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Size Seller Of Futures Sends Spot Gold To New All Time High Of $1725
As Asia opens, with both the Nikkei and the Kospi printing well below 4%, a number likely to end far lower, we take a quick look at our own futures, where we notice that following a rather substantial dump which saw nearly 400k ES contracts change handles at around 6:10pm bringing the stack 10 handles lower, ES is now just barely above 1100, or 1105 to be specific at last check. The major positional offload also sent gold surging by over $7 and the shiny metal has just hit another record high in the $1723 ballpark. The overnight session should be relatively quiet aside from a Chinese CPI print which is expected to come at 6.4% but which will be goalseeked to indicate that the economy is slowing down, a move which will probably be attributed to the ongoing "revaluation" of the Yuan, which we expect will again be fixed by the PBoC at a new record high price against the USD shortly. We anticipate quite overnight trading until Europe once again opens, at which point Italy will as usual be the focus of numerous halted stocks if not entire markets.
ES:
Gold:
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at the moment; first time since 1993.
yes, but rarely. Last time they were like this was in 08. Gold was in the mid 700s, Pt at like 750
When the conquistadors were plundering South America in the 15th century, they considered platinum to be worthless. Some believed it to be an unfinished, "unripe" form of gold and would leave platinum nuggets where they were found so that they might one day finish the metamorphasis into gold.
This may be a longer time frame than you had in mind when you asked your question.
Nikkei -4%; KOSPI -4.8%; ASX200 -5%; Taiex -4.8%; KL Comp -4.6%
Asia getting slaughtered.
This bear baiting game the Fed is playing to enact more stimflation is going to end badly when the beast decides to maw the powers that be.
Real chaos? When investors don't flee to treasuries as safehaven, and/or regular people run on the banks. We're not there yet, but we're close.
I did my own run on the bank this morning. I was the only customer in the lobby, all was calm, employees talking about what they did over the weekend, etc. The Normalcy Bias is in full swing. Take advantage of it and do what needs to be done before the SHTF.
I took out $500 from the ATM on Sat. $500 today. $500 tomorrow.
I suppose the notion of getting out of certain rather unfortunate and ill-timed U.S. equities positions, founded on heretofore reasonable expectations of an illogical market soon exhibitng a classic Pavlovian "buy the dip" response, to which we've become so accustomed back in the good old days of POMO operations and QE, is now appearing a bit quaint.
If I were Ben & Timmah, I'd erect my last-ditch fortifications at the Dow 10,000 Maginot line.
This far and no farther, Bubble-busting barbarians!
u guys check out the futures. Just started to pick up speed, look out below.
Wouldn't this be a good time for Sprott to do a follow-up PSLV offering and take 4 or 5 million more ounces off the market?
He's got the money for it.
I don't know what tinymce is, but it is screwing up my browser.
http://online.wsj.com/article/SB1000142405311190336650457649251270952575...
:: facepalm ::
"Investors who resist the urge to get out during rough times like this will be glad they did."Jesus Alou! Anybody still in must be comatose anyhow.
A bit off topic but interesting...
"Fed’s Sheets Quits as Bernanke’s Chief International Adviser" Bloomberg
http://www.bloomberg.com/news/2011-08-08/fed-s-d-nathan-sheets-resigns-as-bernanke-s-chief-international-adviser.html
"The departure means all three of Bernanke’s top staff advisers have left their positions or announced their departures in the last 13 months. Brian Madigan, former director of the Division of Monetary Affairs, retired last year, while the Fed said in May that David Stockton, director of the Division of Research and Statistics, is retiring Sept. 30.
Sheets, who like Bernanke earned a Ph.D. in economics from the Massachusetts Institute of Technology, joined the Fed as an economist in 1993. As division director since September 2007, he led a staff of about 120. "
Hey, Benny said he didn't need no stinkin help...
Dunno what your chart is smokin' but mine don't show anythin' like that volume at that time. Also your supposed causal connection between ES and spot gold is lame-assed.
ES at 1094.50 Getting spanked
Heavy!
Look at Nikkei: it is doing the spanking.
Gold up. Silver sucker punched from behind. Cheap shot artists all. Thugs, yeggs. Such a big problem from little old silver.
1732.24
THERE IS NO DEMAND
IT HAS NOTHING
TO DO
WITH ANYTHING ELSE
im sorry sort of for the obnoxiousness but felt it needed to b done
I wonder if the Banksters positions are being revealed through the movement of oil and the metals etc. Is GS, BAC etc dumping oil to raise cash desperately ? Could they have really been short gold and not silver with gold launching above the price of even platinum as they rush to cover? The rest of the metals/grains etc are tanking.. silver isn't sure which way it wants to go but I suspect down hard.
A word of caution to everyone who is enjoying the Gold run-up. Gold is being used as a hedge against currency risk, but it is still priced in dollars. Funny as it may sound, the USD can surge and every other asset class can fall against that stronger dollar. Crazy? So was SPX at 1370 on the back of dollar debasement. What could cause gold to fall? Exactly what's going to cause everything to fall in price over the next year to year and a half - deleveraging, i.e. forced selling. What would make gold the greatest investment of our time? The complete implosion of our current global financial system. Would it still be "legal" to own gold before such a collapse? Probably not. Crazy? Think about Executive Order 6102; and that was accepted by an American public that had a lot more independence than our current pussified bunch. If you own gold, congratulations, but do start thinking about some of the inherent market risks unless, of course, you are waiting for "The Collapse."
They had to confiscate it because it was THe money. Now it's just property and an embarrasing reminder to them of their failure and shame and crimes. They can try to confiscate it again but it just would not work at all. Plus it was loosely enforced in 1933. They got as much as they could during the 3 day bank holiday. After that everyone got wise to them. Besides don't they have 8,000 tones of their own in Fort Knox from their last confiscation and war plunder? Oh. Never mind. They likely don't. Almost every conspiracy theory proving true so far so that one is probable too.
Gold can be exchanged for any currency. It is priced in all of them. In a hyperinflationary enviornment I may get USD 10,000 and still only 2,500 CHF. The dollar's demise would not cause gold to sputter in CHF.
@legal eagle
You are correct about gold pricing in several major currencies. I focused on the USD because of it's reserve status vis-a-vis a global economic collapse. It would be the last tin soldier of the fiat army left. But, perhaps you are viewing it through a return to local currency standards, raised borders and a drastic cutback in global trade.
Silver cain't git no luv. Its enuf ta break a growed mans heart.
troof dat
Gold now $22 more expensive than platinum. Gold is my favorite and largest holding tied with silver but platinum will not stand for this. One way or another it will wind up on top of gold. It may take a little more time to regroup this time around though.
Platinum is OK to own. I have some. But a lot more gold.
Platinum is for optimists, if things get straightened out (doubt it), then it could rocket.
hey are the mining stocks going to take off eventually, any opinions? Thanks
1091.
The road to 400 is paved in red.
two things
Bloomberg Asia just now
not really a panic, just a calm panic
During todays super traffic spikes on Zero Hedge I went to Tyler's Twitter account twitter.com/zerohedge
first class for play by play of the market
but I will say again the Naked Man avatar is troubling - but I was able to organize my screen in such a way so as not to cause fellow feeding pen occupants to think I was spending time on that kind of web site
Would anyone comment on the significance of platinum and gold reaching parity?
From my vantage point even if gold were to do the unthinkable and run all the way up to $8,000 USD an ounce and retake it's role as official world reserve currency and currency of first resort then platinum would eventually catch up to it and pass it when things settled down. In the end it will take more gold to buy platinum. I moved my entire paper holdings to from PSLV to Sprott Gold 2 weeks to ago to minimize risk but as far as physical buying I think platinum will pay the dividends at these current valuations. That's my take. I haven't bought silver since $33 but still rooting for it big time. I tend to make PM decisions based on gut feelings after I chew things over. Everyone's got their own methodology. Right now Gold is taking my breathe away and I love it. APMEX really doesn't have any platinum for sale accept expensive 1/2 oz coins but if you got a bank roll of $18,000 Tulving will be happy to sell you 10 oz.
Silver will take its place in the sun. This is not a 1 week, 1 year deal guys. Think of this for those young ones you love. This has been years in the making and will take years to hopefully work out if we do not have a full on blow up. A year from now we will probably laugh, hey, remember when gold was 1,700 and silver 39 bucks. Wow, those were the days. But there will be dumps, and big ones. Just gotta keep that hand on the tiller. Worked so far.
Gold, on the other hand, is about to reach escape velocity (and time to buy some puts).
Current silver/gold price ratio is approx 44/1.
Come on silver, show us you truely are a currency old son.
Holy Fuck, gold just went vertical... again. $1725 to $1741 in the past two minutes and climbing.
I expected it to up, not like this. I thought we had another round to go before the kaboom?
Did the Hang Seng just flash crash or Google Finance is shitting me ?
Down more than 1,500 points! KA-BOOM!
only 23 away from 1764
Oh, sorry goldfreak, I didn't see you there amoungst your shiny, shiny stack.
Yeah, that's a pretty big wall of gold there! Looks very nice!
Yes, I saw that Sinclair was calling a technical breakout above $1754-1764, but he didn't say what the reasoning was behind it. Do you know what it was? That is, what chartology he was using for this call?
I read he was using a combination of Armstrong and somebody else to make his gold price predictions. He's very accurate, feeback anybody?
http://www.youtube.com/watch?feature=player_embedded&v=IF24atvNkSo
gwaar,
yes, go to;
www.jsmineset.com
Interview by James Turk w/ Sinclair, tells exact methodology............
Wow,
Hang Sen 40 18964.00 20490.57 19294.00 18856.00 -1526.57 -7.45%
Looks like tomorrow might be a little ugly too....
I must learn to trust the graphs I see.
Yes, I think they will. At some point the sheeples will believe that gold is not going back to 800 and will finally understand that the miners are going to have amazing earnings, dividends and good forward progress. Like America used to have before Greenspan. At that point they may explode to the upside. Timing, have no idea, tomorrow or December, I do not know. But again, are you trading or protecting your assets for the future. The game is now in the 5th inning of a double header that will have overtime. Just be patient and do not, never, ever trade the shiny stuff on margin.
ahem....hallo tyler....we are now reading in the 1740 range....wake up and get a new headline!
The mythical $1764 is in sights. Will it be the "event horizon" for an exponential physical gold price?
Gold does feel a lot more like money than silver right now.
The S&P 500 monthly chart that forecast the crash :
http://bit.ly/x618
Gold only costs $223 dollars to dig out of the ground as the vanquished Mathman's logic would dictate.
Silver is a tricky comodity. You have be patient with her. She was obstinate about taking her time breaking through $18. She must have danced back and forth over $18 a dozen or more times. Finally she said okay, and ran to $32 in only a few months. Then she made another run to $48. Then back to $32. She is a wiley rascal. Now she wants to be stubborn at finding a new high.
But not to worry, she is going to make us happy. By year end expect silver to be $65. Why? Because their isn't enough physical to go around. In fact, their is actually a possiblity of a silver shortage if investors get aggressive. Think of what that could do to the price. Paladium went from $120 to $1100 from 1997 to 1999 when there was a shortage. Look it up.
screw that.
i say that damn silver better get right back in the kitchen and get cookin'
Silver doesn't seem to be moving with gold. This isn't similar to what happened in the 80s and the properties of silver haven't changed that much...nor did the fundamentals. As Jim Roger says, everyone already knows the USA is the world's largest debtor nation. So if you haven't been buying gold already than a little S&P downgrade isn't going to convince you...maybe?
but...but...some moron bought that ES. Where's Warren?
Just imagine what will happen to gold when two more rating agencies jump on the downgrade bandwagon, Bank of America goes under, Israel attacks Iran, all munis are downgraded, and Citi nears the verge of total collapse.
With gold hitting new highs and energy falling, pm's should be taking off. Silver seems to be holding up well considering anticipated industrial demand falloff.
The Great Wal Mart of China's CPI is raging up the tracks. http://www.youtube.com/watch?v=XvAdlC3-B3I&feature=related
Anyone else getting a semi over this? Going to be very interesting seeing what happens tomorrow. Stocked up already on popcorn and coke, gonna be a doozy.
George Soros said gold was in a bubble at $1450. Could he have been wrong?
He probably said that so he could have the run of the candy store while it was still 1450. Did he say it with a poker face?
The last time I looked gold hit $1,750 and rising. Stores are running out of gold coins.
Goldman predicts $1,800....then $2,500.....many predict $5,000 an ounce.
What harm is there in joining FOFOA's parade to $55,000?
Goodbye $1740 ... hello $1750
WOW!!
Oh the media is so great lately they can't figure out what to say about anything to quell the masses. The last comment I head about gold is that people are seeking safety and are "cowering, in fear." That is so great thank you CNBS Asia! They are trying to scare people into entering the rigged casino by calling them cowards like cheap sidewalk barkers:
You! You there with the money! Don't be a pussy gamble it in here! We have debt for sale nearly for free!
1750.31 prints
1754.70 and still climbing quickly
Goodbye 1750, hello 1760 ... at this rate, we will hit 1764 within the hour.
My exchange has lost control of the data, they are at least 50 minutes behind and are unable to accept any log ins or orders.
I think it will be tomorrow if ever before the true scale of the Bullion situation is understood.
Check out Kitco's Kcast desktop application ... maybe it'll work better for you:
http://applications.kitco.com/supportcenter/windows/windows-support.html
BREACHED! 1766.20
This is getting ridiculous ... 1770
seventeen hundred and sixty seven dollars per oz
1800.00 $ by dawn ..
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