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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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.

tekhneek's picture


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.

SilverTree's picture

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

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.

tekhneek's picture

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

akak's picture

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

bernorange's picture

I love the smell of tradition in the morning.

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?

ShankyS's picture

Gartman - Note to self - NEVER SELL GOLD. 

dynomutt's picture

No, that was Bartman.


QE-bunga dude!

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....

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.

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.

SilverTree's picture


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

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.

lemonobrien's picture

options expire next week.

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.

BarberKen19's picture

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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:

jekyll island's picture

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

Mr Lennon Hendrix's picture

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

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.)

dereksatkinson's picture

The miners are intermediate term oversold.  The Gold/XAU ratio is also at an extreme not seen since the 08 crash.$HUI&p=D&yr=3&mn=0&dy=0&id=p55780558033

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. 

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.

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.

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...

WonderDawg's picture

What, exactly, was the headline of this article?

Bay of Pigs's picture

Who cares. That isn't what you said.

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.

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. 

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.

Bay of Pigs's picture

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

Good one.

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.

legal eagle's picture

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

GetZeeGold's picture



Here's Johnny!!!!!


ZeroPower's picture

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

GetZeeGold's picture



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


TWSceptic's picture

Gartman may be the perfect contrarian indicator.

tocointhephrase's picture

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

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?

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?

tocointhephrase's picture

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

WhiteNight123129's picture

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