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DoChenRollingBearing

DoChenRollingBearing

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Whether you buy today or soon, this looks like an opportunity to buy gold. When will it turn around? I don't know. But, I will be curious to see what the "explanations" are for today's big drops in PM prices.

But, NONE of our financial problems have been solved, nor has anyone of significance been thrown in jail.
 
Yeah, I'm itching to hop in the car and drive over to my LCS right now.
 
I'll race ya PMB!

Taking out the Vstar today.

Got to ride the wind!!!!

-Q
 
The selloff stopped when European stock markets were closing at 1:30 pm ET. Some big guys in Europe probably got margin calls. Both gold and silver made their lows exactly at the London close.
 
THE MOTHER OF ALL BTFDs:

I was looking closely at my LCS, after pulling the trigger on some coins earlier today. Krugs were going for €1208 half an hour ago.

I went to the toilet, came back, pressed "F5" button, and my eyes are looking at....

Krugs: €1443


Fuck me!!!!!!!! It turns out, that my timing wasn't that bad, AT ALL
:rotflmbo: /slash :flail:


EDIT: maybe I shouldn't be happy too much, until I lay my grubby hands on the delivery - with such crazy moves, anything is possible, and order cancellation isn't unthinkable.... Fingers cross, though!
 
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I will wait till i see the COT report. This does qualify as a big down day so by discipline, i'll have to add.
 
swissaustrian said:
I would give a lot to see the COT report as of today as opposed to Tuesday.
Click to expand...

After a drop like this, commercial shorts probably dropped close to or below net 100k.. The last report was around 142k(give or take) short.

I read an article on sinclair that said 500 tons of paper gold traded today. That is crazy volume. If there ever was a moment the commercials could switch to the other side of the market, this was a grand opportunity for them.
 
While commercials will probably have covered a lot, specs should have increased their shorts. The setup for another violent week is definitely there. When we turn arround the speed of the upmove will be insane. The question is what is going to be the ultimate bottom? Have we already seen it?

Silver held 26 today which was really a big surprise to me. I'd be very surprised if there wasn't an attempt to get it below 26 to trigger stops next week. Therefore short silver looks like a reasonable trade to me. I'm gonna throw in some paper to do that on Monday. I'm reluctant to open a short before the weekend because something is gonna be announced after EU meeting tonight that will rock markets. European stocks all closed deeply red and safe haven bonds were significantly bid, somebody knows something.
 
...

swissaustrian writes:

swissaustrian said:
European stocks all closed deeply red and safe haven bonds were significantly bid, somebody knows something.
Click to expand...

I have a suspicion that you are right, but I have NO interesting connections so would not know. Too bad! This looks like it will be another one of "those weekends"...

***

I believe that I can say that as more and more physical gets bought up, by Shrimps or Giants, that physical supply will gradually dry up.

The Central Bank of DoChenRollingBearing will join many of his siblings above in picking up some more gold today.
 
MasterQ said:
I'll race ya PMB!
...
Click to expand...

Well, I was done before lunch, but not near the computer to qualify it.

As I walked into my LCS, the guy behind the counter saw me and immediately told me (across the store), "If you want any silver, you are SOL." They had 3 generic 1oz rounds of silver in stock. That's it. No 90%. No ASEs. No 10ozt bars. Nothing.

They were happy to sell ASEs at today's price on a promise of future delivery (he estimated 3 weeks, but who knows???) but he said premiums were $4.x which brought the unit price to $31.x.

They only had a few ounces of gold (bullion) left too. 3-5 1ozt bars and a couple ounces of AGEs.

They did have a few display cases full of graded and slabbed numismatics.
 
PMBug,
The same is happening here, except my LCS actually has some metal, but he is in rationing mode. When the planets align just right, and the earth is at the perfect angle, silver and gold have nowhere to go but up. I read another thread about China taking consistent delivery in Hong Kong without let-up. I simply do not see how so much tonnage can be removed from circulation without a material impact on price without there is behind the scenes manipulation and a flooding of the street with worthless paper.
 
Have you blinked and missed the day, mike :)

Sent from my Nexus 7 using Tapatalk 2
 
My online site - biggest in UK still has stock but for the first time ever there is a notice on their site that reads...

Record Orders!
Due to unprecedented demand we are not able to offer next working day delivery. Orders will be dispatched as soon as possible in the order that funds are received. We expect to dispatch most orders within 3 working days.
Click to expand...

http://www.bullionbypost.co.uk/
 
I left work early (like just after the markets open in the US) to get the kids, and I have a no-computer policy until they go to bed. So I just turned on the computer and *BLAM* WHAT THE FORK?!!?
 
Unbeatable said:
My online site - biggest in UK still has stock but for the first time ever there is a notice on their site that reads...
...
Click to expand...

Another one in the UK:
Due to volatility in the precious metal markets we are unable to take any further orders at present. Please call for further information.
Click to expand...

http://www.atkinsonsthejewellers.com/gold-bars

Reminds me of Apmex/Monex in August 2011. At least they (the UK sites mentioned above) are shutting down for the weekend now instead of enagaging in shenanigans like posting the wrong spot price to continue selling all weekend or jacking up the shipping costs (both of which have been done in the past by various online retailers).
 
Yeah crazy. And record physical orders on a huge price crash (which implies people are selling) is a complete contradiction.

People are realising the paper price is not real. But not a full on crash till the MSM has to admit it. (Right now they're still using the 'Cyprus is selling their gold' as the reason.)

As Olivia Newton-John would say,

'Let's get Physical'

 
We're most likely going to get a Sunday night raid in thinly traded markets, especially in silver.
 
It's a real shame my LCS doesn't have any (bullion) inventory for me to buy on Monday morning.
 
"Official Announcement" later, but, PMBug & ancona, I bought the last of the Au Eagles at my LCS, no more until Monday (they need to find out how much replacements will cost, but they MAY be out -- esp. Eagles).

I left my office when gold was down $59, when I got there it was down $74... I bought 1 oz as well as what he had left in small fractionals (a 1/10th oz and a 1/4er oz). I left disappointed, as I had FIAT$ for a little more.

C'est la vie! But, as mentioned above, Sunday night I might regret my haste...

:)
 
DCRB..I would be layering my purchases down.

If LCS isn't holding then there is always the online dealers.

I've scowered the net and many have plenty to sell ....for now.

Physical is taking over and we are on the grounds of its revolution.

Keep your chin up bud...you won't believe whats coming ahead!

-Q
 
...

MasterQ, I am a believer in the Blog of FOFOA! So, my only worry is: "Will $55,000 be high enough?"

:popcorn:

:rotflmbo:

:gold:


EDIT:

My only beef with ordering online is that it leaves a trail...
 
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As I wrote earlier, the biggest online bullion (Edit: biggest in UK) site wrote this -

Record Orders! Due to unprecedented demand we are not able to offer next working day delivery. Orders will be dispatched as soon as possible in the order that funds are received. We expect to dispatch most orders within 3 working days.
Click to expand...

But today they've changed their minds and decided they can't use the paper price at the moment -

Due to unprecedented demand and price volatility, we are unable to take any further orders until 9am Monday.
Click to expand...
 
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MasterQ said:
...
If LCS isn't holding then there is always the online dealers.
...
Click to expand...

They don't always have the PMs in stock that they are taking orders for. You can't be sure that they aren't selling in anticipation of receiving additional stock. The advantage of a LCS in this respect is that you take immediate delivery.

Also, looks like gold inventory is flying off the shelves.
 
FWIW, Andrew McGuire says the dip/sale won't last long:
...
It’s pure short selling in the paper market, and the focus of all of this all is to reach and target as many long-stops as possible which they have done this afternoon. Then they can obviously cover these paper short sales.

Historically, in order to succeed when the official sellers have come in, they have relied on being able to back up the paper market interventions with real physical supply, albeit, hypothecated or re-hypothecated, borrowed or leased bullion....

It’s easy to look at the technicals today and see this cascade down, that’s the long stops being tripped. But what we are seeing now is none of the physical supply is appearing. None of it is going to back up these sales. So this is a clear sign of weakness.

Now the bullion banks are really trading the Fed’s ‘virtual market book,’ but they are constrained. They are really constrained as to how far they can push these paper prices because the ... Eastern hemisphere central banks, who are competing with each other to buy (physical) bullion, these are the guys that are picking up this discount. This (smash in gold) results in an exponential ramp-up in their physical buying.

All they (central planners) are doing is delaying an extremely disorderly rebound (in the price of gold). Give it a few days because at least 90 tons of central bank buying today was seen below $1,550, into the afternoon fix (in London). As we cascade down here you can guarantee that what they (Eastern buyers) are doing is ‘spot indexing,’ which is basically locking in the price in the paper market and will allocate that at an upcoming fix (in London).

So I give it (at the most) two to three days before this has a massive rebound effect, and the short fuel above the market now is at absolutely unprecedented levels.”
...
Click to expand...

http://kingworldnews.com/kingworldn..._Is_Absolutely_No_Physical_Gold_For_Sale.html

This ties in with reports on COMEX inventory raids and open interest analysis.
 
...

Yes, there apparently has been some fallout re gold supplies, at least some. TULVING (tulving.com), for example, has been down since last night, and was last I checked (a half hour ago).

$440 billion??? Where does THAT number come from?

"Fallout and Other Thoughts Post-Massacre"

http://tinyurl.com/9hlvzdx
 
DoChenRollingBearing said:
"Official Announcement" later, but, PMBug & ancona, I bought the last of the Au Eagles at my LCS, no more until Monday (they need to find out how much replacements will cost, but they MAY be out -- esp. Eagles).

I left my office when gold was down $59, when I got there it was down $74... I bought 1 oz as well as what he had left in small fractionals (a 1/10th oz and a 1/4er oz). I left disappointed, as I had FIAT$ for a little more.

C'est la vie! But, as mentioned above, Sunday night I might regret my haste...

:)
Click to expand...

you aren't in it for "profit" so I fell pretty safe in saying you won't "regret" your purchases. I also bought Friday a little higher than I should have (maybe) (32.00 for ASE) but really who cares. Also won two out of three auctions this morning at WAY below spot; the third I was out bid for a roll of halves and (here's cheap for you) raised it two dollars. Coinflation has 90% halves at 9.30 and my bid is 12.50 per. Maybe this is foolish, who knows. i know there are lots of FRNs laying around we aren't using for anything, and I'd sure rather have silver.
 
DCRB, I'll bet you didn't buy any gold. You bought a vowel.... :)
 
http://www.shanghaidaily.com/article/?id=528409&type=Business

SHOPPERS swarmed into gold jewelry shops in Shanghai over the weekend lured by the two-year low of bullion price after global gold prices plummeted.
Click to expand...

"The 10-gram and 20-gram bars are sold out, and we don't have many stocks left for the 50-gram and 100-gram."

Another salesperson at Shanghai-based jewelry retailer Lao Feng Xiang said "the number of customers doubled" and gold bars were selling like hot cakes at its shops over the weekend.
Click to expand...
 
Silver has regained 26 in the first few minutes of trading, now trading a few cents below it. Volume is insanely high for a Sunday evening session. I'm still expecting a raid later today, probably during the next 2 hours before Hong Kong opens for trading.
Still, the opening could have been much worse. That goes for gold, too.
 
The first 30 minutes of the COMEX session are going to be interesting in terms of the impact of margin calls. We could well see another intraday low. Silver has rallied nearly a dollar from the bottom, but it's silver and it could go back down to 23. The bottom coincided with the London silver fixing at 6 am ET. So it was physical buying that caused the trunarround in silver. Gold has now run into October 2010 support, the bottom before the start of QE2.
The London pm fixing at 10 am ET should be interesting to watch, too. The forward curve could turn negative soon. I'm also watching the futures curve.
 
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