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I'll race ya PMB!
Taking out the Vstar today.
Got to ride the wind!!!!
-Q
I would give a lot to see the COT report as of today as opposed to Tuesday.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.
European stocks all closed deeply red and safe haven bonds were significantly bid, somebody knows something.
I'll race ya PMB!
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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.
My online site - biggest in UK still has stock but for the first time ever there is a notice on their site that reads...
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Due to volatility in the precious metal markets we are unable to take any further orders at present. Please call for further information.
My only beef with ordering online is that it leaves a trail...
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.
Due to unprecedented demand and price volatility, we are unable to take any further orders until 9am Monday.
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If LCS isn't holding then there is always the online dealers.
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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.”
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"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...
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.
"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.
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