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

Prize Fighter
Feb 20, 2013 - 11:48am

$28.60!

The long awaited gap is definitely closed and trolls are sprouting. What a coincidence. Now that I know how to capture chart snapshots and post them, I will do just that if I see any gap ups again but for the time being I'm ready for the rocket ride whenever you all are.

edit: These things do tend to overshoot though. A few dimes lower before FOMC wouldn't surprise me at all but that's not really saying anything.

Feb 20, 2013 - 11:50am

Santa has been all over this

Here's his latest:

February 20, 2013, at 10:15 am by

My Dear Extended Family,

The pressure on gold is not permanent in any sense. This decline is, as I have told you, similar to the series of declines just before gold took off in the 70s from $400 to $887.50. Those declines then were for the purpose of the last great shake of the gold apple tree prior to the move that gained the most distance over the least amount of time.

My birthday is March 27th. By that time this decline in gold will be old history. This decline is purely to take your positions away from you, certainly in shares which today trade at historic discounts to their assets.

I can only suggest to you as strongly as possible that you need to defend yourself by doing absolutely nothing. This way you can get into the fight and prevent the shorts from taking their profits that are soon to become losses.

The biggest profits the shorts have is in your shares. As long as your company is performing well on the ground do not let the shorts have any joy. This may be the last time before gold trades in excess of $3500 that you need bite the bullet of emotional restraint.

Love,

Santa

Since he's been correct in calling this smash for the past two weeks, don't you think you should respect his call for an almost immediate rebound, too?

Harald
Feb 20, 2013 - 11:51am

Thanks Prize Fighter

That's as good a support as any I've heard so far.

Wizard
Feb 20, 2013 - 11:52am

Sequestration MOPE

Management of Perception is a tactic of war, and a very effective one when done right.

Of course we know Sequestration is BS, So do the people implementing it. But the sheeple do not and they will make judgments and decisions on their actions with their fiat currency according to what they are spoon fed. These actions will have real consequences in the market, for awhile. Who knows how long. A day,A week, A Month. It is of no matter except to the people brave enough to play in the paper market, or to those with weak hands and weak convictions. In the end it always boils down to one unarguable and indisputable fact of history.

No Purely Fiat Currency in the History of Mankind has Ever Survived........Ever

For an absolutely monumental example of Management Of Perception. Take a little time and look up the dis-information campaign leading up to the invasion of Normandy. So effective it was, that an entire nation at war (Germany)placed her troops and tank corps in the completely wrong place and ended costing them not only the country being invaded. But giving her enemy (The U.S and Britain) a foot hold to invade Germany and end the war.

agNau
Feb 20, 2013 - 11:52am

Just picked this up....

I like the one that perches on a power line to recharge. https://www.dailymail.co.uk/news/article-2281403/U-S-Air-Force-developin... Read about mosquito sized weeks ago. Dark times.

proton777
Feb 20, 2013 - 11:54am

I'm reading all the same

I'm reading all the same comments when silver was falling of the cliff from 50. same for the past 2 years. this. ... is... a... recording

Bugzy
Feb 20, 2013 - 11:55am

The Devil shall tempt thee

Yeah tho I walk through the valley of fiat death, I shall fear no evil

Thy Gold and Silver comfort me.

I suspect this is needed to cause the squeeze on phyz supply which will then drive the much needed stake through the heart of the paper market.

The truth always comes out in the end.

Rejoice! The end is nigh!

Bugzy

thedukes
Feb 20, 2013 - 11:55am

What are the chances

What are the chances that the last day in February is the complete opposite in the precious metals sector compared to last year at this time. Last year the silver price hit the high for the entire year on February 29th at 37.43 and gold was hitting 1790.30. With the exception of gold which traded up to the 1795 level in October, the last day in February marked the high water price essentially for both gold and silver. Now what are the chances that both PM's mark the low for the entire 2013 calendar year on February 28th and it's hi ho gold and silver from that date onward.

NonoverlappingMagicCereal
Feb 20, 2013 - 11:55am

@ag1969

I don't care to discuss my point of view because I don't have a point of view to defend. I do not argue why you folks are wrong, only that it is conceivable that you are. That's all, that's why I advise caution.

As far as everything else - I would include in the bundle of 'theories' that might be wrong conspiracies regarding CPI calculation at the Bureau of Labor and Statistics. Inflation since 2000 has supposedly totaled 33%, which would yield a gold price around $400.

And look, I know you have all sorts of reasons for why that inflation number is wrong, or why more significant inflation is guaranteed to be on the way, please don't waste your breath on me (trust me, I've heard it all before!). All I ask is that you guys at least consider the possibility that you are wrong, and have a plan for that possible future.

WineGuy
Feb 20, 2013 - 11:56am

Load The Boat Time

I sure want to but I've already lost ten boats due to those accidents at sea. Boats are getting fucking expensive.

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