Gold JUST went on a spike

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Chaos in Europe behind the scenes:
European banking stocks crashing more than 5%
http://www.zerohedge.com/news/carnage-ala-milanese-italian-stock-bloodbath

Moneymarket liquidity is drying up again, despite 1.3 Trillion $ in LTROs:
(Chart shows 1 year EUR basis swap)
chart
 
Another $6.00 in the last 5 minutes.
Someone's scared...
 
I just looked at weekly, daily, and 60 minute gold charts and nothing seems to be out of line other than the spike which doesn't seem, at this time, to be significant.

Now if it continues, you can scratch that comment.
 
The fact that only gold is green today, whereas silver, platinum and palladium are red is a clear sign that this is a fear spike.
 
swissaustrian said:
The fact that only gold is green today, whereas silver, platinum and palladium are red is a clear sign that this is a fear spike.
Click to expand...

640 million oz were traded in 2 hours... Looks like short covering to me...

Edit..

2.5 hours 780 million ounces
 
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Top 5 loosers Eurostoxx 50

SOCIETE GENERALE SA
-6,47 %

AXA SA
-7,05 %

ING GROEP NV
-7,39 %

UNICREDIT SPA
-8,00 %

INTESA SANPAOLO SPA
-8,25 %
 
Even the Swiss tbtfb are down 3.6% (CS) and 5 % (UBS). They're way better capitalized than the Eurozone banks.
 
dereksatkinson said:
640 million oz were traded in 2 hours...
Click to expand...

640 million troy oz = 21,942.8571 tons

Total global gold production averaged roughly 2,500 tons yearly over the last few years:

http://news.goldseek.com/Dani/1309290922.php

Chinese gold production isn't being sold on global markets, so you need to consider that 350-400 tons of that 2,500 tons isn't even traded.

So, something on the order of ten times global (minus China) annual production was traded in rougly 2 hours.

:paperbag:

~~~

780 million troy ounces = 26,742.8571 tons = ~12x total global production (minus China)
 
PMBug,
That is why I'm done with the whole fucking system. They can all go pound sand for all I care. The paper markets are completely rigged and set up for TPTB to rip us off.
 
Silver recovered quite nicely today. I wonder why platinum group metals are falling though.
 
I think Physical buyers have just won a huge battle by holding 1640 again. 1687 is the next real level then 1704. We are still at a declining tops line though so we MUST see follow through if this was actually an important low.
 
ancona said:
Silver recovered quite nicely today. I wonder why platinum group metals are falling though.
Click to expand...
PGMs don't have the monetary component of gold and silver.
But given the tightening supply in PGMs (visible in rise of the lease rates), I don't expect them to crash from here.
 
Well, the platinum group metals can be manipulated so much easier since their market is tiny compared to gold and silver, so a little bitty paper attack can have a huge and amplified response.
 
ancona said:
Well, the platinum group metals can be manipulated so much easier since their market is tiny compared to gold and silver, so a little bitty paper attack can have a huge and amplified response.
Click to expand...
That's true. But you won't believe me when I tell you that the CFTC actually prosecuted platinum and palladium manipulation. They charged a trader for "banging the close", something that's happening at least once a week in silver: http://www.cftclaw.com/2012/03/cftc-charges-mf-global-broker-price-manipulation/
 
I really gotta smile at the panicky headlines about gold and silver 'spiking' today. If folks would just wait a few minutes they would see the vertical drops as well.
Why is it that when G/S jump in price on COMEX, pm bugs get so excited, but when it goes down it 'all due to manipulation'?
That is why I make my decisions based on my own criteria, and never on other people's knee-jerk reactions to a market that is as heavily manipulated on the increases as it is on the decreases.
 
Getting back to the gold spike, yeah that is quite a jump. It sounds like yesterday when this was first posted was a time to act fast.
 
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