Gold Spikes Most In 7 Years To 27-Month Highs

Tyler Durden's picture

Bonds & Bullion are manically bid overnight as the last 5 days of complacent risk-on exuberance has collapsed into a worst-case-scenario "Brexit" raising doubts about the EU's sustability and dragging central bank experimental ideas into farce...

This is the biggest spike in gold in 7 years back to 27-month highs...

 

and bonds are screaming to record highs...

 

As 30Y yields near record lows...

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Money Honey's picture

With System Failure Dead Ahead, Smart Investors Stack Physical Gold

With some $200 trillion in projected unfunded liabilities, the government will have to default on some of its promises. A blow up in the futures or other derivative markets could cause a “run on the bank” & the financial system to be thrown into chaos. The U.S. dollar could either crash or surge in a financial panic, depending on how it unfolds. Buy & hold gold outside the banking systems.

http://www.commoditytrademantra.com/gold-trading-news/with-system-failur...


giovanni_f's picture

paper shorts working overtime. Must be fun times for Shanghai-physical vs. London/Crimex-paper arbitrageurs.

Supernova Born's picture

Central Bankers slept through Brexit while having recurring nightmares about gold.

Money Honey's picture

Brexit or Not – No Dearth of Solid Reasons For Gold Prices to Surge

Should the British reject devolution, gold prices might briefly move a little lower – even though, in the days running up to today’s referendum, the financial markets may already have “priced in” a no-vote. In the event of a Brexit victory we will likely see official demand for gold pick up as the appeal of holding central bank reserves in pound- and euro-denominated assets diminishes.

http://www.commoditytrademantra.com/gold-trading-news/brexit-or-not-no-d...


fockewulf190's picture

I wonder how those Commercials are doing with that short position on the Comex right now.

actionjacksonbrownie's picture

You can be sure that they have been selling the entire ramp are are sitting pretty this morning as Gold drops back to Earth. Don't be surprised if they push Gold prices lower for the entire NY trading session.

JPMorgan's picture

Well don't shoot me, but I've sold a little gold this morning.

And I may sell some more if it continues to gap up.

I believe in PMs, but you have to sell the highs and buy the lows. 

war.on.bankers's picture

you can always sell to me if you want. ill be buying until we hit those nice 2011 ATHs.

 

by the way. had the brexit vote and gold/silver/bitcoin charts up at the same time this morning my time, most aroused ive been in months.

Max Hunter's picture

Unless you contract expires soon, I don't understand why anyone would sell gold or silver positions right now.  The next couple of months look like a push to 22 easily.. 

DIGrif's picture

Did you sell GOLD....or did you sell paper gold?

JPMorgan's picture

I sold paper gold back into cash at the top of the GBP spike. 

But will buy the physical stuff back on a dip (hopefully).   

Squid-puppets a-go-go's picture

ive considered your post at length and decided no, its better I shoot you

;)

 

GUS100CORRINA's picture

Yesterday, the Chief Liar at the FED said that banks are well capitalized and can withstand a VIX of 70, We are about to find out whether or not the FED is telling the truth or whether it is just one more lie. 

AS A SIDE NOTE, CURRENT DERIVATIVE EXPOSURE FOR US BANKS IS 180+ TRILLION IN NOTIONAL VALUE. 

QUESTION: HOW EXPOSED IS THE USA TO AN EXTERNAL EVENT LIKE BREXIT? MY GUESS IS WE ARE IN DEEP DOO DOO!!!!!!!!!!!!!!!!! WHY ELSE WOULD 'OBUMMER' GO TO ENGLAND AND SUGGEST THAT THE UK REMAIN IN THE EU?

GotGalt's picture

GUS100 - TBTF banks can withstand a VIX of 700 as long as Fed and ESF and Treasury all have their backs no matter what.  Nothing new, stress tests are just a joke

Kenlona's picture

Because he's a globalist puppet and his puppetmasters told him too. 

Bananamerican's picture

a prediction from 16 months ago:

Here's the scenario I see: strong Dollar for several years; stronger deflationary pressures globally; default in Asia, India, China.  All the Brics are in trouble.  Strong Dollar refi requires more dollars for billions of dollars of loans taken out in dollars overseas during 5 years of QE.  Weak Dollar inflates; strong Dollar deflates.  The more the strong Dollar deflates the world, the more the world wants US Dollars and US TBonds.  Global defaltion drives rates down, negative.
The US resists negative rates.  The US is the last of the positive interest rates country.  Foeign money continues to flood the US.  If you are a rich Eurpean or Chinese or Japanese busiines would you rather pay you own nation's banks to hold your money or buy US assets and Bonds.  As long as foreigners are buying US assets, no need for more QE.  There comes a breaking point of course; but that is a few years away -- a few years of strong Dollar.
Foreign default brings European banks to their knees, and then US banks also.  Only then does more US QE (weak US Dollar) become possible.  It is likely we will have a world war by then also.
There can be no inflation where there is massive debt.  The debt must be destroyed (through massive default) before inflation is possible (and economic growth).  We should have begun deflatiing our huge debt bubble in 2001.  Instead we decied to build it even larger.  We are still trying to buld in larger -- the Debt Bubble must come down like the Hindenburg.  Until then no runaway inflation will be possible -- once it does, inflation will be rampant, and we will have rates over 30%.
 
For now: buy USDollar; US TBonds; US Stocks; shortsell Oil, Gas, commodities, especially copper and aluminum, coal.
 
What about gold?  Negative for the moment; but it is working on a major trading bottom.  If US interest rates go negative, the last swimmer in the world, then buy gold and wait for the world's greatest gold rally in history.
2019 will be the end of the gold rally.  Short gold 2019-2037.

Tinky's picture

"2019 will be the end of the gold rally."

What? Not 2019.75? You can't even refine your bold (by which I mean "idiotic") predictions to the quarter?


Blackfox's picture

Gold just hit almost £1000 per oz to buy from my local dealer in the UK.

http://www.bullionrock.com/?gclid=CIG5k-mVwM0CFQ2eGwod6NEAsA

 

Kina's picture

Gold and currency volatility has been great for my trading.

BTD sell the ralley - just the one cashed up gold miner, all year long, making a killing on it.

Bought the last dip, now up 9% today.

 

The best thing... cashing in the profits as they occur.

offwirenews's picture

for now...don't underestimate the cartel.

 

PS according to US futures, "everything's awesome".

Montani Semper Liberi's picture

It looks like gold will be back under 1300 by Comex open.

 Nothing to see here, move along.

Supernova Born's picture

Gold is the perceived nemesis of the central bankers.

The entire world will slip from their grasp while they remain fixated on an ultimately losing war against gold.

 

o r c k's picture

No doubt the PPT etc. have endless trillions put aside to slam the PM's back to where they want them.  Looks like it's already started. Why would they ever stop??  They won't stop until the pitchforks come out and there's a personal price attached to their high crimes. (including their "handlers".)

DeeZ_nutZ's picture

chill, mofos, it's already unspiking, same with oil...

BitchesBetterRecognize's picture

Gold might spike a bit before the FED & the ECB intervene....  

DIGrif's picture

My thoughts exactly...the gold supression team is already at work and they have a pretty tough day ahead of them.

Déjà view's picture

Schäuble...got gold? Still long on BBK gold stored in London?

RadioFlyer's picture
RadioFlyer (not verified) Jun 24, 2016 5:02 AM

Yesterday I predicted a super monkey hammer in PMs and a spike in the DJIA of 1000.

Hot Damn I'm wrong again! I fully expected Bremain to prevail.

What a brilliant morning. The apparatchik of the EU is getting the super monkey hammer....and Cameron is out! (Will he take his pig head with him?)

Barney Fife's picture

People that really believe this watch too much television and therefore think too little. 

navy62802's picture

France is stepping up to the plate. The EU is going to quickly spin itself apart now.

pc_babe's picture

Spot on Britannia Silver almost 10% ... oh snap