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Silver Catching Gold's Cold?
Silver is now down around 6% on the week as it reverts back in line with Gold's recent weakness. Whether this is broad asset/collateral liquidation from AAPL holders or a reaction to the liquidity spigot being turned off is unclear but while we need 'weakness' in equities before the next printfest begins, its inevitability suggests buy-the-dip in PMs may be the play once again. Meanwhile, WTI just lost $105 as the Brent-WTI spread holds around $17 (upper end of recent range) as the USD pushes higher.
Chart: Bloomberg
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All paper is sick, what is your fucking point? Get physical and have the opportunity to be your own bank.
I'm still waiting for my PM dealers here in Europe to adjust to the low paper price... they really hesitate!
Thank you, may I have another!
Total massacre for goldbugs and silverbugs. Meanwhile treasuries are rallying superbly with the 10 year back below 2%! It's quite amusing to me that silly libertarians still can't seem to grasp that US treasuries are the only true safe-haven, despite their 20 year track record.
Treasuries, not to be confused with 'treasure' (Gold & Silver) burn and are debased just as easily as any other fiat paper.
Every three months TPTB hammer has come out for the last year this is not by accident but by design.
Anyone who thinks this is normal free market activity is a dick! What the fuck gives them the right to manipulate the only store of value we have left!
Jim Sinclair said in 2003 gold would trade at 1650 in January 2011. He was off by six months. They can slam it temporarily but in the end it will go where it has to go. ALf's numbers!
JS is a pimp. That said, buy PMs, bitchez!
A pimp is a man who makes money from pussy. He must be a genius.
Benny is the real Mack Daddy.
Amazing what you can do with a little QE hot-cash....it's the first government program that has ever done me any good. Thanks Benny!
rut roh, gonna be a LOT of pissed off silverbugz bagholders who bought into the rah rah in the runup toward 38. Nothing like a nice immediate 20% smackdown to people's life's savings
I assume that you lump in the masses with day traders who have to swallow the post-pump 20% going-limp salty loss and then must move into something else hoping to ride the stiffening rise?
...OK, I'm using a metaphore that I am no longer comfortable with..., but the idea is that these people who bought into Silver are not day-traders here on ZH; they've taken delivery and expect it to go to the value of: "it will buy me much greater than 2 10Kg bags of rice/flour" in the mid-term future.
I suppose if you wanna talk day-tradersese and "my l337 technical anal-izing skillz are longer than yourz, son!" then shoot your wad about how your triple-leveraged premium option contract puts with fixed term drop-off kickers for a left-right 10 bagger then who are we to say boo?
I just wish Singapore would hurry up with their newly propoed legislation to remove the 7% GST on all precious metals (yes, that includes Au,Ag,Pt,Pd and one could make good cases for Rh, Ir, and Os provided they are >99.95% pure and in coin/wafer/bar form) in their 2012 budge speach... that Mr. Lee... he's one smart cookie, like him or love him, but it's amazing what a benevolent dictator can get done when he actually cares about the result for his childeren (and their childeren, etc.).
/meh
yes all those silver bugz surely rushed in at 37 leveraged up as always!
Look at the chart - silver outperforming to the upside and doing the same to the down...I know which metal I prefer!
yes all those silver bugz surely rushed in at 37 leveraged up as always!
Look at the chart - silver outperforming to the upside and doing the same to the down...I know which metal I prefer!
how is he a pimp? Explain
I meant in a good way. He is pimping the fiat ponzi, how"s that.
Actually, they are manipulating how many piees of paper you receive for your PMs. In no way can they manipulate the true value of the metals. For instance, my silver quarter from 1964 will still buy a gallon of gas, just as it did back in the day. When they manipulate the paper,...its the perfect opportunity to rid yourselfof the paper that is ultimately doomed. Thats how I try to think of it. fwiw
edited to make it more readable
Well said Farley. Simple, concise, and an example to boot. You should be an FX trader./teacher.
the truth is that there is speculative froth in both gold and silver. When price moves one way, people chase it and it overshoots.
It's true of everything these days.
No....it's a direct correlation to the national debt.
and what has gold's value done over the same "10 year" period? You are slipping idiot. It still amuses me that people are stupid enough to pay in order loan the government money. If Gold goes below $400, I will have broken even. MDB, you truly are one entertaining fucknut.
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.
This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.
Alan Greenspan, 1966 Gold and Economic Freedom
No the massacre is on your 401k and savings ..
McDB, you are a govt troll.
Go fuck yourself.
I'm convinced that that MDB is just doing this to infuriate ZHers. He does not really advocate what he's writing.
No, he is serious and I suspect he is in some Ph.D. program in eCONomics or a government troll. Go ahead, press him for an "intelligent conversation" on economics. He will contradict himself in three posts or less. I made this mistake once. The negative arrows on only my comments would seem to confirm the obvious. only other obvious conclusion is that he is a useless tool generating volume. Speaking of which, anyone seem/heard from robo trader? haven't had a rear-view prediction in a while.
he got tangled up in his leotards after yoga class...
I think after every comment left by MDB he intentionally forgets to leave off /sarc....
no; he's not serious. He is using very dry sarcasm. I find him highly amusing especially the way he makes ZH "freethinker" monkeys dance and bang cymbals.
LOL, I have to turn my computer speakers down, the cymbals are so loud after an MDB post...
http://www.zerohedge.com/users/robottrader
Access Denied
Of course. He and the other trolls are here to generate comment volume. You need to have pretty good command of the info in order to create such outlandish, alternative views. RoboTrader is the same.
Fairly sure some of them are just the Tylers stirring the pot. RobotTrader gets banned/unbanned at least once a month.
Deleted because it spoiled the fun
I'm convinced that that MDB is just doing this to infuriate ZHers. He does not really advocate what he's writing.
I am convinced he's a Guv shill. Agent provocateur.
LMFAO!... Just this morning I was thinking how I missed MDB: haven't seen you in a while, and frankly, nobody does it better.
What's with all of these negatives? I think folks around here have lost their sense of humor...
Keep up the good work MDB. Comedy Central is on the line.
Are you kidding me?? I hope Silver goes way down even furthur so I can buy buy buy. When T's crash they are gonna crash HARD and at that same time Silver is going to go to ininity and beyond.
"silly libertarians still can't seem to grasp that US treasuries are the only true safe-haven, despite their 20 year track record."
I'm either silly or blind, but compared to gold's 6000 years track record as a store of value, indeed, I confess that on the pages of History, I can't even notice an asset whose track record is 99,5% shorter.
HAHAHAHAHAHAHAHAHAHAHAHAHAH ^n
... US treasuries are the only true safe-haven, despite their 20 year track record.
Safe haven? After USD (and treasuries and any other USD-based asset) has lost 40% of its value in just the last 4 years? That's a safe haven?
When Dow hits 16,000 and treasury yeild is sub 1% and USDX is 80, you'll be here gloating no doubt.
When USD collapses on world markets very next day, what will you say then?
Yes, that's how it'll happen. Suddenly. Overnight.
there's this new fund that's going to be launched soon fully backed by bullion which is going to attracked the investors and push the paper comex price down. And than there's a expectation of a price explosion on the physical.
So I hope the paper now really goes down on the comex and there will be deal on the physical for that moment.
Just put 7K on my visa to buy on the cheap :) below 30 would be great!
Sudden Debt,
there's this new fund that's going to be launched soon fully backed by bullion which is going to attracked the investors and push the paper comex price down. And than there's a expectation of a price explosion on the physical.
This is not the Hong Kong one is it?,It got smashed by an INTERVENTION, and why Au ,Aug is down.
31 tons sold ,never changed hands, and brought the Hong Kong launch down.(American/Chinese heavyweights did it).
BUT, there is a new one forming there, that will not be able to be manipulated, and the Comex will be SOL when it comes online.
Beta $VIX is how you hedge paper tigers until the market collapse in on itself (Central Banks are running out of ammo to contain tail risks) --short term trading only, less ETF rebalancing wipe out your gains.
Ill be covering my short delta under 30. For now letting it ride. GO JPM! GO!
love the bomb
The point is paper trades directly affect the physical price, and silver/gold aren't going anywhere fast despite all the hooplah.
The real point is ... the price only matters if you are actually buying/selling that day.
If you have physical, it doesn't matter a bit.
Anyone who buys and sells physical PM's on a daily basis trying to make money is not very smart.
I don't know anyone who has possession of physical that is looking at it with that kind of short term outlook.
The ones I talk to say it's for their retirement. They are taking control of their own financial futures.
It's merely a sneeze.
BTFD!
The money printers can't allow Greece to default. The last thing they want is to cause the domino of debt to start bringing down the world's largest nations and to lose control of the printing press. Come March 20, Greece will make it's payment and silver will be recovering.
TheSilverJournal.com
WARNING: Buy the 'dips' may be only for the 'Dips'... caveat emptor!
just a temporary move, the silver/gold ratio is trending up in my opinion
http://stockcharts.com/h-sc/ui?s=$SILVER:$GOLD&p=W&yr=1&mn=0&dy=0&id=p59316421365
Excuse me for self promotion, but this chart :
http://www.tfmetalsreport.com/comment/132799#comment-132799
is unbelievably accurate during the late peak un current silver selloff (see the little triangle peak around March 1st, green chart) and its source chart (longterm silver prediction chart where I copy it from):
http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&st=0&sk=t&sd=a&start=680#p34623
was made on October 17th, 2011. The older one, from March 13th, 2011 (red chart) does not look bad either. Interesting to see how close it will be to spot price on its yearly anniversary on March 13th, 2012.
All prediction charts can be found here: http://www.tfmetalsreport.com/forum/2814/ivars-charts
Gonna spam every fucking thread with this shit?
Good stuff ivars, thanks for sharing.
Wow one post okay but this is the third Ivars. Somebody is proud of themselves. My guess is you didn't trade it so need some satisfaction.
Well, aren't you snide! He has always been clear he doesn't trade. He states quite clearly he is learning. He always humbly asks for feedback so he can learn some more. You can't gainsay the accurate prediction he made last year on silver's price. Where's your prediction chart?
Linking to a site that refers to readers as pieces of shit should always be junked.
Look a little deeper!
It's a sale! Monster boxes of eagles are more than $800 cheaper than just a couple of days ago. "They" say we should be good consumers...
We better hurry
Fuck them monster boxes, give me a time and I will have 500 to trade in for one.
We will probable get a major shitstorm when Greece defaults, gold and silver will get dragged down just like '08. After the storm the genie is out of the bottle.
Up up and awaaaay.
Who can say exactly what will happen in these 'markets'. What we know is that these bitchez hate Silver and Gold prices rising. I've long ago distanced myself from day trading these two metals. The cocksuckers over at the CFTC are at best incompetent and at worst complicit in the ongoing fraud. Any word AT ALL on your stupid 4 year long investigation into Silver manipulation CFTC? I know Bart Chilton has at least raised the issue a few times publically. I'm beginning to wonder if he too is just another paid off 'regulator' who has no interest in taking down the criminal enterprises runing the show.
Time for a little knife work.
Close in, yes.
Then it's bacon time.
"The cocksuckers over at the CFTC are at best incompetent and at worst complicit..."
Both?
Uh huh.....no one is selling physical here, they're selling more paper. gold Silver and AAPL are falling down a cliff.
@ancona--youre quite likely right, but that doesnt mean much when the world pricing standard for metals is based on paper contracts being traded back and forth. untill the entire scheme comes crashing down, and an alt-market scenario comes into play, the value of your physical is worth whatever the paper contract is trading at. and ben will not print this year, the ecb just blew its load for a while, you can expect lower prices in dollars at least till the end of the year. look where gold peaked, just after ben closed out qe2. and it hasnt been back near the highs of 1900 since. without the qe crutch, pms will be down the rest of the year.....
Fondling just got a lot cheaper.....thankyou..
Please stop playing the paper market. Buy physical; gold and silver will never break out of paper manipulation until we take the physical out of the market.
Right on schedule the deflationary event begins. Pardon, must run out to pick up some paper and await the "Saviour's" return. Perhaps stand in line to adorn his throne with worthless metals. Breathless! Priceless!!!
The impersonation of the "crooked" Clinton finger comes........"They did it!!!....but ......I......will save you!"
lol, based on the word of a central banker who is secretly pumping QE in the background.
Hurry up with your bulls**t, naked short sellers.
Let's hope that it crashes through the floor which would mean the entire market takes a dump. Then we can get back to true price discovery versus tulip speculation
I bought 300 oz in '08 @ $20 and saw it fall to $13 in days. Was feeling pretty stupid then, how ya gonna feel in 2016?
Good Lord let it fall to $13 bucks. I'd back the fucking truck up.
You'll probably have to wait for 6-12 months to take delivery.
Which is why I just buy every month and don't worry about it.
My coin shop was bought dry at $26/oz.
Bought dry or refused to sell any lower? I know of more than one person complaining of the latter...
There's no way to actually know. I settled for one of their Zimbabwean trillion dollar notes for shits and giggles, and a 1 pound silver eagle, the only silver left.
I know my old geezer coinshop guy has become alot more attuned to the current spot, and wouldn't be surprised if he stashes some stock in the back during the bigger dips. Makes me long for the good ol' days back in 2007-early 2008, when I was buying eagles @$11 for $1 over spot.
That is, buying eagles before that unfortunate deep sea boating mishap in 2010. Or was it 2009? It was pretty stressful r so I tend to block it out.
Dizzy S, we are brothers. my wife gave me 3 kinds of s..t when it fell in '08. She thinks I'm much smarter these days! If your not holding it you don't have it. The paper is just that, paper.
As Jim Sinclair said, it's feeling like my hair's on fire.
Just bought more 2012 Canadian Mint Silver Moose coins, I really like them. Thank you very much cartel.
On fire like my neighbor's Volt.
SO HE'S THE ONE WHO BOUGHT THAT CAR!!
An alternative to foreclosure or a short sale....
I ordered a hoard of physical silver last night and today the naked silver shorts work their evil - go figure.
Fade this man, just pickup on the way down, not on the way up and you won't regret it. Watching intradays on this shit is pointless (in my opinion) unless you're a trader. I'm an investor. I just continue to accumulate at decent pullbacks. I will continue to do so, and I will continue to not give a fuck when the nominal price in measured in currency drops... for now.
The day of reckoning will come, not going to give time predictions, but it will and you'll be happy you held out.
I can't remember who the trader was, but there's a saying and it basically goes he's lost millions thinking... but it was his sitting (on positions) that made him rich, never his thinking. Just sit tight and let the game play out.
Jesse Livermore?
that's who I would have said
Fuck the fucking fuckers.
I hate those PIG fucks.
paper is a ponzi and manipulated, won't be long Banksters. I got on at $17 and been buying the dips. I can hold mine, how is that paper working for ya'll, only physical Cu, Pb, Ag and Au bitchezz!!
Both Silver and Gold are sufferring from a Global slowdown, Watch for China's reports tomorrow, however, everyone knows that all these figures are manipulated and controlled. The powers that control the money system, do not wish to see US$ 2,000.00 gold per ounce and US$ 50.00 silver. Hence why the smack down, which was so obviously coming after such a strong start to the year. Marc Faber has mentioned this could go into a 40% correction, so get ready to buy your physical when gold hits its bottom support at US$ 1,480.00 and silver US$ 27.50, as for the years to come, the maniuplation will only cause more extreme voltaile markets, which will not stop the rise of both gold and silver.
Those that dont wish to see think too small.
Consider 8K Gold and 300 Silver years from now as industry and medicine grinds through it.
It is said that only about 1 billion ounces of silver bullion is available worldwide. That works out to be $32.7 billion worth now. Oil sales a day are $10 billion a day.
It's hard to believe that silver which has been considered money for most of human history is so cheap given the money sloshing around in this world. US debt and unfunded liabilities increase by $20 billion a day - enough to buy 60% of all the silver bullion just today. That is just US debt and unfunded liabilities. World's debt and liabilities growth everyday can easily buy all the silver bullion in the world every day.
Silver, real money, gets hammered regularly while fiat money grows at exponential rates.
Something is rotten in Denmark.
If silver drops to $25 or below, Im going to pile in with everything I've got.
Euro is crashing. Strong Dollar = Weak Gold.
The Bernak will step in to kill any Dollar strength this summer, so keep stacking.
Woke up, saw the PM crash...so I ordered up some more silver eagles. BTFD
I wanted to buy silver after the Lehman crash. I couldn't buy physical due to logistical problems so ended up buying gold instead. After that I missed a few opportunities to buy. I think that for anyone looking to buy, there is potentially only one more opportunity left and then the metal will be out into the stratosphere. That opportunity may be fast approaching. Another liquidation due to some event is all you need.
Once the sheep wake up to what is happening to the paper currency, its game over.
This is the same mantra that I've heard since 2010 though. "Last chance to buy" then it hit $27, "last chance to buy!" Then it hit $26. This is not the last chance to buy, there will be many, many chances to buy. Just buy on the lows and save up cash for the next big dip and be patient.
Anything below $29-$30 though is a buy in my opinion. Hell, I bought some a few weeks back at $34 because I wanted some more. I didn't cash out everything I had, but I bought a good sized amount. Wil it hit $25? Will it hit $20? Will it hit $15? Whatever. I have plenty of cash to go all in if that happens, if not, I've accumulated more and at the end of the day that's what will matter, not necessarily if your entry was $1 cheaper than mine or not and besides there's a lot of people here who have been buying for a much longer time than the past year or two.
All up to the investor.
Sprott's latest interview (KWN) revealed he was in total disbalief that gold, and especially silver, took another hit. His words were more measured as he spouted that manipulation could go on for a long, long time. Since liquidity is being pumped into equities, he's actually promoting his silver equity fund now. Until fiat completely crashes, and we are nowhere near that now, gold and silver will continue getting punched as the face and underperform. They allowed the metals to walk up, now they aren't. Simple.
Well... gold's outperformed the last 11 years so. We'll see what it does this year in about 9 more months.
I have to disagree with the anti paper bugs today.
Cash, USA cash, the only real cash in a crises, will be king for a few days at least.
Caution is warranted, but i am a long term cautious silver and gold bull in moderate amounts.
I bought in October and I've been sitting on cash since.
think i,ll skip the mortgage payment this month . Looks like a good time to buy.
eek! I'm getting fucked today by this... totally undressed
Unless you have to sell TODAY, what's the problem?
Losing all the gain I had made and not feeling as clever as I thought I was?
Leverage?
Quit whining, sit tight and grow a great big testosterone filled hairy set of nuts, fer chrissake ! Otherwise, you are currently top pick in the new Survivor Financial series as Most Likely To Be Bernanke's Bitch ! Jesus H Christ on a crutch, you are playing right into their hands otherwise, turning yourself into a fucking manipulated "buy high, sell low, never gonna invest in safe currency ever again" paper ponzi windmill. GET A GRIP, MAN, OR I WILL CLIMB RIGHT OUT OF YOUR COMPUTER MONITOR, AND SLAP SOME SENSE INTO YOU ! SNAP OUT OF IT, MAN !
Right on Silvergeddon. This is all about who has the cojones to sit tight and be right. Trying to outguess this bankster plaything
will only lead to disaster.
I sat tight. I'm still in. I'm not quitting.
Appreciate the encouragement.
This is the D in Buy the Fucking Dip, bitchez.
I love a sale. I don't do dept. store sales. But this is a sale I cannot pass up. Miners too.
Gold's weakness? Dan, if you had da boyz tune you up as badly as they've hit up gold since it was all set to go stratospheric early last week, you'd show "weakness" too.
You know, like you just did here in this PoS. You need to stop trying to play it both ways on gold and silver dude. The time is growing late for such silliness and many of us are growing weary of your lame-ass coverage of the PM space. You talk out of both sides of your mouth, it's obvious and ongoing.
Recently the excellent Andy Hoffman of Miles Franklin has rightly been nailing ZH on this too cute by half pm bs you're pulling. You need to think about this and decide who and what you're going to be. And then stick with that. We're not stupid bro and we ready you every day.
Here's an excerpt from Bill Murphy of GATA on how this... ahem... "weakness" ever came into being.... Have you really not seen any of these pieces Dan? If you haven't, why not? If you have, why put out this mealy-mouthed piece? Better wise up bro, you could lose people's respect and confidence from here...
On Wednesday in the space of minutes, gold fell by 5% and silver by 6.4% on the COMEX. A growing chorus of managers and market analysts are suggesting the market pummelling was more than just volatility:
KWN_DailyWeb/Entries/2012/3/1_
Caesar_Bryan__Yesterdays_Gold_Selling_Raises_Serious_Red_Flags.html
Entries/2012/3/1_Billionaire_Hugo_Salinas_Price_-_Central_Banks_Smashed_Gold.html
ses-gold-silver-manipulation-on-the-keiser-report/
worldnews/KWN_DailyWeb/Entries/2012/2/29_Emb
ry_-_Gold_%26_Silver_Smash_Tempor
ary%2C_Oil_to_Super-Spike.html
Indeed a common theme among all these reports is that a single seller hit the market without regard to getting the best possible price. Fortunately whether the selling was a deliberate attempt to influence the market or not, we needn't fear. The Dodd-Frank legislation enacted last year is designed to enable regulators to prosecute reckless behaviour regardless of intent. One would therefore expect the controversial legislation to trigger sufficient grounds to investigate Wednesday's chaos. Of course any CFTC comments regarding their intentions would be most welcomed by the public.
As to the possible identity of the alleged seller, the Bank of International Settlements is so far the one of the select few entities to lay claim to precious metals market manipulation: http://comexwehaveaproblem.blogspot.com.au/2012/02/bis-adv
ertises-gold-market-intervention.html. However to corroborate such claims and give a clue as to how such gold and silver operations may be affected, the Bank of Japan was reported by the Wall St Journal on Feb 7th to have revealed it has engaged commercial entities to assist with secret currency interventions. It does not require a large leap of imagination therefore to wonder if central bankers may have found the occasion of Wednesday's appearance before the House Committee and Speech by their most prominent member, a tempting occasion to intervene in the gold and silver markets via the commercial banks.
Now my hypothetical question to the regulators is this: If the CFTC investigated such an occasion as Wednesday's gold and silver smash as they should, and found a commercial entity 'intervening' recklessly in the gold and/or silver market at the behest of a central bank, would that entity share the same immunity from prosecution as its central bank sponsor and if so, what oversight measures may there be to ensure the bank involved was not tempted to trade its own account for illegitimate profit as it carried out its sanctioned government business?
http://comexwehaveaproblem.blogspot.com.au/2012/03/thursda
ys-intervention-too-big-to-spoil.html
This is a retard echo chamber if there ever was one. Do any of you ever stop to wonder whether this non-stop gold bug circle jerk is leading you down the same worn path of millions of suckers before you?
Um, not really. More often we wonder if your head up your ass is a permanent condition.
Shine on paper 'tard, shine on...
We may very well be looking at the first hint of seperation of the physical and paper PMs markets...
I reckon this is JPM covering their naked shorts, because the new PAGE will be online soon and they are gonna get toasted. Price discovery.
Don't forget JPM got their physical position in order by stealing the MF Global stash.
So once they've cleared their shorts, they are ready for the moon shoot. JMHO
Best watch:
http://www.youtube.com/watch?feature=player_embedded&v=Ct8jWZVCH0I
Thanks SGT
http://www.tfmetalsreport.com/podcast/3468/tfmr-podcast-14-ned-naylor-le...
Thanks Turd
http://kingworldnews.com/kingworldnews/Broadcast/Entries/2012/3/2_Andrew...
Thanks Eric
Got physical?
Uh, PAGE was killed with the 2/29 takedown. New plan in the works...
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/3/2_Whi...
"Ranting" Andy joins us again this week to reassure you the Leap Day violation on gold and silver was as blatant of an attack as you could possible see in the paper markets. Andy reiterates that short term charts are meaningless, and he explains what we're seeing today is simply follow-through operation. The 200-day moving average of the precious metals, gold and silver, has been very consistent over the past eleven years; these are commodities that have rarely been under their 200-day moving average. Effectively, Da Boyz are not only painting the charts, they are trying to take your money! They are manipulating the charts to make the market look like its behaving in a way that it's really not. The long term chart patterns speak for themselves!
The real target is Oil. They are talking about what I predicted before: releasing reserves and investigating oil trades. Oba*a need Dow afloat not oil price. They shall start from Morgan Stanley.
I should have just bought Greek bonds instead...1006% yield on a one year bond...Now how could gold or silver beat that?
More on precious metals "weakness". Eat up paper 'tards...
http://comexwehaveaproblem.blogspot.com.au/2012/03/thursdays-intervention-too-big-to-spoil.html
Wednesday's Intervention - Too Big To Spoil? This is what a 6.5% fall in silver looks like.. http://1.bp.blogspot.com/--OJpHqEC9pg/T1Ii4E2RboI/AAAAAAAAAB4/dKhTzoQkPiU/s1600/silverintra.JPGOn Wednesday in the space of minutes, gold fell by 5% and silver by 6.4% on the COMEX. A growing chorus of managers and market analysts are suggesting the market pummelling was more than just volatility:
- Spokesman for CIBC World Markets: http://www.goldalert.com/2012/02/large-seller-in-the-market-as-comex-gold-hits-1708/
- Caesar Bryan, 25 year veteran Gabelli Gold Fund manager: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/3/1_Caesar_Bryan__Yesterdays_Gold_Selling_Raises_Serious_Red_Flags.html
- Hugo Salinas Price, president of the Mexican Civic Association for Silver: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/3/1_Billionaire_Hugo_Salinas_Price_-_Central_Banks_Smashed_Gold.html
- Ross Norman, Sharps Pixley, London: http://www.sharpspixley.com/comment/gold-fall-creates-a-fantastic-window-of-opportunity-for-potential-buyers/108251
- William O’Neill, a partner at Logic Advisors in Upper Saddle River, New Jersey on Bloomberg: http://www.bloomberg.com/news/2012-02-29/gold-falls-most-this-year-as-bernanke-gives-no-signal-of-any-new-stimulus.html "and it almost seemed as if Bernanke was trying to take the steam out of the commodity market.”
- JS Kim, http://www.theundergroundinvestor.com/2012/03/smartknowledgeu-discusses-gold-silver-manipulation-on-the-keiser-report/
- Single 31 tonne sale on the CME: http://www.zerohedge.com/news/asia-buys-gold-after-massive-single-trade-sell-during-bernanke’s-testimony
- Sprott Asset Management's John Embry: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/2/29_Embry_-_Gold_%26_Silver_Smash_Temporary%2C_Oil_to_Super-Spike.html
- Jim Sinclair described it as an Intervention: http://www.jsmineset.com/2012/02/29/todays-window-dressing-fall-in-gold/
- What reason to liquidate a big position?: http://jessescrossroadscafe.blogspot.com.au/2012/03/single-large-seller-smashed-gold-market.html
- Resource Investor: "no reason to justify massive selloff": http://www.blogger.com/goog_154617741resourceinvestor.com/2012/03/01/plunge-called-temporary-smash-paper-fiasco?ref=hp
- 225,000,000oz dumped in minutes?: http://jessescrossroadscafe.blogspot.com.au/2012/02/today-is-first-notice-day-for-silver.html
- Fascinating charts of the event: http://www.321gold.com/editorials/nichols/nichols030212.html
- Gold fell more than $60 in minutes and can be manipulated on COMEX by big forward paper sales: http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=146665&sn=Detail&pid=110649
- Plunge in gold was entirely a manipulation of the paper futures: http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2012/3/3_Egon_von_Greyerz.html
- Manipulation plain and simple: http://www.kitco.com/ind/Bevan/20120305.html
- Thirty-one tonne sell order: http://www.moneyweb.co.za/mw/view/mw/en/page292523?oid=563406&sn=2009+Detail
- Who sold millions of ounces of silver?: http://www.youtube.com/watch?v=YU_a5VHU3Lc&feature=player_embedded
- James Turk - Intervention out of desperation: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/3/5_Turk_-_Central_Banks_Intervened_in_Gold_Out_of_Desperation.html
- Andrew McGuire, silver whistleblower - massive paper contracts hitting the market on no real news: http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2012/3/2_Andrew_Maguire.html
Indeed a common theme among all these reports is that a single seller sold massive amounts of futures into the market without regard to getting the best possible price. Fortunately whether the selling was a deliberate attempt to influence the market or not, we needn't fear. The Dodd-Frank legislation enacted last year is designed to enable regulators to prosecute reckless behaviour regardless of intent. One would therefore expect the controversial legislation to trigger sufficient grounds to investigate Wednesday's chaos. Of course any CFTC comments regarding their intentions would be most welcomed by the public.As to the possible identity of the alleged seller, the Bank of International Settlements is so far the one of the select few entities to lay claim to being the mastermind behind precious metals market manipulation: http://comexwehaveaproblem.blogspot.com.au/2012/02/bis-advertises-gold-market-intervention.html. However to corroborate such claims and give a clue as to how such gold and silver operations may be affected, the Bank of Japan was reported by the Wall St Journal on Feb 7th to have revealed it has engaged commercial entities to assist with secret currency interventions. It does not require a large leap of the imagination therefore to wonder if central bankers may have found the occasion of Wednesday's appearance before the House Committee and Speech by their most prominent member, a tempting occasion to intervene in the gold and silver markets via the commercial banks. Now my hypothetical question to the regulators is this: If the CFTC investigated such an occasion as Wednesday's gold and silver smash as they should, and found a commercial entity 'intervening' recklessly in the gold and/or silver market at the behest of a central bank, would that entity share the same immunity from prosecution as its central bank sponsor and if so, what oversight measures may there be to ensure the bank involved was not tempted to trade its own account for illegitimate profit as it carried out its sanctioned government business?
Maybe Willie is right? – ONE GOLD EVENT, THE BIG SQUEEZE
CFTC inaction jeopardizes position limit enactment
Ironically, the inability of the CFTC to bring a conclusion or prosecution in a three and a half year long investigation into silver market manipulation allegations, may be putting at risk Dodd-Frank legislation designed to prevent the very same manipulation.
According to a Bloomberg report, Judge Robert Wilkins, who will announce 'quickly' on whether banks such as Barclays Plc and JPMorgan Chase & Co are allowed to put the new CFTC position limit rule on hold, has publicly stated he is "skeptical" about the authority of the US Congress to mandate position limits.
The story goes like this: The International Swaps and Derivatives Association and the Securities Industry and Financial Markets Association have jointly asked the courts to put the CFTC position limit rule on hold on the basis of their claim it will be overturned by a legal challenge. The groups main point is that the CFTC never studied whether the regulation was “necessary and appropriate” or quantified the costs tied to implementing the rule. Court actions filed by the two groups, backed by banks such as Barclays Plc and JPMorgan Chase & Co challenges legislation specifically designed to prevent commodities traders amassing large positions with the intent of moving markets.
The concentrated short positions at the centre of a silver market manipulation lawsuit against JP Morgan are the very same that JPMorgan now brazenly ask Judge Robert Wilkins to allow them to continue amassing. Filings claim that JP Morgan built outlandishly large short positions in the metal between March 2008 and October 2010 expressly with the purpose of moving the market to the downside. According to a consolidated class action dated 12th September 2011, JPMorgan regularly held 24-30% of the open interest in all COMEX silver futures short contracts then trading, and sometimes held 30-40% of the short open interest in the important COMEX silver futures contracts expiring in the "front" months during the "class" period. Veteran silver market analyst Ted Butler, has run a successful 25 year campaign to convince the CFTC that concentrated short positions in the silver market are enabling manipulation, and the new Dodd-Frank rules conceived to prevent excessive speculation in commodities markets have also included new smaller proposed position limits, it seems to satisfy those who agree there has been manipulation or danger of manipulation in markets. The proposed new rules at risk under Judge Robert Wilkins, will only allow a single market participant to hold 10% of the first 25,000 contracts and an additional 2.5% of all contracts afterward in no-spot-month futures contracts. While in spot-month limits, which apply to the period immediately preceding contract expiration and physical delivery of the commodity, there will be no change to the limit of 25% of "deliverable supply."
CFTC Commissioner Bart Chilton has publicly stated on a number of occasions that he believes attempts have been made to manipulate the silver market silver market. At an October 2010 hearing, he said: “There have been fraudulent efforts to persuade and deviously control that price". In Nov 2011, Chilton told King World News he thought there was manipulation in the silver market. And in January 2012 he told James Puplava he thought "concentrated positions have the ability to manipulate markets", and "that it would appear the silver markets have been manipulated". Unfortunately such comments by the Commissioner are no substitute for CFTC findings. A definitive outcome in the three and a half year long CFTC silver investigation would it seems lend support to the CFTC push for position limits, however one may be forgiven for being skeptical at the commitment of the CFTC to enact position limits while the regulator remains double-minded on the matter. Unfortunately also for those hoping to see a silver market not dominated by one large bank, the CFTC's marathon silver investigation now in its fourth year, has yet come to no conclusion, nor has any timetable been announced for it's finalization.
Yes, welcome to the asylum.
Gold has no intrinsic value.
The core/fundamental dynamic is deflationary. That means types of money more complicated than cash will vaporize and vanish. They want to. Imagine water in outer space- it boils and disappears at temperatures approaching absolute zero. That's what wants to happen in this economy. Greece, Spain, derivatives, etc- they all want to boil away and disappear.
A Greek default and subsequent rampant contagion will be too deep and too powerful to be counteracted by printing presses. When it all happens, watch gold plummet in price to arounf 100/oz, or lower.
Better yet, let's all pile on Ron Paul's gold standard, and experience the choking sensations that accompany a deflationary dynamic. if Ron paul has his way, dollar issuance will be limited by gold reserves- watch gold prices plummet as paper shrinks.
Why have we not seen gold climbing to 2000-10,000 oz ? Because the most rampant QE regime cannot keep pace with the defaltionary threat. Every time oil spikes, it is a sign a deflationary leviathon lurks right under the surface.
Imagine that the greeks implode just about the same time that Israel attacks Iran. Bye bye gold prices. Gold will sink to 35/oz. If you have a dollar bill when that happens, you'll be much much better off than if you have gold. In that day, a dollar bill will be worth more than its weight in gold- it will be worth 7/10's of a gram of gold, and it weighs about 1/20th of a gram.
Dream on suckers! I'm putting my CASH under the mattress.
Troll Alert...
mess nonster
Agree there will be a fall, but, sooner or later the PAPER printed will create a Hyper Inflationary event.
And your idiotic statement about Au having no intrinisc value is horseshit...................6000 yrs of history proves it.
The smart man, diversifies......................hold some of both.
Your case assumes NOTHING but a Delflationary event.WHO in their right mind is going to want to accept fiat paper with trillions in obligations towards it?.
I suppose the CB's and Soverigns are loading up on Au are doing so,so they can lose their collective asses?.
Gold troll pumper alert
Oh wait where are they???
Shivering in the corner cause they got bent over by Abigail for the umteenth time. Like I said last week, you fucking gold pumper trolls should be round up and shot.
Joe sixpack reads your pump and goes out to buy silver at 37 and gets crushed yet again.
Have you pricks no shame
And you Sir, are a complete fucking douchebag.
Joe 6 pack does not read zero hedge. Joe six pack does not buy silver or gold. Joe six pack is too busy watching the real pumper shills on CNBC and Bloomberg.
fuu
Joe 6 pack does not read zero hedge. Joe six pack does not buy silver or gold. Joe six pack is too busy watching the real pumper shills on CNBC and Bloomberg.
fuu,
J6P knows no better...........................he is clueless at the magnitude,and shitstorm about to hit HIS place.
Agreed. Meanwhile the sock hydra sprouts new heads that claim paper is where it's at.
Joe sixpack read comments like yours at $20, then watched it crash, though "boy, I'm sure glad I didn't buy", then missed out on the rest of the bull run, and had their 401K confiscated.
Yeah, nice moral high ground there.
GOLD LONGS PLEASE BE CAREFUL.
Originally posted Feb 16, 2011
http://stockmarket618.wordpress.com
“When DOW/S&P500 correction gathers momentum I expect:
UP ~ USD, various USDXXX currencies, VIX Index
DOWN ~ EURUSD, AUDUSD, NZDUSD, GOLD & SILVER, Base metals like COPPER etc, CRUDE OIL”
so true Trav, To be fair to the pumper drones, I guess I shouldn't rag on the pumpers so much
Gold/silver will go down with the stockmarket. All of it is held up by the Bernake. There is no winning, but those holding gold will be better off at the very end of this cycle, whenever that is. End of story.
reserve currency status, bitchez.
take this opportunity and trade your bennybux for more metal.
i've been waiting since i got my bonus and tax returns to maximize my order.
silver is stupit
Hi RNR.
Paper sucks, you Wall Street fucks! I'll see you vampires in the sun, with my loaded silver gun. Yer goin' down in flames, from Lower Manhattan to the Thames. Your paper is I know not where, I'd rather shit my underwear! For, be there bull, or be there bear, silver is the suit I wear! (With gratitude, and apologies to Dr. Seuss.)
The only paper I own is the stuff I wipe my ass with. Market paper is worthless, because I cannot do a good job of wiping my ass with it. Gold was worth $28.00 an ounce when I was a kid. Silver was worth whatever was printed on the coin you spent. Any one think those days are coming back? All of the lying bum fucking aristocracy of the Age Of Paper Power can burn in their paper suits soonest. I won't even bother pissing on them to put out the flames. I collect gold, silver, lead, copper, real dry powder, food, tools, diesel fuel, and other useful commodities. There is a community of folks all doing the same, so skill sets and extra eyes and hands can guard each others sixes, and "break on through to the other side, break on through to the other side, YEAH "
Thank BIG BUSINESS for lobbying for the opportunity to run the baseball bat up the collective asses of the "American People" every politician talks about. Politicians are wannabe businessmen - but with no talent, and no capital, and no work ethic. They are what they are. Might's well get pissed at the raccoon that raids your trash cans. He is just doing what evolution gave him a job to do. Corporate World Co is your friend - NOT ! They run the show - every one else is cannon fodder at best, or a problem to be eradicated immediately at worst. The new religion of the millennia. Be careful, or you will be branded as a witch and burned at the stake. Actually, if you read or comment on this website, you are already doomed, 'cause the fluoride in your water, drugs and pesticides in your food, and poison in the air have not yet eliminated free will, or cognitive thinking, the ANTICHRIST of corporate religion.
Yes, this is a duplicate post. And, yes, I will continue to put this one up from time to time. Why ? Because if I can convince even one more individual to think out of the box, and save their financial asses from being lit on fire by worthless paper investments, it's worth having the odd person piss on my cornflakes for double posting. So, lather, rinse, repeat.
BUY REAL MONEY, BUY TO REPLACE PAPER CONSTANTLY, AND BUY THE FUCKING DIPS, DIPSCHITZ !
When the SHTF and I have no doubt it will paper money will be good for starting the family stove/campfire.
My store of value is in land, water supply, foodstock, ammo/lead, silver coins, and $5 gold coins. Lots of ammo and lots of guns along with lots of family members and friends very proficient in keeping their rifles zeroed in.
The way I see things as do many of my close friends and family is that on our current path of debt and fiat printing presses the outcome can only lead to one conclussion. I think most of us here are fully aware of what that is.
Those who have taken notice and started the process of preparing will be the ones who have the greatest chance of making it through this economic collaspe. Those who have chosen to listen to MSM and continue to keep their heads buried in the sand will have the greatest chance of not making it.
They will be the ones looking for help from the federal government only to find they have been abandoned and left to fend for themselves.
Having your gold and silver does no good if you do not have a strong stockpile of ammo and firearms to protect your family and your stockpile from those who would seek to take it which would most likely include the gvernment via marshal law.
For me in Phoenix Arizona I am lucky that the gunshows are monthy events allowing me to purchase bulk ammo at affordable prices along with numerous types of survival gear, many of military grade and quality. Also having reloading equipment and the know how to use it will prove to be a valuable skill. I have stocked up on thousands of rounds of various caliber brass, bullets, primers, and powders along with my Dylon 550 reloading press.
My 4X4 Jeep is all set for bug out and my 40 acres with windmill well is ready for my family and closest friends. My pull trailer stays loaded with a majority of the supplies with the remaining to be able to be loaded in under one hour from decision time.
All of my children are very proficient with firearms and know how to reload ammo on their own. They are very comfortable in the outdoors and I am confident that should something happen to me they would be capable of making it on their own as a family unit.
Plan for the worst and pray for the best and enjoy the time together with your family and closest friends.
EXCELLENT!!!!
BACKING UP THE RAILCAR!
GREAT timing too!
Yeeeehawww. Fuck paper, let it burn, get the good stuff! (Physical)
You all need to get on board with this PAGE shit.........there will NOT be a PAGE or anything like it. Quit reading into this BS without thinking for yourselves. You can listen to all the interviews you want, they are mostly all the same.
If TPTB do not want another player in the game, they sure as hell wont expand the table, and if you think a couple of dudes is going to compete, you need to get off the pipe.
Silver will go up when the people start buying and no manipulation will stop it, it's that simple. Will it happen, most likely at some point, then the price will be will go up until it doesn't. Owning physical is a lifetime play in hopes you never need it and you can pass it down for the next generation to hold regardless of the paper price.
Personally, I welcome the manipulation, as if it ends you best pucker up cuz things are going to get really fucking bad really quick. You can continue to hope for it's coming, yet the aftermath is not going to be so easy to digest. Be very careful of what you wish for along these lines, a hungry dog will eventually turn on you in given time.
OK, someone try and solve/explain this. (I support Austrian economics, but with one caveat).
Most pro-PM pundits talk about QE, money-printing and expanding money supply. One of the deflationists I read (Mish Shedlock) says that during a crash, more global wealth and money will be destroyed, by far, than the Fed and other CBs can print to offset it. When fractional reserve banking contracts (i.e. debt defaults, write-offs, repayments & less lending), then the money supply shrinks. When RE prices collapse, there's less wealth/money in existence.
So, when and if the equity and bond markets COLLAPSE, then there will be less money supply, and the Fed could never print enough to offset it.
My Q is: If we get a bond/equity/RE collapse (i.e. Depression), then WHO WILL HAVE ANY MONEY around to pay $2000 an ounce for a gold coin???
thanks
Those who own metal instead of paper will be the future Captains of Industry.
The ones who WANT Metal and NO MONEY to PAY... will gladly sign over hard assets such as a City Block or whatever..
You have asked a good question that I have thought long and hard on over the last 4 years. In a true collapse of society brought on by the economic collapse of the paper currency I think human basic instinct needs will define what is value and worth trading for.
In my opinion it will be clean water, food, shelter, warmth, and security. In my opinion what will initially have the highest trade value will be guns and ammo. Without guns and ammo a person does not stand a reasonable chance of protecting oneself and family and their basic survival stocks.
Silver and gold will be a trading value but only years later after the collapse. That would be during the rebuilding of society phase.
There will be bands of outlaws roaming the streets and cities who will kill and take what they want to satisfy their needs. They will rape our women and kill anybody who stands in their way. Having ammo and guns and the will to stand up to them and deal with them will be what ultimately brings us back to a society of decent people who try and help each other survive.
Yes, silver and gold will be important to have but only in the begining of the financial collapse. Guns and ammo will be important to have at the begining-middle-end.
Aligning yourself with family and close friends to form a co-op of alliance to survive and help each other including defending your circle will be key to surving. Remember 150 years ago how our ancestors traveled together in wagon trains for safety and encircled at night to defend the camp site. Their most valuable commodity was their family and neighborly bond with each other and their guns and ammo to defend along with being able to hunt. Out their during their trip from to where they were going for the most part gold and silver had no value to them unless they passed through a town where they could use it for trading for other needed commodities.
So yes, I will have some gold and some silver but I will and do have have plenty of ammo and guns and the knowledge to use them effectively as does my family and friends.