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Gold Plunges Below "Crucial Level", Lowest Since Oct 2009 On $2 Billion Notional Flush
With the world closest to World War 3 since the cold war era and Russia about to unleash escalating sanctions of Turkey, it makes perfect sense that 'investors' would want to purge themselves of precious metals. Someone decided that Friday after Thanksgiving would be the perfect time to dump over 18,000 contracts (around $1.9 billion notional) sending the price of gold futures to their lowest since Oct 2009, below what Goldman called a "crucial level."
Over 18000 contracts dumped...
Sending gold futures prices to Oct 2009 lows...
As Goldman notes, in Gold, the critical level is 1,068-1,066. In Silver, support spans 13.98-13.83.
Gold Daily/Weekly – The level to watch in Gold is 1,068-1,066. This includes an ABC equality target off the January high and the trend across the lows since Dec. ’13.
The fact that oscillators are diverging positively suggests that price may be attempting to stabilize. Failure to break this support area confirms that the setup is still corrective; that a 5-wave sequence from ’11 highs ended in July. Alternatively, a break lower would warn that the market hasn’t yet completed its impulsive decline.
This would open potential to extend towards 966 (a 1.618 extension target from the January high).
Silver Daily/Monthly – The level to watch here is 13.98-13.83. This includes the previous low from Aug. 26th and the trend across the lows since Jun. ’03.
Although the wave count on Silver is a lot less evident than the one for Gold, it is apparent that rallies have all met ABC targets insinuating that rallies lack impulse. On a more positive note, daily oscillators are crossing higher from the bottom of its range.
Put another way, the balance of signals seems mixed; 13.98-13.83 does however look significant.
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Must hurt today to be a paper stacker.
lol, delusion is a bitch. Keep telling yourself you're not hurting
The fake price might have gone down but my big stack ia still there and I can by more cheaper.
Damn now I have to go to my local coin shop.... And here I was planning on spending my FRNs on Christmas gifts. Sorry kids... You'll thank me later :-)
It means that the Fed is not going to raise rates on Dec 16th.
In the same way that pm's were beaten down in the run up to the last Fedd meeting, and then allowed to run up to trend, silver is telling us that the decision is in, that the Fed will not raise rates and that when they don't, pm's will be allowed to bump up to what will become long term resistance at $1080.
I sold all mine back to dealer, I couldn't take it anymore, I needed the dollars.
Well go buy it back at $950.
Why even bother with charts when some entity dumps $1.9 billion in notionals in a dead market... Charts mean less than nothing in today's environment...
Well goddamn it. The LCS got cleaned out in under an hour.. In the time it took me to get my ass there, the only things left were 250g, 500g and 1000g bars, and I didn't feel like getting Tungsten today. Screw it.
It always happens the day after Thanksgiving.
Wudda thought more would have noticed it by now.
Thanksgiving ain't really a thing around this part of the World :)
I remember back in 2011 there were a few Zh posters who said gold was heading to $900. Those guys are geniuses.
maybe it does happen every thanksgiving. But if anyone claims the price isnt manipulated, well then , i dont see them putting their house up for auction during the superbowl
the price dropped ten dollars an ounce. if that forces someone to sell, s/he didn't own it for very long, or ever.
p.s. i like the image of the super bowl house auction; that is precisely what we are being shown here.
Damn, just when the National mints are shutting down production until mid January next year.. Them ASE's are going to be difficult to buy at any price.
I sold all mine back to dealer, I couldn't take it anymore, I needed the dollars.
Ask the Canadians and Australians holding their paper how great they feel watching in horror as their currencies plunged 40% the last several months.
Gold stackers there have done quite well preserving their wealth in the traditional, safe method.
There's a reason people in a civilization over 2,000 years old store gold. Indians and Chinese know their history.
Correct, Charles did paper 500 years ago.
With the laughable amount of registered gold at the COMEX available for delivery, and only two days left before the biggest delivery month of the year for gold and silver arrives, it is far from surprising that the banksters have attacked the price. They need as few futures contracts as possible to stand for delivery.
yup, at these prices theres only around $180 million needed to scrape the bottom of the registered barrel
edit: correction, $160 million - there was a withdrawal y'day. Pass the hat 'round, guys
The stackers in those countries would have done far better by holding US denominated securities.
U.S. securities?? Is that you Warren?
Securities arre the conduit by which the banks are inflating away wealth. You only think you have more wealth. Once your money is in, it ain't coming back. It's like make believe home equity. "Take out a loan" suckers.
Buy the all time high. Yea, that's the wealth generator. Fucking troll.
Yes, he is our new resident gold troll, he replaced Math Man.
US securities have a very narrow breadth of profitability, and even then the Aussie govt will tax you on the proceeds
no capital gains tax on gold if held over 1 year
bad call, my man
Anopheles - mosquito - well named - bite and suck. Bravo.
In Canada its a whole different story, the world looks to Canada as a commodities based country. So as gold drops in price, so does the dollar. In real terms the price has gone down some, but the premiums have sucked it up. I just payed more for my silver, then when it was trading at over 19$. We loose both ways, I get less selling it, and it costs me more to buy. With a lower dollar, prices have not gone up yet, if ever, things are bought under long term contracts. it would be better to invest your money else where.
Good you sold. Now you can fight with the 400 pound welfare moms buying the action figures with the kung foo grip.....
Actually my countrys currency is detoriating faster than the usd pegged goldprice so im happy i stacked some of it.
Hurting.. cant say its hurting much really. My savingsaccount with 0% interest rate obviously hurts more...and what are the options? Real estate or stocks at ATH? BTFD?
Sure im not selling them, but buying more??
And yeh my country is supposed to be of the few that is doing alright..
Black Friday special door buster.
Check this out...US$0.29 over spot:
http://www.providentmetals.com/provident-metals-10-oz-silver-bar.html
Based on the current GSR, Ag is the way to go.
sign of an idiot - doubling down on a losing investment
Has noting to do with manipulation. Gold is sad that the Progressives agenda is not advancing rapidly enough.
" Next we'll kill all the Iranians"
-V Nuland
Ya know what's strange? I bought three very good mining stocks, two gold and one platinum and they simply refuse to budge below my purchase price no matter how badly the central bankers sell paper.
It does an ego good to buy shit priced right.
It's almost as though the investors have done their math and know- this price manipulation is all bullshit. I think at least two of the miners make money even at 600 dollar gold- while the price kills all of their competition. One's mining and paying dividends, ones fixing to start.
Three weeks ago, I published this piece. I was looking for a sub 1040 price to confirm and close the intermediate gold bottom established I think in '08. A complete washout would occur in the 950-975 range. That would be the buying opportunity of the second half of my life. (The first being the great 1980 run) http://thecivillibertarian.blogspot.com/2015/11/getting-ready-for-one-bi...
Know this, I don't give a fuck whether you buy in or not. ZH is my village. Due diligence bitchez. taho and pvg.
Why would I be hurting more today than I did yesterday?
www.denk-bubbles.com/million
Delusion is a bitch indeed.
Thats a nice print. Good art for the bathroom...
I can scan it higher quality if you want to print it (paper money creation is so easy...)
Try looking on ebay to see the price disconnect you fucking moron.
Hurting? Let me tell you about hurting:
US financial systems have the world by the balls.
That’s ladies and gentlemen is real power.
As long as USD is global reserve currency, USA owns the world.
To the casual eye - yes. But push hasn't yet come to shove on the geopolitical stage, so perhaps best to keep one's perspective in a careful position. Metaphors abound in which an adversary thinks he has his opponent 'by-the-balls', only to realize shortly after, that all along it was his head which was in the vice.
Consuelo,
Your post can be seeing fine and dandy —one day proved to be correct.
But that is not the reality.
The reality is that, there’s only one superpower, which is the US. No one will attack the US, that we can all agree on.
There will be more accidents/causalities perpetrated against Russia. And in more than one front—not talking about financial and sanctions. Those are separate.
What will Russia do when they lose a second plane? Or a ship?
You see, they will be trapped.
The issue that I am having trouble is Putin’s religion views.
Is Putin a biblical fanatic like Bush and Reagan?
Or, is he more moderate/tactical?
This too shall pass.
I can tell E.I. that you are on the young side.
The world is always in a state of flux and change. For awhile, bullies sometimes get an upper hand. England, Hitler, Al Capone. They cling to power once they get it- but the flux that is the world- rips it out of their hands.
There may be fleeting power but it never lasts. Sometimes it lasts beyond your expectations but the change that is the world, will nail these fkrs. I only hope I live to see it.
The only bitch thing here is you.
I am not hurting. The PM stash is for decades into the future. I have put some of my disposable income into it. It is still shiny and pretty and it does not have any of the risks associated with stocks, bonds or real estate; although I do also own real estate.
Gold is an absolutely pointless investment. If you're anticipating a collapse, arable farmland with water rights and guns are a better investment than gold.
Gold is wealth in its most compact form factor. Or you could ask a two Vietnamese men - one with gold and one with land. I doubt there is anyone left to speak for the man with the land.
http://www.usagold.com/gold/coins/kim-thanh.html
Took the thought right outta my head, but I'm glad you did any any event because yours is undeniably Factual.
Why would you buy land where "water rights" are an issue to be discussed? What is granted can be taken away.
And who owns this land you speak of? Stop paying property taxes, and you will see who comes to take it back...
Spoken like a troll. There will always be needs and trade. That's why the world has always needed a currency. It's kind of hard to trade a piece of the farm or ammo if you don't have my sizes. Figure it out einstein, people ain't gonna trade tangible goods and their labor for asswipe.
When the viewpoint here becomes the majority, even on ZH, I know that is the sign of capitulation.....
... farmland with water rights and guns are a better investment than gold.
Gold = no drought, no farming, no "rights", no annual taxes, no zoning restrictions, no trespassers, no machinery, no maintenance, no fertilizer, no migrant workers, - no nothing, just warm, shiny stuff buried somewhere in the ground.
A-...-MEN
That funny because I have some turn of the 20th century German Marks. They are still worth their weight on gold (see the common phrases do have a meaning) while the paper from those days is without any value.
How many guns should I be buying anyway?? 10? 20? A hundred?
Yes 'Paper Gold' that does not exist and we are heading for WW3, so get used to the concept!
http://beforeitsnews.com/conspiracy-theories/2015/11/us-gives-their-prox...
Screw buying Gold, just make some.
https://www.youtube.com/watch?v=TkZFuKHXa7w
When 2 billion in futures contracts are dumped in a morning where there are no buyers it is a compelte wipe out. Can anyone think of what group has $2 Billion to throw away besides the Federal reserve?
Tell me again about Santa Claus, and then tell me about gold being a "Store of Value".
I do believe that my case of Single Malt Scotch or vintage wine do a better job, and are far more liquid, as well as being more resistant to Seizure. /s
Since 80-90% here are too thick to grasp subtlety or irony, and most 'Mericans need to have things spelled out for them, let me do just that:
There is NO single Asset that is immune to significant price varations and depressions.
If you stop repeating other people's mantras, like a damn budgie, you just might realize that Gold isn't just a Precious Metal, but that it is a precious Asset. Precious, yes. But just another Asset. Or Precious Commodity, if you will.
Sure, have some PM, but the key word is SOME. E.g. 5-10%.
Be sure to have the same amount in Cash. The rest you plow into sensible RE, Stocks, Bonds, Precious Art, Antiques, Scotch, Wine, Guns, Ammo...
Closed FED meeting last Mon. Hmmmm.
Wasn't there an emergency meeting last week, too?
the meeting was monday this week. This flush closes out the December contracts.
Let's go change some ISIS inteligenc for fun.
Keep up the manipulation as physical sales continue on the rise because smart people know history and ALL fiat currencies fail. Gold and silver have survived as money not currency for 5000 years and if the paper price continues to go lower you will not be able to get physical at the paper price so all TPTB go fuck yourselves
But I was told that gold is in a 6000 year old bubble, and all bubbles pop eventually. This is why I love my debt and loans, no bubble their, just pure high finance. All the smart PhDs are telling me that QE is good for me and the economy so give me more debt please...#prosperity
Are you saying Dave Ramsey is a dumbass? lol
Getting closer to ZERO every day.
Cant wait!
1800 was a major top on gold, so I'd expect 50% @ 900 to provide some major support, until then it's all the way to walhalla. ))) Gold's manipulated big time, so it's Alice in the Wonderland story.
Funny that. I'd several years ago done the very same calc, retrenchments, etc., and came up with that 800 900 number.
And lo and behold, just in time for the End of Days Currency Wars bursting upon the scene, the Gog and Megog shit show, etc., etc., etc...
Some solace. (sarc)
Same here. I think we see an 8 handle before it all goes boom. I'm not selling.
Of couse the fact that my dollar cost average is down in the 600 range helps. Biggest mistake I ever made was not loading up the truck in '99, but thank god I at least loaded up a shoebox.
YOU'D expect huh? Guy who isn't a trader of anything and never was. Guy who couldn't even write a check for a lousy million bucks that would clear. Get fucked you nobody cunt.
If it's, "manipulated big time" how the fuck are you making any sort of prediction on where it will go? You might as well be flipping a coin, you dumb shit.
paper contracts are good for selling... then invest in real gold
I've been wanting to buy more gold recently, but the premiums have risen so much that the physical price has fallen very little in the past 6 months. I guess I will wait until Gold hits $1000 and see what the premiums are like then.
perhaps if war is coming, best to sell paper buy physical...
A contract is paper right?
Representing physical for future delivery.
Today my Dad turns 95. He's been flat on his back and mindless in the nursing home for seven years, one month, and four days. I had planned to sell part of my physical stack today or tomorrow. To pay the monthly nursing home bill. Then this ...
That's why tptb are doing this - it's called "shaking the tree". They need more physical to send East, so they need to drive the price down to get as many ounces as possible from people and institutions, for as few frn's as possible.
When the price is low, desperate people sell more of their apples. It's all about making people desperate. This is how extortion works.
Years ago my mother asked me about putting what little savings she had left in gold. My advice to her and to anyone who asks is to put into gold only the cash that you can afford to watch lose value. If you don't have any extra fiat laying around that isn't needed for something else fine, otherwise, get your financial affairs in order, pay off other debts, build an emergency fund and have a decent supply of important staples BEFORE buying metals.
WHen you dump 18,000 contracts.... what does that mean? Does that mean some bullion bank was long and sold 18,000 contracts at once?
It means it is 8 AM. Same exact dump everyday. Same Gold Time. Same Gold channel. You would think someone, somewhere, would finally put an end to this.
Yes, but it's NOT manipulation!
DavidC
< sarcOFF >
You don't have enough fiat to put an end to it. Physical depletion or civil destruction will be what puts an end to it. In a town a Charles Marvin Edwards has the only car lot, he buys and sells titles from left hand to right hand for a zero net sum game. He can set the title price anywhere within extremes. He has a very large lot of cars. He keeps the price of titles very low because he knows Joe Publics are sellers-not buyers for the most part. He knows that for the most part Joe Public out spends his means and is always hungry for credit. When Joe Public inherits his mother's silverware, he will immediatley sell it for credit nomatter where the price is within extremes. Charlie always sets his price just above backwardation.
Since the sellers goal is to drive the price down, They're selling it as a market order, meaning they'll take the price, whatever it my be. Someone that cares about the 1.9 billion fiat, would sell more slowly using a limite order. This is manipulation.
Exactly, they dump shares during periods of low buy volume.
This creates cascading trips on other peoples stop limits.
As all the stop losses trigger it causes people with lower stop loss limits to trigger and so on and so on until the last stop order triggers and the market hits bottom.
So the manipulator ends up selling say 20,000 contracts at 1100$ which causes others to sell under 900$, manipulators comes back and buys all his shares + more BACK at 900$ now he ends up with all his gold contracts BACK + some and + some money.
When you have money to burn
You make more money to burn
And if you are a central bank whos primary product is to sell the population CURRENCY and you want to make sure no other currency like say ...gold competes for goods in the economy, you slam the gold market to make people afraid of buying gold.
Banking institutions PAY BROKERAGES for DATA (what all the people in their brokerage have their stops set to), so an ALGO takes that data and predicts how many contracts need to be dumped in order to cause the entire market to melt down and sell.
Your brokerage is being payed to tell the manipulators the data they need to rob you lol
Your illogic doesn't work.
Made perfect sense to me.
Which is exactly why a troll would junk it.
Yeah, but what about lead?
Someone like Goldman knows the Fed will raise by 25 basis points.
The Fed is fearful of raising rates. It's 25 (bp) and that 's it.
they might raise rates like 0.0000000001% just so the headline can say "they raised rates" . . . lol
My stack is NOT still there. ALL the Ag is long gone. The Au is almost exactly three-fifths gone. Sold at yard sale prices.
When is some poor victim going to contract some deadly disease and decide it is time for revenge. I have been fucked over the same as you Jungle Jim and the devil will collect a bunch of the top bank owners if I get a deadly diagnosis. On that day I will be looking like a fat american and all my new found weight will be very unstable. How about all the big mining company owners who have the bucks to buy some mercenaries? How long are they going to take it up the ying yang? I keep hoping that some morning I am going to look at ZH and see some news about a great start toward changes. Where a couple of hundred people at a meeting in Zurich got reduced to their organic components. Everyday is a small dissappointment.
Jungle Jim,
I am very sorry to hear this. People are losing their hides right now. Seeing debt rise in value (e.g., the FRN) while what is real and rare get pummelled (e.g., gold) is torture. While I bought PMs as insurance, I hold them mostly as an investment. Doing my first buys back in 2008, I was thinking that I'd hold for 3-5 years and then trade out for construction costs on a small home in a rural area. I held my stack from $12 an ounce up to $48 3 years later (but I held hoping it would go higher -- people on KWN then were calling for $150 silver) and now back into the $13/oz range some 7 years later. My dream of developing my vacant land parcel is on hold until this deflationary phase runs its course. I could wait 20 years more, but then my life would be nearly over, so a rise in PM purchasing power at that time would be bitter sweet. I am not getting any younger and I grow weary of this. If I had medical needs like you are facing, I'd have to liquidate my holdings for a loss (as I added to my stack in the $35/oz range, too) with very little nest egg going forward. I wish you good luck. Doesn't your father qualify for low income status at this point, if his estate is exhausted after having provided for his care for so long? You shouldn't have to sacrifice your future too.
The metals market is too controlled to be invested in for the short term.
If you buy 1/2 oz of gold every month for the next 20 years, you will WIN, even if you lose 50% of your nominal value in dollars over the next 8 years.
Everyone long metals is playing against the clock the inevitable outcome is still inevitable, but inevitable can be a long time with a centrally-planned globalized rigged monetary system.
I think gold will dip to 600$/oz and silver will see 8$ an oz in 2016-2017 and we might see a bitcoin boom back to 900$ if China stocks fall more.
In 20 years, most of the mines that are in operation today will be played out, and there are no new mines coming online to replace all that production. So where will tptb get their Gold then???
Even if the paper markets fell apart , a new market would emerge, and over time that market will be corrupted again and they will use false trades and order books to steal the gold back.
As long as there is gold in the market, it can be stollen by the trading institutions by manipulating the order books.
All banking is just fraud and cooking the books/contracts/orders in a way that you steal whats not yours as "profit".
When you manipulate the price of currency by manipulating the precious metals markets or outright counterfeiting, you are attacking the very foundation that a civil society is built upon. This is why any and all financial manipulation crimes MUST be treated as capital crimes by punishment of death. Let it be so.
Read what Volker said about gold. It indicates where gold is on their spectrum of enemies of fiat.
They will fight gold with their last breath...
There's lots of gold still in the ground that has been found and verified.
It's just the mining companies aren't investing ANYTHING right now. Go to the PDAC conference sometime. It's the biggest marketplace in the world for selling new mining claims. But it's been very slow the last couple years, nobody is investing anything, even when extarction costs are low.
20 years is a long horizon in this market. By then we could have captured asteroid mining up and running, providing not just water and rocket fuel, but precious metals as well.
Not that that matters any, as the Singularity looks to be 5-10 years away, maybe less. I'll likely be trading my silver for an ASI robot rather than factories, farmland, and real estate as I had once thought.
If gold goes to 600$, you can bet they will have a plan for how to manage bitcoin. Modern Fiat Economics is all about managing alternatives.
If this news is telling me anything, it is "Buy".
Few days till next paycheck...
nigro friday sales everywhere
Buffoon.
I TOLD YOU!!!!!!
around 6 months back i asked a rethoric question: what if the autourity would let the gold price fall extremely low and force all people to fail on gold - i was badly downvoted :(
in reality the goldprice right now should be on its highest highs
If markets werent rigged it be at something like 8,000-15,000$ an oz.
Diamonds are more valuable than gold even though there are like trillions of them and cubic zirconia is like 999.999% the same and can be made in china for pennies a K, seriously , you can buy a 2lb bag of Diamond for like 15$... but somehow you have 40,000$ gems that Gem vaults have huge vast supplies of.
But crying wolf does nothing in todays world, because the wolf you are crying about is running the show/markets/govt/banks.
There is even a process to make diamonds inthe lab that are identical to the ones coming out of the ground. Last I heard no one can produce gold on demand.
Lol I just cant understand how diamonds have any kind of value anymore , its like the beenie baby factory is hoarding all the beenies and selling one a year for 10000$ and saying that all the beenies in their vault are also worth 10,000$ each.... so you endup with absurd balance sheets for these vaults/owners.
Monopolized/Controlled markets are crazy.
I mean sure, a 10ct natural diamond has value.... but anything 5ct and under.............should be pretty much worthless, people like to pretend they own the hope diamond lol even though the stone is like microscopic.
The gold market is no different than diamonds. Both have limited industrial uses, in fact, diamonds have far greater industrial uses than gold.
Yet you covet gold and dismiss diamonds?
Industrial demand doesn't give Gold its value. Gold is a momentary metal in a world of fiat printing paper dreams. There is no anchor to reality with fiat printing. It is stealing by the counterfeiters and their minions from the productive segment of the population. It is theft. As the theft occurs over time the currency declines in value and fails to act as a store of value. As faith in the fiat is lost, The productive element of the population stops producing. No one works for free. Then we end up with war, famine, and poverty.
Gold is perfect money. If that is all it was ever useful for, that is more than enough to make it valuable.
diamonds and cubic zirconia are very different: mohs scale (hardness), refractive index, dispersion, thermal conductivity, density, color.
synthetic diamond, on the other hand...
in reality the goldprice right now should be on its highest highs
The market says otherwise. Gold and silver have been falling with the entire commodity market. There are no signs of a bottom.
I reached my quota five years ago. Wouldn't think of selling until this deflationary collapse runs its course.
My broker advised me to sell this morning and sell all the 18k contracts at the same time to get the best price. his advice was good, did you see how much it dropped.
sarc over
This is fraudulent no matter what side of the equasion you are on. And, all caused by a Federal Reesrve bank that has lied to the people of the world for yeras.
"Now the whole world stands on the brink staring down into bloody hell. All those liberals, and intellectuals, and smooth-talkers; and all of a sudden no one can think of anything to say."
Except, "SELL more gold than physically exists on this planet in a microsecond!" They can still say that.
Since the markets have no substance on this planet.
Why not make up a new element and start trading it?
Who wants to buy 1,000,000billion shares of zunatonium? its the rarest metal in the galaxy, infact not a single oz has yet been discovered...
lets start the bidding at a billion dollars...
Disclaimer: Trading Zunatonium like all investments involves risk and potential* loss of capital
Note* potential means certain
Well there is Bitcoin...
Beat me to it. Yup, Bitcoin was dreamed up out of nothing, has zero backing and near zero liquidity.
An alloy of Phoolium and Balonium.
Here we go
I like extremely low prices for the buying opportunity. Additionally it means that the waiting is over and the shit is hitting the fan right now. I feel very comfortable with insurance no matter where the price goes.
The Perth Mint is not selling ANY bullion products now.
http://www.perthmintbullion.com/us/View-All-Bullion.aspx
Is this the bankster end game?
http://gata.org/node/15969
I smell bankster desperation with PMs
Gold must be shown to be an abject loser for the year. Buy at year end.
It's the weekend... Perth Mint never sells any bullion during weekends! What's your point here?
Except that I asked Bron Sucheki why this was true and he said that it was intentional to concentrate on certain products only. He said nothing about weekends.
The cabal never rests.
A-Mark 10oz slabs, .65 over spot, folks
http://www.silver.com/10-oz-a-mark-silver-bars/
Despite the rout, Gold remains the best performing asset class of this century, by a country mile.......
One of you Dopes can be the first to call me when that changes.....;-)
The Monetized New Millenium
Capiche?
Pull the borrow.
Let me help you out my brothers:
2000-2016 = S&P up 0.5%
2000-2016 = Gold up 500%
Capiche!
Or, let's go a little further back and look at it another way:
1913 to 2015: dollar down 95%
1913 to 2015: gold unchanged
Begs the question: which is the better money?
Funny how nobody screams "manipulation" when the price goes up. And yet the price was manipulated up to $1800.
The manipulation has been going on for quite some time, do some reading-
https://en.wikipedia.org/wiki/Gold_fixing
Gold has been "manipulated" since it was first discoved, thousands of years ago.
However you are confusing "fixing" with "manipulating". They are not the same thing.
Your ignorance of the truth I would consider willful.
-- Was the Banque de France's director of market operations, Alexandre Gautier, telling the truth when he told the London Bullion Market Association meeting in Rome in September 2013 that the bank is secretly trading gold for its own account and the accounts of other central banks "nearly on a daily basis"? (See: http://www.gata.org/node/13373.)
-- Is the Bank for International Settlements telling the truth when it maintains in its annual report that it does the same sort of secret trading on behalf of its member central banks, trading not only gold itself but also gold futures, options, and other derivatives? (See: http://www.gata.org/node/12717.)
-- Is the BIS sincere when it advertises that it undertakes secret interventions in the gold market for its members? (Seehttp://www.gata.org/node/11012.)
-- Was CME Group, which operates the major futures exchanges in the United States, telling the truth last year when it told the U.S. Commodity Futures Trading Commission that it is offering volume trading discounts to central banks for secretly trading all contracts on its exchanges? (See http://www.gata.org/node/14385.)
-- Was CME Group telling the truth last year when it told the U.S. Securities and Exchange commission that its customers include governments and central banks? (See http://www.gata.org/node/14411.)
-- If central banks are indeed doing so much secret trading in the gold market and other markets, what are their objectives and might this secret trading be intended to manipulate markets, support government currencies and bonds, and deceive and cheat investors who think that markets are free trading?
There is a lot more documentation suggesting as much here:
http://www.gata.org/node/14839
Never had a reason why Ft. Knox has not had a credible audit in 73 years, there can only be one.
Never had a reason why Ft. Knox has not had a credible audit in 73 years, there can only be one.
Truth? You can't handle the truth.
You post articles about manipulation and deception of the market. OF COURSE there's manipulation. A market for a nearly worthless commodity is always based ENTIRELY on manipulation. It's the DESIRE to hold gold, and that desire is manipulated, even if it's SELF manipulation, which is also called BELIEF and FAITH.
The truth is that gold has little intrinsic value, only 12% of annual mined gold is used industrially. The rest is JUST GLITTER.
LOL. You're a silly little troll. You must not be paid much.
Funny how you insult me, but don't dispute what I've said.
When the debate is lost, slander becomes the tool of the loser.
- Socrates
I need people like you who blindly buy gold. It keeps me very well employed.
Gold is money. If that does not represent intrinsic value, I don't know what does.
Seashells, beads, tally sticks have all been "money". The Roman empire debased their "money" which included gold, silver, and bronze so in the end, they were worth hundreds of times less.
Money doesn't have intrinsic value, commodities have intrinsic value. The value of commodities fluctuates tremendously, depending on demand.
Since there is little industrial demand for gold, the demand for gold is simply DESIRE. Desire for something swings wildly, depending on sentiment. Right now, sentiment for gold is high, hence the high price.
You just can't see (or admit) the obvious.
Nope. Those non-gold things don't fit the definition.
"Right now, sentiment for gold is high, hence the high price"
High price in what? Euros, yen, rubbles?
I don't understand why this is a problem. If the price of gold is being held down, then it can be bought at bargain prices. The catch is that you have to have the patience to wait until the day when it pays to cash in.
For the record, I own a substantial amount of silver that I accumulated between 2001 and 2010. I would do it again.
I don't have a problem with the beat down. Better prices for me. Could you imagine Gold at $18K. I wouldn't be stacking much of that. I think the stupid Governmint workers have pushed themselves into a corner with paper manipulation. I assume they are meeting physical demand with other sovereign gold from their NATO partners. When the shit finally reaches our shores the U.S. will have a lot of angry NATO members banging the door for restitution.
It seems they can continue this manipulation for ever!? This is cray
Don't you see? It's a moving hard bottom, they beat it down as far as they possibly can without creating new intrested buyers. The curve is flattening the game is almost up. The West's public treasury vaults are now empty. The crime syndicate's game was to have the government concentrate gold and silver-then steal the concentrate. The paper ETF scams are just icing on the cake.
You are right of course - but we saw similar figures and empty treasury vaults some weeks ago. Never the less the biggest online shop for precious metals in Germany proaurum.de ist overloaded due to many buyers! :-)