I think they sold the equivalent of 70% or more of net world annual gold production in a matter of hours in the overnight session.Quote from Tsing Tao:
1. WTI (Oil) just crossed $96 as of this posting. Your article's numbers are a temporary correction, seized to try to make a (false) point. Edit: 96.20 and rising.
2. Spot gold reclaimed 66% of it's loses (to the fibo) and while it's drop was the greatest in 30 years, it existed in the paper market only, as someone sold some massive naked shorts. Premium to physical jumped some $54 after the drop, meaning physical didn't really move all that much. Same for silver.
3. The Fed is now purchasing somewhere around 65% of the 10 year market. Hilarious.
Next article, please. Preferably by someone who understands financial markets, even if they have an opposing view.
Quote from Ricter:
By the way, landed cost is almost always higher than market cost, a fact which predates the existence of the Fed. It's a wash.
Quote from Ricter:
So when is this hyperinflation thingy supposed to kick in?
Quote from Tsing Tao:
3. Regarding "hyperinflation", I don't recall using that term, but I have referred to substantial inflation. I've also pointed out hundreds of times on this forum (who knows, you could have had me on ignore during that time or just wished you did and not read any of it), that most of this Fed money sits at the banks, and is being used to drive up asset prices (lately this is the stock market). If it ever makes it's way into the general economy (through loans and the like) that is when you will see inflation take off. Until then, it's just cost-push, aka commodity.
Quote from PHOENIX TRADING:
I think they sold the equivalent of 70% or more of net world annual gold production in a matter of hours in the overnight session.
Obviously somebody is trying to manipulate the market and I'm pretty sure they have the govt nod and wink wink approval to keep the feds and idiot stooges like ricter/klugman from looking total azzhats.
I'm wondering when delivery is going to take huge premiums over spot.