[KasaBalak]

holy cow!

[viagradiscounttt]

Central banks selling gold. Rumor that Italian central bank has been raided and it's gold bullion getting dumped onot market. Usual paper shorting coordinated with this no doubt. Bankers are desperate to break the gold and silver bulls - they will fail.

Gold and silver on sale!! Ignore the dollar price - it is a total manipulation. Never lose sight of the long term goal - to accumulate real wealth, ounces of gold and pounds of silver.

MF Global was a sentinel event and a warning: before this paper game is over the bankers will destroy the temple and take it all. MF Global was a trial balloon and a test of the reaction of the markets and the public. Depending on the latter, the next heist will be much much bigger. Any assets you have in paper consider hypothecated and ephemeral - play with them, move them around - but do not take them seriously and consider that they can disappear in a nanosecond.

The only wealth you have is that in your physical possession. All else is a gamble and a hedge.

Gold is patient. Are you?

[colmedindustry]

Physiological barrier broken

USD over 80

[juptVatoSoito]

Article from Turd Fergusson on Monday.

Stand Back

I trust that today's action doesn't come as a surprise to anyone. If you are still trying to trade this "market", I hope you are short.

Rather than regurgitate all that we've discussed since last Wednesday, let's just sum up:

1) Central banks are lending gold to the bullion banks at a negative rate of over -0.5%. This means that the EE can borrow gold and sell it on the Comex or LBMA and actually get paid interest to do it! The last time we saw lease rates this low was back in September and we all remember what happened then.

2) EE selling has now turned the charts decidedly negative. WOPR is using this information to accelerate that downward pressure by mindlessly spitting out sell orders.

3) Actual human beings are selling Comex paper because they are finally learning via the MFG-HSBC lawsuit mess that trusting your broker to hold and/or deliver your precious metal is a fool's errand.

That's a lot of combined selling pressure. Regardless of the fundamentals, paper metal is going down. How far? Well that's the question, now isn't it?

It may be foolish to try to find support and a bottom by looking at the charts.

What do I know? I'm just a Turd. However, there will be a point where investors and traders will halt the paper carnage, if anything because the paper system still exists and there will be an arbitrage opportunity with physical. So, what do the charts show? I'll let you draw your own conclusions but I think you can plainly see where ultimate support will lie. I wouldn't buy any futures, options, etfs or miners until we get close to these levels.


Lastly, just another word about the discussion I had over the weekend where "bulk" metal prices were mentioned. Please use your brains on this. Of course anyone can log onto Apmex and buy a couple of AGEs for 5% over spot. That's not what I'm talking about. I'm talking about big money. Big money. If you've got 20, 30 or 50 million dollars you're looking to move into gold and/or silver....and you want it in your hands and out of JPM or HSBC or Scotia...you are going to pay a very hefty premium. It appears to be something like $200 over spot in gold and $7-8 over spot in silver. Non-cartel metal in bulk size is very hard to come by. One only needs to review the MFG-HSBC lawsuit documents to get a feel for why.

I've got a last of 1666 in gold and 31.07 in silver. If you're trading, I sincerely hope that you heeded my advice back on Wednesday and Thursday and used the strength of Friday to liquidate some longs. If not, be prepared for at least another $100 on the downside. Paper is de-coupling from physical and the process is going to be ugly and bizarre. We are sailing into uncharted waters where anything is possible.

Be cautious. Do not use margin or leverage. Buy physical only. Prepare accordingly. TF We hit the 100 FRN downside since Monday as of today.

[GSgCGxsF]

From Turd today.

The Only Charts That Matter

Gold and silver are simply oscillating down toward the lower end of the channel in which they've traded since the Great Financial Crisis of 2008. For those looking to capture some bargains and perhaps "catch the falling knife", your opportunity to buy is not very far away. Gold has momentarily caught a bid in the area of its 200-day moving average, near 1610. As I mentioned yesterday, I do not expect the decline to end there. I have high confidence that gold will soon trade down toward 1550. That will be your opportunity. Silver is similar but different. It might bottom near 28. It could stop at 26. However, I think that, in the end, it won't bottom until it reaches its long-term channel boundary, near 25.

[dgdhgjjgj]

Wish I knew what was going on.

[insightmike]

From Turd today.

The Only Charts That Matter

Turd's advice is to the trader. Wait too long for the "bottom" and you often miss the move entirely. I moved 2/3 of my cash into gold and silver bullion [paper] this AM. Frankly, watching these markets is a waste of time, as is technical analysis. The markets are totally manipulated and prone to corruption by central banks and governments. If gold and silver move much lower I will move the rest of my cash into metal shares and be done with it. Long term is all that matters for me personally.

[13spebampiliece]

You are only worried if you paid more than the day's price........me? I'll worry when it gets down to $6.64 LOLLLLLLLLL

First post of the day..............good morning to one and all.

[machpamb]

for once, i'm actually excited about it. friday is get some more physical day. hopefully it stays down until then.

[ffdfriendforurr]

Turd's advice is to the trader. Wait too long for the "bottom" and you often miss the move entirely. I moved 2/3 of my cash into gold and silver bullion [paper] this AM. Frankly, watching these markets is a waste of time, as is technical analysis. The markets are totally manipulated and prone to corruption by central banks and governments. If gold and silver move much lower I will move the rest of my cash into metal shares and be done with it. Long term is all that matters for me personally.

I think looking at his numbers would help even the little guy with the direction of the market.

When he is calling out lows, you can still look for those areas to BTFD with either bullion, equities, or paper bullion.

[BruceQW]

dollar strength caused by EU sovereign and bank weakness.

I fully expected this to happen at least one more time. Everyone is running home to momma. Once the "everyones" realize that, in a sustained deflation, the U.S. can't pay its debts, either, the USD has its turn.

I am not alarmed at all. Treating this as a buying op, but not buying yet as I expect this to continue.

Kyle Bass has it right: they print post-default.

http://www.zerohedge.com/news/kyle-b...game-scenarios

[feannigvogten]

Total buying opportunity. Thank the euro.

[neonasafluni]

dollar strength caused by EU sovereign and bank weakness.

I fully expected this to happen at least one more time. Everyone is running home to momma. Once the "everyones" realize that, in a sustained deflation, the U.S. can't pay its debts, either, the USD has its turn.

I am not alarmed at all. Treating this as a buying op, but not buying yet as I expect this to continue.

Kyle Bass has it right: they print post-default.

http://www.zerohedge.com/news/kyle-b...game-scenarios

Another spot on Kyle Bass interview. He is worth the listen every time. Smart guy.

[DEMassteers]

Fox business is on the case:

The metal's safe-haven status has been called into question given its inability to profit from the high degree of risk aversion and uncertainty current among investors.
Banks' dollar borrowing from the European Central bank tripled on Wednesday compared to the prior week as the euro zone debt crisis has caused money markets to seize up, aggravating any sell-offs in gold, as investors scramble for dollars ahead of the year end.
Spot gold was down nearly 3 percent on the day at $1,585.49 an ounce by 1610 GMT, its lowest since late September.
The price is set for a 7.3 percent fall this week, its largest weekly slide in nearly three months.
The lure of the dollar as a comparatively secure alternative to the euro, which has pushed local prices for key gold consumers such as India to record highs and deterred buying, together with an investor dash for cash have overwhelmed gold's safe-haven qualities.

Read more: http://www.foxbusiness.com/markets/2...#ixzz1gX700UYx
Gimme a break.

[trorseIrripsy]

Hark! Hark!

Remember that the FED is providing unlimited liquidity to European banks vis dollar swaps. This is QE to infinity folks. Don't be fooled by this knee jerk dollar strength. After the EURO and the dollar are destroyed by overissuance there will be only gold left standing. Don't forget that.

[patuvammnogoo]

OK guys, time to sell your PM and buy dollars.......after all, is now up up UP.

[tevyrefficy]

Wowwwwwwwwww silver down $1.70.................

[Agehoobionibe]

Found this interesting too:
http://creditmatters.podbean.com/201...gold-takedown/

[agiopwer]

I'm buying...

[truttyMab]

I'm buying...

Checking around... nobody's lowering prices...