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Gold Breaks To Three Month Highs

Tyler Durden's picture




 

Last week it was Brent and Crude; yesterday it was Silver; and today Gold has broken out of its three-month range over $1640 - testing up to its 200DMA once again. Party on in tech stocks like its 1999 but don't forget the unintended consequence of all that free-money exuberance.

 

 

Chart: Bloomberg

 

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Tue, 08/21/2012 - 09:53 | 2723479 jcia
jcia's picture

price stabiliteeeez

Tue, 08/21/2012 - 10:08 | 2723565 GetZeeGold
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Turns out gold is worth it's weight in gold.

 

Tue, 08/21/2012 - 10:21 | 2723613 Pladizow
Pladizow's picture

I'd bet on a temporary retracement upon a disappointing Jackson Hole.

Tue, 08/21/2012 - 10:37 | 2723715 Dalago
Dalago's picture

Remember:  Its the Feds job to stay clear of deflation.  Their job is to create inflation.

Tue, 08/21/2012 - 12:05 | 2724050 DoChenRollingBearing
DoChenRollingBearing's picture

The Bank of DoChenRollingBearing is buying more gold today.

Tue, 08/21/2012 - 11:25 | 2723898 ArrestBobRubin
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Also known as a Buying Opportunity. Another dip to accumulate more of what's Real at government subsidized low prices

Tue, 08/21/2012 - 09:53 | 2723480 buzzsaw99
buzzsaw99's picture

zirp 4 evah bitchez

Tue, 08/21/2012 - 12:06 | 2724052 OneTinSoldier66
OneTinSoldier66's picture

Yep. The Fed is trapped.

 

The Fed has sent a message. The price(value) of their paper is ZERO.

Tue, 08/21/2012 - 09:53 | 2723482 mrktwtch2
mrktwtch2's picture

party on garth..party on wayne..

Tue, 08/21/2012 - 10:01 | 2723528 SHEEPFUKKER
SHEEPFUKKER's picture

Party on Ben....party on Mario.

Tue, 08/21/2012 - 09:54 | 2723485 LawsofPhysics
LawsofPhysics's picture

Go ahead, print you centrally planning fucks, go ahead, I dare you.  Bring it.

Tue, 08/21/2012 - 09:53 | 2723486 ClassicCommodity
ClassicCommodity's picture

Gold Bitcheeezzz. Yup, i'm cliche. Puck you.

Tue, 08/21/2012 - 10:01 | 2723526 gold-is-not-dead
gold-is-not-dead's picture

It's not cliche, it's more barbarous! :)

Tue, 08/21/2012 - 10:10 | 2723571 GetZeeGold
GetZeeGold's picture

 

 

Call me Vlad.

 

Tue, 08/21/2012 - 10:26 | 2723663 Tortuga
Tortuga's picture

as related to Vlad "the girly man" Putin or Vlad the Impaler or Vlad as in sweater?

Tue, 08/21/2012 - 10:02 | 2723534 EHM
EHM's picture

It's not cliche it's tradition.

Tue, 08/21/2012 - 09:55 | 2723493 Al Gorerhythm
Al Gorerhythm's picture

Let the endgames begin.

Tue, 08/21/2012 - 09:55 | 2723494 tocointhephrase
tocointhephrase's picture

"Excellent" Mr Burns  The Simpsons

Tue, 08/21/2012 - 09:55 | 2723495 Bazinga
Bazinga's picture

The smackdown awaits. But the price always goes back up Bitchez!

FU today Bernanke and crew. Feel the pain you SOBs.

Tue, 08/21/2012 - 09:56 | 2723498 monopoly
monopoly's picture

And a Mr. Weiss on Bloomberg, mutual fund CEO advises consumer is back, we know about all the negatives, and all will be well. He advised the retail investor is coming back now and they are going for growth.

I have been to this movie a couple of times. And, I know how it ends.

Tue, 08/21/2012 - 09:59 | 2723509 ArrestBobRubin
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This came in from GATA this morning:

Le Metropole Members,

After much aggravation of late, BOTH gold and silver have
taken out their key resistance points of $1630 and $29
respectively. The bases formed over the past many months
are powerful ones and can support moves to much higher
prices.

Thus far the info provided to me by my three sources
about an August precious metals breakout, which will lead
to all-time high prices for gold and silver, is on target.

In addition, it will be helpful to know that it is only
a matter of time before the problem JP Morgan has with
their massive silver short position goes VIRAL! Think
Libor scandal type thing!

All the best,

Bill Murphy
Le Patron
www.LeMetropoleCafe.com

Tue, 08/21/2012 - 10:03 | 2723545 Lets_Eat_Ben
Lets_Eat_Ben's picture

Bill Murphy is one resilient son of a bitch.

Tue, 08/21/2012 - 10:18 | 2723610 gold-is-not-dead
gold-is-not-dead's picture

Tough barbarian he is! Tougher than Conan.

Tue, 08/21/2012 - 12:14 | 2724086 OneTinSoldier66
OneTinSoldier66's picture

I have donated to GATA several times. I just donated $40.

Tue, 08/21/2012 - 09:59 | 2723510 ThunderingTurd
ThunderingTurd's picture

I feel like it is 'go' time.  Print, print us in to oblivion and watch the consequences rain down upon your inkjet.  This is going to be epic either way.

Tue, 08/21/2012 - 09:59 | 2723514 TheSilverJournal
TheSilverJournal's picture

The entire market's anticipating another LSAP announcement on Aug. 31. It's going to be epic if LSAP comes and it's going to be epic if LSAP doesn't come.

Tue, 08/21/2012 - 10:00 | 2723519 Miss Expectations
Miss Expectations's picture

I suspect that anal probe Karl probably misses the irony of this:

Discuss The Capital Markets along with daily technical analysis with our Gold Donor program.

Tue, 08/21/2012 - 10:01 | 2723530 Lets_Eat_Ben
Lets_Eat_Ben's picture

The supression of precious metals is a matter of national security.

Tue, 08/21/2012 - 10:28 | 2723674 FeralSerf
FeralSerf's picture

The suppression of precious metals is a matter of oligarchical security.

Tue, 08/21/2012 - 10:04 | 2723547 dingoj
dingoj's picture

Just keeping up with the EUR.

Lets see which one breaks first.

Tue, 08/21/2012 - 10:05 | 2723549 midtowng
midtowng's picture

Gold has to close over its 200DMA for a couple days before the breakout is confirmed.

However, resistence levels have been crossed, so that's bullish.

Tue, 08/21/2012 - 10:06 | 2723552 Lost Wages
Lost Wages's picture

I recommend all hedge funds sell AAPL, buy physical silver. Make me rich.

Tue, 08/21/2012 - 10:07 | 2723558 alien-IQ
alien-IQ's picture

As the /ES breaks to a 4+ year high.

Tue, 08/21/2012 - 10:11 | 2723577 LongBalls
LongBalls's picture

Tick tock...Tick tock.

Tue, 08/21/2012 - 10:11 | 2723579 BigInJapan
BigInJapan's picture

Bull trap.

Bargains coming after Jackson Hole.

Tue, 08/21/2012 - 12:20 | 2724101 OneTinSoldier66
OneTinSoldier66's picture

I'm wondering what kind of trap would the debt ceiling debate be?

Tue, 08/21/2012 - 10:18 | 2723584 surfer433
surfer433's picture

Hello Ben, this is Jamie, please send over another $100m, better make that $200m, for the short metals program.

 

 

Tue, 08/21/2012 - 10:15 | 2723589 youngman
youngman's picture

When we break out of last years highs....I will see a trend...but right now we are going up just like every other investment opportunity...I am 100% into gold and silver....but we are just slowly climbing ....no rush to safety anymore...in fact we are now not considered a safe haven anymore...back to my bottle...getting drunk...sitting on the sidelines watching the train wreck in progress.....but hey..Spain sold bonds today...and they sold them to some idiot...probably a Greek Bank...and at a lower interest rate too....go figure

Tue, 08/21/2012 - 10:26 | 2723639 mrfreeman
mrfreeman's picture

EVERY rally in gold and silver in the last year has correlated with a MASSIVE increase in commercial short positions on the comex.  Just follow the weekly COT report to see (think Sep 25, Nov 15, Feb 28, May).  It's happening yet again, the silver shorts have increased rapidly in the last couple of weeks.  Today's rally will again cause them to increase higher.  It's all building up for another smackdown after Jackson Hole when Bernanke disappoints.  But until then, the hedgies/algos will milk the rally for all it's worth.  What a pile of absolute cack.  Bring back the Asian buying and SUSTAINABLE rallies PUH-LLLLEEEASE.  I can't take anymore of this ludicrosity.

Tue, 08/21/2012 - 11:17 | 2723883 Bay of Pigs
Bay of Pigs's picture

PUH-LLLLEEEASE, its been going on for over a decade, not a year....

Tue, 08/21/2012 - 10:36 | 2723709 jaygould
jaygould's picture

all u gold bugs will rue the day - for those n since Jan 2012 - having fun yet?

Tue, 08/21/2012 - 11:35 | 2723938 ArrestBobRubin
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Spoken like a true Robber Baron Jay. Thanks much for checking in.

Tue, 08/21/2012 - 11:59 | 2724022 ParkAveFlasher
ParkAveFlasher's picture

"rue the day ... who says that?"  - Real Genius

Tue, 08/21/2012 - 12:34 | 2724153 Vooter
Vooter's picture

LOL...I measure my bullion holdings in ounces, not dollars...which means that the price action since 1/12 (or any other date) means nothing...get it?

Tue, 08/21/2012 - 14:20 | 2724655 A Nanny Moose
A Nanny Moose's picture

Hold please.....

Yep, just as I suspected...my 1oz AG/AU eagles still weigh 1oz each. Two of my Merc dimes still buy a gallon of gasoline or a cheap lunch.

Tue, 08/21/2012 - 11:55 | 2724011 ebworthen
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All this talk of recovery and U.S. and European debt being "sustainable" might be true if there were actually career employment, no Trillion upon Trillion in debt, and gold wasn't spanking central bankers on a repeated basis.

Tue, 08/21/2012 - 11:58 | 2724020 jomama
jomama's picture

these spot price setting assholes always seem to know when i'm about to drop a few thousand pieces of fiat garbage for some metal, don't they?

Tue, 08/21/2012 - 12:02 | 2724035 mrfreeman
mrfreeman's picture

Yes of course it's been going on for longer than a year, but the difference up until now is that the Indian buying was more substantial to overcome the stupid manipulations, so the uptrend remained intact.  But now the rupee has collapsed and isn't going to improve it means that whole area of support has been massively reduced.  So what happens now?  Are we going to just keep going up and down like a yoyo around $1600 or what?  Rumour of QE/Draghi speaks, gold up, oh comm. shorts increase, options expiry, gold down.  Pathetic.  This isn't gold, it's an idiotic paper game like all the rest. 

So if you buy gold, it's not even worth obsessing over the price anymore, because the price isn't 'real'.  You have to just value it for what it is, not what the dumb ass dollar number says on the screen.

Tue, 08/21/2012 - 12:28 | 2724128 OneTinSoldier66
OneTinSoldier66's picture

Well said. Gold is a store of value and it's value is not determined by a Central Planning system.

Tue, 08/21/2012 - 12:19 | 2724097 EmileLargo
EmileLargo's picture

Next stop $2K.

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