Gold, Euro Slump As Merkel Admits "New Elections Are The Better Way"

Tyler Durden's picture

EURUSD is testing overnight lows (and gold is tumbling) after German Chancellor Angela Merkel said she would prefer to go ahead with new federal elections rather than try to form a minority government.

 

Seeking her fourth term, Bloomberg reports that Merkel is “skeptical” about a minority government as it may not bring about necessary stability and is open to another so-called grand coalition with the Social Democratic party, she said in an interview with ARD television.

In the absence of an agreement to secure a majority in Germany’s Bundestag, “I’m certain that new elections are the better way,” she said.

And FX markets reacted...

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Manipuflation's picture

Why should this crap affect the price of gold? 

YUNOSELL's picture

Gold happening to go up will negatively affect the price of gold

Manipuflation's picture

Are the Germans liquidating physical gold reserves in the face of new and improved elections?  We all remember Gordon Brown.   

YUNOSELL's picture

Of course not -- my point is gold doesn't need a reason to tumble in price other than the fact it went up too high on Friday and some banker somewhere decided they needed to take action

Bastiat's picture

Right.  Gold "slumped" after getting hit in the back of the head with 4 foot riot stick.

BaBaBouy's picture

Good News/Bad News Is BAD For GOLD ...?

HenryKissingerZuckerberg's picture

she will quietly move to Switzerland, New Zealand, Russia... who knows?

she will only go to Germanistan for the Bayreuther Festspiele while those are still played within Germanistan.

Max Hunter's picture

They better keep it down because whe Israhell starts a war between Iran and the US, the price of EVERYTHING worth anything is going to explolde like a pipe under pressure.. There!... comment in 2 articles now.. LOL

Give Me Some Truth's picture

One would think that any new war would cause the price of gold to soar. Actually, those things that SHOULD cause gold to soar have the opposite effect. If gold goes up it is only very briefly. If the gold market is rigged, it is rigged. The price will be what the riggers' want it to be (and they don't want it to be "high," "rising rapidly," "rising steadily," etc. 

Same with the stock market, if "they" want it to be rising, it will be going up.

But gold and silver are the two canaries that can never be allowed to sing their warning tune.

Peacefulwarrior's picture

Merkel has a PHD in Quantum Physics so maybe she'll to move to a Parallel dimension...

The Alarmist's picture

Heisenberg uncertainty principle ... for all we know, she's already in another universe or dimension.

strannick's picture

Golds down cause of Merkel?

It was Merkel sold 2 billoin $ of gold in 2 seconds??

Shieze!

Eyes Opened's picture

Am I bad to look at that pic & feel happy that she is unhappy ??

Schadenfreude is such an ugly emotion, yet it persists...

Give Me Some Truth's picture

Investor "sentiment" for gold and silver were slain a while back. Now, the Powers that Be simply take recurring actions like those today to simply make sure this sentiment doesn't rise from the dead.

Give Me Some Truth's picture

Gold going up will negatively impact the price of gold. Probably, it will (and has) negatively effected the share prices of gold and silver miners. 

At some point, more people are going to realize that the prices of gold and silver cannot go above a certain price point without the Status Quo being put at risk. And that can't happen.

gn28's picture

wow.... ETF traders are so sorry for Herr Merkel... too bad the paper price also gives the metal price in this fake market

 

Wake Up!

0valueleft's picture

Attach "gold slumps" to any headline. There is a quota that must be met, more so around round numbers to the upside.

c2nnib2l's picture

Because every reason is good to cut gold price by $ 20 ! 

We might even go lower ! I havent seen a drop like this since 2008

Give Me Some Truth's picture

No reason - or ANY reason - suffices when it comes to knocking down the price of gold and silver. No one in the MSM, and no "regulator" will raise an eyebrow or utter a sentence expressing befuddlement when these smash-down (cap and contain) activities take place. Given this reality, I don't even know why the "explanation writer" even bothers writing his headlines.

Thoresen's picture

Gold is always tumbling.

FinMin's picture

Sieg für AfD.

Disgruntled Goat's picture

Alternative For Germany

malek's picture

The first sensible statement from Merkel in a long time.

NEOSERF's picture

Gold declining in the face of elections is insane...store of wealth, offset for inflation?  Not when millions of forward bullshit contracts on paper gold can be dumped.

Joe A's picture

Where is Ghordius? Haven't seen him for a while.

malek's picture

He must have crawled into his safe space.

medium giraffe's picture

He's been busy applying for a new job in the private sector.

Fahq Yuhaad's picture

Ghordius most likely freelances for government and corporate diversity and inclusion departments. He could be currently advising on how many blacks and moo-slims should be mandated to appear in public advertising in Germany, thus furthering the achievement of the magnificent European integration plan.

https://www.vodafone.de/

 

 

The Luftwaffe's picture

"And FX markets reacted..."

Wrong, in the case of gold there are no markets, only fraud, corruption and intervention

Clock Crasher's picture

If you bought Gold Miners you're being dragged to the wood shed kicking and screaming by the hair. 

fockewulf190's picture

...and then thrown into the wood chipper Fargo style to boot.

Albertarocks's picture

I have plenty of gold miners and I'm not the slightest bit concerned.  The ones that were just sitting on support levels will get stopped out.  So far none have.  I have plenty of cash on the sidelines designated for a few companies I wanted to buy at a lower levels where there is plenty of support.  Those ones are moving towards those levels and hopefully I'll land them this week.  I have gold miners and I'm not exactly "kicking and screaming by the hair".  I'm thankful for these opportunities.  I guess some people know how to trade them and some people don't.

Give Me Some Truth's picture

And the mining company CEOs just shrug and take it. I can think of only one that acknowledges what is going on. A "leader" with "true grit" does not exist in this group.

Albertarocks's picture

I'm wondering if Keith Neumeyer is the one true leader you're talking about.  He's the guy who built Majestic Silver into a $billion company as well as First Quantum Minerals, another $billion company.  His latest piece of magic is the assembly of First Mining Finance which is a "mineral bank" company absolutely destined to become yet another $billion venture.  He has asked other mining execs to join him in sticking it right in the face of the cabal by refusing to sell metal to them by holding some of their PMs right off the market.  He does (he holds back what he can).  Only one of those execs agreed to join him (sorry, I can't think of his name at the moment).

Garciathinksso's picture

gold, we knew that it would get crushed, cant have it over 1300$

Garciathinksso's picture

gold, we knew that it would get crushed, cant have it over 1300$

Clock Crasher's picture

Netdania is showing monthly volume at 26 BILLION ounces per month

265,000,000 volume x 100 per contract?

Is that right? 

SpanishGoop's picture

EURUSD is testing overnight lows (and gold is tumbling)

 

And let me guess, bitcoin up....

 

south40_dreams's picture

Merkel is an agent of the devil, doing evil whenever and wherever possible, just like her fellow demon barry o.

farflungstar's picture

This childless cunt would have made a better grade school teacher...probably.

wolf pup's picture

If Merkel's into "new elections", best bet is to man polling places with those who grasp the intricacies of how easily election fraud can be performed.
She's slated to lose such a "new election". Why would she relish this?
Beware the Merkelwocky.

Infinite QE's picture

No Germany. Wise up.

No holocaust.

Merkel's a Polish Jew, lesbo, commie.

Do better.

 

foxenburg's picture

Some entity with very deep pockets and excellent credit rating saw an opportunity to place a large number of buy orders at the $1 280 peg. Then he sold a similar number of contracts as the price teetered upwards from...it looks like $1 291. And thus bought them all back at $1 280. A most profitable four hours work for a Monday morning. (Or afternoon if he's a limey). I'm just a village idiot watching this on Kitco, but even I can see that it's a simple transaction as long as your marker is good for a few billion. There's no need to put on the tin foil hat.

wdg's picture

The markets...sorry I meant casinos...are rigged by the International Criminal Banking Syndicate headquartered at the Bank of International Settlements (BIS) in Basal, Switzerland. There are no markets anymore...just endemic rigging and corruption as far as the eye can see. But the sinister banksters are not all powerful and free markets will one day reassert themselves, in the near future. And when this happens, the western world will be looking at the implosion of the banking/financial/political systems which will be followed by a New Dark Age that could last decades. And there will be a fearful reckoning for the gangster elite who plundered the western world and left behind an economic and social disaster. They can run and they can build bunkers...but they cannot hide. And one day they will have to answer for their heinous crimes against humanity. Truth and morality can be suppressed in the short term but ultimately will win over unspeakable evil. 

William Dorritt's picture

Merkel is a Traitor to:

  • Germany
  • The German Race
  • Western Civilization
  • Christianity
  • Women's Right
  • 9 year old boys and girls
  • The European Union

This list goes on..........

Forgot to add:

  • Goats, Donkeys and other farm animals who will be violated
  • Cadavers of dead German Women and Children
Pearson365's picture

Like the last 3 years, gold will drop to its yearly low in early December.  I've been waiting for that to buy.

ReturnOfDaMac's picture

You would do better buying banks, bitcoins, and MIC stocks, but whatever ....

Pearson365's picture

I bought last year in December and am up over 10% which is a good return for a hard asset unlike your worthless suggestions which can go to zero in a crash.

ReturnOfDaMac's picture

Good luck to you then. Started stackin in the 80's son but times change and I change with 'em. Really wish you luck though.