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If the comrad great leader gets elected for a second term, it's gonna be rally time for pms as he would replace Ben with Yellen in 2014.Election is just a few days away. Remain calm. All is well.
...good job, oh, Big, Shadowy PMs Whackers!! Every month of suppressed PM prices equals to more OZ that I can afford with my paper money.
The tighter they screw the spring, the higher it will bounce back. Who knows, maybe I'll be able to retire earlier
If you're confident that this is (close to) the bottom, you could purchase call options and sell them once you intend to purchase physical. You'll only need a fraction of the money for the options purchase compared to what you'd need to buy physical.I really wish I were in a position to take advantage of this dip. Some sap is doing yeoman's work in driving the price down for me and I just know it won't last until I'm able to take home a load.
The pattern of what’s taking place in this down market is absolutely clear: At periods every day like clockwork, when the lowest volume of trading historically takes place, the largest amount of offerings have come into the marketplace (for gold), creating a drubbing, a down (move).
Every time there is a major move in a market there will be hangers on, and they are the ones that tend to lose on both sides.
When markets are running up like Apple, most of it (the move) is highly professional. But then you get the chat group people, day traders, the less professional, and those are the hangers on who try to make the market look the same way. Because once a pattern changes, the direction of a market changes, and in the least you get neutral (in terms of the price movement).
Over the last two weeks, the pattern that had existed, set in stone, carved into granite, of how the gold market would act at the exact same times, on the exact same days, has (now) modified and changed. So there is a strong possibility that either a level has been reached, or the major people (entities) who wanted to effect, for a reason, to a price, have completed their intentions (their price or objective has now been achieved).
It’s the pattern of selling or price manipulation [Wash trades]. And I’ve done this. (Back in 1980) Hunt’s major buyer came out in silver, and I didn’t believe the market. And I wanted to test the market to see if this really was an infinite buyer. It was about 3 minutes before the close, out came his agent onto the floor bidding like made for silver.
So I told my partner on the floor, ‘Offer him 5,000 (contracts for sale).’ Now back in those days 5,000 contracts was a lot. The offering I made, I made at a time of illiquidity to see if the demand which was so popular in the mainstream media at that time in the markets was real.
Well, I didn’t get a wrong answer because the market locked limit down and it wouldn’t stop trading until about 5 minutes after the close. I was called in by the board of directors of the exchange for having manipulated a market, in which case I told them just what I did. And it was unfortunate I didn’t look at my watch. I thought it was about 5 or 10 minutes to go (in live trading), and it was about 3 minutes to go.
Well, that’s exactly what’s happening now. I’ve done it myself (manipulated markets) so I know it well. People are coming into the marketplaces internationally, and into the US sessions, at historic periods of low volume. And in the morning people want to see what happens.
But 7:30 to 8:30 AM (EST) the market (manipulators) are offering huge amounts of gold for sale when they know there is no bid, to create, not selling because if you want to sell you do it strategically, carefully, well reasoned, to get volume off without affecting price. But if you want to take a market for a ride (manipulate it), you do the absolute opposite. You offer huge amounts, hoping you don’t sell too much, at a time when you know you won’t sell too much.
But at a time where the little guys will start jumping on each other because here comes the moose. And the moose is always a big moose and it tramples on your forehead, and therefore they (the little guys) run. It becomes ‘beggar thy neighbor.’ You turn around and if the guy behind you has a bid, you sell yours to him before the moose (does).
That ends up making the price (during those illiquid trading hours). That is the nature of this takedown (we have seen). The nature of this takedown is not what would be common to a top (meaning it has been artificially induced). It is not any reflection of what the top in the market looked like in the early 1980 period. Also, it’s all electronic. Hard to feel, hard to touch, and therefore much more scary.”
I think whoever structured this decline, and it really was structured, clearly anybody who knows markets and has eyes in their head has to figure out this wasn’t the gold gang, and gold positive large entities dumping their investment positions. This was an operation and it was totally classic.”
Sorry sa, but I'm not grokking your point. The "NY close" reported in the legend of the kitco charts don't match the numbers (any of the numbers) you posted in the thread. Where did your numbers come from?
http://online.wsj.com/article/SB10001424127887324077704578358381575462340.htmlThe Commodity Futures Trading Commission is discussing internally whether the daily setting of gold and silver prices in London is open to manipulation, according to people familiar with the situation.
No formal investigation has been opened, the people said. The CFTC is examining various aspects of the so-called price fixings, including whether they are sufficiently transparent, they said.
Gold prices are set twice daily by five banks via teleconference, while three banks set silver prices. The fixings are then used to determine spot prices world-wide, including jewelry and sales from mining companies to refineries. The prices also help determine the value of derivatives tied to the metals.
The London gold market fix dates from 1919, and now sees twice-daily conference calls involving units of five banks: Barclays, Deutsche Bank AG, HSBC Holdings PLC, Bank of Nova Scotia and Société Générale.
Spokespeople for Barclays, HSBC and Deutsche had no immediate comment. Representatives from the other two banks couldn't immediately be reached.
The silver fix, dating from 1897, involves Scotia, Deutsche and HSBC.
"[The fixings are] not arbitrary, it's very much done on a demand supply basis until a price is arrived at. It's fully transparent, it's nothing like Libor," said a spokesman for the London Bullion Market Association, the trade organization that sets the standards for the quality of gold and silver traded in the London market, but do not run the fixings.
In what world is it rational to decide that dumping 800,000 ounces of notional gold into the London Fix (or COMEX open) makes sense? In the space of 4 minutes, almost 2 million ounces notional were flushed into the gold futures markets dumping the price of gold to 3-month lows.
...
Ah, time to throw another log on the fire:
http://www.zerohedge.com/news/2013-...ut-gold-bidstack-sends-metal-three-month-lows
Physical is on sale again.
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