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It's Precious Metals Smack Down Time
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Wake me up when its time to back up the truck ...
Wake Up!
It gives China and the rest of us a better chance to get out of paper.
That is why this bubble is going to pop. China only has a couple trillion FRNs to unload. Oh wait!
The frequency of these smacks are increasing. All is not well under the covers. This is getting good.....
Even more interesting is the pattern we're seeing more and more after a smackdown: it's almost immediately followed by a staircase climb-back that eats up the smackdown in a couple of hours.
Two months ago, this kind of recovery from a smackdown was not visible (back then a smackdown often triggered a staircase drop in prices). Even better, the time-to-recover for a smackdown induced price-drop have been getting shorter and shorter.
Meanwhile, whoever is doing the smackdowns is just transfering wealth to the likes of China and Iran.
Hard slapping a physical material around that is in high demand and low supply.
Funny the HKX for the physical price is around 3% higher than the paper value. Versus street pricing which is 10% higher than the market rate.
Poor paper trade. Nobody loves you anymore
Half life of smack down is now measured in minutes.
Sorry....only silver is on sale today ching-chongs.
Maybe tomorrow we'll sale some gold.
Get'em while they're hot! These downward paper spikes of the last few days absolutely REEK of desperation to keep price down. If you haven't been stacking in the past few weeks/months, GET BUSY WHILE YOU STILL HAVE THIS PRICE LEVEL.
Let the trading paper ETF Klingons from Uranus play volatility roulette. Sink your worthless bank notes into metals with tangible value. Try to remember where the boat capsizes, in the hopes of recovering some of your cash. Meantime, dump some pirahna into that there holding pond.
Nice, just the sale i was looking for to justify using my Citibank credit card to fund this purchase.
Bullish for comments.
No comment.
Fuck these people. Those who fancy themselves above the law will eventually find themselves outside it.
The cocksuckers manipulating PM's will be exposed.
like Jon Corzine right?
Well he was exposed......nothing happened to him.....but he was exposed.
Glass half full or half empty?
They like flashing.
A world of 100% insanity at this point.
Hey sheepdog...Robo made a couple forward looking calls instead of his traditional rear view mirror recomendations last night on this thread you might want to keep track of for future references. It made me wonder if it was really him.They should be good for a couple chuckes.
http://www.zerohedge.com/news/due-extreme-volatility-some-market-analysts-foresee
Someone said the original Robo was robotrader and the new is robottrader. I think they may be correct, sorry I'm to lazy to go back and look.
So, you're saying "I don't know WTF I'm talking about".
Every Thursday,and whenever the Bernanke speaks.
Its so obvoius to can set a calendar by it.
*yawn*
Paper means nothing. Fuck 'em.
GPGB (get physical, go boating).
JP Morgan probably covering their last shorts. EUR may fall into next week dropping PMs even more, then JPM will probably be completely out of the short trade. QE3 annouced next week and PMs are then allowed to soar.
I'm looking to add early next week.
That's how I see it...
Short coving increases demand and therefore price. It is the placement of new shorts that drives prices down.
tmosley,
See link below:
http://www.tfmetalsreport.com/blog/3844/desperation-tender-trap
Might as well have been written today...
I take the comment to mean 'JPM pushing the price down (via new shorts) in anticipation of covering on the price break to further reduce their overall short position'. Small move, though, not a big deal (although personally I prefer to convert paper to physical when the price breaks, so I'm always curious as to why people so bent out of shape when the price goes down. Do they also bitch and complain if the price of bread or gasoline drops?)
apples and oranges ... gold is not a consumable like bread and gasoline.
once you're done converting paper to physical and you have the allotment of gold that you want, it is only natural to want to see the price go up.
People who treat it as an 'investment' measure it's value in their local fiat currency want to see the price go up. Treat it as 'savings' and the thinking is different, like buying foreign currency when planning a trip, cheaper is better.
You were buying this shit silver at $40
Huh? ... If JPM were covering their massive silver short position, PMs would be going up not down.
And no QE next week. Lipservice? Yes, lot of that ... "we stand ready ... blah, blah, blah .... should economic conditions continue to deteriorate ... blah, blah, blah ..."
The FED has proven over and over again that the ONLY thing they are watching is the level of the stock market, and it is still WAY too high to justify QE intervention.
They should see a nice bounce with the lipservice though ...
See my reply to tmosley above.
Apologies for the confusion.
You do realize that the only way we can deficit spend a trillion or more every year, is if that trillion gets monetized or "printed"? The Fed/Gov perpetually queases. You do know that Treasury auctions are being held up by and large by primary dealers (mandatory participants who must buy), who then sell the purchased junk back (at a profit!) to the Fed a week later in a POMO?
The phenomenon of offically announced/labelled QE packages is the biggest con running. Please see past it.
Someone gets queasy whenever silver tops $29, that's for sure.
Huge options expiry tomorrow as well.
Also ECB M2M on June 30th...... so that said, I would expect a rise anytime from from midday tomrrow.
The Bernak will never announce another QE... A new name, same game but on steroids... Actually QE never really ended, they are just really good at preception mangement and fancy bailout names that most people (including myself) don't fully understand... No QE3... but flood gates will open... But what's the cover and name is the question...
"Nominal GDP Targeting" as per Jim Rickards.
Smack down PMs...because everyone would rather be in euros for the weekend...or maybe it is because they now consider gold to be in the FX space and nobody wants to get caught during the downtime this weekend.
Oh fuck it. We all know it's just blatant manipulation once again. Time to add to the stack.
Time to put the fork in PMs there are other commodities out there too
http://www.youtube.com/watch?v=Gk4Ntcq5uNg
Hey junkyardjack.... I see you have been fooled into believing Gold is a "commodity"
Fool.
Don't fall in love with a trade
What you call a "trade" I call an exchanging of currency for money.
'Savings' are not a trade. But sure, not everybody treats PMs as a savings/wealth preservation mechanism, so for those people, they're a trade.
Prospects for lead looking up.
Best way to win a fight is by maneuver. ( Like getting the hell out of Dodge before the shooting starts. )
If you are in a situation where you think you may seriously have to use lead -- you need to get out of that situation now, and get to someplace better.
I hope to use silver dimes in the future. If I need to use my lead, I will do that, but I will expect to die while doing it.
I like the dimes better.
Time to stop the bus and let Junkyardjack off.
The short bus, that is.
As long as they have the paper etf,s they will continue to manipulate, but physical is not budging from its current support level.
Its ok, they are merely compressing the spring even tighter!
Yawn - this is getting so tiring. Massive volatility to scare people away. Unfortunately most physical holders are buyers for ideological reasons & as such we know their game. Still wears you down though.
Im not impressed really. They've got to do better.
Yeah. seen bigger and bolder smack downs than this. This is about as much of a smack down as that Nazi gave that old commie lady on tv recently. Smacked, but not down.
im am really a fan of the smackdown, I am in accumulation mode and view each as big brother helping me out :)
I guess if you dont like the dips you are a paperboy or the old man waiting to exit and have no children to pass down your stack too.
We should really celebrate the smackdowns more around here! Although today was not a smackdown just a "Meh not worth rollin down to the coin shop."
Let's get John Nadler in here to explain this. John, is this move lower due to profit-taking or a stronger dollar?
Anotherone of his favourites is that there's decrease in demand from Asia. What an idiot!
What's scary is how many people actually fall for that schtick.
Don't forgot about all those mountains of "scrap" gold which, according to Nadler, are just littering the landscape and waiting to inundate the market. Shit, I just tripped over another one!
That man is pure evil.
Jon Nadler, let me guess, Gold went down today, lmfao!
"Good morning, mindless Kitco-reading bankster fans! Robust US economic data slammed the yellow metal today, as doomer Radical Goldbug Extremists were wickedly punished by a $0.55 plunge in the price of gold, and as the US Dollar rallied strongly by 0.03 on the DXY to 88.44, proving that the Armageddonists' news of the dollar's imminent death was, once again, greatly exaggerated."
"I will now supply several secondhand quotes from Keynesian economist X, mainstream politican Y, and elitist international banker Z all in support of the status-quo fiat currency paradigm, disparage the very idea of holding gold or silver as savings vehicles in a time of financial and monetary upheaval (which I will further do my best to ignore and/or ridicule), and viciously mock anyone who has the temerity and independence of mind to dare hold more than a feeble and paltry "10% core position" in gold and/or silver. I will conclude with a smarmy and puerile quip further supporting the international central banking regime, and defend to my last breath the reserve status of the US dollar, and the corrupt and unsustainable international fiat currency system which it props up. Good day."
I often wonder how much of this is being orchestrated by the Chinese. It certainly would seem that they are the ones with all the fiz these days.
You can bet they have the computers and the software engineers to figure it out....I would not blame them for doing it...I do blame our markets for letting them...but then again they are NOW a Primary Delaer thanks to the Fed....WTF
True Dat.
Mr PBC Governor Zhou Xiaochuan is probably kickin back. a tall, cool glass of Kaoliang jiu in his hand, talkin shit with his comrades about how Ben and Timmy is his fair skin bitches from the West.
You need to wonder how it has come to be that we allow a foreign adversary (to what degree is hugely debatable) the ability to use their considerable resources to effect our capital markets. Talk about making it easy for them.
Are you Chinese, and writing about the Bernank and Timmah?
Nope. Just a white boy from the Midwest who used to live in that part of world.
Oil and copper futures have been trending down recently.
http://confoundedinterest.wordpress.com/2012/06/14/jobless-claims-rise-6k-cpi-falls-0-3-who-let-the-fed-out/
Someone obviously does not worry about loss. It is a joy to watch. Everyone likes a 'sure thing'.
they must have read the stories hitting the blogs about Germany's secret gold confiscation and said 'enough of that talk'...
"so the gold moves to Canada, Swtzerland and the USA." I agree with this.
just saw silver maples at dollarama
Make sure you unwrap them before you eat them.
Yesterday, $10 up was a pop. Now $10 down is a smackdown. Tyler, can we have a rule where anything less than 2% in a day is just noise?
Oh... my bad. Looks like silver got taken out to the back alley.
There's always someone to blame when the PMs sell off. Nobody to blame for when they rally.
Someone's just asking to get dumped, don't rock the boat baby. Just buy and hold....
Because they usually rally on an event...or a slow and steady rise.....these non event computer driven drops are just that.....the computer jockeys will show us that billions of sale orders were dropped on the market....and tanked the price.....HFT´s....just adding liquidity....lol
So true man !
But on this occasion, it looks like a preemptive strike.
(Unless someone knows something)
more rounds of sovereign downgrades?
The same people are to blame for both.
Fuck, has the price of cappuccino spiked that much that they sold their gold?
One can time the downturn by following when I buy a fist full of Eagles. Happens every time!
Confucious says "Man who hold fist full of eagles will one day soar."
Confucious also says " Man who hold fist full of Eagles... has many claw marks"
Confucious also also says "Man who saves with a fistful of dollars eventually needs a few dollars more. Or else ends up with fistful of dynamite to throw at the good, the bad, AND the ugly laughing at his foolishness.'
AnAnonfucious say: US Citizenism (sic) is the root of all evil, and a turd in the hand is worth two on the Chinese roadside.
Slightly OT but I find these Eagles stack pretty shitty.
What stacks better?
bars.
the new 50g bars that have those nice 1g breaking points carved in - metric, I know
LOL ok are there any better stackable silver coins?
Then please post before you buy, thanks.
Same old shit. Different day.
I am sure you can sell and buy with ZERO for ZERO. While the price can go down and up. Does it mean anything?
Funny meanwhile equities are frontrunning QE for the 8billionth time.
Got my wheelbarrow full of fiat ready to trade in for some heavy metal when it drops just a little more - which it will - big smackdown coming next week, like the June 18-20 window.
How many moms does Robo have?
Temporalist, that's his father, he is in the Marines. it's actually also RoboTrader's mother's brother, but hey, every family has a skeleton in the closet and Robotrader is quite nice to look at. I simply can't imagine ZH without RoboTrader ;-)
------------------
semperfi, I don't look at prices anymore. I just buy every month, period. If it plays out as many expect, than it will take much longer than anybody expect and it will be swifter than anybody expects....
Wish I had more fiat to make this conversion. Seems like the stocks are a bargain, but like Doug Casey, it is hard to recommned/buy physical at these prices.
PS You scared your offspring away.
Meanwhile, in the other Election this weekend,
Egypt elections: Egypt's Supreme Constitutional Court ruled on Thursday the unconstitutionality of some articles related to the parliament election law, which gave the right to party members to compete for independents seats, state TV said. The ruling means one-third of the People's Assembly (lower house of parliament) members would be disqualified. The ruling military decided on a complex electoral system in which voters cast ballots for party lists which made up two thirds of parliament and also for individual candidates for the remaining seats in the lower house. The individual candidates were meant to be “independents” but members of political parties were subsequently allowed to run, giving the Muslim Brotherhood’s Freedom and Justice Party an advantage. That decision was challenged in court.
Egypt emergency law….Egypt’s military police and intelligence will be able to detain civilians and refer them to military tribunals under a government decree issued on Wednesday that was criticized as a dangerous move by human rights groups. One MP described the step as an attempt to reproduce the state of emergency that was a permanent fixture of Hosni Mubarak’s 30-year rule and expired on May 31. The law which gave security forces sweeping powers of search and arrest was seen as one of his administration’s main tools for crushing dissent. According to the justice ministry decree, the military will continue to enjoy a broad mandate for imposing law and order until a new constitution is written - a process that is expected to last well beyond the July 1 date by which the ruling military council is due to hand power to a new president. “The minister of justice allows commissioned and non-commissioned officers of the military police and military intelligence ... the power to legally detain non-military citizens involved in criminal activity,” said a statement from the minister of justice.
Tuesday is Soylent Green day and Thursday is Precious Metals day.
Poor NOK lol
NEED ASSISTANCE PICKING REPUTABLE ONLINE GOLD RETAILER FOR PURCHASE. HAVE BEEN TO NUMEROUS SITES BUT HAVE CONCERNS. AND SEE THAT SOME HAVE CREDIT CARD PURCHASE OPTION. DOES THIS SHOW AS MERCHANDISE TO MY BANK OR CASH ADVANCE? INFORMATION GREATLY APPRECIATED.
It would probably come up as a payment to the bullion dealer, whatever name it is registered for business as, I believe.
apmex, libertycpm, nwtmintbullion, tulving are some that I like.
Any experience with Gainesville Coin. Thank you.
I have used an online dealer when I first started but I have switched and now buy from a local coin shop. Just make sure their mark-ups are reasonable and pay in cash if you like. No paperwork to fill out
Gainesville is great. I like them 2nd to Tulving however my last Tulving purchase has taken 3 weeks which has never happened before. Apmex has been overpriced since late 2010.
APMEX.com
Now I have two questions for you since you didn't answer the first one:
Why do you tie your poop into knots?
Why do you write in all bold and capitals and expect people to take you seriously?
You might do some reading on mathematics in knots. Otherwise I like Escher. But I'm all caps because I wanted to get noticed in the noise on this topic (like you) as I have several very important decisions to make around this purchase. But thanks for being a fucking dickhead.
Oh, just as I suspected, you are a complete asshole who needs attention and assumes people can't read so they blow up a page for their own selfish motives.
And certainly it would be too hard to do a search on the thing, what's it called, that Interwebnets thing. And, gosh, how stupid would one have to be to search that website, zerohedge or something, which has a search function right on it, to peruse other threads that have the exact same question NOT IN BOLD asked thousands of times and answered even more.
Your Chiktaw name must be "Ties-Poop-In-Knots" (something MC Escher never did).
I feel so much better having met you. Thank you and have a nice day.
Physical Gold is for burying in your back yard.
Paper Gold is for trading.
Be carefule where you bury it
http://www.nydailynews.com/news/national/homeless-man-texas-wins-bag-70-000-cash-gold-article-1.1095442
I don't think that was buried.
Mexican cartels don't bury the dead, nor do they bury cash (they sleep on it), and I guess now we can say they don't bury their gold either. Lucky homeless dude.
"Fuck the police, coming straight from the underground" - ICE T
I think that was Ice Cube (N.W.A.)
Ice T did "Copkiller", NWA did "Fuck the Police".
Damn. I thought I was hip for just one moment.
BEHIND CLOSED DOORS:- AT 2:30 GMT GOLD SPOT PRICE DROP MORE THAN 15 DOLLARS I.E. THE TIME AT WHICH JPMORGAN AND GOLDMAN US STARTED TRADING FUTURES FOR REAL...THIS IS A SHORT-LIVED SHORT SALE TO LATER BE COVERED AROUND 5:30 CET WHEN EUROPEAN MARKETS WILL CLOSE...NOTHING TO BE CONCERNED ABOUT IT AS GOLD IS SET TO REBOUND THEREAFTER AND OVER THE NEXT FEW DAYS ABOVE ITS 50 DMA AND AS HIGH AS 1,700 USD THE OUNCE...
Bernanke, the "Master and Commander" has successfully obliterated commodity prices in record time.
Heh, price of unleaded gasoline in Greenville, SC has outright crashed to 3-year lows of $2.91/gallon.
http://www.greenvillegasprices.com/
Where is John "Big Mac" Williams?
Where is Stephen Leeb?
Where is Jim Puplava?
Where is Chris Martenson?
All of them have been thrown under the bus by Bernanke's "Jawboning".
LOL.....
Pretty much obliterated the economy too. Brilliant!
Well if that means you're buying stocks and selling PMs, thank you.
i should have guessed you were from spawned the SC version of conservative.
i had cultivated a friend in charleston until i learned the underlying nature of his political roots. i cut that fucker loose
Ah! Here is the truly clueless RobotLemming that we know and loathe!
Yesterday's semi-sensible posts must have been just a transient aberration.
Oh boy. Robo. Eating the Facebook IPO has given you food poisonimg. And, brain damage. This is a sorry fucking post to say the least.
Jump into your Road Warrior tanker, and Rubber Duckie it all the way down to Crackerville, and fill up. You all might's well capitalize on commodity volatility for a change.
Where is the humanityt ?
Save gas, fart in a jar.
Someone is painting the sacred charts to kill any rally signal.
I just had to rub my eyes. I am seeing the gold smackdown but miners are not reacting.
is this time different?
Would you blow a trillion ponzi notes to protect your evil empire ? Hell yes ! If the FRB has your back....you can have fun and even make money ? Manipulation is here to stay until the evil empire is done ! Plan accordingly ! Monedas 1929 Comedy Jihad "This takes all the pressure off !"....Stephen Martin
The interventions in the FX-market, in the bond-market are officially admitted. Therefore it's completely logical if the zionist MSM suggest, that the gold market was free. Do not forget that gold is a barbaric relic and that civilized people buy shares of weapon companys and debt of overindebted nations, but stay aways from gold!
Nothing to see here!
Oh wait, intervention in the gold market has also been proven with official declassified documents?
Glad that we have "free press". Only because of this lie it has become possible that what's not in the MSM does not exist and what is in MSM does exist even if it doesn't (like weapons of mass destruction or certain historic "facts"...).
Welcome to the brave new world order!
Nothing to see here, go on.
I thought PMs ascent to the moon was imminent? Hasn't every commentator on ZH said that for the last few years? Who's the bagholder now? Not USD holders!
Not USD holders yet!
There ya go, fixed it for you.
Your completely headfucked cluelessness will deliver your own just rewards.
In fact, it is already doing so due to ongoing dollar depreciation as we speak.
Asswipe.
What has the gold price done in the "last few years", in USD?
Don't get me wrong, I am a big PM fan and owner. But is every fall in precious metals due to manipulation? I understand it may well be a big issue, but is it accurate to automatically make the statement on every dip?
absolutely, what else is there to belly ache about, senate hearings?
Is this still a free market capitalism? That's the real question you should be asking yourself.
When the motion is vertical (either direction) on no major supply changes then yes, someone purposely made that move happen. Or do you really believe that a globally traded commodity would move a sigma or more seconds from e.g. the moment a figurehead begins a speech not even directly about said commodity?
Especially when it moves the gold and silver market at exactly the same time, direction and relative 'distance' (% change in price).
Also, that it does this at virtually the same time every day for the past year or so.
Surely that is free market action in play?
or in other words, "look at the fuckin chart"
I would argue that even when movement is upward, it is still being manipulated (there is still an effort to keep it down).
In other words, the manipulation is ever-present.
But when there are blatant in-your-face efforts to squash PM's, does it matter if every dip is due to manipulation? Not really. Because the point is: you cannot trust the market. The price discovery system is broken. You have to always assume interference, because what else can you do?
BIS = Bullshit Is Supreme
USD now under 82. Inverse relationship broken for now.
$10-15 is a smackdown?
Like the turtle on the Bugs Bunny cartoon says: "Wind resistance son... just wind resistance".
BTFD
Heh, price of unleaded gasoline in Greenville, SC has outright crashed to 3-year lows of $2.91/gallon.
Yep, because Obama made a deal with the Saudis to keep oil down until after the election................
Then paybacks will be a bitch.
"Every Federal reserve bank shall maintain reserves in gold or lawful money of not less than thirty-five per centum against its deposits and reserves in gold of not less than forty per centum against its Federal reserve notes in actual circulation, and not offset by gold or lawful money deposited with the Federal reserve agent."
- Federal Reserve Act of 1913 (Section 16)
http://www.llsdc.org/attachments/files/105/FRA-LH-PL63-43.pdf
An inspection of the gold reserves would lead to a fast calculation, and gold price suppression would quickly end.