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Panic Resumes: Gold To New Highs, Treasury Yields To New Lows, WTI About To Break $70 And Futures Sliding
The "panic" trade had a few hours to eat dinner, and now it's back to business. As Asia opened, the kneejerk reaction to Europe closing is that, naturally, Europe will open in a few short hours, this time however with fresh fears of what the SNB might be cooking if it needs Fed assistance to sustain its local banks' dollar margin calls. The result: gold hits new all time record highs, bonds drop to intraday lows, crude is about to reenter the critical 70's, so very necessary for QE3, and ES, well, you get the picture.
Gold:
Treasurys:
Crude:
and ES:
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timmmmbbbbbbeeeerrrr...
Some dirty puked up douche on CNBC just said "I don't like Gold. It has no industrial uses and IT IS A FIAT CURRENCY."
HAHAHAHAHAHAHAHAAHAHAHAHAAHAHAHAHAAHAHAHAHAHAAHAHAHAAHAHAAHAHHAAHAH bitchez.
So i guess this guy didn't notice the 1200 to 1836 run up in the last year?
I wonder if asshats like Buffet and the like bag on gold so they can keep the little people away from the "secret".
Some times I wonder, these banker fuckers must be smart enough to see the destruction that's coming, if they know there is going to be a reset on a global scale why not choose a bank.. maybe BAC to naked short the shit out of the paper gold markets timed so they can be there on the side lines picking up physical at the lower bounds of the parabolic range in gold, knowing full well that in the end the bank is going to explode anyway.
I've never shorted before....
I want to short now. NOW. NOW. NOW.
Before the short bans come in.
Anyone got any suggestions on some good retail stocks to short?
Or any shorting advice at all?
I'll look for $8.00 burritos, $100 dollar sweat pants or $200 dollar yoga mats.
ROBOT. talk to me buddy. I actually love you shtick, and believe you're Tyler Durden's secret identity.
I've had shares that I sold short, recalled, before the decline put me in the money. had to buy to cover, at a higher price. the corruption, permeates the whole system. only risk, what you can afford to lose. margin, is a double edged sword.
I hear you... going short is not for the little guy, better off puying puts....
Learn the safest trade of all "vertical option spreads" long and short. lots of info available online. just make a commitment to learn it.
Y'all just do not understand.
The Brent spread just hit $25.
No one cares what WTI is. The world doesn't use it. The US doesn't use much of it. 60% of US oil consumption is imported and it's not imported at WTI prices. It comes in at Brent prices.
WTI is an obsolete benchmark and it is corrupting a lot of thinking.
Crash - Absolutely correct.
errr...just a soft patch
My wife hates when I have that.
WTI is more liquid than Bent, hardly traded compared to WTI - thus being a benchmark oil price. Brent is cornered by major players, playing the spread between WTI and Brent.
Guy, your car doesn't trade oil. Refineries don't care what goes on in a trading pit. They have to pay the rate of the imported black stuff.
Think about it. Why would you sell Nigerian oil to Houston refineries at WTI prices when you can get Brent prices from someone else (China).
Your car doesn't trade oil. It burns it.
Bullshit you have no f'n clue what you are talking. These are "spot" prices of different grades of crude. Brent is more valuable as it is light sweet crude and easiest to refine.
WTI is higher grade oil than Brent... Check out the price of Tapis or Louisiana Sweet
it would be silly to not expect a full line of obfuscatory measures when we're talking oil. its the same as a basket of consumer goods minus the food inputs...you'll get shitfor it and people like roubini get their fifteen minutes. ftmtw
Yes, and the price of gold and platinum will never cross either.
this makes a lot of sense. can you link to the 60% imported at brent prices data?
Go to the EIA website and educate yourself
Gotta get out my gold 1900 hat
The gold price has me scared. Many of the people I have spoken to for 5 years on this subject (yes, I was a little late) are now seriously looking into buying AU. These people sat with their thumbs up their Bernankes for 5 years. Now they feel they have to get in. Isn't that a scary event?
Gold is currently at $1,836. Or I should say the dollar is now at 1/1836 ounces of gold.
I hate when the market is going down and I know it is going to go down. I have been burned by those god damn options so many times that I can never get it right. Just when you have the deer lined up in your sites somebody like Bernanke or Obama flaps their gums and Bambi goes sailing away. The next thing you know Leo Getz fucked.
I really let one get away today. I doubt I'm the only one.
I hope one of you maniacs made a freaking killing off of CMG today. And LULU. Somebody needs to shove it up the rear-ends of those obnoxious longs that were acting like they were doing something fundamentally right, instead of just chasing some momo piece of shit.
Good luck tomorrow. There is lightning over Wall Street. Why can't it hit something, say on Maiden Lane, right down the hill from the Pound and Pence.
They fuck you at the drive-through!
"Thumbs up their Bernankes", Ok, that's the best use of Bernanke that
I've ever heard. It's positively golden!
I have a gold $2,000 speedo. Something tells me humanity would be better off if I kept that in the drawer.
I have a "Gold $10,000" speedo. My wife loves it.
If you've got it, flaunt it.
Mine matches my Rolex President. :)
Problem is, no pockets for the AGE's.
My Speedo Hyperinflates when I get excited!
My experience has shown me to always expect a period of deflation after a bout of hyperinflation. As I get older the deflationary periods get longer and longer.
Ha, ha. Yeah, I remember when now deceased Mark at CNBC had his Dow 14,000 hat on as the Dow approached that number. Funny, the hat was conspicuosly absent during the retrarcement:)
CNBC Mark was overtly hostile to non-cheerleader guests -- always looked like we was going to bite them.
Looks like I picked the wrong week to stop sniffing glue.
Just drink a shitload of Robitussin. You'll be alright.
Damnit, you guys made me spew. LOL
have you ever slipped in the mud and get kicked in the face with an iron boot?................ no forget it, thats dumb, that never happens.....lol
Crashing oil prices + world record low interest rates+ skyrocketing gold prices = giant profits for the gold mining companies.
Yet the GDX/GLD ratio has plunged again to new 2011 lows.
Hedge agreements biting them in the ass thats for sure....who knew? there has to be piles of undeclared nug somewhere.
In my dealer's basement.
What hedges? Even Barrick wizened up to that one, what, 8oo fiatscos or so ago? MB they lied about closing that book, again? Ashanti learned their lesson years back too. The only companies hedging these days haven't even started producing yet, or aren't producing much, and need the banks' teats to get themselves off the ground.
No, looks to me more like naked shorters dousing themselves in gasoline and praying that nobody lights a match before their pocketed policy makers can force the bamboozle to stick (bonne chance this time, effers). Hell, they've even got their puppet regulators putting up 'No Smoking' signs, for all the good that will do in the long run. In short: discouragement, but that won't last forever. Are you tall enough to be on this ride?
Some miners are struggling to secure financing for expansion (now I wonder why that would be; seeing as they are so obviously lucrative) and are pissing off their shareholders with PP's and other dilutive ways of raising capital, actions the naked shorts simply adore exploiting.
OTOH, other companies are going the other way and buying back shares with all the money they're pulling out of the ground, and those are the ones that will never make RT's myopic radar because they don't support his point.
Short version: don't pay attention to RT (moot, I know), look at the green on your screen. Some of those shorts may be sporting brown stripes in the near future.
Alternately, just buy physical and sleep like a baby.
As you know if a particular gold mining company is fully hedged they have capped their profits and by proxy their stock price.
And what did GDX do in 2008, after staging a valiant recovery in July of that year?
The first week of Nov 2008 was the greatest buying oppurtunity for gold miners.... GDX was ~16 or so.
It's more an indicator of a physical gold bubble. There's an arb opportunity here.. buy GLD put options when gold prices hit 2000, and hedge by buying undervalued gold producers.
A physical gold bubble would imply that sometime in the future gold will become easier to aquire. Is that what you're saying? I think you'd be better off skipping the whole casino game and just buying gold while you still can. Play time is over, it's time to get serious.
What makes you think there is a physical gold bubble? Also if you expect a pullback in gold price then why would YOU buy gold producers?
Thanks in advanced.
if you look @ the chart comparing percentage gains of gold producers and physical gold, you'll see a growing spread. So either gold producers will rise, given lowering energy cost, or physical gold prices will correct.
So you buy put options on GLD, and you hedge by buying undervalued gold producers, until the spread narrows. I would also buy far out of the money put options on GLD, if gold climbs above 2000. There are very few phenomena that can sustain exponential growth for an extended period of time. I'm looking for the right entry point to complete this trade. Likely around when the SPX hits 1070; it's July 2010 lows.
A name I remember and respect.... glad to see you still here RT.
panic!
many sheeple should be. They are busy watching some moronic tv show or playing some game by Zynga!
Its XBOX and HALO reach for me..
OMG ... it's time to PANIC ...
Looks like I picked the wrong week to stop huffing oven cleaner.
+2
Aaaand the hits just keep on rolling
+1836
+$1851
Clearly, this calls for yet another strongly worded speech, bus tour, dietary pea/turkey admonition or sumpin ;-)
Let's see. I think we are okay.
- Right after Labor Day we are going to get a "major speech" from Obama outlining how he is going to create jobs and deal with the deficit. In other words, he will be buying votes in the short run and saying "fuck you" to future generations.
- The Real Estate Agent in Chief has told us that house prices will be going back up in 12 to 18 months. How many times do you think this piece of shit, "community disorganizer", has preached that we need more "affordable housing"? Now this stuffed shirt tells us that unaffordable housing will save us. Can he really be so shallow and stupid that he doesn't understand how shallow and stupid he is?
- Bernanke will save the world at Jackson Hole again. That "wealth effect" should be even more awesome than the last one. Print it mofo, print.
I feel better. These great men will save us. Name a school after these guys. They have earned it.
University of Unexpected...
Watsemare U
LOL!!!
"Name a school after these guys. They have earned it."
University of Golden Shovels.
Shovels or showers?
Either beats a cleveland steamer any day...
I just love this to-fickin burger. Give me more to-ferky. - Dave Mathews. ;-)
Bonds and gold on yet another surge.
Gold and bonds: Which will win this game of chicken.....
What you should ask is who loses and quite frankly we all do. The muni market in many states could crack and then youd be talking social unrest and the military. There r no party hats where these trades take us.
No one loses when the losses are imagiary.
No shit, Captain Obvious.
I'm all-in Gold Bond Powder.
I know next to nothing about the market.. but you make me sound like Tyler when you open your mouth..
Japanese cost of recovery from Fukushima may be in the range of 800 trillion yen:
Kodama believes the government needs to begin a large-scale response in order to begin decontaminating affected areas. He cited Japan’s itai itai disease, when cadmium poisoning from mining resulted in the government eventually having to spend 800 billion yen to decontaminate an area of 1,500 hectares.
“How much cost will be needed if the area is 1,000 times larger?”
http://enenews.com/dr-kodama-tokyo-radiation-continuously-high-raining-march-21-worse-recent-detection-extremely-high-radiation-levels-fukushima-plant
Symptoms of radiation poisoning showing up in children:
Doctors in Japan are already treating patients suffering health effects they attribute to radiation from the ongoing nuclear disaster.
“We have begun to see increased nosebleeds, stubborn cases of diarrhoea, and flu-like symptoms in children,” Dr Yuko Yanagisawa, a physician at Funabashi Futawa Hospital in Chiba Prefecture [located approximately 200km from Fukushima meltdown], told Al Jazeera.
She attributes the symptoms to radiation exposure [...]
The future?
1) Vastly increased Japanese energy costs due to reversion to fossil fuels
2) Government debt increasing to 3 or 4 times GDP to pay for the clean up
3) Greatly increased health care costs in addition to clean up costs and energy costs
4) Problem with aging population and radioactive children
5) None of this reported / discussed in MSM cause, like, you know, it's a bummer and what you don't know cannot make your hair fall out.
In the U. S. we have the same kind of nuke plants on fault lines in CA, Midwest and even in NY. Damn!
"Japanese cost of recovery from Fukushima may be in the range of 800 trillion yen:"
What is that, like 40 dollars?
Bernanke can print that in about 30 minutes. Yes, I know it is 10 trillion dollars but Bernanke is fast as lightning. Just ask his wife.
Japan is going to recover from Fukushima? Really?
More likely you'll have a REAL Godzilla arising from the radiation laced waters to ravage Tokyo.
LMFAO
"2) Government debt increasing to 3 or 4 times GDP to pay for the clean up"
Clean up? The cover up may only cost 3-4xGDP.
touché
sushi,
Your comments on the implications of this have been spot-on from the beginning.
Unfortunately, you're still right.
see if asia
can bump gold
100 $ by dawn ...
long
fermented walrus flippers
Here's a way to have some fun. Try explaining to your friends and family that Asians have an impact on the price of AU. Then watch their eyes swirl in their head. After you have done that try to teach your cat how to play the cello. It will have about the same effect.
+ 1833.17
Break out the popcorn.
Okay, this is really fucking up my dollar cost averaging plan. Bought some two weeks ago and I'm not sure if I should buy some more now or wait this out and *hope* for a dip that may come AFTER gold blows past $2,000. Words of wisdom anyone?
This is precisely what dollar cost averaging is for.
what percentage of your total assets are in gold and other PMs? what is the ration between your assets and annual income?
about 5% right now. beside a little cash, my other assets are tied up in real estate, my small business and some agriculture-related stocks.
Hedge, by buying 1/2 of what you were planning to buy at this point in time. Good luck.
Bingo.. I was doing this with silver and it was a good plan..
but, my old man always told me to never doing anything 1/2 ass?
Well what is that plan? Don't try to game or time it, just stick to the plan. If it drops $50 off in intraday high, buy 1/4 oz. If it pulls back 2% for the week, buy a half. Save dry powder for when we get back to the 150MA and then fully reload.
buy land
before gold...
I don't even own a fucking car and I'm supposed to buy a farm or a back 40 somewhere? Maybe I could just buy a spaceship.
Troll, Buy silver instead. Last August silver was lagging gold.
It was at $18. It will catch up to gold again.
I concur. Just dipped my beek again today in fact.
dollar cost *averageing* means buying on a regular basis as one can afford, right? Is this a trick question...?
There are figures out there trying to estimate gold's final 'resting spot'. I hear $10k minimum, $80k maximum.
Personally, f*ck timing, exchange FRNs for gold, and pay off debt, as calmly and relentlessly as you can..
Dollar cost averaging means never having to say you're sorry.
Now see, thats the kind of quote you can expect me to remember (and shamelessly use again and as if it were my very own).......perphaps you would like to get something off your chest....., no?....LOL
Agreed - all except for paying off debt, which will certainly be easier in the near future
only if you make more money in the future. personally i'm not waiting for a raise to pay off my debt. get rid of it as fast as you can!
mbp, if you are in the camp of hyperinflation (which I am) then why would you pay off debt now? why not hang on to the debt, service it along the way, and pay off in hyperinflated fiats down the road. buy gold/silver now? that has been my dilemma for some time now. i personally only have debt on my home (mortgage) but it is a really small amount. think i'm gonna continue stacking the shiny heavy stuff instead of paying off this loan....
Bingo! I don't see why others don't see this option. I just bought a car for my wife, when they told me the rate was 2.75% I decided to take a loan for the whole amount. If they want to loan me money for 1/4% less than the " so called 3% rate of inflation" we all know it's higher than that, why would I want to pay off that debt? I feel like I locked those cocksuckers into a losing bet. If the whole place burns to the ground I'll tell them they can take the car if they're good at dodging lead or I'll be paying it back in dollars worth 10,20,30 cents on the dollars I borrowed. Save cash for the only thing it's good for, buying PM's!
Words of wisdom anyone?
1) Hope is not a strategy.
2) If you are allowing yourself to impose your view on your dollar-cost averaging plan, it's not a plan.
3) Focus on what your objective is in owning the gold. If it's an investment for which you are trying to extract the best risk-adjusted return, good luck in deciding what to do vis-a-vis cash or other options. BUT, if you are storing wealth and hedging your livelihood against the Big Reset, what you have in hand should take precedence over what you paid for it at X date in time.
My two cents...
Hope is not a strategy? What the fuck? My friends and family are going to be crushed.
I told people to buy Gold at $450, and again at $600 or so, and again at $1000. Most people think, "Oh, the price is too high!" or "It's a bubble, it'll come down". But they never buy on the dips, because by that time they thing it is going down further. So they don't buy. And it starts up, and they don't buy because they missed the "bottom".
If you want to buy some fucking gold. Buy some fucking gold. Don't bet the fucking ranch, just buy some fucking gold. And sit on it. If, after an appropriate period of time, it shows you a gain, that means you were right. Buy some more fucking gold. And sit. I'm talking the "physical". The paper, you speculate with. The physical is an investment!
Is that clear?
gh
I would love a 20 year chart of gold prices.
I have found a ten year and it is impressive.
Dan,
The 20 year is not so impressive. I was there learning to trade in the great bear markets of the 90's. Gold went down and down.... I remember one of my first trades. Buying at $327 and getting stopped out at $$319 or something like that. In retrospect that was near the bottom, but to a newbie in the futures market that was real money. It was a bear market for many years....
gh
http://www.kitco.com/charts/historicalgold.html
Thanks Plads, I am impressed! And I like the charts also.
1985 to 2011 chart is very intresting. looks like one of Chris Martensons Exponential charts,
is that a good thing?
Nvm, Plad covered it already
Oh, I forgot. You may be wrong! Get that? You may be wrong! This may be the top. Or it may be "a top". Do you get the difference?
But even if you are wrong you will learn something. And that is where the value lies.
Do you understand? You don't have to be right all of the time. You just have to be right sometimes. And learn from your mistakes, and don't bet the ranch on any idea. If you can do that, the world will be yours.
http://ghickeyblog.blogspot
I am not big yet, but I do have it figured out. Follow me on my humble blog. I won't give you BS. I will tell you my mistakes. And maybe we will all learn. It took me 15 years of searching for the "secret". And I found it. It is inside me. And it is inside you!
And that all sounded so hokey when I heard it 15 years ago..... But it is true.
gh
Oops! Internet Explorer could not find ghickeyblog.blogspot
I have people tell me that I will be in bad shape if the price goes down. Yes, these are the same people that vastly overpaid for real estate in the past 5 years.
I try to tell them that I only buy in proportion to our saved cash going up. Refer back to my comment about trying to teach your cat how to play the cello.
By golly I'm going to buy some fucking gold.
On the next dip?
GRRRRR...
gh
Man. Talk about a scary icon. That fuzzball always bothered me..and still does for some reason.
This will make you feel better...
http://www.youtube.com/watch?v=0qMsg8N4nis&feature=related
P.S. I was always freaked out by Boris & Natasha.
Your conundrum seems to be, thinking any amount of fiat (a dollar in your case) has more value than land, transportation, business activity or a gold coin even while its shelf life erodes.
Last time I looked, Gold is still cheaper than it was 31 years ago.
1/10 Toz Gold Eagles...around $220 right now.
I am sure Obama will be watching the CNBC ticker tomorrow morning from marthas vinyard and crying as the stock market loses another 500 points!
Just wait till gold crosses 1800 fiats. Eeer wait, that was 7 minutes ago. Dammit, I can't keep up anymore!
Defintiely picked the right week to start huffin' gold spray paint. Might start an arb on it, actually.
$1837, the shorts are going to be puking up blood all night long...
They may be puking all night, but they will be covering their shorts
in the morning. $2000 gold by end of August.
That's not necessarily true. If they blow their brains out or jump off the Brooklyn Bridge they won't have to worry about throwing up at all. Jump you f*ckers.
And the oil longs as well. Tomorrow will be quite interesting.
The rest of the year is going to be interesting, and 2012 too...
What happens at $1854/Toz? (Yo babe, dem yo lipz?)
Will be very interesting to see what the futures hold when I wake up tomorrow morning. I won't hold my breath because I've seen them seriously reverse course far too often in the overnight as of late.
And it's an options expiration day.
And now we sprinkle in a little extra volatility to taste.
I concur. Woke up to a Green Future not to long ago, quite irksome.
OT: OK, which of you philandering plagiarists took my account name and turned it into a domain name? Before I registered here I checked domain availability. heh Wot? Did you think I would try to start up some 1337 blog to find the domain name taken and I would pay your blackmail? HA I am far too lazy for such hyper activities.
Edit: http://hyperlazy.com/ WTH? Bennie's Stuff? LOL
Yeah, it is what it is I guess. If anything it just makes me more skeptical, which is a good and bad thing.
Ok, so everyone is now full aware a crisis looms. Yet, what, people think money will run into dollars? Tbills? Everyone is about to get caught on the wrong side of the trade, like always.
Who is this "everyone" of whom you speak? Most of the people I know wouldn't know that there is a financial crisis if it kicked them in the tits.
many don't care because it doesn't affect them.
Until they are selling blowjobs in Central Park at four bucks a mouthful.
Sorry- people with "investments". Of course, they just say Bernanke should print some more damn cash.
It's not what you don't know that'll get ya, it's what you know that just ain't so! Printin' mo cash is precisely the wrong medicine, which is why ALL the "easy money" users will demand that The Bernank go for it! Ya just cain't fix Stupid! But you know all this!
Don't worry. There is support below the Dow. At 10,000.
gh
When you take away the steroids, body always trembles.
Anyways, http://www.youtube.com/watch?v=F0FBi5Rv1ho
Thank you very much for the PG. Go see "The Musical Box":
http://themusicalbox.net/
:-)
The fraud apocalypse is upon us!
bonds feel like a short squeeze. i moved to notes. can't stand the volatility and the manipulation anymore, they are getting worse than stocks. at least they sold for a good price.
Dow/Gold 1:1 @ 8000
Just sayin.
Tyler - I can't synthesize multiple graphs at once. You gotta pic of oil priced in gold handy? I'm believing it to have a healthy slope these past 2 weeks.
I'm trying to find some, but my Google-fu is not working atm, mayhem. Old charts from 2008.
http://pricedingold.com/crude-oil/
Dropped in to pick up a bit more au today. Supplier couldn't come up with 3oz. First time in 8 years the cupboard was bare. Call monday was the best they could do. Took ag instead.
And these shortages are taking place when only "the nuts" are buying. What is going to happen if/when this goes mainstream?