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Gold Has Had Enough With Europe's Stupidity; Surges

Tyler Durden's picture




 

One can kneejerk every headline coming out of Europe, or one can buy gold, which has finally had enough with this endless BS and has realized that no matter what the ECB will have to print, followed by everyone else.

Update: $1758

 

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Thu, 11/03/2011 - 07:56 | 1840195 Fips_OnTheSpot
Fips_OnTheSpot's picture

Roooocket, please!

Thu, 11/03/2011 - 07:58 | 1840207 Talleyrand
Talleyrand's picture

Easy does it....nice and steady...week after week.

Thu, 11/03/2011 - 08:49 | 1840528 Bicycle Repairman
Bicycle Repairman's picture

I used to believe "nice and easy".  Enough already.  Let's get it on.

Thu, 11/03/2011 - 10:21 | 1841163 GetZeeGold
GetZeeGold's picture

 

 

Just buy gold and let someone else figure it out........realizing that no one will.

 

 

Thu, 11/03/2011 - 08:01 | 1840220 qussl3
qussl3's picture

When everything looks like crap and liquidity is avaliable gold will rise.

But if that liquidity stops, paper gold is going to take a dump like everything else.

I want cheaper physical, someone pull the damn plug already lol.

Thu, 11/03/2011 - 08:12 | 1840254 Belarusian Bull
Belarusian Bull's picture

We all dream of deflation... But printing press does not need to rest.

-Full speed ahead!

-Aye Aye captn Bernanke!

Thu, 11/03/2011 - 08:02 | 1840226 fnord88
fnord88's picture

Gold is the wierdest investment. I own it, but want it to go down so i can buy more.

Thu, 11/03/2011 - 10:37 | 1841262 GetZeeGold
GetZeeGold's picture

 

 

I know people waiting at $300oz.....they're still waiting.

 

 

Thu, 11/03/2011 - 11:21 | 1841575 SilverRhino
SilverRhino's picture

I skipped my regular PM purchase this month and bought a REALLY nice new pistol instead.   P14-45 limited.  OMG I am in lust for metals :-)

Thu, 11/03/2011 - 08:08 | 1840237 Belarus
Belarus's picture

JEEZ,  what sensationalism. Gold is up 1.26% while the DAX and CAC is up 2%. Just sayin'. it looks like equities have had enough with Europe too, and equities are going to blowtorch all the shorts again and again and again. 

 

Thu, 11/03/2011 - 08:46 | 1840505 optionsoptions
optionsoptions's picture

LOL. Replace Tyler's wet dream of Gold with any stock and you can see how ridiculous these posts have been.

 

NFLX "SURGING" in premarket up $.81 (0.97%)

Thu, 11/03/2011 - 08:50 | 1840540 Flakmeister
Flakmeister's picture

Your point is taken, but Gold is a currency not an equity, dingleberry, and in that context 1% is a large move

Thu, 11/03/2011 - 08:56 | 1840608 optionsoptions
optionsoptions's picture

I know you want Gold to be a currency and I wouldn't mind either. But USD, EUR, CAD are currencies and 1% moves are big.

 

Gold is a precious metal and 1% moves are par for the course.

 

 

Thu, 11/03/2011 - 09:09 | 1840697 Flakmeister
Flakmeister's picture

The fact that Central Banks hold Au reserves and not NFLX shares puts lie to your statement.

Thu, 11/03/2011 - 09:53 | 1841007 optionsoptions
optionsoptions's picture

Here is what we were talking about:

1% moves in gold is no big deal. This was my opinion.

You said Gold is a currency and in currencies, 1% moves are a big deal.

I said you may think Gold is a currency but it is in fact a precious metal and moves of 1% are no big deal.

Lets say for the sake of arguing that Gold is a currency. A 1% is a big deal for all currencies (except for Gold) which still makes your argument wrong.

A 1% move in Gold (whether you think its a currency/preciousmetal/beaniebaby/pog slammer) is not a big deal

Thu, 11/03/2011 - 11:04 | 1841461 Libertarian777
Libertarian777's picture

Gold is MONEY. It is not currently a currency (except for your $50 eagle).

Thu, 11/03/2011 - 11:18 | 1841561 steve from virginia
steve from virginia's picture

 

You have no idea what central banks are holding they have plenty of Netflix.

What do you think causes the markets to go up? Santa Claus?

Thu, 11/03/2011 - 11:33 | 1841659 Flakmeister
Flakmeister's picture

They very well may, but they certainly don't advertise it or claim it on their balance sheet..

Thu, 11/03/2011 - 09:18 | 1840769 gmrpeabody
gmrpeabody's picture

Try as you may...,

You're going to need some help dislodging foot from mouth!

Thu, 11/03/2011 - 13:50 | 1842372 silverserfer
silverserfer's picture

when all the shit mist settles out of the atmosphere, gold will be the only stable currency. Gold is truth. TPTB know this are are going to short the shit out if it untill that inevitable day comes. I will bet my life on it.

Thu, 11/03/2011 - 08:50 | 1840554 Pladizow
Pladizow's picture

Are your precious stocks rallying after an 11 year bull market or from decade lows?

Thu, 11/03/2011 - 08:57 | 1840624 optionsoptions
optionsoptions's picture

Please don't mistake me for a gold hater/equity lover/whatever.

 

The truth is sensationalism about 1% moves in gold don't do anyone any favors.

Thu, 11/03/2011 - 09:18 | 1840770 Belarus
Belarus's picture

I made 2500% on General Growth. I own Gold too. But if you want to make the most money: you have to look at stocks. 

Thu, 11/03/2011 - 09:48 | 1840988 therearetoomany...
therearetoomanyidiots's picture

How much did you make in 2008?  The five year chart on that looks pretty hot. 

Thu, 11/03/2011 - 11:06 | 1841482 Libertarian777
Libertarian777's picture

you don't make 'money' on gold, gold preserves wealth (one of the fundamental functions of money), since gold is itself money. Ironically this is the argument of the anti-gold crowd, that gold doesn't give dividends (i.e. has no return). Well it doesn't need to have a return, its sole function is to preserve wealth.

To make money / earn a living, you have to either put capital at risk (in the stock market, real estate market, small business or whatever else), so yes, you'll make more money on a (correct call) on General Growth than on gold.

Thu, 11/03/2011 - 15:39 | 1842394 Hook Line and S...
Hook Line and Sphincter's picture

Agree, but you need to couch this statement in accordance to the area of the fiat cycle you're in.  

Historically, those who move in and out of AU, timed to monetary destruction do quite well. 

"Stock, Real Estate, Small Business"... we haven't heard the splat as yet. 

The untangling of the manipulation occuring now, in conjunction with with fiat devaluation make for a bonus combo of wealth preservation AND investment.

Hook Line and Sphincter

Thu, 11/03/2011 - 14:03 | 1842413 silverserfer
silverserfer's picture

the whole gold is money idea is a philisophical truth that central banks and governments continualy attempt to convince the masses that it is not money. many people who are smart in a manner of trading in equities are not aware of this. For a lot of poeple understanding the basic principles of what a 401k is  are asking a lot. 

Pop culture thru movies and tv program people to worship the $ and if gold is brought up it is immediatly framed in a manner of " how much $ can you get for that? hurry up and sell it for $'s! The gold stream flows and consolodates to central planners and those in power. They are planning for this big colapse and will have a LOT of gold and the power that is gained by possesing it. 

Trade your equties as long as you can but when the game of musical chairs ends and the music stops, if your $ is not converted to gold(get in a chair) you are going to be shit out of luck! 

Thu, 11/03/2011 - 08:08 | 1840238 paarsons
paarsons's picture

Gold is risky business, my friends.

If Papa Doc renigs on his promise, then you'll be good to go.  You'll make mad money.

I think it's the most probable outcome.

But he promised a referendum.  It's tough to put the genie back in the bottle after you let him out.

If he goes through with his promise, then we are in for severe deflation, and you'll lose your shirts.

But what's a boy to do?

http://fucklloydblankfein.blogspot.com

Thu, 11/03/2011 - 08:44 | 1840491 JohnG
JohnG's picture

"......you'll lose your shirts."

 

 

Ummmmm, no.  You haven't been at this very long have you.

 

And stop pimping your blog.  This is not your advertising platform, and I tire at seeing your worthless post on every thread.  Waste of bandwidth and server space.

Thu, 11/03/2011 - 07:57 | 1840198 firstdivision
firstdivision's picture

I'm taking these rumors as Greece is about to pull an Iceland.

Thu, 11/03/2011 - 08:42 | 1840469 youngman
youngman's picture

I thought they would play it out for the last 8 billion...but it looks like they are not going to get that...

Thu, 11/03/2011 - 07:58 | 1840200 I think I need ...
I think I need to buy a gun's picture

i think it may be about that time

Thu, 11/03/2011 - 07:58 | 1840201 Bazinga
Bazinga's picture

Not too fast...Nice and steady wins the race. And avoids MASSIVE downward corrections.

Thu, 11/03/2011 - 08:31 | 1840212 Flakmeister
Flakmeister's picture

Agreed, but we do not have much say in the matter...

Thu, 11/03/2011 - 08:34 | 1840394 afdestruction
afdestruction's picture

exactly, just look at the retrace after the last rocket rally a few days ago.

Thu, 11/03/2011 - 09:23 | 1840818 gmrpeabody
gmrpeabody's picture

And for those paying attention, you could have picked up gold $80 ago (tuesday), and sold today.

Or..., just wait for your retrace, rinse and repeat.

Thu, 11/03/2011 - 13:06 | 1842134 DosZap
DosZap's picture

Bazinga

NOT RELEVANT ANYMORE, WAIT TILL CME margin hikes come.

Then, we BTFD.

Sooner or later they will be at 100% margin, and their ass is done for.

Thu, 11/03/2011 - 07:58 | 1840202 jekyll island
jekyll island's picture

QE to infinity, bitchez!

Thu, 11/03/2011 - 07:58 | 1840203 Apostle of Unknown
Apostle of Unknown's picture

"boner" pattern, even more bullish than cock-and-balls pattern

Thu, 11/03/2011 - 07:58 | 1840205 Racer
Racer's picture

"BoE's Bean says without QE, UK CPI more likely to undershoot"

 

WTF!

What planet is this man on? Inflation has been SOARING for all things you need and a bit of undershoot would be very GOOD thing!

Thu, 11/03/2011 - 08:01 | 1840222 Eally Ucked
Eally Ucked's picture

They hired Mr.Bean to BoE? How appropriate!

Thu, 11/03/2011 - 08:01 | 1840224 John Law Lives
John Law Lives's picture

Sounds like another junkie who wants yet another hit on the crack pipe.

Thu, 11/03/2011 - 07:59 | 1840213 CPL
CPL's picture

Compare against FIAT, wow.

 

Silver is starting to haul ass as well.

 

Translation.  Going to be a bad day for bonds.

Thu, 11/03/2011 - 08:04 | 1840215 Wakanda
Wakanda's picture

Yee Ha! - Woody

To infinity and beyond! - Buzz Lightyear

Thu, 11/03/2011 - 08:00 | 1840216 EvlTheCat
EvlTheCat's picture

Best article title to wake up to.. Yet.  You made me LMAO.  Thanks!  Can't wait till it deals with America's stupidity!

Thu, 11/03/2011 - 08:00 | 1840217 PaperBear
PaperBear's picture

Let's get all this nonsense over with.

When I heard that a referendum was going to put to the Greeks I thought that having it the next day was not soon enough if not for the logistics.

But December 4th is not soon enough, the middle of next week it should have been taken.

Thu, 11/03/2011 - 08:44 | 1840489 youngman
youngman's picture

They could probably do a voice vote..an all in favor say "EI"....or a show of hands and get er done today

Thu, 11/03/2011 - 08:00 | 1840218 bernorange
bernorange's picture

That's only a ~$15 move. I expect we'll see greater volatility in the days (and hours?) ahead. www.pmbug.com

Thu, 11/03/2011 - 08:01 | 1840219 peekcrackers
peekcrackers's picture

Morring golden pee boner.. lets see if there is blood flow after the bladder drains. I

Thu, 11/03/2011 - 08:01 | 1840221 bania
bania's picture

good headline, reliable source

Thu, 11/03/2011 - 08:09 | 1840228 ArkansasAngie
ArkansasAngie's picture

I'm sorry.  I don't believe free markets exist any more.

Somebody is simply throwing the gold card again.

Bunches and bunches of individual investors have not suddenly been buying gold contracts.

Asset rotation amongst the 1%'ers

Thu, 11/03/2011 - 08:25 | 1840344 ArkansasAngie
ArkansasAngie's picture

You know ... the fact is ... most of us (not you and me, of course) fell for Wall Street's marketing pitch.  We're smarter than you and will make you more money than you can alone ... because you're stupid and don't have access to information like we do.

And ... we gave our money to them.  In the process shareholders became irrelevant.  But ... most importantly ... we effectively dissolved the market and replaced it with ... what?

A throng of theives

Thu, 11/03/2011 - 08:03 | 1840229 Irish66
Irish66's picture

Italy falling apart?

Thu, 11/03/2011 - 08:03 | 1840230 stant
stant's picture

another 1/10 eagle for me yesterday. my silver was getting lonely

Thu, 11/03/2011 - 08:04 | 1840231 steve.stuart
steve.stuart's picture

I guess another rumor and dollar fell leading to gold price increase ...

Thu, 11/03/2011 - 08:10 | 1840245 kito
kito's picture

dow futures also have had enough, another DOG day

Thu, 11/03/2011 - 08:11 | 1840249 XtraBullish
XtraBullish's picture

Just another day in my little 10-year ride from $300. BTFDYFI...

Thu, 11/03/2011 - 08:11 | 1840250 msmith
msmith's picture

The DX, EURUSD, AUDUSD, and the SPX are all setting up for big moves.  Significant USD strength and equity weakness ahead.  http://bit.ly/uCdxU7

Thu, 11/03/2011 - 08:14 | 1840257 FunkyOldGeezer
FunkyOldGeezer's picture

Why such a headline on such a small move? C'mon ZH, you can and should, do better than this.

Thu, 11/03/2011 - 08:49 | 1840531 optionsoptions
optionsoptions's picture

This has been happening for the last 6 months that i can remember. Tyler will put up a one minute chart that makes gold look like its going parabolic when it is usually up less than a % and claim it is surging

 

Then he will show a one minute chart of a random stock down a % and call it another  "flash crash"

Thu, 11/03/2011 - 08:19 | 1840259 EL INDIO
EL INDIO's picture

I own Gold and will continue to buy on pullbacks but this move does not look right to me.

Gold is an object it does not do shit. This looks to me like a kneejerk reaction by the buyers not by Gold itself. Gold is an object.

It is too early for Gold to surge like this, remember $1500 to $1920 then back $1535.

I'm not buying this.

Thu, 11/03/2011 - 10:01 | 1841040 devo
devo's picture

Paper is an object that does not do shit, too. I find the "what does gold do?" argument so ridiculous.

Thu, 11/03/2011 - 08:14 | 1840261 RobotTrader
RobotTrader's picture

Gold is up because ES is rocket launching.

I told you guys to root for a huge equity rally.

Dow 15,000 means gold is going to and through $2,000

Thu, 11/03/2011 - 08:16 | 1840272 EL INDIO
EL INDIO's picture

Keep dreaming, its not gonna happen anytime soon.

Thu, 11/03/2011 - 09:09 | 1840695 s2man
s2man's picture

RT, you need to temper your optimism with some plausibility. Sans inflation, why are equities going to skyrocket?  Economic growth?  Productivity growth? Hopium?

Thu, 11/03/2011 - 08:14 | 1840262 blindman
blindman's picture

Fleetwood Mac - Gold Dust Woman , Rumours
http://www.youtube.com/watch?v=YPEGzEttx0w&feature=related

Thu, 11/03/2011 - 08:16 | 1840270 GoldBricker
GoldBricker's picture

Euro up as well, so gold in euro only up a little. Handy chart and coin prices (including buy/sell spreads):

http://www.gold4ex.be/servlet/javaparser?pgm=lst_or_new&lg=uk

So maybe this is a dollar thing, not a gold thing.

Thu, 11/03/2011 - 08:17 | 1840278 sabra1
sabra1's picture

there should be a referendum if gold is to go higher, no?

Thu, 11/03/2011 - 08:21 | 1840310 EL INDIO
EL INDIO's picture

Sure you can vote with your money but I'm not sure if your vote will register with these rigged markets.

Thu, 11/03/2011 - 08:17 | 1840282 LongSoupLine
LongSoupLine's picture

Futures ramping into jobless claims...my theory?...look for bad jobs number so that sell-off will bring futures back to early morning levels.  Anyone who thinks the elite don't already have the data are fools.  This game is a fucking joke.

Thu, 11/03/2011 - 08:20 | 1840304 Snidley Whipsnae
Snidley Whipsnae's picture

Palladium the biggest mover so far...

http://finviz.com/futures_performance.ashx

Thu, 11/03/2011 - 08:21 | 1840307 Bazooka
Bazooka's picture

ES goes UP...Gold goes UP

GOLD and SILVER are really equities....they are very highly correlated.

Thu, 11/03/2011 - 08:22 | 1840324 EL INDIO
EL INDIO's picture

You mean paper Gold and Silver are really equities.

Thu, 11/03/2011 - 08:27 | 1840355 monopoly
monopoly's picture

Well, this is a nice way to wake up here on the West Coast. Agree, nice and easy does it. A few dollars here, a few dollars there. This has a long, long way to go. I just ignore all the crap coming out of Europe, buy every dip in gold and silver and own quality miners and a little oil. And yes, have some confetti stashed away with the extra ammo.

Sleep well at night and know I am protecting my family. And we all know when this farce ends in Europe, on the main screen with THX digital sound will be broken, insolvent, corrupt America.

Have a nice day.

Thu, 11/03/2011 - 08:28 | 1840359 goodge
goodge's picture

the correlation between Euro$ and gold has been very high recently. Gold spiking when Euro$ spikes and viceversa. Gold is just a risky asset now, that's it (the worst of the risky assets if it's so correlated to Euro...)

Thu, 11/03/2011 - 09:36 | 1840914 obelisks
obelisks's picture

is Bridget Brown your sister? You know she was the dumb television reporter who said that gold was not worth anything because it is not backed by anything?

Thu, 11/03/2011 - 08:34 | 1840407 Shizzmoney
Shizzmoney's picture

"Had enough with Europe's stupidity" - good way to put it

Either way, Gold's volitility signals the market correcting itself.  DOW gonna DOW.

Thu, 11/03/2011 - 08:49 | 1840533 ViewfromUnderth...
ViewfromUndertheBridge's picture

Margin hike alert!

Thu, 11/03/2011 - 08:52 | 1840562 monopoly
monopoly's picture

Gold a "risky asset". Are you serious. What other investment has had a 10 year run. Look at all the currencies out there. Would you like to own any of them for more than a trade. Look at the leaders of this planet. How many of them instill confidence in what is going on, here, Europe or Asia. How many of them do you trust to do what is right for the PEOPLE.  I mean Tokyo is on a death watch as far as it's economy is concerned.

And the soon to be 16 Trillion in debt and our current debt soon to be over 100% of GDP with 48 million eligiblle for food stamps, U6 at 17%, inflation moving higher. Gold is risky?

As long as we have these comments, I keep buying.

And Robot, you have to stop correlating the rise in gold with the DOW. They will disconnect from each other at some point soon and I have a good feeling how. DOW 15,000. Maybe when inflation hits 10%.

Thu, 11/03/2011 - 11:09 | 1841502 Libertarian777
Libertarian777's picture

US Bombs (i mean bonds) are the ultimate 'risky asset'. It returns 0.25% to 4% (for the 30 year) when inflation is running at 8%.

Thu, 11/03/2011 - 08:58 | 1840625 monopoly
monopoly's picture

Gold is up 20 dollars. 1%. That is not a surge. Just a worthwhile commodity moving higher. This rise has been very orderly. When I see a 100 dollar pop or drop. THAT will get my attention. $21.00, I think not.

And I strongly believe the miners are close to a breakout. They have been hated and dispised for so long that many will have nothing to do with them. But at some point and my feeling is soon, they will surprise to the upside. We are not in this for a day trade. We are here for the long haul. 

Thu, 11/03/2011 - 09:49 | 1840990 Lazane
Lazane's picture

yea if you own above say 1000 an oz then you want it to come down so you can buy some more on the cheap, though if you own it at say 300 to 1000 an oz well then you are a bit worn out from all the volatile manipulating bs going on every time it appears it is kicking into high gear. frankly I have had just about all I can freaking stand of all this freaking foreplay of the paper.

Thu, 11/03/2011 - 10:45 | 1841298 Dr. Nancy
Dr. Nancy's picture

All that's happening is predictable, as there are 7 stages that any major economy goes through. Those who know how it works profit & massive wealth is transferred to them. You can see what one millionaire has to say about the 7 stages countries go through & how you can profit like the ultra-rich during these tough times.

His free video

"How To Create Incredible Wealth in Today's Economic Crisis"

is at:

http://theelevationgroup.net/presentation/register.php?a_aid=160667&a_bi...

Hope this info helps everyone as much as it has me.

Dr. Nancy

Thu, 11/03/2011 - 10:55 | 1841390 augmister
augmister's picture

Believe Greece will burn, EURO will fail and dollar will spike.  That is my cue to back up the truck.

Thu, 11/03/2011 - 11:24 | 1841595 KandiRaverHipster
KandiRaverHipster's picture

the last part of the plan.  get everyone into gold and then crush it back down. 

they call it inflation when prices rise and someone is printing money.  what's it called when the money that is printed is used to buy gold?

Thu, 11/03/2011 - 17:53 | 1843316 blindman
blindman's picture

stealing the value of labour and redistribution of god given value and wealth. slavery

Thu, 11/03/2011 - 13:31 | 1842286 Majere
Majere's picture

We can’t fix the system for there is too much disagreement. It has to and will collapse!  Shortly before this all those wanting "safety" and "hedging" will rush to the paper and then realize they are still only holding paper...worth nothing.

Just buy gold and enjoy the hedge and future tangible physical commodity.  Oh and of course something to protect it all with. 

Thu, 11/03/2011 - 13:40 | 1842336 mantrid
mantrid's picture

blah blah. are we supposed to belive gold just recalled EU exists and surged out of the blue? just realized ECB's gonna print EURs so XAUUSD surged? this circus is going on for so long that gold has had priced it in along with QE3 and other things looong ago. whatever gold had enough of this,  it did so already and everything else is a narrative fallacy.

 

now that CFTC is more concerned with MF and their followers, gold will probably start behaving "no reason"..

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