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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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The Chinese public is also a net seller right now, cashing in on the recent gains.
I appreciate margin hikes cause it really helps settle down that volatility.
BTFD (in physical gold) bitchez!
This is a much needed correction. Way too far above the 200dma. But this is far from over. And how could anyone with 1/2 a brain buy a bank. That makes 0 sense. Unless you trade an hour at a time.
AAPL red. That is never a good sign.
Discounting that I think tech/AAPL is dumb, it's quite telling to see this AND banks up! I mean, at least AAPL is dealing with REAL people (slling trinkets and whatnot); banks? aren't they continuing to service failing loans (by those same trinket-buyers [or, as the case might be, not-buyers?])?
That any time is really needed to analyze the irrational is kind of sad. It all stinks, we don't need to convince ourselves it's shit.
"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"
What is sad is we have had the time to fix this...to pass new regulations, rules, laws to outlaw it....but of course our Politicians did nothing....so the end game is the same...that so called 88 million exposure to Europes soverign debt....will become 1 trillion with the obscure crap....and then we have another AIG..actually Several...and of course the Squid will be in front of congress saying they are fine and did not need any cash...while they are borrowing all they can ...lies lies and more lies
The ONLY "fix" that was possible was to agree that we wouldn't drill any more holes in the bottom of the boat. Neither that or anything else can fix the existing holes (can't make the debts disappear without blowing up the entire global economy): full speed ahead to the abyss.
I still think the far better anology is with the meth addict. The last thing a junkie needs as he's clawing around on the ground for his fix is uncle Benji giving him more of the gooh-gah. We've got a money expansion addiction that keeps redirecting wealth around, sucking it from where it was self-generating and growign, and pushing it into horribly inefficient / highly (if no purely) consumptive acitivities that are not self sustaining.
Uncle Benji is gots the dopest of the dope. My guess is it'll be double secret dope us all in some form or fashion. Invisible liquidity of some form or another. Gots ta get the junkie his fix!
Reality: Withdrawal is a bitch and you should never have had the first hit. But that's the rub: the Fed is, and always will be, about dealing the hooozbah-iest, junkiest dope around. No need for a bad day, ever. Trust them. Really. He's got a printing press.
The "easy money" Users gotta have MORE! We'll know that QE3 (or whatever) is going on (and on, and on...) when we see bond yields still going down, PM prices climbing, Unemployment rising, etc. In short, mo' "easy money" don't fix nuthin', the situation will continue to get worse, IMHO!
Germany said that future bailouts in eurozone countries should be covered by gold reserves or industry stakes. And Venezuela is still waiting for their 99 ton shipment.
Should be interesting to see how this all plays out.
This is like the greatest game of chicken ever played. Only... on one side there's one chicken and on the other a pile of feathers (with strings attached). The heights of deception have never been greater (thank you Edward Bernays!).
Time for another coup attempt in Venezuela? But... what to do about Germany?
Big banks stocks are up today. So, there will be Q3.
Bernanke cannot allow the market collapse. Insurance company and pension funds will be wiped out.
Our leaders are utterly corrupt but they are not suicidal.
Whether they are suicidal or not has no affect on the fact that they're walking the last mile...
It really comes down to what you believe.....
If you think the world economies are getting better and all is well....sell your gold and silver...buy stocks
If you think we are not getting better...and things are worse...buy gold and silver....
I am in the second camp....we are going to get worse before it gets better...and I am talking about years....my prediction gold will be $5,000 in two years...
oh wait! this might also be signalling that the dbl dip is over, too, and we are now gonna have truly amazing ww.economic growth.con
but, but, but the "Bonds" = 139.6! better fix that soon!
look: the people who sold @ 1900+ b/c of the margin increases are rilly smart if they sold paper, just like the silver einsteins of may. do the fibonacciZ, BiCheZ!
hmmmm. maybe our fabulous brace of horses, Gold and Silver, are abt to change leads. again. those who "sold in may and went away"... tend to come baaaack after Labor Day!!!
now that we see that T bonds are waaaay better than Au (b/c they pay "interest" 0'course) stagfaltion is over b/c inflation is licked and equities are the hottest item since sliced bread which is just another word for pain, just ask DSK and christine lagarde, the most repulsive old nanny fascist psych-job since bilary
in the above sentence, we have a thermocouple of sarcasm and staraigt-up Truth and it seems the furnace and the A/C have both been switched on at once, here, which might help the price of oil, too! tee-hee
;)
That gold trade I made worked out :)
I remember you saying something about it being silly.
Primary dealers (mostly bots) doing Ben's work to set the stage for bond auctions without QE. Started 3:00 am yesterday for the 5 year... 10 year today, 30 tomorrow.
Very predictable... sold all my silver yesterday... thanks Ben!
I believe what Tyler has been talking about for several weeks--Operation Twist 2. It only makes sense. There is too much money on the balance sheet of the Fed for them to just let it sit there, glaring. I believe Marc Faber was talking about OP2 earlier this week on Bloomberg.
News Flash: CNBC reports that gold is down big cause the economy is really takin off today.
Blowhorn STFU re gold.......fucking assholes.
Everyone knows no QE3 expected. Inflation is here,
Economic numbers are mixed. Could be some other
stimulus, other than just buying paper assets.
After All FED just have to buy few GOOD stocks
and that alone will drug all Market up, much
higher, without spending trillions. Ben will just
repeat what he was already said at last FOMC meeting
that's all. Nobody expecting QE3 at the same fashion
like previous QE's. Bernank should print few trillions
and buy JNJ, VZ and such to get 4%+ return on investment
easy money :)
Every single market is manipulated. We need more people like Tyler to share the timely information.
It goes up. It goes down. Games are being played. Speculators are being squeezed to see if they'll cough up their positions.
My small but growing stash of physical just sits there and gives me little sparkling winks, assuring me that all is well. I believe what it tells me - Gold is probably the only honest voice in the world, outside, of course, of ZeroHedge and some (but not all) of the commentators here.
I don't know about gold being honest, but it sure is anti-bankster, and that's at least a step toward honesty (and, hopefully, away from the cliff).
Gold anchor and Silver rope. What more do you need to keep from joining the lemmings in their base-jumping efforts?
Buy, buy, buy!
GOLD IS GOING A LOT HIGHER FROM THESE LEVELS.
I saw Bernstein on CNBC a couple of hours ago where he called gold a "trap"! What did he actually recommend? 30 year T bills. Who is paying these government shills?
Funny how both gold and silver took a big dive at exactly the same time! Hmmmm....
8:20 - 10:10 AM Total of 1 hour and 40 minutes;
Gold down $71.26 and silver down $1.82 both exactly at the same time? Must be coinkydink?
Now, the "Evil Empire" would'nt have anything to do with this now, would they?
BTFD!
Too bad that Silver dropped even more than
GOLD % wise, but
it doesn't even run as hard as Gold lately, been a
laggard, but dropped ahead of Gold. :(
Much easier for the EE to push around the silver market because of it's smaller size.
Exactly.
The Govt tried to shake out the shorts on equity and the longs on PM’s.. That means Friday will not be a happy one for the equity longs or gold shorts. Because the Chairsatan will announce nothing of importance.
You have Three fed governors ready to revolt and two presidential candidates (Perry and Ryan) more than happy to make the fed/Bernanke an election issue. Plus every reasonable analyst knowing full well that QE2 was an abject failure. To announce an aggressive QE3 program in the face of existing inflation issues and economy non-performance would be bureaucratic suicide.
They are unethical, don’t give a damn about the American public, but they are not stupid.
How far must it fall before Glenn Beck stops gheying at me from the margins of every other web site I visit?
Yeah, I hate that fucker. Gives a bad name to reputable gold...
This is not a normal August for gold! This is supposed to be the slowest month of the year for gold. This is the month that gold gets beaten down to whatever it's going to get beaten down to.
If this is gold in August, I wonder what gold in November is going to be like?
Attention amatures: when you place a protractor on a chart and it's nearly 90 fucking degrees and you think it's going to keep going verticle you're an idiot. If you want to know what's going to happen to gold, a likely scenario is to compare the gld chart with whats already happened to the slv chart, although slv is a terrible chart. Cheer up though, it's probably going back up and if you havn't bought there will be better entries than cloud 9 shortly.
So, you don't think that USD will collapse?
USD is basically an inverse. Gold down means USD up.
The USD is at very important support. If it breaks slowly it's good for the markets if it crashes it's bringing the markets with it.
With Chavez asking for repatriation of Venezuelan gold, all 211 tonnes apparently, from foreign lands and dodgy depositories, are the wheels gonna fall off the gold paper IOU vehicles, as the quantity and quality sold, and shown as being in store and available on paper, is greater by an unbelievably greedy margin of leverage than exists and is never going to be available.
Another ponzi money scam bites the dust. If you aint holding it, you don't own any of it and the IOU note you may be holding as its substitution is just a worthless scrap of pretty printed paper to remind you of stupid greed for a crazy fools' metal. Or is that too unbelievable to be anywhere near true?
Pension Funds are laoding up on Gold. New Jersey Pension Fund just added 75,000 shares fo GLD. Others will follow Texas retirement Funds and add more and more on this dip.
GL!
They are loading up on GLD, NOT gold. Suckers.
Glad to see that there are Monty Python fans here. Splunge! That is perfect.
And just when the u.s. mint is about to figure out automatic retail plus pricing.
How is that spam unwind trade going? Thank god I can still think for myself. What a moose that was!
I'm glad the cartel is taking the prices down - it's a fucking firesale gift to people who have a brain in their heads. Gold and silver have been climbing for a decade and have a lot further to go.
If you are new to buying gold and silver, sit tight with what you have and load up on more. Buy physical, or at least PSLV and PHYS if you must dabble in paper. Do not buy SLV or GLD as these are a trap.
$1700 an ounce is a fire sale? Ever hear of the phrase "buy low, sell high"? Gold will only have value if we actually see eachother on the other side. Buy GOODS bitchez
"Suppose that the central bank begins an inflation by going off gold entirely, so that the currency is not convertible into gold. The next step is that the central bank greatly increases the monetary base. Perhaps it buys the government's bonds or issues credits to the business sector. The next critical step in hyperinflation is that the public stops accepting the currency as a medium of exchange and attempts to flee from using it. The reasons behind that are a loss of faith in the government. The public may decide that the government's deficits are too large for it to handle, or that the government is unable to address some overwhelming problems. Rising prices combined with social and economic problems that are out of control may hasten the public's disillusionment with the currency."
http://www.lewrockwell.com/rozeff/rozeff267.html
Tyler,
The alternative is very simple: Central banks realize the error of their ways and facilitate a coordinated move to gold backed currencies. Then, in a flash of inspiration, they also realize that they are dinosaurs in the new era and quietly end their charters as national banks. I'm kind of embarrassed to have to explain this to you.
Yes. They may even acknowledge that they've been privileged to a form of legalized counterfeiting, benefiting really not much differently than the common criminal who prints money in his basement and who then "stimulates" the local economy by spending dollars, or earns a magnificent mega-yacht worthy bonus by leveraging up on that money and doing business deals. Why, if they only realized how fundamentally criminal what they were doing was, they would have stopped far earlier.
Maybe I'm wrong to assume the big move up on gold was because of paper buying with margin, therefore the big drop is caused by paper selling and margin hikes.
If we look at the physical market alone, it seems to be 100% bullish. I have to believe almost everyone out there wants to buy and hold. I don't think they'll be able to use paper to set the price of physical forever, although I may die before this happens!
Not unless you are very old or unlucky.
berspanky does nothing, gold goes up -- berspanky does anything, gold goes up. viola.
hey now! even the nasdaq in 99-00 has some big down days.
Apples and oranges. You need to be thinking in terms of the markets re-establishing authority over what is the best medium of exchange / store of value.
But, please... Stick with your suckers' paper... and then be man enough to no vote to confiscate gold and silver of the prudent when you realize what's eventually gone down.
ANy thoughts on Friday, a bigger Gold Correction or would you buy more today? CNBC just had guys trash gold and saying it can go to the 1600's Gold had been at 1780 and hovering for the last hour and now dropiing further. CNBC influences the market in a huge way.
The opposite of cnbc (s)pinheads might be a good bet.
Lol@ cnbc. They are so fucking happy that gold is going down. Gold down almost $100!!!! Is the rally over???????????????????????????? Haha. Fucking idiots. Traders are buzzing about gold futures....fuck off Sue Herrera.
Reminds me of my uncle who thinks I'm stupid for telling everyone to buy gold. The first thing he said to me yesterday was "gold...down the toilet! Ha!" I just rolled my eyes.
Why the fuck is oil higher though?
hahaha... cause people actually use oil...as opposed to gold.....
OT, but related, notice how Silver is following V_E_R_Y slowly...................compared to the Gold prices.
All these CNBC guys were like "yup 2k this year", one or two saying short. Now all talking 1600's over the next couple of weeks. Why are they not reporting on paper vs physical matching? Could this be an inventory shakeout?
No one knows. Europe is on Vacation and more bad news comming. I am thinking this is a good time to buy as more bad news is not being reported yet. As much as I like this site everyone reassures each other. When you hold 1 ounce of gold does it seem worth $1700-1800? Is it sustainable? My head spins. What does the owner of Gold retailer do with all their money?
Sometimes they wind up dead thanks to U. S. disarming of its citizens!
http://www.nydailynews.com/news/ny_crime/2011/08/24/2011-08-24_coin_dealer_is_robbed_slain_and_dumped.html#ixzz1VwiQ14p6
COMEX expiration. Massive naked paper shorting drives the price down, trggers stops and kills the long speculators - shorts cover at the lower price and if they're lucky make a few buyers change their mind about taking delivery. Problem is that the serious buyers of physical view this as a 'buy the dip' - further depleting already tight supplies. I wonder who was cashing out GLD shares for metal today? Only the select big boys are allowed that option. You can bet they've been scrambling to get Chavez's gold 'back' and ready to ship - perhaps another reason for driving the price down. Or maybe they'll be 'borrowing' the newlky acquired Libyan gold - taken in for 'safekeeping'..... Want to bet Germany is a nervous about its holdings in the US (and maybe looking to replace them with 'collateral' taken in form Greece et al?
Plus you've got the big pow-wow at Jackson Hole this week where the masters of the economic universe will be hard pressed to come up with SOME kind of 'good' news (good luck with that) - tradition and the practice of managing perceptions dictates a smashdown of gold, silver and other commodities that might be perceived as a store of value - a better way to preserve wealth than some of the ever increasing in quantity and adding to national debt T-Bills. Does anyone really believe that you can keep increasing the supply of $US ad infinitum? You're running out of people )and countries ) foolish enough to buy in to the late stages of this Ponzi scheme - at some point even the Fed won't be able to buy up all the unsold issues. (even if keeping them 'sterilized' and locked away where they can't do any economic good beyond pumping up the stock market and refinancing round after round of new governemnt debt).
By Monday (or even right after Ben speaks on Friday). the roller coaster will be headed back up.... but on this ride you started at sea level and end somewhere up on Everest.... while holding paper $ you started on a mountain top and are heading for the depths of the Marianias Trench.
Technical analysis is laughable in a heavily manipulated market wher the large players can paint the charts to make them look like whatever they wish..... (at least inthe short run). But they ARE losing their grip, retreating to ever higher lows and faced with relentless demand. Their once reliable weapon - central bank sales into the market - is depleted. Nobody wants to be 2011's Brown.
Come on, We've seen this with oil to. Everybody screaming and yelling that there is no supply, oil has to go to 200.
I guess we all know where it ended. Ok to some degree things where pretty bad back in 2008 but hey... we're about in the same situation as in 2008. Ohw back then Gold and Silver dropped to.
Where is my truck key? I need to back it up.
When FEAR meets GREED!
Cue the deflationistas in .......3........2.......1
Here in 'Merica, a majority of those able to draw a breath have not a clue about the history of gold as a means of storing / preserving wealth. Nor do they have a clue that a nice chunk of the rest of the world's population still uses this method today. It is part of their culture.
And they are buying like crazy.
Perhaps this is one of those unintended consequences of the general prosperity and blessing this country has experienced. Sure we have had incredibly difficult times for a variety of reasons, including now, but nothing compared to the continual uncertainty of many of the second and third world countries.
To date, gold has not been a major cultural underpinning in the U.S.
This is about to change, and in a big way.
For most it will be too late.
DIVINE @ 13:47,
The Japanese were SELLING like a house afire over last week, and Mon,Tues..................
Even Gold teeth.........................
The #'s were 1.34B worth a day, that had to affect the market...........the Japanese have held gold orever...........they were taking major leauge Yen off the table.
So many were selling, many Dealers had to turn them away.
when my drug dealer stops accepting US dollars and begins only accepting something else like gold, i'll know the game is up. until then, the dollar is here to stay.
Thank god gold went down. Not only is this correction healthy, but we know the banks can keep it under water for only two days. Watch it go back up by the end of ops Exp tomorrow.
Nah far from it. Will buy maybe few months later.
haha told you guys yesterday gold is one big scam and that it's going to drop.
Go ahead and buy.
Alternative?
Ehhh buy some land, a farm, chickens and pigs and some vegetables. Maybe some water resources and screw the rest. All major bubbles. Gold included. What you going to trade later if shit really happens? Gold for 1 bread?
Would be pretty expensive.
In Zimbabwe, gold dust has become a medium of exchange. If you can't work (and work hard) to pan for gold, you starve.
The buy-in for farmland is a bit high for most - who lack the skills anyway. As for the really wealthy, they'll still be able to afford whatever.
Haven't read everything here but in addition to someone getting NO QE3 news, after this parabolic rise I suspect someone needs to get the gold price down and FAST to make their OPTIONS EXPIRATION strikes on THURSDAY. Explains why a perfect one-day storm would appear on this particular day, It'll pass and conditions are, of course, perfect for another storm to push gold right back up.
"I believe what Tyler has been talking about for several weeks--Operation Twist 2."
This makes sense. Roll maturing Fed inventory into 7-10 year -- hold down the long end. The game is still on.
Agree with SheepDog-One....something way more behind this that we aren't seeing yet. The Shanghai margins got priced in yesterday. This isn't a "correction" - none of the fundamentals fr gold have changed in the last 48 hours other than banking data getting progressively worse and fiat currencies being pushed that much harder against the wall.
brilliant.
from a bull. the chart cronies are only proven to be correct through manipulation. hahahaahahhahaaaaa
http://www.spartacus-news.com/2011/08/us-debt-ceiling-lifted-qe3-and-200...
see avatar. that is all.
It looks so sick on the charts, it isn't funny. Last chance to get out.....
visit our blog:http://trendybull777.blog.com/
The downgrade by S&P with head mr.sharma was an operation “World Corp” against “World Bank Corp” and they lost,mr.Sharma was try throw insider trade to shut down US markets and install pro-corporation government which is now weak pro-banking government,he used weak point thinking they can to succeed,he forgot-he has not printing press of Beny Shalom and lost.Now,to every one attention the calculations made of long term ETFs and ETNs holders in gold,while bullish ETFs and ETNs during last 3years worked perfect making almost 2% for each gold rise in 1%(i meaning DBs),the bear funds was so much smashed that now i set some home work to find that any bear who invested in DB GLL or DZZ at the gold price 850$ is currently loosing at very big,so,other investors should know that if you bring the gold price from current levels into 850$ price the GLL will reflect 60$(when gold was 680$ GLL was issued at 125$),this meaning that to get to the original investment price investors will be lacking 30-35%,same with DZZ-this is very unadeqate situation,where the bears positions was squezed while gold bug benefited at rise,this to the Banks of Deutsche Bank which had stollen via 3years from investors 30-35% and this could be a good big case against bank on behalf those ETF,ETNs holders.Bank must brink equality into pairs DZZ/DGP,GLL/UGL.Things simple as banking cartel benefited from bulling gold even more that any gold bug on the planet via comissions,instruments and broker dealing process.But where is fairness in those markets?If admit that on the way from 850$ gold to 1900$ bears lost in DZZ case from 27$ down to 4$ minus 30% unrecoverable %,make summation on the way back to 850$ and i think totally bears may get just 30% from initial paid price,where the 60% then?DeutscheBank and firends who are now expecting to be all time no cash banks!
In the bank statement written that both ETFs/ETNs is reflecting similary situation in the market futures.However we would like to ask bank,how during gold rise DB ETFs/ETNs bulls benefited according to statement,while bears if the gold price going back to 850$ would get only 30-35% less from money invested in funds.The Banks like DB recommending to use those instruments as short term and not as the buy&hold investment-its very clear that on DB gold bull ETFs those policies did not apply and I calling the bank to respond to unfare practices,because only buy &hold practice in gold DB bulls could to deliver results as metal was in buy&hold stand,would the banking managers offer us to trade each time those ETFs to get for them fees?I think yes,they just had lie to those who believed that International Gold Cartel was interesting to advertise together with companies and Gold Council the metal which has no practical use in current days untill some political willingness,however I would like people if the value of gold is so high what price bread farmer will be selling for gold?Think twice,as your gold holding may soon became coal compare to prices of food,they just can catch up running after gold and you dear gold bug will stand with yellow metal and cry,because corporations and mining industry thise is those who sold to you idea of the gold valuable asset ,food is a valuable cause we cannot leave without it,but we can leave without gold!However,those who interesting in writing united letter to the DeutscheBank London branch issuer of the GLL and DZZ can leave here they messages and we can build some compensation case because stealing 30% from your value is criminal!
Great time to buy I would guess as price is low and surely has to go up on the grounds:
1) Greece to go bust and bring down other EC countries and banks.
2) More demand from individuals in China as Chinese people relaise Gold is better than their property market that is a bubble and doesn't need maintaning as an empty building does
3) Swiss government taking 19% to 34% off the bank balances of UK resident citizens and giving to the UK Inland Revenue making more sense to hold a deposit box with physical gold in it.
Excerpt from prospectus of GLD (http://www.spdrgoldshares.com/media/GLD/file/SPDRGoldTrustProspectus.pdf) :
Certain Authorized Participants are expected to have the facility to participate directly in the gold bullion market and the gold futures market. In some cases, an Authorized Participant may from time to time acquire gold from or sell gold to its affiliated gold trading desk, which may profit in these instances. The Sponsor believes that the size and operation of the gold bullion market make it unlikely that an Authorized Participant’s direct activities in the gold or securities markets will impact the price of gold or the price of the Share.
(...)
As of the date of this prospectus, BMO Capital Markets Corp., CIBC World Markets Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., EWT, LLC, Goldman, Sachs & Co., Goldman Sachs Execution & Clearing L.P., HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. Incorporated, Newedge USA LLC, RBC Capital Markets Corporation, Scotia Capital (USA) Inc. and UBS Securities LLC have each signed a Participant Agreement with the Trust and may create and redeem Baskets as described above.
Banksters need liquidity?! Chavez wants his gold?!
Gold leasing, bitches!
fractional reserve system for bullion!
Looking at this news on hindsight, I wonder how many more of such scenarios we will encounter as gold prices continue to climb to a new high.
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