The coming Gold crash

[Minimalist]

2 minutes ago, Wonger said:

Its going down because everyone is long for the reasons you state and more, since when do markets reward common sense!

Fine, if you have physical coins ill buy them for £500, after all the spot is going down, right?

[sixgun]

3 minutes ago, Wonger said:

Its going down because everyone is long for the reasons you state and more, since when do markets reward common sense!

But everyone can't be long - for every long there is a short.

[Minimalist]

1 minute ago, mr-dead said:

the reality is no one has a crystal ball.

put your money where your mouth is and don't worry about what everyone else is doing.

Well, we all are. Common sense indicates that we hold metals through this depression. Meanwhile the forum maniac is all in short Gold. Couldnt make it up.

[Wonger]

Just now, sixgun said:

But everyone can't be long - for every long there is a short.

Sixgun yes correct and your not on the same side as JPM and Goldman, thats your trouble! 

[HGr]

Top trolling 10/10.

[Minimalist]

Just now, HGr said:

Top trolling 10/10.

Yup, hes clearly at it. 

[Wonger]

1 minute ago, Minimalist said:

Well, we all are. Common sense indicates that we hold metals through this depression. Meanwhile the forum maniac is all in short Gold. Couldnt make it up.

Gold and Silver get crushed in deflation and deflation always comes before inflation, always and boy oh boy are we going into deflation now!

[Minimalist]

1 minute ago, Wonger said:

Gold and Silver get crushed in deflation and deflation always comes before inflation, always and boy oh boy are we going into deflation now!

Ill buy your Gold coins for £500 then?

[sixgun]

1 minute ago, Wonger said:

Sixgun yes correct and your not on the same side as JPM and Goldman, thats your trouble! 

People of the forum are looking for physical gold and silver. We don't give a flying f*ck what JPM and Goldmans are doing - there isn't a lot of physical around, so if JPM and Goldman could flood the market with physical that would be great - but they won't - they are doing the same as us - stacking physical. We are on the same side.

[Wonger]

Your all getting excited about the fed printing $4t when the deflation is going to ravage $42t of $ assets, get a grip, its 3rd grade math, when the $ rallies to 140 watch what happens! 

Edited March 24, 2020 by Wonger

[Auricsstash]

8 minutes ago, Wonger said:

Your all getting excited about the fed printing $4t when the deflation is going to ravage $42t of $ assets, get a grip, its 3rd grade math, when the $ rallies to 140 watch what happens! 

Tell you what, your the sage wizard of finance and were all idiots, if your right this is the trade of a lifetime even a decent sum would make you easily enough to retire so I suggest instead of running your gums place the trade and then post it here if your right your right....

[richatthecroft]

@Wonger I would love to know what crystal ball’s or bolloxs you are looking into? 

I personally don’t profess to understand or have the ability to interpret any of the charts and stats you post- but are they worth a fiddlers fig at this point in time?  

This current worldwide situation is unprecedented- I’m pretty sure there is no chart or stat in history to liken it to.  

I would suggest there isn’t a government, analyst, broker, investment house, market commentator blah, blah, blah. Who knows where any of this is going- let alone where it’ll end up.  All the people in the ‘know’ appear to be flailing around currently- and frankly, it inspires little confidence to us great unwashed.

Why not comment constructively and in a helpful way? why not stick to your own strategy? why would someone so confident of the future worry what a few people on a Forum are doing?

I’m pretty certain that few people here are your target audience for your drivel.

Save it for the canteen and your  ‘boooooom!!!’ boys- the same boys who piled into a drug discovery company I have been watching on the NASDAQ when the Coronavirus hit- piling in and ramping it up to over double its value- and what drug are they developing? An antibiotic to treat the Clap! Jeez....

[sixgun]

Wonger points to the concentration of shorts in the hands of the usual suspects - that they always win. 

Today a LBMA market maker hit the buffers due to shorts in the OTC market. It is suspected this is UBS that is in trouble. They are in trouble due to their shorts.
Miners and closing - refiners are closing - there is a shortage in the retail market - interest in gold and silver is ramping up - interest in holding physical. There is no Brown's Bottom to bail them out it is simply more paper but the rush is into physical.
When Wonger started his silver thread he made out silver would go to $4 - it didn't. The situation in favour of price rising is even stronger. 
Wonger says he has been short today - he is underwater. Perhaps JMP and Goldmans will throw him a lifeline. 

[Elements]

What do you make of this? Some familiar names popping up.

https://www.trouw.nl/economie/klanten-van-abn-amro-moeten-hun-goud-verkopen~b668b850/

 

Using google translate:

ABN Amro customers must sell their gold

ABN Amro customers will no longer be able to put their money into physical gold, silver or platinum. The bank will discontinue these three investment products next Friday. Customers will have to sell their positions before April 1. If that does not happen, ABN Amro will do this for them at the prevailing price.

This concerns about 2,000 customers of ABN Amro's private banking departments (private banking and retail). This may also include companies or other legal structures. They have "weight bills" with gold and platinum in grams and silver in pounds.

The fact that ABN Amro will stop using these investment products has to do with changes in 2013. Until then, ABN Amro offered precious metals through Deutsche Bank. Those who had such an investment product could actually get the physical gold delivered through Deutsche Bank.

But Deutsche Bank discontinued this service. ABN Amro transferred the precious metal trade to the Swiss bank UBS. At UBS, however, it was not possible for customers to actually request the gold or silver.

Additional regulations
Because the physical delivery of precious metals is not possible, a precious metal purchased through ABN Amro is not a “direct investment”. Because it is a complex product, ABN Amro must comply with additional regulations. Those rules for European financial markets have been tightened.

“Given the limited size of the invested capital in these instruments and the small customer group that purchase them,” ABN Amro prefers to stop. Customers can buy shares in gold companies, the bank suggests.

When ABN Amro sells the gold, silver or platinum for its customers, this is done without transaction costs. The bank transfers the proceeds to the customer's cash account. "We cannot guarantee that this sale will take place at a favorable rate," ABN wrote in the letter informing customers several months ago.

For those who have not yet done so, it is no longer such a favorable time to sell gold. The price has fallen significantly in the past month, reflecting the corona crisis that is causing major stock market and economic shocks.

The cancellation of these accounts by ABN Amro brings to an end a history that goes back to the establishment of the Hollandsche Bank Unie (HBU) in 1914, writes gold trading company Aunexum in retrospect.

The HBU took care of the trade in gold and other precious metal at the Coolsingel in Rotterdam. In 1967 ABN acquired all the shares of this bank. Anyone who invested in precious metal at ABN Amro knew that the gold or silver was kept in the HBU safes. When ABN Amro merged with Fortis in 2009, HBU was sold to Deutsche Bank. After that, customers were able to request the gold from their account for another four years and put it in the safe at home.

[sixgun]

There won't have been any metal - the banks take the cash and never buy the metal - it goes elsewhere to play at other tables at the casino.
i expect they want rid of these accounts before they become bigger losers. There would never have been any gold - so as price climbs the accounts cost the bank more and more - the bank isn't going to go into the market to buy gold (which i would say they should have done in the first place) - they will just close the accounts.
In effect the bank is short the metal - that is fine whilst price is suppressed but when it breaks free, it is a problem. Think of all those $billions of non-existent gold and silver these banks are short - but of course the precious metal markets are not suppressed.

[silenceissilver]

1 hour ago, Wonger said:

You will when its $400!

A Sovereign for £82 🤩

If only

[silenceissilver]

1 hour ago, Wonger said:

Gold and Silver get crushed in deflation and deflation always comes before inflation, always and boy oh boy are we going into deflation now!

Yes and no

We are indeed at the beginning of a very severe deflation now. However, unlike assumed before the Corona hysteria it's not going to last about 2 years but a few months. The reason is, without the Corona hysteria, you could have expected the following scenario:

A black swan of a much smaller scale, a recession, the  companies that would have gone bust in the last decade but didn't because of the easy money that thus accumulated to about 15% of "zombie companies" in 10 years, would have gone under, which would then have brought the banks into trouble before we would have seen the rescuing of banks. This would have taken one to two years of severe deflation but now the governments all over the world are about to pump money directly to consumers and much earlier so. So the hyperinflation is coming much earlier.

But even if it did take 2 years - so what - then there will be hyperinflation with many markets having crashed and gold and silver going up in purchasing power. I wish gold and silver would go down for another 2 years.

And also, although particularly silver does go down in a deflation, even in the 2 year deflation scenario I doubt it gold would have gone down during this period.

Edited March 24, 2020 by silenceissilver

[Nick1368]

2 hours ago, Wonger said:

I now predict that Gold will crash in excess of $1000 from here and it started today, see you at $400-$600 area guys and gals!

who knows, maybe you are right.

it's actually good when someone reminds you how quickly price of gold can move either downwards or upwards , especially now that we are all getting  excited by the high and sudden rise in spot price .

But I personally think you are wrong Wong 

I think there is no stopping gold from here, don't be surprised if next week or the week after  you opened your gold price app and £2000 per ounce appeared on your screen.

[sixgun]

[Wonger]

1 hour ago, silenceissilver said:

Yes and no

We are indeed at the beginning of a very severe deflation now. However, unlike assumed before the Corona hysteria it's not going to last about 2 years but a few months. The reason is, without the Corona hysteria, you could have expected the following scenario:

A black swan of a much smaller scale, a recession, the  companies that would have gone bust in the last decade but didn't because of the easy money that thus accumulated to about 15% of "zombie companies" in 10 years, would have gone under, which would then have brought the banks into trouble before we would have seen the rescuing of banks. This would have taken one to two years of severe deflation but now the governments all over the world are about to pump money directly to consumers and much earlier so. So the hyperinflation is coming much earlier.

But even if it did take 2 years - so what - then there will be hyperinflation with many markets having crashed and gold and silver going up in purchasing power. I wish gold and silver would go down for another 2 years.

And also, although particularly silver does go down in a deflation, even in the 2 year deflation scenario I doubt it gold would have gone down during this period.

Do you really think that consumers buying food and amazon goodies will overwhelm the complete deflationary collapse of global securities resulting in inflation pushing up Gold? Really? 

[Wonger]

1 hour ago, sixgun said:

Sixgun 🤣 I knew I shouldnt of used that phrase 

[Wonger]

https://www.zerohedge.com/commodities/goldman-gold-time-buy-currency-last-resort 🤣

I fully expect Gold to close down tomorrow $300!

Edited March 25, 2020 by Wonger

[Minimalist]

2 hours ago, Elements said:

What do you make of this? Some familiar names popping up.

https://www.trouw.nl/economie/klanten-van-abn-amro-moeten-hun-goud-verkopen~b668b850/

 

Using google translate:

ABN Amro customers must sell their gold

ABN Amro customers will no longer be able to put their money into physical gold, silver or platinum. The bank will discontinue these three investment products next Friday. Customers will have to sell their positions before April 1. If that does not happen, ABN Amro will do this for them at the prevailing price.

This concerns about 2,000 customers of ABN Amro's private banking departments (private banking and retail). This may also include companies or other legal structures. They have "weight bills" with gold and platinum in grams and silver in pounds.

The fact that ABN Amro will stop using these investment products has to do with changes in 2013. Until then, ABN Amro offered precious metals through Deutsche Bank. Those who had such an investment product could actually get the physical gold delivered through Deutsche Bank.

But Deutsche Bank discontinued this service. ABN Amro transferred the precious metal trade to the Swiss bank UBS. At UBS, however, it was not possible for customers to actually request the gold or silver.

Additional regulations
Because the physical delivery of precious metals is not possible, a precious metal purchased through ABN Amro is not a “direct investment”. Because it is a complex product, ABN Amro must comply with additional regulations. Those rules for European financial markets have been tightened.

“Given the limited size of the invested capital in these instruments and the small customer group that purchase them,” ABN Amro prefers to stop. Customers can buy shares in gold companies, the bank suggests.

When ABN Amro sells the gold, silver or platinum for its customers, this is done without transaction costs. The bank transfers the proceeds to the customer's cash account. "We cannot guarantee that this sale will take place at a favorable rate," ABN wrote in the letter informing customers several months ago.

For those who have not yet done so, it is no longer such a favorable time to sell gold. The price has fallen significantly in the past month, reflecting the corona crisis that is causing major stock market and economic shocks.

The cancellation of these accounts by ABN Amro brings to an end a history that goes back to the establishment of the Hollandsche Bank Unie (HBU) in 1914, writes gold trading company Aunexum in retrospect.

The HBU took care of the trade in gold and other precious metal at the Coolsingel in Rotterdam. In 1967 ABN acquired all the shares of this bank. Anyone who invested in precious metal at ABN Amro knew that the gold or silver was kept in the HBU safes. When ABN Amro merged with Fortis in 2009, HBU was sold to Deutsche Bank. After that, customers were able to request the gold from their account for another four years and put it in the safe at home.

ABN Amro; "You wont be able to buy physical metals because our shareholders have the companies metals in offshore jurisdictions in the name of trusts and parent companies. Meanwhile you must submit to this message by throwing your fiat into our depository system which will facilitate our crediting of the deposit. Dont believe in those conspiracy theories that metals are money because they arent. Give us your fiat"

[Melon]

4 hours ago, Wonger said:

They said that over on the Silver price to plummet thread too and it traded down to $11.70, next stop $4 in my opinion!

I'm going to guess you didn't predict a global pandemic. So let's not get too full of ourselves shall we? 😄

 

2 hours ago, Elements said:

What do you make of this? Some familiar names popping up.

https://www.trouw.nl/economie/klanten-van-abn-amro-moeten-hun-goud-verkopen~b668b850/

 

Using google translate:

ABN Amro customers must sell their gold

ABN Amro customers will no longer be able to put their money into physical gold, silver or platinum. The bank will discontinue these three investment products next Friday. Customers will have to sell their positions before April 1. If that does not happen, ABN Amro will do this for them at the prevailing price.

This concerns about 2,000 customers of ABN Amro's private banking departments (private banking and retail). This may also include companies or other legal structures. They have "weight bills" with gold and platinum in grams and silver in pounds.

The fact that ABN Amro will stop using these investment products has to do with changes in 2013. Until then, ABN Amro offered precious metals through Deutsche Bank. Those who had such an investment product could actually get the physical gold delivered through Deutsche Bank.

But Deutsche Bank discontinued this service. ABN Amro transferred the precious metal trade to the Swiss bank UBS. At UBS, however, it was not possible for customers to actually request the gold or silver.

Additional regulations
Because the physical delivery of precious metals is not possible, a precious metal purchased through ABN Amro is not a “direct investment”. Because it is a complex product, ABN Amro must comply with additional regulations. Those rules for European financial markets have been tightened.

“Given the limited size of the invested capital in these instruments and the small customer group that purchase them,” ABN Amro prefers to stop. Customers can buy shares in gold companies, the bank suggests.

When ABN Amro sells the gold, silver or platinum for its customers, this is done without transaction costs. The bank transfers the proceeds to the customer's cash account. "We cannot guarantee that this sale will take place at a favorable rate," ABN wrote in the letter informing customers several months ago.

For those who have not yet done so, it is no longer such a favorable time to sell gold. The price has fallen significantly in the past month, reflecting the corona crisis that is causing major stock market and economic shocks.

The cancellation of these accounts by ABN Amro brings to an end a history that goes back to the establishment of the Hollandsche Bank Unie (HBU) in 1914, writes gold trading company Aunexum in retrospect.

The HBU took care of the trade in gold and other precious metal at the Coolsingel in Rotterdam. In 1967 ABN acquired all the shares of this bank. Anyone who invested in precious metal at ABN Amro knew that the gold or silver was kept in the HBU safes. When ABN Amro merged with Fortis in 2009, HBU was sold to Deutsche Bank. After that, customers were able to request the gold from their account for another four years and put it in the safe at home.

I'd be livid if I was one of their customers impacted by this. 

[Wonger]

3 minutes ago, Melon said:

I'm going to guess you didn't predict a global pandemic. So let's not get too full of ourselves shall we? 😄

 

I'd be livid if I was one of their customers impacted by this. 

I posted on here nearly two years ago that I expect Gold to go down to $400, what have you predicted then, lets here it shall we! 😁