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Today's $1.24 Billion Targeted Gold Slam Down Makes The Mainstream Press

Tyler Durden's picture




 

For the first time in what may be ages, a phenomenon that has become near and dear to anyone who trades gold, and which at best elicits a casual smirk from those who observe it several times daily, we find that the WSJ has finally picked up on the topic of the endless daily gold slam down, where the seller in complete disregard for market disruption (because in a normal world one wants to sell any given lot without notifying the market that one is selling so as to get a good price on the next lot... but not in the gold market where the seller slams the bid with reckless abandon) ignores market depth and in a demonstration of nothing but brute price manipulation force, slams every bid down just to demoralize further buying. Naturally, that this simply provides buyers with a more depressed price than is "fair" is lost on the seller, but not on the buyers who promptly bid up the metal as attempt to demoralize buying end in failure after failure. Yet it is peculiar that today, for the first time, the intraday gold slam down has finally made the MSM. To wit: "The CME Group Inc.’s Comex division recorded an unusually large transaction of 7,500 gold futures during one minute of trading at 8:31 a.m. EDT. The sale took out blocks of bids as large as 84 contracts in one fell swoop and cut prices down to $1,648.80 a troy ounce. The overall transaction was worth more than $1.24 billion... Gold traders buzzed with speculation that the transaction was an input error — a so-called “fat finger” trade. “Or a Gold Finger as it might be known in the bullion market,” traders at Citi joked in a note to clients." Well, no. It wasn't.

Because if it was, by that logic the gold market falls prey to a fat finger every single day, often times 2 or 3 times a day. But because gold market participants have learned that complaining to the CFTC about this kind of manipulation has no impact, and because at the end of the day it merely provides a cheap reentry price, most have grown to love and anticipate these kinds of moves. In fact, we can only hope that the CFTC and SEC ignores this WSJ update, and lets the market keep on keeping on without changing anything. Because otherwise who will provide the depressed price levels that permit conversion of worthless paper into Fed-detested, undilutable barbarous tradition?

From the WSJ:

One indicator that the transaction was a mistake was its size. At 750,000 troy ounces, such large trades are rarely conducted amid very thin trading volumes. Monday trading was expected to be quiet as market participants in China and Japan are out on holiday and many European traders are preparing for a holidays there

Attempts at manipulation are getting so glaringly obvious, not even the MSM pretends to believe them:

“No one who has the account size and the money to trade thousands of gold contracts would do it in one transaction, that’s just stupid,” said one trader. The collateral required to purchase 7,500 contracts is about $75.9 million in cash that the trader would have deposited with his broker.

 

Moreover, the likely mistake is symptomatic of the shift to electronic trading. Computer trading systems are vulnerable to input errors, as they do not question the order before executing the transaction. By contrast, when most order flow would pass through the Comex floor where human traders processed the deals, potential errors stood higher chances of being intercepted, traders said.

 

“You would definitely verify [a trade this big] before you executed it,” said one Comex floor broker.

Sorry Citi, but it was not a gold finger:

not everyone agreed Monday’s slip in gold was caused by a keystroke error. Chuck Retzky, director of futures sales for Mizuho Securities USA, said that silver prices suffered a similar leg down at the same time as gold, tumbling 35 cents to $30.805 a troy ounce, but other markets like Treasurys, currencies and stocks were unperturbed.

 

“To do it both in gold and silver tells me that it wasn’t a trade done in error,” Retzky said. He added that the sale could have been caused by a trader looking to cut back holdings on the last trading day of April, as fund managers often time purchases and sales for particular reporting periods.

Or, it was made by a trader at the BIS, whose job is to crush credibility in gold, and who describes himself as a market maker for central banks for all gold products, and who holds and manages proprietary positions on all currencies including gold (so wait... gold IS a currency according to the BIS? Gotcha).

Where have we seen this before? Oh yes.

As for gold...Dont cry for it Argentina... or try to nationalize it for that matter: that is an honor that is expressly reserved for the second teleprompted coming of FDR, and the second coming of Executive Order 6102.

 

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Mon, 04/30/2012 - 18:16 | 2386678 Robot Trader's ...
Robot Trader's brother's picture

Was Blythe pulling the levers behind the curtain......again....???

Mon, 04/30/2012 - 18:21 | 2386687 Pinto Currency
Pinto Currency's picture

 

 

End of Days for the Comex / LBMA scam.

Mon, 04/30/2012 - 18:26 | 2386700 Comay Mierda
Comay Mierda's picture

What's even more important than this story is how gold rebounded from this obvious manipulation and ended the day green.

FUCK YOU BERNANKE

Mon, 04/30/2012 - 18:28 | 2386718 GetZeeGold
GetZeeGold's picture

 

 

V for victory!

 

Mon, 04/30/2012 - 18:38 | 2386735 nope-1004
nope-1004's picture

Gold and Silver are the barometer of the fiat ponzi and, if not manipulated daily, would show with glaring reality the sad state of this ponzi economy.  PM's will be manipulated, until they can't.  It's just the way it is.  JPM and HSBC have no choice anymore - buy physical and when the rats start to leave ship, you'll be glad you have the only protection available.

 

Mon, 04/30/2012 - 18:49 | 2386763 Sudden Debt
Sudden Debt's picture

.
.

Maybe that's what Obama is hinting for with his new cheer
FAST FOREWARD
SKIP
SHUFFLE

Mon, 04/30/2012 - 18:53 | 2386771 NewThor
NewThor's picture

Speaking of V for Victory...

Is Anonymous blowing the doors off of Aliens and our TRUE level of technology BULLISH for gold?

http://www.youtube.com/watch?v=yFab-SMpnUY&feature=player_embedded

*Always remember that OccupyWallStreet, Anonymous, Wikileaks, and yes, even Zerohedge might be CIA/FBI/Illuminati triple psy-ops.

Mon, 04/30/2012 - 19:20 | 2386849 Muppet Pimp
Muppet Pimp's picture

CIA is absolutely present here at ZH

Mon, 04/30/2012 - 19:33 | 2386880 UP Forester
UP Forester's picture

Nah, NSA handles that mundane job.

CIA is busy smuggling drugs and children, and fomenting revolutions in oil-rich countries.

Mon, 04/30/2012 - 19:53 | 2386923 disabledvet
disabledvet's picture

"spying on your hot wife." i hear they have their own commentariat section as well...

Mon, 04/30/2012 - 20:07 | 2386958 NewThor
NewThor's picture

It's 2012. Always assume you're being tracked, watched, listened to and recorded.

 

Mon, 04/30/2012 - 20:36 | 2386998 strannick
strannick's picture

the wall street journal paragon of insight declared the billion dollar hit job a fat finger. i guess a billion plus now gets you an hour of price suppression. but when your naked shorts are covered by digitized dollars so what. good thing we got the cftc on the scene monitoring manipulation. time for that overnight gold fund

Mon, 04/30/2012 - 21:41 | 2387160 Manthong
Manthong's picture

"good thing we got the cftc on the scene monitoring manipulation."

..yeah, good 'ol Bart Chilton is sure to be all over it.

The cost of the hits at 10 am and AH should be tallied as well.

Mon, 04/30/2012 - 23:26 | 2387336 Alea Iactaest
Alea Iactaest's picture

Seriously? Has NO ONE fucking noticed that the a-hole above can't even spell BANK FOR INTERNATIONAL SETTLEMENTS correctly?

Mon, 04/30/2012 - 23:43 | 2387382 JW n FL
JW n FL's picture

 

 

http://www.gata.org/

http://www.youtube.com/watch?v=moY6bzQ2lY0 fast forward to the 5 minute mark to skip her mouth, or mute?

I Hate that TWIT!

But she gets the people we want to hear from!

now if she would only shut her dumb mouth!

and show more ass? I could get behind her position!

Tue, 05/01/2012 - 00:45 | 2387452 Ahmeexnal
Ahmeexnal's picture

China accelerates deep sea mining of gold, silver, zinc:

http://www.corriere.it/scienze_e_tecnologie/12_aprile_24/cina-minerali-s...

Tue, 05/01/2012 - 05:04 | 2387574 Zero Debt
Zero Debt's picture

The Chinese are also looking to London - Hong Kong Exchange and Clearing confirms it is bidding for acquiring the London Metals Exchange.

http://blogs.wsj.com/deals/2012/04/30/hkex-confirms-interest-for-london-...

http://www.ft.com/cms/s/0/4c036c76-92a3-11e1-9e0a-00144feab49a.html#axzz...

The global race for commodities is on...beginning with non-ferrous metals...

Tue, 05/01/2012 - 13:34 | 2388646 Badabing
Badabing's picture

Yesterdays slam down in gold/silver and recovery was very unique.

It bounced back with blinding speed and the MSM mentioned it as manipulation.

The very fact that the MSM mentioned it at all is out of the ordinary.

This was not the usual cartel but someone with a lot of paper fiat wanting to convert to gold.

The junkyard dogs came out on this one because the junkyard owners didn’t get tribute!    

Tue, 05/01/2012 - 00:37 | 2387441 DoChenRollingBearing
DoChenRollingBearing's picture

Wow, good catch Alea!

+ 1

Tue, 05/01/2012 - 01:29 | 2387477 Andrew G
Andrew G's picture

But then if you write something that really pisses TPTB off then the CIA jumps in to do the rendition and advanced interrogation

Mon, 04/30/2012 - 19:32 | 2386881 Bastiat
Bastiat's picture

Well yeah, how else would they know what's going on in the real world?

Mon, 04/30/2012 - 20:24 | 2386992 TheFourthStooge-ing
TheFourthStooge-ing's picture

Ich bin Deutsch Nepalese citizenism citizen.

Ich bin geboren im Land der Krieger. Bemühe mich. Ein Held zu sein. Doch die Siege lassen auf sich warten. Vielleicht irrte sich der General.

Mon, 04/30/2012 - 19:53 | 2386918 Comay Mierda
Comay Mierda's picture

stupid anon

what a distraction

wtf is this alien bullshit? How about hacking the financial system and returning all the vaporized money to MF Global clients.

Just another controlled opposition movement. cant wait til they are used to conduct a false flag internet hack to justify the "TSA of the internet"

Idiots

Mon, 04/30/2012 - 20:02 | 2386943 NewThor
NewThor's picture

Don't you find it odd that we're still stuck on Oil?

Over a hundred years later and OIL is still the best we can do?

One of the tin foil hat theories I believe in is that our government does have some pretty fucking awesome and advanced technologies that would blow our minds.

We've had the replacement for oil for over 100 years.

Magnetics, bitchez.

Mon, 04/30/2012 - 20:44 | 2387031 TheFourthStooge-ing
TheFourthStooge-ing's picture

You might want to check the ground wire on your tin foil hat. It appears to have come loose.

 

Mon, 04/30/2012 - 20:54 | 2387051 NewThor
NewThor's picture

Zerohedge needs more actual fist fighting.

I've got a funny feeling many here aren't good at actual combat.

Mon, 04/30/2012 - 21:54 | 2387187 TheFourthStooge-ing
TheFourthStooge-ing's picture

Made me laugh.®

 

Mon, 04/30/2012 - 22:28 | 2387240 Tijuana Donkey Show
Tijuana Donkey Show's picture

I sparred today! Krav Maga bitchez, who's really training?

Mon, 04/30/2012 - 22:28 | 2387242 Tijuana Donkey Show
Tijuana Donkey Show's picture

Someone has to run security at the donkey show. Who will protect the (taxpayer) donkey?

Tue, 05/01/2012 - 00:12 | 2387421 Nage42
Nage42's picture

Kali Silat (stick/knife), but I call it "Staff management 101" for working with teams in Chennai...

 

Tue, 05/01/2012 - 01:58 | 2387492 jwoop66
jwoop66's picture

Krav Maga Handshake, bitches!

Right to the nutz!

Mon, 04/30/2012 - 18:56 | 2386787 malikai
malikai's picture

If we go into backwardation, it's time to get worried.

Mon, 04/30/2012 - 19:37 | 2386886 Doña K
Doña K's picture

What if the Prime Dealers with Carde Blanche from the FED to supress PM's and get reimbursed if they loose, conspire and signal the buy moment to an oversees entity, thus making bundles of money, untaxed and impersonal.

the ultimate buy low and sell high. 

Mon, 04/30/2012 - 19:52 | 2386919 disabledvet
disabledvet's picture

how DARE you propose such a WONDERFUL THING. (Will it work though...I have a preternatural fear of getting caught. "Guy's with hookers in Columbia" thing. What were the odds i ask? Secret Service no less!) Thank God no one reads these internet bloggy things...

Mon, 04/30/2012 - 20:03 | 2386947 Xibalba
Xibalba's picture

If Gold is the money of Kings, what/who is selling it and how?  Are they using debt perhaps????  Fucking slaves.

Mon, 04/30/2012 - 18:36 | 2386740 SRSrocco
SRSrocco's picture

Silver is being manipulated as well.  I discuss this in several charts as well as others on how falling ore grades and declining net oil exports will impact silver in my article linked below:

CRITICAL FACTORS THAT WILL IMPACT SILVER

http://www.financialsense.com/contributors/steve-angelo/critical-factors-that-will-impact-silver

or at TURDS BLOG BELOW:

http://www.tfmetalsreport.com/blog/3738/guest-post-critical-factors-will-impact-silver?page=1

Tue, 05/01/2012 - 01:57 | 2387490 takeaction
takeaction's picture

Hey....Hi   Used to read all of your comments over at Silveraxis.  Good to see your post. 

Tue, 05/01/2012 - 05:19 | 2387578 cranky-old-geezer
cranky-old-geezer's picture

 

 

Gold and silver will stay suppressed until the dollar collapses (suddenly).  Then you won't be able to buy it for any amount of worthless dollars.

Mon, 04/30/2012 - 18:44 | 2386758 seek
seek's picture

Bingo. The sawtooth pattern after these events tells me all I need to know -- there is plenty of demand, so much so that these spikes are giveaways. The manipulation is starting to backfire because it's now integrated into people's models of the market, and no one is falling for the faux sell-offs now, but instead see them as the buying opportunities they are. We're sitting on a pretty solid support at $1600+ and nothing is breaking it.

TPTB are getting bolder and bolder in their manipulation moves, and people are backing away from paper based on inventories. Simply put, TPTB are losing control of the market, and it's taking more and more of their "free" money to cause smaller and smaller moves that are now lasting hours or even minutes as opposed to weeks and days.

I suspect they'll probably try one massive stunt to kill the market off -- ala MF Global -- before they're forced to capitulate due to having no tools left, or people taking the market physical only. I really wonder what that stunt will be, but I'm certain it will backfire unless they can somehow get the Asians on board and not buy when it happens, which is doubtful. Only after this point will the executive order come, if ever.

Can't wait to see the big banks jump on the other side of the trade and kick in the afterburners on the price rise.

Mon, 04/30/2012 - 18:56 | 2386784 NewThor
NewThor's picture

A lot of people have lost a lot of money believing in the 'The TPTB have lost control of the markets.'

They've still got the markets right where they want 'em, bro.

Mon, 04/30/2012 - 19:06 | 2386811 seek
seek's picture

Losing control, not lost control. If they'd actually lost control we'd be seeing the insane prices talked about by blogs like FOFOA.

Given a ten-year rate of return in the mid-teens on gold, I really don't think they have the markets right where they want them, they just have the PM markets where they can tolerate them, for now.

Mon, 04/30/2012 - 19:20 | 2386847 XitSam
XitSam's picture

Can they keep it from exploding until the election?

Mon, 04/30/2012 - 19:34 | 2386884 NewThor
NewThor's picture

6 Banks failed on the same day right before the 2008 election tilting the balance to Obama when Bush had to go on TV and beg for a blank check to save the free markets.

So the REAL question is who do the High Priests of Mammon have slated as our next president?

Though, I must add, Nostradamus says to watch the 3 1/2 year mark of the President, end of June/beginning of July 2012. Consider the 'trouble' with Secret Service and what role that may play in the 'BIG PLAN' of the bad guys.

 

Mon, 04/30/2012 - 20:33 | 2387005 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

Though, I must add, Nostradamus says to watch the 3 1/2 year mark of the President, end of June/beginning of July 2012. Consider the 'trouble' with Secret Service and what role that may play in the 'BIG PLAN' of the bad guys.

...and when the Rupture occurs, the Men from Planet X will fly over, dropping bales of genuine 100 dollar bills on us from their fleet of flying saucers.

 

Mon, 04/30/2012 - 22:44 | 2387277 NewThor
NewThor's picture

 

 

To the great one of Ceramon-agora,
The crusaders will all be attached by rank,
The long-lasting Opium and Mandrake,
The "Dragon" will be released on the third of October.
century: 9, quatrain: 62

<<<TARP (or the beginning of blank checks for banks) was passed on October 3rd, 2008>>>

The chief of London through the realm of America,
The Isle of Scotland will be tried by frost:
King and "Reb" will face an Antichrist so false,
That he will place them in the conflict all together.
century: 10, quatrain: 66

The copies of gold and silver inflated,
which after the theft were thrown into the lake,.
at the discovery that all is exhausted and dissipated by the debt.
All scrips and bonds will be wiped out.
century: 8, quatrain: 28

O vast Rome, thy ruin approaches,
Not of thy walls, of thy blood and substance:
The one harsh in letters will make a very horrible notch,
Pointed steel driven into all up to the hilt.
century: 10, quatrain: 65

The Greek lady of ugly beauty,
Made happy by countless suitors:
Transferred out to the Spanish realm,
Taken captive to die a miserable death.
century: 9, quatrain: 78

The great credit of gold and abundance of silver
will cause honour to be blinded by lust;
the offence of the adulterer will become known,
which will occur to his great dishonour.
century: 8, quatrain: 14

In life, fate and death a sordid, unworthy man of gold,
He will not be a new Elector of Saxony:
From Brunswick, Germany he will send for a sign of love,
The false seducer delivering it to the people.
century: 10, quatrain: 46

The images will be found in the lake:
The sculptor looking for new clay,
He and his followers will be steeped in gold.
century: 9, quatrain: 12

Sudden joy to sudden sadness,
It will occur at Rome for the graces embraced:
Grief, cries, tears, weeping, blood, excellent mirth,
Contrary bands surprised and trussed up.
century: 10, quatrain: 78

A great stench will come from Lausanne,
but they will not know its origin,
they will put out all people from distant places,
fire seen in the sky, a foreign nation defeated.
century: 8, quatrain: 10

The weak band will occupy the land,
those of high places will make dreadful cries.
The large herd of the outer corner troubled,
near Edinburgh it falls discovered by the writings.
century: 8, quatrain: 56

http://en.wikipedia.org/wiki/Occupy_Edinburgh

The antichrist very soon annihilates the three,
twenty-seven years his war will last.
The unbelievers are dead, captive, exiled;
with blood, human bodies, water and red hail covering the earth.
century: 8, quatrain: 77

When the lamp burning with inextinguishable fire
Will be found in the temple of the Vestals:
Child found in fire, water passing through the sieve:
To peish in water Nîmes, Toulouse the markets to fall.
century: 9, quatrain: 9

 A captain of Great Germany
Will come to deliver through false help
To the King of Kings the support of Pannonia,
So that his revolt will cause a great flow of blood.
century: 9, quatrain: 90

The newly made one will lead the army,
Almost cut off from the bank:
Help from the Milanais elite straining,
The Duke deprived of his eyes in Milan in an iron cage.
century: 9, quatrain: 95

The house of Lorraine will make way for Vendôme,
The high put low, and the low put high:
The son of Mammon will be elected in Rome,
And the two great ones will be put at a loss.
century: 10, quatrain: 18

All the friend who will have belonged to the party,
For the rude in letters put to death and plundered:
Property up for sale at fixed price the great one annihilated.
Never were the Roman people so wronged.
century: 10, quatrain: 20

Banners of the deepest part of Spain,
Coming out from the tip and ends of Europe:
Troubles passing near the bridge of "Laigne",
Its great army will be routed by a band.
century: 10, quatrain: 48

The great Senate will ordain the triumph
For one who afterwards will be vanquished, driven out:
At the sound of the trumpet of his adherents there will be
Put up for sale their possessions, enemies expelled.
century: 10, quatrain: 76

A treasure placed in a temple by "Hesperian" citizens,
Therein withdrawn to a secret place:
The hungry bonds to open the temple,
Retaken, ravished, a horrible prey in the midst.
century: 10, quatrain: 81

Mon, 04/30/2012 - 22:59 | 2387310 sof_hannibal
sof_hannibal's picture

"Listen to me and learn some peace of mind:
no skill in the world,
nothing human can penetrate the future."
~
"O god-all come true, all burst to light! O light-now let me look my last on you! I stand revealed at last"
~

Mon, 04/30/2012 - 23:52 | 2387402 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

To the great one of Ceramon-agora,
The crusaders will all be attached by rank,
The long-lasting Opium and Mandrake,
The "Dragon" will be released on the third of October.

Against the great blobbing-up of US citizenism,
The AnAnonymous crusader will attack with rants,
The bong-smoking Opium at Peoples Liberation wifi hotspot,
The Dragon Dry Cleaners he's worked at since October.

The chief of London through the realm of America,
The Isle of Scotland will be tried by frost:
King and "Reb" will face an Antichrist so false,
That he will place them in the conflict all together.

The Corzine robbed America through the realm of London,
The bankers of England were pissed about Iceland.
Jamie and Lloyd will face regulation so false,
That it will bail them out of the conflict all together.

The copies of gold and silver inflated,
which after the theft were thrown into the lake,.
at the discovery that all is exhausted and dissipated by the debt.
All scrips and bonds will be wiped out.

The stacks of gold and silver bought by ZH readers,
Which after boating accidents were lost in a lake,
At the discovery that all is odious and repudiated debt,
Turns out stacks had fallen into drywells and ice chests.

 

Tue, 05/01/2012 - 00:38 | 2387443 NewThor
NewThor's picture

To the great one of Ceramon-agora,
The crusaders will all be attached by rank,
The long-lasting Opium and Mandrake,
The "Dragon" will be released on the third of October.

 

 

 

 

To the false god of Sodom and Gamorra,  the Christians will all be tied like puppets on a string based on their Job/Career/Money, as the long lasting Hopium and Mandrake puts their minds and souls to sleep, then on the 3rd of October 2008, the Beast which is the global 'markets' becomes more powerful than any government, nation or religion.

Tue, 05/01/2012 - 00:45 | 2387451 DoChenRollingBearing
DoChenRollingBearing's picture

That was a great take, TheFourth, + 1

 

O/T, but if any of you liked the "The Three Stooges" when you wee kids, you'll probably like the movie.

Tue, 05/01/2012 - 01:18 | 2387472 NewThor
NewThor's picture

Yeah. I like his 'regulation so false' quatrain.

That really seemed to ring true.

 

Tue, 05/01/2012 - 00:31 | 2387437 BlackholeDivestment
BlackholeDivestment's picture

...man NT, I thought I was weird. Very strange post there bud. Even stranger was, before reading this thing on gold and looking down at the comments, finding your wild bullshit, I just came by this right before hand. http://www.tribulation-now.org/2012/04/27/may-20th-megaquake-syzygy/ ...little freaky man. Woooo spooky.

Tue, 05/01/2012 - 01:16 | 2387471 NewThor
NewThor's picture

Good find.

Yes. I'm tracking the eye on the May 20th Serpent's eclipse alignment megaquake.

People need to remember there are things in the universe that are way more powerful than money. Bitchez.

Mon, 04/30/2012 - 19:48 | 2386913 Doña K
Doña K's picture

@ Seek;

What if they do this a few times and then the next time they take it way down during a down market? Then all of those who used the first or second break as a buying opportunity get locked in forever with either a margin call or decay of their calls, or expiration of the calls.

It happened a few months ago. I held up as I was long gold short silver at 10 to 7 ratio knowing that when gold tanks, silver tanks as much as 2-3 times on a % basis. I actually did better than breaking even.  

Now that I posted this though. They know. So thinking that they may reverse this and tank gold twice as much as silver, I may go long silver and short gold at 10 to 7 ratio. See if you can get me suckers.

Mon, 04/30/2012 - 19:56 | 2386933 disabledvet
disabledvet's picture

SPECULATOR!

Mon, 04/30/2012 - 20:05 | 2386954 Doña K
Doña K's picture

My Boxter is getting old. Just ordered the new model on a European delivery for the summer in Marbella. Hubby and I will have a blast.

Viva Zuffenhousen  

Mon, 04/30/2012 - 21:05 | 2387074 oddjob
oddjob's picture

Whatever, Ms. Ironbox.

Mon, 04/30/2012 - 21:44 | 2387173 seek
seek's picture

Taking the market down just shakes out the so-called "weak hands." They've done this so often there are no weak hands. That's why we're seeing them dump $1B instantly, taking huge losses, and the market recovers in hours.

All selling into downward momentum does is temporarily distort the price -- going from $1900 to $1600 knocked out the weak people, and I'm sure that there's a meaningful part of the market such as myself that's not just a strong hand, but an iron hand. They'd have to knock AU down another $1,000/oz before I'd be below break-even. Realistically, they'd have to hit it down to probably $1,200 to scare people off, but anyone that's looked at the financial situation of the developed economies knows that $1,200/oz gold is free money. I would imagine anyone holding dollars would go completely nuts buying on a hard down strike.

Seriously, though, from the trades you are describing it sounds like you are playing with paper gold. That market is going to zap plenty of people on both the long and short sides when it finally breaks, MFG was just a warm-up. I hope you have great timing, because counterparty risk is a bitch when it comes to gold/silver. If you're banking your profits into physical, more power to you, but be careful.

Tue, 05/01/2012 - 00:48 | 2387453 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

Never leave us, seek.

Tue, 05/01/2012 - 00:22 | 2387428 Nage42
Nage42's picture

"Their next move" is likely to be around confidence of purity (something the average person can't verify).

Next time some major player withdraws their physical, the stock will turn out to be tungstun impregnated.

Two birds with one stone:

  • Punish the person for pulling out their chips
  • Worry everyone that "it's better to stay in paper," cause no one can call something virtual as "false" -- LOL!

That's my guess anyways.  If you can't force people in the direction you want them to go, you have to punish them when they don't follow... typical current government.

Mon, 04/30/2012 - 18:57 | 2386785 SHEEPFUKKER
SHEEPFUKKER's picture

Stack the smack!!!

Mon, 04/30/2012 - 20:04 | 2386953 nmewn
nmewn's picture

Exactly.

Mon, 04/30/2012 - 19:11 | 2386821 Dr Benway
Dr Benway's picture

So its a billion dollar trade to depress the price of gold by 1% for a few hours. Costing a dozen million dollars or so.

 

Sounds so stupid I almost can't believe it. Or maybe in the new world we live in, it's so stupid that its true.

Mon, 04/30/2012 - 19:36 | 2386891 SheepDog-One
SheepDog-One's picture

Theyre pretty damn desperate at this point.

Mon, 04/30/2012 - 20:18 | 2386981 Poor Grogman
Poor Grogman's picture

Damn well missed bottom ticking the low AGAIN.... Another good entry point though.

Oh well maybe next time.

I'm loving this PM bashing, keep it up boys, theres plenty of unfortunate canoe accidents just waiting to happen..

Mon, 04/30/2012 - 22:04 | 2387205 Dr Benway
Dr Benway's picture

I'm thinking at some point this actually becomes counterproductive, i.e. the market interprets the manipulation as a sign of desperation and thus bullish for gold.

Mon, 04/30/2012 - 22:50 | 2387286 Poor Grogman
Poor Grogman's picture

works for me

Mon, 04/30/2012 - 23:04 | 2387321 DaveyJones
DaveyJones's picture

Good point. That's the overwhelming theme to this collapsing empire and most others. Thinking you're outsmarting the others, hoping they don't realize how weak and worn down you really are. Praying they don't call your bluff.

Tue, 05/01/2012 - 08:33 | 2387742 Mesquite
Mesquite's picture

Appreciate the comments...

Ha Ha..

"Skunk bid rules...' ""

Mon, 04/30/2012 - 22:05 | 2387206 Dr Benway
Dr Benway's picture

double post

Mon, 04/30/2012 - 20:08 | 2386962 Doña K
Doña K's picture

It's just digital money. Just like in the casino plays with plastic chips (derivatives). The actual FRN's are already in the casino's vault.

Mon, 04/30/2012 - 20:35 | 2387014 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

So its a billion dollar trade to depress the price of gold by 1% for a few hours. Costing a dozen million dollars or so.

Sounds so stupid I almost can't believe it. Or maybe in the new world we live in, it's so stupid that its true.

'They' refer to such operations as Krugmanization.

 

Tue, 05/01/2012 - 01:38 | 2387480 AustriAnnie
AustriAnnie's picture

So what we are seeing is "diminishing marginal returns to Krugmanization"

Mon, 04/30/2012 - 19:57 | 2386934 JustObserving
JustObserving's picture

And what will the CFTC do about it?  It has done nothing about numerous such events in gold and silver.  Silver was also crushed when gold fell today at exactly the same time.

Regulators exist only on paper just like most of the precious metals traded in the US.

Avoid the corrupt US markets.

Tue, 05/01/2012 - 00:04 | 2387413 lewy14
lewy14's picture

The distribution of 1 minute returns exhibits excess klepto-kurtosis.

Mon, 04/30/2012 - 21:04 | 2387071 trying to make ...
trying to make sense of it all's picture

Here's a fun little ditty. So, today I'm in my local, small town coin shop buying my monthly budget of gold coins. In walks a very unassuming looking gentleman and leaves with 300 oz of gold coins. Hmm, I don't think he was affected by today's manipulation. The coin shop owners said it was a gold buying day. More and more people are just keeping their heads down and BTFD.

Mon, 04/30/2012 - 23:59 | 2387408 Swarmee
Swarmee's picture

I call BS. What 'small town coin shop' sells $495,000 in physical gold in one day?
Either your definition of small town = NYC, or 300 oz is hyperbole.

Tue, 05/01/2012 - 03:10 | 2387541 trying to make ...
trying to make sense of it all's picture

No BS Swarmee. The shop owner had to order it and the gentleman was picking up. Simple as that. I guess strange things do happen in my town (population 100,000)

Tue, 05/01/2012 - 00:10 | 2387418 Mad Max
Mad Max's picture

A local, small town coin shop with over 300 oz of gold coins in inventory?  Color me skeptical.  And a buyer who's just walking in for that purchase, not getting it delivered from a major outfit with more inventory and lower premiums.  Sure...

Mon, 04/30/2012 - 22:47 | 2387281 sof_hannibal
sof_hannibal's picture

can't bring down real value... no matter how hard they try

Mon, 04/30/2012 - 22:54 | 2387296 DaveyJones
DaveyJones's picture

as long as the day ends with fuck you Bernanke

Tue, 05/01/2012 - 00:49 | 2387455 FFox
FFox's picture

Perhaps those nations and others investing (invested) in gold are large enough and pissed enogh to make a friggin stand.... at last mates!

Now we ride!

Tue, 05/01/2012 - 01:45 | 2387483 AustriAnnie
AustriAnnie's picture

On the other hand, they might just enjoy taking advantage of such manipulation as a chance to buy more.

Why would they "make a stand" if PM manipulators are subsidizing their PM buying habits?  Last thing they want is to end the PM-buying-at-depressed-prices party.

Tue, 05/01/2012 - 04:57 | 2387572 Clashfan
Clashfan's picture

precisely

Mon, 04/30/2012 - 18:28 | 2386711 GetZeeGold
GetZeeGold's picture

 

 

The subsidized metals markets are the only government program that's ever worked for me.

 

Mon, 04/30/2012 - 22:32 | 2387248 Tijuana Donkey Show
Tijuana Donkey Show's picture

It's about zee price stability....

Mon, 04/30/2012 - 19:35 | 2386887 in4mayshun
in4mayshun's picture

I bet all these wall street posers feel pretty smug everytime they're able to take PM's down a notch. Little do they know that savvy eastern investors are methodically emptying out the remaining physical stocks of gold. Everyday they suppress prices they are ironically bringing themselves one day closer to their demise.

Better get yours while you can still afford it!

Mon, 04/30/2012 - 19:48 | 2386914 Muppet Pimp
Muppet Pimp's picture

Thanks guys, one day when the smoke clears we all look forward to your interview on 60 minutes

Can't wait to hear the ins and outs of China's role

Dis: Long Orville Redenbacher

Tue, 05/01/2012 - 08:16 | 2386693 GetZeeGold
GetZeeGold's picture

 

 

Was Blythe pulling the levers

 

She's gonna rip your eyeballs out for that Muppet!

 

Mon, 04/30/2012 - 18:37 | 2386741 ihedgemyhedges
ihedgemyhedges's picture

TD, please don't show us any more pics of BIS people unless they look like the Talent Manager you've shown previously..................

Mon, 04/30/2012 - 18:58 | 2386792 Robot Trader's ...
Robot Trader&#039;s brother's picture

or the girls shilling T-shirts in the sidebar ads..........

Mon, 04/30/2012 - 19:25 | 2386855 chet
chet's picture

I do love how this guy is claiming to basically run global finance, but his photo is a 20-year-old in a hoodie.  God help us.

Tue, 05/01/2012 - 02:23 | 2387512 The Navigator
The Navigator's picture

same punks straight outta bidnis skool that claimed to know something about business in the dotcom bubble.

Mon, 04/30/2012 - 19:20 | 2386846 Peter Pan
Peter Pan's picture

Let's be reasonable and admit that government is being even handed. They do after all also manipulate inflation statistics, unemployment statistics, the stock market, government agencies, courts etc. This is why Chris Powell correctly said that there are no more markets just manipulations.

MAnipulation is the last refuge of the defeated, the evil and the incapable.

Mon, 04/30/2012 - 22:19 | 2387228 Gringo Viejo
Gringo Viejo's picture

Matters not. The real metal (gold & silver) is flowing to the East. And just like the American jobs that flowed East....they ain't comin' back (thanks Bruce). Game, Set and fucking Match!

Tue, 05/01/2012 - 05:44 | 2387587 jmcaule4
jmcaule4's picture

If you guys like Zero Hedge, Alf fields, King Worlds News etc then you'll like my blog!

Check it out!

http://jmcaule-whatimlookingatrightnow.blogspot.ca/

Cheers,

jmcaule

Mon, 04/30/2012 - 18:19 | 2386679 fourchan
fourchan's picture

i like the every day manipulation at the open of ny trading.

today it looks like the manipulators took one in the keister.

very powerful move from the freemarket, pushing gold right back up.

Mon, 04/30/2012 - 18:29 | 2386721 CIABS
CIABS's picture

Right, the cartel got "stuffed".  Hooray for us.

More likely their basis had improved by the end of the day, and some of the good guys were stopped out.

Mon, 04/30/2012 - 18:18 | 2386683 Kaiser Sousa
Kaiser Sousa's picture

bitch ass pathetic bankers...

it dont matter...i aint selling one fucking once of metal...

keep giving me the chance to stack at these fake ass paper prices u sociopathic fucks...

just showing how desperately fucked u and ur debt coupon green pieces of shit are...

FUCK ALL BANKERS, THE DOLLAR AND THEIR BITCH OWNED POITICIANS...

i'm Kaiser Sousa and i approved this message...Silver Bitchez.....................

Mon, 04/30/2012 - 18:27 | 2386709 fourchan
fourchan's picture

i second.

Mon, 04/30/2012 - 22:26 | 2387237 Tsunami Wave
Tsunami Wave's picture

I couldn't have said it better.

Mon, 04/30/2012 - 18:20 | 2386684 unrulian
unrulian's picture

Canadian bank bailout....hidden...now revealed 114 billion bailout.... the banks were broke in 2008-20010. goes to show we weren't any better that anyone else. we were just lied to

 

Check this out:  http://www.globaltoronto.com/canadas+big+banks+received+114+billion+in+bailouts+study/6442631224/story.html

Mon, 04/30/2012 - 18:45 | 2386759 unrulian
unrulian's picture

haha......damn

Mon, 04/30/2012 - 19:14 | 2386833 disabledvet
disabledvet's picture

"and so the physical gold is sent as payment thus causing the price to decline"? i don't see what the problem is with this...if the fact that the Canadian banking system has been obliterated caused it. A more interesting take is "is Barrick Gold now a takeover target"? they are the world's largest gold producer...and with those equities in the crapper for years now...with a bull market in the mining sector no less...sounds like "take out price" time! http://seekingalpha.com/symbol/abx?source=search_general&s=abx
(price down 17% YTD...now give me 40 billion and we're goooood to go!)

Tue, 05/01/2012 - 00:07 | 2387414 chump666
chump666's picture

Australia next.

Mon, 04/30/2012 - 18:21 | 2386688 blueridgeviews
blueridgeviews's picture

The Fed's are pulling out all the stops to make this "so-called" recovery look real.

 

Reality says that gold will be going up in price in the very near future when Bernanke introduces an old friend .....QE4.

Mon, 04/30/2012 - 19:40 | 2386896 SheepDog-One
SheepDog-One's picture

Other things besides gold going up, way up, upon Bens supposed innevitable unleashing of 'QE4.NEW' or whatever will be gas, and food. Good luck with that, Bennie.

Mon, 04/30/2012 - 18:22 | 2386691 vegas
vegas's picture

Fat finger my ass. As I have been writing for days now, this is just the most recent blatant price manipulation by government that doesn't care about price because they don't care about profit. They care about hurting specs [long and short]. Period. End.Of. Story.

 

http://vegasxau.blogspot.com

Mon, 04/30/2012 - 18:58 | 2386795 BKbroiler
BKbroiler's picture

Fat finger my ass

Disgusting.  And stop pimping your blog. 

Mon, 04/30/2012 - 19:59 | 2386937 vegas
vegas's picture

fuck off and deal with it. feel better? me too

 

http://vegasxau.blogspot.com

Mon, 04/30/2012 - 20:10 | 2386964 BKbroiler
BKbroiler's picture

Vegas (vague ass? like your blog), I actually clicked over and got added to your "live traffic feed (zh trolling effectiveness meter)", lol.  

Mon, 04/30/2012 - 18:24 | 2386699 Caviar Emptor
Caviar Emptor's picture

Auric Goldfinger: Ah, welcome to AuricStud, Mr. Bond. 
[gesturing toward a horse
Auric Goldfinger: Beautiful animal, isn't she? 
James Bond: Certainly better bred than the owner. 

Mon, 04/30/2012 - 18:26 | 2386701 max2205
max2205's picture

Just like they slam Natgas every pre open. SEC? Right

Mon, 04/30/2012 - 18:26 | 2386702 H. Perowne
H. Perowne's picture

O hai, just found another fat finger for the WSJ/CFTC et al. Welcome to the party, pal.

http://www.myspaceantics.com/images/myspace-graphics/funny-pictures/kid-middle-finger.jpg

Mon, 04/30/2012 - 18:26 | 2386704 monopoly
monopoly's picture

Now they are running scared and the end game is upon us. Just a little more patience all, we will win this. That much I know.

Mon, 04/30/2012 - 19:41 | 2386897 SheepDog-One
SheepDog-One's picture

Right on!

Mon, 04/30/2012 - 18:27 | 2386707 techstrategy
techstrategy's picture

Given that HFT's front run any larger limit orders, might it not be rational for folks needing to liquidate larger positions to place market orders when there is enough depth to cover an acceptable average selling price?  

I haven't really thought this one through, but it seems to me this might be  from non HFT owners needing to sell...

Mon, 04/30/2012 - 18:27 | 2386710 evolutionx
evolutionx's picture

ECB Fear Indicator near record level

Banks deposited 793 billion with the ECB

good site about cds an interest rates:

http://www.cds-info.com

Mon, 04/30/2012 - 18:29 | 2386719 Hansel
Hansel's picture

SSDD.

Mon, 04/30/2012 - 18:29 | 2386720 Bay of Pigs
Bay of Pigs's picture

This garbage has been going on for well over 12-15 years (and quite possibly longer).

Isn't it high time someone in the MSM woke the fuck up?

Mon, 04/30/2012 - 19:42 | 2386899 SheepDog-One
SheepDog-One's picture

You'd sure as hell think so anyway.

Mon, 04/30/2012 - 20:35 | 2387011 WonderDawg
WonderDawg's picture

The MSM is awake, and under control. If you don't tow the party line in the MSM, you get canned. Sure, they'll let one or two rogues get some airtime, but that again is controlled opposition to give the illusion of balance. You'll never get more than a glimpse of carefully edited truth from the MSM.

Mon, 04/30/2012 - 21:27 | 2387136 Papasmurf
Papasmurf's picture

fair & balanced

Tue, 05/01/2012 - 00:08 | 2387415 wee-weed up
wee-weed up's picture

Bay of Pigs

This garbage has been going on for well over 12-15 years (and quite possibly longer).

Isn't it high time someone in the MSM woke the fuck up?

-----------------------------------------------------------

Remember, this is the same MSM that gave us Hopey & Changey. They're determined the sheeple will never wake up to the truth!

Mon, 04/30/2012 - 18:30 | 2386723 MarsInScorpio
MarsInScorpio's picture

OK, so how do I get in on the manipulated low price? If they want to push the price down, and I know it is an artificial low, soon to go right back up, how do I get in on their manipulation?

 

And . . . since we all know who is manipulating the market, and this is no doubt causing some people to lose mega-bucks by wiping out their paper balance sheet equity, how is this guy still alive??

-30-

Mon, 04/30/2012 - 18:59 | 2386797 Robot Trader's ...
Robot Trader&#039;s brother's picture

BTFD - buy the fucking dip..........

Mon, 04/30/2012 - 18:32 | 2386727 FranSix
FranSix's picture

Either that or somebody is going very badly broke. I would say this increases the arbitrage risk in the underlying asset.

Mon, 04/30/2012 - 18:32 | 2386729 Temporalist
Temporalist's picture

I saw before the equities market opened this AM that Blmbrg or CNBS were immediately scrolling that "GOLD IS DOWN MOST IN 2 WEEKS" and minutes later it was down only a few dollars.

 

They are trying hard to make it crash, very hard.

Mon, 04/30/2012 - 18:54 | 2386777 Rainman
Rainman's picture

It is written...prepare for numerous beatdowns...a billion of fiat ain't shit to the central banksters.

Mon, 04/30/2012 - 19:25 | 2386858 disabledvet
disabledvet's picture

my guess would be there is a fear that literally TONS of gold is about to be transported directly from the failing/failed European banks to the American, Swiss and Scottish ones. Of course then there's a "now what?" moment...the recovery still stinks and i'm not paying for that...

Mon, 04/30/2012 - 18:33 | 2386730 Benjamin Glutton
Benjamin Glutton's picture

Preparation for China's gold for oil program with Iran?

Mon, 04/30/2012 - 18:33 | 2386733 apberusdisvet
apberusdisvet's picture

I am as big a gold (and silver) bug as many on this site, but I fear that the end game has already been planned.  Within a short 20 years, there will be totalitarian rule over all us sheeple, at least those of us who are still left.  Too few are recognizing the Fukushima Syndrome for its reality; at least 50% of us in the Northern Hemsiphere are going to be cancerized  by the radiation that will be forever with no solution.  Spend less than $500 on a geiger counter and visit the produce  section of your supermarket and receive a wake-up call on all California originating leafy vegetables.

Mon, 04/30/2012 - 19:25 | 2386860 Dr Benway
Dr Benway's picture

Yeah and buy a tinfoil hat while you're at it.

 

I wrote this in another Fuku thread, but it bears repeating: Of the atomic bomb survivors in Hiroshima and Nagasaki, what proportion do you think got radiation-linked cancer in the 50 years after the bombs?

 

Less than 2%.

 

http://www.rerf.jp/radefx/late_e/cancrisk.html

 

 

Mon, 04/30/2012 - 20:19 | 2386986 Haole
Haole's picture

I'm no nuclear physicist but isn't radiation created by a weapon reaching critical mass and exploding just a tad different than solid nuclear fuel throwing-off beta particles, gamma rays and isotopes of different sorts for hundreds of thousands of years?

Mon, 04/30/2012 - 20:55 | 2387056 Dr Benway
Dr Benway's picture

I was responding to a post claiming that more than 50% of people are going to get cancer due to radiation exposure from Fukushima.

 

The radiation from Fukushima was negligible. The radiation endured by the atomic blast survivors was horrific, yet even they "only" had a 2% cancer rate, because radiation doesn't work like it does in cartoons and action movies. But most people believe cartoons and action movies and so they think radiation is like some kind of death ray, which in the minutest quantities will mutate you into a superhero or cancer sufferer.

Mon, 04/30/2012 - 22:23 | 2387234 mick_richfield
mick_richfield's picture

The Hiroshima weapon contained 140 lbs of uranium, and no plutonium.

How much heavy metal is at Fukushima? 

How much of that is plutonium?

Chernobyl released scores of times more radiation than the Hiroshima and Nagasaki weapons combined.

It was entombed within six months of the accident.

Fukushima is an open-air fission reactor, containing thousands of tons of heavy metal, including the remains of the undisclosed Japanese nuclear weapons program.

Mon, 04/30/2012 - 22:39 | 2387263 Dr Benway
Dr Benway's picture

No matter how much drivel you spew, the radiation from Fukushima has been negligible, and certainly nothing for Americans to fear. Your fear is irrational. You are irrational. Plus you don't know shit about physics which really doesn't help.

 

Seriously, to have you downplay the radiation suffered by atomic bomb survivors is just ludicrous. The radiation they absorbed is on a completely different scale from the piddling amounts that might reach the US from Fukushima.

Tue, 05/01/2012 - 00:12 | 2387420 Swarmee
Swarmee's picture

"Your fear is irrational. You are irrational."
So is your 'logic' as embodied by this response. Post data, not strawmen.

Tue, 05/01/2012 - 00:24 | 2387431 Dr Benway
Dr Benway's picture

I just posted data on cancer rates for people that had survived a goddam atomic blast... With the inference that the very small doses from Fukushima hardly could cause a 50% cancer rate. So yeah...

Mon, 04/30/2012 - 20:36 | 2387016 Tuffmug
Tuffmug's picture

But the survivors they studied were not a representative group.  Read your reference closely and you find that the study only started in 1957 and excluded leukemias. How many died of radiation induced cancer before 1957? How many died of radiation induced leukemias?

Mon, 04/30/2012 - 21:03 | 2387044 Dr Benway
Dr Benway's picture

They counted leukemias as well. There was an excess of 94 leukemias per 44,635 survivors in the years 1950-2000. The study used other data sources before 1957 when registries were introduced.

 

 

The studies were carefully performed by a qualified Amerian-Japanese team of doctors, so the methodology should be sound. This is the best estimate we have of cancer as a result of the atomic bombs.

Tue, 05/01/2012 - 01:09 | 2387467 Calmyourself
Calmyourself's picture

Good doctor, Chernobyl and it's effects are much more indicative of radiative effects on long term health vis a vis Fukushima than a 20-25 kiloton blast in which most radiation is plume lifted irradiated and dropped miles away...

http://www.who.int/mediacentre/news/releases/2005/pr38/en/index.html

Tue, 05/01/2012 - 02:12 | 2387502 Dr Benway
Dr Benway's picture

Chernobyl has 64 confirmed dead from radiation.

 

The 2004 tsunami killed more than 200000 people.

 

I wish you all could get some perspective.

Tue, 05/01/2012 - 06:39 | 2387609 TheFourthStooge-ing
TheFourthStooge-ing's picture

Here's some perspective for the "doctor" on Chernobyl.

Don't view if you don't have a strong stomach.

http://inmotion.magnumphotos.com/essay/chernobyl

 

Tue, 05/01/2012 - 08:09 | 2387706 Calmyourself
Calmyourself's picture

First on my list of perspective gathering activities is to stop trying to agree with you...

Tue, 05/01/2012 - 01:39 | 2387481 Oh regional Indian
Oh regional Indian's picture

DrBenway, your trolling tone on this topis is unique, mis-directing and dis-ingenuous.

And then, the classic Govtroll giveaway...." carefully performed by a qualified Amerian-Japanese team of doctors"

Thanks for the laughs...

ori

Tue, 05/01/2012 - 02:20 | 2387509 Dr Benway
Dr Benway's picture

Do you have any information to cast doubt over the qualifications of the Radiation Effects Research Foundation, or any scientific objections to their research whatsoever?

 

Right. Thought so.

 

Classic Conspiro-Trolling. Conspiro-Trolls demand proof for everything anyone says, and reserves the right to fincomb provided research and claim contradictions, yet Conspiro-Trolls never have to provide proof of their own.

 

You, sir, are a Conspiro-Troll.

Mon, 04/30/2012 - 18:34 | 2386734 gwar5
gwar5's picture

Gold manipulation has been blatant, obvious, and chronic, which means it is government sponsored.  Same with all the other markets.  There are no 'markets'.  Krugman must be in heaven and should be providing us with an excuse, any minute now, why his precious government controlled economy hasn't been working for the last 4 years.

The fraud in the markets mirrors the fraud in government and meltdown of the rule of law. If TPTB don't have to follow any rules why should anybody else?

To that end, by all means, remember to Occupy May 1st, World Communist Celebration day, by shutting down a bridge or subway near you.

 

 

Mon, 04/30/2012 - 19:13 | 2386832 Harbanger
Harbanger's picture

You should celebrate World Communist day with a self imposed curfew.

Mon, 04/30/2012 - 19:59 | 2386938 unrulian
unrulian's picture

.....and water board your self in the shower....no wait... that's word Socialist day

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