Gold Slammed On Massive Volume To Key Technical Support On GDP Beat

The better-than-expected second revision for Q3 GDP prompted algos to instantly dump yen and precious metals.

Gold was slammed down top its 100-day moving average on around 45,000 contracts (almost $6 billion notional)...

 

The Feb Gold futures contract is finding support at the intersection of the 50- and 100-day moving average for now...

 

Silver is also suffering after being beaten down from its 200DMA (red)...

Comments

DisorderlyConduct fbazzrea Wed, 11/29/2017 - 13:04 Permalink

Cryptos will get hammered the same once they are traded like gold and silver. Right now cryptos are a proxy for gold and silver because they are in a freer market.Once cryptos are brought to heel, the pivot will be into other asset classes, with an attendant inflationary impact. Then gold, silver, and other assets will pop some. It's not like the guy that put his life savings into crypto will feel safe with everything in one basket.And anyway, a new millionaire deserves a few nice things... same story time and time again the world over. The spending will cause inflation.

In reply to by fbazzrea

justdues Haus-Targaryen Wed, 11/29/2017 - 09:07 Permalink

Hmmmm ,me too, great comment . Maybe the "Hidden Hand" wants the mania focused exclusively on the cryptos so they can properly perform their job of destroying all the fiats first ? When the job is done then they unleash the gold to tie the cryptos to tangible earth. All lesser cryptos quoted in BTC , BTC itself quoted in Gold ? Something along those lines ? Putrid called it , Nov 1st ,phase 2 of the Reset and voila a few days later cryptos go nuts . The Reset is happening .

In reply to by Haus-Targaryen

Ghordius Haus-Targaryen Wed, 11/29/2017 - 09:13 Permalink

cryptos can't be the end of fiat currencies. not if they are allowed to zip up or down. or even encouraged (who told you nobody is pumping up BitCoin? you don't know, you can't know)rule number one of currency: it has to have the least volatile, i.e. most price stable item on the marketit does not matter if it's sheep, salt, tobacco seeds or chits. it has to be the one item you use to compare all other itemsto put it bluntly, if the currency in your pocket looks like it could appreciate wildly... you keep it in your pocket and use something that does not look likely to do that. that's one reason you don't go shopping with gold coins, but with notes or cardsrule number two of currency: it has to be widely recognized and accepted. and easy to use, of courseand how is this usually achieved? with a market maker, be it a prince or a gov or a national bank. best in the use for tax gathering, which forces demand for itnow... gold (and silver). interestingly, all those shenigans make gold quite price stable, lately. relatively, yetthe more it becomes stable in price, the more it is possible that it might come back as currencyyou see? currency usage is in conflict with speculative usage. but not necessarily with wealth storage usage

In reply to by Haus-Targaryen

Hugh_Jorgan de Cosmos Wed, 11/29/2017 - 10:25 Permalink

The door is open for seasoned CryptoBugs. The curve on BTC is going vertical. You know what that means.

IMHO, crypto will end up exposed as an unwitting honeytrap for wealth that will be slurped up by algos during the inevitable retracements that are forthcoming.

If you bought BTC early on, it's time to consider moving profits into the only commodity that will never be worth $0... gold. The price is even being discounted for you. What goes up must come down.

In reply to by de Cosmos

wise_owl_says... cossack55 Wed, 11/29/2017 - 09:56 Permalink

6 bln paper gold for 6 bln digital bitvapor. drive up price to get more plebs to pile in at top. smart money is quetly converting bits to real, physical, and tangible assests. phyzz silver is deal of century. never again in future generations will anyone have opportunity to gain something soooo precious for soooo cheap! go spend your ripples and bits of paper on a real vampire (bankers and bacteria) killer. 

In reply to by cossack55

ParkAveFlasher wmbz Wed, 11/29/2017 - 09:26 Permalink

$6B buys them six bucks off the gold price.  Keep pumping up crypto, tptb, and keep drawing up all that hot, woefully desperate money flowing into it, and do keep trying to cool down the POG with fake liquidity, but know that there isn't enough electricity in all the earth to hold back real money.

In reply to by wmbz

Justin Case bcking Wed, 11/29/2017 - 11:11 Permalink

they'll never let itGold-market manipulation, the story that gold has been subject to a long-term price suppression scheme is easily debunked.It's easy to point out that all markets, including the gold market, are manipulated. They always have been and they always will be. Presenting evidence that the gold market is manipulated is like presenting evidence that the Earth revolves around the sun — it's true, but useless information in this day and age.Evidence of gold-market manipulation is not evidence of long-term price suppression. Yes, if long-term price suppression was evident, then it would be an example of market manipulation, but market manipulation generally does not involve long-term price suppression. I purchased gold for $284.00/oz. That is far below the current manipulated price today. You cannot purchase gold anywhere in the world for $284.00/oz. Does this indicate that the price is being manipulated up?

In reply to by bcking

bobsmith5 Justin Case Wed, 11/29/2017 - 16:06 Permalink

Cryptos are signaling the state of the dollar a job that precious metals should have been doing. They have openly admitted to the necessity of suppressing the price of gold in order to preserve the international reserve currency status of the dollar. This proves a long term intention of suppressing the price of gold. Manipulation of the price on a daily basis is how that suppression is maintained over the long term. The fact that it is up long term shows the limits of that process.

If it were not for the suppression/manipulation precious metals would be where cryptos are today. By suppressing/manipulating the precious metals it is possible to give the dollar the power necessary to manipulate all markets.

In reply to by Justin Case

silverer Wed, 11/29/2017 - 08:39 Permalink

I can't wait to see what happens when Russia and China get their financial exchange systems firmly in place so that the US dollar and SWIFT is no longer necessary to their economies, then put a 500 billion gold purchase contract on COMEX and demand PHYSICAL DELIVERY instead of worthless paper cash to settle the contract. Have your fallout shelters well stocked, folks.