Gold JUST went on a spike

DoChenRollingBearing

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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
 

BigJim

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Another $6.00 in the last 5 minutes.
Someone's scared...
 

mmerlinn

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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.
 

swissaustrian

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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.
 

DSAbug

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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.
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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swissaustrian

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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 %
 

swissaustrian

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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.
 

pmbug

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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.

:paperbag:

~~~

780 million troy ounces = 26,742.8571 tons = ~12x total global production (minus China)
 

ancona

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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.
 

DoChenRollingBearing

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@ ancona and PMBug

So manipulated, so much bogus paper...

@ derek, good catch!

***

Physical will go to the moon, Alice!
 

ancona

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Silver recovered quite nicely today. I wonder why platinum group metals are falling though.
 

DSAbug

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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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