Biggest Week For Gold In 3 Months
While Silver had a better week than Gold (+5.4% vs 4.3%), Gold managed its biggest gain in three months as the Fed's QE-ness seemed to separate the precious metals from other asset classes. Oil underperformed relative to the USD's weakness (-2% on the week in DXY) managing only a 1.3% gain (and ending below $100). Silver and Gold have no managed four weeks in a row of gains as the latter has more than retraced half of the all-time high sell-off range. With 5 minutes to go, NYSE volume was -32% from yesterday, by the close of the cash markets it was only down 2.5% leaving the week -10% from last week (so 32% of the day's NYSE volume was done in the last 1.3% of the day). In credit, HYG underperformed stocks, HY credit stayed synced with stocks and IG outperformed (touching 100bps as we closed). Treasuries ended the day (and week) at their low yields with 5s to 10s all lower by around 14bps on the week and 30Y rallying to -4bps on the week by the close. FX markets were a little odd as EURUSD squeezed higher and higher all day (largely ignored until a late ramp) by stocks as JPY's strength kept EURJPY (carry driver) relatively flat. EURUSD ended at 1.3227 (up around 300pips on the week) at its highest in 7 weeks as CFTC net shorts rose once again to new record highs at 171k. Broadly speaking risk assets and ES (the e-mini S&P 500 futures contract) have been highly correlated all week. This afternoon saw CONTEXT pull ES higher (mainly on EURJPY strength, and Oil stability versus TSY/Curve compression) but after the cash market close, ES limped back down to its VWAP to end its worst-performing week of the year (+0.15%) though not down (which we are sure would scare investors away) as stocks handily underperformed credit on the week as high beta starts to unwind.
Weekly change in the major economically sensitive commodities.
Intraday changes on the week in commodities - Silver putting in an incredible rise of more than 7% off its lows on Wednesday.
VWAP played an important part in today's ES price action in stocks (as it always tends to) but the reversion and rejection has the smell of institutional sell orders need to grind the market up to sell into and each time we touched VWAP, average trade size increased and selling immediately occurred. The afternoon surge seemed more about catching up to EURJPY (more EUR) strength but once we hit unchanged, sellers came back in size once again.
Financials managed to surge up in the last hour to save their week (ending the week practically unch - though some of the majors looked very different and CDS has started to widen). Materials outperformed (QE?) and Staples underperformed on the week.
Charts: Bloomberg and Capital Context
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Platinum - Bitchez.
Has WTI been anchored to 100 ?
RBOB finally makes its move..
Anticipating Iran action ?
Silver BiTcHeZ!
I told all ya'll the bottom on silver was in as soon as I sold off a portion of it to finish my bunker....I mean basement. Son of a Bernanke. I will let everyone know when I buy again, as the price will drop precipitously.
Buy and hold them all. If you have silver in a SHTF, you can spend it. Gold you give to your children or (better) your grandchildren. Platinum is for optimists! There, you're covered!
Silver & Gold (physical only) B17cH3Z
"B17cH3Z" is our pass code from now on.
Cool. Transmit it out! Earth to aliens, "need some dough and oh yeah, don't forget our Corporate slogan!"
Every increaee in the metals brings me pain, a pain that only says my county will suffer. My metals will go to those that need them.
I'm with you Bro. Too many people are willing to abandon her for temporary personal gain. Given the choice, would we pledge Our Lives, Our PM's, and Our Sacred Honor to save our beloved Republic? Not most, but I know many of us would.
File under: "Peeing on a Forest Fire"
Yes indeedy Fuu 51LV32 is money
Gold has been on fire, we havn't seen anything yet!
http://goldisking.blogspot.com/
+$55,000
The best, indeed, is yet to come.
I won't sell gold at $55,000. That just means the USD is worth less than toilet paper. Better to hang on and have a stake in what ever currency comes next.
Though, I may trade for some nice farm land...
Gold at $55,000, what a joke. If something like that were to ever happen, we wouldn't be measuring the price of gold in dollars. It would be something like, how many congressman can you buy for an ounce.
s2man
Though, I may trade for some nice farm land...
Sadly, you will never be allowed to retain it.They will confiscate that also, or raise the taxes to the point you will lose it.
Unless we disappear(haul Arse,out before the state completely takes over),all will be lost for enjoying the fruits of your RISKS that will have paid off in a huge way.
More likely is they'll take your water. Ask those in the Klamath project about it. The fight here in the other Washington is about to start.
Lots of ways to screw you out of that farm land.
DoChen,
Mi amigo..................
Of course your right, only issue is it will be illegal to own, and will be taxed at 90% if you try and sell it.
Or you will be forced to turn it in for Fed valuation of $42.20.
Funny how the Bankstas and Huge Funds can(are allowed) make killings in the market, but regular Joes, cannot invest in the object of THEIR choice and reap the rewards,you were born DOWN, and we plan to KEEP you there..................
No, your gold are BELONG to us.
The entire thought makes me want to vomit blood.
Dont worry about that now. If the goverment really starts to prohibit gold, take it and run.
Other Countries will be more than glad to take it.
larynx
take it and run.
Timing is everything, and getting out will be the catch.It's enough to give you GERD.
Not really: http://www.caseyresearch.com/cdd/industrial-mans-gold?active-tab=archives
unfortunately ES setting up for a rally? closing print http://hedge.ly/zUFiks
What a month in platinum, my father made a huge platinum buy at the beginning of the month, bought out our city's bullion dealer. We all thought it was a crazy idea......
rocket to the moon!
"to the moon Alice"
- unknown
"All else will be left behind when the Gold Mothership takes off."
- ZH-er "Gordon Gekko"
"to the moon Alice"
Credit the big-band leader, actor and writer of Moonlight Serenade, his theme song.
Edit: Gawd, I can't believe the trivia shit I keep in my head. Yet I don't know my kids' birthdays...
At least Ron Paul wants to send politicians to the moon
That's change I could believe in!
18,000 residents. I guess he hasn't heard of the NASA moon hoax.
Newt wants to make the moon a state.
If that chickenhawk Pillsbury Doughboy (and his ego) gets any larger, HE is going to be a state!
Never thought someone could be an asshole and a dickhead simultaneously until recently!
He may be laden with copious amounts of adipose tissue currently, but he was unburdened with any sense of duty to his country* when he was himself a young man. quite adroit the Noot when it came to dodging the draft
during that unpleasantness in Vietnam. (Mega) Dittos the Artful Dodger himself Romnel, as well as the rest of the warmongers
all showed excellent combat technique of "stay the Hell away from the battlefield" and a million miles away from a uniform.
except of course the sublime Dr. Paul, who served when drafted. Guardasil Rick also served full disclosure.
*Very open to debate exactly which country that is
So how long until the CME hikes margins? Didn't they just lower them on USDs?
Aren't USD a risk-free asset? I mean we've been using them since the dawn of time to trade for goods, services, and to preserve purchasing power. Oh wait that's gold...
PSG's Bitches
BTFG
LBUSFGB
Silver and Gold....Silver and Gold...
the more folks on food stamps .. the more demand for gold. think about it ....... that's correlation ....
thank you Newt Gingrich for highlighting this relationship
Food stamps. This year, more than 46 million (15% of all Americans) will get food stamps. That's 45% higher than when Obama took office, and twice as high as the average for the previous 40 years.
Oh, and Newt can get fucked. He's a lying POS himself.
They are all lying POS's.
Except the good doctor.
(You know who I mean, "He Who Shall Not Be Named" by the corporate-controlled media --- and the winner of every possible poll except those at the ballot box/Diebold machine.)
I stand corrected on that single point.
uh, what fuckin real polls has he won? None.
You tell 'em Trav. Even though he might be up in polls, Or even if in first place in the polls like he was in Iowa going into election day, he just doesn't do well when people actually vote. I suppose it's that thing where they think he can't win, maybe. On the exit polls, people say they voted for him, but they must be lying, cause he hasn't done any better than 3rd place yet. I'm actually rather disappointed in his performance.
Kyle Bass on when the shit is going to hit the fan: http://bit.ly/ywzqNI
Thanks for the post. Terrific interview. I reposted on it on tfmetals with a hat tip.
Man, oh man! Some folks sure get their panties in a bunch when someone is spot on about the Emperor(s) running around in the nude! Sorry Progressive/Socialists, but Big Brother is all too willing to eat your children as well -- deal with it, and STOP trying to shoot the messenger(s)!
Since you mentioned progressive/socialists, did you know who created the Fed in 1913? Yes, Woodrow
Wilson.
Harbanger
Are you denying Wilson was a leader of the Progressive movment. And your defense is that he must have been a dumb progressive SOB to not have known? Progressism couldn't exist without a fiat currency. I also credit him with our progressive income tax.
Anyone hear from Dennis Gartman? Is gold in a bull market again?
yeh buy :-) I'm happy to sell to you, like back in August :-)
Recalculating ..... recalculating ...... recalculating ......
I guess he's back on his meds.
yes, he was featured on CNBC this very day congratulating himself for his smart sell gold decision in late 2011. He said he was tempted to get back in at the lows, but didn't, though he plunged into copper, a decision he also congratulated himself for.
After appropriate clucking sounds from the CNBC yakkers, he said after the last few days he was now back 'long of gold' vs. the euro, though not 'long of gold' vs the dollar.
Speaking of the USD, where are all those "long the dollar" Bulls that were yapping so loudly a couple weeks ago?
They got smoked...
Robo? (crickets)
Amazing that EURUSD didn't plunge. More squeeze next week??
i hope not.... i am still holding short positions.
Didn't anyone tell you it was the EUR's turn to go up on the teeter totter? Don't worry, it will go back down.
The EUR/USD take turns pretending to teeter totter and stay close, relatively, when they are actually both ratcheting down.
That's right. It will be time to short the Euro at 1.35. They are doing a pretty good job at hiding it from the masses.
I think the recent Gold and Silver move has something to do with the coming election, that is, heads we lose, tails we lose.
The difference between D and R is very little. Both spend like a drunken sailor, just on different things.
We are so totally screwed.
Last time I voted for Nader. This time I'll vote for Paul, even as a write in.
Having been a Drunken Sailor I take offence at being compared with politicians. There is a huge difference between Drunken Sailors and politicians. Drunken Sailors spend their own money. Politicians spend the tax payers money.
And Drunken Sailors stop spending when they run out of money.
Avast! Coming from a fellow seaborne partisan of brother Rum, that be the truth matey, arrhh!
I was so drunk on my sailboat ("How drunk were you?!") I was so drunk I slammed a bridge support, with all of my gold & silver on board. All carge lost, including the Precious.
A tragic loss, please accept my condolences.
Glad to see yer boobs didn't get bruised! :>D
Former Swabbie (sp) here, too. If only my $$ wasn't obtained via government coercion....but alas I learned my lesson.
In nominal terms, January 2012 is the third biggest month for gold in the past several years so far (the only months with bigger gains are JUL and AUG 2011).
The PTB still have two days of January to pound gold down, so let's not celebrate too much just yet.
YeeHAW!
Gold and Silver is good this year!
And will both get better.
BitCHez BITCHEZ
A post like this just isn't the same without Johnny Bravo chiming in :p
We can always start a collection to try and woo him back ----- after all, it only costs $5 to dig trolls from the ground (of Cass Sunstein's yard)!
We might want to check to see... at this point... if that $5 number doesn't have an "inflation adjusted" number on it...
It only costs 5 dollars to click now both ask and bid.
Digging in the ground is for the Migrant Labor.
Pretty soon, Chinese prisoners will get paid $5 a click for "2nd Life" click activations on virtual silver mining...
Johnny Bravo and Meth Man at the very least were fun. This latest batch of top calling trolls are easily to forget because they are not entertaining at all. Every time I watch Gold Rush Alaska I laugh quietly to myself as they spend more that $5 an ounce to dig it out of the ground. If they had any sense at all they would quit and get real jobs instead of spending more digging the Gold up than they find. It reminds me of being a boat owner. A boat is nothing but a hole in the water you shove money into.
That show is more like "Money Flush" than "Gold Rush".
Yea maybe $5 oz if you stumble over something like the comstock load fullywooded set up with equipment.
Nobody said gold was $5 an oz
He's obviously talking about silver Trav. You know, the subject you refuse to get up to speed on.
HAMP expansion by a vote buying Obamster goosed banks at the end of the day. Rentals, vacation homes now eligible. Guess who pays?
, Bitchez!!!
Don't shoot the (Quicksilver) messenger: http://www.youtube.com/watch?v=KhraiPTORhI