Barrick just did a 3 BILLION DOLLAR SECONDARY to cover their losses and debt. Does that sound like they are making money? Seriously? Does it? Are they making any profits here when they need 3 billion dollars to stay running? Do you know anything about reading a balance sheet? Do you understand they are getting killed? Try adding dividing 3 billion by the number of ounces they mine, then at 700 to find out close to what it costs them to mine an ounce of gold. Shorts are always slow boaters.
If you were in it to gain fiat quickly, the last 6 months were not fun. Only government backed operations can distort a market to such impossible values. They insist the price should be 30% below mining costs while their paper is in full on collapse. The market is taking the other side of their policy driven paper trade by hovering up the physical metal. Taking the other side of the government is not fun at the start, but the distortion always reverts.
Keep taking the metal. Gold shorts have always been the worst traders in history, and have always required government bailouts and fraud to have even minor fiat success. Paper money always gets printed infinitely and always loses value. That is why bankers and governments like it. No one believes them anymore. No one believes anyone else believes them anymore. Paper money has no greater fools left. Paper is supported by brute force flailing against the rising tide. Just take their gold. It has never in history been this distorted in price vs the money supply. They will run out of gold long before the world gets tired of buying it.
40 years was a good run for the USD. But every fiat system gets corrupted and abused. They thought they had some secret sauce with computer price setting and derivatives across every market. But all they did was implode the entire economy. I guess they always think they have a reason it will work "this time". Take the gold.
Nothing has changed. Paper traders got excited this week. Just take their physical metal. Nothing is going well in the world of sovereign debt or paper money. The US just announced they are increasing spending in the latest budget. What a surprise. I will take their gold all year at $600 under true mining costs while there is a global currency collapse going on. They will run out of gold before the world runs out of their toilet paper money to buy it with.
…At this Swiss refinery there have been several times this year on which they were unable to source gold, this shocked me. They’re bringing in good delivery bars, scrap and dore from the mines, basically all they can get their hands on. This gentleman has been in the business for 37 years, he was there during the last bull market in the late seventies. I asked him when was the last time this has happened, that he was unable to source gold, he said never. And I clarified it, I asked: let me make sure if I understand what you’re saying to me, in the last 37 years you’ve worked in the gold industry this has never happened? He said: this has never happened.
They will get tired of losing their gold long before the world gets tired throwing their fiat back at them to get a hold of it. The western currency system is still going down the toilet. Nothing has changed. Gold is cheaper now, thanks to government intervention, than any time history. Just take their gold and say thanks.
FCX, CLF, ANR, all telling you the bottom is in for commodities and the rally commodities have started is real. They never stopped rising after June. Almost every commodity chart I look at has either been rising for a few weeks or been flat and started poking its head up. The inflation is real and it will soon be the headline again. A lot of noobs tried to be clever and bet against money printing making prices rise. I guess we will see if they will get it right just one time in history with whatever the latest excuse for why money printing does not cause inflation is. Go to finviz and check out the futures prices.
I have already sold some bitcoin to get gold and silver. I cannot find a dealer who takes bitcoin for bullion I trust. It is a multistep process. But I am very pleased with these prices. Wall Street traders will chase momo into the barrel of a cannon.
I feel bad for you. Nothing has changed in 5000 years. Gold remains the global reserve money, global reserve asset, and the only true money. Do yourself a favor and get it while you can. This gift will not last. The paper price is an invented fiction, but you can still get retail amounts of gold here. get it.
Gold here is cheaper vs the money supply and debt than it was at 250 in 1999 and cheaper than it was at 1180 a few months ago. Wall Street will enjoy buying it back off of you at 10k an ounce. You probably will be too scared to sell it though, and it won't buy any more than it does now, except vs stocks and bonds. Keep taking their physical metal.
For the last two weeks I have been watching their algos set that up. Take their physical metal. All they wanted was those stops, and everyone knew it.
The people that sell us everything are getting ready to walk away from the USD propping.
Ummm gold is up about 50% since 2009 and the stock market is up 100% . I think you should stop crying because yes, that just happened.
It is the same people who have been stupidly shorting gold into hyperinflation. We kept telling them everything was going to go up. So they come here during gold dips to feel better. Heh. Shorts have been nothing but cleaned out for the last 4 years in every asset class. And when the government bankers stop helping the baby LTCMs out of their jam in gold, it is going to be a nonstop run upwards.
The mindset is clearly to escape national paper. Bitcoin does not have a fake sale price slapped on it to mask demand. But the fake paper prices on gold and silver won't last. It has been tried before. It obviously is not stopping demand. When the backs of the bankers are broken, gold and silver will rocket harder than bitcoin because their pressure is going to have an equal and opposite effect. Gold and silver demand is as infinite as the public's desire to save a fortune.
The paper shorts are going to get quickly and severely burned. They will not be back for years after what is coming. Nothing has changed. The fundamentals continue to get better for gold. The long term chart remains in a steepening uptrend, despite what the paper traders try to convince you. This correction was normal for a paper market, and it stopped at the first possible strong uptrend line to base. The gold drain indicates the physical demand only increased. Just take their metal. The world is full of know nothings who have zero understanding of the financial forces at work. I have been doing this longer than a lot of those idiot gold bashing analysts have even been alive. They are clueless about what is coming. Bitcoin was the canary in the coalmine. The time is short.
They have some number they are targeting for stops in paper. I would stay off margin and grab physical until they are done. I have seen this pattern before. It has no volume so it is just someone's trade. Probably going to hunt stops at 1250.
There has never been a more gold friendly environment or a lower real gold price. Yet you have paper shorts, even big banks, betting against gold's reality. Gold is below production costs, the paper financial system is crumbling, gold supply is disappearing from the system, but you actually have people trying to short. It is a death wish. This is why traders always lose. They do not set out to win in the first place. They want to gamble and be clever. There is nothing to outsmart in gold. A lot of "clever" traders all made a lot of predictions about what would drive gold down. None of these things were ever possible and none of them ever cam to pass. They bet big and the they bet wrong. There is no math that keeps gold under the price at which it will back the money supply and debt in this environment. It is the bankers that need gold as an asset on their books, and at the correct the price. Just keep taking the physical.
See how easy the truth about government fiat funding endless war ends the debate in a glance? 1 headline of truth, and the fiat lovers are confounded. War is massively inflationary to fiat money because they print it to fund the wars. Keep taking the physical. The all in cost of gold mining for almost every miner is several hundred dollars higher than this. This price is a gift. Take the physical while you can. The bitcoin canary in the coalmine has died, and made me super rich. And it is all for the same reason gold and silver will be rising.
Corn has a crazy divergence specs are shorting into a huge commercial building long position. Small specs have also become quite short. Price is down 50% from this time last year.
Cotton is getting a rapid build in commerciallongs and the long specs are almost all blown out in a rapid move. 2nd most likely to pop IMO
Gold is getting returning interest from long specs.
Silver is getting returning interest from long specs.
Keep buying physical.
The bankers were forcing the paper price lower in the West. Then they would sell the gold in China at well over spot. They were setting the paper price and then ignoring it in the physical world. China told them they had to respect the globally set price, and could not attach a gouge premium to physical anymore. OUCH. Imagine that. Now they have to put paper where the physical market is instead of just ignoring the paper price they set. Pure hilarity. They thought they were just going to let the spread between paper and physical grow. Now they have to eat their own cooking.