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The traditional inedible religion of barbarians had been oddly patient for most of the day. No longer: next up $2000.
Update: +$13, 5 minutes alter.
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Gold bugs vindicated. Greenspan disgraced. London burning. Check.
The way I see it, gold has peaked on a short-term basis.
1. The dollar is rallying strongly today and I expect it to continue to move up over the short-term, which should put pressure on gold.
2. If the market continues to nose-dive, I would expect liquidation of positions people are profitable in to cover margin calls.
3. If the market turns around and runs higher, the panicking that has driven people to buy gold will quickly abate.
4. Gold is very overbought technically.
5. Gold is in a bubble, and bubbles have a tendency to burst at some point. I don't know if that point has been reached, but I do know that there is a gold commercial at every commercial break, there is a gold bull article in every publication, there is a cash for gold store on just about every corner, etc...
I'm short gold for the time being. Nothing against it, just trying to make some money.
hat tip to ya for admitting to being short gold in what appears to be a bull market for the ages. if the dollar is debased 50% overnight (with a bank holiday thrown in for good measure) by the fed in an attempt to wipe out the debt my hunch is you might second guess yourself.
When you put it like that, I like my odds.
excellent. fade me in size.
no fuking books for us to read, today, asswipe?
You were very gentle with this one. ;-)
actually, i'm a cream puff. living in a house full of women will do that to ya.
What if Robo was really a woman? Would you feel bad about the relentless discipline you administer? Just a hypothetical...
Stay short gold and you won't have and FRNs left... Voila, you will be broke and need not concern yourself about us.
Utter nonsense. With all the stuff out there to short, you pick the one thing that can't stop marching.
Central banks are not going to stop buying
Banks are not going to improve
The USD is not going to improve. You are pointing to an improvment against other fiat.
Almost none of the public is buying physical. Most of those are ads for them to sell their jewelry.
I like your argument for #2, people will liquidate their profitable gold positons to fund margin calls, but refer to my #2. Central banks will snap up any cheap gold they can find, supporting prices.
I can think of some other "barbarous relics" I would like to use on some Keynesian heads!
If SocGen can coordinate a joint task force with UBS analysts and parachute out of a leased G6 by netjets and kill Zarqawi that should induce a 10% pop in their equity for 48 hours and help stabilize the world for 72 hours.
I just read that the got the Taliban who shot down the Chinook! How did they know it was the right guy? Because he had an RPG?
How do we know the chopper got shot down to begin with? How do we know the parents speaking out aren't CIA agents?
If you wanna' do conspiracies I can make them up all day.
after your litany of ignorant racials slurs of late, i really don't give a fuck what you think. about anything.
You very much care what I have to say, why else would you come out of the woodwork for no reason to say you don't? Was I addressing you?
Second, I don't spew racial slurs, I just call it like it is. If it looks like shit, and smells like shit, I'm gonna' call it shit. I never use racial epithets to express my ideas, I use facts (if you have a problem with facts, that's your problem....call the sky purple if you want)
Furthermore, if you don't like my comments than don't read them. If you really don't care, than don't respond to them.
Do you read Reggie's work featured on this blog?
Yes.
You seen The Pat Tillman movie? Pretty damning but I believe it is what's called a limited hangout. Plan A was to cast him a a hero, and give him a medal. Plan B is this movie making it look like a cover up for done by the military for PR reasons. I think the truth of it could well be a step deeper.
Well at least all of the loose ends are tied up. Just throw his ass in the Ocean and move on shall we.
I feel awful for laughing at that.
Osama ben ladden in the ocean.
I'll go for the kill shot.
My bonny lies over the ocean.
My bonny lies over the sea.
Oh bring back bring back bring back my bonny to me!!!
gold didn't even drop to $1775 before the usual suspects started talking smack: from doug kass tweet: "Some possible modest signs of stability are emerging: The drop in gold, the generally better relative actio… (cont"
kinda predictable.
Just another beautiful day in paradise!
Have yourself a cheeseburger, Turd.
Hey Mr. Ferguson.
What's the difference between a 1650 gold caller and a 2300 gold caller?
4 to 6 weeks for delivery. LOL
.
Does ZH rally need to follow every tick? For just like clockwork, once an update is posted, then BAM the price is smacked back down.
And Bam, it comes back up again ($1795.40).
Perspective friend. The rise is startling relative to what has happened in the past. I bet you are like me and bought in long ago. It can go up and down and I am fine. You are too. The hype is fun, comraderie, spirit; cheering the destruction of something eating up resources that just isn't working any more.
Relax, have a cigar (don't accept one from Bill though, nasty). Don't be such a Grouch(o).
Smile. Or better yet, wear a shit eating grin.
So strange PM's go up on no news at all... and even more strange as nobody buys PM's officially....
Just imagine people would start buying them? PEAK SILVER?! PEAK GOLD?!!
WHAT DO YOU MEAN TIPPING POINT?!!
GLOBAL WARMING I SAY!!
http://www.youtube.com/watch?v=MoHKHIDJ_x0&feature=related
Ok pass me some zero hedge kool aid. I am ready to drink it now. Cheers.
Capitulation bitches.
+1800
Awesomeness abounds in the comments and the spirits.
Sorry for you if it took such brutal punishment to convert you but no ZHers did anything but belive in the truth of real money and try to wake the masses to it.
Koolaid. We only drink bitter milk made from raped molested cows that dine only on bitterweed. With objective ratings based only on actual physical chemical makeup.
We make emo's too depressed to paint their finger nails black.
Time for silver to catch up and smash COMEX fuckers!
Industrial drag keeping silver contained.
But once the common man finds that an ounce of gold is too much to bey(probably already is), watch as physical silver eagle sales fucking explode.
Poor mans gold is about to go apeshit you fuckers.
You don't sound uncertain, at all.
Bring it.
Don't worry you fucking sheep.
Jamie is not pulling the plug on the EU, as everything is just fucking great over there.
Move along bitches:
Dimon said he "is comfortable" with JPM Chase's exposure in Europe.
"We've been in Europe for hundreds of years," he said. "We have manageable exposures to all the banks. We're not going to cut and run."
translation: if & when our exposure to europe blows up in our faces the Fed and US taxpayer have got our backs so I am comfortable. And anyway our exposure is FAR to big too meaningfuly reduce.
i was cheering when gold was at $1776. now its just rising up from there, and thats what we need to do, rise up and awaken the sheeple to what is really going on, declare independence from the foreign banking cartel that is strangling us
Down to $1,775.00 paper traders taking profits,and taking FRN's......LOL
http://www.youtube.com/watch?v=IF24atvNkSo&feature=player_embedded#at=311
Must watch
It's a modern day GOLD RUSH!! We went west before...which way do we go now? Lol
In my shop not one other person besdies myself owns paper gold or silver, let alone physical bullion.
Hurry sell your Gold!!
Paper is so much llighter to carry and you can fold it and put it in your pocket!
Gold is not easy to fold and its heavy!
silver is the same!
Hurry get a pile of paper before its to late!
You know...having carried books to school for so long and having had to move boxes of papers many times Paper is freaking heavy. It's lugging wood around.
The gold and silver bullion website has gone bonkers! Prices have gone out of control!
http://www.bulliondirect.com/catalog/home.do
Comex currently requires $6,075 initial margin, on a 100-ounce gold contract which reached $180,000 in nominal value today.
Under current high volatility conditions, 3.4% cash margin is dangerously low, whether you're long or short.
My guess is that Comex hikes the initial margin by at least 50% this week.
It's amazing they haven't acted yet. Prolly waiting till after today's close, to trap as many longs as possible.
Anyone else concerned about all of this exuberance? Does it portend a fall? What does everyone always say about a bubble? You are all making me quite concerned about gold being able to hold at these levels.
You need not worry if you have a long-term view.
Gold has proven its value for thousands of years, whereas all fiat currencies are doomed to fail and many of them have failed just in this century. Look here if you still think the dollar is a suitable store of value http://mises.org/content/nofed/chart.aspx?series=TMS
When the dollar is ejected from the sphere of commerce and ceases to be money - commencing with the dollar's expulsion from hoards - the exchange ratio of gold to the dollar will be infinite. 1800 isn't nearly high enough.
JBTFDYFI
http://www.youtube.com/watch?v=jllJ-HeErjU&feature=player_embedded
Thanks for adding YFI onto that acronym. Gold bubble...YFR.
And yet.... no margin hike whatsoever.... even as volume is as high as silver.... value over 40 times....
If gold goes up much more those rappers better keep their mouths shut.
New rule, never smile on the street.
Re; Henderson’s' 'Dirty Banks", Just to give some relevance to the long, historical, recap on old banks and corporations and their family tree of ruling class owners. Silver was what made the opium trade efficient. The British taste for tea and silks brought the ships to the only deep harbor of Shanghai but the Chinese weren’t big consumers of European goods. To make the round trip economical the British brought silver to India, traded for opium, before heading for China.
When I travel, I subscribe to the dictum, "When in Rome..." Sadly, I was recently in Shanghai and met with some real low-lifes on occasions but could not obtain any opium. Hash, weed, all that; no problem but opium is inefficient and the Chinese are smart. Why not turn it into heroine for 10 times the profit margin before sending it west this time?
You'll know gold is a bubble when Buffett and Munger capitulate. The day they buy is the day you sell. Funny how they were laughing at folks buying gold when it was at 1000 and 1200. Funny they haven't been mocking gold bugs of late.
Anybody with an account in the Denninger site and does not mind getting kicked out? can you tell him thanks for the great advice :)
He knows. That cat just can't say it. He's irrational about PMs and Ron/Rand Paul.
I wonder how this is affecting the price of Goldschlager.
gold is so meallable that it can be hammered to the thickness of 1 layer of atoms. Therefore they don't need much gold for those leaves. I love goldschlaeger because it's the only schnapps that doesn't give me headache. Bad schnapps have a foul taste, that's why they cover it up with mint or artificial peach flavor
It's not a parabolic move as some here suggest.
Parabolic moves are $500 to $1000 /oz upward moves for days until the reset, jubilee and new currency.
. . .when the market goes: no offer.
Gold and the stock indices are inversely tracking on a short-term, 5 minute basis, as seen here:
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Index&symb=djia&time=3&startdate=1%2F4%2F1999&enddate=8%2F10%2F2011&freq=6&compidx=aaaaa%3A0&comptemptext=gld&comp=gld&ma=3&maval=50&uf=0&lf=1&lf2=0&lf3=0&type=2&style=320&size=3&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=15&x=35&y=11
Gold
always believe in your soul
you've got the power to know
you're indestructible
always believe in, because you are
GOLD!
http://www.youtube.com/watch?v=rVuwXM9u2ps
Brings back one hot slippery night in San Francisco. Sublime, how musical memory works. Thank you, Doctor. I feel better now.
CME Raises Gold Margins By 22% - Futures Hit New Record Overnight Above $1810: Tweet form CNBC, Gold down?
Gold touched $1801, but in a nice way!
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