when it's all rigged?
The only time I'd choose dollars over Gold is if someone was threatening to shove it up my arse.
http://i117.photobucket.com/albums/o53/Moodydoody/grinmonkeywhammer.jpg
http://birkscartoons.com/wp-content/uploads/2010/08/Hammer-Time.jpg
I'd like to thank the Zionist jew FED for helping me acquire 5 more relics today at bargain prices!!