Gold Breaks Below Key Support, Drops To 4-Month Lows

Tyler Durden's picture

At 0907ET, someone decided it was the perfect time to dump $1.5 billion notional worth of gold, smashing the precious metal below its 200-day moving-average and back down to 4-month lows...

 

And so, once again, gold futures are tumbling...

 

To 4-month lows...but still up around 10% year-to-date...

 

What's driving the gold weakness? Who knows... because it's not the dollar...

 

Though Gold's sensitivity to USDJPY has picked up notably...

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Give Me Some Truth's picture

Simply ask yourself what the conversation/narrative would be if gold and silver were ascending rapidly? Would it be that "all is great" in the economy? Or would it be, "Danger Will Robinson!"

If you are one of the Powers that Be and you have the ability to keep this warning signal from being broadcast would you?

crazybob369's picture

For those so inclined, divide the number of dollars currently in existence, into the number of ounces of gold currently above ground. Then, go back 20, 40, 100 years and perform the same exercise. The answers are shocking, but not that surprising. That's why the price of gold, in dollars (and other fiat), needs to be supressed.

Yellow_Snow's picture

Gold's going down...  must mean there's a nuclear war around the corner

LawsofPhysics's picture

And so it goes with anything paper/digital...

Not surprisingly, all my grams are just fine.

"Full Faith and Credit"

Ben A Drill's picture

Smashing the price of gold and silver is not helping the economy in my household.

Clock Crasher's picture

this price smashing has put my household on a fucking streatcher with a neck brace and multiple IV's 

uuugh fuck me.  

well.... 2017 was fucking bust. maybe 2018 will be better.. or 19, or 20 or.. 

Ben A Drill's picture

Let’s hope so. I’m in the same sinking boat.

Clock Crasher's picture

I don't mind the Gold price smashing too much since it's only -5% on the year 

But my exposure to miners... fuck me.  Not good.  

Ben A Drill's picture

I have multiple concussions due to the GDXJ.

Give Me Some Truth's picture

And the mining CEOs utter not a peep in protest. Talk about your "profiles in courage."

crazybob369's picture

Some of those mines are really deep. Mining accidents happen often. Better to piss of your investors, then the cabal.

Give Me Some Truth's picture

These mining CEOs are being paid very well whatever the price of their product is. That is, they are living comfortable lives even with a Status Quo that ensures their commodity's price does not rise above a defined level. If they "rock the boat," they fully expect the government and/or the giant bankers to try to shut them down. These guys are worse than the Mafia. That's exactly the punishment they would dole out to anyone who cried "foul" too loudly.

Yellow_Snow's picture

Guy's  Get the 'Real Deal'...  Bitcoin Gold (BTG)... 

It's cheap right now  :)

coast1's picture

where did you buy it?  I need an exchange that will take USD$

Yellow_Snow's picture

I already had it...

Try Bittrex

Mustahattu's picture

Unbelievable.. this is why bitcoin is soaring. The fuckers can't manipulate it, at least not yet.

Da chief's picture

Huge news in the Canadian Marijuana space as Cantech is a high end lab with the abiity to "tailer make" specific marijuana strains from a genetic level. Crazy stuff.

https://forexkong.com/trade-alert-evitrade-to-aquire-cantech-molecular/

divingengineer's picture

Great, can they make a strain that makes me lose weight?

FBaggins's picture

So what major player is dumping it?  and why? Knowing who is selling would give us some clue as to why. 

Yellow_Snow's picture

'Fat Finger' is the usual suspect...

Give Me Some Truth's picture

The key point is that NOBODY (who matters) is trying to find out who is doing this or why.

 

Give Me Some Truth's picture

No transparency allowed. In case you didn't know, this is for our own good.

Jungle Jim's picture

If anyone here knows who would they be so kind as to just spit it right out, instead of making us suffer through endless, long-winded YouTube videos that never get to the point. Just name the name(s), please.

And try to be a little more specific than some ethnic group or "bankers." I would like to know specifically, by name, who it is that ought to be chained to the back bumper of a truck and dragged down a gravel road, slowly, till there's nothing but the chain left.

Deplorable's picture

Weak copper prices are driving Gold/Silver down...No relief in sight!

FYI: The majority of silver mining is the byproduct of copper. zinc/lead, and gold mining.

Clock Crasher's picture

provident metals is sold out of most of their copper bullion

cpnscarlet's picture

What was the phone number of my LCS? It's here somewhere...

Al Huxley's picture

I've said it before, gold is an investment of 'white privilege' and 'aggression against women'.  Responsible investors are just dissociating themselves from this.  I've heard Harvey Weinstein is a big gold investor, and Kevin Spacey too.  

divingengineer's picture

That's it, I'm throwing mine into a trash compactor immediately. I had no idea I was supporting such repugnant deplorables. 

Al Huxley's picture

Exactly - repudiate male white privilege, sell your gold, if you work in any sort of productive capacity, quit your job, and invest in pussy hats.

divingengineer's picture

I'll drop my gold down a well. That way I can fish it back out with a magnet....right?

galant's picture

Irony worthy of your namesake.

Bemused Observer's picture

I'm going to have mine melted down and made into a memorial bust of Hugh Heffner.

tropicthunder's picture

GDXJ just took out the early July lows when spot gold hit $1207. Golden bloodbath cometh this way...

Clock Crasher's picture

JNUG back to where it was Feb 2016

going going GONE!

tropicthunder's picture

GC slicing through the 200 DMA is gonna cause the CTA algos to sell it harder down at settlement as well.. Just the begininning of the selling..

BidnessMan's picture

The new BRICS gold market should be interesting.  Would be nice to have an honest market.

tropicthunder's picture

As long as the world's most powerful central banks and wall street shysters OWN THE GOLD MARKET, it will never be an honest market...

divingengineer's picture

They owned it when gold was $1,600 an ounce. 

I just don't "get" them. You'd think people with that much gold would drive the price up, not down. 

PrivetHedge's picture

Then perhaps they have less than we thought...

Give Me Some Truth's picture

The Status Quo could not remain the Status Quo if gold or silver were rising. So this is not going to happen.

And the "status quo" simply means that the fiat printing press remains protected.

divingengineer's picture

I still don't get it. The "status quo" guys own most of the gold as well. Plebes have very little in comparison. Why would they want their own assets to go down in value? To punish the guy with three krugerrands in his sock drawer? It doesn't make sense to me.  The same people got all the fiat, gold, power, political clout and other assets (yes, political clout is an asset class). 

Give Me Some Truth's picture

No, they would be up shit creek if the Status Quo system imploded (if gold and silver took off and "escaped" their price ceilings). Even JPM which allegedly owns all of this physical silver would take a bath if their balance sheet was attacked by a crash in "sentiment" for fiat assets.

Governments, central banks, too big too fail banks, stock market investors, crony capitalist companies, the military industrial complex, etc. ALL depend on the fiat printing press running full throttle.  

Pearson365's picture

Same as the last 3 year ends.  Time to buy.  I've been saying and expecting this all year.

divingengineer's picture

So its a PROFIT deal, that takes the pressure way off.

-Navin R Johnson, Inventor of the Opti-Grab

Garciathinksso's picture

silver starting to get attractive at these prices, especially with a recession on the horizon

tropicthunder's picture

"Beaner Gold" MIGHT be attractive when it gets down to $4/oz.

Garciathinksso's picture

silver starting to get attractive at these prices, especially with a recession on the horizon

Clock Crasher's picture

635 ASE to the BTC (includes premium on ASE)