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Gold Surges As Indian Jeweller Strike Ends, Equity Futures Slide
As reported earlier, the Indian gold buying strike is now over, and just as we predicted, gold futures are off to the races right out of the gate, with the yellow metal surging $10 just as the electronic market broke for trading, touching $1647, about $30 higher compared to the liquidation rout from three days ago (has anyone seen Gartman today?). Unfortunately, while Indian purchases of gold are sure to provide a bid under the metal, their appetite for stocks appears to not have risen, and as a result, ES is continuing Friday's downdraft lower, with the E-Mini touching on 1372 in the first minutes of trading. Finally, with Brian Sack no longer there to facilitate the overnight ramp higher, this just may be one of those overnight futures sessions where we do not see a miraculous melt up on absolutely nothing.
Gold:
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The FED will make sure those Indians get their gold cheap.
"The FED will elevate gold ownership from intelligent diversification, to practical necessity." - John Embry
(has anyone seen Gartman today?).
Heh heh...twist that knife Tyler. I've got some salf if you need to borrow some.
Yeah, I just heard him. He said he's long of bullshit....................
Now, even AEP is climbing on gold's bandwagon :-)
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/919336...
Good for him.
Theres an Asian floor in the low $1600, Hold your Gold, it's going much higher!
http://ericsprott.blogspot.ca/
The floor was $1700 a few weeks ago.
Vertical baby!
It is up $12 from thursday's close - that is 0.75%. The graph shows up $6 - so hardly a "SURGE"! Still, point taken, mnius the hyperbole!
"Vertical" simply means straight up or down - it does not include direction - similar to the analogy between speed and velocity - the latter includes direction. Does that help?
As far as I remember Brian Sack's last day of work will be June 29, 2012 which is last day of Twist.
Tyler, don't hold your breath. Chances are tomorrow's open will be positive.
NFP hugh miss and we open green tomorrow? Yup possible in today's bizzaro market. But i'd seriously doubt it. Ramp up will come only after algo driven rally on more QE3 assurances from the Fed.
Last time in my life I got surprised for REAL, was when I understood that the western world is going towards communism. That was about 5 years ago.
I said: Shit, human desire for slavery is strange. I lived the first 19 years of my life in communism and I don't want to live it through again. But, where am I gonna go..........?
Probably back to where you came from....those guys are finally starting to wise up.
......quite tempted.
The Bernank is putting the safety trade - if he can - back on the front burner.
He's doing this because actual inflation (no, not the kind reported by the government) is way too hot (contrary to the claims of that absolute, LSD induced trippin', Nobel Laureate Paul 'Let Us Build A 220 Trillion USD Hostile Extraterrestrial Invader Defense Network' Krugman) to handle and every whiff of QE in the air puts a floor under food & energy (commodity) prices, while outright talk of QE, sets the commodity pits ablaze.
If he succeeds, there's an added benefit in that entities other than the Fed will be monetizing inevitable and calamitous U.S. deficit spending, therefore The Bernank & Obama get something of a reprieve in epic hatred and vitriol that's been building over gas & grocery prices by voters (with even average Americans now gaining some awareness of the Fed and The Bernank, including the most loyal and largest block of voters that actually show up on election day; senior citizens), as money from entities other than the Fed theoretically flooding into USTs will tamp down inflation just in time for November's date with destiny.
The question that remains is whether The Bernank will intentionally sacrifice the equity markets (which would mean doing nothing more than removing aggressive support) in order to allow the Fed to sidestep its now three year old role as biggest and baddest buyer of last resort of low yielding treasuries.
One other benefit of slamming commodity and equity markets is that many ass wipe fiat currencies catch a bid, further reducing anxiety of people who need to buy food and energy.
"where am I gonna go..........?"
To the streets. Stand and fight. Fuck the Statists. Slaughter every last one of those pigs and their apologists.
Excuse me sir....but how are we going to fight the Statists when they unleash their killer tornadoes on us that we manufactured because we wouldn't support their carbon tax credit ripoff scams?
Answer me that one little big man.
/SarcToInfinityAndBeyond
Not to worry, what we're drifting towards is Fascism, not Communism. Though in practice they're two sides of the same coin, just different trappings.
Having grown up in an ex-Fascist country, it's amazing how much of the shit being done now (not just the whole State dedicated to help a few big corps and those connected thing, but also all the surveilance, emprisionement without trial and snitch-your-neighbour laws) sounds just like what happened in my country during the time of my parents and grandparents.
Frankly I suspect we're just as screwed as in the late 30s.
NFP was so Friday ago.
Sack is quitting without a job, or so he says. The Easter bunny really does shit out those colored eggs too.
http://www.reuters.com/article/2012/04/05/usa-fed-newyork-idUSL2E8F54SN20120405
I think it boils down to two diametrically opposed probabilities:
1) He actually has a consciousness and decided to listen to it.
2) He failed to reach the target set to him by the masters, something like no more than 2 dow drops in a row are allowed, otherwise you're fired.
I really hope it's #1 but I don't exclude #2. For now, I'll give him the benefit of the doubt, thus accepting he has a consciousness.
Nope, the market will be down big. Both Bernanke and sacks need a down market to justify their sorry existence.
Nice easter egg.
Happy easter, everyone.
By the way: COMEX registered (bullion bank) silver inventory dropped 4.5 million oz during the last few days from 36 moz to 31.5 moz.
On a long enough timeline the registered inventories at the COMEX drops to zero.
Here's the graph of the registered inventories at the COMEX. Enjoy.
http://www.24hgold.com/english/interactive_chart.aspx?title=COMEX%20WARE...
Using simple linear regression, COMEX should have zero inventories by 2014. Then I can finally hold my Blythe Masters Suicide party.
Also, gold moving inverse to the ES? About dam time.
ZeroGold......wait for it.
Swissaustrian,
thanks for the easter present.
Any takers on a side bet that ES makes a miraculous comeback all night and a pop in the wee hours to open less than 5 handles down?
Nope. You're right.
In other news: FUCK YOU BERNANKE AND B. SACK.
The Psyop deal is no negative Mondays....
Hockey sticks, irrational exuberance, oozing shankers and all.
Computers are immune to psyop, and are never exuberant.
Buy the dip like a hillbilly at the Skoal giftshop.
HA! Nice one, Conrad!
And TD gave a great heads-up before today's open.
I'd have to take that, Boilermaker - Thursday close was 1398, future now at about 2200 EST (I'm in California) is around 1373 - I don't see THAT much of a miraculous comeback - Aisa markets starting well down, I suspect Europe ain't gonna be much happier = US open is gonna be more than 5 handles down.
I'm sure Sack will end up at GS, JPM, SEC, or the CFTC. These assholes never go away. They're like leeches, you can't get rid of them.
We should buy a bag of salt and pour it on him. Watch him dissolve. ... if only it was that easy, eh?
I've heard that garlic works against these kind of beeings.
Honey, you spelt beeings incorrectly...
Hulk! Join Chat!
New Features:http://www.zerohedge.com/news/new-features
Unless we put them in jail.
Somebody is gona have sore balls on monday. Short sqeezed Sunday.
short squeeze....
bitchez!
Married 18 years here. My balls will sore Monday for sure...................and Tuesday and Wednesday and Thursday and Friday........
+
I'm a proud JPM client and I'm honored they're working in my best interests and for my specific investment goals. Nowthen, take this shit down to $1580 cause the truck is running out of gas.
I want to believe a lower open in the futures will translate to a red day on Monday, but hey - we've been around this particular block a few thousand times, eh?
Would be nice to see some red though, if only for the first half of the day.
WHEN do we finally see gold at $2000.00 an ounce...tired of this sideways stuff.
While I fully understand the affinity for PM, why do y'all insist on holding onto GOLD - whether physical or paper - through all the price manipulations? When it's at 1800, sell your X ounces, buy back 1.25X ounces at 1440, sell the 1.25X ounces at 1650, buy back 1.5625X ounces at 1220 - a price that has been mentioned several times as a realistic retracement, or whatever? Why just hold on through the up-and-down rides, instead of profiting from the moves? "Availability" of coins at the local pawn shop is no reason - there's kilos (and probably tons too, if you are in that league) of physical readily available at less than +/- $2 of spot prices at various bullion sites - unless the AU-affinity is just a fanaticism. Chances of QE3 are minimal, given that we are in an election year, the markets are within single-digit range of highs, the data is ambigious at best, TPTB cannot afford higher commodity prices at this time (which would be the ONE inevitable result of QE3 - even CON-law (pun intended) academic Barry knows re-election chances with $6 gas are academic - pun intended again - if at all). Besides, TPTB need to manipulate the price of PM, because that one metric is the ultimate determinant in the dumb-fucks' (public's) mind about the effectiveness of TPTB's handling of the current situation.
Trading physical is idiotic outside of a black market.
Buy Gold
Hold long time
Swap a little bit in future for fiat of the day for living expenses
End result preservation of purchasing power
That is why you own physical gold. All this crap about $1,600 floor or $2,000 resisitance is missing the point of owning physical gold. Now if we are talking futures or GLD, that is ok to trade.
Cause you pay taxes when you sell physical and fuck paying taxes. Also eats up all the profit.
So why not hold on the physical holdins, and trade the paper (GLD)? There isn't any dis-connect between them - in spite of many and repeated arguments that it is imminent - so far. Sounds moronic to sit on "it" when the price gyrates between 2K and 1K (round-numbering).
Go Sprott. It is as real as paper gets.
What we need to do is to enable the masses to ride the gold wave up during the night and the manufactured ride down. That would kill the manipulation and do a double whammy:
1) Sheeple get used to the free money and all pile in. They manipulate the manipulators.
2) Manipulators turn off the spigot and the sheeple go nuts.
How can this be done?
long gold because energy flux density is becoming less dence in our physical economy. gonna cost much much more to mine this stuff .. and anything that requires energy.
Oh come on...
There'll always be plenty gold.
The Central Banks will simply empty their vaults... er maybe...
Ok, lemme try this... The barbarous relic is only good for trinkets and dildos. Er, the Indians...
OK. According to some fucknut idea trying to talk the price down, All the Gold in the World Fell to Earth in an Asteroid and it'll happen again.... That's what Planet X nibru is and.... Watchu mean that's ludicrous?
Well then, it only costs $5 to get it out of the ground. Whatddu mean that's per micro gram per pound? It's not per ounce?
Hey, the Bernak said it was a barbarous relic and....
Hey, quit throwing things at me.
Krugman said
Ouch!
Gold, Bitchez! Otherwise, fine.. keep the price suppressed so I can keep buying the real money with my confetti FRNs.
We should all pirate Gartmans letter...oh wait...I mean 'subscribe"
then fade him.
i know it's just noise, but it sure is a good feeling to see the metal gain what you paid in premium for it.
good thing I stacked during the recent garage sale...bout damn time something went my way in this Ponzi.
Es green by 9:00 a.m.
cocaine is still worth more than gold.
stock market always surges around aapl earnings which is next week.
What? Around these parts colombian pure is around $2000 a kilo... I'd trade it for an oz of gold any time!
cocaine is 2-2.4k an ounce where im from or $100 if you buy a gram. 1000*100 - 2000 = $$$$$$$$
fuck trying to make an honest living in this country anymore.
if you can't beat em', join em'!
Gartman bullish Gold call in 3...2....1...
"Lisaname":()) its green by Monday morning!!!
If you are in the land of the Euro, follow this recommendation
http://federalreverse.blogspot.com/2012/04/that-raid-of-mine-proved-to-be-wise.html
and use the crazy deviations that sometime happen between the euro and Gold. Wish I had been near my coin store.
When PM sentiment is this low the chances of a wicked short squeeze are very high-
http://www.acting-man.com/blog/media/2012/03/HGNSI1.gif
FUCK ALL Y'ALL!! I'M RICH!
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PRECIOUS (Metals) - but I trade them, not hang on through the manipulations! Puns un-intended!
Ah... Can anything , I mean, anything, get past MY MAIN MAN?...NO WAY!...
One Eye, Ear and Nostril at ALL TIMES!
Gold is done.
All people that have been buying dips for the last 8 months are waiting 2000 to unload. Or at least 1800. Or something!
But it's not performing well and won't. Because there are stops under 1500 and when they taken - you'd better fasten your seatbelts :)
0/10
Great analysis. You a Nadler fan as well?
Rooopie!!!
[zar/rub], Just a easter joke my friend. The Orthodox side.
Stop the presses, gold is surging .8%! Just absolutely SURGING! It's racing out of the gate, will it ever stop? Now that the Indian jewellers are back in the game we're all going to be filthy rich!
Must be rough times for gold when ZH goes apeshit over a .8% "SURGE"! Wait, make that a .7% SURGE at the time of writing.
Would you believe 0.54% as of this writing? Back to sub-$1640 (Thursday's close) Talk about fanatics!
Gold is up.
USD is also up. Oil is down.
SP500 and Dow futures are down hard. This is Thursday data. Add another 130 points down.
http://bullandbearmash.com/index/djia/daily/
These are diverging prices. Not a sign of strength as of now. We'll see if the divergence aligns itself.
"Gold Surges As Indian Jeweller Strike Ends, Equity Futures Slide"Too bad Gold is Sacred, just like the cows. Indian inflation is PARABOLIC!!
So the move from $1641 to $1646 was touted as a "SURGE"! Now that it is at $1637, should I be looking for an imminent and intellectually-balancing "CRASH" post anytime soon? I think I will keep on breathing!
Bernanke is a jawboning ass
Hehehe...
Now while the dimwits by into the illusion of recovery...
Ima gonna go over here and get me some First Majestic on the cheap...
Now scuse me cos I hear some Great Panther calling my name...yep, I loves the MOMO's darling when it's down in the dumps...
Well if it isn't a lil ol Arcana strutting her Shafter...hells yeah .85 share I shore loves me some o dat!
Well that was a short-lived surge.
But who cares, right? We get to continue to buy gold and silver cheap for the day everything blows up or is printed into oblivion.
JPM sux raw ass. Blythe Masters and J. Dimon can blow me. That is all.
Fridays' news Buzz. Let's do some q-2 Earnings! You got it?
Corporate earnings or executive earnings? lulz
You got it?
Is it time to run the reported 2011 earnings through my peabrain again? Ouch! GLW anyone?
china's cpi is 3.6% yoy, miserable, bad for gold.
http://www.cnhedge.com/
http://www.jinrongbaike.com/
let the sunday night smackdown commence!
How is +$10 a surge?
They'll be fighting China!
China just opened up their own metals market, and they will want gold to rise.
Live Free or Die
The silver spike was pretty impressive.
I've been following gold daily since 2004. There have been several up and down trends during that period. This current down trend which started in September is not over. The HUI has dropped from 630 to 440, a 30% drop. That is brutal. For Juniors, the drop has been more than 50% for many stocks. But it is not over yet. Keep your powder dry. At some point this year we will see a bottom for this current down trend.
Why haven't we found the bottom? Because the stock market has not rolled over, and that is likely to happen this year. We haven't had a major correction since March 2009. Last year the DOW dropped 14%, but I don't consider that a major correction. I've been waiting for the economic fundamentals to be reflected in the stock market. That means volatility and a major correction.
If we do get the correction I am am expecting, gold will drop much lower sometime this year. I'm expecting 1500 to be breached. That is the number to look for and to begin buying -- hand over fist. This will be the dip to buy.
If this happens, you are going to want to buy both physical gold and silver, and the mining stocks. This is going to be the best opportunity since early 2009 for the stocks. There are going to be a lot of fantastic deals.
Check out my mining database at www.goldsilverdata.com for companies with high ratings that are severely undervaled. Or, wait patiently for SIL and GLDX to reach new lows, then load up. It's probably going to happen.
Newager
gold price models upside & downside 2012 Jan 27
I hope on your goldsilverdata.com site I can actually get the data to put into my spreadsheets. I find that quite handy.
Strange, I'm in India right now and haven't heard a thing about this. Nothing in the local papers either. The people I'm staying with say it's not so popular as an investment right now, but the Hindus are still buying for the usual weddings, etc.
Tonnes of corruption stories though :)
Gold only 1% higher, not too shabby...
AHAHAHA LOOOL it surged 5 bucks only to drop 20 soon :-)
Gold bugs.