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Gold/Silver Plunge-fest
Gold down over $100, and Silver down over 15% - someone is liquidating. Rumors vary from very prominent hedge funds to Central European (as in geographically) central banks. Bottom line is, it is a self-fulfilling prophecy at this point and will continue until every last seller is out, and until the margin calls end.
UPDATE: Silver <$30 -17%
Charts: Bloomberg
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Rumor is Comex is in default.
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_J/threadvie...
A Yahoo! Message Board is our source for a news item of this magnitude...I think I will wait that one out before buying some more metals.
pretty clear it's a liquidation event. that said, for a true believer it still is painful.
like many i did not put my last dime in gold and silver. so i'll be buying the physical on the way down, although i must say i have no idea where the bottom rests.
nevertheless, i'll say it again:
we few, we happy few, we band of gold and silver holders.
now we know why JPM had a $2200 target while being short 500,000 contracts. Pump and uber dump....
Yep, JPmorgue is trying to make up with millions on shorting metals for the CDS risks in europe banks for trillions.
Going short but going to fall way short. THe only other option is pump the equity markets to the fucking moon. Get ready to go long? It is their only play left.
Wait a minute! I thought Tyler never posts about declining PMs!!! They told me so!
The supposed buyers seem to already have filled their trucks.
Indeed.
Even when I'm down 20%+ I'd still rather sit on a monster box and eat my cake at the same time.
Sitting on a pile of benjamins would be pretty cool but I don't know if there's cake involved.
Think it is paper selling to save someones highly exposed ass so as not to insure economic collapse upon the collective ass? I sure would like to see facts where a bank or a sovereign is actually selling phys when they are going to need it for money in..............
This is a fucking gift! Silver looking very attractive, but gold has a ways to go until I start backing up the truck
I am selling blood, semen and an extra kidney here to go long on a few shiny bars at this price.
I'm sorry, did all the global debt problems get fixed last night and nobody mentioned it yet?
Both fucking hands at these prices.
Wait for that knife to hit the floor first. I'm thinking Tues/Wed next week @24.50-ish on the not-quite-as-barbarous metal.
Yes, very probable, possibly with a head fake to the upside on Monday to make me sweat and think about re-entering. This is not over yet.
Well said. I wouldn't be surprised to see sub-20, or a total blowout (paper to zero) if the rumors of COMEX default circulating today turn out to be true.
you're a fucking idiot.
the paper price IS the price. You can buy as much as you want within spitting distance of spot, MORON
maybe...but all the industrial metrics are telling you that semiprecious metals are going to get bludgeoned.
You guys keep insisting silver is some kind of special PM when it clearly isn't. Christ, just watch WTI for your direction cues. Platinum trading cheap of gold isn't a headwind for silver
Oh, those aren't an issue any more. Neither is US federal debt, deficit, state and municipal debt. All's well on those fronts now, which is what makes the USD and Treasuries such sterling quality safe havens.
My AGQ position...ouch. stops be damned. blew right through.
AGQ down 28% so far. No wonder it blew the stops. This is a bloodbath.
AGQ seems to be holding down 29%. I am thinking of buying some. Anyone know what Cramer is saying? He always seems to be helpful.
<--- This is the (intraday) bottom
<--- It only costs $ 5 to dig it out of the ground
more! more! my phizz doesnt get any less shiney or any lighter and the 3x inverse call protection will allow me to both roll down to lower strikes while simultaneously allowing me to purchase more of the phizz at this depressed price w/ the paper profits. first the deflation scares the Bernank, then he prints. bada bing, bada boom. and now you all should be aware of the dangers of the papersilver and papergold trade and the difference between it and physical. the paper portion is a ponzi like all other paper trades. luckily, given time, the reality of a basis on a finite resource and supply/demand will overcome.
U do remind us in event of a (god forbid!) nuclear exchange "the bugs are on the survival list."
Feels like the market is convulsing...S&P 500 jumping 3-4 points in a minute now and again on every rumor while gold and silver are being flushed down the toilet...welcome to The Twilight Zone.
Absolute carnage - even for all physical holders this hurts.
I just hope yee all have enough cash to get through this.
this too shall pass.........yawn............
Most every one of the mining equities are pummeled...either a great buying opportunity or have your head handed to you...time will tell how this plays out.
Actually, I didn't plan on selling my physical at any particular price target until the whole financial collapse was said and done, so no, I don't really feel any pain from the drop in prices. If I had to sell, that would be different, but knowing all along the cash out time was in the distant future has made me pretty much immune.
Well said. I am a buyer of silver until my wage doesn't buy silver any more. That's all there is to it. Drop that shit to $2 an ounce , and have physical available at that price, and I will buy it up. I'll have to buy a damn missle silo to store it all.
Yeah, $2 sounds good to me, even i will buy it at that price. How many ounces could i buy after playing paper games?
http://i53.tinypic.com/2nitcec.png
Depends how well you played them. If you got caught the wrong way, then you won't be able to buy much at all.
I hope you have some gold too tmosely.
Volatility doesn't seem to be suppressed in the metals, does it? The behavioral mod guys play a hard game on the nubes. So many will be selling when they should be buying. As Sinclair says, using margin on metals is suicide for most. Better to stay with physical and forget the daily swings.
Buying opportunities are coming for the strong of heart.
$100/day - only 16 days to 0! Can't see any other possible outcome here! Time to trade it in for fine government linen...
Beautiful!
PM bottom is IN when margin calls end AND markets get "their" HOPIUM again! I believe on/around Oct12th that is! Or a little before that, depends if we hold 1000-950 on the S&P :))) !
Comex options expire on Tuesday. Watch the bottom magically coincide with that date.
Or, within the week thereafter.
Remember, many of the options holders will be comfortable settling and holding long positions in futures contracts.....
And we've seen the newly futurized delivery takers taken to the cleaners after settlement to flush any remaining weak hands out of the woodwork.
Proabably'll happen again.... What better time to really have some surprises happen after a price change of this magnitude.
If you're gonna fuck 'em, fuck 'em good and hard.
Jesse's take on it makes sense to me: Net Asset Value of Certain Precious Metal Trusts and Funds
The problem is not so much the move itself (everything can tank) but the way it was brought about, this smell of such corruption it is unbelievable . and of course once the selling starts margin calls pile up etc... Whoever did this at JPM needs to get shot
I agree, EXCEPT: Only honorable enemies deserve a firing squad.
Not sure what to do with this crew. Gibbets come to mind. Not the American style, used to display hanged bodies of the worst criminals in colonial times, but a more ancient style, intended to feed the worst of the condemmed to the crows.
Keep coming down, Just bought 40 more zips for my stash.
Guess where gold settled on July 1 2011?
$1484.00
What is the big deal?
King Turd News didn't see this one coming///
http://kingworldnews.com/kingworldnews/King_World_News.html
I'm surprised the load got shot in two days...had suspicion 1650ish was the target, but over a month or two!!...but taking a step back..it's just returning into the rising uptrend from the 08' lows! So much for the bubble blowing up crowd! Silver is a little bit more strange...I suspect premiums at the local coin shop went way up...You would be a fool not to start nibbling at silver at around $30...But then again, silver was always easier to push around...
If this was the deflationary plunge some have been looking for...why is the S&P flat to up? Makes no sense...If the banksters want to let the little guy back up the truck!!! I'm your Huckleberry!!!
I'm surprised the load got shot in two days...had suspicion 1650ish was the target, but over a month or two!!...but taking a step back..it's just returning into the rising uptrend from the 08' lows! So much for the bubble blowing up crowd! Silver is a little bit more strange...I suspect premiums at the local coin shop went way up...You would be a fool not to start nibbling at silver at around $30...But then again, silver was always easier to push around...
If this was the deflationary plunge some have been looking for...why is the S&P flat to up? Makes no sense...If the banksters want to let the little guy back up the truck!!! I'm your Huckleberry!!!
I feel fairly certain that the Chinese are taking the opportunity to sell their 30 year treasuries into strength and buying orders for delivery hand over fist at these levels. Once COMEX solves its delivery problems for options expiration next Tuesday we will see a very steep and hard bounce with Gold heading towards $2000 very quickly.
The macro story behind gold is only getting better and that is why the Western Monetary "authorities" are in full on throw every dirty trick in the book to get the margined longs, who have no real macro vision, to fold. Its a very health consolidation and sets the stage for the opening of the Pan Asian Gold Exchange next month and the beginning of the end of the paper manipulations by the Den of thieves who want everyone to believe that currency based soley on debt will hold value over the long run.
Duffminster
Bulls are always annoying, whether they are metals or stocks. Take 'em to the cleaners!
Damn! Check out the volumes that are being traded- 87,000 contracts dropped AG from $33-
In gold, 15,000,000 contracts at just one point, and this has gone on all morning.
At least in '08-'09 they had the decency to take it down gradually.
Netdania charts have a volume window. It is stunning to watch. Massive trade-big drop, then repeats every minute.
Now where's that sharp knife...
It'll go back up soon. Fiat can't last that much longer.
whats the big deal? I mean, really. What IS the big deal? Too much heat?
Just called my silver and gold dealer. We laughed for a good 20 minutes. Good times.
what the fuck do people not get? I keep seeing idiot port managers questioning this sell-off. During liquidation mode, the demand for USD rises significantly. Indicies and commodities sell for USD. Supply of USD rapidly evaporating, pushing value of USD up. XAU and XAG are very highly(-tve) correlated against money supply expansion. The market is getting the picture that the Fed will not be coming to the rescue for sometime. I'm fucking sick and tired of seeing managers of OPM questioning this, this is scary. These people should NOT be responsible for anyone's money but their own....
The "markets" - including you - merely "finally get", what they were supposed to believe weeks ago already.
In other words: They don't get it at all, so that they may get what they think they do not get :)
I only manage my own money but I have a question. If its across the board liquidation, why are silver and gold being singled out for this type of sell off when the other commodities are relatively flat and when the stock market is holding around zero during the sell off.
Why aren't stocks and corn and wheat and so on being liquidated. This appears to me like a desperation chart painting move likely to throw both silver and gold into backwardization as we enter the historically bullish 4th quarter for the metals and at time when the Chinese are trying to rotate out of US Debt and the Pan Asian Gold Exchange is getting ready to take the wind out of the COMEX and London precious metals exchanges and bullion banks to pull these classic GATA playbook raids.
I don't know, for me, the Fed will have to monetize and they better get moving quickly or it will be too late. I believe that they believe they can use gold to manipulate perception and that is what they are doing. I wonder how much physical silver is actually available at $30 today? How much physical gold available at $1640. Looks like full on backwardization is upon us just as the physical buying seasons is upon us.
I continue to believe we get a major bounce off of options expiration and that the concensus view of gold $2000 by year end is on target. That is my bet and I'm sticking with it. I'm sticking with gold and silver long term because the long term charts remain very compelling as does the macro story which still boils down to outcomes, indefinite continuing QE from the Fed and a more gradual devaluation of paper currency or sovereign default due to crashing markets, slumping economies, deflation and depression which ultimately leads to oblitaration of currency and bond values as tax revenues drop straight down and debt blows up leading the sharpest possible drop in paper currencies.
What is the other liklihood in your opinion. I don't see any other likely outcomes. Either way, real money, hard cold cash, not encumbered by insolvement counter parties and unrepayable debt loads, like the dollar and Euro both have, holds value and the long term and continuing supressive actions by the monetary authorities to try to dissuade people from the notion that gold is money actually puts substantial long range profit potential under gold and silver as that illusion is dispelled by the growing chaos of of a melt down in the global banking order.
---
man... its like i am 17 again and my 16 year old girlfriend with braces is blowing me... ouch..ouch ouch
Volatility has to go somewhere, it is being ripped out of the rates and currency markets, only to rear its ungly head in others!
Anyone else remember the Wynter Benton post about 2 months ago?
She said the silver derivative contracts would go exponential
If silver held over $36 for 60 straight days. Well, with this
Opex timed move that sure reset the clock, didn't it!? And just shy
Of 2 months at that.
Yes... but all they did is remove more physical from the vaults with this discount. They might have saved their asses this time, but I wouldn't be surprised if we're not far from the end of the COMEX/LBMA manipulation which will send PMs to the moon in all currencies.
This is most likely a last ditch effort to shake out weak hands, acquire physical, and hope they can keep the circus going awhile longer before PAGE bends them over and fucks them gently with a sandpaper condom using baby powder lube.
Who knows though.
that is EXACTLY what you idiots said the LAST TIME silver crashed
Volatility has to go somewhere, it is being ripped out of the rates and currency markets, only to rear its ungly head in others!
Volatility = crooks
The wolves know that if you can panic the herd that the weak ones will fall behind where they can be picked off easily. Thing is, we all KNOW that this panic is engineered. If you have physical just sit tight - you didn't buy it for short term profit did you - not the way the IRS taxes PM sales? So you haven't lost anything at all, just taking a little ride. Look beyond the horizon of immediate events and remember why you bought physical. Better yet, get out a few of those beautiful silver Eagles and go to bed tonight with them under your pillow. The Silver Fairy has marvellous things in store for those who simply know how to wait patiently.
Engineered? Please, this entire week across the entire spectrum of markets has been utter panic. NOBODY is that clever to "engineer" something like this.
There are no gods.
Actually, all that was necessary, was someone not doing anything. I think that can be done without godlike powers.
Are you a sentinel, Tyler! there are sentinels in the compound
somebody took away benny boys printing press
The LCS was nearly out of silver rounds during my lunchtime visit...i took some odd 1z bars off their hands tho. They have pictures of a squirrel, a baby bear, lovebirds, woodpecker, and an owl... .999 good enough for me. :)
BTFD as close as I can. :)
You may have lucked out my friend...Are those Mount Everest Mint bars? Check the back..Circa@ 1974...Those are prized!!!
Who fucking cares! Let it drop...great! I'll buy some more. Trouble is eventually there will be no physical stuff left to buy. So long as the monetary system is fiat/confidence based paper promises for nothing. It will devalue and physical Au/Ag will raise in value. Those selling to cover their gambling on equities will be sorry when it boomerangs back after the Fed gives in and redoubles its QExx efforts. Physical PM's are for long term saving..paper is for short term gambling
this site cracks me up!
gold was off 1.5% on wednesday, 3.5% on thursday, and currently off another 3.5%, and the lead story says "someone is selling". i would say a whole bunch of people are selling! then someone says 'oh, Paulson?' - like, he runs the only hedge fund in the world. it is only notable because the collective wisdom on ZH talks each other into a view that gold will rally forever. meantime, the $ is up about 6% over the last month, and ALL commodities are down vs a month ago, as priced in $. amazing!
likewise with QE. for months there was endless posting, including at an editorial level, about how there was going to be QE3, QE4, etc, and the Fed was just waiting for a bit of stock market weakness to 'justify' it. QE IS DEAD. it was never going to happen. even now, one of the posts above said 'bernanke failed to deliver the expected QE3'. NOONE with any sense was expected QE3, and the post FOMC price action shows that beyond doubt.
Not quite. Everyone hasn't been saying gold will go up forever.
What we've all been saying is the price of gold is tightly correlated to the money supply.
We've all said if fed raised interest rates to double digits tomorrow and stopped all the swaps etc. that gold/silver would take a bath.
This itself is a liquidaton though, whatever the price you paid for physical, in holding a 1 oz gold coin is there ANY risk that a counterparty will not deliver that gold coin? no.
Has the counterparty risk of the European banks, Greek crises, US government shutdown or US debt ceiling issue being reached been resolved? no.
So why would anyone sell off the only asset that has no counterparty risk?
Because its the only asset that's performed over the last 3 years, both in real terms and nominal terms.
Either way, if you believe, buy, if you don't short. If you're agnostic stand aside.
QE never going to happen? You are an idiot. Of course it wil.
But you and everyone must BEG for it... you cannot just expect it. Everyone is supposed to behave as bernankes bitch.
If (unlikely) European central banks are selling to raise cash, the price could fall further. (But wouldn't they try to make a private sale to China and India first? Unless they were really in need of cash tomorrow.)
Surprised the load got shot in two days...$1650ish was a good target on a correction but over a month or two!!! Taking a step back, it's just returning to the rising uptrend form the 08' lows..So much for the 'gold-bubble blowing up crowd!!' Silver is kind of a head twister... But if the banksters want the little guy to back the truck up! I'm your Huckleberry!!!
this site cracks me up!
gold was off 1.5% on wednesday, 3.5% on thursday, and currently off another 3.5%, and the lead story says "someone is selling". i would say a whole bunch of people are selling! then someone says 'oh, Paulson?' - like, he runs the only hedge fund in the world. it is only notable because the collective wisdom on ZH talks each other into a view that gold will rally forever. meantime, the $ is up about 6% over the last month, and ALL commodities are down vs a month ago, as priced in $. amazing!
likewise with QE. for months there was endless posting, including at an editorial level, about how there was going to be QE3, QE4, etc, and the Fed was just waiting for a bit of stock market weakness to 'justify' it. QE IS DEAD. it was never going to happen. even now, one of the posts above said 'bernanke failed to deliver the expected QE3'. NOONE with any sense was expected QE3, and the post FOMC price action shows that beyond doubt.
Wait, what? Could you repeat what you just wrote?
I tried to buy silver coins from a local deailer today when SIV was at 32.50. I told him I would over 2 over spot He said that he would buy all I had at that price.
...basically, I was told to pound sand.
Physical silver is going to vanish and premiums are going to skyrocket this and next week. I sure as fuck ain't selling a dime of it.
Instead of a LSAP expanding the fiat worlds by a trillion $USD, the Gold market is staring to price in a Greek default could trigger other defaults creating a 1 to 2 trillion $USD equivalent of fiat money obligation destruction. Gold loses its value as fiat money gets destroyed and when debt takes a 70% haircut, fiat money is lost poof. The Europeans have a history of nationalizing banks. We could see big European banks common equity wiped out, their bond holders would get a 20% new stake in equity and the countries of origin take a 80 % new equity share. Lots of fiat would be destroyed in the process. It’s a possibility to consider. Volker editorial this week in the NY times may have been read by more Central bankers than our FED.
it's china! they'll buy it all back with useless US treasuries!
Remember this selloff is comprised of almost entirely of PAPER PM contract liquidations. Watch for a new upshot based on accumulation of PHYSICAL PMs at an opportunistic lower initial cost, it could be the boost that sends Au to $2000/oz and Ag to $100/oz. The world isn't getting MORE stable, monetary policy isn't getting tighter. On the contrary, all things global-economic are getting worse, as the PM bugs all understand.
All you non-PM-invested hecklers had better get your bibs on, you will feast on crow...
some people never learn. they don't understand the gold and silver bull market we have been in since about 2001. nothing has gotten fixed. nothing is better. on cnbc they laugh and say that gold and silver are not the holder of value like we all thought they were? oh really says i? i have patience. i shall watch as this story unfolds. the end of the year is not here yet. so we wait.........
"I am wounded but not slain,
I will lay me down to bleed a while, and rise to fight again" ~ Highland Chief
a green for you, sir.
Someone is liquidating? Some fund?
What a bunch of hogwash. What goes up goes down. No explanation needed. This is how markets have been workign for 100s of years.
until the Bernank came around!!!
...still waiting for the US Dollar to regain that lost 97% of its purchasing power, eh? Don't hold your breath.
What goes down will stay down, once it's dead.
Yeah, no explinations needed, or wanted. We don't care how the market works at all!
i tell you all. look this gift horse in the mouth and back up the truck ladies and gentlemen. you will not regret it..........now i am talking about physical bullion here, not that goofy slv and gld. forget about them. ignore them. they are made of the stuff of fools.....
Whoo hoo a triple digit day in gold :)
"Contracts not being honored is why the price is down"
So does it mean paper SLV parting the physical for good ?
yeh and in all of this bullshit going on in the paper gold and silver market, what has happened to the premiums on physical? not a damn thing.....
BTFD....
ok bought at 39...
bought at 38
bought at 37
Bought at 36
35.. 34... 33... 32.... 31.... need an aspirin
you will be selling at 30 29 28 27 26.......
Why? Just wait for it to go up again. :)
Donald Trump nailed the top.
oh come on. donald trump? give me a break...
XAU and XAG markets sending clear message today.....Ive got the strange suspicion that the fed may be forced to let markets regress back to FV.....This is going to be a painful process. Look out below.
Upvote me if you could give a rats fuck about the fiat price of silver.
I'm long for a trade. I bought yesterday at 35.22 for a trade and sold out 10 minutes later because I didn't trust it for a bounce. Now I'm long just under 30. Hope the knife I caught doesn't cut me but this isn't Enron, it's SLV.
I"m one of those of you that couldn't or didn't want to buy PM's at those prices. I thought what to do, what to do. What I did was to try to get some money together by playing the Inverse ETF's and looking to some Fibonacci Analysis. I'm an idiot at it so I subscribed to Prechter's Elliot wave and just watched the top happen. Then EWI called the following out on Wednesday
EWI-"Specifically, both metals could be at the end of bullish triangles, which could lead to an upward thrust. In order to eliminate this possibility, gold must decline beneath $1702 and silver must break $38.70. Once both metals break these respective levels, the triangle potentials will be eliminated and the odds toward the bigger picture declines will continue to grow. Thereafter, gold's downside target is $1038 (±$5), while silver should descend into the low $20s."
So I had bought I'm in 200 shares of ZSL. Now I'm going to buy DZZ to short gold here today based off of this. Then, I'll take my profits and buy PM's.
Eliot wave is bullshit. If you can trade off Eliot waves you could trade just as well off the entrails of goats. Same for Fibonnaci.
paulson wants to spend weekdays in the hamptons, investing is more fun when you make money and everyone thinks you are a genius
Forced liquidation knows no moving averages.
Those losing faith should simply replay the interviews with Sprott. Not that he has a clue, just that he will keep the religion alive.
if you missed it a good contribution from earlier
http://www.zerohedge.com/news/panic-and-perspective-wall-street-art-cash...
Just checked my safe...yup...my PMs still feel and look the same...heavy and shiny
If you buy gold or silver bullion as an "investment" you are a dumbass.
I just added 10 oz of AGE and 100 oz ASE last Friday...no regrets...something wicked this way comes.
why do you buy it then? To build an house in silver bricks? or to hygenize your toothbrusher? Let s say something bad happens to you today (which i hope not ) and you are forced to sell assets to raise cash , your Silv is only wirth the paper money is quoted in
I buy PMs because they are the only thing that is real in the financial world anymore. Yes, they are subject to market forces and all kinds of chicanery, but they are not fictional in terms of worth as just about everything else in the current financial system is.
I also buy to build an inheritance for my grandchildren. Someday they will thank me for it.
How many Zimbabwe dollars can I get for my silver brick? How much can the Confederate dollar buy?
How much will your dollars buy you next year?
If this is Paulson selling, somebody (GS prop desk?) is going to hammer every large position Paulson has in a small cap stock and force him to puke it out.
In the market, there are no friends, only victims.
If the banksters want the little guy to back up the truck! I'm your Huckleberry!!
Bon Appetit... call tulving or sanders or bullion direct and order some of those junk bags.....
I buy $100 worth of silver each month (all I can afford) regardless of the price. Who cares what the current market price is? Just buy and hold. Eventually you will have a lot of hard currency saved. PMs will always have value, unlike stocks or the $US.
Your life is too short to watch your portfolio day after day. That is the road to stress, panic and eventual death. Just be smart. Greed will eventually turn around and eat you.
that is correct. its about buy and hold . its about retaining value, not making paper profits...this show going on now is just a distraction, but in the end, it means nothing..
Great approach, TCA. The paper-bugs don't think the same way. Doesn't make them 'wrong', just illustrates different approaches to life, I think.
(recent) History can be your friend..
Gold price March 2008 - $1030 while the S&P was at 1359
Gold price Oct 2008 - $680 (off 33%) while the S&P was at 839 (market was off 38%)
To think gold woul dbuck THIS falling market trend suggests you don't understand how it works.
Nothing new here.. nothing "broken", nothing "different".
So the failure of miners to keep up with gold now looks like prescience. (It's been said that miners lead the price of gold--and they did, until recently.)
But this looks like a replay of 2008--PMs are about to bounce as sharply as they fell--and then fall and rise again.
I'm lovin it!!! Traded gold for silver and have a bigger stack to trade when the GSR reverts!!! Lovin it!!!
going to coin show tomorrow....should be interesting
Where?
Somebody set us up the bomb. Make your time.
Over the last ten years I have seen gold and silver soar and tank numerous times. However, both were still worth comparatively more than the dollar and gutted stock certficates. Both have been like a baraometer for the health of the dollar - high PM value, low dollar value. Also, gold and silver are metals that have uses beyond currency - they have value for manufacturing. As more uses and decreasing quantities of the metals are found, the better the investment because both metals are getting harder to mine and as a result more precious. I bought my physical gold at $350 an ounce and silver at $7 an ounce and due to the inflated worth of the dollar see these PMs as a hedge against the devaluing dollar.
Over the last ten years I have seen gold and silver soar and tank numerous times. However, both were still worth comparatively more than the dollar and gutted stock certficates. Both have been like a baraometer for the health of the dollar - high PM value, low dollar value. Also, gold and silver are metals that have uses beyond currency - they have value for manufacturing. As more uses and decreasing quantities of the metals are found, the better the investment because both metals are getting harder to mine and as a result more precious. I bought my physical gold at $350 an ounce and silver at $7 an ounce and due to the inflated worth of the dollar see these PMs as a hedge against the devaluing dollar.
Question is are they liquidating because they have to for redemptions or recapitalization or because they want to....
Anyone who has been following G/S for the last 10 years knows we used to talk about the day when 5-10 dollar a day moves in silver would come and 100+ dollar a day moves in gold. Well, they're here. You know what that means? We are on the right track for some explosive moves UP, so BTBD (But The Blessed Dip)
Absolutely EOI, Puplava et al.. were fortune telling 'back home years ago' about this.. I'm excited now!!! My take is the intermission between 2nd and 3rd phase of this secular bull in the PM's may not last very long...Where are we going:
$5000+for the King
$150+for the White Knight
Welcome to the 7th inning stretch Zher's
Buy copper, bitchez.
Morgan Stanley CEO Moved To Quash Rumor About European Bank Exposure -Fox Business's Gasparino Last update: 9/23/2011 1:50:27 PM DOW JONES NEWSWIRES Morgan Stanley (MS) Chief Executive James Gorman called analysts to quash a rumor that the firm faced heavy losses due to its exposure to European banks, Fox Business Network's Charles Gasparino reported Friday. Gorman then ordered Morgan Stanley's traders to buy the firm's own debt in a bid to demonstrate its own financial health, Gasparino added. Gorman told bank analyst Richard Bove that Morgan Stanley's "net exposure" to French banks in particular was "zero," according to Gasparino's report. Full story at http://www.foxbusiness.com/markets/2011/09/23/morgan-stanley-bounces-aft...
this makes no sense whatsoever. UUP is down slight. Gold is down heavy and priced in dollars. the 10 year is plus 08 on the yield. the market is up 50 pts at 2pm. where is the money going?
Mining companies NEED TO WAKE THE FUCK UP and start buying back their stocks and raise their dividends higher than treasuries. Only then can they stop these blatant short raids on their stocks.
iShares Silver Trust Holdings Dropped 30.29 Tons Yesterday
23 Sep 2011
Silver holdings in the iShares Silver Trust, the biggest exchange-traded fund backed by silver, decreased 30.29 tons to 9,868.49 metric tons as of yesterday (Bloomberg)
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and I bought silver at $38
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and I bought silver at $38
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and I bought silver at $38
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and I bought silver at $38
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and I bought silver at $38
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and I bought silver at $38
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and I bought silver at $38
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and I bought silver at $38
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and I bought silver at $38
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and I bought silver at $38
and I bought silver at $38
and I bought silver at $38
and I bought silver at $38