Posted on 04/14/2013 9:52:08 PM PDT by blam
Gold And Silver Are Getting Hammered Again
Joe Weisenthal
Apr. 14, 2013, 9:55 PM
One of the big stories from last Friday was the sharp decline in gold and silver.
And that's continuing today.
Here's gold. It's now below $1460/oz.
And here's silver.
It's fallen below $25/oz.
(Excerpt) Read more at businessinsider.com ...
Even oil is down to 88.89 now.
Time to buy both ... on uptik...
Hopefully we will get some clear signal tomorrow on the reason.
Unleaded regular gasoline dropped down $0.10 in the last day or so to $3.39/gal where I live.
HONG KONG (MarketWatch) — Asian markets fell sharply Monday after China reported weaker-than-expected economic growth and industrial production, leading investors to reassess the outlook for the region’s largest economy.
(snip)
In recent years, we've seen the economy slow and the stock market turn during the spring.
Economic reports are piling up to suggest the U.S. economy is heading for yet another spring slowdown.
(snip)
Can’t wait to hear the new scripts for the “GOLDLINE” endorsements on the Beck and Levin shows this week.
(DISCLAIMER - pure speculation!)
The reason to sell metals is to get money. The reason to need money is because nobody is buying your stuff and you've still got to make payroll.
Maybe this is that big "deflationary pressure" we keep hearing about ... and it's happening *despite* tens of billions being pumped into the US economy each month. It almost seems like one of those cases when the patient is no longer responding to the defibrillator.
Same here. It droped a dime to $3.53.
Gold, Silver In Asian Liquidation Mode As China Growth Slows More
http://www.zerohedge.com/news/2013-04-14/gold-asian-liquidation-mode
UPDATE: Spot Gold $1426 (from $1564 highs Friday)
As Asia opens to the bloodbath that occurred in precious metals on Friday in the US, it would appear that more than a few traders got the ‘tap on the shoulder’. Shanghai futures are limit-down and spot gold and silver prices are plunging once again as we suspect forced margin-calls and the raising of cash (to cover extreme variation margin - or capital reserves) needed in JGB positions, as we explained here. Liquidation is certainly the theme of the evening - investors are selling JGBs (6th day in a row of multiple-sigma moves in long-dated Japanese bonds 30Y +56bps off its post-BoJ lows at 1.60%!), selling Japanese stocks (Nikkei -128 pts, second biggest down day post-BoJ), selling US Treasuries (futures down), selling gold and silver (gold spot down over $100 from Friday’s highs), and despite selling JPY early (retracing 30% of the weakness post-BoJ), JPY is practically unchanged (jerking lower only on the US futures open and Asian equity open) - it seems Mrs.Watanabe is struggling and unwinding some her excessively short JPY and long NKY positions.
It’s because we are pumping oil up out of the ground like screaming banshees.
You must be from my parts because it’s the same price. Houston.
I don’t see the stock market down for long because money from all over the world is looking for safe haven, America.
Uncle Benny will keep pumping QE while foreigners keep investing in US for safety. Benny has the best of both worlds but for how long?
Yup, I’m betting this is primarily paper sales for margin calls and cash maintenance on leveraged accounts.
You can bet that on the buy side, a lot of this is followed by a central bank “and deliver it here” note...
Good. The libertarians AKA goldbugs deserve it.
IMO, the GLD and SLV paper holders are the ones panicking.
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