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Old 04-10-2012, 11:44 AM   #1
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Gold JUST went on a spike

Why? Up some $16 off its low in, what, 20 minutes? I'll go take a look at the Hedge and see if they have anything
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Old 04-10-2012, 11:48 AM   #2
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No news... fisher is speaking right now so it's very odd.
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Old 04-10-2012, 11:51 AM   #3
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ZH just took note as well. So far I have not seen any REASON why...

PLATINUM is unparticipating...
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Old 04-10-2012, 11:51 AM   #4
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Man oh man! Silver just pulled that knife out of it's back too!
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Old 04-10-2012, 12:22 PM   #5
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Chaos in Europe behind the scenes:
European banking stocks crashing more than 5%
http://www.zerohedge.com/news/carnag...tock-bloodbath

Moneymarket liquidity is drying up again, despite 1.3 Trillion $ in LTROs:
(Chart shows 1 year EUR basis swap)
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Old 04-10-2012, 12:26 PM   #6
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Another $6.00 in the last 5 minutes.
Someone's scared...
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Old 04-10-2012, 12:27 PM   #7
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I just looked at weekly, daily, and 60 minute gold charts and nothing seems to be out of line other than the spike which doesn't seem, at this time, to be significant.

Now if it continues, you can scratch that comment.
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Old 04-10-2012, 12:28 PM   #8
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The fact that only gold is green today, whereas silver, platinum and palladium are red is a clear sign that this is a fear spike.
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Old 04-10-2012, 12:33 PM   #9
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sa, upon reflection there is a LOT to be scared of....
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Old 04-10-2012, 12:36 PM   #10
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Originally Posted by swissaustrian View Post:
The fact that only gold is green today, whereas silver, platinum and palladium are red is a clear sign that this is a fear spike.
640 million oz were traded in 2 hours... Looks like short covering to me...

Edit..

2.5 hours 780 million ounces
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Last edited by DSAbug; 04-10-2012 at 12:38 PM.
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Old 04-10-2012, 12:44 PM   #11
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Top 5 loosers Eurostoxx 50

SOCIETE GENERALE SA
-6,47 %

AXA SA
-7,05 %

ING GROEP NV
-7,39 %

UNICREDIT SPA
-8,00 %

INTESA SANPAOLO SPA
-8,25 %
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Old 04-10-2012, 01:01 PM   #12
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Holy crap Batman! italian banks are getting a panties-down spanking!
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Old 04-10-2012, 01:02 PM   #13
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Spain isn't doing so hot either.
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Old 04-10-2012, 01:03 PM   #14
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Originally Posted by dereksatkinson View Post:
Spain isn't doing so hot either.
Imagine that!
<sarc>
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Old 04-10-2012, 01:07 PM   #15
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Even the Swiss tbtfb are down 3.6% (CS) and 5 % (UBS). They're way better capitalized than the Eurozone banks.
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Old 04-10-2012, 01:24 PM   #16
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Originally Posted by dereksatkinson View Post:
640 million oz were traded in 2 hours...
640 million troy oz = 21,942.8571 tons

Total global gold production averaged roughly 2,500 tons yearly over the last few years:

http://news.goldseek.com/Dani/1309290922.php

Chinese gold production isn't being sold on global markets, so you need to consider that 350-400 tons of that 2,500 tons isn't even traded.

So, something on the order of ten times global (minus China) annual production was traded in rougly 2 hours.



~~~

780 million troy ounces = 26,742.8571 tons = ~12x total global production (minus China)
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Old 04-10-2012, 01:35 PM   #17
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PMBug,
That is why I'm done with the whole fucking system. They can all go pound sand for all I care. The paper markets are completely rigged and set up for TPTB to rip us off.
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Old 04-10-2012, 01:49 PM   #18
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@ ancona and PMBug

So manipulated, so much bogus paper...

@ derek, good catch!

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Old 04-10-2012, 02:39 PM   #19
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Silver recovered quite nicely today. I wonder why platinum group metals are falling though.
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Old 04-10-2012, 03:13 PM   #20
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I think Physical buyers have just won a huge battle by holding 1640 again. 1687 is the next real level then 1704. We are still at a declining tops line though so we MUST see follow through if this was actually an important low.
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