Platinum just moved up $50 off it's low

[EE_]

I had a dream last night that I awoke to see gold up $18.50 today...

[palani]

The question is if any metal of any sort was sold at the lows being offered.

If nothing moves then the low for gold could be $1 an oz or less.

[gunDriller]

The question is if any metal of any sort was sold at the lows being offered.

If nothing moves then the low for gold could be $1 an oz or less.


The guy in front of me at the LCS today bought 10 1 ounce Gold Eagles. I was sitting
there on their front office couch looking directly across at the LCS himself, although
in a comatose state, which relates to the spider bite.

Anyway, the LCS looked at me for a few seconds, like he wanted to make sure everything
was safe before he entered his combination.

Opened up the safe, got out 10 ounces. Customer handed over a large wad of mostly
new bills.

I asked the customer if he was into fracs. He said he was.


Of course, the REAL question was, what was the spread ?

I didn't ask, that would be bad manners.

From knowing the LCS for a little while, I believe $60 to $80 over spot, if he is keeping his spread 'normal'.

[Serpo]

https://www.youtube.com/watch?t=56&v=z-VtwF9d4n0

[expat4ever]

https://www.youtube.com/watch?t=56&v=z-VtwF9d4n0
Same warnings we have been getting for the last 8 years. This is what creates the normalcy bias. People cry wolf year after year until one day it really happens and no one wants to listen anymore. The 2 big things he talks about are the stock market and the power grid going down. Short of an emp I dont see why the grid would go down. As for the stock market. I could care less. It has 0 effect on me and the majority of Americans. The 1% and some upper middle class will be hurt. The rest have exposure through 401k 's but thats not going to affect their everyday life. Food supplys shutting down would hurt but I dont see that happening anytime soon either.
If the credit markets locked up that could also cause something to ripple through the economy. Is that an overnight event? Dont know but I have to say that everyone I know is working. In the city last week and its jammed packed with people. restaurants are full, grocery stores are full ect. If the shit went down tomorrow I would go grab 50 lbs of rice and beans before everyone else woke up. Thats enough to last me until the gardens produce again next year (assuming it went down this fall or winter).
To me it sounds like another fear mongering article. Some no name guy from some no name company i saying some no name elite is panicking.

[Serpo]

Gold is actually moving north....


Record number of shorts in silver which means if it starts going up they all have to buy to save their arse......hahaha

[expat4ever]

I've started buying again 2 weeks ago. Will keep that up for a few more weeks and then wait and see what happens in Oct. Everyone expects a crash, lets see if we get it. If we do prices should drop in the metals too. Then the shorts will cover, the fed will stimulate and its off to the races LOL.

[gunDriller]

i was waiting for Norcini to weigh in.

side-stepping his hysterical anti-PM tirades, he does occasionally just write about what he observes -

"The risk trades are back in vogue today. The catalyst? Apparently the data out of China was so bad that traders are just certain that there will be some sort of stimulus effort from the Chinese government forthcoming as a result.

That has gotten the shorts in the commodity markets spooked so up we are going. About the only commodity not moving higher today is sugar and feeder cattle as the latter are being pressured because of the big surge in corn prices. Soybeans have left an island gap pattern on the chart early in the session.

Here we go again… more market madness. The worse the data gets the worse the bonds do and the better the commodity sector does. It is all about stimulus, stimulus and more stimulus. In all fairness to the grains, they are moving higher because of short covering ahead of a major USDA report and a shift in the weather forecast. The rest of the commodity sector however is simply a reversal of the risk off trades that have been dominating of late.

This is the reason that trading in size or holding large positions overnight is a surefire method to financial ruin as a trader.

In all my years of trading, I have never seen such schizophrenic, chaotic and unpredictable markets. Be very, very careful out there trading."



First sign something was out of whack was Friday, the jobs numbers seemed to confirm the "Fed raising interest rates" theme.

Dan pointed out, bond markets not confirming, bond markets don't believe it (the jobs numbers).