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Old 04-12-2013, 10:00 AM   #1
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Btmfd!

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.
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Old 04-12-2013, 10:06 AM   #2
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Yeah, I'm itching to hop in the car and drive over to my LCS right now.
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Old 04-12-2013, 10:18 AM   #3
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I'll race ya PMB!

Taking out the Vstar today.

Got to ride the wind!!!!

-Q
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Old 04-12-2013, 10:42 AM   #4
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Originally Posted by MasterQ View Post:
I'll race ya PMB!

Taking out the Vstar today.

Got to ride the wind!!!!

-Q
hey I just noticed. I'm only ninety minutes north of you...
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Old 04-12-2013, 10:58 AM   #5
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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.
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Old 04-12-2013, 11:20 AM   #6
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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
/slash


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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Last edited by bushi; 04-12-2013 at 11:28 AM.
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Old 04-12-2013, 11:58 AM   #7
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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.
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Old 04-12-2013, 12:24 PM   #8
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Originally Posted by DSAbug View Post:
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.
I would give a lot to see the COT report as of today as opposed to Tuesday.
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Old 04-12-2013, 12:47 PM   #9
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Originally Posted by swissaustrian View Post:
I would give a lot to see the COT report as of today as opposed to Tuesday.
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.
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Old 04-12-2013, 12:54 PM   #10
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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.
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Old 04-12-2013, 01:18 PM   #11
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...

swissaustrian writes:

Originally Posted by swissaustrian View Post:
European stocks all closed deeply red and safe haven bonds were significantly bid, somebody knows something.
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.
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Old 04-12-2013, 01:30 PM   #12
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Originally Posted by MasterQ View Post:
I'll race ya PMB!
...
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.
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Old 04-12-2013, 02:34 PM   #13
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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.
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Old 04-12-2013, 04:28 PM   #14
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Holy shit, bitchez, what happened???!!?!?
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Old 04-12-2013, 04:32 PM   #15
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Have you blinked and missed the day, mike :-)

Sent from my Nexus 7 using Tapatalk 2
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Old 04-12-2013, 04:48 PM   #16
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My online site - biggest in UK still has stock but for the first time ever there is a notice on their site that reads...

Quote :
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.
http://www.bullionbypost.co.uk/
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Old 04-12-2013, 04:51 PM   #17
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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?!!?
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Old 04-12-2013, 05:02 PM   #18
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Originally Posted by Unbeatable View Post:
My online site - biggest in UK still has stock but for the first time ever there is a notice on their site that reads...
...
Another one in the UK:
Quote :
Due to volatility in the precious metal markets we are unable to take any further orders at present. Please call for further information.
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).
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Old 04-12-2013, 05:03 PM   #19
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I took a look at some Swiss and German dealers. They're still accepting orders.
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Old 04-12-2013, 05:05 PM   #20
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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'

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