Cutting Vacation Short

548
Wed, Feb 20, 2013 - 10:04am

This is relentless and unforgiving...and I'm not talking about MrsF.

So bad that I'm cutting my mini-vacation short. I still don't have time for a full post so here are two items for you to read this morning.

ZH has been doing an excellent job chronicling the consistent, daily destruction. Here's the latest: https://www.zerohedge.com/news/2013-02-20/precious-metals-morning-slam-right-schedule

And here's someone who has noticed some of the same "anomolies" that I have: https://www.zerohedge.com/contributed/2013-02-20/curious-case-falling-gold-and-silver-prices

The charts, of course, look terrible. Having failed at hoped-for support, silver looks like $28 and gold, if $1580 fails, looks headed all the way back to the bottom of the 18-month range, near $1550.

This is all highly unusual and indicative of extreme manipulation and panic-level positioning. At the risk of sounding trite and reading like another KWN pumper, I must say it: THIS WILL PASS. THESE EXTREMES WILL BE RESOLVED SOON AND NEW UPLEGS WILL BEGIN. PLEASE BE PATIENT. THE FUNDAMENTALS ARE STRONGER THAN EVER AND PHYSICAL REALITIES WILL SOON REPLACE PAPER SHENANIGANS AS THE DRIVING FORCE BEHIND PRICE.

More later if possible.

TF

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PMBull
Feb 20, 2013 - 7:49pm

@Byzantium RE: JPM Not the Short

Isn't JPM already heavily short? They've been firing the JPM weapon all along, not holding it back.

Maybe they are maxed out, and this new short is the short of last resort.

kingboo
Feb 20, 2013 - 7:45pm
kingboo
Feb 20, 2013 - 7:44pm

Netdania 1 min gold chart between 5:15-6:00 today

can someone explain to me what that flatline on the gold 1 minute chart is between 5:15-6:00 eastern? WTF is that? i do not know how to copy the chart or i would have.....thx

Byzantium
Feb 20, 2013 - 7:40pm

One more thing everybody....

The GotGoldReport people are saying that JPM is not the big short in the PMs at the moment (and noting that the report is a couple of days old). I can't offer any insight into that. But if it is true, then it means that the bears have not yet fully used their main weapon, being JPM itself as the bear of last resort.

¤
Feb 20, 2013 - 7:37pm

You know it was a rough market day...

...when you come home and your buddy has CNBC on and has a 40 oz.'er underway.

Boswell
Feb 20, 2013 - 7:37pm

"Troll" Study...

Since the subject of trolls has come up, I noticed this...

https://www.cbsnews.com/8301-204_162-57570412/study-silent-treatment-bes...

Study: Silent treatment best way to deal with jerks

According to researchers at Baruch College, City University of New York, it's more mentally healthy to abruptly end a conversation with someone obnoxious than to continue speaking with them.

"It's depleting to force yourself to have difficult conversations when all you want to do is ignore the person," lead author Kristin Sommer, associate professor of psychology at Baruch College in New York, told Canadian wire service Postmedia news. "Ostracism can serve the regulatory goal of allowing people to conserve resources.

WineGuyNigel Black
Feb 20, 2013 - 7:37pm

@ Nigel Black ...

"Got To Love Santa's Determination". Yes, I agree and I would add his leadership. IMHO very shortly we will all see who the true leaders are and who are the chameleons.

ReachWest
Feb 20, 2013 - 7:35pm

Feb 20 / 21 / 22

@FleetFeet - that also meshes nicely with the thread that Argentus Maximus has over in the forums - worth the read, if you have not already seen it.

https://www.tfmetalsreport.com/forum/4460/setup-big-trade

Byzantium
Feb 20, 2013 - 7:33pm

@ Ilya Repin

Please do not misunderstand, I am bullish on PMs, but expect this massive attack to accelerate, and am not sure of the short term outcome.

You have an excellent perspective, but your original post was a bit dry, and reliant on acronyms that I am unfamiliar with (such as Doji). So I was trying to tease from you more of your thought process than you originally posted.

So when you then went on to say 'The shorts in Silver are so fucked they cant stop shorting otherwise price will explode,' then I say 'now we re talking!

When you say however, "Todays low will be a pivot point for silver and i will be impressed if we break it" it seems to me that you also concede the possibility that the bears may still win.

The GotGoldReport people just recently wrote this:

As the data will show in just a moment, we have reached a point where the positioning of the largest traders of gold futures is very imbalanced. The setup is practically begging for a massive, very violent reaction just ahead.
We only very rarely see this kind of imbalance, but when we do it can get pretty dangerous for traders on both sides of the battlefield for a very short period of time. Huge elephants, capable of buying/selling and influencing hundreds or even thousands of contracts in minutes, are battling it out now in the futures – and in the OTC physical and forwards - and we mice need shelter until the battle has declared a new victor.

That was written before today's action, and is about gold, but whatever started today has not yet ended, as we know.

So, when I say that the cartel is gunning to break the $26 resistance, this is not a prediction that they will succeed. This is a prediction of what we can expect tomorrow, in terms of intent. This is a case of irresistible force meets immovable object. I predict that silver volume tomorrow will be greater than today. The outcome? We are going to find out!

ReachWest
Feb 20, 2013 - 7:32pm

GLD Puke

Victor and S Roche have both mentioned the GLD Puke indicator.

I was not familiar with the term, but a bit of sleuthing indicates that it's to do with redemption of physical metal from GLD by Authorized participants. I understand that as GLD shares (in blocks of 100,000) are redeemed, the amount of bullion in the trust declines. [Down 20 plus tones today, according to Victor] This is considered an indication that the AP prefers physical metal to holding the paper.

Given today's Gold action and the Puke from GLD - does this then point to a lack of trust between the big money participants with respect to paper?

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