Sunday, April 14, 2013

GOLD!! ITS NOT SAFE!!

Goldman traders putting the final touches on gold traders Friday
And DON'T you forget it. Of course we've painted that picture very carefully for you. We've created an enormous number of paper vehicles for lazy/clueless suckers er "investors" to put their fiat into. Obviously these "paper vehicles" are for the "investors" benefit and not just another ponzi to take your fiat away from the actual store of wealth (bullion). Some might say this defeats the entire purpose of bullion, but we maintain that sheep need an easier, digital, way to own gold and silver. We of course do this with all commodities and this service is vital to maintaining an "orderly market". 

After Friday's terrifying slaughter of gold longs there were long lines of traders lining up to turn in their bullion.....at least that's what some sheep were led to believe by the CNBS talking heads as the coordinated media attack on the trade proceeded on relentlessly throughout the day. Of course this well orchestrated attack is right out of a centuries old playbook and unless you've experienced it personally (many times before) you may still be in disbelief. Could it all be that corrupt and REALLY be a criminal syndicate as many "conspiracy theorists" on the internet have maintained? Surely some tenants of a natural market remain. Surely this is just the machinations of buy and sell side market forces. No one could maintain this level of an operation without it being obvious.  Maybe that's your problem......it is obvious and you're the guy at the poker table looking around still trying to figure out who the sucker is.....sorry to inform you.......ITS YOU!

So where does that leave the rest of us sheep that are in the middle of the firezone. How much bleeding can a human take before they're declared dead? Unfortunately we're well past that point. Now we're entering into the pure terror phase. You're up against the greatest terror organization on the face of this earth and they do know how to inflict pain. So you can fold or you can hold. Either way the game will continue and the outcome is inevitable. Nature's forces will bring the conclusion to its rightful end in spite of the greatest human power so gl to you all.

175 comments:

  1. The landslide at Kennecott mine in Utah created a significant shortfall in available physical production of gold and silver, look at the date before the paper takedown. That shortfall has to be made up somewhere to keep the Ponzi leasing and industrial production of electronic cr@p greased.

    Buy physical, silver unleveraged and with plenty of funds left to survive so you are not forced to liquidate.

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    1. http://silverdoctors.com/10-of-us-annual-silver-supply-just-vaporized/

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  2. Note:

    I am just reporting what was said on the "Financial Sense" radio show. The moderator did ask, "How do we know only 1/3-1/2 of Gold leased?" The presentor admitted they are estimates. What seems odd to me, if the leasing of their Gold has been levered many times over, you think more that 100% has been leased.

    Overall though, the show has been pretty accurate. They have been predicting for a couple months now that stocks will go up & Gold will go down. They try to give an explanation as to why.

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    1. Doc......they're no more accurate than anyone else trying to handicap this ponzi.....I think there have been some pretty good predictions on this blog over the years by several posters...no names need to be mentioned.....1) Stay in physical gold and silver and accumulate 2) we are in a deflationary supercycle and the Fed MUST print 2) we will be in Stagflation before Inflation 4)Social unrest and wars will accelerate (they have) 5) shortages will develop (they are) 6) unemployment will NOT improve ( its worsening) now over 105 million working age Americans have NO job.

      As far as the daily movements of the market, when guys like Russell and Sinclair throw their hands up in disgust, you know its reached a very dangerous phase

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    2. Some of these financial newsletters/blogs/ are giving up Doc.....its so rigged now that forecasting has become a joke and a mockery of a "free market"......I appreciate The Financial Sense contribution but I don't overly criticize anyone that is trying to handicap this madcap market....I'll stick with the macroview and accumulate......time is NOT on the ponzi's side

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  3. Excellent comment from "Curtis", an engineer, from Trader Dan's giving his take on "first principles" (aka Nature) and what's taking place:

    "Kris, I am an engineer where you live and die by first principles (first principles are those things that are always true, like gravity). First principles tell you where your expected measurements should be. When you see a first principle not work it means there is some other force that is working hard against it. The further away from the first principle's expected value, the more ENERGY it requires to hold it there. In the world we live in it normally takes 10x more energy to double the distance away from the expected values so there is a practical limit to how far things can move.

    Back to gold ...

    It sounds like your fear is that the first principles of the market (i.e., the fundamentals) have been negated. This is not true. What is happening is that TPTB have injected enormous amounts of energy (i.e., short positions) to distort these first principles (i.e., money printing makes gold go up). This effect is predictable and there are two possible outcomes: (1) more energy (i.e., gold shorts) will be injected into the system and the price will go down; (2) more energy (i.e., gold shorts) will be injected into the system and the system will crack (this is inevitable at some point); (3) the price will go up (this is inevitable). Both (2) and (3) must happen at some point we just don't know when. Please don't make an emotional decision because that was the plan all along.

    Recognize that TPTB are losing control because they are acting out in broad daylight instead of behind the curtain. This is even being announced on the corrupted mainstream. This means that more people will become aware and front run TPTB and then they will lose control. [Dan, why don't you teach us all on how to see those tracks in the charts?]

    To me, gold is an insurance against the criminal TPTB and I hold it that way. When the distortion stops or even slows, then the first principles (fundamentals)will recover. The best way to help this stopping is to buy more physical and ignore the paper market."

    http://traderdannorcini.blogspot.com/2013/04/massive-put-option-buying-in-gld.html#comment-form

    Just hold tight and stay low as the "System" violently convulses in its death throes. JD

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  4. It's the Matrix That's all. I own physical no hedge. I was out building fence today, nice to get outside and think clear my head. I still see this as nothing new, the world is going to hell fast. They can't save it no matter how much money they print. Physical will win in the end. This might be the thing that busts the Comex. Your right Kli we are in a dangerous phase. Might be the last phase.
    Matt

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  5. I'm probably making a mistake. But I plan to short gold this week.

    I'll be using the GLD ETF. To add some spice, I'm going with options.

    It's quite clear from Friday that Goldman Sachs is just getting started. Why should we fight our masters KLI? We've got sticks and stones and they've got nuclear bombs. You saw it with your own eyes, it was breaking resistance levels like a hot knife through butter. I haven't seen this kind of action since SKF in '08

    I hate to bet against the gold longs here. But my paper gains will buy a plane ticket to Bora Bora if I'm right.



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  6. I love Mark Faber putting it all into perspective:

    http://www.bloomberg.com/video/faber-gold-isn-t-down-as-much-as-apple-FJWVsQe2RoKY6uT3ysQyxA.html

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  7. Kli,

    I agree with all of your predictions with the possible exception of #6. My concern is that the PTB will be successful in pushing the eventual collapse out further in time. If the banks truly are able to begin lending, people will borrow--and that borrowed money could put people to work. Think of someone that wants work done on their house (eg, new kitchen) but haven't been able to get a loan. Should those loans show up, that money will be put to work (construction materials, construction jobs, etc). Someone who may want to start a new business may be able to get money. That money then enters the system and that increases money velocity. Yes, there is endless debt, but there is a lot on money on the sidelines as well.

    I'm just saying we have to look at some "pseudo-recovery" as a possiblity of moving the markets significantly higher. I'm preparing/accumulating too and watching Gold drop in anticipation of buying. I just remember the pure nuttiness of the dot-com craze. They pushed that Nasdaq to an incredible height. If they did it once, why can't they do it again?

    Note: I have only listened to their show for the last couple months, so I have no idea how they have done over the long term. I'm just creating some weekend discussion.

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  8. I didn't realize the London physical market "froze up" during the selloff Friday. I like the way this guy thinks:

    ".....They started with leaked information with explosive potential changes in USA policy, and then they published information that Europe/Cyprus would have to sell 400 million Euro's of physical gold. Finally once the sell off began the physical gold market platform in London locks up and no one has buy or sell access in the physical spot market. ...."

    http://goldtrends.net/FreeDailyBlog?mode=PostView&bmi=1267250

    JD

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  9. Fwiw, Clive Maund interesting. Someone here posted that he is right about 50% of the time. It currently looks as though deflation is WINNING. http://news.goldseek.com/CliveMaund/1365976800.php One thing is clear: the panic is not limited to the sheeple. I know college grads working for $10/hr. babysitting in NY and N.C.

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  10. I think it's probably a good idea to take a step back and look at some facts in light of what happened last Friday:

    1. The miner trade has been a complete disaster for the last 2 years. No one can predict where the miners are headed from here.

    2. Gold has been on a downtrend since 2011 as well, and last Friday, some important support levels did not hold.

    3. The world's stock markets have been on a tear since 2009, thanks in large part to QE efforts by the world's central banks.

    I think I've stated these 3 facts accurately. Now, we can move onto predictions:

    1. Gold/miners are likely to be in a slump for a couple more years. 2015 is the earliest that we see a potential turnaround. Many miners could either shut down or become nationalized during this time, wiping out shareholders, while those long in the paper markets (PHYS, GLD) will also have to deal with some pain.

    2. The equity markets will continue higher thru 2013 and into 2014.

    3. Any systematic collapse is not imminent and could be years away.

    So, in my opinion there are two options. One can continue to stay in a losing trade (miners/gold) and potentiall be wiped out, or one can make money in the equity markets, while using the dips in the price of gold to accumulate physical bullion, while staying out of the miner/paper trade entirely. Yet another option is to just go all cash and stay on the sidelines.

    A lot of so-called gurus had their asses handed to them on Friday. The next time Sinclair or anyone calls a bottom and predicts that gold will hit $3K or $5K really needs to STFU because this is what happens to when you commit to certain timelines and price targets.

    Jay, gold could be headed to $1400 or lower, possibly $1300-1350 in the coming days/weeks, so buying puts in GLD (if you want a quick gamble in the casino) is probably a good bet.

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  11. Does anyone remember whether M. Armstrong predicted $1100 gold? He says the top will come in 2017...the reason I pay attention to him is because of his models. He uses very specific numbers.

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    1. He's been pretty accurate sista.....very bearish for over a year now....but he's bullish longer term....doesn't effect my play so I haven't looked recently

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  12. Sorry Bud Gold is down what 30%, has happened before (2008), why will many miners go out this time? when oil was at 130 in summer 2008 how many oil companies were nationalized, same with copper? Why is 2015 the earliest recovery? Systemic collapse may or may not be imminent who knows but the HUI went up what 15 times since 2001 to the peak and gold from 250 to 1900 without a systemic collapse. I guess what I mean is that since when did we need a systemic collapse for gold to do well? It seems as though everyone assumes that only under the most dire conditions can gold do well, I don't think so. Look at my comment under the last post about Bob Hoye and the history of gold during credit contractions.

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  13. Sorry Bud....not buyin' what you're sellin'......no reason to respond with details...just repeating myself...Btw go take a look at a 12 year gold chart and repeat what you just said.....next look at a 14 year SnP chart and repeat what you just said....that's just using technicals....I don't think anyone here believes your fundamental premise but they are more than welcome to jump in....nothing like a good food fight

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  14. Gold is at 1460 in Hong Kong right now. It's going below 1400 this week.

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    1. hide the women and children

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    2. NOW we're gettin' some fear folks.....this is one helluva shakin'

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  15. A lot of mining executives And gold longs will not be sleeping easy tonight

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    1. probably right Jay.....I will though....hehehehehe....bring it on down

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  16. Just made my second buy in the last week. Made two small buys of silver eagles and gold. Going to make a bunch of small buys over the next 6 months. Bought some for my kids as well. Trying to diversify their holdings. I think it will be a great investment over their lifetime. I love this opportunity to get physical cheap. Would not be surprised if we drop another $100 for gold and $3 for silver

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  17. i dont know what to believe at this point. watching this attack has me very concerned. talk of $1000 gold has me very concerned. budfox does have a valid point about the miners. this drop in gold cant be good for them at there current levels. it would seem for the miners that arent at there 5 year lows yet, will get there. owning physical metals doesnt worry me, owning paper mining stocks does. this drop in the miners is the exact type of downfall that befell the solar stocks. if people wanted the drop in gold to buy more physical, it looks like you got your wish. good luck everyone.

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  18. Holy cow! I still say things are not as they seem. Are we seeing a deflation collapse right now! Oil, Gold, Silver?
    Just the start. Stocks next? Why do I feel this is just the first shoe to drop. But then again maybe the world is fixed maybe the Fed's have been
    able to do the impossible and they have saved us from the horrible collapse as Bud says. And they are God's and each will come to their knees.
    If that's the case I guess I win either way. I have two kids I want them to grow up in peace and drink that free bubble up and eat that rainbow stew. Let the blood flow. I want to buy silver at or under 20 so bad!
    Sleep well all. ;o)
    Matt

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    1. You'll never get it......at least with the premium added.....but we can hope they push the paper price below 20..hehhehehehehehee.....come on baby...bring it on.....I've still got fiat for paper

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  19. The pf chart is the same I posted earlier in week...
    It looks like they are pushing it to 21

    http://s13.postimg.org/6u9dz0bav/Silver_pf_chart_yesterday.jpg

    I think equities are just too managed....I think an incident is near...stocks will catch up to commodities...

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    1. "I think equities are just too managed....I think an incident is near...stocks will catch up to commodities.."

      it does seem very possible. could be like 2008/09. if that is the case, then the mkt is going to go down hard and fast in the near future. cant wait to see my basket of "horrors" as in ego,ssri,kgc, hehe.

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  20. the question is, will some of these miners start doing stock offerings during this gold smash down, or will they wait for a deadcat bounce, and then pull the stock offering out of the hat. i would think, at some point, some miners are going to need some financing. if gold keeps going lower.

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    1. the only question is when the boyz reverse the trade after covering their shorts rude.....you'll know when you see it is the short answer....right JOE?? heheheheh

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  21. It's a bloodbath in Asia, can't wait to see what happens in London/NY tomorrow.

    I guess what I'm saying is, I'd hate to see good, decent, honest people get hurt. I browsed some blogs/forums over the weekend, and what I saw was people in panic and despair. These folks either got into the game late, or made the mistake of going all in (physical/paper/miners) and now face the real prospect of losing a big chunk of their life savings. These folks do not have the right temperament for the trade, and should never have gotten involved with the PM trade in the first place.

    The mark of any good trader, IMO, is to recognize when a trade starts to go against you and limit your losses and get out, instead of going down with the ship. We have seen the power the cabal now, after destroying the miners, they are now going after the paper/physical markets. They have nukes, we have sticks, it's not wise to fight a losing battle. I'd much rather stay on the sidelines, let them proceed with whatever is their plan, and then make my next move.


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    1. Buy when there's blood in the streets..........careful Bud....some awfully big short positions need to get covered here

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    2. we all know the risks. if one wants to play the game, then one has to accept the consequences. i blame no-one for my basket of "horrors". you win some and lose some. quoting Tupac " for every dark night, theres a brighter day"

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    3. BTW Bud.....I love to hear you're finding good people panicking ....we're getting close.....and if you're playing this casino YOU ARE NOT A GOOD DECENT PERSON.......hehehehe....and I include myself in that group......so get off the "good decent people crap"

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    4. "so get off the "good decent people crap"

      not to offend anyone, but that is so true, anyone that is hoping for gold to $5000 really cant be that decent, can they? very funny. hehe. its already a brighter day for me.

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  22. Ahhhh, they can breathe more easily. Dollar rallying, that's the plan n'est pas?

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  23. Goldman Sachs all night party tonight .

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    1. I dunno Jay.....I sure do love to see the physical sale tomorrow.....May break out a party tomorrow nite too

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  24. >>Buy when there's blood in the streets

    Words to live by, but I think more blood is coming. Who can say we won't see $1000 for gold and $20 for silver? Sounds unthinkable, but considering how things that once seemed completely improbable continue to happen on a regular basis, can't rule out anything in the PM markets. Violent moves in both directions could be the norm going forward.

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    1. we can only hope we see 1000.....doubt it though but hey.....I'll be buying more

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  25. If any of you are in doubt about what is happening then try and buy silver or gold bullion coins Monday......bet your premium is OUT OF SIGHT

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    1. JUST THE OPPOSITE would occur in true liquidation of physical

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    2. quick question, in the crash of 2008, was the premium way above or right at spot price?

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    3. Premiums were up and you had a VERY hard time finding physical in coin shops..... I cannot speak to large bullion orders .....I had several friends buying then and they could not find gold coins in cities the size of Houston in late 2008......once they brought the price up then bullion surfaced again.....MUCH less public awareness then of gold bullion......I can't wait to see what happens during the next few days......I'm stuck out of town but if they keep it down through Wednesday I will make a trip to a LCS

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  26. kli,

    one last question, what do mining companies do in a situation like this. these are real companies, not just paper. if this is true manipulation, how do these companies fight back? if gold mined is below cost to mine, do they just shut down operations?

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    1. it can put a crimp on the higher cost producers....and knock out supply as they close down or reduce mining to cut costs....if this is brief it will have little effect....

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  27. just bought from apmex and not a problem. Not a huge buy but nice sized though

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    1. whaat premium and what coin ...gold or silver... I bought silver Friday and gave over 3 dollars at gainesville on Buffalos

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    2. Apmex has Silver Eagles in stock but premiums are stupid high..... $4.99 for less than 100, $4.49 for less than 500, $ 3.99 for 500 plus... Last purchase premium was $ 2.49 and that was two weeks ago.

      Canadian Maple Leaf premiums are about the same

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    3. Apmex : Random Year Maple Leaf 20 plus $1459. 1-10 $ 1468. Ouch!

      Gold dump all over the radio this morning....

      Fanning the flames of fear!

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  28. Miners' stock prices have been much lower, why will this dip force them out of biz? Gold at 1400 needs to stick for a while before cash flow gets hit, also keep in mind oil is tanking also, so cost are coming down. Real price of gold is most important and it is rising.

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    1. correct .....costs of mining comes down with energy and deflation....

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    2. true, but energy costs have been high for awhile now which has had to hurt the miners already. lower gold prices could be a compounding effect. deflation in fuel costs has been minimal at best. time will tell, if deflation is actually going to take down oil. i gather, the first shoe to drop for miners would be the dividend, if cash flow becomes a real issue.

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  29. This is a question for all the long time casino players Around here.

    Can you ever remember another time in history when the street price was so much different than the paper price?

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    1. Just gonna have to watch how it plays out Jay.....this game involves many issues that represent the very survivability of the system so its not something any of us have EVER seen before.....

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  30. You can buy gold maple leafs now 25 or more for $37 over thats the same as it's has been.

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  31. $20 silver is likely coming but good luck getting it at that price. Hold your nose and buy quality miners or physical. Something BIG is happening right now, hopefully not the beginning of the end game. I really had hoped they would keep this afloat for a little while longer.

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  32. GULP! 1396 gold! Wow Wee Dogs! Okay this is not funny any more. I want to see just 2 or 3 dollars more down on silver. I might be a fool and the lows many be in but I'm holding out for a little more lower. Greedy I know. Stock market will go green by the end of the day that might help
    pull gold up by then. have fun all
    Matt

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  33. I agree with everything Budfox wrote in his 1st post above except I believe the miners will catch a bid long before 2015. I have read that ^HUI could fall to 250'ish. When you look at a long term chart--maybe even 200. Once a sector has been totally crushed, the shorts will cover and other buying will start. We are getting close to that point.

    Earliest I can try & sneak out is Wednesday morning to buy some coins. So, let the blood flow.

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  34. Just made a silver purchase. 3 bucks over spot. If it goes to 20 you wont be able to buy it unless you pay 25. The premiums are only going to get worse as more of the phyical gets bought. Unless you going to take advantage of some "sucker" who will sell at spot, you not going to get that price! GL ALL

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  35. checked gainesville gold premium on maple leaft and the credit card is 1497....thats 90...bank wire about 60 over

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  36. as mentioned a couple of months ago the volatility has to be increased to shake out the weak hands....no trade this large EVER reverses without extreme volatility......its just the game

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  37. I'm in the same boat as you Doc...out of town and no "personal" buy at LCS until after Wednesday.......CNBS floor trader saying basically the same as we are here.....NYMEX trader........

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  38. Simon on CNBS just said that a survey showed that gold was THE TOP asset of choice for ALL investors....well.....there ya go.....can't have that shit happening now can we....hehehehheheeh

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  39. I have NEWS....decided to use Gainesville instead of waiting for LCS big buy and just buy some silver rounds....I have used them dozens of times over the past three years maybe 40 buys......TODAY was the first time I had busy signals....THEN when I did get in I was 15th in the cube.....15...I have ALWAYS got through and was never more than 3rd in the cube.....I'm holding and am down to 11th in the cube....people must be buying like mad....hehhehehehe.......or maybe they're "selling" over the phone...hehehehe.....I'm still 11......oh well

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  40. finally got through......and buffalo silver rounds were about 3 over spot using credit card

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  41. Going to my Local coin guy this morning. I'm okay with this sell off I have two kids to buy metals for maybe I can start adding to their future. ;o)
    Matt

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  42. Sure feels like 2008 all over again. Why is everyone running to cash? Kli Is this it? The big one? HA Lol.

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  43. It actually could be signalling something about to break but more than likely they are only ripping the trade apart as Red, Joe and others have warned about.....This is a VERY crowded trade as I've alluded to which they DONT want you in. This volatility is ONLY the beginning and was also warned about coming just a few months ago. Wait until we get the really big price swings.....these are just a warm up..hehhehehehehe...oh you have NO idea how ugly this is going to get....

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  44. I also want to emphasize that this type of vol is fun/exciting/scary....its also signalling that you should not lose focus on your preparations. Things like water, heirloom seed may make silver and gold look cheap

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  45. First I’ll say that contrary to several others on here, recent events have led me to believe that the timeline until collapse is shorter than I first thought, not longer. Coordinated ammo shortages, Cyprus, PM takedown, etc, all lead me to believe that we’re nearing the end and that the PTB is growing more desperate to maintain the illusion and keep the economy afloat.

    As for the crash in PMs, in my opinion, there are 2 possible scenarios.

    A…we’ve entered the phase of deflationary collapse and gold is leading the way. The problem with this idea is that it would mean ALL other asset classes should be taking a huge hit as well; they’re not...plus the lack of reaction in bonds. Unless we see the proper follow through in other asset classes, this is unlikely the correct scenario. But if it is somehow, I hope everyone has some dry powder because you’ll be picking up PMs, real estate, oil, and everything else for very cheap.

    B…the other scenario is that the printing presses will continue, the fight against deflation will only accelerate, and that this is a coordinated effort to crash PMs in order to maintain US$ strength, shake out PM investors, cover their short positions, and extend the Ponzi a little bit longer. If this scenario is correct, then it’s best to keep acquiring bullion slowly on the way down and be thankful every time you get through the queue at Gainesville! I just don’t think they’re ready to pull the plug, still setting the table.

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    1. FWIW my thoughts are with B

      APMEX Silver rounds currently 2.10 over spot for 100 plus but they B ugly....

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  46. Tulving sold out of all silver with exception of some larger 10/100 ounce NTR bars and 1 Kilo Australian coins.

    Just got off phone with LCS (same location and owner since 1975) - owner told me premium on Krugs this morning is $50, compared with $32 when I spoke with him 3 weeks ago and I would have to wait at least 3 weeks for delivery compared to next day when we spoke before. He said the Maple Leafs, which had a $30 premium before, he could lock me in a price, but did not know when he/I would be able to take delivery. - headed over there this afternoon.

    His exact words - "this is goddamned crazy", LOL. JD

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  47. Tulving has been sold out of most silver for some time. I bought from him once never again He is very hard and very slow to deal with how he gets repeat business I'll never know.

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  48. Apmex is sold out of 1/2 and 1/4 oz gold rounds that I like to purchase because of lower premiums. The site kept crashing as I was trying to purchase. There is either alot of selling going or a ton of buying. GL

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  49. In a weird way this action is exciting. I'm on the wrong side of it, but find it fascinating. Was so tempted to give up a few weeks ago and sell all my miners and buy DUST. Should of, could of, would of. Would have made all my money back, and then some. Oh well. Good luck everyone.

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  50. Called a LCS here. They are out of Gold Eagles but will get some in Thursday. They do have Gold Maple Leaves.

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  51. Sammy H -- Add Jim Rogers interview to the list--they're taking our iras/401ks for sure. Where else they gonna get $13 T? And just a political thought, this is what O seems to have signed up for so I do think we'll have further crises on his watch ala Greece, Spain, etc. I'm sith you Ryan, kicking meself for not buying DUST. Or selling DGP short.

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  52. Complete and utter destruction.

    Has anyone here sold their shares?

    Hecla Mining Co. (HL)
    3.37 Down 0.34(9.05%) 12:59PM EDT - Nasdaq Real Time Price

    Brigus Gold Corp (BRD)
    0.62 Down 0.07(10.73%) 12:58PM EDT - Nasdaq Real Time Price

    Golden Minerals Company (AUMN)
    1.65 Down 0.26(13.61%) 1:00PM EDT - Nasdaq Real Time Price

    Silver Standard Resources Inc. (SSRI)
    7.60 Down 0.95(11.11%) 1:00PM EDT - Nasdaq Real Time Price

    Richmont Mines Inc. (RIC)
    2.03 Down 0.22(9.79%) 12:57PM EDT - Nasdaq Real Time Price

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  53. Joe sent me this from Ann Barnhardt and said she is spot on with this gold move

    Posted by Ann Barnhardt - April 14, AD 2013 8:33 PM MST
    First, a repost of a piece I wrote months ago on cash markets decoupling from the futures and derivatives markets, specifically in the context of metals. I have not changed anything, but I have bolded the key, key points.

    For all of you Bitcoin fans, you are now realizing the massive flaw in the Bitcoin paradigm. You have no cash commodity to arbitrage. All you were ever dealing with was zeroes and ones on computer servers. I am hard-pressed to think of ANYTHING more vulnerable.

    As I have been saying all along, if you can't stand in front of it with an assault weapon and physically defend it, then it isn't yours, and probably never was.

    (Ahem. Cough. 401ks. Cough.)

    Originally penned and posted on December 15, AD 2011, seven weeks after MF Global.

    3. Finally, a very simplistic explanation of how the cash commodity markets are soon going to decouple from the futures markets. This is a little complex, but stay with me. I think this is important to understand because none of us who have lived our whole lives in the U.S. have ever seen a market disintegrate.

    The threat (or promise) of delivery upon expiration is what keeps the futures markets tethered to the cash markets. Up until now, if an unreasonably wide spread between the futures price and the underlying physical commodity market got too out of whack, a process called “arbitrage” would kick in. Arbitrage is when a party simultaneously buys and sells on two separate but related markets in order to capture an inefficient spread between those two markets.

    I’m going to use precious metals as my example commodity because there are alot of metals guys reading this, and because the metals markets will be the big tell in term of when decoupling and thus total futures market disintegration is upon us. But these examples apply to all of the physical commodities.

    Let’s say that the physical silver market is trading far lower than the silver futures price. This is what is called a WEAK BASIS. The BASIS is the relationship between the cash market and the futures market and is very simply defined as (CASH minus FUTURES). If cash silver can be bought at $25.00 per ounce and the futures are at $30.00 per ounce, the cash is $5.00 under the futures. When cash is under the futures, this is called a WEAK basis.

    Up until now, what would a metals trader do? In very simple terms, he would buy the cash silver at $25.00 per ounce and then simultaneously sell the futures at $30.00. Because he has short-sold the futures, he could hold the contract to expiry and then deliver the $25.00 cash silver he bought to make good on the contract and receive his $30.00 price. So his simple net profit would be $5.00 per ounce. As many traders saw this spread and simultaneously executed this same strategy of buying the cash and selling the futures, what effect would this have? Right. It would cause the cash-futures spread to move back in toward convergence by pushing the futures price down (lots of sellers) and propping the cash market up (lots of buyers).

    ReplyDelete
  54. Posted by Ann Barnhardt - April 14, AD 2013 8:33 PM MST
    First, a repost of a piece I wrote months ago on cash markets decoupling from the futures and derivatives markets, specifically in the context of metals. I have not changed anything, but I have bolded the key, key points.

    For all of you Bitcoin fans, you are now realizing the massive flaw in the Bitcoin paradigm. You have no cash commodity to arbitrage. All you were ever dealing with was zeroes and ones on computer servers. I am hard-pressed to think of ANYTHING more vulnerable.

    As I have been saying all along, if you can't stand in front of it with an assault weapon and physically defend it, then it isn't yours, and probably never was.

    (Ahem. Cough. 401ks. Cough.)

    Originally penned and posted on December 15, AD 2011, seven weeks after MF Global.

    3. Finally, a very simplistic explanation of how the cash commodity markets are soon going to decouple from the futures markets. This is a little complex, but stay with me. I think this is important to understand because none of us who have lived our whole lives in the U.S. have ever seen a market disintegrate.

    The threat (or promise) of delivery upon expiration is what keeps the futures markets tethered to the cash markets. Up until now, if an unreasonably wide spread between the futures price and the underlying physical commodity market got too out of whack, a process called “arbitrage” would kick in. Arbitrage is when a party simultaneously buys and sells on two separate but related markets in order to capture an inefficient spread between those two markets.

    I’m going to use precious metals as my example commodity because there are alot of metals guys reading this, and because the metals markets will be the big tell in term of when decoupling and thus total futures market disintegration is upon us. But these examples apply to all of the physical commodities.

    Let’s say that the physical silver market is trading far lower than the silver futures price. This is what is called a WEAK BASIS. The BASIS is the relationship between the cash market and the futures market and is very simply defined as (CASH minus FUTURES). If cash silver can be bought at $25.00 per ounce and the futures are at $30.00 per ounce, the cash is $5.00 under the futures. When cash is under the futures, this is called a WEAK basis.

    Up until now, what would a metals trader do? In very simple terms, he would buy the cash silver at $25.00 per ounce and then simultaneously sell the futures at $30.00. Because he has short-sold the futures, he could hold the contract to expiry and then deliver the $25.00 cash silver he bought to make good on the contract and receive his $30.00 price. So his simple net profit would be $5.00 per ounce. As many traders saw this spread and simultaneously executed this same strategy of buying the cash and selling the futures, what effect would this have? Right. It would cause the cash-futures spread to move back in toward convergence by pushing the futures price down (lots of sellers) and propping the cash market up (lots of buyers).

    Now the opposite scenario: a STRONG basis. Let’s say cash silver is trading at $32.00 and the futures are trading at $28.00. A trader might take physical silver that he has in inventory and sell it in the cash market, and then immediately take those proceeds and buy back and equal number of ounces in the futures market and take delivery. Since the same number of ounces in the futures market cost $4.00 per ounce LESS, he would end up with the same number of ounces in his inventory PLUS $4.00 per ounce in CASH in his pocket. If he and many other traders saw this condition and they all sold cash silver and bought the futures, this would, again, converge the spread between the cash market and the futures market.

    ReplyDelete
  55. The lynchpin that is holding this dynamic together and keeping the futures markets tied to the underlying cash market is the fact that the futures contracts are deliverable, and a trader can either deliver or take delivery of actual physical silver via his futures position.

    Are we seeing a problem yet? The futures markets have lost their viability and trustworthiness because of the MF collapse and theft. At some point in the not-too-distant future, people everywhere are going to realize that the delivery mechanism is not reliable. Heck, just holding cash and/or positions in a futures account is no longer reliable. The the market itself is not reliable, traders will no longer attempt to arbitrage these basis spreads because the risk to the trader that the rug will be pulled out from underneath them is simply too great.

    And in the metals markets, the delivery process itself is . . . um . . . shall we say, easily corrupted? When you “take delivery” of physical metals, it doesn’t get sent to your house. All you get is a certificate saying that X number of ounces are being held in a certified vault somewhere with your name on them. After the MF collapse, that sounds like a joke, right? A CERTIFICATE with my NAME ON IT? Yeah. That really is how it works.

    When the arbitrageurs finally lose all confidence in the markets, the cash market will decouple from the futures because no one will be willing to take the risk of having their money, positions and/or physical metals stolen/confiscated. If no arbitrageurs are willing to trade these spreads – no matter how wide they may become – and thus there is no force causing the cash and futures to converge, we will see the basis spreads become extremely wide. As people flee the futures markets, the futures prices will drop, while the cash markets hold steady or even diverge and actually rise as all of the former paper players realize that physicals are the only remaining game to be played.

    Watch for this. Watch for the gold and silver futures to sell off as people walk away from paper while the online cash dealers, seeing that market demand for their physical inventory is robust, begin to ignore the futures prices and hold their prices steady or even raise them. When you see this basis decoupling and absence of arbitrage, lo, the end is nigh. A parabolic spike is coming.

    ReplyDelete
  56. Honestly the miners should be down FAR more than they are. This is a good sign.

    ReplyDelete
    Replies
    1. Hubz: Bought GLD put options this morning. :)

      The options volume is off the charts. I haven't seen anything like this since SKF in '08




      Delete
    2. Smart Trade Jay... I am completely out of the markets now but if I were still in and wanted a trade SLV puts seem like a good play. There is no support between $20 and $25 that i can see.

      Delete
  57. CNBC just announced a tweet contest (not kidding).

    They want people to send in a caption for following:

    "Gold isn't just losing its luster. Gold's so bad right now it's ___________ (blank)".



    (CNBC forgot the "Hey SUCKERS!" at the beginning of the sentence.)

    ReplyDelete
    Replies
    1. If I were actually on Twitter, I would write:

      "Gold isn't just losing its luster. Gold's so bad right now it's HOW MUCH MONEY HAS THE FED CREATED OUT OF THIN AIR OVER THE PAST 5 YEARS AND WHAT IS THE AMOUNT OF US GOVT UNFUNDED LIABILITIES AND HOW MANY PEOPLE ARE NOW ON FOOD STAMPS AND HOW MANY PEOPLE ARE NO LONGER WORKING BECAUSE THEY COULDN'T OR CAN'T FIND A JOB AND WHAT HAPPENS TO THE ANNUAL DEFICIT IF INTEREST RATES INCREASE AND........".

      Delete
  58. man o man.....so many weenies and not enough fiat......watsa man ta do.....hehehe.......here's a good one

    http://www.brotherjohnf.com/archives/155851

    ReplyDelete
  59. Will they take it below 1300 today?

    Gold
    1,367.00
    -134.40
    -8.95%

    ReplyDelete
  60. My gut is telling me that 1 of 2 things is happening...

    1) Ben is turning off the printing press

    or

    2) This is the mother of all long slaughters on gold. They'll get as many people out of the trade as possible, then let it skyrocket.

    I'm leaning towards 1.

    ReplyDelete
    Replies
    1. If Ben is truly turning off the printing press, then they believe they are fully prepared for the next stage of the crisis which is going to be super ugly. Since they haven't done much to remove the guns so I'm betting that it's a strong attempt to dislodge people from their PM positions before the next ramp.

      Delete
  61. You are totally wrong about number one.....pick 2.......but of course.....timing will be everything....I have stated if they take it down they will do it HARD AND FAST ...It will be a rapid slaughter then a very dynamic rebound.....it will be wild (it already is) but they CANNOT leave this down long....bullion is being bought heavily.. a few days max before hard rebound.......I hope they hold it down the whole week but NOT GONNA HAPPEN

    ReplyDelete
  62. Does anyone know why gold is down 9% and the GLD ETF is down only 7.82%

    I swear these ETF's are crooks sometimes.

    ReplyDelete
  63. Tell me HOW Ben turns off the printing press and then I may take number 1...hehhehehehee....HE CANNOT or its INSTANT DARK AGES

    ReplyDelete
    Replies
    1. I agree. There's more game to be played.

      Delete
    2. Exactly exactly exactly. This is something huge... I don't know what. But it's huge. Very good info you've been posting Kli.

      Delete
    3. I'll gladly pay you Tuesday for fizz today.

      http://www.urbandictionary.com/define.php?term=I%27ll+gladly+pay+you+Tuesday+for+a+hamburger+today

      Somebody needs the physical for delivery now.

      Essentially a large number of the precious metals futures contracts being sold now will not be honored in 1-3 months.

      Now what would cause that?

      Delete
    4. Not enough gold to coat those tungsten bars? Just a guess. lol

      Delete
  64. Much more likely that the smashdown is in preparation for the doubling/tripling of QE very soon. Before the end, they will be pumping a $Trillion per month into this bitch to keep it wobbling along, IMO. JD

    ReplyDelete
  65. tsk tsk....its paper and they know they don't even need to print anymore just hit a few zeros on a keyboard...this is SUCH a simple game for them.hehehhehe....of course when the peeps wake up and realize they have NOTHING on those FRN but promises of value it will be toooo fkn late.....oh well you know what they say about leading horses to water.......

    ReplyDelete
  66. BTW if any of you don't get it yet what JD is telling you is the economies PLURAL are going off cliffs as we sit here and consternate on what gold is doing on a daily basis.....nice distraction but missing what's happening. All of you that see rose colored pics at your local malls and restaraunts are going to find that is NOT reflective of the underlying data

    ReplyDelete
  67. I understand that a hard is most likely to happen with gold, both the question is, will it just be a rebound to 1450-1500 that fails and then continues to lower prices, or a rebound that signifies a true bottem. I wish I knew, for the short term.

    ReplyDelete
  68. no way to answer HOW the rebound plays out rude.....thats why I'll sit and watch unless I play a small bet or two on the way up....my physical will stay just that...Also the turmoil in the commods and Gold are creating imbalances and fear throughout markets which is the air they want out of the ramp....this is just incremental steps in the end game......Volatility can be your friend or it can destroy you....be careful Jay

    ReplyDelete
  69. The low may be in today in Gold......I'm hoping for some more low maybe even 1000.....doubt it but possible.....if I'm right we may get a sharp rebound and hopefully a retest of today's low....if it breaks today's low then 1200 even 1000 is in play......too much physical leaving the store so just can't buy it.......

    ReplyDelete
  70. I only caught about 900% of this... But still 900% gain is well above all time daily record. :)


    GLD Option | Exchange: OPRA
    GLD 127.00 Apr 13 PUT
    3,320.00%



    ReplyDelete
    Replies
    1. Ooops, make that 1080% gain now.

      3,500.00%

      I'm not even going to put in a stop. My option doesn't expire until Friday. Lots more fiat to be made.

      Delete
    2. Sell at least half if you haven't already. EXCELLENT JOB!

      Delete
  71. you're out right jay???? IF so CONGRATS!!!

    ReplyDelete
  72. If I were running the FED and wanted to do a time out.... Did you know that the FED has 3 major data centers and all the banks connect to one or more of these centers. At 9 am (I believe I have that time right) they open the gates and checks clear and fund transfers between banks start. Now if those data centers were out of service (Dallas, Richmond, NJ) and/or not connected we get a time out.

    Just saying - if I ran the FED and wanted a time out.

    ReplyDelete
  73. http://www.zerohedge.com/news/2013-04-15/large-explosion-reported-boston-marathon-coply-square#comment-3451706

    ReplyDelete
  74. Now they are attacking the DOW as well...

    Dow
    14,648.34
    -216.72
    -1.46%

    ReplyDelete
  75. You know what's odd... I'm even seeing some strange resistance levels in the options market today.

    I've never seen anything like this.

    ReplyDelete
  76. We are getting imbalances from the slaughtering of the margin positions in gold that are spilling over to equity liquidation....the bastards have set off armageddon....

    ReplyDelete
  77. looks like casualties could be bad at the Boston marathon

    ReplyDelete
  78. Here's a photo of the 2nd bomb going off in Boston:

    https://twitter.com/Boston_to_a_T/status/323871088532668416/photo/1

    and they just discovered a 3rd one.

    ReplyDelete
  79. Brian Williams no calmly reassuring us that we will have stepped up "monitoring" and "security" at more events and public places.....just like his script says

    ReplyDelete
  80. Video of one of the explosions:

    https://vine.co/v/bFdt5uwg6JZ

    ReplyDelete
  81. I wonder what this is supposed to distract us from? The crash in gold, maybe? WTF is going on out there?

    ReplyDelete
    Replies
    1. Distract us from? If ya hadn't noticed there been a small break down in society and morality in general for say..... the past ten to fifteen years and I'm not sure but I think we are pretty close to reaching its zenith...... What wonderful world!

      Delete
  82. #3 just exploded:

    Boston police confirms another explosion at JFK Library #breaking

    ReplyDelete
  83. Instead of Gold/Market crashing. Boston will be on the front page of every newspaper tomorrow morning.

    ReplyDelete
    Replies
    1. They want the gold crash on the front page. That's the message they want the sheep to see.

      Delete
  84. Check out this freakish anomaly on the GLD options chain today. The 127 Put option was running above the others all day long. One of the insiders was accumulating.

    http://i.imgur.com/bF9l36n.jpg

    I'm calling a gold bottom at 1250. Maybe even tomorrow.



    ReplyDelete
  85. another take on this gold move and he is right in the middle of it

    http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/15_Maguire_-_LBMA_Default_Triggered_Gold_%26_Silver_Takedown.html

    ReplyDelete
  86. This is what I've been waiting on, another trip to the LCS tomorrow:

    "CME Hikes Gold, Silver Margins By 18.5%"

    Anyone surprised, please raise your hands. And yes, it was fun when margin were hiked only on surges in the various futures contracts. Now, dumps works just as well. The logic, of course, is that gold shorts are also margined. However, judging by the immediate $15 drop in gold upon the announcement, those who are short the metals certainly have a much, much bigger balance sheet and cash hoard to satisfy any collateral requirements than those long. Next: expect the Shanghai Gold Exchange to hike margins in a few short hours once China wakes up and looks at overnight PM prices in horror."

    Now, a couple more of these and I will finish off the stack. jd

    ReplyDelete
  87. Shocking news JD......hehehehheehhehehehehehehe
    Bottom line.....get your asses out of this trade.......we WILL destroy you.....once you sheep have left then we will make this "our" trade.....bwaaaaaaaaaaaaaaaaa....I think I will stay...BTW...thank goodness DHS is keeping us safe...can't wait for the stop and search underwear next.....

    ReplyDelete
  88. United States

    4691
    Russia

    147
    Canada

    127
    United Kingdom

    110
    Mexico

    73
    Germany

    71
    Norway

    54
    Australia

    35
    France

    19
    Ukraine

    18

    ReplyDelete
  89. http://blogdogcicle.blogspot.com/2013/04/boston-marathon-bombing-happened-on.html

    ReplyDelete
  90. I think most of the silver & gold that has a high buy in will go into hiding..for most coin stores..only to bring it out to pay bills.

    I am now seeing a higher lead time for things you want to buy..

    you want cash & cary....you pay...

    the small coin shops will be hurt

    paladin





    ReplyDelete
  91. Gold is,at 1334 in Asia right now. The slaughter continues.

    ReplyDelete
  92. good grief what a day....Back to the bunker I am going to stay in the bunker all day tomorrow. I am sorry for those who got hurt today.

    ReplyDelete
  93. Looks like we are in for some real action days ahead....GL to all....no new post until Tues eve

    ReplyDelete
  94. From Armstrong yesterday:

    "
    Gold Technical Support

    Posted on April 15, 2013




    The Weekly Breakline for this week is 1398.6 and this will provide some resistance at this point. The Monthly Breakline, however, lies at 1365.6. After that, support drops to 1310 area which should hold short-term. The major support remains at the 1150 level followed by 1035 and 970.

    We will be sending out a special report today regarding timing."

    I think another buy at $1,310 or thereabouts, and I really hope they take it to $1,150 and I can still find it available. At $1,150 and loweer, I suspect the physical market will have a very fked up relationship with the paper market - if the paper market even exists at that point. jd.

    ReplyDelete
  95. There are some ill winds blowing out there. No idea if this Boston bombing and the recent 2-day crash in gold/silver is in any way related, but it just feels like things are about to get worse in this f*@&ed up world.

    Stay close with family & friends, more preps, and hope for the best.

    ReplyDelete
  96. The game has been and IS about physical. Its the only limit of nature to the paper ponzi. Can we get sub 1000 on gold and sub 17 on Silver? Definitely!! But the stress on the system will be unbelievable. There will be an enormous paper price disconnect and bullion will dry up. The large JPM short positions will be covered and the LBMA will settle in cash at the unrealistic paper prices as will the COMEX delivery "good". As a nice Bio once said..."No One Gets Out of Here Alive" Can't blame you for wanting to choke and puke but hang in there...these baastids will ride the other side of the miner trade eventually. gl

    ReplyDelete
  97. Gold popped above 1400 briefly this morning. There goes my big gains from yesterday. Shoulda sold while I was ahead. Greed.

    ReplyDelete
  98. Arizona makes gold/silver legal tender: http://finance.yahoo.com/blogs/daily-ticker/arizona-becomes-second-state-approve-gold-silver-legal-131138074.html Gold standard has not been removed from the Constitution, lol.

    ReplyDelete
  99. This comment has been removed by the author.

    ReplyDelete
  100. KLI: did we see the bottom yesterday?


    ReplyDelete
    Replies
    1. doubt it.....but they may try to disguise this VERY important bottom....rule of alternates apply....the last bottom was 2008 and was a V bottom moonshot

      Delete
  101. Jay, fwiw, M. Armstrong calling this an expected bounce. ITMS calling GLD @148.25, then back down, not sure how that correlates to spot as I don't follow gld & slv. GL and Best to all during this extreme volatility.

    ReplyDelete
  102. A comment from "Buzzworthy" over @ zh:

    "The only thing the paper gold sell-off indicates is that physical metal is not available to fill the leveraged paper bets. If you bought a paper contract with the expectation that you would receive the metal and then were told none was available, you too would pitch your contract. What we are witnessing is the imminent collapse of the paper gold market, just as it was INTENDED to collapse. The recent AMN AMBRO default was the first major warning signal as to what is coming."

    Not sure about the "intended" part, but otherwise agree with the gist of his comment. JD

    ReplyDelete
  103. I also sometimes follow J. Rickards (even though I don't trust him) - I think he's very bright and occasionally has a pearl. He said recently that someone had asked him how low could go during this deflationary phase. His reply was possibly to $500 per ounce, but that would also mean a Dow 2,000 - and he would love being an owner of Gold in that scenario.

    He also said a few days ago that cash was the absolute best place for your wealth during the deflation stage - right up until the central banks kill it. JD

    ReplyDelete
    Replies
    1. hahaahah....so Ya better have your timing to PERFECTION .....heehehe......

      Delete
    2. The only way to get the Gold 500 & DOW 2,000 would be to turn off the printing presses.

      Delete
  104. Message from Joe....I'm not able to cut and paste due to my device today.....paraphrasing and leaving out some language. To Budfox, Jay and Nancy ..Understand the difference between the "bullshit" paper markets and the actual physical.....understand the effects of the deflationary forces and the miners capitulation.....and STOP thinking short term...think about the longer term

    ReplyDelete
  105. Get physical if you can spare and it's unleveraged, otherwise get prepared. Most here can't trade rigged casino paper without controlling their greed and emotions, so don't. You are up against computer models and whole trading buildings dedicated to to stripping you down to the squeal.

    Joe's article link

    http://news.goldseek.com/GoldSeek/1366124568.php

    ReplyDelete
  106. Buy price for Tulving "junk" silver wandering up from $1.50 - $1.70 (various types) from last Friday to today's $1.70 - $2.10 - not a whole lot, but he has none for sale.

    Franklin Sanders from his email this afternoon:

    "I'm writing Tuesday morning. In the 33 years I've been brokering silver & gold, there are five words I have never before yesterday heard from wholesalers: "We're not selling silver today." At least one major West coast retailer was not selling gold yesterday, and wholesalers well selling "as long as we can get it." ...."

    JD

    ReplyDelete
    Replies
    1. I guess thats one way to stop silver buying....hehhehehehhe

      Delete
  107. Real World Lesson from "Don't Cry for Me Argentina" over at ZH in response to Kli's post. Screw the Corzine paper, time is running out.

    ===================================================

    "I don,t deserve shit darthfuck, i always get the crap from you.

    I have said this here before...... i CANNOT GET PHYSICAL , unless you want to tell me how i can a few hundred ks in gold in Argentina. While you are at it , please explain how to get income from gold.

    I went for the less paper possible with PSLV,PHYS and miners and got fucked...

    So at the close i took my paper 35%cash i still had as dry powder and went ALL IN PAPER WITH USLV.

    UNITED SILVER LOSING .....fill in the blank..

    I'M fucked !"

    ReplyDelete
    Replies
    1. didn't see it Red...heheheeheehe......I'll have to poke him some more.....

      Delete
  108. Speaking of Zero Hedge: Tyler just post a gem of a summary on the gold take down:

    http://www.zerohedge.com/news/2013-04-16/guest-post-gold-slam-massive-wealth-transfer-our-pockets-banks

    Guest Post: This Gold Slam Is A Massive Wealth Transfer From Our Pockets To The Banks

    ReplyDelete
    Replies
    1. From that column...

      Anybody that had orders up against these machines, perhaps with stops in place, or perhaps even asleep because this all happened in the hours around midnight EST, lost and lost big.

      There is really no chance to stand again players this large with a determination to drive prices lower. At the very least, I take the above evidence of computer assisted declines of this magnitude to be a sign that our "markets" are completely broken and quite vulnerable to a crash. That the authorities did not step in to halt these markets during such a volatile decline, when they have repeatedly stepped into other markets and individual equity shares on lesser declines, tells me much about the level of official support for such a decline.

      It also tells me that things are speeding up and the next decline in the equity or bond markets may happen a lot faster than anybody is expecting.

      Delete
  109. Looks like they fired up their computers again.

    1366 as I type this.

    Guess they didn't take out enough stops yesterday.

    ReplyDelete
  110. I read somewhere 1340 is an important resistance level.

    ReplyDelete
  111. Furious battle going on at the 1365-1366 area.

    ReplyDelete
  112. stick a fork in the miners. seems like they are dead.

    ReplyDelete
  113. I didn't even check the miners today, I was so busy looking at Gold.

    Lemme see...

    Silver Standard Resources Inc. (USA)
    NASDAQ: SSRI - Apr 16 4:00pm ET
    7.23-0.16‎ (-2.17%‎)

    Golden Minerals Co
    NYSEAMEX: AUMN - Apr 16 3:59pm ET
    1.59-0.04‎ (-2.45%‎)

    Brigus Gold Corp (USA)
    NYSEAMEX: BRD - Apr 16 3:59pm ET
    0.580-0.029‎ (-4.81%‎)

    Hecla Mining Company
    NYSE: HL - Apr 16 4:01pm ET
    3.24-0.01‎ (-0.31%‎)

    Richmont Mines Inc. (RIC)
    1.97 Down 0.05(-2.47%) 3:59PM EDT -



    ReplyDelete
  114. Ooops,

    "Monday, Regal Entertainment Group, the largest movie theatre chain in the country, announced that thousands of employees will have their work hours cut -- as a direct result of the added cost of the new ObamaCare mandates that become effective later this year.

    In a memo to employees, management was blunt: “To comply with the Affordable Care Act, Regal had to increase our health care budget to cover those newly deemed eligible based on the law's definition of a full-time employee.”

    Fox News reports that, as a result of cutting employees' work hours (which is, of course, the same as a pay cut), full-time Regal managers have resigned in "a wave" after their hours and pay checks were slashed by as much as twenty-five percent.

    The manager told FoxNews.com ObamaCare has had the unintended consequence of taking food off his table.

    “Mandating businesses to offer health care under threat of debilitating fines does not fix a problem, it creates one," he said. "It fosters a new business culture where 30 hours is now considered the maximum in order to avoid paying the high costs associated with this law.

    “In a time where 40 hours is just getting us by, putting these kind of financial pressures on employers is a big step in a direction far beyond the reach of feasibility for not only the businesses, but for the employees who rely on their success," he said.

    In order to avoid the added cost of providing health insurance for employees working 30 hours a week (as ObamaCare mandates), it only makes sense for companies to schedule employees for 29 hours. So anyone who was working full-time is now being hit with a 25% pay cut.

    Moreover, in a jobless "recovery" like the one we've been suffering under for four long years now, employers hold all the cards. And even if someone is able to find another job, what are the chances that employer won't be making the same decision to avoid the expense of ObamaCare?

    The most under-covered story in the media this year is and will continue to be the effect ObamaCare is having on America's working class -- those who are losing their health insurance and the crucial work hours that can make all the difference when you live on the margins. " jd

    ReplyDelete
    Replies
    1. I'm sure many of these folks who are losing their jobs and/or their hours probably voted for Obama. Not that it matters.

      Delete
  115. Seems to be all the Rave...... All those idiots thought they were going to get Free Health Care! Most people will believe anything!!!!

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  116. to be real, companies were cutting full time workers hours to be part time workers years before Obamacare ever existed. plus, companies that have decreased there workforce and replaced there employees with contractors has been going on for a long time now. to blame it all on obamacare would be silly.

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    1. There are business owners who are cutting employees and/or cutting hours because of Obamacare. They are stating this as the sole reason for these actions.

      Why is it silly to question their motives when they are clearly attributing their actions to Obamacare?

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    2. "Why is it silly to question their motives when they are clearly attributing their actions to Obamacare?"

      Seriously? Really?, coming from this blog, i am suprised anyone would say "why would i question their motives". Why wouldnt I question there motives. I think it is far too easy to use Obamacare as a scapegoat, for lowering manhours. Job cuts and hourly decreases have been going on for years. Before Obama was elected, people were already paying more and more for healthcare. Costs very going up, and coverage was getting less. Jobs were lost because of that. Dont you think during the "great reccession", that companies used the "recession" as an excuse to get rid of higher paid workers and slim down there workforce to save costs in the future? i think the "obamacare healthcare" excuse, is another means to do the same.

      in all honesty, i dont know there motives, maybe the owner of the company is a republican, maybe his best friend is mitt romney. maybe he hates Obama, maybe he is just plain cheap and doesnt want to pay the extra costs. maybe his company is so poorly run he cant afford the extra costs. but one thing is certain, i bet the CEO will have healthcare, and will not take a pay cut. i truely believe if Obamacare didnt exist, there would be another reason on why to cut workers hours. just my opinion. and remember this, maybe the people should have questioned our motives when we invaded Iraq. i am still not sure if it was to liberate the Iraq people, fight the taliban, protect the world from terroism, or better yet, wasnt it because they had WMD's that were going to destroy our country. just something to think about. i honestly dont know if Obamacare will be good or bad, but, i do know the prior system wasnt a bed of roses either. time will tell, and if obamacare is shit, then you can say "i told you so"
















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  117. True 1099's are easier and making folks do 1.5 times the work for the same pay via longer hours and smaller workforce is the new norm but Obo care stuck a fork in it....... Truthfully the whole system sucks!

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    1. time will tell if Obamacare stuck a fork in it. cant disagree. the system was broken and probably still is, its just a question of, did it get better or worse, and for whom.

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  118. As someone who worked contract consultant for many years you were always responsible for your own medical insurance's cost. I suspect that ObamaCare will increase that cost substantially...

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  119. Here is what I don't understand about Obamacare... And this is a question that Democrats, Republicans and independents should be asking.

    Wasn't the whole purpose of universal health care to reduce costs? Well, ever since Obamacare passed, my company health care costs have skyrocketed!!! We're talking double digit % increases every year.

    Obamacare made health care MORE expensive rather then MORE affordable.

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