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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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other chartists saw multiple closes outside the upper BB and recommended profit taking at yesterday's close. I could point you to them.
I saw the same thing, was thinking of shorting it yesterday as well but the price wasn't as overbought as I thought warranted an aggressive short position despite the tech indicators.
Turd was just flat wrong and dreaming.
Agreed. Turd is right at times but wrong quite a bit as well. Closing above a "magic" level doesn't mean the price will instantly spike. Not in a centrally planned world that hangs on the Chairsatans every word.
>> Turd, I think, needs to recognize that while charts give you a better understanding of when to buy/sell, at this point,
Turd's not a metals trader, he's a web site guy. He's building hits. Cheerleading begits hits.
Bernanke singlehandedly can control inflation with the stroke of his magic wand.
Bernanke's magic wand is the size of a cocktail weenie. Which is why he has to compensate with trillions in new money.
Explain how that magic wand does not immediately bankrupt the government or shut the hell up.. Paperboy..
A planned raid in a centrally planned economy.
so in the next two months ..have we removed debt from our balance sheets...pl.....or have we added more debt to our balance sheets....we have added....
When the Iranians see how worthless their gold is now they'll beg for usd to trade oil for it with China!<sarc>
I'm getting into STEM CELLS! The new gold ..... maybe???????
them and adult-sized diapers
John Paulson change his mind AGAIN???????
Cartel cascading smackdowns all pre coordinated with Ben... Desperate times call for desperate measures.
Hold your fire people cos we'll be back in a matter of days with Greek default on the cards and Israeil war mongering in close proximity.
8 days gain evaparoted in ONE hour
Ag has been through worse!
Ag has been through worse!
Silver will only surge up with greater force.
PaperBear,
Gave you a green because you write with a 'religous' tone regarding the metal. It is just a matter of time. Like Santa attributes to Jesse Livermore 'Be right and sit tight'.
$50 (2.8%) in 7 minutes. 101% faster than the speed of gravity. Speaking of 101%.....
Plunge Protection Team Active.
Form of a paper dollar
Form of a helicopter
They said they bought the building the PPT is in for security reasons...now I know why
No need for US QE when Europe is holding the dollar down for us with their LTRO / QE. Dollar rise QE arrives.
I love the smell of napalm in the morning...
i love the smell of smagma in the morning
Apmex just crashed, or they pulled the site down.
SALE!!!!!
FIRE SALE! Load up while it's priced in lunacy!
I am calling my coin shop in 30 min when it opens - gold maples DUDE.
Whatever, in 10 minutes the market will wake up and realize the US govenment still has no intention of paying back its debt with anything but inflated dollars. The gold bull market will continue until interest rates are raised. If you think that will happen by 2014 you're an idiot.
OMG there will be complete market pandemonium when these crackhead markets realize the free all you can smoke party is over.
A little BC bud would be fine.
They simply can't raise the rates.
I hate to use a well worn expression, but take advantage of this insanely counterintuitive and completely gamed "follow on" to yesterday's stellar PM action and
BUY THE F*CKIN' DIP
The trend going forward (as with the past 12 years!) is PM UP. And then do you want to go and bring Clif High into it? His call on the upcoming wk of 3/2 to 3/9 is matched by a call for a HUGE Truth outbreak in the MSM. This one may already have come true.
The ground is shifting under our feet. Better, it's shifting under the PTB's feet. In the days ahead, they'll gradually lose their ability to keep the lid on everything from the Truth to the true value of hard assets. Steal a march on 'em and get going. PROTECT YOUR FINANCES NOW, BUY PHYZZ ON THIS DIP.
mainstream media whores burst out truth attack...
shhhhhhh.....it's coming....just a few days away...prepare your ears now...get your mind ready....you'll never have heard such words from mainstream media ever before in your life and it is going to start a flood of such huge proportions that the world will not be the same ever again in the future and it will change more in each minute than in all the minutes that have ever come before and you will feel like you just do not have a second to catch your breath and shouldn't you have gone to work or bed or fed someone or something but you are paralyzed with the novelty rush pouring out of the pent up frustruations of decades of pressurized mainstream media whoredom as all hell breaks loose with a single word that a single mind will not be able to contain......(no, not that one...)
wait for it, days and temporal markers falling rapidly now and precursor events spreading rippling influences outward....
you'll hear it, then you'll know it. All prior to the break out is speculation. Afterward all will be lost in the torrents (hint hint) of the breaking dam, which is why i thought to just get a few days advance notice for naps and pies. We will need all the energy we have (us old farts) to just keep up with the trailing edge....which begins to race away from us by March 19th with release language compounding beyond our ability to chase.
posted February 16, 2012 by clif high
think i heard this same thing last year when PM's were the same price. yawn.
Yeah, buy the dip. And take some profits on your miners when you can--so you won't get a margin call when the markets crash. That may be the best buying dip ever.
Ouch...
But, why?
I trade SLV and GLD options.... profits are turned into physical quarterly...
I'll leave the trading and profit booking to you all. You all are much better traders than I can ever imagine to be. I just believe in dip buying. So, I wait for moments such as this. But, good luck to you with your trades and turing profits into physical. Take the house down, one block at a time.
I noticed Apmex.com temporarily crashed. Seems to be OK now...
WTF!
Gold
1,728.50 -59.90 -3.35%Gold and silver are on sale folks.
If you can't see this, you are worse than blind...you're stupid.
Bernanke's job, and this is important, his job is to confuse the "rational consumer". This is his single mandate while the Fiat Ponzi implodes in the face of America.
Don't worry boys am bullish on gold now. So let's see from a contrarian indicator my being bullish means gold will crah back to 200 no?
Me=always wrong
me say gold go up then gold must crash, no?
Can anyone argue with this logic
Commercials are now covering those shorts while the Specs are handing their metals over to them at a loss.
Gold got flashed as Paul was speaking. CNBC had the chart inset as he spoke.
fuck the CRIMEX!!!!!!!! AND ALL Digital PM trading.
HSBC, JP Morgan & Apple Hedge Funds
Do you think that was planned by TPTB....I do......what a man made crash...
and boy did they come out from behind the curtain...foolish of them...
Of course it was planned. The commercials loaded up their shorts, Bernanke drops the bomb, and then they hit the PMs a few times, and shake the weak hands out.
Nothing has changed. This country cannot run without the printing presses running at full speed 24/7/365.
And in the mind of the average person, this creates doubt as to RP's claims of PMs as sound money.
Coordinated for sure. And not a coincidence that it occured during the good doctors time.
Gold has problems w/ $1785, silver w/ $37 resistance. Don't worry about metals, children. They will go sideways for awhile.
Too many traders depend on what the Fed is going to do or not going to do (without understanding what it is the Fed does).
Brent crude has had $3.50 taken out of its bid. People are broke and cannot afford to buy the new car that would justify wasting the high-priced gas. Expect lower trending fuel prices. The world is broke. It will be broke next week, next month.
It will REALLY be broke next year.
Petroleum fuel is becoming a luxury item, peeps who buy luxury goods understand value, they don't burn luxury goods for nothing.
If youre a 'trader' of PM's youre a fucking idiot to begin with.
What's the difference btw 'trader' and trader?
i'm a trader...fiat for pm's...soon pm's for food
LOL look at the PPT rush in to save their precious DOW....what a clown show.
This raid is to be expected, the cartel could not let momentum continue where it was going. They also love to suck people in high and bust 'em out low. It's a psyop and the results can be devastating on the perceptions of a previously happy camper with no experience in this space. Just keep your eye on the prize while watching fiat's ongoing demise...
AGAIN: BUY THIS DIP!
It's a wonderful opportunity to add ounces, shares, or contracts!!! There will not be many days like this left. Spend half today and save half for tomorrow in case the raid extends.
The only significance of this dip to anyone who isn't ready to cash in their PMs or related investments today/tomorrow is that we get to buy more of what we want for less. During the accumulation stage, would you rather add at lower prices or at higher ones? Anyone here think that the 12 year bull in PMs is over today? Anyone think fiat is on its way to recovery?
No takers? Didn't think so... BUY.
I just jumped into PHYS big.....
Yup, PMs are going the way of the dinosaurs!
They're giving the stuff away!
-$60 gold from 10:00 am to 11:00 am EST WTF
Not bad...considering all these pundits were telling me I was an idiot buying gold at $400 and would never ever see any higher....in fact was 'in a bubble' at $400. Whatever.
ok enough! 1,734.30
BOT THE FUKCING DIP AT $1,728...EITHER I WILL BE LUCKY OR A FOOL....BUT....DID ANYONE NOTICE HOW THE CANADIAN DOLLAR APPRECIATED AS GOLD SOLD?????
I THOUGHT AND THOUGHT AND THOUGHT AND THOUGHT AND THE ONLY THING I COULD COME UP TO MAKE SENSE OF THIS IS THAT SOMEONE KNOWS OF A PENDING RELEVANT RATINGS DOWNGRADE, WHICH WOULD SHIFT FLOWS FROM THE EU TO THE ONLY LIQUID AAA RATED MARKET STILL STANDING TODAY....
ANY FEEDBACK?
Good call, but you should put your shoes on and run to your goldshop instead of buying the STOCK!!
Buy physical & Good luck.
The Canadian Dollar is way under valued. Which they like for exporting lumber, etc.
Yes $CAD is good, or BTFD like you say.
strongest BUY signal evar.. where's my orderbook
When the dust settles on this financial collapse the likes of Ben and Blythe better have a rocket for the Moon or Mars.
This time @$36 will rhyme with last time. All guns at the Alamo will come to bear at the breach of this all important wall, and they will be overun. Another dose of margin hikes will be attempted at the ~$50.
The mouth of the Fed moves, but with no one there it makes no noise!
The truth is out....the beast is out of the box, there is no putting it back.
"Davy-Benjamin-Crockett" holds them off at the Alamo!
"Little Timmie Bowie" stands bravely by his side!
The imagery works for a laugh, but Davy Crockett took a stand against a corrupt President before he went to Texas. Benny is Obama's puppy.
Benny is Obama's puppy? I thought Obama was Benny's puppy. Now I'm really confused.
The silver chart is perfect for a buy; the downswipe gets right down to the long term trend line; buy it now.
Jim Sinclair keeps ssaying that 1764 is the price where gold goes parabolic. Funny that everytime it gets to that area it drops.
Well he also said something along the lines that volatility will increase significantly at that level.
Today is proof positive that the PM market is infested with undercapitalized, F12-punching rats with no long term conviction whatsoever.
There are no "central banks" buying.
Only speculative locusts buying and selling for a trade.
If that were actually true, the drop would be far more than the $70 seen so far.
We've gone through these period burn-offs of weak hands before, they're getting pretty predictable. However, what TPTB manipulating PMs don't seem to realize is that forest fires make the forest healthier. We had a burn twice this size in September of 2011, it'll be interesting to see if this downturn gets any bigger or if it finds the floor. My guess is that it will be smaller than then.
Remember with higher margin, the room to manipulate grows smaller. This is a long term game that's playing out over years to decades, but the end results (AU wins v. fiat) is already known.
Conviction. That's what REAL markets are made of, right? PotDoucheKettle
JESUS CHRIST!!! GOLD 70$ DOWN? SILVER 1.40$?????? lol they try so haaard.
They shorthd 375 million ounces!!!!!!!!!!!!! HALF A YEARS MINING SUPPLY! How much more obvious will it get?
How do you calculate this number?
It's called INFLATION...and even the lying sacks of shit cannot hide it anymore. Another round of QE? Go ahead....MAKE MY DAY. Gas is already 4 bucks....IN FEBRUARY. Even FUCKING PET FOOD is exploding, unless you by the cardboard and sawdust shit made in China. Those fuckers poison their own kids with fake milk, think they care about your dogs? The end game approacheth. How I now this is all the convenient saber rattling about Iran. Give me a fucking break. I read that yesterday no one showed up to vote. Maybe the masses are finally "getting it". Are you gonna stand in line to vote for any of these sacks??
I almost sold some Silver Wheaton yesterday, take your profits like the Chinese lady says, but I expected another day of climbing before a beat down. The lemmings just sold at the bottom of this dip. Volatility bitches. The smart money knows they have to trade in their fiat money for real money. Watch it pop back up again. Taking profits at $40 silver...
The silver short manipulators are still in business so we can all expect days like these. It's nice to receive buy signals from the cartel too. I'm sure China just LOVES IT when the cartel pounds the price of gold down!
Making it easier for the Chinese to back their money someday w/ precious metals!
SILVER DOWN nearly 3 FUCKING DOLLARS!!!!!!!!!!!!!!!!!!!!!
Don't worry. It is already back up $1.50.
Next Thanks Giving day.
Thanks Ben, I was wary, I've missed the train, now it's going back to the station.
That's what hunters are waiting for.
I'm watching. Have the finger on the Buy button... waiting...
How low will it go?
At some point, the PTB have to lose control (I hope).....
I caught it about 25 cents from the bottom. If it goes lower, I'll buy even more.
Doesn't anyhone here read Martin Armstrong?
From four days ago:
http://www.martinarmstrong.org/files/The%20Curse/index.htm
Page 6:
"We are by no means on a course to record highs on a confirmed basis just yet. Gold closed positive at year-end 2011 and that has left it in a position where new highs are possible in 2012. The Weekly Bullish Reversals stand at 1917.5 and January closed above the Monthly Bullish at 1637 leaving us looking at the next level above 1900. February needs to close ABOVE the December high to keep gold position near-term. While the daily level has been took profit against the December high on February 3rd, it has been bullish against from the 10th.
The Forecast Array shows key days ahead as 02/27, 03/02, 03/07, and 03/12. Directional Change and a Panic Cycle is due on 03/02. This tends to warn we can see a turning point this coming week. If we exceed this week’s high, we may then see a pull back for two weeks. Watch the closing for February."
Like today's action has something to do with that? Are you f*cking kidding me?
They strolled Bernanke out and sold forward a years worth of metals production via unregulated derivative funny money all to get a 3% drop in gold today
Or is that what freakin' Marty said too? Get real Groucho.
Maybe you should read the whole article I linked to?
Short hope and change and long boat insurance.
The USA Exchange Stabilization Fund hard at work.
I was set for a large order tomorrow through my beloved silvergoldbull and was shocked at yesterdays (at this point) innoportune rise... I knew the occult mongoloid banking elite would not disappoint me.. thanks guys!
I'll be buying all the way down to 18 bucks. Silvertards RIDE!
Oooh! Gold's taking an ass shellacking.
Gold to tank $200 + ...for the Day
Folks, a 33% run up in silver year to date... It's going to pull back. It's not a manipulation. Shit does not go up forever. Wait out the bear raid and buy back in.
PM-Trolls: Square waves are not blatant manipulation at all.
PM-Bugs: Those rapid spikes are totally natural - it's all paper traders suddenly in a matter of seconds synchronously noticing inflation..... but those rapid plunges - that's manipulation!
Rynak: I'll become rich once i invent a device, that let's one punch people in the face over the internet.
But they could buy 1 & hit U back!
Buying op coming up in 3,2,1....
Gold "Super-Crash" Unfolding. This is the 1st Leg, I wonder wher will it close by WeekEnd.???
It's frightening to watch Ron Paul's brilliant destruction of that twit Bernanke while everyone else look around the room with faces saying "Ohhh,,errrrrr....why is he speaking out against our Dear Chairsatan who is keeping the ponzi scheme / criminal TBTF's alive?"
You can really see how menacing the whole "situation" is over there.
Someone give Ron Paul a medal - he is such an articulate, honest, sensible and logical man and a total breath of fresh air from those crony, untrustworthy, garbage-speaking morons that masquerade as financial officials (i.e Geithner, Bernank, Barney Frank etc)
Absolutely loving this new buying opportunity. Just trying to figure out if this bleeding is for the day or will be stretched out over the next several days
Whatever hurts margin buyers the most is what they will do. Plan accordingly.
Since I'm always early buying these huge dumps... going to wait until tomorrow or Friday.
I bet we gain most of it back by the end of the day......look we just added 600 billion euros to the mix today.....inflation is here...tomorrow we will be back to Portugal and Greece.....and California..Illinois....whatever
"Bet" is exactly the word I would use as well, and my bet is your right. I went all in 20-25 mins ago.
Fuck it, we'll see what happens. Short-term that is.
I'm looking to add to my silver investment as well. I'm planning on waiting for the 1-month silver lease rate to begin to rise before I take the plunge (it is at it's recent low of -.48% today). It seems there might be a shorter lag period in the silver market's reaction to the lease rates than there is in the gold market. Silver reacts within a day or two while gold first seems to react after at least a week. Best of luck to you timing your next purchase...keep the faith!
Bravo! Best pump-n-dump in months!! Just read Chris Martensons piece on end of QE2 potenitally in June and the effect on Dow/Gold/Silver/Commodities. Nailed it (3 months early). BTmotherofallFD. +1 for you shorts
Carts full. Waiting to pull the trigger.
ZHAuAgPPT to your stations!
I'd like to get some Silver around $25
So would I. Last time it was there it only lasted a few moments. Gotta have a quick trigger finger and no job, like me -lol
Stop dreaming. You just had a certified buying opportunity at $34 and change; caused by the floor traders on the New York Metals Exchange, NYMEX; they are buying the artificial low they created because they already know the market is good and will trade higher; that's the reason for them sandbagging the stop loss order from all the recent newby longs; so they can buy their positions now; at their manufactured price. That's all; it's not that difficult to understand. It is a guaranteed substantial profit, tho.
i bot @ 1,728 and then some more @ 1,718...am I crazy???I violated, I raped rule #1 of trading: Never average down!!! I am a sinful bitch!!!
The PM short cartel strikes again. I would love to see the stats later on how many 10's of thousands of futures contracts were just dumped on to the market within minutes.
The PM short cartel strikes again. I would love to see the stats later on how many 10's of thousands of futures contracts were just dumped on to the market within minutes.
Mostly what you were looking at was stop loss orders that were in the market already; these are orders to sell at a given price; the floor traders at the NYMEX sandbag the market with sell orders to hit and activate these orders, which they know all about, and then buy everything back, plus the new long positions they wanted in the first place at the "special price" they created. Standard practice. The owners of the contracts didn't make a decision to sell, they put in an order to protect themselves in case of a market reversal, but the floor traders, and the locals, decided that today was a good day for a reversal, (so to speak), and blammo. Remember, the purpose is for the traders and the locals to get long at the bottom; and you can too.
hmm, that was kinda quick.... would have expected them to do the dump a few more days later after the pump. Oh well...
The banking cartel had full knowledge of the speech BEFOREHAND. This was a planned smackdown in advance by the banksters. They will go to any length to steal your precious metals. Notice the brief parabolic move upward beforehand to pull-in some last minute buyers. We live in a corrupt system.
I bought at 37 dollars. I want to f*ck my own face so hard right now....
In five years, you'll be bragging about buying at 37.
Nicely put, tarsubil.
Don't feel bad sheep, anyone purchasing silver on a regular basis gets worked-over now and again. Just suck it up and roll with the punches.
This fights gonna last awhile.
I remember buying a bunch @ 15.00 and then in 2008 the price got nailed. I felt like a fool then, but not now. It was a shame about the boating accident, though.
double down! woot!
very healthy, imo...
This takedown in Precious Metals was planned ahead of time by the banking cartel. They were tipped off on the content of the speech beforehand. Notice the brief parabolic move upward just before the speech, pulling in the last minute buyers, only to be wiped out during the takedown.
I put some of them digital dollars on my scale. Nope, they didn't even budge a single gram of gold. Now electrons can be money. Lots of money. Most of the money. They can move at the speed of light and flash onto computer terminals and represent a pile of money but they have no substance. OTOH nuclei do have substance. All the electrons in the world cannot move a single atom of gold at the speed of light. My computer can show me a picture of gold but it cannot excrete it.
Reality will have the last laugh. Just keep accumulating more than a trillion dollars of added debt every year with the certainty that interest rates can never be allowed to rise from zero. Even their TOTAL control will be breached by the enormous forces generated by such a process.
They are either planning an "accident" or waiting for an "accident" to fulfill a story line that will enable them to jump this track and still keep themselves at the top, still in power.
Just don't wimp out if that "accident" involves aggression against families minding their own business. I would hate to think that we have devolved so much that there will be no resistance.
There is NO moral/national responsibility for anyone to meekly be looted and moved to any location in the event of a national emergency, regardless of whatever directives are on the books.
if the cftc sees the crime and does nothing about it, that makes them an accessory to that crime.
if a tree falls in the forest, and no one is there to hear it, does it make a sound. How about if a soverign defaults and ISDA says it is voluntary?
Sorry, I've got to auto-rehypothecate myself now.
Why did this happen??
People realized you can't eat silver
http://www.naturalnews.com/034904_colloidal_silver_MRSA_candida.html
This, and the pump before happened to scare you via volatility.... and make a few bucks in the process. Going on this blatantly since mid-2011.
see my post above.
Because gold and silver are not backed by anything
No one holding physical has lost a red cent today, unless he sold, and then he would have lost only if he had bought at these recent highs (as opposed, for instance, to having bought two years ago or so). Look, unless you are a day trader in the PMs, you are fine if you are holding physical metal. Your $700 gold is now worth $1700. Your $14 silver is now worth $34. And, unless something strange happens, there is every reason to believe that gold will be at $5000 and silver at $150 by 2015. Today--the Bernank, the pullbacks, the LOLs and LMAOs--is all just noise.
Haha yesterday I completely overhedged my small pile of shrapnel. Hope this sneds it to 20 so I can cash out of paper and put it into more real world assets. Or kill my student loans. GO JPM GO! lol.
This ain't fair, when rest all move, we get so much analysis (blames), but when GOLD drops (favourite of ZH), you do not give similar information/views.... too much of bias
Yes, the website has a bias. what a surprise. But there's another website, "right next door", that has the opposite bias; if you don't like it why are you here?
What is the other "website right next door"?
Think of it this way. A few days ago silver was $34 plus. Now it's over $35.
It's UP!
The gold & silver charts should be called "The Stupidity Charts".
When gold & silver are up, stupidity is down & vice versa.
I know people who still think gold's a dumb investment even though they haven't made a dime on stocks since the 90s. The usual stupid comment is either, "U can't eat gold" (U can't eat a stock certificate either) or "If the system collapses, no one's gonna want a gold coin" or ... blah blah blah blah
Always some nonsense their "financial advisor" told them.
Gotta pay a helluva lot of extra frns to get them certificates... Between $50 and $200 per, depending on the registry agent. No calories in them either...
Always a hoot that the "hard asset" guys tout the miners. Unless the goldmine is across the street from you, ownership interests won't be sorted out for years or decades after the collapse IF your investment wasn't Nationalized along the way.
Eminent Domain IS Imminent, or Caesar will exercise siezure... Lots easier to pen-stroke mining properties than coins....
Your wall street wants you to sell your gold and silver to buy European papers.
If they get only part of their bonus, you only get part of your market or we trade.
Brian Sack on the phone, pretending he's the new Gordon Gekko this morning:
"Ok everyone. 3, 2, 1, start dumping those silver & gold contracts!
Backing up the truck.
A fall only means it's cheaper to buy. HAW!
Why is Bennie Bernankenstein still being allowed to use up valuable oxygen, when it could be allocated to a creature of more redeeming value,.....like a rattlesnake.....or a slug.