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Gold Soars As Trading Reopens, Hits $88 Away from $2000
We may have been pessimistic with our assumption that gold would reach $2000 in under a week. At the rate it is going, it may get there tonight: upon reopening, gold immediately soared from just south of $1900, to a new all time higher of $1912 as pent up buying interest took out every offer in the market. This time around silver is not far behind and after many were staunchly pushing shorts around the $44 price, the metal also snapped above the $44 barrier. The only question we have is whether the CME will hike margins before or after gold touches $2000. Since the stop loss orders there are likely quite aggressive, we hope our Comex friends would push gold a little lower before it takes off for its next target 5-digit target. Incidentally, those who are long spam and short gold may want to consider unwinding that trade at this point.
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I must point out that you can't eat gold, and that is the only important fact you need to know.
After all, you can eat bonds, stocks, paper money, electronic money, uh...
Pixies - Where Is My Mind? Fight Club Soundtrack
http://www.youtube.com/watch?v=3DDZEdkoaY4
Transitory Parabolas, Bitchez...
dry powder? check.
imminent Comex margin increase? You bet your sweet ass.
multiple increases in a short period? Damn right, so don't go crazy after #1.
They aren't saving their margin hikes for Easter vacation. If they don't use them for Jackson Hole, I'll eat my hat.
Set phasers on "parabolic", bitchez!
FIRE!
Captain, the price suppressors can't take much more of this! They're shakin themselves apart!
Then shake them apart, dammit!
Bond: "Surely you don't expect me to sell my PMs?"
Auric Goldfinger: "No Mr. Bond, I expect you to die."
Bring on the friggin sharks with the friggin laser beams on their noses. I aint' selling!
"No, Mr. Bond. I expect you to die. And don't call me Shirley."
Shovel that dam coal fast. We find out if she got the boilerplate for this yet!
B-b-but, it only costs $800 to get it out of the ground... < /sarc > hahaha, how are you feeling these days, Dougie Kass?
As for me, I'm a monthly buyer regardless of price.
You know I used to be a monthly buying, but a funny thing happened...my income didn't rise to match the rising price of gold. So now I have to wait a little longer to get the fiat per purchase...man where did the days of $1000 gold go? Those were the days...
how about the days when you could get 3 oz and remain under the Patriot Act limit? You can almost not get one now. It hits 1950 and one ounce will require documents
The limit is $5850? I assumed it was about $10k.
Can you link to a source? I hold a fair amount of gold and would love to learn more if at some point I want to sell. Much appreciated!
I liked the price at $312. Those were the days. You could find coins in antique stores and pawn shops. When you bought it, they looked at you like you were the sucker born this very minute.
I'm a young man and came late to the party. Bought first coins at 1590, more at 1700, but even that 1590 now seems at like the good old days. About two months, and 325 dollars ago. Wish I'd bought more.
I went all in at that point and added to the dragon horde by taking a loan out on my crappy USG retirement plan. The loan is almost paid off by my winnings. Best trade I ever made.
I think you are underestimating the severtiy of the situation. Gold is rising because central banks are buying. They are still buying now. That means the only people who know where this is going still think gold is a bargain. That's all you need to know.
You haven't missed the trend. Jesse Livermore understood that trends last longer than anyone would think. He said that stocks were never too expensive to buy or too cheap to sell. That is exactly the opposite of how the overbought/oversold crowd thinks.
If you think they will fix the problems in the world's economy
And that central banks are buying tradition for tradition's sake,
Then maybe you can conclude the trend is over. Me, I am riding this until something changes. It is like when Soros had the central bank of England in a bind. Nothing can derail this trend until the central banks dump their gold.
It's not going to happen, and you haven't seen anything yet in terms of price appreciation. When they move from paper to gold, they will pay any price to lay hands on physical. At that point, paper becomes worthless and physical becomes everything. I wish I had more cash on hand. I would load up on $2000 gold in an instant.
[Caveat: Jackson Hole is an irresistable event for margin hikes, I would slowly enter the trade and not dump everything I had into it this week]
Good post, Smiddy. Appreciate you putting out an affirmative view.
Spot on Smiddy. I have been telling a select few family members about the Central banks worldwide slowly, steadily , patiently, and powerfully are buying gold,and have been for about two years. Bottom line is their collective action is a statement that gold will become the reserve currency of the world when this shitstorm settles down. Sovereign debt is garbage, equities are garbage, Monetary base is shooting vertical, inflation is on fire. Simple answer, buy gold and silver.
Absolutely - so many zero hegers are overly concerned about being contrarians amoungst crontrarians that they shy away from these "too obvious trades".
Now silver is different - silver you still have to be careful, maybe hege or use puts a little. But, I'm calling it - anyone who'd put a put on gold now is out of their mind.
huh??? I said you USED to be able to get 3 oz under the limit. The Patriot Act requires ID documentation and a paper trail at $2000
You are wildly incorrect on this point: No paper trail required below $10,000, period.
Ten thousand as I understand it.
Sometimes Players winning over 10K would give out the difference to walk out the door under 10K by 5 dollars or so.
Yeah Trav wtf you talkin 'bout...
work harder. pay better attention, reverse your anal-cranial inversion, read more, stop listening to the MSM.
or not.
This is news to me. I haven't bought gold since it was $600 an ounce, so I don't know these new-fangled laws.
Didn't need no welfare state.
Everybody pulled his weight.
Gee, our old La Salle ran great...
Men were men and women were women!
oh the mid-90s, such a beautiful time. glass-steagall was newly repealed. weed and gold had parity.
I've heard that argument too about how much it costs to extract. How much does a truffel cost to extract? The suggestion that something can't be many times the production price is ridiculous. Designer jeans, works of art, prepared food...the list is endless.
I have a friend who actually grows truffels. It takes years and years to get a tree to grow them, then you just sorta dig them up from a shallow depth. Just takes a few minutes. But you gott know what you're doing. He does. Has a PHD or some shit in Botany, something like that.
So a PhD is immaculate proof of wisdom?
Man, who would have know you needed a fuckin PhD in Botany to do a pig's work!
Good luck with your multi PhD economist fucktards who are ruining the world.
You are such a meany! Plug in a Jenny Craig DVD and see if you can burn off some of that meanness. Besides Jenny has a PHD in working your ass off! Good luck Ahmeexnal!
Botany Bay?... BOTANY BAAAY!!!
QWICK! BACK SHIP NOW!
Everything you listed is a luxury item and holds no value after it's sold to you. Well, maybe art, but that can be touch and go as it holds no intrinsic value. Are you comparing gold to luxury items with no/little intrinsic value?
There is no such thing as "intrinsic value".
There is only subjective value.
"There is no such thing as "intrinsic value".
There is only subjective value."
Yes, and all the subjective values are measured in gold.
Your academic argument is quite right, but when the rubber hits the road, all subjective values need a measuring stick, and that is gold.
Well thanks for the English lesson professor. Now allow me to give you a biology lesson. There are things in this world that have an intrinsic value to humans. Food and (as mentioned below) drinking water. Things you need to survive have an intrinsic value to you.
Gold has a subjective value as does paper money. Anything you don't NEED to survive, even if it increases your ability/ease of surviving is subjective.
Ok, carry on.
How about drinking water?
There will no stopping it this time around. They can't
I've had my ass kicked several times over the past few years thinking that. The cartel always comes back. Like a terminator they never give up, never stop and always hit you just when you think they're gone for good and have gone all-in.
my ass is well positioned, thank you
Too much information.
John Connor says one more push, and we can smash the defense grid.
Have to agree, they will pull something out...if they don't it's to the Oort cloud and beyond! You will just a see a shimmering streak near the moon.
Something has got to give here and I don't see the two to three trillion QE 3 that's actually needed on Friday unless we see an absolute bloodbath before Friday. Maybe no QE on Friday, margin hikes, put Chavez on the back burner with "logistical problems" and drop 50 tons of Qadaffi gold on the open...but that might just get eaten up. :-0
I bought gold a little over two weeks ago the night before Apmex locked it down on a sunday until the open it's up almost $250 since then O.O!!!
We'll see what happens but holy unedible barbaric relic batman!!!
Bring,
I was at my Dealer about 4-5weeks back, an attractive lady for her age (early /mid 60's) was there, and was just finishing up her most recent purchase still on the counter.
She had 30 Tubes of Gold Eagles 600ozs, she picked up that day.(an Emp carried it down for her).
She is smiling today on that one,LOL( from the way she was dressed you would think she was not well to do), but facially,and the way she spoke,moved, you could tell she was from the high real estate district.
Well, that seals it then!
Attractive realtor turn gold dealer!!! Can you say, she understands bubble marketing! Good for her!
You don't suppose they would actually do that with Qadaffi's gold?
Quaddafi's gold en route to Venezuela. Two ships pass in the night. An exchange is made and tons of tungsten now on the way to Venezuela and real gold to NYC. The Deminati strike again!
Tuco
Realtor - ya right ...
The realtors are all bankrupt, trapped in their underwater homes.
Maybe it was Qdaffy's Ukrainian nurse ...
Oh that makes me hard.
It's always the bag lady with flies and ratty mold on clothing hiding such wealth.
I would be more than happy to provide armed "Outrider" to her vehicle as they get that gold back to her place.
Hell I get lightheaded when blood pressure drops a bit under certain big numbers... much lower than the 600 coin.
Last month eh? That was a damn good time to buy.
"attractive for her age", mid 60's
I like my Milfs as much as the next man, but 55 is the upper limit for me
Good to see you around BTG. Haven't seen you or SD at BS in a while.
#41
Why, pray tell would an online precious metals dealer shut its site down during the biggest gold run in history? Facts please?
Quint,
The costs of kicking the can are tremendous now, they weren't in the past.
If the COMEX explodes
If they lose control of oil or silver
If uncontrollable rioting or war takes over
Or more probably, if they lose control of gold prices and they go vertical
They will pull the plug and switch us over to a gold based slavery from a paper based slavery, only, if you have PMs, you are no longer a slave.
Reasoned perspective. The end game will emerge, but there's still a whole lotta fight left.
What's interesting this round is that gold launched into orbit despite the removal of QE. Some of the gray swans may have pushed that, but we were seeing mass buying buy Asia and India even while QE2 speculation was going on. So I believe they are off-script in terms of remedy. If the centrals print, they know that will validate gold as real money; if they coordinate margin hikes, they just reinforce the spring-load. Chavez has really puked on this, and did so in plain sight knowing that none of the CBs can touch him because they're doing the same thing under cover of night.
It's still a buy/store/hold/win game, and I agree there are more rounds to go here. But the slope is steepening.
Wow! I thought I was being a little stupid buying 10oz. Au for my IRA this afternoon, but maybe I should have bought more.
I had so many ill timed purchases along the way it became a joke with my supplier. I regret not a one.
Spam!
http://www.youtube.com/watch?v=anwy2MPT5RE
Wonder what's going to happen when Chavez's gold shipment "disappears?"
What do you mean disappear? They're currently packaging the shipment, straight out of Libya. Do you think it was a coincidence that a week ago the rebels couldn't tie their shoes and today they're routing Tripoli? Chavez needed his gold and we had to get it for him somehow. So there goes Libya.
Smart.
It's the Arabic numerals on the barz that gave it away! :>D
SELF FULFILLING PROPHECIES BITCHEZ.
http://worldreports.org/news/190_madoff_ponzi_scamming_victims_listing_a_n
Yeah, didn't interactive brokers warn their clients recently to have enough dough in their accounts as margin hike(s) in gold are on their way within days?
The reaction will be transitory bitchez.
Did you ask yourself the question: 'Why are margin hikes in gold not forth coming sooner?'
Did you get an answer from yourself?
no.
When margin is 100%, you can't hike it anymore. Margin hikes are precious. They don't use them for the same reason the protagonist in The Road held onto the last few round in his revolver. He might need them to survive, so he doesn't let himself get down to the last one.
My take was the last few rounds were for him and his son. Having used one on a cannibal merc put him in a bind on saving the last one for his son but not wanting it to come to that. Great flick...
Bringing it back to margin hikes, I agree they're not being held in reserve as a last resort, but rather are being held until the BBs are positioned to derive the max benefit out of them. Looking at the silver hikes, they were quite effective, if only for a few months, at taking the froth out of the market.
Gold is definately heading to $2000 an oz, maybe this week. It really all depends on any regulation or what not.
http://www.dailyjobcuts.com
Does anyone think, there will be new regulation or stops put on gold to hold it back?
Where's Math Man? We're deep in to Summer and Silver isn't $20
He's roaming around with a metal detector hoping for the big find to pay it (metal detector) off.
All that ammo at the range is gonna light it off then. Plus the radiation from Fukushima will too.
Maybe a Fuel rod will land on the man's p[roperty and according the old laws, what falls from the sky on your place belongs now to you forever.
Edit, destroyed NASA property and dead crew remains excepted.
he said $20 on or before june 21. may he roast, if short.
That little fucking bitch had to pawn his computer to cover his margin calls. :-)
I have to admit. I kind of miss hearing his silly rants.
But it does appear that a fair number of trolls have taken his place. And none are nearly as entertaining.
You can dig him outta the ground for 5 bucks.
very clever. good one.
Math Man is transitory... now morphed into several new trolls...
But only if the string attached to the coffin down there pulls on the bell the first night.
Dontcha know?
The graveyard shift meant just that long ago.
Today 20% of old colonial era graves that were looked at had deep digs in the underside of the wooden lids as the people died again buried alive.
I miss RobotTrader... The poor guy has been really quiet lately...
Ahh, MM and RT...and solar not doing so well either. I hope nobody was long financials.
In the long long ago, he used to post really great pics. [sigh]
Yes he certainly did. But I don't remember quite so many people getting on his case then.
He was a bear then... he got tired of fighting the tape... Even when he was a "bull", his stuff read like a voice over in a Fellini movie about free will and quantum mechanics.... It was like a desperate plea for sanity...
greenie on ya' lad
i'm sure he blew his investment money. best thing that could have happened to him. he needs to turn the 1099 processing job into something permanent.
I told Robot everybody gave him shit but everybody would miss him if he weren't here! Maybe he's on a trip and he'll post pics
I told Robot everybody gave him shit but everybody would miss him if he weren't here! Maybe he's on a trip and he'll post pics
Math Man, Robot Trader...isn't anyone going to shed a tear for Johnny Bravo?
No.
No, but I did enjoy Johrny Bravo's parody posts.
Goled to $200, er, I mean $2000 Bitchez !
Buried canned ham in the backyard Bitchez!
A walk down memory lane ...
http://www.youtube.com/watch?v=4pXfHLUlZf4
Forgot about that. Brutal and funny at the same time.
Hooray!
watch for a personal liquidity trap, boppers. wouldn't want to sell gold to get fiat in a squeeze.
WTF? Ag is wayyyy far behind. S/b at 50 by now, dammit!
I hate buying underpriced stuff, don't you?
I'm just remembering a short time ago reading the ZH article about "buying at the top, 1600". I said, "what the hey, it seems to be my standard operating procedure". Then it'll drop and give others a good buying op. Well SHIT, who'da thunk? So last Friday I says "what the hell I'll try the top again at 1855....well SHIT, who'da thunk!
My new favorite saying, "just keep stackin". Runnin low on toliet paper FRNs now but never felt better! Keep up all the excellent comments y'all.
You ae not getting any sugar until the can kicking is over. Kicking the can is all about keeping the COMEX going, squashing silver, and slowly acquiring cheap gold. When that game ends, you get paid. Big time!
I don't think a margin increase will happen this week. If margins are increased now and they fail to stem the rise the CME will look like dolts. Scotia- macotta don't have supply of small bars for both their own store and for dealers. The only way to get supply will be to start enticing supply with higher prices
Both LBMA and comex i beleive will go the way of dodo bird real soon.
apmex is paying 50 over spot
Watch APMEX hike their margins again when the spot hits $2K. There are cheaper suppliers with comparable or better service out there, such as Provident. Buy from them but sell to APMEX, if you have to sell that is.
smlbizman,
Mighty BIG of em'...........gougers.
You should always shop around, but historically APMEX pays well for metals. I understand they are the largest online precious metals dealer in the world and have to continually replenish their inventory particlulary nowadays. They buy from all the major world mints so when the SHTF for real they will be amongst those dealers that still have product to sell I am guessing.
I perceive AMPEX kinda like the Walmart of the prcious metals industry in terms of pricing. If you search you may be able to find better deals on buy and sell side but overall I do not think they are gougers. Good luck DosZap!
Tuco, @21:08,
Thanks bud, I bought a lot from APMEX until I found a better Dealer, and a lot less markups on prems.( I believe I am getting Dealer)
What I didn't care for is APM#@ continually raising their prems, over spot.When I know their not having to paying more.(I know supply and demand).
Plus they have too many tiers before you get to best prices.(most folks do not buy 20-50-100 Eagles at a pop.)
Two,or three at most ok, 4, no thanks.That said, they do ship fast, and they are easy to deal with..........but for the spreads I EXPECT it.
Even walmart can be stripped bare as a field of crops is laid waste by a cloud of bugs.
I do buying from another dealer in texas, they do well enough. When the tape stops friday to sunday night, it gives for a nice easy slow consideration to which way to plan the next week or month's move.
Always buy low and sell high, and never give up what you have accumulated.
Roughly speaking for silver APMEX is paying:
spot bid for 100 oz Johnson Matthey or Engelhard Bars
spot bid for 10 oz brand name bars
spot +$.10 for 1 oz brand name bars and rounds
spot +$1.60 for one ounce silver american eagles
spot +$1.30 for one ounce silver maple leafs
Quick - is this the dip?
Hold up a pic of Oweblahma soz I can say yes.
400 oz good delivery bars
6 .25 million yuan
will deliver...
Seriously with gold going up so fast it has to mean people are asking for delivery right? I mean why buy here and not want to get physical?
The futures prices are going up simply because there are more buyers than sellers in the paper futures market. 99% of future contracts are offset before expiration of the contract.
Screams of hot money rally.
Screams of Venezuelan gold repatriation.
Screams of fear of paper collapse...
Screams of mortal agony as the paper holders are creamated in the pyres of thier paper holdings.
Screams of rage from Chavez who watched a "Hit;er's ship sinks with Gold" on you tube while waiting for his ship.
Screams of instant gratification as a whale passes through all of us plankton and feeding quite well.
The whales have people to handle the annoying IRS reporting. It's but a haircut that will grow back at the rate these prices rise and fall.
Revenge of the bots:
http://evilspeculator.com/?p=23349 (video of S&P E-Mini session today)
Enjoy! :-)
nice vid
Long spam and gold and silver and corned beef hash. Short FRNs.
us mint not selling gold eagles...i;m guessing price adjustment...they have been raising it by 100 at a time and cant keep up..
Last gold open I think is the Grant wife 1/2 OZT. I have a MoH at the old price now listed "in stock and reserved". Just ship, bitchez!
I would not recommend the U. S. Arts Medallions for investment/insurance purposes (1/2 oz 1 oz) When selling back they only demand 96-98% of melt (spot bid). Better to go with GAEs, GMLs, or GKRs. Better spreads and worldwide recognizability.
Tuco Benedicto Pacifico Juan Maria Ramirez
i own a couple of eagles but i honestly don't understand why people are willing to pay higher premiums for them. american eagles are 22k whereas maples are pure 9999/24k gold and usually cheaper! am i missing something here?
Both are one ounce of gold as you know. Historically, the spread for gold eagles is less than that for maple leafs. Of lesser importance gold maples are more easily scratched and devauled because of their .9999 purity although older maples are .999. Check and compare spreads with the caveat that they are, pardon the phrase "transitory".:)
Also, you should consider if you sell 25 or more gold maple leafs within a 24-hour period you will have to divulge your social security number and a 1099-B will be sent by dealer to big brother by year end. At the moment, you can sell back any quantity of gold eagles to a dealer at any time and there is no such reporting requirement. Hope this helps.
Scratched?
Hell, I'm a silver guy, and I keep my ASEs in plastic airtight cases. Granted, gold doesn't tarnish so the need for the cases to be airtight isn't there, but why wouldn't you be putting them in some kind of protection?
Forget the Mint. Go to Bullion Direct or something similar and buy there. Stay away from the spot plus prices, those will eat you up try to trade the exhanges and take physical instead.
How much gold does North Korea have? Seems they are quietly beggig for some Russian help, "please sir! a dollop of kasha for us, starving here in the worker's paradise!"
So, let us name the recalcitrant regimes... Libya... check.
Syria... on schedule
Ecuador...who cares?
Pakistan...co-option will work.. eventaully (maybe).
Iran...atom bomb means a careful strategy
Venezuela... Hugo, meet your new cell-mate, Muamar.
A few tonnes here, a few there, after a while it adds up to real money.
Never you mind North Korea.
Let em live on the vine a little longer. They will rot and fall off the tree.
It's gonna hit 2K, probably a fat stop up there. Somone going to push that to 2000.
2K will not even be a blip on the tragectory. The blast-off has commenced. Gold has a life of its own as it sucks up fiat like a hydrophobic PacMan on crank.
i actually see a tight trading range forming after 2000, say low 1900's. It should blast off after 2K once the global economy implodes. I am thinking, less than 6mths.
When it powers thru 2k all gov'ts around the world will be printing free fiat to grab physical while they can. If you do't have physical now its too late. Competing against a printing press is a tough row to hoe.
Tide is out and Blithe is naked.
Sudzee... you get it... few do... excellent observation.
Gold pricing is phase shifting to new drivers... printing presses.
Permanent backwardation coming up. No physical for fiat past that portal...
i got my physical bought it in 2008
meantime we are going to see volatality that will make your eyes bleed. gotta trade the gaps and swings so I can eat for the next mth
Central Banks thought they had the gold geenie back in the bottle and began selling/leasing their gold...
Now they are scrambling to get it back...
China began the scramble which forced them all to join in...
...and, do not believe for a sec that China has only a paltry store of gold... that is pure baloney...
No no no. It's the Thai and Indian who squat in the mud counting the shiney they purchase every day for something to do going on in the family. Buy buy buy is all they do.
And they are the ones swiping a visa bank card directly to pay cash for a car or whatever when they want to. Living in a shit for nothing nation soaked in Monsoons. It must be plenty of thinking over things while the rains fall that they do....
buy with your CC and let the bank eat their peas when TSHTF
Forget the Pea. It's Cider you be wanting. Don'tcha know they keep them in big tanks for up to a year before bottling?
Wait a little longer with a glass gallon in your home and your aches and pains go away. No Obama care needed.
Silver still a good buy here in the long run!
I remember when it hit $1000. Livestock were attending town hall meetings, slaves were claiming political parties were meaningless. Good Times.
And the wall street journal bearing the gold and silver prices at yesterday's london close followed by the morning bushel report.
Life was sure good and slow in those days.
What would I do to leave this fancy internet doohickey and go back to those days.
Lindsay Williams (LW) (among others) was right.
Admit it , evolutionists and haters of LW.
Lindsay Williams said that the deminati want oil at $200 per barrel and Saudi Arabia would be the last MENA monarchy to fall. Lindsay said you can gauge the success of the deminati by watching the price of oil. Looks like the demons are having some problems with their plans. Yay! Lindsay has a terrific track record. Tuco Benedicto Pacifico Juan Maria Ramirez
Saudi will have thier own worries if the masses get restive.
Syria is next before we get to Saudi. besides the Saudi oil is too sour. We don't need it.
Gold and Platinum parity @ $1908... The yellow metal is having her day.
As Jackie Gleason used to say "How sweet it is!"
He also used to say "To the Moon!" and "Away we go!"