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Gold Resumes Surge As NEW QE Rumor Is Back

Tyler Durden's picture




 

We guessed it wouldn't be too long before the next rumor was dropped and Gold is surging - now over $1670 - on this latest chatter... Don't tell Gartman, but gold is now of 5% higher in math terms from the minute the "world renowned" gold swing trader sold everything 7 days ago.

 

Chart: Bloomberg

Incidentally, for all those lamenting the alleged endless manipulation by this bank or that, here is the math: one could have bought much more gold at the manipulated lower price of $1610 from a week ago, than today. Always pays, literally, to keep things in perspective.

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Thu, 04/12/2012 - 10:01 | 2337565 tocointhephrase
tocointhephrase's picture

Muwhahaha

Thu, 04/12/2012 - 10:03 | 2337572 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Muwhahaha

Thu, 04/12/2012 - 10:15 | 2337635 LowProfile
LowProfile's picture

Don't laugh quite yet.

They will pull out all the stops to get control of the POG.  They HAVE to...  Otherwise, it's game over.

This is going to take awhile.

Thu, 04/12/2012 - 10:27 | 2337700 tekhneek
tekhneek's picture

Agreed.

I'm waiting for sub-30s, regardless if I'm right or not I think we have one major dip let in this then it could be off to the races. If I'm wrong, I still buy a little on a dollar cost average basis but right now I'm sitting more liquid than I have holding out for another run up, then a massive sell off (like has happened.. what.. 6-10...15 times now?)

Time will tell.

Thu, 04/12/2012 - 10:29 | 2337712 SilverTree
SilverTree's picture

If I had a silver eagle for every QE rumor....oh, wait I do.

Thu, 04/12/2012 - 10:36 | 2337748 Deo vindice
Deo vindice's picture

If gold is 'surging', then what about silver? In the same time frame it has gone up 3 times (by percentage) that gold has.

Silver is the "Ron Paul" of the PM's. Ignored by all the newsmakers.

Thu, 04/12/2012 - 10:49 | 2337820 tekhneek
tekhneek's picture

$2 of silver for every $1 of gold, bitchez.

Thu, 04/12/2012 - 17:52 | 2339584 akak
akak's picture

But only $5 to dig from the ground .... bitchez!

Thu, 04/12/2012 - 10:36 | 2337749 bernorange
bernorange's picture

I love the smell of tradition in the morning.

Thu, 04/12/2012 - 10:41 | 2337775 HoofHearted
HoofHearted's picture

Gartman? Isn't he hated by all of Chicago for dropping the ball and making sure the Cubs' fielder couldn't catch it.

Oh, Gartman...isn't he hated by everyone for dropping the ball on gold and making it easier (giving cover) for people to manipulate the price of gold?

Thu, 04/12/2012 - 11:15 | 2337965 ShankyS
ShankyS's picture

Gartman - Note to self - NEVER SELL GOLD. 

Thu, 04/12/2012 - 12:22 | 2338349 dynomutt
dynomutt's picture

No, that was Bartman.

 

QE-bunga dude!

Thu, 04/12/2012 - 10:29 | 2337715 AUD
AUD's picture

I think we have one major dip let in this then it could be off to the races.

If I had a gold coin for every time someone has written this in the couple of years I've been reading ZH....

Thu, 04/12/2012 - 10:32 | 2337729 SilverTree
SilverTree's picture

Synergistic!

Thu, 04/12/2012 - 10:55 | 2337845 tekhneek
tekhneek's picture

Yeah. It's pretty cliche. Either way, "off to the races" could just mean higher than $31.50 to me... not $100,000.00 an ounce.

Thu, 04/12/2012 - 11:07 | 2337917 Smiddywesson
Smiddywesson's picture

Agreed.  After all the hijinks in gold, I'm convinced I can't predict anything more than it will keep on marching as they destroy the currency, AND, it will jump around like a dog in fire ants trying to dislodge anyone stupid enough to watch the price too closely.

Thu, 04/12/2012 - 11:33 | 2338050 SilverTree
SilverTree's picture

 

Mike Maloney breaks down Price Manipulation in the Gold and Silver Market

 

 

http://rt.com/programs/capital-account/maloney-manipulation-gold-silver/

Thu, 04/12/2012 - 10:52 | 2337830 dow2000
dow2000's picture

Agreed, leak a QE rumor heading into the weekend. Get all those PM bugs to go long and then we hammer them on Sunday night with paper. We sap up their dry powder with QE rumors, and then we hammer it down to the low 20's and cover our shorts. Maybe even coordinated margin hike for an amplied effect?!?!  I see another sub 30 / 1600 dip before they truly pull out the trillion dollar price tags.  In two years we'll be talking about quadrillion dollar packages, be patient people, we're not there yet.

Thu, 04/12/2012 - 14:05 | 2338719 lemonobrien
lemonobrien's picture

options expire next week.

Thu, 04/12/2012 - 11:40 | 2338072 SheepDog-One
SheepDog-One's picture

QE rumor...WHAT QE rumor, who released that, a CNBC anchor?....LOL yea right I give this about 4 hours until its denied again. Entire world markets just running on BS rumors...pathetic.

Thu, 04/12/2012 - 16:46 | 2339340 BarberKen19
BarberKen19's picture

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Thu, 04/12/2012 - 17:58 | 2339589 akak
akak's picture

My neighbor screwed your skank of a mom, and it took him $8200 and ten months to get rid of the clap and all the crabs.

Read more on this web site: www.kill-online-spammers-for-fun-and-profit.com

Thu, 04/12/2012 - 10:35 | 2337745 Stoploss
Stoploss's picture

Muwhahaha

Thu, 04/12/2012 - 10:24 | 2337686 jekyll island
jekyll island's picture

We need some more Karma.  Someone call up Gartman and tell him to short gold, that should do the trick.  

Thu, 04/12/2012 - 10:01 | 2337567 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Gold is not a risk trade.  It is the safe play.

Thu, 04/12/2012 - 10:07 | 2337597 resurger
resurger's picture

Gold is the future Sir.

Thu, 04/12/2012 - 10:27 | 2337691 WhiteNight123129
WhiteNight123129's picture

Gold is good for your health. With all the insanity around, you watch your Gold very fondly indeed (Buffet watch your insurance co fondly when the Bond market craps out and the insurance claims go to the roof, the balance sheet will be guillotined on the asset side and property and casualty accrual assumption on the liability side will implode, if the float shrinks on top of that, your father will haunt you in your dreams telling you that you were wrong, that a sound money is better.)

Thu, 04/12/2012 - 10:07 | 2337601 dereksatkinson
dereksatkinson's picture

The miners are intermediate term oversold.  The Gold/XAU ratio is also at an extreme not seen since the 08 crash.

 

http://stockcharts.com/h-sc/ui?s=$HUI&p=D&yr=3&mn=0&dy=0&id=p55780558033

Thu, 04/12/2012 - 10:49 | 2337819 Bay of Pigs
Bay of Pigs's picture

Not only that, the miners never recovered from pre 2008 levels. From 2001-2008 the Gold/XAU was in the range from 2 to 5.

In other words, they are more mispriced than the metals which are also underowned and undervalued at this point in time.

One big reason for the miners weakness are the shams and frauds of SLV and GLD, IMO. 

Thu, 04/12/2012 - 10:14 | 2337630 WonderDawg
WonderDawg's picture

While in theory you might be right, but it sure acts like a risk trade with the price seemingly dependent on whether or not we get QE. Kinda like equities in that sense.

Thu, 04/12/2012 - 10:38 | 2337758 dereksatkinson
dereksatkinson's picture

The Chinese bought 40 metric tons last month.  With or without QE, they are bailing on the dollar.  Same with the rest of the BRICs.

Thu, 04/12/2012 - 10:54 | 2337822 Bay of Pigs
Bay of Pigs's picture

That is totally false. Gold and silver ran for years before any QE took place.

Its all about real negative interest rates. Not to mention deficits, currency debasement, unfunded liabilities, etc...

Thu, 04/12/2012 - 11:16 | 2337966 WonderDawg
WonderDawg's picture

What, exactly, was the headline of this article?

Thu, 04/12/2012 - 11:21 | 2337998 Bay of Pigs
Bay of Pigs's picture

Who cares. That isn't what you said.

Thu, 04/12/2012 - 11:26 | 2338018 WonderDawg
WonderDawg's picture

Uh, yes it is. It's exactly what I said. And if you haven't noticed the way gold moves in tandem with the rumors of QE, you aren't paying attention.

Jeebus, I'm a PM guy myself, I believe in the long term advantage of owning physical, but I'm not blinded by gold fever, I can see what's happening. You should open your eyes. I know, it can be scary, but it'll benefit you in the long run.

Thu, 04/12/2012 - 12:23 | 2338319 Bay of Pigs
Bay of Pigs's picture

You said "with the price seemingly dependent on whether or not we get QE."

That is false. Maybe open your own eyes. Perhaps take a longer look at the Golden Bull run the last 12 years. There was no QE for most of it.

Edit: And not only that, QE started in 2008 and has not stopped. These rumors are a smoke screen. 

Thu, 04/12/2012 - 12:40 | 2338435 WonderDawg
WonderDawg's picture

I can't tell if you're being intentionally obtuse, or if you're really that fucking stupid. Either way, you're missing the point and I don't have the patience or inclination to debate with you. I deal with reality my way, you deal with it yours.

Thu, 04/12/2012 - 13:07 | 2338510 Bay of Pigs
Bay of Pigs's picture

You remind of the warden in Shawshank. Obtuse? LMAO...

Good one.

Thu, 04/12/2012 - 13:35 | 2338615 WonderDawg
WonderDawg's picture

Yes, in layman's terms, it means not real sharp. Slow on the uptake. Not the sharpest tool in the shed. Not to say you're not a tool, but you get the drift.

Thu, 04/12/2012 - 10:01 | 2337569 legal eagle
legal eagle's picture

A golden woodie, just let it happen, do not be afraid

Thu, 04/12/2012 - 10:22 | 2337676 resurger
resurger's picture

lol Epic

Thu, 04/12/2012 - 10:03 | 2337570 GetZeeGold
GetZeeGold's picture

 

 

Here's Johnny!!!!!

 

Thu, 04/12/2012 - 10:02 | 2337573 ZeroPower
ZeroPower's picture

It's ok, he's actually long gold in ZAR monkeys.

Thu, 04/12/2012 - 10:04 | 2337583 GetZeeGold
GetZeeGold's picture

 

 

Crap......Gartman's dead again!

 

Thu, 04/12/2012 - 10:02 | 2337576 TWSceptic
TWSceptic's picture

Gartman may be the perfect contrarian indicator.

Thu, 04/12/2012 - 10:03 | 2337585 tocointhephrase
tocointhephrase's picture

Along with Nadler, giving it a bash (and gold) on a daily basis. What a bunch of muppet puppets!

Thu, 04/12/2012 - 10:08 | 2337608 Al Huxley
Al Huxley's picture

That's Nadler's job (probably Gartman's too) - lie to the gullible and get them to sell whatever gold they have before the reality of the massive amounts of debt to be unwound finally hits home in a big way.  I was in the mall the other day and one of the 'cash for gold' guys was telling me that a good reason to sell any 'old gold' I had was because it helps meet demand without mining, which is very environmentally destructive!  Not even sure how to take that - I should sell my gold not because the price is going down, but because it will help OTHER BUYERS get it without having to mine it?

Thu, 04/12/2012 - 12:04 | 2338247 prole
prole's picture

You should have told him that you are the demand and promptly asked him to sell you some gold. I would be curious to hear his answer?

Thu, 04/12/2012 - 12:12 | 2338301 tocointhephrase
tocointhephrase's picture

These places only buy, never will they sell to the public, says it all really!

Thu, 04/12/2012 - 10:29 | 2337718 WhiteNight123129
WhiteNight123129's picture

"may?". He is for sure. I bought a bit at 1630 thanks to Gartman.

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