Biggest Gold Drop Since December 2008 Sends Metal To... Week Ago Levels

Tyler Durden's picture




 
0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 08/24/2011 - 10:34 | 1594968 TradingJoe
TradingJoe's picture

Gold is GOOD! Let the Noise be just that, NOISE!

Wed, 08/24/2011 - 10:43 | 1594995 Pladizow
Pladizow's picture

This was expected.

It is good, normal behaivior.

Expect alot more volatility as gold rockets upwards!

Olivia Newton John - Bitches!

Wed, 08/24/2011 - 10:57 | 1595111 foofoojin
foofoojin's picture

I was starting to fill crazy waiting for this correction. I was worried gold was in a bubble and this just proves that fundamentals still matter for hte material.  it was so high off it's 200d average.

Wed, 08/24/2011 - 12:58 | 1595651 Pegasus Muse
Pegasus Muse's picture

It's Option Expiration day for Gold and Silver on the COMEX tomorrow.  Check the volume of the selloff.  

Which market participants have pockets deep enough to cause that decline?  My vote goes to the Gangster Banksters (aka Bullion Banksters, aka Large Commercial Shorts).  JPMorgue and its crew market manipulators, that's who.   

Wed, 08/24/2011 - 11:04 | 1595129 dwdollar
dwdollar's picture

The outfit was 'finding' Hugo's gold which they supposedly had 'on deposit' for him.  Now that buying spree is over.

Wed, 08/24/2011 - 13:11 | 1595733 TruthInSunshine
TruthInSunshine's picture

 

 

 

I get my investment themes and paradigms from CNBC soundbits, interviews and anchor talk.

 

/SARC-A-LARK-A-SARKTASTICNESS!!!!/

Wed, 08/24/2011 - 15:22 | 1596265 nuinut
nuinut's picture

It may be sarcasm for you, but the reality is that the majority really do inhabit that paradigm.

The Paradigm Shift is on, however.

Gold is the focal point of the shift, for good reason.

Thu, 08/25/2011 - 00:07 | 1598120 RockyRacoon
RockyRacoon's picture

THAT is great stuff!  Thanks for the link.

Wed, 08/24/2011 - 14:46 | 1596129 Bullionaire
Bullionaire's picture

We have a winner.

 

Wed, 08/24/2011 - 11:11 | 1595172 Whalley World
Whalley World's picture

With all that Libyan gold in the hands of the rebels (NATO) they will find it easier to pay off Hugo in the real thing.

Wed, 08/24/2011 - 11:45 | 1595312 trembo slice
trembo slice's picture

yup

Wed, 08/24/2011 - 12:39 | 1595554 tunckar
tunckar's picture
 

No bubble in gold, buy gold whenever find it;    "The most important thing about money is to maintain its stability. . . .   You have to choose between trusting the natural stability of gold and   the honesty and intelligence of members of the government. With due   respect for these gentlemen, I advise you, as long as the capitalist   system lasts, to vote for gold."  


 

—George Bernard Shaw, 1928    

 

Wed, 08/24/2011 - 13:19 | 1595770 cynicalskeptic
cynicalskeptic's picture

Now, now, Libya's gold is being held for 'safekeeping' - and maybe some leverage to make sure the 'right' oil companies get long term contracts......

Has to be the first 'revolution' ever where the one of the first things the rebels did was set up a new central bank....... this from guys who wer scrambling to make whatever weapons they coudl find usable (see the video of the workshop where they wer modifying 20mm aircraft cannons to be used on the back of pick-ups?)

Wed, 08/24/2011 - 11:38 | 1595290 trav7777
trav7777's picture

wtf?!?! just yesterday you called me stupid for suggesting gold was overbought...put your tits away and STFU

Wed, 08/24/2011 - 11:39 | 1595292 Dangertime
Dangertime's picture

It is called "rationalization".

 

No matter what happens, it is good for gold.

Wed, 08/24/2011 - 11:47 | 1595322 fiddler_on_the_roof
fiddler_on_the_roof's picture

Can you confirm  you are short Gold now ? I will have a hook on you, when Gold turns higher. I just bought with some play money.

Wed, 08/24/2011 - 13:14 | 1595749 DosZap
DosZap's picture

Dudes, they MURDERED the Shorts,now they are taking down the LONGS........................

Same old story, same old song.

 

Wed, 08/24/2011 - 13:37 | 1595850 fiddler_on_the_roof
fiddler_on_the_roof's picture

we shall see who will be right.

Wed, 08/24/2011 - 11:49 | 1595331 Terminus C
Terminus C's picture

Why are you still here? Back in June you were calling for gold to go to $800 and silver to $15.

Changing your avatar doesn't mean you get any new credibility on PM's.

Wed, 08/24/2011 - 11:54 | 1595354 d00daa
d00daa's picture

and you have ZERO fucking credibility on anything PM related,  gtfo with your gravy-training bullshit.

Wed, 08/24/2011 - 12:01 | 1595393 Potemkin Nation
Potemkin Nation's picture

People have been calling it a bubble since it was $400.  There were people back then projecting $1650, and for the most part they were viewed as so loony it wasn't even worth the time to mock them.  Look at the long term chart.  If it was any other market, it would be touted nightly on CNBC.  You can call it rationalization, but the fact is, gold bulls have been on the right side of the trade for 10 years now.

Wed, 08/24/2011 - 11:54 | 1595345 Pladizow
Pladizow's picture

To: Trav777 and his butt buddy DangerTime.

Does my avatar upset you Travy?

And not only did I call you stupid but also full of shit!

Wed, 08/24/2011 - 11:55 | 1595358 trav7777
trav7777's picture

and yet here you are aping me...go figure

Wed, 08/24/2011 - 11:58 | 1595371 Pladizow
Pladizow's picture

You would think little Travvvvvvvvvvvv would be happier since his imaginary short should be paying off.

Man are you stupid and full of shit!

Wed, 08/24/2011 - 12:07 | 1595416 d00daa
d00daa's picture

any actual response to the fact that you made an unbelievably shitty call yesterday, and have thus far pretended you never did?

it's ok to be a bug, but don't embarass yourself if you don't actually know what the fuck you are talking about.

Wed, 08/24/2011 - 13:58 | 1595926 Pladizow
Pladizow's picture

How can someone who has bought gold for several years be embarassed by a ONE DAY correction?

Those that should be embarassed are those that have continued to be wrong for ELEVEN STRAIGHT YEARS!

So in closing STFU!

 

Wed, 08/24/2011 - 12:04 | 1595406 ZeroPower
ZeroPower's picture

Didnt we stop arguing with gold and silver bugs a while ago? I just agree and say 'all metals to a million obama dollaz'. Much simpler.

Wed, 08/24/2011 - 12:39 | 1595511 GoinFawr
GoinFawr's picture

Heh, I seem to recall you being short gold since it was around 1200 US bitz and bytes ZP; no wonder you 'stopped arguing with gold bugs a while ago'. Only 5 c-notes or so to go before you can turn up the knob on your shadenfreude, 'til then you've still got the 'suck' dial twisted right off past 'max'.

Wed, 08/24/2011 - 13:06 | 1595705 ZeroPower
ZeroPower's picture

Definitely not, but feel free to peruse my posts for such proof. Only time i mentioned being in anything at all was short silver from ~41s and 44s after it went to 50 and down.

The long-term thesis for gold bugs is correct, IMO, (for silver i am not convinced, but again, i wont go to an AA meeting explaining my love for Bombay & T now will i..) but i am basically astonished at how (some) rational minds here understanding bubbles cannot see a short term one when its evident in their face.

Wed, 08/24/2011 - 14:32 | 1595793 GoinFawr
GoinFawr's picture

Pardon me, not `short`,  I meant `bearish`. Otherwise my comment is spot on then?

Wed, 08/24/2011 - 12:34 | 1595512 GoinFawr
GoinFawr's picture

dup

Wed, 08/24/2011 - 12:31 | 1595516 scratch_and_sniff
scratch_and_sniff's picture

Yeah, i mentioned a little "price" bubble the other day, and one guy, whom i wont name said "the gold markets laugh at my parabolas"... indeed, it laughed so hard that it fell over. Nothing new under the sun.

Wed, 08/24/2011 - 12:57 | 1595642 Gavrikon
Gavrikon's picture

Don't listen to him.

The tits STAY!

Wed, 08/24/2011 - 12:57 | 1595644 theotheri
theotheri's picture

BAN THIS RACIST ASSHOLE.

BAN THIS RACIST ASSHOLE.

BAN THIS RACIST ASSHOLE.

BAN THIS RACIST ASSHOLE.

BAN THIS RACIST ASSHOLE.

BAN THIS RACIST ASSHOLE.

BAN THIS RACIST ASSHOLE.

BAN THIS RACIST ASSHOLE.

BAN THIS RACIST ASSHOLE.

BAN THIS RACIST ASSHOLE.

BAN THIS RACIST ASSHOLE.

Wed, 08/24/2011 - 13:27 | 1595801 fuu
fuu's picture

Only pussies whine for the moderators.

Thu, 08/25/2011 - 03:02 | 1596093 GoinFawr
GoinFawr's picture

`struth. Gotta take the good with the bad in a speakeasy.

Throwbacks are actually useful idiots anyway

Wed, 08/24/2011 - 15:21 | 1596262 JW n FL
JW n FL's picture

considering you call me racist and I am anything but??? I dont know, maybe it is not this other person or me?

maybe you are a zionist plant? trying to get the truth removed from the sight of everyone..

if I am a racist.. then are these other 300,000 - 400,000 people who HATE Israel's Government as well Racist? is it Jew on Jew hate? 

or it ok for them to hate the lobby whore Government there that controls our Government here?

http://www.youtube.com/watch?v=V-59gUpIj3g

The largest protest in Israel's history. Around 400.000 people took the streets all over the State of Israel - in Tel Aviv they were more than 300.000. The mass rally, organized on 6th August 2011, was to push the government to make reforms with a deep sense of social justice, stopping the rising prices and reducing the life cost in Israel.

 

Look at ALL of those Nazi Racists! me and my crew say fuck you!

Wed, 08/24/2011 - 15:30 | 1596288 fuu
fuu's picture

Personally I was wrong about you. I still think your copy/paste 3,000 word posts are annoying but I was wrong to assume instead of reading.

Wed, 08/24/2011 - 15:52 | 1596356 JW n FL
JW n FL's picture

Not! You Bro!!

You were just new.. You have figured out that I maybe an asshole.. but I am the asshole who is on yourside..

this idiot above you has NOOOOOO! CLUEEEEE!! he needs to read and open his mind or go back to finger painting with the kids at huffington post.

here we push the facts! ugly or not! and I am happy to be the bad guy! or a punching bag to help people see! whatever it takes to help!

much luv fuckers!!

 

Wed, 08/24/2011 - 20:55 | 1597613 StychoKiller
StychoKiller's picture

Define "Social Justice..."

Wed, 08/24/2011 - 19:56 | 1597387 russki standart
russki standart's picture

Ban yourself theotherri, you do not have to read his posts.  I may not agree with his views, but its called exercising your first amendment rights. 

Wed, 08/24/2011 - 23:11 | 1598025 MsCreant
MsCreant's picture

+++Damn straight.

Wed, 08/24/2011 - 11:38 | 1595291 MFL8240
MFL8240's picture

Yes, it was.  Did anyone expect this courrpt cartel to allow real money to rise like that without an assault?  Never, the confetti machine is where the fools trust their money, Ill stay in Gold.

Wed, 08/24/2011 - 11:07 | 1595152 The Wolf
The Wolf's picture

The point is, ladies and gentleman, that gold, for lack of a better word, is good. Gold is right, gold works. Gold clarifies, cuts through, and captures the essence of the evolutionary spirit. Gold, in all of its forms; gold for life, for money, for love, knowledge has marked the upward surge of mankind. And gold, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA. Thank you very much.

Wed, 08/24/2011 - 11:29 | 1595250 GFKjunior
GFKjunior's picture

Brilliant.

Wed, 08/24/2011 - 12:14 | 1595444 mr_T
mr_T's picture

GreeOLD is not good fool. Glad I sold my calls @ 1860 days ago...got paid in full. Let's see what happens at Jackson's Ahole... BTW I love that movie.. the sequel sucked ass...

Wed, 08/24/2011 - 13:39 | 1595860 fiddler_on_the_roof
fiddler_on_the_roof's picture

I sold at $1890 and bought just now.

Wed, 08/24/2011 - 12:25 | 1595495 theMAXILOPEZpsycho
theMAXILOPEZpsycho's picture

Dudes, I just noticed something!

Jim Sinclairs 1764 has not been breached!

I think its the angels wings that are now pulling it and stopping it falling further!

Dips over folks, I'm loading me up some physical...

Wed, 08/24/2011 - 13:16 | 1595757 theMAXILOPEZpsycho
theMAXILOPEZpsycho's picture

Doh, well there it goes - I might wait for tomorrow. Should be a negative day as the rest of the weak hands get shaken out.

I'll make a prediction. Bullion stores are going to get cleaned out over the comming week.

Wed, 08/24/2011 - 13:25 | 1595796 cynicalskeptic
cynicalskeptic's picture

With the amount of paper shorts they can throw at the market (at least over the short run) they can paint the charts hpwever they want..... technical analysis over anything but the VERY long term in a manipulated market doesn't mean much.   You can bet this was a 'kitchen sink' effort to bring the price down as far as possible - yet its's still not even dow to what the price was two weeks ago.

I'll bet you're seeing some major buying - look at the drop in GLD stores.... I'll bet that was big boys exchanging for physical (only the select few participants have that right).   SO this smack down burns a bunch of longs, lets the big banks cove shorts and make a fortune onthe way down AND grab some more physical out of GLD at cheaper prices.   

Do NOT follow this link or you will be banned from the site!