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Biggest Gold Drop Since December 2008 Sends Metal To... Week Ago Levels
Gold this morning is plunging by the most since December 2008. For those seeking the reason for the sell off, it once again appears that the market is about 24 hours late in processing news that has been out for over a day. One of the main catalysts for today's gold price is the realization that the Shanghai Gold Exchange hiked gold margins by 26%. Of course that this happened not one but two days ago (as we reported) is irrelevant. There are other factors to be sure: on Tuesday holdings of the SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell by nearly 25 tonnes, their biggest one-day outflow since Jan. 25. Furthermore, there is another rumor that hedge funds that have been crushed by the market volatility over the past month are shoring cash ahead of Jackson Hole by selling their winners. Either way, at last check gold was down to $1770. This is the price it was on August 16: about a week ago. As for where gold will go next: we suggest investors consider what the options for the world central banking cartel are, and how many of them do not include diluting paper. We are eager to hear the alternatives.
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Never. I also never heard a CNBS talking head mention the words "buyer exhaustion", despite "seller exhaustion" being the key buzzword late last week.
It's all bullish, you hear, and every week, TRILLIONS are just sitting on the sidelines. And regardless of how much the markets go up, TRILLIONS still sit there, waiting to be invested.
Of course, when the markets go down, the TRILLIONS increase, but I see no point, because despite the money on the sidelines never decrease during rallies.
Quite impressive, really, when you think about it. They've invented a perpetual money machine.
EKey... How long since you have heard "consumer pent up demand"?
How about "We believe in a strong dollar policy"... Of course, the policy was rarely if ever pursued...
I watch CNBS every now-and-then for shits and giggles. Today, they were glowing about the durable goods report. I quickly turned to A&E and watched "The Sopranos". My morning improved.
"more stringent regulation"
"insider buying"
"slowing decline"
Your cash sideline becomes my cash sideline after I sell to you.
Hard to belive, but seems the talking heads forget price is always about equalizing perception of value regardless of amounts on the sideline.
Same can be said for value of dollar and "inflation" as described by all the Ph.D. authorities who got blindsided by the last crisis, but tell you all how wrong you are about what's coming. While they assure us all "inflation" can't happen with slack capacity and labor, all it takes is for a critical mass to give up on the dollar, and the genie is out of the bottle. Then, it's -- Seee ya! Everyone on the sideline will be chained to it at very unfavorable real value for pieces of paper exchange rates.
My sideline has very little FR Cash most of the time.
Every time CNBS has someone talk about gold.
Top article right now reposted here:
Long-rising gold futures fell sharply Wednesday as well-received U.S. economic data and a recovery in stock markets prompted investors to take profits.
overbought and oversold are descriptors appropriate for paper gold
the validity of predicting AU prices via techANAL exists temporarily and only in the cesspool of manipulation and fractional fellatio
expect to be reasoning nominally (which is useful during physical AU acquisition) only as long as there is the paper version, after that...
Q-whatever. The fiat system is doomed. If they want the collapsing tax receipt, exploding deficit path, fine. My year-end target for gold was 1850 for 2011. I'll be quite happy with that but with speed at which the fiat system is collapsing, it's looking more like $2K plus, whatever the chop between now and then. And silver over the old high by end of year.
Bingo. Manipulation. None of what the markets are doing right now makes exact sense. On appearance everyone sees it as:
QE = Benny announces BUYing billions of whatever bonds as in last year.
QE Yes = Gold Up Stocks up, economy likely nowhere after 3 month half life wears off, politicians scratching their asses wondering why "free" money doesn't make everyone go nuts shopping
QE No = Stocks Down. Seemingly gold & commodities down (save for ag as corn yields look poor), perhaps to liquifiy as corerlations go to 1 on a full scale rush to liquify.
Agree w/escapekey, seems like a lot of manipulation.
What has chg? Economy growing..nope, european banks liquid and free from Sovereign risks..no, Sovereign Debt problems solved?..uhhh nooo, US deficit/debt issues resolved....not yet...actual US jobs situation resolved?...not exactly (Perhaps Oworthless has some master stroke up his sleeve after vacay...HA! right)
and markets rallying w/gold falling in a world of fiat profligacy....normal? I think not...
FK FK FK FK FK
Harvey Organ predicted this, exactly. Its because of Harvey, and other good people here, that I unloaded my GLD yesterday at 11:15am. I'm looking at miners, now.
you've been listening to Harvey for how long until you sold your GLD?
Do you play with rattlesnakes as well?
NevSun Resources. Primero. Northgate. You're welcome. The invoice is in the mail.
Haha, I went to the local coin shop yesterday and they didn't look too happy. Guess they won't like to see me again today either....
So your coin store HFT trades PM's? Bunch of idiots then.
We've seen this movie a few times already....it's getting old. Everyone on CNBS talks about gold "crashing" when it is STLL up several multiples of its recent price. Oh well, thanks for the price drop. Time to buy more, especially after Heli-Ben gets done "reassuring" the markets with backdoor QE3.
Remember, everyone on CNBS is an expert on the gold bubble - despite never spotting a bubble before in their life, be it in equities, housing, treasuries, currencies, ...
Who even has time to even watch the mainstream media with a site like ZH?
" Who even has time to even watch the mainstream media with a site like ZH? " & that is what happened to me. i felt as if i was caught between two worlds, one world a lie & outright scam & the other world of discovery & truth. i was torn as to which was the real world & which was fantasy. ............ i made my decision, cancelled the cable & went only to the internet & ZEROHEDGE as being the real world .
if you've got the time we've got the beer
I find one hour a day to watch Judge Napalatano on Fox Business. Rest of my news comes from ZH, Turd, Drudge, and Infowars. I feel as well informed as I've ever been in my life.
WHAT? Are you joking?
You might as well stick your head in the washing machine and hit "Spin."
You're so brainwashed, you don't even know it.
Max Fischer, Civis Mundi
Says the chronic sufferer of cranial-rectal impaction.
World financial system is on the verge of collapse and gold is going down...
Not for long...
thank goodness ! gold is on sale today / i need to buy more ....... after all, you can never have toooo much gold.
I concur.
I checked APMEX for bargains since PM prices have dropped so much... boy was I disappointed!
APMEX went the way of the devil ever since they changed banks. Wanna know who they bank with now?
Starts with a J and ends with an n.
As soon as that happened around 2008 ~ 2009 their premiums have been the highest in the business. Too bad too, their site was so easy to order from.
They are cashing in on the mania by gouging their customers.
Dave Thomas,@15:10
BINGO..............................been sayin that for months.
Everyone one else brings there pices in line, and the prems stay the same, UNTIL they cannot replace the PHYS.
Not these dikheds.
Buy MOAR!
Why is gold being taken down? Is it Options Expiry Week? Oh yes. So it is. No need to look any further for explanations.
Interesting fractal. Lay that chart out over the equities indexes since March 2009.
calm down folks.
a) the only bubble "poppin" is the trust and believe in nobel winning economists like Rubini.
b) bet that was partially Paulson liquidation of some GLD holdings, as he has accumulated massive losses on Sino Forest, BAC and others.
c) the Cartell tries to create a panic, to let people think the silver 20$ drop may also happen to gold, getting it down to 1400 or deeper. let`s see but i doubht it very much
intersting though is that miners behaved like they would have somehow foreseen it.
nice chance to buy some more cheap mining stocks imho
I don't think anybody is freaking out. I've been holding cash waiting for a pull back to add to positions. I hope we drop further to about $1,600 that would shake out a lot of loose hands. Hopefully Paulson will be liquidating soon or there will be a margin attack by the CME.
Heh, heh, heh,... Kitco shut down by too many hits. Panic in gold and stocks, as both dive.
Something is afoot, and it can't hurt me.
Veeerrry Interestink!
QE news leak to the big insiders, no question about it. Equity holders, better put on your spikes and get pointed at the exit.
To me it just looks like: let it overshoot then bomb it just before options expiry. Also I've seen with gold many times in the past: it gets hammered BEFORE gold positive Fed action.
Amen to all of it. Lookin for my entry point to show up, got dry powder here.
Nice. Get some!
Agreed, seeing a lot of pre-hammering in metals in past 2 years. The most notable case was August 2008. The Saudis scored a lot of physical gold that month.
Exactly!
Expect a large surge in price Friday/Monday.
If news of QE were leaked the USD would be in freefall.
USD, the best looking horse at the glue factory (to borrow from someone else)!
It's a relative thing! Clearly it's in a freefall when comparing to gold.
QE will have to be in concert with the ECB; we simply can't just print the dollar without totally fucking all the FX crosses at this point.
For those already lacking physical, this is your chance to buy.
I can't believe somebody hasn't aready said this: BTFD
I'll gladly BTFD, when I figure where the dip stops. Hate to BTFD now if the dip stops at $1400.
Dip is basically over now. 1700 or 1770 what is the difference? Trying to catch bottoms is near-impossible.
Oh, the dip is over now, is it? And you say this with confidence because... why?
people selling winners so they can keep stocks now that stocks look sooo sooo good in their minds?
What a great day for bulls on stocks and bears on gold. Huge gains on that spread. This trade will continue for the next decade at least. We're basically repeating 1980.
Maybe if you reverse it and work your way backwards from 2000 to 1980 you will be right. The S&P will go back to the 1980's level and gold will surpass the inflation adjusted high. I'll short all of these dead cat bounces in stocks clear to 400 on the S&P.
The Chavez-effect ruled out. Shorts in gold are right so far. Durable goods orders were higher than expected; no double dip. New boom underway? Boring world we live in.
No need for any QE3...so 2,000 DOW points need to be removed since QE3 started getting baked in on every days bad news since then.
Everyone wants to eat their cakes, yet then have the cakes waiting for them in the fridge.
Doesnt work that way.
"Durable goods orders were higher than expected; no double dip."
Woot the ONE data point boom!
The markets say so. But ok, they're not always totally correct. QE1 and 2 did not bring new booms, to say the least. And now all the Fed-worshippers think QE3 will come and save the future! What was that definition of insanity again?
The markets haven't finished speaking yet.
Friday, reverend Bernanke will come up with fresh money and all the market dogs will instantly come. Gold will be dumped, so new buying moments.
Stilll appears to be a mad ongoing panic to buy bank stocks today.
Just a simple rotation out of a big winner and into some "bottom fishing" plays.
Funny how you keep saying that, but they keep declining.
Talk about confirmation bias.
you should go all in and balls deep with BAC. How can it possibly go wrong?
Come on man...throw those last $500 into the fire.
robo has been hitting the glue again.
Robo now just a sad parody of himself. I feel sorry for the guy really.
your snout just grew, sheepdocchio
GLD will spew more holdings shortly
t.d.: "we suggest investors consider what the options for the world central banking cartel are, and how many of them do not include diluting paper. We are eager to hear the alternatives."
there is but one alternative: liquidation. THE END
oh, wait! i forgot the interplanetary bailout from uranus, aka "deus ex machina" alternative. my bad
what a ~8% correction?
The Bernak now has to figure out a way to push guys out of gold and into trash
So his boss Obamanation gets to keep his job
And Berank wants to keep his Head Banking Gnome job also. So he doesn't have to join fellow Banking Gnome Dick Bove in a lowly Wall Street job.
Bernanke should go suck dicks in a Tijuana whorehouse to see if he can regain some self respect.
I say put him in the donkey show.
I'm sure that's already in WmBanzai's "Private Collection."
LOL ! "Obamanation"; that's cute; I like that. I think I'll steal it.
Amazing! What a time to be in the market and see this complete disconnect in value.
I like the "shoring cash ahead of Jackson Hole" theory. Everyone wants to be locked, cocked and loaded for Friday. Of course the Bernank will deliver his usual nothing-burger.
Bernankathon's Jackson speech:
"While there will NOT be a QE3, we MAY do somethings MAYBE if we deem it necessary, but it will NOT be divulged to the public. Only the banks will know."
Ah yes, the "double-secret" QE3! (Printing WILL continue until the market(s) implode!)
Is there any validity to the report the PIIGS are selling to raise capital? And the logic with options expiry and margin hikes...The machine is running overtime.
Kitcos 'spot gold bid' price chart shows a low above 1800 when I checked at 10:38 while the LBMA pm fiz came in at 1770.
Poor data or backwardation?
edit:
Kitcos buying prices are over spot too , ~1800 / ~ 41 usd/oz at 10:50
Expected. Gentleman Jim and cohorts have been saying for years that volatility in the gold price will reach hundreds of dollars per day, when the system is close to complete breakdown.
Thats right, people are looking at hundreds of points market swings daily and not seeing disaster? This isnt good, people.
Remember market rule #1, 'Markets hate uncertainty' and all we have in anything now is total uncertainty chaos.
Yep, "to set your hair on fire." First backtest of 1764.
1757 fkfkfkfkfk
The volatility doesn't explain the different between the Kitco spot price and the LBMA fix. The difference was something like $30. I've never seen any noticeable discrepancy between the two, in all the years I've watched.
Okay, okay, so Kitco was "broken". So what ? It's a glitch. The real price charts are on CME.com under metals, Si or Gc, whever you want.
Okay, okay, so Kitco was "broken". So what ? It's a glitch. The real price charts are on CME.com under metals, Si or Gc, whever you want.
OH my God we have a down week in gold, sure sign that the Bull market in Gold is over, i will sell all my Gold and buy Apple and BEC stock imidiatly...everything is fine and germany will rescue the EURO forever...all is good...onyl wondering why Greek 2yr note 40%+
however SELL YOUR GOLD NOW...(not!)
Funny part is, a ton of 'gold bugs' will definitely panic and sell.
From weak hands - to strong.
None that I know--some newbie momo chasers, yeah. Life's hard for them.
Weak-handed paper players are selling. Big deal. PMs are slowly evolving to stronger hands and that is to be expected.
Gold back to 1900 by Sept 1...
This move has me baffled....OE is part of it...all those options that were in the money are now....suprise...out of it...Banks win again...nothing changed in the world...the guy on CNBC right now is calling for $1500....WTF....never...so people are buying all over the world...and he thinks its going to drop...he just said it was all computers....he said it with disgust...
The Idjuts that keep throwing margin increase stinkbombs into the PM markets are just giving Hong Kong a better reason to BUY. This whipsaw action can only continue until the PHYSICAL teeth on the saw are gone!
Good correction. Take the opportunity. We will sling shot to 2200 now and back and fill to 2000. Then we will play this game again next year.
Lower gold prices for the Russians, India, Chinese and Vietnamesse as the stupid Americans sell to get more confetti.
So glad I shorted (gold). I projected when I went short by stating it on this blog just a few short days ago (the last comment I made in fact). I was junked to oblivion but none the less I am up 6 figures on my gold shorts.
Thank you ZH!
Six figures as in two decimal places for cents.
Yup. It was cents.
I always appreciate the peanut gallery, thanks for the response.
You've been saying you shorted for months you fraud. You shockingly predicted bullshit. If you say it enough times though maybe someone on the internets will believe you.
Really? I don't believe you. I would like for you to pull my comments and re-post them here so I can understand what you're talking about.
You seem to be an obsessive observer of my posts so I wait in anticipation. I would also like if you would rectify your misinformation.
And what happened to your short silver position from $32 to $44? Or are you like Mogul and buy and sell the tops and bottoms with perfect timing?
What silver short? Please explain to me my silver short....
....just a heads up you won't be able to (haven't had a position in silver for several months)
I did put on a gold short two days ago. I announced it publicly (research my comments)
Don't be an idiot....think before you speak.
So, Bob, what's it like basking in that pile of USD?
Only way to save yuorself is to BTFD (which you helped create, which is smart!).
We'll be anxiously awaiting to hear how your next move has turned out...
It's lovely.
Thank you.
How is basking in whatever it is you're basking in?
It's ALL good!
If only technicians would take the blinders off and see that this is part of the temporary QE3, all at the expense of the small and medium guys. So, what in the economy has improved so much that it negates the value of keeping gold around? Nothing; that is the answer. Over the last two days the gold sell off has funded the rally and is probably funding the 35b treasury auction today. The technicians talk about technical charts but the 'fundamentals' are really that the market is completely manipulated and that most of these wild fluctuations are meant to allow 'extend and pretend' to continue. So, technicals be damned, manipulations full speed ahead.
One more point......'double-dip' recession? What a joke this term is! Perhaps 'double-dip depression' makes sense. We never got out of the first recession/depression and by stating 'double-dip' recession we are tacitly agreeing that there was a recovery. Has employment recovered to pre-recession levels? No! Have housing prices stopped falling? No! Is GDP increasing without trillions in government largesse? No! So, what recovery are we referring to? Maybe 'double-down' recession would be a better term?
James Turk interviewed Mr. McShirley recently (video is on the goldmoney website, sorry for the non-link)
Upshot: McShirley analyzed gold trading over the last 10 years (and before) and concluded that,
1) gold price is indeed suppressed by the cartel, gold price is manipulated (we knew)
2) TPTB probably have algos doing it now
3) the gold trading range is 2% -- if gold exceeds a 2% daily rise, the gold price gets smacked down hard; likewise, too many consecutive days of + rises.
4) when gold starts trading above 3% per day, without getting smacked down hard, that is your sign the cartel is losing their control and gold is going to go parabolic.
That was his analysis and conclusion.
Here is the video:
http://www.youtube.com/watch?v=BZayHI6UtwY&feature=mh_lolz&list=LLgUifQ1...
Expected. Gentleman Jim and cohorts have been saying for years that volatility in the gold price will reach hundreds of dollars per day, when the system is close to complete breakdown.
+100. This because TBTF are using PM paper profits to prop up sinking equities whilst 'real' folks are taking delivery.
BTFD still applies to gold and silver IMO. I like the odds of possessing physical product in a market that is routinely manipulated downward by "paper selling" and "margin calls". The odd thing about this issue is that the drops in price help both the banks who hold the short positions AND those of us who are in the market to buy more gold and silver.
While it is unlikely that Bernanke will announce or even hint at QE3 at Jackson Hole, what is apparent is that the condition of some of the very largest banks in Europe especially among the PIGS is going to require expanding the dollar swap lines. This amounts to currency dilution as does the promise to keep rates low by the Fed until 2013, which is really a stealth form of QE3.
Despite the bullcrap from CBO, the US economy is faltering hard and the associated drop in tax revenues will push the deficit up as all the effective stimulus is being yanked due to the tea party grandstand move to turn the simple raising of the debt ceiling into a strong midsection punch to the economy just as it needed a little more stimulus. Most of the cuts will come from the poor who always immediately spend their money in the consumer economy. Economy was already stalling and now they just cut the power to one of the two engines. GDP will slow much faster than expected once these cuts really take hold.
In the meantime what is going down in Europe will have a cascading (domino effect) to the US and ultimately all other major connected banks via the various derivatives markets and "regulators" and others are at the distinct disadvantage of a system that is still entirely opaque, thus providing zero visibility in their paper printing interventional machinations.
Yesterday's 300 point miracle in the market and the US market attacks on Gold along with the Chinese margine hikes will become increasingly desperate as will the efforts to obtain physical gold and silver where its safe, in your vault or at home.
Expect more volatility and I'd say to the upside. Ben will have to wait until the S&P hits 1000 for political cover to announce and engage in above board QE3 instead of the ESF based stealth QE.
China is its own kind of trouble which is that its banks are having their own major liquidity and bad debt situation and they have plenty of counter veiling forces which are being fed by the FED. The truth is that even the Chinese need the US economy to pickup and the only possible way that will happen in this acrid political environment is through QE3 on steroids and soon before this 747 economy hits full stall speed and plumets and unrecoverable speed towards Earth, taking out not only Europe but China as well.
The fiat currency never ending debt expansion system can not simply reverse course given its design. I"m holding gold and silver for long term preservation of value and so is the rest of the smart money. Anyone who has filtered the noise in the matrix can see that these orchestrated, engineered dips in gold and pops in the stock market are buying opportunities for physical gold and sell opportunities, especially for big bad bank stocks and the broader economy dependent markets.
Duffminster
Which cuts? There were no budget cuts, only cuts in projected spending in the future...
"Needed more stimulus" ?? Do you mean misallocation of resources by the government?
thanks muffdiver, i mean Duffminster. Eloquently put. I might add to that synopsis "to don't forget to purchase your weekly allotment of ammunition" Buying time is here again....
Normal reaction to over knee jerk after Chavez caper. Mard Faber was saying this knee jerk was in the cards but confirmed he is a gold bug upto his ears. Not Roubini...
1650 imo
1730, tomorrow, thats all
geez you gold bugs are pussies,
us silver guys took a 30% drop like men! look at you all shitting your pants now!
the MAXILOPEZ<@ 11:54,
WHEN the US Mkts close, and the Asian Mkt gets going after 5-6:00 CST, we will see if the drop is ON, or if they start SNAPPING IT UP.
Never fails, usually they MIMICK exactly what happens here.
From your lips... err... keyboard to God's ear...
Since a lot of hedge funds and such read ZH (as the conspiracy theory goes), here is my open letter / plea to the market "movers"
Please bring gold down to $1,500. Don't forget silver, $35 would be nice. Please keep it there for an hour. I still have some FRNs left...
Seems very un-likely; $35/oz. Silver. Just my opinion, obviously. I'll be buying at 37.50 If I get the chance; I'm quite willing to "miss" the other two fifty, as I say it doesn't look likely.
I don't understand this article, I just checked my stash and I still have the same amount of coins as I did on last Friday.
OT, but germane.
Before we removed MacArthur from the Philippines in WWII we removed the gold and silver, and burned the fiats. We removed 10,800 pounds of gold!
There were 18,000 Treasury checks totaling $38,000,000 which had been received by the Philippine Treasury for payment and had not been sent to the United States for credit. In addition to these securities, there was on Corregidor a large amount of gold, silver, securities, and government documents as yet not been turned over to the Commissioner. These had served as the Philippine Commonwealth reserves and comprised over one-and-a-third million grams of gold and nearly sixteen and one-half million silver pesos. A rough summation of the valuables collected under the first War Powers Act was nearly $3,000,000 in American currency, $28,000,000 in Philippine currency and 10,800 pounds of gold. The paper currency was easily disposed of by burning after the serial numbers had been recorded and radioed to the United States
Because the gold was the most indestructible, it was important to get it out of the Philippines. As the opportunity for this seemed unlikely, it appeared inevitable that the gold would soon have to be sunk in the Bay and risk recovery by the Japanese. President Quezon and the High Commissioner were greatly concerned with the problem. If it could not be destroyed, or safely sunk in the bay, there was but one answer remaining -- evacuate the gold and silver by submarine.
Story can be read here: http://corregidor.org/chs_trident/uss_trout.htm
You need more submarines for 144 tonnes.
Thanks for the reference. Interesting story and details.
I agree with Faber...every drop is a chance to buy more........
There is REAL Gold and there is FIAT (paper) gold. There is a big difference between the two.
Bernanke and the central banking camarilla love to print paper gold like they do with US$. This allows them to steal other people money and finance endless wars. But they cannot print the real gold. To follow the mainstream logic (paper and physical gold are the same), one might ask: why to have gold at all? Why mine gold? Just print it!
President Hugo Chávez is a "funny" person but he is right. The Venezuelan gold belongs to Venezuela and its people and it must be protected by all means. Only an idiot can entrust his/her valuables to American & British banks. Swiss are not much better lately.
As for "Spanish government’s movement of 560 tons of gold from Madrid to Moscow in 1936". This gold has been stolen by Stalin thugs from Spain and its people. So, let us be honest about it.
Final observation: almost gold down movements take place between 8:30 AM and 11 AM EST. It appears that nobody trades gold except New York traders.
I hope you guys are able to recognized a sell signal.
Remember Silver?
Many of you thoughts that Silver is following Gold. No, it isn't. Silver Precedes Gold!
Silver is an hedge for Gold. They were shorting Gold back in may and went long Silver up to 50$. Then Silver got crush "on no reasons". Indeed. Now it was time for Gold to do the same thing. No time for puny Silver back then. Unless to Short Silver and go long Gold. Catching fools in between.
That Gold crash is serious. Any strenght worth Shorting it IMO. Same for Silver, but with less energy than Gold. Silver, off the top, is now in better position than Gold... but still in a down trend.
Sorry, got my phys silver at 14-18 and my phys gold at 800-1000. So, how is this a crash?
Please forgive him, he forgot he was speaking to you specifically, and accidentally included others who bought at $45 and $1800.
Be bold and hold, baby!
Your concern and crocodile tears for those (few) who bought the metals at their very peak prices is touching --- and your disregard and pointed refusal to acknowledge the vastly larger number who bought Ag & Au at much lower prices over the preceding years is telling, and speaks of a Nadleresque agenda to exaggerate the "risks" and "high volatility" in holding gold and silver, while ignoring the manifest risk (guarantee of loss, really) in holding depreciating fiat currencies and the paper assets denominated in them.
Uh, akak, dude, you need to let go of your rancor, just let it die. I was one of the ones who bought low. Sitting on my physical, not selling. Waiting for an opportunity to buy more. Why don't you realize that you and I, while we disagree on the projected path we'll take, basically agree on the outcome?
I was merely pointing out to the gentleman that just because we bought low, not everyone else did, and to those people, the PM's are crashing (somewhat).
Now that we've cleared that up, why don't you shut the fuck up.
Whoop-de-doo, tiger. I bought first gold at $318 and silver at $8-9... But I'm still trying to dispose all the extra benjamins I earn / can at the best current prices.
bought gold at $275 and silver at $3.40
was previously a begger in the street but went all in at those levels leveraged up to the max
now I live in a mansion with porn stars
I should have mentioned I was raised in a cardboard box in a ditch on the side of the road, and used to get my nutrition by licking the roadway. It wasn't much, but it was a home.
naming the decline in gold holdings by the GLD as a reason from a price drop in gold puzzles me a bit. I once read a profound analysis on GLD and it appeared that only the big boys can convert their GLD certificates into physical. This decline would be considered as a signal that there are "shortages" in the physical market. Quite the opposite as what seems to be the typical interpretation of this decline.
Here in Belgium, the premiums on physical gold have been declining the last couple of weeks (from 5.5% to 4.5%) for standard 1oz coins which seems to indicate that there is no physical shortage.
Kroegman
Can any oil experts or followers explain this to me please. I thought the SPR was for emergencies only so I am not sure why the SPR would LOSE 4.5 m barrels? What was the emergency? I don't follow oil so maybe this is normal? Thanks.
U.S. SPR crude inventories down 4.8 mln barrels - EIA - RTRS
It is called manipulation of WTI and Nymex prices.
Emergency => Obama not elected if gas is $5 a gallon. Any questions?
As I said a long while ago, expect $100+ swings in Au and $5+ swings in Ag.
Yea, $100+ swings in gold, when only a few years ago gold was about $400. These swings are the pendulum out of control the whole thing is about to collapse.
$400 for Au, and $7 for Ag yes yes. Seems like only yesterday(2004ish)
I remember that time very very well :-)))
Tried to convince friends relatives to dump their 401's, pay the pound of flesh in the tax and be free. Only my sister and her son followed.
The 3 of us are smiling, Other who left their money in the markets.... Not so much.
As Martin Arrmstrong says: Au measures the confidence in Goverment.
Yes, and wild oscillations in a system is NOT the foreshadowing of good things to come.
samsara,
Jim Sinclair said their would be swings 200-$300.00 an hour, minute, day as this progressed.He's been dead on, and I am following Mr.Jim.
Hillarious how people are now telling me 'ZIRP is a quite satifactory QE3'....bunch of delusion, only a couple weeks ago everyone was saying QE3 would be around $2.5 trillion on top of that.
ZIRP for extended period is promising a new Ferrari for everyone, and delivering a 70's era VW bug that everyone can take turns driving.
This is one way Bernanke could force the TBTFs to get off their collective arses and put the money they already have to further use. Tell the TBTFs that short term interest rates will remain near 0 for the next while. Then tell them that the Fed will not be printing anymore for a while so the TBTFs will have to prop up the very markets that they have already been propping up with free Fed funding. If they don't prop the market up then they will lose the money they have already so heavily invested there. So, the TBTFs take 0 interest money, take profits by manipulating everything else and then use some of those profits to prop up equities.
$25 spread from Kitco to Goldseek charts. 1801-1776, never seen that before.
I have been noticing it for at least a week or more now. Kitco is ALWAYS the one lagging when it is going up.
Hi Ms... just in case you've never used it, Netdania is the best (no charge) chart system I've seen out there.
Au and Ag are listed under Instruments, you can chart Volume, it's streeming, and the Time Scale flexibility is a great tool.
Happy trading!
there may be a "time delay" if you are referring to their main page
try this "bootleg" version, if you would, ms_C Precious Metals Central - Gold Prices
it is from the website of "technically precious" Merv Burak
Noticed that many times over 8 years or so. It's kinda like Wall St. but much less subtle.
Had silver in a pooled account there for many years (never traded it because of the "slow" pricing); I took delivery last year. One thing that would have made me do that even sooner was seeing an interview with Bart Kittner. But, hey, I got my bars and got free storage for many years, so that's cool. Paying a private vault now but I'm thinking that cost won't take much of my return.
time to buy some more now