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Gold Tags Last Friday's High and Low In 45 Minutes
Gold managed to get back to unchanged from last Friday's close and has now last over $50 in the last 45 minutes. Interestingly dropping like a stone to exactly the levels pre-spike on that day. Few rumors of margin calls out of Europe but nothing specific to drive this other than the levels and the opportunity for the QE3-hopers to cover their weak longs from Friday? Or perhaps the rumor that the ECB did not rule out using gold-backing for EuroBonds is off the table now that Greece looks unlikely to meet its necessary debt exchange participation rates?
Chart:Bloomberg
ES made it all the way back up to VWAP on this selloff in gold but is now back below its lows of the morning.
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Tagged, Bitchez!
the paper manipulators can push all they like. no amount of margin hikes will hold down the golden (and silver) rocket. unless they totally reform the world economy to actually work, gold will keep appreciating, because of the desire to preserve wealth.
Ammo and alcohol are sarting to look like prudent investments as well. These idiots don't seem to realize that their end game - intended or not - is a new anarchy. You can't play 'the system' - or use it to defend you when 'the system' has collapsed.
The bankers and Wall Street lords will be startled to find that the world they are creating will not treat them well. The new 'barbarians' at the gate - the Chinese and others who have been used and abused by the West - have caught on to the game. The Goths and others so ill treated by Rome eventually looted her and ruled the remnants of that once great Empire.
Guillotine bitchez
Goldentine.
WATCH - Stella talks with Daivid Morgan
We’ve got to see what excuse we hear about the 6:07 $35 dollar hammer they spin today.
I just read Ranting Andy's morning comments on the price action in gold overnight. Andy is a prolific writer and frequent contributor at LeMetropole Cafe and a true GATA torch bearer. He knows the precious metals markets as well as any analyst/pundit out there, having followed them daily for the past 10 years. Andy disagrees with the rumors cited above as the impetus for last night’s trashing of gold.
If you want to read Andy here's the website: http://babybulltwits.wordpress.com/ or email him and he'll add you to his distro list. (He doesn't have his 9/9/11 comments posted yet but yesterday's is there now.) Or you can become a member of Le Metropole Cafe and read his stuff there. Sign up for a free two week trial here: www.LeMetropoleCafe.com
I am one ZH reader that would like see Tyler add Andy to ZH's list of contributors. Andy has a lot of good info to share with readers and ZH would give him a venue to reach a larger broader audience. This about getting the word out to as many regular folks as possible so they can protect themselves. It's not about the money.
Disclosure: Don’t know Andy personally or have any financial dealings with him. Ditto for Tyler.
I am concerned.
While Obama was speaking ... you could just tell from the faces of the Republicans that their position on this is going to be ...
"but ... but ... Obama made us do it."
The display in Washington looked like a defensive, circle the wagons event. Throw in the terrorism card and you get ... what ... a drowning government sitting in a lifeboat throwing beach balls to Americans fighting to stay afloat in a sea of costs.
The question is ... will they go peaceully?
"The display in Washington looked like a defensive, circle the wagons event."
Thats because the pols are scared shitless. If you are really aware of what is going on in the world financial system, you would be scared shitless too.
Judging from their financial disclosure statments, they have no problems trading it with inside information.
"You can't play 'the system' - or use it to defend you when 'the system' has collapsed."
Could not say it better. It's a new paradigm and scramble to the top. Your past positions mean nothing. If anything, they harm you. If someone discoveries your true identity and decides on some rightful vengeance, the police aren't coming to save you.
In a world of rotten debauched paper backed by Ben Bernanke's stinking Treasury Bills, gold just gets more and more beautiful every day. All central banks are barbarous relics!
Dear CME, CNBC, JPM, and HSBC
· Keep the faith! This fiat system is going to fail either way. We are really proud of all of you for keeping this fiat fantasy going this long! You have all been doing a fantastic job! If we all stay focused on our tasks, we can take over the world without firing a shot.
· Our new gold exchange hype is better than we could have ever expected. The gold bugs actually believe our new gold exchange will transform international gold trading from a paper game to a physical game…LOL. As we all know, it will be used to create more and more margin increase panics. It is laughable that world believes we want gold to protect our citizens from price shocks caused by fiat and Keynesian disasters. Kudos to our PR firm who has miraculously changed our image from a country that murders our people by the tens of millions, to an image of a caring mother protecting our children. We really need to give our PR firm a raise!
· We will continue building hundreds if not thousands of ghost cities with massive infrastructure and no people. As the world mocks us for our ghost cities, we will continue to eagerly trade them fiat confetti infrastructure. The fiat system has less than 5 years left where our infrastructure will provide hundreds of years of utility. We have been able to build massive infrastructure for pennies on the dollar in terms of future currency values.
· Keep silver below 50 at all costs. Once it goes above 50 it won’t be long until it will be deemed illegal to own. You will never have to settle in physical so do not fear supplying unlimited paper. There will be executive orders making silver of national interests as it a key input into solar (as oil runs out) and bombs (as resources run out).
· Remember that time is running short as the half life of our overnight smashes in pm’s has reduced from months, to weeks, to days, and soon hours. Where we used to be able to access 30-40 tons of physical through our cash for gold stores all over the western world after smashes, we are currently yielding just a few tons. Physical is coming very hard to come by. We recommend bubble vision to immediately implement 3 new policies. 1) They must use the words “gold bubble” at least 50 times a day 2) Please commission a new Bob Pisani “GLD infomercial” that plays at least 3 times a day convincing the American public to purchase paper gold. GLD has been a wonderful ally in keeping gold demand out of the physical market. GLD alone has suppressed the gold price by over $1000. 3) Given the success of the GLD infomercial it is time to have a SLV infomercial. SLV has been the key to this entire scheme and has limited the price to $40 from a natural level of $150-$250
· A counterfeit gold scare would go a long way. Some news stories about Joe six pack purchasing tungsten gold coins would scare the public out of physical. Making physical “taboo” and “dangerous” can keep this thing alive for at least another 18 months.
· On our end, we will continue to use our stock of fiat USD and EUR to give the illusion of fx stability. However, given gold’s stubbornness at this level, we will immediately begin selling EUR and buying USD to force the algo’s and technicians into selling some paper gold.
· If all else fails, we will crash the equity markets to force selling of paper gold. At that point it is every man for himself.
Keep up the great work!
Love,
China!
Holy double inside-out conspiracy theories Batman! China has orchestrated the gold suppression game?
Sorry, I don't buy that one Topkill. China came on the scene long after that game was old hat. The Fed and the ECB orchestrate that game, and they are masters at it. China is trying to screw up their game plan, that's why it's opening its own exchanges and buying as much as it can get. It's ironic for me to come to the defense of China, but at least they are encouraging their citizens to own gold, not calling it a bubble like TPTB are to their hapless subjects in the West.
Who benefits more from the long term price suppression if you believe that we are returning to a gold backed world? The country buying at artificially low prices or the country selling at artificially low prices? Maybe they didn't start the fire, but if it is helping them stockpile more at really low prices, isn't it in their national interest to keep the game going?
Good buying opportunity just before annoucement of QE3?
the certainty in your voice is inspiring. BTFD
Damned Greek bitchez... seriously I'm divorcing one.
Short fucking gold, Bitchez.
1800 is a lifetime opportunity.
Yep, wiffle waffle sell signal today.
You can thank me. I bought a couple of quarters yesterday, so naturally the price is dropping like a stone.
Yeah, short it, I hear it's going to drop 50%. I heard it last year, and the year before, and the year before.
Go right ahead and short.
German 1 & 3m bills have gone negative, could be big profits there.
Very sharp move in EUR/AUD. Oil down too.
M A N I P U L A T I O N
'nough said!
Be right, sit tight.
I wish SOME of you dudes would (before you post neg Gold/Slvr), would just STOP and ask yourself ONE question.
IS the US or the World in any better shape today, than it was 6 mos ago, or WORSE.
Answer your own question.................Nothings changed, it can't, and until it does........The Cumahnder in Chief, just said he was spending ANOTHER 400 Billion dollars last night, is that good, or bad?.
BAD.
STAY the course,or SELL ALL YOUR SHIT.
Just get the next margin hike over with.
And then 3 more.
Diminishing returns, bitchez!
Interesting that this should come within 24 hours of that note ZH reported on from GS's chief gold trader
< Chaffinch >
LOL, I read that yesterday, and said WE know where PM's are heading manana..............Goldman Sucks.
Great, I was looking for a BUY Phyzzz entry.............thank you!!!!!!!!!
Price already coming up off the lows.
Yesterday gold found good support around $1830... looks like the same today...
Gold has headwinds with every central bank in the world, except China, trying to drive gold price down with fiat which can be printed at will... until fiat collapses due to dilution.
The only 'price' we need think about is how much oil, corn, wheat, nat gas, etc, will an oz of gold purchase. I care not about the ratio of central bank fiat money to gold...no more than I care about Monopoly money unless I am playing the game of Monopoly.
Why would one care when CBs can print an unlimited amount of fiat monopoly money?
they are going down kicking and screaming, "the barbarians are at the gates"
Can all those claiming there's no manipluation in the gold market please just STFU.
We know it, THEY know it. The CHINESE know it. EVERYONE knows it.
The kabuki play continues but the smoke and mirrors aren't working anymore. If the authors of this farce had any honor they'd just commit seppuku, but there's no honor among thieves.
Ok let me be clear.
I have NEVER stated that there is no manipulation in gold. To be more concrete, I also believe that there is manipulation in PM prices. BIG time manipulation.
However ...
IF we get another move down like in 2008 or maybe even worse than that just to clean out the garbage and bad companies. What would you rather have?
I'd have some cash what is everywhere accepted. Cash for when I want to buy a package cigaretes that I can pay exactly the amount they ask for it. With gold how you gonna pay for a package cigaretes???
In other words, I rather have a nice flat screen TV and watch some movie where some sound is coming out and moving picture than a shiny gold plate what doesn't give sound and can't really pay with it for a package cigaretes if I'd like to smoke. And yeh, Gold is manipulated big way. But what isn't???
We have heard your regurgitated comments a million times here. Go away and play on Huff Po or write a letter to the WSJ...
Don't go away mad, just go away.
Get a clue of how gold in reichsmark looked- another recession will blow up the deficit BIG TIME... Yeah good for the bonds right ?? Or not....
Those cigarettes are purchased with silver dude.
While gold is held for long term preservation.
And speak for yourself about the gd TV set. Id rather stare at my stack of phys.
I am not concerned at all. The more it dips, the more i add. Gold has always been the place to be. Look at the last 100 yrs. Don't worry about daily fluctuations. Just be carefull w/margin if you are trading futures.
Scarry for some, opportunity for others! There will be no QE3 and yet gold will rise as the rest crashes, it will keep rising after they do some sort of stimuli! This is just another desperate attempt to shake out weak hands! Please do not expect anything on the 21st unless S&P is @ 875 - 950!
That's easily engineered.
A controlled mini crase to make sure people are pliable enough to not notice.
BTW: googled debt ceiling and guess what ... nothing. Wonder what else happened yesterday that no one noticed.
Negative JPM:SILVER ratio watch - unless Blythe can smash silver down at least $8 before today's close, Monday will be Day Fourty-two.
SUCK IT, BITCH.
I think perhaps they are trying to make gold viewed as no "safe haven", and to paint a double top on the chart. If you can't go CHF, or gold, then what? USD? Treasuries? Hmmmmmm....
With CHF gone, you are left with 2 options. Treasuries and Gold. Each has its +s and -s but both will go up.
" Each has its +s and -s but both will go up."
I call bs on this comment. Gold never goes to zero. Government paper goes to zero on a regular basis.
Good point of view. I actually like it very much!
Thanks! But, to be fair, it's not entirely my idea.
Trader Dan has a bit to say on the topic (excellent read) : http://traderdannorcini.blogspot.com/2011/09/central-banks-waging-war-on-gold-at.html
And of course, gotta take the Turds point of view too : http://www.tfmetalsreport.com/blog/2327/warning
Both links are to posts which are talking about previous manipulations, but you get the idea.
Absolutely. The manipulators spent half a century belittling technical analysis, even though they used it, but as soon as the public caught on, it became the tool of choice to scam them. The patterns you see are often manufactured, especially the most common ones like head and shoulder patterns.
There's a reason Craemer didn't use tech analysis on his show, for years, but then suddenly added it as a regular component of the puppet show.
How Barbaric!
rumors of Libya selling 20% of their gold holdings....
If Libya were selling large amounts of gold, it would be snapped up by hungry sovereigns before it hit the retail market. This rumor is irrelevant as anything but a rumor to scare long traders.
i love this line:
Azzuz told reporters that the gold was sold to local traders, netting 1.7 billion dinars ($1.4 billion) But he acknowledged that gold sold to the local traders likely made it across the country’s western border to Tunisia
local traders??? srsly??? local traders in Tripoli have $1.4B just lying around to buy gold from moQ??? this is actually getting better than a Simpsons episode.
I don't know why they are even trying to intervene when gold is this cheap. They are jumping the gun way too early.
Gold is cheap, yes, but I disagree they are jumping the gun. Confidence is very important when you are trying to keep this charade going. The $2000 level is very important, and they are going to defend it to the death.
Why now? Why not let gold play in the low $1900s for a while? Something is coming. We are either going to see a blow up in Europe, or an equities crash, or something. I don't know what
rumors of libya selling 20% of their gold holdings
He sold 20% back in April. news is out in the past day.
http://feb17.info/news/libya-cbank-gov-gadhafi-sold-20-percent-of-gold-reserves-to-pay-salaries/
Maybe they sell again?
I can guarantee you that 100% of it is stolen right now...lol
"I can guarantee you that 100% of it is stolen right now"
Actually more than 100% cause those that stole it have by now levered it!
goldgalore,
So what, they have dick, and do they even KNOW where it is?.
Soverigns will suck it up, if it's fairly priced, or maybe not..........LOL
I understand that Eric Sprott is going to put some more physical silver into the Sprott Physical Silver Trust Fund. I think it was going to be as much as 20m ounces while there is only 32m ounces allegedly at the COMEX. Yeah, squeeze those naked silver shorts.
Buy the dips...this to me is not to get the price down compared to theUS dollar..it is more to harvest the stop losses to get the real metal...everytime they do it...gold and silver gets stronger and stronger....
Don't worry, the last non corrupt employee at the CFTC will be onto this, right after he finishes sweeping the floor and making the coffee.
For what is supposedly the last safe haven, Gold is acting totally out of character. I mean, just look at the volatility. That wouldn't register as 'safe haven' to most folks. $50+ reversals would be enough for serious damage to be inflicted on less savvy investors/buyers of Gold.
The Parabolic move above 1764 hasn't really happened yet, even though the news just gets worse and worse by the day. The SNB decision to peg to the Euro should have sent it skyrocketing,but...
What is it going to need for a sea-change in public/investor sentiment and the parabolic move to actually happen?
Euro collapse equals Dollar strength, equals relative Gold weakness?
This could mean that a fairly major down is just around the corner?
Too many unfathomable questions.
And, dropped out of a long bearflag on the hourly.
You sound just like a funky old geezer... One that has lived a long time and yet learned little... Are you really that naieve?
Read this...
http://traderdannorcini.blogspot.com/2011/09/central-banks-waging-war-on-gold-at.html
I'd just like to remind everyone that markets are rational. Or so I've been told. Selling now is a great idea because things have drastically changed in the last hour or so.
The Hunt Bros were thirty years before their time.
They would score in this environment of fiat insanity.
I would sell and buy at 1650 to 1700. (may even test 1500)
If this never happens, you miss out. Keep a core position and add if it drops.
those numbers won't happen again in the gold market.
The sellers are trying to paint a double top to dent sentiment in Gold.
The resurrected USD is helping.
Rigged paper markets are what you have, get used to it.
Bullion banks are part of the paper market, get used to it.
That double top is troubling. I agree that it is going higher though. From where?
FALLING KNIVES>
That is why they painted it. To scare people who don't understand economics. Soon it will just disappear like all the other baloney they have tried to paint on the charts. Gold is too early in its breakout and government interventions are too expected. The market will absorb them all down here.
The DHS did warn us of a terror attack. Looks like the banker suicide currency squad has exploded more US gold reserves and made the dollar more long term worthless.
Quin,
< The DHS did warn us of a terror attack.>
Like every day?, if it were not for job security I MIGHT get concerned.
I do not worry about the SUPPOSED Terrorists at all,( it is what it is) I am PISSED like a SOB that we have lost our God given rights,our Const rights, and been taken into a POPO state over this lame assed shit.
That's what I am fearful of. We are losing our birthrights, due to FAKE BULLSHIT.
To hear them tell it, there's a Terrorist at every red light, and if your WHITE, your a double threat.
They have folks afraid to eat at the frigging DQ.
E-NUFF!!!
Eric sprott and associates have a conflict of interest they want you to buy all the time no matter what.
Good traders are more reliable ex:
Gene Arensberg: http://www.gotgoldreport.com/
Dan Norcini: http://traderdannorcini.blogspot.com/
Turd Ferguson: http://www.tfmetalsreport.com/
Oh, snap.
When you own the printing press it's pretty simple to short gold by a few thousand contracts.
TAG! You're It!
didnt Gaddafi say he sold 20% of his gold ?
Snidley: I was talking in the third person, in case you hadn't noticed.
Gold @ 1800 probably equals 1919 going into 1920 on the Weimar equivalent.
Funky... Did you read the Noricini link I provided? Noricini did his homework and if you are really in the dark about the recent take downs you owe it to yourself to read it.
Had the manipulative take downs not been done gold would have shot straight up on the Swissy peg announcement.
When the CFTC wont apply the laws to you it is quite simple to sell imaginary gold and silver in any quanity......
Put a few of the corrupt bankers or CFTC in arse banging prison for silver/gold manipulation then the practice will stop. At the moment The Powers That Be are just as corrupt as the banks.
NOthing will happen until the shit really does hit the fan and scapegoats needed. Who will be the scapegoats? A certain woman manipulator of silver? or a regulator or two? They think they are safe protected by the system they have corrupted. But when the system breaks down pirannah will rip them apart just as easily as they involved themselves in corruption.
Kina... When you add that govs around the world are printing fiat as fast as possible it's easy to see how bullion banks can be provided with promises of paper gold to feed into the market.
Govs will print fiat till the fiat is worthless.
Commodities are what kill the scheme of fiat printing. Comparing one fiat to another tells us little... comparing any fiat to any commodity tells us a lot.
Take away is: Don't pay attention to Ts, Don't pay attentions to equities, Do pay attention to any fiat vs any commodity... or any fiat vs any PM.
IF EVERY AMERICAN FULFILLS HIS CIVIC DUTY AND BUYS A POUND OF GOLD, WE'LL ALL BE RICH!!!
Snidley: I read it a day or so ago.
So the manipulation continues, albeit at a larger scale. What has changed fundamentally?
(speaking in the third person) For the average Joe to get on board, Gold volatility will have to stabilise with a more consistent upward move, with no nasty manipulative shocks. Joe public, who generally is not a patient soul, only bets on 100%, AAAAA rated, obvious sure things. That means a straight line up on a short time frame. Undoubtedly they will need to get involved in their masses at some stage, for the price to really move.The 100+% move from its lows a few years ago, is only the beginning.
Most really savvy people already have it on their radar, I assume.
Gold had another daily rise of 2% and got smacked down, among all the other things.
Gold had another daily rise of 2% and got smacked down, among all the other things.
A talking head on cnbc just called gold to hit 5k.
A talking head on cnbc just called gold to hit 5k.
Until MSNBC calls 5k Au Im not buying ....... its a bubble.
<sarc>