Gold Crush Started With 400 Ton Friday Forced Sale On COMEX (Fundamentals have not changed)

Zero Hedge ^ | 04/15/2013 | Tyler Durden

[Amish with an attitude]

A welcomed and much needed correction.

Once a solid bottom is in place below $1,400, gold will prepare to launch into the next phase of its bull market.

[Casie]

RE: Good thing nobody was stupid enough to tie our currency to gold.

S&F you are sooo much nicer than I am feeling today!

I saw his post and considered replying to it as well. But my reply was going to be more along the lines of, "Jeeze man, you really don't have a clue do ya?" or "You forgot the /sarc".

lol! You are a good man Seek and Find.

[Jack Hydrazine]

Is American English a second language for you?

English English is much better.
http://www.youtube.com/watch?v=NIaiW1XrzxA

[silverleaf]

well I’m a tiny investor who is trying to hedge for the long term by buying bits and pieces at different plateaus

So today I’m in at $1366 (plus $100 over spot for coin premium)

We’ll just see if the company can deliver it this week or I get an “out of stock” and refund
Silver prices (for coins) pretty stable even with drop in spot price, so holding off on that, today maybe all the focus is on gold

Guess the US losing 16% of its annual silver production this weekend in one huge mine landslide isn’t have much impact on silver, yet

[aimhigh]

If so, then what are the effects of there not being enough physical gold to cover all of these demands?

Excellent question. It's what I wanted to ask.

[Jack Hydrazine]

If the re-hypothecation of gold gets exposed it could drive prices higher I imagine.

[Casie]

Largest Dutch bank defaults on physical gold deliveries to customers- april 3.

ABN AMRO, the largest Dutch bank in the Eurozone, issued a letter to their gold contract customers of failure of delivery, and instead will pay account holders in a paper currency equivalent to the current spot value of the metal.

Can you imagine being DENIED delivery of your gold and being told instead you will have to accept fiat paper money at manipulated paper gold prices? Ahh! Frightening!

But that was a good question you had there.

[yefragetuwrabrumuy]

Realistically, only one thing is obvious, and that is that this is a programmed drop. Several large financial houses have shorted gold, so they need its price to drop to make a huge profit.

But this is just a thing in itself. It says nothing about the future of the price of gold, or its availability.

What it does say, however, could be entertaining. That is, if the price of gold goes back up too quickly, these big investment houses are going to lose billions.

So no matter our opinions, all of us should at least hope for a gold recovery until the next call. Then game play can resume. If that recovery does evidence itself, though, these investment houses will not be happy, and will likely try to cause an anti-gold hubbub.

So have some popcorn handy.

[nomad]

Oh, so ALL that double talk was simply to say that OBozo and cronies “shat on a turtle”, only the turtle is the American people. Well WE knew that already.

[The Working Man]

A friend of mine just asked me this question.

If there is not enough “physical” gold to supply for the repatriation to various countries in the vaults, does the likelihood of gold confiscation from individual citizens become more likely?

I told him that I thought so. Then he mentioned what about jewelry, could that also be confiscated to feed this “need”.

I told him that’s a good question, so I am passing it on.

[Jack Hydrazine]

Have you seen this headline?

Department of Homeland Security Can Seize Gold, Silver, Guns in Safety Deposit Boxes
http://www.infowars.com/department-of-homeland-security-can-seize-gold-silver-guns-in-safety-deposit-boxes/

[Jack Hydrazine]

What more can you expect from a group of people who are bunch of sixes and sevens?

[BfloGuy]

Good thing nobody was stupid enough to tie our currency to gold.

Not sure if you're serious or not, but if the dollar was defined as a certain weight of gold, then the price would never change in terms of dollars.

[Little Ray]

Don’t we have the Treasury or Fed or somebody scrambling to find gold to cover some deposits that Germany wants back?

[silverleaf]

disturbing image of German dentists pulling teeth of Cyprus and Greek citizens to remove gold fillings ...

[M Kehoe]

In the fwiw department, as a general rule, collectible gold and silver coins hold their value even when the bullion market drops.

5.56mm

[DannyTN]

"Not sure if you're serious or not, but if the dollar was defined as a certain weight of gold, then the price would never change in terms of dollars."

True, but the price of everything else in terms of dollars would be seeing the same wild fluctuations that you are seeing in the price of gold relative to everything else.

So during a gold run up like 2002 to 2011, businesses would rather just hold the dollar than invest. (Deflationary depression). And now with the speculative bubble in gold popping, you'd be seeing massive inflation. Also making things difficult for business.

[The Working Man]

Yes, I’ve read the article. But as far as I know there haven’t been any news reports that it has occurred yet. Just that ‘they’ can do it from safe deposit boxes if they decide to.

[The Working Man]

Thanks /s

Now I’ll have that image on my mind today.