Precious Metals Pounded As US Equities Open

Tyler Durden's picture

Saudi warns its citizens to leave Lebanon "immediately" and gold and silver are panic-sold...

Because stocks must be ramped...

 

10,000 contracts ($1.3 billion notional) rushed thru in the 2 minutes before the US open...

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lester1's picture

Paper gold should be illegal !! 


Itdistorts reality and is fraudulent.

NugginFuts's picture

But it creates a great discount if you prefer owning the real thing!

_RRR_'s picture

and that's the point. Without the paper gold contracts you couldn't afford the real thing

BaBaBouy's picture

GOLDie going to 2K ~

ParkAveFlasher's picture

It's either Lebanon causing the notional drop, or I scratched my nose.  Every time I scratch my nose, monkeyhammers break out all over the market.  By Tyler's logic, therefore, my nose has great power, for in the scratching, comes the smackdown.

DjangoCat's picture

Try scatching your ass, that should drive the price up, up and away....

StackShinyStuff's picture

So 5 bucks is what we are calling a "pounding" now?

ParkAveFlasher's picture

OT, but does Wile E. Coyote use Amazon Prime nowadays, and what can $1.3B buy him?

beemasters's picture

News of a possible war in Korea: Up
News of a possible war in Lebanon: Down?

YUNOSELL's picture

$5 not being a pounding is not the point. ((They)) don't want to waste the resources to drive it down a huge amount, rather they send it down $5 to send a message that everyone better not start thinking precious metals are about to rise. It's conditioning.

ParkAveFlasher's picture

WRONG.  You are arriving late, but if you have been watching for years, you would know that $1.3B doesn't hammer what it used to hammer.  We'd be looking at a -$50/oz gut punch right now, if it were, say, 3 years ago, followed by another $25 of spastic fainting for weeks following.  Now the thing just bounces off. 

SumTing Wong's picture

Nope...10,000 contracts in 2 minutes is the pounding. Price doesn't get hit too greatly because buying depth is pretty large now. 

ParkAveFlasher's picture

If the price isn't moving, it isn't holders that are getting pounded.

Michigander's picture

Nothing like doubling down on a continually losing asset.

But you just keep "backing up that truck".

Buy Bitcoin.

NugginFuts's picture

I have both, O Wise One. 

I will say, it's much easier to transport a truck full of Bitcoin. So there's that. 

EddieLomax's picture

How many bitcoin can you fit in a wheel barrow?

Silver Savior's picture

What are these losses you speak of? My stack just keeps growing. Been at it since 2013. I have no regrets. Not any what so ever. I can sleep at night knowing what true wealth means. The US dollar means nothing to me. 

abyssinian's picture

hahaha Bitcoin was at $30 in 2013 and near $8000 today... hahahaha how much did you make with your gold so far?/ lol yeah yeah bitcoin is fraud, bubble, tulip..... hahahaha true wealth means buying assets that knowingly being maniuplated by central banks and continue to lose money? wow

Silver Savior's picture

To hell with Bitcoin. Obviously you do not understand gold or silver. It's not the same as investing in Bitcoin and wanting USD. Investing in gold and silver is not about paper currency! I do not want paper currency I want peace of mind. 

Carpe Tutti Bastardi's picture

And if paper gold & silver manipulation were to be perpetually allowed....

then PM's would perpetually be at great discounts! NO?

Justin Case's picture

10,000 contracts ($1.3 billion notional) rushed thru in the 2 minutes before the US open

It's still up $4.00 since 11pm last nite. Someone takin on some shorts. Is there a story that's comin out that will cause gold to pop higher?

As it went down will go up when they cover them shorts. Nothing new. Theyz just rocken the boat to force the little specs out. It's a big boyz club.

Ouagadoudou's picture

Best comment ever. There is no better way to undermine a society than to play on currency. Time to stop playing games, nobody shall choose for winners and losers.

shamus001's picture

How many YEARS of production in "paper derivitaves" can be sold in a single year!? This is BEYOND RIDICULOUS & CRIMINAL.

LawsofPhysics's picture

...paper PMs being sold for more crypto...

LOL!

"Full Faith and Credit"

SAME AS IT EVER WAS

ejmoosa's picture

Wonder how many more undiscovered bugs there are in the cryptocurrencies that will lock up/delete holdings?  

Justin Case's picture

There's a scam going on here in Toronto for bitcoin. A person calls and poses to be calling from Revenue Canada that there are taxes owing on their transactions and that the sum must be paid ASAP and can be done in crypto to the Revenue Canada cryto account. So far $300k has been scammed. LOL

pods's picture

Makes sense, PMs dive on news of war. 

Lemme guess, S&P jumped up 10?

Welcome to the circus, a cornucopia of clownfuckery.

pods

syzygysus's picture

Hey, don't knock it.  Once you go clown...

DavidC's picture

Eloquently put pods.

DavidC

Justin Case's picture

PMs dive on news of war.

Gold did nothing any different today than any other day. In fact it is still trading higher this morning than at 11pm last nigh. FAKE news,

Live trading chart

Son of Captain Nemo's picture

"Saudi warns its citizens to leave Lebanon "immediately" and gold and silver are panic-sold..."

Sounds like another good story sold by a Jewish "tailor" that moonlights as a magician!

Justin Case's picture

moonlights as a magician!

Best known for makin wallets disappear.

WHATDIFFERENCEDOESITMAKE's picture

Comex crash is needed in order to purge the fake pm’s.

tmosley's picture

Not nearly enough. The whole system has to fail.

That is why people are giving up on PMs.

Dirty Bumn's picture

You're stupid to think that, and even dumber to say it outloud.....

Dame Ednas Possum's picture

Nice... I might slip by the bullion shop on the way home from the boy's rugby match tomorrow morning. 

 

tmosley's picture

Last time I stopped by the coin shop, the guy didn't even want to buy my silver. Had to call another dealer.

0valueleft's picture

Shouldn't have tried to get 2011 prices, of course he would have bought your silver at a price he felt comfortable with.

 

tmosley's picture

APMEX, which usually pays the highest prices for secondary market items, offered me $1.60 UNDER SPOT for generic rounds and bars.

You might not like me because I speak the truth, but you had better face some fucking facts here.

shamus001's picture

Did he buy your bitcoin? 

tmosley's picture

But I am making money while you do nothing but lose it.

It's also a fact that gold and silver are suppressed, and that supression isn't going away while the Fed continues to exist. That was always the case, whether I was bullish or bearish silver.

Time to face facts. The world is not going to turn to PMs to save them from central banker theft. They are turning AWAY from them.

0valueleft's picture

They invested a lot to make you feel so certain of that. We all have to make money, I'm glad you're making money, and they are as well.  

Son of Captain Nemo's picture

tm

As I said to your friend 'Free Shitter' earlier in the day... Enjoy your "bubble" before worse than the power goes out if this shit goes REAL and the "printing press" that you don't control that makes the mining of "Buttcoin" what it is for some "unknown reason" "STOPS"!...

ClowardPiven2016's picture

I like to sell high and buy low, so I'm making money with part of my portfolio and stacking more PMs with part of the proceeds. You should give it a try.

Son of Captain Nemo's picture

Might want to consult this guy (http://www.zerohedge.com/news/2017-10-30/could-be-huge-gold-bar-certifie...) about 1 ounce Au these days while you're " successfully stacking"... Ain't the business it was when it was happening to 10 ounce bars in Manhattan and obviously is a much more sophisticated operation 3 years later...

But looking on the bright side you are still way ahead in "salted bar(s)" than in encrypted data packet(s)!...

tmosley's picture

Nah, I prefer to buy confederate dollars.

Carpe Tutti Bastardi's picture

Although it is a leap in logic, it does seem to be the case!

Son of Captain Nemo's picture

I'm busting a gut laughing at "what he said" and more importantly your "response"!

In words?... He deserves nothing less than what he just got!

Silver Savior's picture

Who is giving up on PM's? Dummies? Last I heard Asia the new super power is hoarding like mad, Germany is the world's largest gold buyer and the one percent and other wealthy individuals are parking wealth in both bullion and high end collectible coins. 

So that leaves Joe Blow. Not knowing what to do he sells his small stash for some crypto or stocks and that is only if he has the disposible income to even get that far. Just my thoughts.