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... from the JS thread ...

 

oops wrong thread, but what the hell...

 

 

I am looking for the silver bottom.

502e_silver.jpg

 

I haven't dived in yet, but a -12% in a day fall doesn't half look tempting.

I bought a little gold and a single ounce silver coin today to reward myself for picking the intermediate "electronic" silver top over the last week..

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Good for gold too:

 

Maybe some of you guys will find this here as useful as I:

 

(1) Copy the code/text below into an empty "notepad" file.

(2) Save it e.g. to your desktop as "gold_silver.html" under type "All Files".

(3) Double-click it and enjoy. Just hit reload for updates.

 

<html><head>
<title>Gold:Silver</title>
</head><body text="#000000" bgcolor="#ffffff" link="#0000ef" vlink="#51188e" alink="#ff0000">


<img src="http://www.chartseeker.com/images/XAUXAG-24HR-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/XAUXAG-5Dy-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/XAUXAG-1Y-LG.png" nosave="">
<br>

<img src="http://www.chartseeker.com/images/AG-24HR-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/AG-5Dy-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/AG-1Y-LG.png" nosave="">
<br>

<img src="http://www.chartseeker.com/images/AU-24HR-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/AU-5Dy-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/AU-1Y-LG.png" nosave="">
<br>

<img src="http://www.chartseeker.com/images/XAGGBPOZ-24HR-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/XAGGBPOZ-5Dy-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/XAGGBPOZ-1Y-LG.png" nosave="">
<br>

<img src="http://www.chartseeker.com/images/XAUGBPOZ-24HR-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/XAUGBPOZ-5Dy-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/XAUGBPOZ-1Y-LG.png" nosave="">
<br>

<img src="http://www.chartseeker.com/images/XAGEUROZ-24HR-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/XAGEUROZ-5Dy-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/XAGEUROZ-1Y-LG.png" nosave="">
<br>

<img src="http://www.chartseeker.com/images/XAUEUROZ-24HR-LG.png" nosave="">

<img src="http://www.chartseeker.com/images/XAUEUROZ-5Dy-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/XAUEUROZ-1Y-LG.png" nosave="">
<br>

</body></html>

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Gold today is no longer related to the normal economic cycle of supply and demand, jewelry, Indian wedding seasons, rain in the Middle East. All those things are passé, forget about them. Gold is driven today by one overriding and I am afraid, at least in my opinion, an irresistible and irreversible trend. A fundamental, global and growing insecurity… A fundamental, global and growing lack of confidence of the world in everything they were brought up to believe. Institutions, insurance companies, banks, issuers of mortgages, ratings agencies, equities, sovereign debt, Federal Reserve Banks. Portugal and Iceland. Greece and Spain. Currencies. What is left? What is left?

 

- Peter Munk, Chairman of Barrick Gold

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Sometimes, it pays to be lazy - I have not got round to buying more gold since I sold some silver last month. I may wait a little longer - £800 would be nice :lol: This drop may be the last chance to acquire gold at these prices but I think many timid types who do not really understand the big picture will be spooked into selling or not seizing this opportunity to buy.

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Good for gold too:

 

Likewise for kitco chart. Automatically refreshes:

 

<html>

<head>

<img alt="" id="gold" name="gold" src="http://www.kitco.com/images/live/gold.gif">

<img alt="" id="silver" name="silver" src="http://www.kitco.com/images/live/silver.gif">

<script type="text/javascript">

 

var gold = document.getElementById('gold').src

var silver = document.getElementById('silver').src

 

function refresh()

{

var now = new Date();

document.getElementById('gold').src = gold+'?'+now.getTime();

document.getElementById('silver').src = silver+'?'+now.getTime();

 

setTimeout("refresh()",10000);

}

 

refresh();

 

</script>

</html>

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"Are buy-and-holders panicking ?"

lol?

Physical holders? Why would anyone panic?

Somebody is selling! Did you see that MASSIVE VOLUME yesterday? ... GLD chart

I don't think the shorts are adding here, they are mostly covering now (I would have thought.)

 

Piper says, "Relax. $5000 is coming."

But I say: Don't miss those mouth-watering opportunities.

Some strict Buy&Holders are too weighed down by their ideology.

 

pirate_carry_treasure_chest.gif

 

I noticed that many here were flexible enough to switch from Silver to Gold near the $50 peak. Well done.

 

And even better done, if you switched to Platinum, or hedged with some puts.

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Not weighed down, just not interested.

 

Been buying since gold at £210 an ounce. Will carry on buying as gold is going much, much higher. Not interested in monthly even yearly moves particularly. Looking 5-10yrs ahead.

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Somebody is selling! Did you see that MASSIVE VOLUME yesterday? ... GLD chart

I don't think the shorts are adding here, they are mostly covering now (I would have thought.)

 

Exactly! you haven't worked it out yet. The people who are selling are holders of GLD contracts.

They are selling the paper contracts and buying the phyisical metal.

 

When you look at GLD your only looking at part of the market.

 

GLD is not gold. It's a paper contract.

and you should be selling that paper contract nonsense.

 

How much physical gold is being sold?

(its impossible to get the figure but I bet none)

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When you look at GLD your only looking at part of the market.

 

GLD is not gold. It's a paper contract.

Yes, that's VERY important.

 

How much physical gold is being sold?

For every seller, there is a buyer. ... The China put...

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Somebody is selling! Did you see that MASSIVE VOLUME yesterday? ... GLD chart

I don't think the shorts are adding here, they are mostly covering now (I would have thought.)

 

Selling paper or real metal?

 

Also, for all the fanfare and excitement over the drop, the price of gold in Pounds has apparently only gone down by about 20 quid.

 

Great. So still effectively no cheaper than it was before (at least not by an amount that makes any difference!).

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Folks, I think you should be alert to a certain set of circumstances that may be about to play out here. About a year and a half ago I talked about how we could see margin hikes in commodities and metals in order to instigate a dollar rally and try and defuse the inflation problem.

 

From the "$50-ish Peak In silver Coming? thread";

 

PositiveDeviant, on 12 November 2009

 

If the CFTC CME increase margin requirements by a lot it could engineer a sudden and significant dollar rally and therefore a sharp correction in gold, silver, oil etc

PositiveDeviant, on 04 May 2011 - 11:15 PM

Looking back at what I wrote I think we would need large margin hikes in gold, oil and other commodities for this to be possible. Given what's happening to silver, I certainly wouldn't rule it out. It could be spun as a short term "solution" to commodity inflation/speculation. And we know Obama has his sights on oil...

 

Obama asks DOJ to investigate oil speculators

"Amid rapidly rising gas prices, President Obama has asked the U.S. Department of Justice to investigate whether Wall Street speculators could be manipulating oil markets, according to reports."

 

 

and now from ZeroHedge we have this;

 

Crude Dropping On CL Margin Hike Rumor

"And so the margin hike rumor mill shifts from silver to crude. Pretty soon nobody will dare to invest any capital in commodities (or FX) for fear of an imminent 100% margin spike by the exchanges, causing the S&P to trade at 100x P/E, and letting China buy up every commodity at a 50% off. Another brilliant ploy to preserve the wealth effect while not accounting for any possible side effects of Printocchio's actions."

 

 

Just connecting the dots here, what is going to happen to the dollar, gold and oil if gold and oil are subjected to repeated margin hikes by the CME...???

 

I think it would create a dollar rally, dampen inflationary expectations at least temporarily, and cause a capital flight into bonds. A sell-off in commodities has a series of outcomes positively aligned with the FED/US Government.

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"And so the margin hike rumor mill shifts from silver to crude. Pretty soon nobody will dare to invest any capital in commodities (or FX) for fear of an imminent 100% margin spike by the exchanges, causing the S&P to trade at 100x P/E, and letting China buy up every commodity at a 50% off. Another brilliant ploy to preserve the wealth effect while not accounting for any possible side effects of Printocchio's actions."
ZH has some good writeups, but this just sounds like a temper tantrum by someone who has seen their account fall over the past few days.
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With all the excitement of the past week gold ends at £915 (I'm only concerned about the sterling price myself). That's £25-ish off the high according to Kitco.

Just looks like a healthy correction to me.

 

EDIT - spelling

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"The extreme volatility seen in the price of silver—exacerbated by tightened margin requirements—and the la large swings in the price of gold, price of oil and in certain U.S. dollar exchange rates, do not in any way change the long-term outlooks for the U.S. dollar or for the long-term hedges against a collapse in U.S. dollar purchasing power. The current markets leave open the potential for near-term jawboning (official or through market intermediaries) and government intervention (overt or covert) to encourage relative U.S. dollar strength.

 

Despite whatever volatility there may be, the U.S. dollar remains on track for an eventual complete collapse in a hyperinflation, and the roots of that hyperinflation remain embedded in the system. The primary hedge against losing U.S. dollar purchasing power remains physical gold (and silver), with some funds outside the U.S. dollar. As discussed in the Hyperinflation Special Report (2011), I still like the Swiss franc, Canadian dollar and Australian dollar."

 

John Williams, 6 May 2011

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The 18th should be a big day for gold. The opening of the HKMEx allows gold price discovery to take place in Asia.

 

It will be interesting to see how the comex enjoys a little competition. If they are less corrupt than comex, which means anything less than outright price fixing, they are likely to become the world's preferred trading venue. After recent events in the silver market I think most people would rather trade somewhere where they are less likely to see 5 margin hikes in two weeks. The PBOC might turn out to be less accomodating to JP Morgan than the fed.

 

I shall be looking to the far east for price discovery from the 18th. Hopefully more commodities, such as silver, oil and wheat will be joining gold soon.

 

http://www.hkmerc.com/en/index.html

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That is a restricted, local metal exchange. I could not buy and sell gold there.

 

'At present the Chinese regulations stipulate that only the companies or organizations that are organized and registered on Mainland China or Mainland citizens are allowed to participate in the trading of local futures markets.'

 

http://www.shfe.com.cn/docview/docview_410172833.htm

 

The Hong Kong based exchange is aiming to provide a regional benchmark price. I will be able to buy and take delivery of metal.

 

'While gold futures trading on Asian exchanges has demonstrated significant growth, there is currently no contract that is or will likely become a regional benchmark contract for gold pricing. Without a regional benchmark, true price discovery for gold is either confined to the local in-country market or must depend on the European or North American markets. In-country markets generally restrict foreign participation and often subject it to adverse currency restrictions or tax treatment. Meanwhile, global benchmark pricing from the western hemisphere provides imperfect hedging for Asia’s trading community.

 

HKMEx is well positioned to address the demand of Asia’s trading community for the establishment of a gold futures contract as the regional benchmark.'

 

http://www.hkmerc.com/en/products/products_information/index.html

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Hong Kong Mercantile Exchange's 1 Kilo Gold Contract To End Comex Gold Futures Trading (And "Bang The Close") Monopoly

The Hong Kong Mercantile Exchange (HKMEx) has received authorisation from the Securities and Futures Commission and will make its trading debut on May 18, 2011 with the 1-kilo gold futures contract offered in US dollars with physical delivery in Hong Kong.

 

http://www.zerohedge.com/article/hong-kong-mercantile-exchanges-1-kilo-gold-contract-end-comex-gold-futures-trading-and-bang-

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