Gold $1700

Tyler Durden's picture

The low prices sure were fun while they lasted. In other news, Spam is still cheap. And now, it is time for the CME to scramble to reinforce "risk management" and send margins to 100% because this aggression against "sound" money will simply not stand (oddly enough the 14% or so jump in the ES and various other equities contracts was not sufficient to prompt corresponding margin hikes).

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lolmao500's picture

This aggression will not stand man!

doomz78's picture

CME hike anyone?  This is a good day.  Unless another Lehman event happens gold and silver should continue to rise.  But maybe..  maybe the market will do what I want it to do this time if the market crashes on a black swan event.  I can think of about 10 different black swans at the moment.  Last few times people have rushed to the safety of the US dollar.  Maybe this time they will rush to gold and silver.  

I do think that this will happen eventually.  I just don't know on the timing. 

pupton's picture

I'm not trying to be a smart ass, just asking the question.  Isn't a "Black Swan" event something that nobody could have predicted?  In other words, for all the speculation about the 10 various things that could bring down the markets, the black swan is yet unseen, which is what makes it a black swan. 

Also, while I'm playing the role of newbie, what does Tyler mean when he (and some of you as well) talks about "Spam"?  Are we talking about the pink stuff that comes in a can or is it code for something else...sorry, I'm slow.  I've wondered this for a while.

Thanks, Pup

Ronaldo's picture

The canned stuff, good if you haven't eaten in a while or fried in a pan.

pupton's picture

Okay, thanks. 

I wonder what the shelf life of Spam is?  I have a (not so) little stash of food built up and wonder if Spam would make a nice addition.  Spam is gross when you think about it, but when you fry it up it smells great, then throw it on some toast and just add ketchup and you're good to go.  It has to have a 10+ year shelf life to consider adding probably.  I have a bunch of cans from Mountain House that last 30 years.

WRT Gold - Dennis Gartman looks like a God Damn Genious all of a sudden, huh?

tmosley's picture

I like to fry it up with a can of (strained) yams.  The sweetness from the yams does wonders with the salty savory of the spam.  Makes an easy tasty breakfast when you are out camping.

akak's picture

When I'm out camping, I like to encase a hunk of Spam in a thick coating of a mixture of mud and cow manure, making sure all sides are evenly thick, then setting it in the embers of a campfire; after two hours, just break away the hardened, blackened, baked coating of cow dung, carefully remove the now roasted piece of Spam --- and throw it away.  The mud and cow dung is much tastier.

trav7777's picture


As an aside, I've got a huge moneymaking scam I want to know who is down for...we are going to make counterfeit gold bars out of...PLATINUM

Acidtest Dummy's picture

Such counterfeits wouldn't pass the bite test, Pt is too hard. But seriously, if there was a "bite test" for Pt then element 78 wouldn't have been surpassed by element 79.

trav7777's picture

we'll clad it in gold then.  We can downalloy the gold or the Pt to make the density and weight exactly right.  This is a unique opportunity here

Acidtest Dummy's picture

In my estimation of the respective fundamentals, I'd prefer your counterfeits as long as I was certain they were genuine trav7777 counterfeits and not counterfeit.
What I mean is that if there were an easy test for authenticating Pt then its dollar price would never have fallen below that of Au. And when such a test is invented Pt will again be $higher than Au.
I think people are just worried that they might be buying silver or palladium when they are paying for platinum. Gold on the other hand is easy to authenticate. Just bite it.

prole's picture

Why is everyone in such a good mood?

Is gold up or something?

Chuck Walla's picture

Nothing like ZH for delicious recipes!  Any wne recommendations?

akak's picture

MD 20 20, Night Train Express, Wild Irish Rose or anything by Boone's Farm would all be excellent choices here.  Each of those outstanding examples of the vintner's art would also pair well with the Spam-infused baked cow manure (see recipe above).

knukles's picture

Ah, much more cost effective to take some frozen juice or other cheap substitute and mix with Everclear.  A real man's man's drink.  None of that bum in the dirty rain coat under the bridge with fortified wine in a paper bag shit.... People'd think you're an alcoholic.

TheFourthStooge-ing's picture

MD 20 20, Night Train Express, Wild Irish Rose or anything by Boone's Farm would all be excellent choices here.

Your wine list is deep and exemplary, each entry outstanding (as in, out standing under a bridge), every selection a top-shelf choice in gas stations and mini marts nationwide. However, at the risk of being perceived a wine snob, I feel compelled to point out that, as white wine goes with seafood and red wine with beef dishes, the proper vintage to accompany fine Spam dining is T.J. Swine.


akak's picture

Ah, but given that pork (the ostensible source material for SPAM) is more of a white meat, not strictly speaking a red meat as is beef or lamb, it is entirely proper and acceptable to serve either a white or a red wine with fine pork dishes.

Ag1761's picture

Until a can swells up like a melon it should be good to eat.

One thing is guaranteed, a can of Spam will outlast the EFSF which may, excuse the pun, be itself canned after tomorrow.


TeamDepends's picture

Say we were insane (or really really hungry), and couldn't not open that swollen can.  What kind of evil anti-food should we expect to encounter?

akak's picture


Unless it was a can of Spam.  Then it will be .... Spam.


And now for some Spamku:


Waxed my car with Spam:
The finish gleams, water beads,
Hungry dogs chase it.

I have some Spam wine,
A 1990 vintage;
it's still quite lumpy.

Myrrh, frankincense and
Spam; the gifts of two wise men
And one complete fool.

"Slow down", she whispered,
now guiding my trembling hands,
"Turn the key slowly".

Tastes like ham, sorta
But clogs up my aorta
Pig rigor morta.

Veggie Hormel snack:
Spiced wheat germ, compressed in blocks --
But who will buy SPERM?

Crack-up Boom's picture

Botulism and death or, ir you're lucky, an iron lung.

Ronaldo's picture

While I was in the Army we were provided cans of spam from the vietnam war period.  I joined in 1982 and was still getting SPAM until the c-rations were all gone, maybe until 1986.  I guess that may give you an idea. 

Stuff lasts forever and as has been stated, if the can swells, dont open it. 

This is also true for canned peaches and pears.  We used to give those swelled cans to the new guys.  When punched with a P-38 they exploded all of that fruit juice over the unsuspecting person.  Good thing we frequently got new guys in the unit or the fun would have been limited.

Chuck Walla's picture

When I was in the Navy during Viet Nam, we had rations from the Korean war and a few from WW2. You ain't seen nuttin till you seen canned bacon.  You can char-broil that crap all day and it will not crisp untill its charcoal.  Just a rubbery strip of fat no matter what you try.  Add dried eggs and powdered milk and the Navy justly earns all its good cooking awards...

ICTruth's picture

Pink stuff in a can. Synonymous with Beans Bullets and Bandages and other Zombie Apocalypse preps. 

HD's picture

IMO Black swans are very rare events that people don't expect to happen - not so much that no one could imagine it happening. 9-11 was a black swan - however...

Treason Season's picture

Not if you were a member of the Project for the New American Century.

GottaBKiddn's picture

The Black Swan moniker doesn't apply to 911 simply because so many people "in the know" didn't show up for work that day.


Not to mention that so many people reported to the authorities that just that very thing was being planned.

Hobbleknee's picture

The government was doing drills for 9-11 on 9-11.  The government also planned these drills back in the 70s (or was it the 60s?).  So it was hardly a black swan. Plenty of people expected it to happen.

passwordis's picture

 You mean plenty of people expected Israel to attack the US and blame it on Terrorists? Terrorists that don't exist outside of a CIA/Mossad creation?  The same CIA/Mossad who just got caught red handed attempting to do the same thing to Iran? That's what you mean, right?

doomz78's picture

you are correct.  I just finished watching Natalie Portman get pleasured by Milna Kulnis (meg) in Black Swan.  Wrong choice of terms on my part. I should of said that there were 10 different things that I can see that could take down the world market. i.e. Derivatives, europe, inflation, ........ 

knukles's picture

.........and Natalie Portman's cooch.

BooMushroom's picture


Apologies for length...


A Food and Drug Administration Article about a shelf life test that was conducted on 100-year old canned foods that were retrieved from the Steamboat Bertrand can be read at the following link:


Following is a brief summary of a very small portion of the above article:


"Among the canned food items retrieved from the Bertrand in 1968 were brandied peaches, oysters, plum tomatoes, honey, and mixed vegetables. In 1974, chemists at the National Food Processors Association (NFPA) analyzed the products for bacterial contamination and nutrient value. Although the food had lost its fresh smell and appearance, the NFPA chemists detected no microbial growth and determined that the foods were as safe to eat as they had been when canned more than 100 years earlier. The nutrient values varied depending upon the product and nutrient. NFPA chemists Janet Dudek and Edgar Elkins report that significant amounts of vitamins C and A were lost. But protein levels remained high, and all calcium values 'were comparable to today's products.'"


"NFPA chemists also analyzed a 40-year-old can of corn found in the basement of a home in California. Again, the canning process had kept the corn safe from contaminants and from much nutrient loss. In addition, Dudek says, the kernels looked and smelled like recently canned corn."


"According to a recent study cosponsored by the U.S. Department of Agriculture and NFPA, canned foods provide the same nutritional value as fresh grocery produce and their frozen counterparts when prepared for the table. NFPA researchers compared six vegetables in three forms: home-cooked fresh, warmed canned, and prepared frozen. 'Levels of 13 minerals, eight vitamins, and fiber in the foods were similar,' says Dudek. In fact, in some cases the canned product contained high levels of some vitamins that in fresh produce are destroyed by light or exposure to air."


junkyardjack's picture

Where is the CME?  Only stocks should be able to go up more than 1% in a day, everything else is speculation

agent default's picture

The more they hike, the less effective the hike.  If they do it again , then someone is really desperate.

Bay of Pigs's picture

Bix would do well just to pipe down a bit. He looks like he's lost his mind saying that kind of horseshit.

Apostle of Unknown's picture

What can they do? They're a bunch of fuckin' amateurs, and meanwhile, look at the bottom line: Who's sittin' on a million fuckin' dollars? Am I wrong?

bbelux's picture

Mr lebowski? Did you get a job?

Judge Holden's picture

Tyler, I'm disappointed.  I expected the first thing I'd find on ZH this morning was a hilarious graphic of NFLX cratering.  

PulauHantu29's picture

The 'finacial advisor' down the street told me last month to buy NFLX, "it'll never drop" he claimed.

I think he has excellent potential as an RE seller.

Mitch Comestein's picture

Maybe he meant it would never drop......under 0.01.

unky's picture

Crazy market volatility. I think I will lock in the low price of today morning by using a slow price update dealer ;- )

tmosley's picture

I don't like it.  It smells.

Only buy physical.  Two years from now, you will marvel at what a deal you got.

qussl3's picture

Brent crude spread collapsing, MF global down loads.

Smells like someone blew up.


Smiddywesson's picture

I think this smells fishy too. 

a)  I think they are just squeezing the options expiry traders.  If not, then: 

b)  Nothing will attract the wack-a-mole antics of TPTB more than a 3% rise in one day.

c)  On the other hand, the collapse is here.

Which of the above things is the more likely?

Keep stacking physical and defend those paper profits.  A close below $1700 is not very promising for the rest of the week.


Chaffinch's picture

Are we still on Spam - or are you saying this market smells? ; )

Gief Gold Plox's picture

While I am fairly new to finance and economy, I hope I've learned enough to know when something's fishy and this leads me to conclude that someone has gotten a whiff of what the EU is about to announce tomorrow. I've decided to, in light of the EU summit, minimize my risk and spread my gold purchases 50-50 over the period of the summit. I guess now I know what to expect tomorrow. Will or perhaps rather When will they hit the print button?

rumblefish's picture

gold up, the markets and NFLX down. Finally something that makes sense from the markets.