Gold collapsing. Bitcoin UP.

[miscreanity]

If your clearing house goes broke you have no assets there even if you were long 1000 gold contracts at $300. You are totally screwed.

Does that help clear things up?

Regards,
Jim

Source

The same applies to any paper asset held at any broker or other third party. Also, as MF Global and now PFG Best have shown, even if your broker is not bankrupt, your assets can be held by other parties via (re)hypothecation clauses. There is no denying any of this.

... and the band played on.

[1714127595]

1714127595

[1714127595]

1714127595

[miscreanity]

Another addition: Capital Account interview of PFG clients. Pay close attention to the statements around 6-10 minutes that assets were held by JP Morgan and are out of the client's control, now likely being liquidated at further loss.

What does that mean? Simple: JPM now has control of those long positions and is liquidating them, collapsing perceived demand for precious metals. The demand is not going away: it is being fraudulently misrepresented. Got it?

End result: legitimate demand is being forced to seek supply elsewhere with any funds that were not stolen, while JPM extricates itself from its remaining short positions with the stolen funds.

By the time the clients are made whole, JPM will have escaped its predicament and the dollar will be further debased.

[cypherdoc]

ABX, PAAS, GG (major miners) all below the May lows as in new multiyear lows.

[silverbox]

http://www.cnbc.com/id/48156196

[cypherdoc]

http://www.cnbc.com/id/48156196

let's see, Merrill Lynch.  where'd i hear that name before?  hmmm...  oh yes, aren't they the ones who went out of business?  oh wait...wait for it...

ah yes:  BAILOUT!

[silverbox]

http://www.cnbc.com/id/48156196

let's see, Merrill Lynch.  where'd i hear that name before?  hmmm...  oh yes, aren't they the ones who went out of business?  oh wait...wait for it...

ah yes:  BAILOUT!

See they have direct experience in getting the government to hand out cash!  Or knowing how bad things have to get before they hand out cash

[cypherdoc]

http://www.cnbc.com/id/48156196

let's see, Merrill Lynch.  where'd i hear that name before?  hmmm...  oh yes, aren't they the ones who went out of business?  oh wait...wait for it...

ah yes:  BAILOUT!

See they have direct experience in getting the government to hand out cash!  Or knowing how bad things have to get before they hand out cash

gotta luv a Keynesian wrapped in gold cloth.  i guess.

[silverbox]

I prefer bullion , cloth is too bulky

[cypherdoc]

I prefer bullion , cloth is too bulky

so then did you sell your GPL yet?  i can't bear to do the math...

[silverbox]

I prefer bullion , cloth is too bulky

so then did you sell your GPL yet?  i can't bear to do the math...

Nope (most likely I'll buy more before the next FOMC), did you cover your GLD yet?  You can squeak out a tiny profit or you can stand in the way of the white horse.

[miscreanity]

gotta luv a Keynesian wrapped in gold cloth.  i guess.

That's political style, psycho-semantic, misdirecting libel if I ever saw it. Have you run for office before? You'd be a shoe-in, probably put Obama to shame.

Now back to reality...

[MatthewLM]

I was going to transfer some money for bitcoins last week but I got ill. Sucks considering the price has gone up. I guess I'll buy some and then buy more later in small amounts each time.

Anyway what has the point of this thread become?

[silverbox]

I was going to transfer some money for bitcoins last week but I got ill. Sucks considering the price has gone up. I guess I'll buy some and then buy more later in small amounts each time.

Anyway what has the point of this thread become?

That gold hasn't collapsed.

and that cypher has a short on GLD at 152.   (He should cover )

and I have a long on GPL at 1.97.  (probably have to double down before the FOMC)

[bitcool]

Anyway what has the point of this thread become?

NotMe was right on the point:

We could have all saved ourselves a lot of time if you had just named the thread "Gold down.  Bitcoin exploding" .

But then the OP would've ruined his near perfect marketing campaign 

[cypherdoc]

cypher's Rerack:

Gold:  -7%

Bitcoin:  +40%

Diff:  +47% advantage Bitcoin

silverbox long:  GPL -18%

cypher short's

GLD:  +0.57%
RGLD:  +6.18%
GG:  +14.08%
SLW:  +3.95%
SLV:  +3.14%

[smoothie]

cypher's Rerack:

Gold:  -7%

Bitcoin:  +40%

Diff:  +47% advantage Bitcoin

silverbox long:  GPL -18%

cypher short's

GLD:  +0.57%
RGLD:  +6.18%
GG:  +14.08%
SLW:  +3.95%
SLV:  +3.14%

Wow big rally! well...not really ...but still

[cypherdoc]

cypher's Rerack:

Gold:  -7%

Bitcoin:  +40%

Diff:  +47% advantage Bitcoin

silverbox long:  GPL -18%

cypher short's

GLD:  +0.57%
RGLD:  +6.18%
GG:  +14.08%
SLW:  +3.95%
SLV:  +3.14%

Gold:  -7%

Bitcoin:  +44%

Diff:  +51% advantage Bitcoin

[miscreanity]

Still missing the point, cyph. Changing your avi won't help.

Nobody is disputing the relative outperformance of a smaller asset class that has more room to rise, only that your call on the other flies in the face of any sensibility. Pick up pennies in front of the steamroller all you want, but the warnings are everywhere.

If your trading gets crushed because you aren't nimble enough or simply ignored the threat of outright theft, there won't be any more sympathy than there was for my early call late last year when the official delaying tactics extended the lie for longer than expected.

[cypherdoc]

Still missing the point, cyph. Changing your avi won't help.

Nobody is disputing the relative outperformance of a smaller asset class that has more room to rise, only that your call on the other flies in the face of any sensibility. Pick up pennies in front of the steamroller all you want, but the warnings are everywhere.

If your trading gets crushed because you aren't nimble enough or simply ignored the threat of outright theft, there won't be any more sympathy than there was for my early call late last year when the official delaying tactics extended the lie for longer than expected.

[silverbox]

Gold seems to be having a nice day today