happy

Will be interesting to see how price behaves from here. Gold is currently bumping against a (short term) 38.2% fanline:

maybe not (yet)

opportunity ?

meanwhile in Japan: bloomberg

from transcript 18. April, 2013

nice one! still, price action so far looks very much like a dead cat bounce / rising wedge.

Real, physical ounces . . . by the truck load! Cf., GLD Holdings Plunge longer term picture:

CHART: Gold price vs ETF tonnes shows crash was inevitable

Indeed. Ridiculous I imagine!

data from April 11

from happy charts silver: like a hot knife through butter

looking like the proverbial "fat tail" event how far does the time series go back? any idea the last time Gold hit -3 standard deviations ?

Gold Plunges: Is Now a Buying Opportunity?

from Zeal Intelligence: GLD Holdings Plunge

Soros: "I don't expect Gold to go down"

Trust in Gold Not Bernanke as U.S. States Promote Bullion By Amanda J. Crawford - Apr 8, 2013 6:01 AM GMT+0200 Distrust of the Federal Reserve and concern that U.S. dollars may become worthless are fueling a push in more than a dozen states to recognize gold and silver coins as legal tender. Lawmakers in Arizona are poised to follow Utah, which authorized bullion for currency in 2011. Similar bills are advancing in Kansas, South Carolina and other states. The Tea Party-backed measures are mostly symbolic -- you still can’t pay for groceries with gold in Utah. They reflect lingering dollar concerns, amplified by the Fed’s unconventional moves in recent years to stabilize the economy, said Loren Gatch, who teaches politics at the University of Central Oklahoma. “The legislation is about signaling discontent with monetary policy and about what Ben Bernanke is doing,” said Gatch, who studies alternative currencies at the Edmond, Oklahoma-based school. “There is a fear that the government, or Bernanke in particular and the Federal Reserve, is pursuing a policy that will lead to the collapse of the dollar. That’s what is behind it.” Bernanke has pushed interest rates to near zero since the 18-month recession that began in December 2007. The Fed said in March it would continue buying $85 billion in securities each month in a program known as quantitative easing that has ballooned its assets beyond $3 trillion and is aimed at keeping long-term borrowing costs low to support economic growth. . . . Texas Depository In Texas, lawmakers are considering a measure supported by Republican Governor Rick Perryto establish the Texas Bullion Depository to store gold bars valued at about $1 billion and held in a New York bank warehouse. The gold is owned by the University of Texas Investment Management Co., or Utimco, which took delivery of 6,643 bars of the precious metal in 2011 amid concern that demand for it would overwhelm supply. The proposed facility would also accept deposits from the public, and would provide a basis for a payments system in the state in the event of a “systemic dislocation in a national and international financial system,” according to the measure. Should Texas take such a step, it would offer sovereign backing for deposits and make buying and storing gold easier, said Jim Rickards, senior managing director at Tangent Capital Partners LLC in New York and author of “Currency Wars: The Making of the Next Global Crisis.” He said the coin measures, while impractical, have symbolic value. “We are seeing a distinct movement back to a world where gold is considered money,” Rickards said. . . . Tax Breaks In Utah and some other states, the measures also eliminate state capital gains or other taxes on the coins. Critics say the state measures are unwieldy. In Arizona, Senator Steve Farley, a Democrat, unsuccessfully offered an amendment that would have recognized as legal tender other state commodities, such as citrus fruit, as well as sunbeams. The amendment was intended to reflect the absurdity of the bill, said the 50-year-old lawmaker from Tucson. “It is simply grandstanding to get people afraid that somehow President Obama’s agenda is going to drive us into hyperinflation and economic collapse,” Farley said. “We have enough real problems to deal with. I don’t see undercutting our entire financial structure as a priority.” In Utah, officials haven’t yet figured out how to accept gold and silver for tax payments -- though some residents have asked to pay that way -- or integrate the precious metals into commerce, state Treasurer Richard Ellis said. Lawmakers have established a task-force to study implementing the law and to examine how the state can accept gold and silver, with their fluctuating values, for payment, Ellis said. He’s not optimistic that it will work, he said. Regulatory Barriers “People point to Utah and say we are leading the way, but nothing much has happened because regulatory hurdles have gotten in the way,” said Ellis, a Republican. If gold and silver is being used in the state as legal tender, it is probably only in transactions between individuals, he said. The Utah Precious Metals Association, established after passage of the 2011 law to advocate for the use of gold and silver coins, has about two dozen members enrolled in a two month-old bill-pay service in which their accounts are held in gold, said Lawrence Hilton, the group’s chairman. Hilton envisions a future with an alternative monetary system based on precious metals in which merchants accept silver coin while gold mostly backs electronic transfers. . . .

Nice chart by Gary Tanashian:

Hello! Nice to be here I have been lurking for some time and have enjoyed reading many of the threads on here. Perhaps it is time to join in the discussions!