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Gold, Silver Plunge As Fears Monetary Punchbowl Is Taken Away Spread
It seems the initial drop was merely the appetizer as Gold and Silver are now down considerably...
Chart: Bloomberg
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geeee, i guess ZIRP isnt qe after all.....duh
Or did RP just get Berstanke to agree to a silver standard!
shit is off massively now, gold down 52
Look at the dollar go! All hail the mighty dollar.
Print to infinity!!
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I just checked my PM stash and it is all still there. Can't rehypothecate my PM, bitchez!
Time to add a bit
I have been buying miners a bit over the last few weeks. I might go to the coin shop if gold breaks below $1680.
Also, I would like to continue the fight that was picked with me a la those who junked me yesterday when I said not to buy. Anyone who junked me and sparred with me yesterday when I said not to buy is more than welcome to come and fight right now, especially that duchebag who is obviously Zero Hedge's gossip girl, talking shit behind members backs.
for fuck's sake i was gonna short SLV yesterday, started looking at the ST put option chain on that bitch
gold off 67, silver 2.18...correction now -69, -2.82
Woohoo! Fall! Fall!
Wondering if I can make it to the coin shop and back to work in time during lunch...
It's just a part of the show..
And the kabuki will continue until a surprise happens.
Then it will be a rush to the fire exits.
Yup, looks like old Tmo might just have been right after all. "Increasing volatility with a downward bias," being the relevant part of my prediction here.
It is fun to watch the price rise, but that same rise is very disappointing when your thesis is for a paper/physical divergence and an exchange failure.
This is exactly the kind of move that I want to see, as it helps me to fulfill my thesis. It also shakes out the weak hands and those who are not fit to become the next group of ultra-rich.
.....those who are not fit to become the next group of ultra-rich.....
Dude, you're weird, if not entirely delusional.
Max Fischer, Civis Mundi
You forgot narcissist with a strong streak of Dunning-Kruger...
and moron.
gold down 80+ now...brutal.
Still no evidence that I can't get silver right at/near spot. In fact, during this whole "decoupling" that cliff mosely-yun-lareah-claven has been bleating about, we have people on ZH posting about where they've been consistently getting silver basically at spot.
And yet for all your vitriolic, rabidly hateful and irrational denigrations of holding silver, those who purchased it exactly one year ago (you know, during the so-called "speculative bubble") are still in positive territory, those who purchased it exactly two years ago are up a bit more than 100%, those who purchased it exactly four years ago are up 71%, those who purchased it exactly six years ago are up 252%, those who purchased it exactly eight years ago are up 411%, and those who purchased it exactly ten years ago are up 667%.
So tell me again, junior Nadler, just what is so bad about any of this?
a trav is t 2 play the paper game. Good luck with that receipt.
DUDE
Held AGQ MAR17 putz (ya no for that bernyank putz) and fucking sold them @ 5.20.... currently @ 8.20 at one point 700% increase after i sold
AGQ is fucking destroyed at the moment
We can't have PMs going parabolic a ruining the global Ponzi & Kubuki double-feature.
Jon Nadler, the perfect contrarian indicator said yesterday gold was going to bypass 1800 $/oz
Impossible --- Jon Nadler has NEVER called for gold to rise! For him, the price of gold is always on the cusp of a radical and permanent plunge, and the US dollar is always to remain strong, forever and ever, amen.
I feel ya lol...the techs just didn't scream short like at 49...they were not only screaming at 49, they were using profanity. I shouldn't have waited for a perfect setup and instead should have gone for a high probability setup.
Look at USSIF and LSG....
Let us see
· BRENT CRUDE is still positive ($121.570)
· Iran vs. Zionists issues are still there
· Iran will charge gold for its oil
· This is an election year and Obama is their man. So
o The FED will print, print, print
o Obama government statistics will be nothing else by lies and fraud
· Europe financial problems are not going away any time soon
PS
This time the FED was capable of pushing Gold prices down but commodities prices (gas, food, etc.,) did not move at all. The FED has failed to make inflation numbers disappear.
go lower so I can buy more on the dips bitchezz
but they can rehypothecate you.
So you went diving today? Jealous, haven't been in the water in months...
Goldman Bigshot = Guy from India.
Are TPTB trying to tell us something? Say RICO-like?
Kudlow gets to do another line of coke before saying King Dollar
Can anyone guess what Turd Ferguson told his readers yesterday?
*LOL*
Provided silver stays strong, which I think it will, gold will rally. Tomorrow will likely be gold's day. The charts seem to confirm this, too.
I would not be at all surprised if gold erupted through 1800 and began running directly toward the upper end of its trend channel, near 1850......
Look, you may think that I'm letting my emotions get the best of me. I'm certain that there will be comments made to this post that will urge caution and claim that I'm simply chasing momentum. Let me assure you that that is not the case. Use your eyes and your brain. Draw from your own, hard-earned experience. Silver has steadily moved from $28 to $37 in nine weeks.....
Does this guy get anything right? Let's chart more manipulation!
Max Fischer, Civis Mundi
Well, anyone predicting even tomorrow with charts is going to get creamed in this ass hat market.
SD1 + as long as the EE is still allowed to manipluate the markets it is a guess, IMHO.
Hey Max, Where is your blog about predicting PM prices and conditions? What? You don't have one? TF is right a high percentage of the time, which is all anyone can do. To predict what's going to happen when the Bernank speaks, well, that's pretty hard to do. The Bernank, after all, is the representative of those who would manipulate the market.
I'd give TF Metals a 6/10 score.. which isn't bad considering he isn't at the pits in any trading floor, and only trades with the info he has available on various websites. He knows a lot of technical analysis, makes predictions according to typical manipulations.. though he can only predict so much with his limited information. He's not sitting at a desk in JPM or the CME Group.. but he's still more right than this dumb motherfucker.
The only reason Turd gets anything right is because he's bullish during a PM bull run. It's no different than having been bullish on Apple for the last year.
However, if you look at his technical analysis where he uses extremely short term charts (often 15 minute charts) to advise on entry and exit points, he's no better than a drunk with a dartboard. Probably worse. But lucky for him, his collection of readers are some of the dumbest doomer goons in the blogosphere, so they really don't care nor notice. They're just looking for an echo chamber of PM cheerleading and which canned ham tastes better than others. Ra, Ra, Silver! Price doesn't matter! Buy and bury! The COMEX is gonna default tomorrow! The gubbermint ain't gonna git me and me gold! My ammo stash is better than your ammo stash!
In response to Watagua beneath this post, well of course gold and silver can go up or down. Of course, he doesn't have a crystal ball. That's not a disclaimer. That's just gratuitous, hollow bullshit.
Max Fischer, Civis Mundi
Sorry Max, but you appear to be reading an entirely different Turd Ferguson than I am reading, or you simply dismiss as "hollow bullshit" the exact same sort of disclaimers that ALL investment analysts employ. Why, in Turd's case, are his cautions and disclaimers and even-handedness "hollow bullshit," but in the hands of a Fidelity advisor its like manna from Heaven?
Turd provides HIS technical analysis. Take it or leave it. You do not need to invest based upon it. He never tells you to do so. Why such a burr under your saddle about Turd and his readers?
While there may be a few canned ham aficianados and preppers who read and post to TFMR threads, how does that impact Turd's analysis? And what makes you think that the preppers are wrong (I am not a canned ham fan, even at $2.50 per ham, so I disregard those very few-and-far-between posts)? It does not take a genius to see that is happening to the U.S. Constitution, day-by-day, and how central power is growing at the expense of liberty, and how, if you can put 2 and 2 together, it is easy to see how it all could easily fall into place in a nation with $130T in debt and obligations that is the "safe haven" for Europe's money as the EURO and the EUROZONE collapse into chaos. As the old line goes, better to be prepared 10 years early than 10 minutes late. Even the most conventional, prudent investor should have some physical gold and silver, some good self-defense and hunting guns and ammo, and a good plan to get to a safe place with good supplies in the event of either a natural or manmade catastrophe. So, how does any of that condemn Turd?
Turd predicts it will rise and fall, or fall and rise. Its really hard to look bad making those predictions yet he is pulling it off.
You never hear from Max or Trav when TF hits it right.
Armchair QB's, who never put themselves out there until AFTER the move. Weak ass shit.
hey man, nobody is more pissed than I. I took a look at some TA suggesting silver was time for profittaking...I agreed with that. The technical case didn't look compelling enough for me to go short, but I did actually punch up SLV and the options chain on AMTD yesterday, plus the chart just to see where i thought it was.
Saw overhead resistance and some pretty bullish moves but nowhere near the overboughtness that it had for a LONG time en route to 49. Just wasn't feeling it. Mistake, I agree.
That's the difference between me and Turd...I don't just randomly feel the need to speak if I have nothing to say that I have no basis to have confidence in.
Approximately 85% of your posts say otherwise.
+1
I, I, me, me me....
Such humility. LOL...
Turd is one of us too. Hes not trying to pump and dump anything for his own benefit. Hes just in the lighthouse trying to warn those who are willing to hear his warning. You know, we all have those that we try to talk to about the future that aren't willing to hear it. I'll take his analysis over alot of other people.
He knows full well of the manipulation aspect of the metals even when he makes a chart based on fundamentals.
Someone shit the bed.... a wet one too.
Does red neck repugnicant/texas gunslinger/libertarians for prosperity/Max Fischer get anything right? He said Gold was going to $1,000 per ounce 2 summers ago. He keeps saying silver should be much lower than $30 per ounce.
I have a love/hate relationship with the PM paper traders.
I love when they think gambling at the CME's Casino can be productive long term....it provides buying opps for me/us in the phyzz.
I hate when they complain about the spoof trading and manipulation....like the boy that cried "Wolf". Everyone should know by now what kind of casino they are playing in....enter at your own risk.
Max: While the part of Turd's post that you cite is, technically, accurate, you clearly have removed it from its context. Turd cautioned several times that he has no crystal ball and that PMs could move south as easily as north. As for your question whether Turd gets anything right, I would say that yes, Turd gets a great deal right. Why? Because he has maintained a long-term bullish position and most, if not all, of his "recommendations" are for buying on dips. He knows that the markets are manipulated by the big monied interests, so he is always cautious. However, his long-term position, shared by many on ZH and in the investment world, is that PMs are going higher, higher, and then higher. So, you can "LOL" about the excerpt you posted, but you should be more fair in posting and include context.
Well, at least he's willing to put it out there on the line, "MAX".
Don't point the finger unless you are Perfect. Then again, when you're perfect there won't be any reason to point the finger.
Turd ain't shit. BTFD.
These discussions miss the basic point: PMs are not traded in a free market. They are completely manipulated.
No amount of analysis matters.
If and when TPTB lose the ability to manipulate the market, the ability to look at fundamentals and trends may be instructive as to a price point. Until then, there is only one thing that you need to know - which direction TPTB want the price to go. No need to blame Turd, except for the fact that he is actually attempting to rationalize his predictions. Admit that you can't and then go to the casino if you like. OR buy PMs for their long term value and don't worry about the ups and downs (but take delivery). Cheers!
Really, no one took the punch bowl away -- we still have ZIRPetuity.
What we've realized is that the bowl is empty and it won't be refilled.
Risk on-risk off--the Clapper!
"Whipsaw"
Goodbye weak hands...hello sale price.
Thanks Trany666 - but we are all able to see the graph above.
Oil, equities, PM and Bonds - all moving up??
Listen up, amateurs, whenever that happens
wait for something to give BIG TIME :-D
my stops on PM miners have been going off like popcorn all morning. looks like I'll get another lower entry point!
Buffett probably knew about this. See you too can be "the greatest investor ever" as long as you keep getting all that juicy insider oligarch info.
70
This is going to leave a mark
"shit is off massively now, gold down 52"
Sorry people killed the messenger. I up arrowed for support but truth is no one should up or down information. Save it for opnions.
It's all good. Every time the PMs get smashed down, it drives out more of the weakest hands. Eventually they will be unobtainable at any fiat price. The end game is assured.
The punch bowl is "taken away" and only real assets like the PM's suffer, what about this perpetual ponzi pretend paper market?
If the punch bowl really gets taken away there will be a deflationary collapse, which without a gold backed dollar will mean gold will depreciate relatively to the dollar.
Of course the US government isn't ever going to allow a deflationary collapse ...
Finally, silver is returning to FAIR VALUE at $18/oz. Smart arbitrageurs are short in anticipation of this revaluation.
oh wait its still double that!! MDB fail again!
Only costs $5 to dig it out of the ground, right? Too bad that $5 is subject to REAL inflation and not Fed/BLS inflation. lol.
Like it costs only 10 cents to print a $100 note
That ends up torn and defaced and has to be withdrawn after that
And with the marginal cost of printing a $1000 note practically zero, it begs the question, why stop at $100?
You couldn't pick your nose with instructions.
Your stock picking strategy is also deeply suspect.
MDB is joking...
COOL MDB....even in that case, I'm STILL up over 100%!
The fish at the bottom of the lake are up 250% here @ $18/oz.
I'm new here and don't get the "PMs at the bottom of the lake" jokes- what's that a reference to?
Some metals(Au and Aq) will cause a temporary loss of muscular coordination, most noticable in unstable conditions. The rocking of a boat is a good example of this. Often a person carrying said metals on open water will have a tendancy to drop things. This is the reference to the fish now being 'up' on somebodys dropped metal. It is a tragic scene, myself also having experienced this condition. I believe it's called Neuro-hypotheshakianism.
I thought of it as more like auto-rehypothecation. Steal my own bullion, go on a boat trip, lose the metal on the boat trip, and declare it as a capital loss to Mr. Taxman. Simple.
It's no joke- there is a terrible, terrible curse that comes along with PM investment. It causes anyone with a more than a coin or two to develop a terrible and insatiable urge to take their stash with them on boats or in ice fishing shacks.
Because PMs are heavy, and their hands get slippery from the moist environment, many of these poor investors lose everything when they pick up the boxes.
The only bright side to this is that if the US gov't were to declare a gold confiscation manouver, those investors who could not resist the urge to take their money sailing have no one but themselves to blame when Federal agents come to claim it.
and by about 3000% by the time they have destroyed the old system
Yesterday you said fair value of silver was below $5/oz.
Why the change?
I never said anything of the sort. In fact I even clarified that this would be a good entry point for value investors, and that they would be seeking fair value at $18. Redneck silverbugs are learning a hard lesson today. I have tried to warn the wide eyed lemmings on this board about the impending revaluation of the "precious metals" but nobody listened to me. I hope that in the future, you will take time to digest my objective economic analysis - it might just save you some money.
Global economic fundamentals are still the same as they were yesterday. A sentence or two from BerMonkey changes nothing. He's in denial - trying to protect Obama's chances for re-election.
Redneck silver bugs are learning a hard lesson today.
LMFAO!!!
So, it's only up 27% YTD vs 32% because of a 24 hour rise and fall?
LOL. Your time horizon is like a 5 year olds.
Silver champions anything the Fed does, bar none. It is exposing the fraud. The insiders knew what Benocide was going to say and piled in to accelerate the down trend. And they only got it back to $35!! LOL.
Their policies are an epic failure, just like their balance sheets. Cost to mine silver (it's a byproduct, remember) is well north or $20. If silver goes to $18, you can kiss any production good bye, which means it will shoot up to $35 again.
MDB, I've come to the conclusion that you're just really really dumb. Yesterday you tried to illustrate the stages of a bubble, and couldn't even accurately articluate those stages, let alone explain them coherently. Even good sarcasm isn't that dumb.
"LMFAO!!!" That's the whole point, bro. I laughed my ass off, too.
I love MDB, but I suspect he's really just a goldfish typing his sarcasm from a bowl.
grosse retard
Thanks for your concern Methman.
"Only $5 to dig from the ground ---- brahwk!"
"Only $5 to dig from the ground ---- brahwk!"
"Only $5 to dig from the ground ---- brahwk!"
"Only $5 to dig from the ground ---- brahwk!"
"Only $5 to dig from the ground ---- brahwk!"
"Only $5 to dig from the ground ---- brahwk!"
"Only $5 to dig from the ground ---- brahwk!"
"Only $5 to dig from the ground ---- brahwk!"
'Pieces of eight----brahwk'
Now you have me wanting a parrot. But I would probably be sold a Norwegan Blue anyway.
Pining for the fjords, and all that.
But the advantage is that a real parrot will die someday, but a stuffed parrot is forever.
"...fair value prices (well below $5 for silver)"
Right here(4th comment):http://www.zerohedge.com/news/silver-explodes-djia-closes-above-13000
Please explain this. My faith is shaken.
LOFL. Inflation alone will keep it about where it is now.
STUPID IS....STUPID DOES
I haven't posted in here for quite a while as I have been busy doing research on the gold-silver-copper mining industry. Things are far worse than the best mining analysts have a clue.
Today we watch as the insanity continues. There are always a few folks that come in here to give their so-called wisdom on how SILVER SHOULD BE MUCH LOWER. I see someone says that fair value for silver is $18 an ounce. I gather this person attends the same church mass as JON NADLER and NED SCHMIDT.
If $18 was fair value for silver, you might as well shut down 20-30% of silver production in the world. U.S Silver corp, the second largest primary silver mine in the USA, cash cost in Q3 2011 was $17.45 an ounce. Remember, cash cost is not total cost. I would imagine their breakeven price would be $22-25.
Goldcorps Penasquito mine in Mexico (slated to produce 28 million ounces a year) had a by-product cost for silver at $15.38 an ounce. Again, this is not TOTAL COSTS. I would imagine Penasquito's total cost for silver is $18-$20.
I guess only Tiffany's and other jewelry chains can charge 300-500% for their retail markup, but gold and silver miners have to LOSE MONEY, or JUST BREAK EVEN.
The world is full of NITWITS, GADFLYS and MORONS. It is fine if they are only in control of a shovel or working the counter at McFATS... but when they are in charge of the FED, US TREASURY or MEMBER BANKS, you can be sure that it will end very badly.
FOLKS...there's a LOT OF BS OUT THERE.... and it AIN'T GOOD FOR YOU. (god bless george carlin)
SRSrocco - you make some excellent points. It is worth underlining that the costs of production create enormous market forces.
Americanspirit....TRUE. The world and mining analysts have no clue just how much DIESEL it takes to extract ore from an OPEN-PIT mine. As the OPEN-PIT mine ages and these huge 300 ton haul trucks have to go lower and lower to get the same amount of ore....this increased distance costs more each year (in diesel) to produce the same damn ounce of gold-silver and pound of copper.
The world is about to get a LIQUID FUELS ENEMA. You can forget the rosy future production figures in all metals, forecasted by some of the large banking institutions. Global Metal Production will not peak decades in the future, but more than likely within the next few years. Without the ability to increase DIESEL PRODUCTION worldwide... you can kiss the FUTURE OPEN-PIT MINES goodbye.
I have to say, it does get extremely frustrating to watch STUPIDITY on such a GRAND SCALE.
Yep... it costs U.S. Silver that much... but unlike most producers low cash-costs are not masking huge CAPEX and Interest charges....
Judge a miner by how much money they make, not how much they can claim to make...
welcome to how Peak production works in the real world.
My best peak analogy is fruit on a tree...you spend energy climbing and you receive energy by how much fruit is at that level. Eventually, you reach a point where it costs as much energy to get up the tree as you get from fruit at that level. It doesn't matter how much more fruit is higher up.
And you have to wait a long time to mine that tree again.
trav7777... I actually agree with your analogy. The LOW HANGING FRUIT IS GONE. I think we get peak DIESEL within the next several years. Peak Diesel....Peak Metal Mining.
CASE CLOSED...
....Hecla, due to their lack of maintenance, has reduced their production for about 1 year.
Whatever Ben says today does not change what is going on in Europe and does not change the goal of getting the dollar's value down to assist exports from the U.S. Nothing has changed.
"Finally, silver is returning to FAIR VALUE at $18/oz." Oh gosh please let there be lot's of morons out there like you. I would buy hand over fist instead of strategically.
Hell at $18 I am still ahead and can see and hold mine time to buy more.
Mask is slipping, yesterday you said $5, now $18 okay... 5,000 years of history is wrong, PM's are not money, because you and ben Bernanke say so, umm, I will go with the 5,000 year history. Good luck with your paper, puppet..
This is not that difficult their is a long way to go in the ponzi. Look for entry points as the mathematics do not allow MDB here to be right, long term..
patience people. even with inverted QE it's only matter of time before all the other easing catches up into hyper-stagflation.
You haven't even been on here a year, pipe down buddy. Go ahead and short everything for all I care!
15.4 trillion plus and no chance that interest rates are going up soon are all you need to know. Anyone who didnt see this coming is a retard. Its pretty simple really. Any opportunity to knock gold down will be taken. Anyone who bought the 50 dollar drop will be happy at the end of the day.
Not weorried about this at all actually .... this is just a speedbump.
What actually got solved at the Federal Reserve and the US Justice system? Nothing ---> No worries
Yet the ECB annouces a 712 Billion dollar handout. Has the market gone completely mad!!
http://ericsprott.blogspot.com/
Know this: if you can take infinite paper losses you can afford shorting any market and cash settle any losses. Dip buying is the new normal.
Thats right Kito.
need i say, BTFD!!!!!!!!!!!!!!!
down baby down....go go go
i'm long haul so the lower the better the buying opportunity
another $1.75 hit to silver in a 5 minute frame......margin call........all this on the jew boys' chit chat with congress????? i call bull shit! like clock work every 45 minutes it gets a major take down...set your watches
remember gold is the truth-o-meter on actual printing. qe3 is a long way off, and so is 1900 gold..........
BB just showing the markets who's still large and in charge!!
RP is sooooo right about everything that pretains to the FED!!
DaddyO
Thank goodness!
Seriously. I want as long as possible to stack up. Their time will come.
Dang! Looks like Zerohedgers are impatient for armageddon.
Can't rebuild anything of substance until the rotted superstructure is pulled down and replaced...
What a joke the markets have become!!!!
USD best thing eva
easy come, easy go...
Someone obviously has a sense of humour, albeit twisted...
Weak hands combined with the Fed's PM control group.
Mission accomplished.
CD, I want weaker hands. Man, I was waiting for this moment for so long. Force her down, bithces, I am waiting to unload my fiat. Fiat bukake, dicks!
Yep -- I was afraid I missed my last good/cheap chance at adding to my phyical. Making the call to my coin guy today ...
Look at this as a gift people, and take advantage of it.
It goes up a day ago and now everyone is saying this might be the last dip? Just relax. The opportunity today existed on Monday...
You've been waiting so long??? Silver was sub $30 in December.....You missed the sale!!
.
CFTC, partners in crime.
Ron Paul showed Bernanke a Silver Coin.
So if gold isn't money and is only "tradition" then what are silver coins in Bernanke's mind? A hobby?
I think BB thinks silver coins are a fetish. After all, Old Uncle Warren told him so.
And the Hunt Bros. before him.
Good thing he didn't show him his dong
Bernkkake loves golden members
BB has a Dong?
Epic.
Next time he should bring a silver bullet.
what do you mean the punch bowl has been taken away....the EU just filled theirs with 600 billion Euros.....yes the markets are a joke.....and if you are listening to the politicians speak....they are too
exactly. that's their new MO. while one eases, the other talks tough. Rinse, repeat.
Does anyone fucking believe the liar? He has been buying debt all along, there was never a hault in printed money.
They have never taken the monetary punchbowl away it is just hidden from view, ask Jim Rogers.
Mist lifting . . . market participants (that aren't HFT robots) realizing the punchbowl was really a big hot tub that has been stewing reconstituted CNBC pundit lies. Suddenly the punchbowl ingredients don't taste so good and are quite possibly toxic. Gonna be a big bad hangover.
Had to happen sooner or later...the party is over when everyone puked in the punch bowl.
Flash Crash?
Aah silver.
We hardlly knew ye.
Glad I sold some of my paper PMs yesterday...Jumped the gun a little, but all of the miners looked toppy.
No offense to Turd Furgeson, but so much for that magical $36 breach leading to imminent $40 silver.
Turd, I think, needs to recognize that while charts give you a better understanding of when to buy/sell, at this point, the Fed and the rest of the central banks of the world dictate where pricing is going.
Technical charts don't work.
So you rated me down because I agree with you? lol
I didn't downgrade you.
Oh that's right, S&P did. My name used to be FrAAAnce. Haha.
You are correct.
Charting is meaningless when markets no longer obey rational trends.
That said, I believe this is an over reaction and I suspect that PMs will close well off their lows, though likely still red.
Charting is not meaningless, but does not predict events happening within a single day. Bernanke lowers expectations and King Dollar is back on the hill, at least temporarily.
Another more conspiratory possibility is that once the second LTRO batch was allotted, it gave new firepower to the commercials to add to their shorts. This group of market actors really don't want to get that 18 handle on Gold, it is not only a bad thing for the dollar cartel in terms of overall confidence, let alone a 19 or 20 handle, but also a problem for their existing shorts. They may not be fully hedged with physical metal. The real story wouldn't be out until the position changes can be seen.
The period from July 2011 to Jan 2012 has some resemblance to August 2008 to November 2008 as well, pattern wise so a resumption of the uptrend is likely, but perhaps not yet. A simple equidistant channel from Dec 2008 until now has a mid point on around 1680. Gold is a good buy at 1680 and there is still a possibility to revisit this level. The overall downward trend all since Sep 2011 may not be fully over yet, it has to "blend" into the longer-term upward channel so even a revisit of the lower bound around 1580 cannot be ruled out. A price in the area of 1680-1720 is still decent value.
And people wonder why the economy is shit.....
Shizzmoney
Back off da Turd , some really BIG names and players have to eat their predictions/projections today also.
So he is in damn good company.The list is long.
Bottom line then is load up on the dip if you stlll have Dry Powder, this is just a game to them, but one they ultimately LOSE.(and so will we,but we can position ourselves to not be begging for gruel).