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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  548 Comments

El Gordo
Feb 20, 2013 - 11:26am

Red Rover

Why don't you read everything posted by our gracious host and then just do the opposite of whatever he suggests or thinks will happen. You'll get rich quick and no one will be able to figure out how you did it.

¤
Feb 20, 2013 - 11:26am

redrover1

I realize your comment was approved for the sole purpose of being fair overall because your only 20 minutes old but it also opens up the opportunity for all us to verbally pelt you for being smug and taunting.

But after seeing so many smart ass unoriginal trolls come on here over the years on a down metal day it doesn't seem important to respond with any velocity at all except to acknowledge your troll DNA.

Groaner
Feb 20, 2013 - 11:29am

I think the Trolls here are Blythe and Jamie

trying to talk us into selling, eay?

boatman
Feb 20, 2013 - 11:29am
Groaner
Feb 20, 2013 - 11:30am
NonoverlappingMagicCereal ag1969
Feb 20, 2013 - 11:31am

@ag1969

That end game would be physical metals returning to prices reflecting their historical value adjusted for inflation, same as it is for almost any commodity. That could mean gold back in the $500 range, though that's probably close to the low end.

Note that this is not a prediction, and I don't care to argue about why it shall or shall not come to pass. I only want to point out the possibility, however remote folks around here might think it to be, and advise caution. The most concerning posts are those from folks who suggest buying speculative assets with borrowed money, or deferring payments on necessary items to increase a 'stack'. Gives me the willies!

erewenguy SRSrocco
Feb 20, 2013 - 11:31am

@SRSrocco

I am stunned everytime I watch one of those videos. I think the latest is an offer of either a $5 bill or a silver dollar. Although not in the same league, I'm still surprised how many copper pennies are still in circulation. Sure, its more trouble than its worth to most people, but I remember pulling silver dimes out of change when I was younger. I would have been handsomely rewarded if I had been more persistent.

We have lived in a disposable society for so many decades that people have forgotten the value of most everything.

Monedas
Feb 20, 2013 - 11:34am

All those spikes down didn't work !

They couldn't panic the market .... so .... they are on to Plan B .... the glacial, slow grind down .... taking everything in it's path .... desperation time .... when you control the market .... and have unlimited Ponzi fiat .... like a crooked casino with deep pockets .... you can be a bully ! Monedas 1929 Comedy Jihad Nothing To Fear .... Monedas Is Here With You World Tour

Harald
Feb 20, 2013 - 11:34am

Jeez ClinkinKY

I thought I had some bad dogs, my guys are angels compared to that.

Eman Laer
Feb 20, 2013 - 11:34am

Got Gold Report

I really like these guys. Sorry if this has been posted already, I haven't been reading gloomy pm sites lately. :)

gotgoldreport.com / By Gene Arensberg / February 19, 2013

HOUSTON – Yesterday we released a new Got Gold Report to Subscribers covering recent changes in the positioning of the largest traders of futures on the COMEX in New York. In that report we detail that a majority of the recent selling pressure for gold futures has been coming from what many would say is an unusual source, if the record-high short positions taken by those traders is any guide (which it almost certainly is).

Perhaps more important than the record size of the gross short positions now held by normally net long Funds (Managed Money traders) is what has consistently occurred in recent (gold bull market) history when the the trend following Funds have built up overly large pure short positions.

Unless a quantum shift is underway, which seems implausible, those very high short positions should become the “highest of high octane rally fuel” once “The Funds” believe the downward impulse for gold is exhausted.

What is also a bit of a “tell” in our view is that the very high short positions put on by Managed Money traders has been gold-specific. As we conclude in the special Got Gold Report article: “… we have come to the conclusion that the Funds are in the process of pulling off one of the great head fakes of our trading career. … Either that or they have correctly positioned for the gold market to collapse while forgetting to do the same for silver.”

Since sending the report out we have received multiple requests from colleagues we respect and admire to share our work in the public domain – an honor we cannot in good conscience deny. So, below is a link to the entire article, including all the important charts and data, in PDF format.

https://treo.typepad.com/files/20130218-ggr-cot-notes.pdf

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