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Author Topic: Gold collapsing. Bitcoin UP.  (Read 2032126 times)
cypherdoc (OP)
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July 26, 2014, 02:21:34 AM
 #9861

"that's a pretty hair brained scheme to pull off, even for a central bank or primary dealer.  certainly not for any smaller company to do reliably. what you propose is a company taking triple the risk to manipulate; first by trying to drive down the price thru naked shorting (when ultimately they believe the price is going to rise), selling a company that is loaded with derivatives,  then buying back depressed gold prices after they have been driven down (assuming the price will go back up).  wtf? why not just buy gold outright on dips to eliminate all that need for manipulation and risk?

and that all assumes they know ahead of time which way prices are supposed to go."

Agreed. I can't see anyone aside from the central and bullion banks having the money or balls to carry out such operations, and way too risky for any company with shareholders. Someone dumped $1B in one hit on wednesday and two days later the gold price was back to within a couple of dollars so you would need really deep pockets to make a dent let alone a killing. OTOH if you were just interested in profit, a single entity (Russian Oligarch, Oil sheik) could conceivably buy up a huge part of the silver market and then demand delivery of physical. The Hunt brothers pulled that trick in 1979(?) and sent the price of silver from $6 up to ~$50, which would probably equate to $250+ per ounce in today's dollars. That would also work very well in the BTC market if all you wanted was a short term pump and dump profit.

I agree it could be difficult to manipulate the prices before a sale, but remember, the gold naked shorting in itself depresses the price because it expands the supply of gold+paper gold.

Any suggestion on how the ones writing the paper gold can profit from it (more than the fees)?


the only way to reliably manipulate the gold price down would be for the Fed to sell down their physical stores.  given their refusal to submit to an audit, that is probably a likelihood.  doesn't mean i'd be bullish for a price rebound since that still depends on whether the gold bugs are right that gold will still be considered money going forward.  i don't think so given Bitcoin.

the other way is to naked short.  but that could only be done by primary dealers in cahoots with the crimex who would let them settle bad trades or demand for physical via forced paper settlements.  that's also being done to a degree i'd bet.  gold bugs scream that means eventually the price has to go to the moon, but again, i think the bull cycle is over for gold and Bitcoin has arisen as a Black Swan for gold.
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sidhujag
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July 26, 2014, 04:51:00 AM
 #9862

How can those in the know get their claws on all the gold with a managed crash of the paper gold?

I don't know the details of the paper gold market, so please fill in the blanks (or say I am wrong). Basically, some company writes contracts to sell gold (naked), then to buy those contracts back in the future for the price of the gold at that future time. This in effect expands the gold in circulation and depresses the price of gold. The company earns on fees, plus they are able to use the proceeds of the sale to trade profitably on other assets in the mean time. At all times they supposedly have the resources to fullfill all the contracts. So the first contracts they sold at 1700, now they are 1300, so the company should be solid.

If this is to be unwound orderly, presumably the gold price would rise, and they may or may not be able to fullfill all contracts, anyway they will not earn much.

So the plan is to sell the company, which is a going concern with positive equity, maybe after a power sale of paper gold to depress the price even further, and wait for a point in time when all analysts are negative on the future value of gold. Then, using the proceeds of the sale to buy physical gold. The gold price would rise, and the paper gold company goes bankrupt, the paper gold investors (the last ones) loose. Paper gold market collapses (the great divorce), and the original owners of the paper gold company has a hefty stash of physical gold. (Then they can do the same again after some time).

cypherdoc?




JPM is the biggest underwriter for PM's and can issue unlimited amounts of contracts, as witnessed by times where there were big buy walls... the FED basically gives JPM unlimited credit to basically short any amount they desire to keep the price down (without making it too obvious) that is why GATA was established. Since they are the underwriter they should have the stock in hand, but it known that their inventory is depleted yet they continued to issue more contracts they cannot fulfill. It is the biggest hoax that ever existed and it is legal.. yet there are laws to put ppl behind jail for alot less and ruin their lives while these vultures suck the blood of the rest of us, this is why I love when gold comes back down, I know dimon wanted to crash the 1550 barrier so he can buy at 12xx-13xx... and thats why it never crashed below that price even though there was sell pressure.. but I'd love to see it go farther down so that these guys can go underwater... and real money to switch over to something like bitcoin where you can't write unlimited amounts of contracts based on what you don't have...
cypherdoc (OP)
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July 26, 2014, 01:04:22 PM
 #9863

more allegations of price fixing related to "daily fixes" by primary dealers which, again, is why i'm leery of Second Markets model:

“The extreme level of secrecy creates an environment that is ripe for manipulation,” according to the complaint. “Defendants have a strong financial incentive to establish positions in both physical silver and silver derivatives prior to the public release of silver fixing results, allowing them to reap large illegitimate profits.”

http://www.businessweek.com/news/2014-07-25/deutsche-bank-hsbc-accused-of-silver-fix-manipulation

also, Eric Sprott on price fixing:

The gains to be made by gaming the system are very substantial – we’re talking billions of dollars, and the fixing process appears to be a complete joke. When the Chairs of the committee to fix the price of gold in London got together, about four or five people knew where the price was going to be post-fixing. They were probably the same people doing all the trading around it, including the derivatives trading, which is an easier way to make money because it is a much bigger market.

http://sprottglobal.com/thoughts/articles/eric-sprott-gold-shortage-coming-data-shows/
cypherdoc (OP)
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July 26, 2014, 02:12:20 PM
 #9864

Bitcoin dwarfs alts:

cypherdoc (OP)
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July 26, 2014, 03:12:39 PM
 #9865

Obama is a joke:

If Nero fiddled while Rome burned, then Obama is dining out, golfing, and raising money while the world collapses.

http://www.telegraph.co.uk/news/worldnews/barackobama/10992654/Barack-Obama-has-already-checked-out-of-his-job.html
BitcoinMillionaire
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July 26, 2014, 03:35:41 PM
 #9866

Obama is a joke:

If Nero fiddled while Rome burned, then Obama is dining out, golfing, and raising money while the world collapses.

http://www.telegraph.co.uk/news/worldnews/barackobama/10992654/Barack-Obama-has-already-checked-out-of-his-job.html

Haha, granted, Obama isn't perfect. But do you really think that he is such a bad president or neglecting everything, rather than that newspapers write dramatic stuff just to sell more copies?

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PRIMEDICE
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Trader Steve
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"How do you eat an elephant? One bit at a time..."


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July 26, 2014, 03:45:43 PM
 #9867

Obama is a joke:

If Nero fiddled while Rome burned, then Obama is dining out, golfing, and raising money while the world collapses.

http://www.telegraph.co.uk/news/worldnews/barackobama/10992654/Barack-Obama-has-already-checked-out-of-his-job.html

Haha, granted, Obama isn't perfect. But do you really think that he is such a bad president or neglecting everything, rather than that newspapers write dramatic stuff just to sell more copies?

Good point. If only they all would "do nothing" and leave us alone. Smiley
BitcoinMillionaire
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July 26, 2014, 03:51:33 PM
 #9868

Obama is a joke:

If Nero fiddled while Rome burned, then Obama is dining out, golfing, and raising money while the world collapses.

http://www.telegraph.co.uk/news/worldnews/barackobama/10992654/Barack-Obama-has-already-checked-out-of-his-job.html

Haha, granted, Obama isn't perfect. But do you really think that he is such a bad president or neglecting everything, rather than that newspapers write dramatic stuff just to sell more copies?

Good point. If only they all would "do nothing" and leave us alone. Smiley


Hahah, yes. Funny: If you ask people whether they like 'Obama Care' they deny it and when you then explain the 'Affordable Care Act' they are all in favor and say it's a good thing. The look on their faces is priceless when you then proceed to tell them it's the same very thing! HAhaha!

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cypherdoc (OP)
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July 26, 2014, 09:40:03 PM
 #9869

Required reading from Sean King:

http://wefivekingsblog.blogspot.co.uk/2014/07/here-are-my-official-comments-on-new.html
NewLiberty
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July 26, 2014, 09:46:30 PM
 #9870

Obama is a joke:

If Nero fiddled while Rome burned, then Obama is dining out, golfing, and raising money while the world collapses.

http://www.telegraph.co.uk/news/worldnews/barackobama/10992654/Barack-Obama-has-already-checked-out-of-his-job.html

Haha, granted, Obama isn't perfect. But do you really think that he is such a bad president or neglecting everything, rather than that newspapers write dramatic stuff just to sell more copies?

Good point. If only they all would "do nothing" and leave us alone. Smiley


Hahah, yes. Funny: If you ask people whether they like 'Obama Care' they deny it and when you then explain the 'Affordable Care Act' they are all in favor and say it's a good thing. The look on their faces is priceless when you then proceed to tell them it's the same very thing! HAhaha!

Placing governments in charge of when people die always struck me as a bit ironic, considering they are also responsible for paying out the survivor benefits via social security.

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cypherdoc (OP)
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July 26, 2014, 09:50:50 PM
 #9871


so many good things in there:

"But, any such regulation, especially at the state level, must be narrow, targeted, apply intrastate only, extend only as far as the current financial system extends, and not unduly burden free speech (which includes the right to anonymous or pseudonymous speech)."
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July 27, 2014, 12:51:40 AM
 #9872


so many good things in there:

"But, any such regulation, especially at the state level, must be narrow, targeted, apply intrastate only, extend only as far as the current financial system extends, and not unduly burden free speech (which includes the right to anonymous or pseudonymous speech)."

That was excellent. Just one obvious typo that he may want to correct but I'm sure someone has pointed it out to him.
cypherdoc (OP)
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July 27, 2014, 12:58:00 AM
 #9873


so many good things in there:

"But, any such regulation, especially at the state level, must be narrow, targeted, apply intrastate only, extend only as far as the current financial system extends, and not unduly burden free speech (which includes the right to anonymous or pseudonymous speech)."

That was excellent. Just one obvious typo that he may want to correct but I'm sure someone has pointed it out to him.

a few actually.  minor but still annoying for a lawyer.
cypherdoc (OP)
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July 27, 2014, 01:14:23 AM
 #9874

weak sub 600 selling turns to buying...
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July 27, 2014, 06:04:03 AM
 #9875

Passed btc to another finance guys iPhone last night at a dinner table of 8. Even the wives got quiet when I did this for the men. Made a big impression and the skepticism is decreasing significantly amongst these people.

I also made the point that because I was using my vpn to connect with Sweden, that the btc were traveling 11000 mi before landing in his phone. It took 10 s. I only sent him 60c worth but emphasized there is no other payment services that could do that. His words were "that's amazing". So happy that Apple opened back up.

They call me Mr. Bitcoin Smiley

I could've sworn cypherdoc said exactly that a couple days ago, but I can't find the post.

what up?

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
tabnloz
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July 27, 2014, 06:25:58 AM
 #9876

Passed btc to another finance guys iPhone last night at a dinner table of 8. Even the wives got quiet when I did this for the men. Made a big impression and the skepticism is decreasing significantly amongst these people.

I also made the point that because I was using my vpn to connect with Sweden, that the btc were traveling 11000 mi before landing in his phone. It took 10 s. I only sent him 60c worth but emphasized there is no other payment services that could do that. His words were "that's amazing". So happy that Apple opened back up.

They call me Mr. Bitcoin Smiley

I could've sworn cypherdoc said exactly that a couple days ago, but I can't find the post.

what up?

No idea why, but this joker just reposts other peoples comments, often randomly.
Bagatell
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July 27, 2014, 06:28:26 AM
 #9877

Passed btc to another finance guys iPhone last night at a dinner table of 8. Even the wives got quiet when I did this for the men. Made a big impression and the skepticism is decreasing significantly amongst these people.

I also made the point that because I was using my vpn to connect with Sweden, that the btc were traveling 11000 mi before landing in his phone. It took 10 s. I only sent him 60c worth but emphasized there is no other payment services that could do that. His words were "that's amazing". So happy that Apple opened back up.

They call me Mr. Bitcoin Smiley

I could've sworn cypherdoc said exactly that a couple days ago, but I can't find the post.

what up?

See also [ DO NOT POST SESC LINKS ] DO NOT POST SESC LINKS [/url]
smoothie
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July 27, 2014, 06:57:03 AM
 #9878

Bitcoin dwarfs alts:



Currently yes it does given it has had much longer time in the crypto space than even Litecoin.

Perhaps a more fair scale is to compare the marketcap of Litecoin (or other alts) at the same age (months, days, years) as Bitcoin and see how they stand up against one another.

Not long ago Litecoin was at ~$1,000,000,000 and Bitcoin was at $12,000,000,000 market cap respectively.

In comparisons sometimes it is a good idea to compare them in a fair manner. This comparison is like comparing where Bill Gates' net worth is compared to a 18 year old bitcoin millionaire. The scale and measuring stick is obviously biased and uneven in comparison.

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Zarathustra
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July 27, 2014, 08:10:08 AM
 #9879

Bitcoin dwarfs alts:



Currently yes it does given it has had much longer time in the crypto space than even Litecoin.

Perhaps a more fair scale is to compare the marketcap of Litecoin (or other alts) at the same age (months, days, years) as Bitcoin and see how they stand up against one another.

Not long ago Litecoin was at ~$1,000,000,000 and Bitcoin was at $12,000,000,000 market cap respectively.

Yes, Bitcoin was 12 x Litecoin then. Now 30x.
cypherdoc (OP)
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July 27, 2014, 10:52:31 PM
 #9880

“The people that have the bitcoin are the ones that can drive the price up, or drive it down, depending on what ups. Whereas gold, the people that have the gold are really at the mercy of politicians, financial institutions, London fixes that we really know nothing about. People that have gold really have no control over the direction that goes.”

Why Timothy Coles is Selling His $2 Million Gold Mine for Bitcoin

http://www.coindesk.com/timothy-coles-2-million-gold-mine-bitcoin/
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