Gold Plunges Below "Crucial Level", Lowest Since Oct 2009 On $2 Billion Notional Flush
With the world closest to World War 3 since the cold war era and Russia about to unleash escalating sanctions of Turkey, it makes perfect sense that 'investors' would want to purge themselves of precious metals. Someone decided that Friday after Thanksgiving would be the perfect time to dump over 18,000 contracts (around $1.9 billion notional) sending the price of gold futures to their lowest since Oct 2009, below what Goldman called a "crucial level."
Over 18000 contracts dumped...
Sending gold futures prices to Oct 2009 lows...
As Goldman notes, in Gold, the critical level is 1,068-1,066. In Silver, support spans 13.98-13.83.
Gold Daily/Weekly – The level to watch in Gold is 1,068-1,066. This includes an ABC equality target off the January high and the trend across the lows since Dec. ’13.
The fact that oscillators are diverging positively suggests that price may be attempting to stabilize. Failure to break this support area confirms that the setup is still corrective; that a 5-wave sequence from ’11 highs ended in July. Alternatively, a break lower would warn that the market hasn’t yet completed its impulsive decline.
This would open potential to extend towards 966 (a 1.618 extension target from the January high).
Silver Daily/Monthly – The level to watch here is 13.98-13.83. This includes the previous low from Aug. 26th and the trend across the lows since Jun. ’03.
Although the wave count on Silver is a lot less evident than the one for Gold, it is apparent that rallies have all met ABC targets insinuating that rallies lack impulse. On a more positive note, daily oscillators are crossing higher from the bottom of its range.
Put another way, the balance of signals seems mixed; 13.98-13.83 does however look significant.
(6 votes)
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Must hurt today to be a paper stacker.
lol, delusion is a bitch. Keep telling yourself you're not hurting
The fake price might have gone down but my big stack ia still there and I can by more cheaper.
Damn now I have to go to my local coin shop.... And here I was planning on spending my FRNs on Christmas gifts. Sorry kids... You'll thank me later :-)
It means that the Fed is not going to raise rates on Dec 16th.
In the same way that pm's were beaten down in the run up to the last Fedd meeting, and then allowed to run up to trend, silver is telling us that the decision is in, that the Fed will not raise rates and that when they don't, pm's will be allowed to bump up to what will become long term resistance at $1080.
I sold all mine back to dealer, I couldn't take it anymore, I needed the dollars.
Well go buy it back at $950.
Why even bother with charts when some entity dumps $1.9 billion in notionals in a dead market... Charts mean less than nothing in today's environment...
Well goddamn it. The LCS got cleaned out in under an hour.. In the time it took me to get my ass there, the only things left were 250g, 500g and 1000g bars, and I didn't feel like getting Tungsten today. Screw it.
It always happens the day after Thanksgiving.
Wudda thought more would have noticed it by now.
Thanksgiving ain't really a thing around this part of the World :)
I remember back in 2011 there were a few Zh posters who said gold was heading to $900. Those guys are geniuses.
Damn, just when the National mints are shutting down production until mid January next year.. Them ASE's are going to be difficult to buy at any price.
I sold all mine back to dealer, I couldn't take it anymore, I needed the dollars.
Ask the Canadians and Australians holding their paper how great they feel watching in horror as their currencies plunged 40% the last several months.
Gold stackers there have done quite well preserving their wealth in the traditional, safe method.
There's a reason people in a civilization over 2,000 years old store gold. Indians and Chinese know their history.
Correct, Charles did paper 500 years ago.
With the laughable amount of registered gold at the COMEX available for delivery, and only two days left before the biggest delivery month of the year for gold and silver arrives, it is far from surprising that the banksters have attacked the price. They need as few futures contracts as possible to stand for delivery.
The stackers in those countries would have done far better by holding US denominated securities.
U.S. securities?? Is that you Warren?
Securities arre the conduit by which the banks are inflating away wealth. You only think you have more wealth. Once your money is in, it ain't coming back. It's like make believe home equity. "Take out a loan" suckers.
Buy the all time high. Yea, that's the wealth generator. Fucking troll.
Yes, he is our new resident gold troll, he replaced Math Man.
Good you sold. Now you can fight with the 400 pound welfare moms buying the action figures with the kung foo grip.....
Actually my countrys currency is detoriating faster than the usd pegged goldprice so im happy i stacked some of it.
Hurting.. cant say its hurting much really. My savingsaccount with 0% interest rate obviously hurts more...and what are the options? Real estate or stocks at ATH? BTFD?
Sure im not selling them, but buying more??
And yeh my country is supposed to be of the few that is doing alright..
Black Friday special door buster.
Check this out...US$0.29 over spot:
http://www.providentmetals.com/provident-metals-10-oz-silver-bar.html
Based on the current GSR, Ag is the way to go.
Has noting to do with manipulation. Gold is sad that the Progressives agenda is not advancing rapidly enough.
" Next we'll kill all the Iranians"
-V Nuland
Ya know what's strange? I bought three very good mining stocks, two gold and one platinum and they simply refuse to budge below my purchase price no matter how badly the central bankers sell paper.
It does an ego good to buy shit priced right.
It's almost as though the investors have done their math and know- this price manipulation is all bullshit. I think at least two of the miners make money even at 600 dollar gold- while the price kills all of their competition. One's mining and paying dividends, ones fixing to start.
Three weeks ago, I published this piece. I was looking for a sub 1040 price to confirm and close the intermediate gold bottom established I think in '08. A complete washout would occur in the 950-975 range. That would be the buying opportunity of the second half of my life. (The first being the great 1980 run) http://thecivillibertarian.blogspot.com/2015/11/getting-ready-for-one-bi...
Know this, I don't give a fuck whether you buy in or not. ZH is my village. Due diligence bitchez. taho and pvg.
Why would I be hurting more today than I did yesterday?
www.denk-bubbles.com/million
Delusion is a bitch indeed.
Thats a nice print. Good art for the bathroom...
Try looking on ebay to see the price disconnect you fucking moron.
Hurting? Let me tell you about hurting:
US financial systems have the world by the balls.
That’s ladies and gentlemen is real power.
As long as USD is global reserve currency, USA owns the world.
To the casual eye - yes. But push hasn't yet come to shove on the geopolitical stage, so perhaps best to keep one's perspective in a careful position. Metaphors abound in which an adversary thinks he has his opponent 'by-the-balls', only to realize shortly after, that all along it was his head which was in the vice.
Consuelo,
Your post can be seeing fine and dandy —one day proved to be correct.
But that is not the reality.
The reality is that, there’s only one superpower, which is the US. No one will attack the US, that we can all agree on.
There will be more accidents/causalities perpetrated against Russia. And in more than one front—not talking about financial and sanctions. Those are separate.
What will Russia do when they lose a second plane? Or a ship?
You see, they will be trapped.
The issue that I am having trouble is Putin’s religion views.
Is Putin a biblical fanatic like Bush and Reagan?
Or, is he more moderate/tactical?
This too shall pass.
I can tell E.I. that you are on the young side.
The world is always in a state of flux and change. For awhile, bullies sometimes get an upper hand. England, Hitler, Al Capone. They cling to power once they get it- but the flux that is the world- rips it out of their hands.
There may be fleeting power but it never lasts. Sometimes it lasts beyond your expectations but the change that is the world, will nail these fkrs. I only hope I live to see it.
The only bitch thing here is you.
I am not hurting. The PM stash is for decades into the future. I have put some of my disposable income into it. It is still shiny and pretty and it does not have any of the risks associated with stocks, bonds or real estate; although I do also own real estate.
Gold is an absolutely pointless investment. If you're anticipating a collapse, arable farmland with water rights and guns are a better investment than gold.
Gold is wealth in its most compact form factor. Or you could ask a two Vietnamese men - one with gold and one with land. I doubt there is anyone left to speak for the man with the land.
http://www.usagold.com/gold/coins/kim-thanh.html
Took the thought right outta my head, but I'm glad you did any any event because yours is undeniably Factual.
Why would you buy land where "water rights" are an issue to be discussed? What is granted can be taken away.
Spoken like a troll. There will always be needs and trade. That's why the world has always needed a currency. It's kind of hard to trade a piece of the farm or ammo if you don't have my sizes. Figure it out einstein, people ain't gonna trade tangible goods and their labor for asswipe.
When the viewpoint here becomes the majority, even on ZH, I know that is the sign of capitulation.....
Gold = no drought, no farming, no annual taxes, no zoning restrictions, no trespassers, no machinery, mo maintenance, no fertilizer, no migrant workers, - no nothing, just warm, shiny stuff buried somewhere in the ground.
Yes 'Paper Gold' that does not exist and we are heading for WW3, so get used to the concept!
http://beforeitsnews.com/conspiracy-theories/2015/11/us-gives-their-prox...
My last pay check was $9500 working 12 hours a week online. My sisters friend has been averaging 15k for months now and she works about 20 hours a week. I can't believe how easy it was once I tried it out. This is what I do... www.wallstreet34.com
Screw buying Gold, just make some.
https://www.youtube.com/watch?v=TkZFuKHXa7w
When 2 billion in futures contracts are dumped in a morning where there are no buyers it is a compelte wipe out. Can anyone think of what group has $2 Billion to throw away besides the Federal reserve?
Tell me again about Santa Claus, and then tell me about gold being a "Store of Value".
I do believe that my case of Single Malt Scotch or vintage wine do a better job, and are far more liquid, as well as being more resistant to Seizure. /s
Since 80-90% here are too thick to grasp subtlety or irony, and most 'Mericans need to have things spelled out for them, let me do just that:
There is NO single Asset that is immune to significant price varations and depressions.
If you stop repeating other people's mantras, like a damn budgie, you just might realize that Gold isn't just a Precious Metal, but that it is a precious Asset. Precious, yes. But just another Asset. Or Precious Commodity, if you will.
Sure, have some PM, but the key word is SOME. E.g. 5-10%.
Be sure to have the same amount in Cash. The rest you plow into sensible RE, Stocks, Bonds, Precious Art, Antiques, Scotch, Wine, Guns, Ammo...
Closed FED meeting last Mon. Hmmmm.